[LETTERHEAD OF MATHIESON, AITKEN, JEMISON, LLP]
To the Board of Directors
The American Heritage Fund, Inc.
New York, New York
In planning and performing our audit of the financial statements of The American
Heritage Fund, Inc. for the year ended May 31, 2000, 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
operations 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, 2000.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ MATHIESON, AITKEN, JEMISON, LLP
July 24, 2000
