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SIGNATURE   GREGG B. KEELING
TITLE       SECRETARY/TREASURER


Report of Independent Accountants

To the Board of Directors and Shareholders of Meridian Value Fund

In planning and performing our audit of the financial statements of Meridian
Value Fund (the "Fund") for the year ended June 30, 2001, 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
non-nal 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 June 30, 2001.

This report is intended solely for the information and use of the
Board of Directors, management and
the Securities and Exchange Conmiission and is not intended to be and should
not be used by anyone other than these specified parties.

PricewaterhouseCoopers LLP
s/PricewaterhouseCoopers


San Francisco, California
August 10, 2001








Report of Independent Accountants

To the Board of Directors and Shareholders of Meridian Growth Fund

In planning and performing our audit of the financial statements of Meridian
Growth Fund (formerly Meridian Fund) (hereinafter referred to as the "Fund")
for the year ended June 30, 2001, 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 June 30, 2001.

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
s/PricewaterhouseCoopers

San Francisco, California
August 10, 2001

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