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SIGNATURE BILL VAN ALEN
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000913135
<NAME> THE NOAH INVESTMENT GROUP, INC. - THE NOAH FUND
<S> <C>
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</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of The Noah Fund:
In planning and performing our audit of the financial statements
of The Noah
Fund (the Fund) for the period from May 17, 1996 (commencement
of operations)
through October 31, 1996, we considered its internal control
structure, including
procedures for safeguarding securities, in order to determine
our auditing
procedures for the purpose of expressing our opinion on the
financial statements
and to comply with the requirements of Form N-SAR, and not to
provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an
internal control structure. In fulfilling this responsibility,
estimates and judgments
by management are required to assess the expected benefits and
related costs of
internal control structure policies and procedures. Two of the
objectives of an
internal control structure are to provide management with
reasonable, but not
absolute, assurance that assets are safeguarded against loss
from unauthorized
use or disposition, and that transactions are executed in
accordance with
managements authorization and recorded properly to permit
preparation of
financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control
structure, errors or
irregularities may occur and not be detected. Also, projection
of any evaluation
of the structure to future periods is subject to the risk that
it may become
inadequate because of changes in conditions or that the
effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structures would not
necessarily
disclose all matters in the internal control structure that
might be material
weaknesses under standards established by the American
Institute of Certified
Public Accountants. A material weakness is a condition in which
the design or
operation of the specific internal control structure elements
does not reduce to
a relatively low level the risk that errors or irregularities in
amounts that would
be material in relation to the financial statements being
audited may occur and
not be detected within a timely period by employees in the
normal course of
performing their assigned functions. However, we noted no
matters involving
the internal control structures, including procedures for
safeguarding securities,
that we consider to be material weaknesses as defined above as
of October 31,
1996.
This report is intended solely for the information and use of
management and the
Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin, November 15, 1996
The Noah Investment Group, Inc.
Form N-SAR Report for the Period Ended 10/31/96
Item 77-I
The Noah Investment Group, Inc. (the "Corporation") was
incorporated under the laws of the state of Maryland on December
16, 1992. The Corporation consists of one series, The Noah Fund
(the "Fund"). The Fund commenced operations on May 17, 1996.
The following describes the rights of the shares of the
Corporation.
The Corporation's Articles of Incorporation authorize the Board
of Directors to issue up to 500,000,000 full and fractional
shares, of which the Board of Directors has issued 250,000,000
shares, of common stock, $.001 par value per share. The
Corporation is registered with the Securities and Exchange
Commission as an open-end diversified management company.
All shares of the Corporation are of the same class, with equal
voting, redemption, dividend and liquidation rights. Fractional
shares have the same rights proportionately as full shares.
Shares issued are fully paid and nonassessable and have no
preemptive or conversion rights.
The shares do not have cumulative voting rights. Therefore,
the holders of more than 50 percent of the shares voting for the
election of directors can elect all the directors of the
Corporation.
If the holders of a majority of the outstanding shares of the
Corporation shall vote at any time to wind up and liquidate the
Corporation, no further shares of the Corporation shall be
issued, sold or purchased by the Coporation, and the directors
shall immediately proceed to wind up the Corporation's affairs,
liquidate the assets, pay all liabilities and expenses of the
Corporation, and distribute the remaining assets, if any, among
the shareholders in proportion to their holding of shares. The
Board of Directors shall also do any other acts necessary to
secure and complete the dissolution of the Corporation.
The Noah Investment Group, Inc.
Form N-SAR Report for the Period Ended 10/31/96
The following are incorporated by reference:
Item 77-Q1(a) Bylaws - Pre-Effective Amendment No.1, Part C,
Item 24(b),
Exhibit 2
Item 77-Q1(e) Advisory Agreement - Pre-Effective Amendment No.
1, Part C,
Item 24(b), Exhibit 5(a)
Item 77-Q1(e) Subadvisory Agreement - Pre-Effective Ammendment
No. 1, Part C,
Item 24(b), Exhibit 5(b)
The Noah Investment Group, Inc.
Form N-SAR Report for the Period Ended 10/31/96
Item 77-Q3 - Supplement to Question 70(a) of Form N-SAR Report
The Noah Fund does not intend to invest in repurchase
agreements as a matter
of policy. However, the Fund did invest the seed money
($100,000) temporarily in a
repurchase agreement at commencement of operations until
securities were purchased
with the seed money.
