2
Report of Independent Accountants
To the Board of Directors and Shareholders
of Holland Balanced Fund
In planning and performing our audit of the financial statements
of Holland
Balanced Fund (the "Fund") for the year ended September 30, 2000,
we considered
its internal control, including control activities 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 internal control.
The management of the Fund is responsible for establishing and
maintaining
internal control. In fulfilling this responsibility, estimates
and judgments
by management are required to assess the expected benefits and
related costs
of controls. Generally, controls that are relevant to an audit
pertain to the
entity's objective of preparing financial statements for external
purposes
that are fairly presented in conformity with generally accepted
accounting
principles. Those controls include the safeguarding of assets
against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur
and not be detected. Also, projection of any evaluation of
internal control to
future periods is subject to the risk that controls may become
inadequate
because of changes in conditions or that the effectiveness of
their design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all
matters in internal control 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 one or
more of the internal control components does not reduce to a
relatively low
level the risk that misstatements caused by error or fraud 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 internal control and its operation, including controls
for
safeguarding securities, that we consider to be material
weaknesses as defined
above as of September 30, 2000.
This report is intended solely for the information and use of the
Board of
Directors, management and the Securities and Exchange Commission
and is not
intended to be and should not be used by anyone other than these
specified
parties.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
November 2, 2000
