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SIGNATURE HEIKO H. THIEME
TITLE CHIEF EXEC.OFFICER
[Letterhead of Landsburg Platt Raschiatore & Dalton]
June 27, 1997
To The Board of Directors
American Heritage Fund, Inc.
1370 Avenue of the Americas
31st Floor
New York, NY 10019
In planning and performing our audit of the financial statements of The American
Heritage Fund, Inc. for the year ended May 31, 1997, we considered its internal
control, including controls over 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 American Heritage Fund, Inc. 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 irregularities
may occur and may not be detected. Also, projection of any evaluation of
internal control 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 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 any
specific internal control component 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,
including controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of May 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Landsburg Platt Raschiatore & Dalton
LANDSBURG PLATT RASCHIATORE & DALTON
The disclosure under the caption "Legal Proceedings" in the Registrant's
Prospectus filed as part of Post-Effective amendment No. 68 to the Registrant's
Registration Statement on Form N-1A is hereby incorporated by reference.
================================================================================
Date of Number of
Purchase Issuer Shares Seller
================================================================================
01-29-97 Photoelectron Corp. 10,000 Oscar Gruss & Sons
- --------------------------------------------------------------------------------
05-15-97 General Cable Corp. 5,000 Dillon Read & Co. Inc.
================================================================================
Each purchase was on a delivery versus payment basis. The information upon which
the determination described in paragraph (h)(3) of Rule 10f-3 was made consisted
of representations of an executive officer of the Fund with respect to
compliance with procedures adopted by the Board of Directors. Bear, Stearns &
Co. Inc. was a member of the underwriting syndicate with respect to each of the
above-named issuers.
1
