<PAGE> PAGE 1
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000 C000000 0000047020
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001 A000000 THE AMERICAN HERITAGE FUND, INC.
001 B000000 811-601
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002 A000000 1370 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
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008 A000001 AMERICAN HERITAGE MANAGEMENT CORP.
008 B000001 A
008 C000001 801-22455
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10019
010 A000001 AMERICAN DATA SERVICES, INC.
010 B000001 84-1964
010 C010001 HUNTINGTON
010 C020001 NY
010 C030001 11743
012 A000001 AMERICAN DATA SERVICES, INC.
012 B000001 84-1964
012 C010001 HUNTINGTON
012 C020001 NY
012 C030001 11743
013 A000001 LANDSBURG PLATT RASCHIATORE & DALTON
013 B010001 PHILADELPHIA
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<PAGE> PAGE 2
013 B030001 19103
015 A000001 STAR BANK, N.A.
015 B000001 C
015 C010001 CINCINNATI
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015 E010001 X
018 000000 Y
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020 A000001 THIEME SECURITIES, INC.
020 C000001 194
020 A000002 BEAR, STEARNS & CO. INC.
020 C000002 40
020 A000003 WERTHEIM, SCHROEDER & CO., INC.
020 C000003 2
020 A000004 DONALDSON, LUFKIN & JENRETTE
020 C000004 2
020 A000005 INGALLS & SNYDER
020 C000005 2
020 A000006 PRUDENTIAL SECURITIES, INC.
020 C000006 1
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022 C000004 270
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022 D000005 252
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022 C000006 0
022 D000006 186
022 A000007 PAINE WEBBER, INC.
022 C000007 0
022 D000007 155
022 A000008 BROOKHILL EQUITIES
<PAGE> PAGE 3
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022 D000008 0
022 A000009 PIPER JAFFRRAY & HOPWOOD
022 C000009 0
022 D000009 75
022 A000010 LEHMAN BROTHERS, INC.
022 C000010 60
022 D000010 0
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE JOHNATHAN REISMAN, ESQ.
TITLE LEGAL COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 31,203,104
<INVESTMENTS-AT-VALUE> 12,502,627
<RECEIVABLES> 293,296
<ASSETS-OTHER> 978,396
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,774,319
<PAYABLE-FOR-SECURITIES> 312,438
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 213,693
<TOTAL-LIABILITIES> 526,131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,553,745
<SHARES-COMMON-STOCK> 23,522,787
<SHARES-COMMON-PRIOR> 36,259,997
<ACCUMULATED-NII-CURRENT> (390,240)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (32,214,840)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (18,700,477)
<NET-ASSETS> 13,248,188
<DIVIDEND-INCOME> 101,077
<INTEREST-INCOME> 32,691
<OTHER-INCOME> 0
<EXPENSES-NET> 524,008
<NET-INVESTMENT-INCOME> (390,240)
<REALIZED-GAINS-CURRENT> (445,116)
<APPREC-INCREASE-CURRENT> (4,465,500)
<NET-CHANGE-FROM-OPS> (5,300,856)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 420,628
<NUMBER-OF-SHARES-REDEEMED> 5,045,932
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (4,625,304)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 103,780
<INTEREST-EXPENSE> 19,031
<GROSS-EXPENSE> 524,008
<AVERAGE-NET-ASSETS> 16,514,743
<PER-SHARE-NAV-BEGIN> 0.76
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (0.19)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.56
<EXPENSE-RATIO> 6.33
<AVG-DEBT-OUTSTANDING> 533,308
<AVG-DEBT-PER-SHARE> .020
<PAGE>
</TABLE>
EXHIBIT 77(E)
The disclosure in the Registrant's Prospectus dated October 22, 1996
under the caption "Legal Proceedings" with respect to an action by the Fund
against Kouri Capital Group, Inc. and Pentti Kouri is hereby incorporated by
reference. The parties have agreed to dismiss the action without prejudice. In
the event that the Fund cannot achieve a satisfactory settlement, the Fund
intends to re-institute the action against both of the Defendants.
1
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT 77(O)
=============================================================================================================================
Number
Date of of
Purchase Issuer Shares Seller
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
06-11-96 Dollar Tree Stores 7,500 Montgomery
Inc. Securities
- -----------------------------------------------------------------------------------------------------------------------------
06-18-96 GTECH Holdings Corp. 2,500 Donaldson Lufkin
& Jenrette
Securities Corp
- -----------------------------------------------------------------------------------------------------------------------------
06-20-96 Aradigm Corp 500 Cown-ML
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
06-21-96 Pacaific Greystone 1,000 MSCO
Corp.
- -----------------------------------------------------------------------------------------------------------------------------
07-09-96 Lear Corporation 5,000 Donaldson
Lufkin &
Jenrette
Securities Corp
- -----------------------------------------------------------------------------------------------------------------------------
07-09-96 Lear Corporation 4,000 Wertheim
Schroder & Co
Inc.
- -----------------------------------------------------------------------------------------------------------------------------
07-21-96 Parker Drilling Co. 2,000 Wertheim
Schroder & Co
Inc.
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
07-24-96 Pharmacia & Upjohn 1,500 Wertheim
Inc. Schroder & Co
Inc.
- -----------------------------------------------------------------------------------------------------------------------------
08-15-96 Connect Inc 10,000 Lehman Brothers
Inc.
=============================================================================================================================
</TABLE>
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
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE AMERICAN HERITAGE FUND, INC.
(Registrant)
Dated: March 11, 1997 By: /s/ Heiko H. Thiene
--------------------------------------
Heiko H. Thiene
<PAGE>
