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<PAGE> PAGE 2
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<PAGE> PAGE 9
SIGNATURE JOHN PASCO, III
TITLE ADMINISTRATOR
<TABLE> <S> <C>
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</TABLE>
INDEX OF EXHIBITS ATTACHED TO FORM N-SAR FOR THE PERIOD ENDED
DECEMBER 31, 1997
EXHIBIT A: REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
EXHIBIT B: SUB-ITEM 77K: Changes in registrant's certifying
accountant
EXHIBIT C: STATEMENT OF DELOITTE & TOUCHE LLP
EXHIBIT D: SUMMARY PAGE OF NOTICE OF ANNUAL MEETING OF
STOCKHOLDERS DATED NOVEMBER 21, 1997 (PROXY
STATEMENT)
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Directors
Rupay-Barrington Total Return Fund, Inc. for the year ended
December 31, 1997, 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, 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 judgements 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 the transactions are executed in accordance with
management's 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 structure 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 structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of December 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission, and should
not be used for any other purpose.
TAIT, WELLER AND BAKER
Philadelphia, Pennsylvania
January 23, 1998
SUB-ITEM 77K: Changes in registrant's certifying accountant
Effective Septemer 27, 1997, the Registrant's Board of Directors selected the
accounting firm of Tait, Weller & Baker to serve as the Registrant's
independent certified public accountants for the fiscal year ended
December 31, 1997 to fill a vacancy in such position in accordance
with Section 32(a)(2) of the Investment Company Act of 1940 after
the dismissal of Deloitte & Touche, LLP. Deloitte & Touche, LLP
has served as the Registrant's independentcertified public accountant
for the period August 11, 1995 (commencement of operations) to December 31, 1996
Deloitte & Touche's reports on the financial statements of the Registrant for
the period described above did not contain an adverse opinion or
disclaimer of opinion or were not qualified or modified as to uncertainty,
audit scope or accounting principles. There were nodisagreements with
Deloitte & Touche, LLP on any matter of accounting principles or practices,
financial statement disclosure or auditing scope of procedure during the
period August 11, 1995 to December 31, 1996 or the interim period
from January 1, 1997 through the date of their dismissal.
The Registrant represents that it had not consulted with Tait,Weller & Baker
at any time prior to their engagement with respect to the application
of accounting principles to a specified transaction, either completed
or proposed; or to the type of audit opinion that might be rendered
on the Registrant's financial statements.
February 24, 1998
Mr. John Pasco, III
Commonwealth Shareholder Services, Inc.
1500 Forest Avenue, Suite 223
Richmond, Virginia 23229
Dear Mr. Pasco:
This is to confirm that the client-auditor relationship between
Valley Forge Capital Holdings Total Return Fund, Inc. (Commission
file No. 811-08516) and Deloitte & Touche LLP has ceased.
Yours truly,
DELOITTE & TOUCH LLP
VALLEY FORGE CAPITAL HOLDINGS TOTAL
RETURN FUND, INC.
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
NOVEMBER 21, 1997
TO THE STOCKHOLDERS
VALLEY FORGE CAPITAL HOLDINGS
TOTAL RETURN FUNDS, INC.
Notice is hereby given that an annual meeting of stockholders
of Valley Forge Capital Holdings Total Return Fund, Inc. will be
held on November 21, 1997 at 9:00 a.m., local time, at the offices
of Rupay-Barrington Financial Group, Inc., 1000 Ballpark Way, Suite
302, Arlington, Texas 76011 for the following purposes:
1. To elect a Board of four Directors to serve until the
next annual meeting or until their successors shall have
been elected and qualified.
2. To approve a change of the name of the Fund to Rupay-
Barrington Total Return Funds, Inc.
3. To ratify the action of the Board of Directors in
selecting Tait, Weller & Baker as auditors to examine the
books and financial statements of Valley Forge Capital
Holdings Total Return Fund, Inc. for the period
commencing January 1, 1997 and ending December 31, 1997.
4. To transact such other business as may properly be
brought before the meeting.
Stockholders of record at the close of business on October 15,
1997 will be entitled to vote at the meeting. We hope that you
will attend the meeting, but if you cannot do so, please fill in
and sign the enclosed proxy, and return it in the accompanying
envelope as promptly as possible. Any stockholder attending can
vote in person even though a proxy has already been returned.
In order to save your Fund the additional expense of further solicitation,
please be kind enough to complete and return your proxy card today.
Fritz Bensler
President
October 21, 1997
