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SIGNATURE TANYA LODEN
TITLE CONTROLLER
[DESCRIPTION] Independent Auditors' Report
[TEXT]
<PAGE> 1
[KPMG PEAT MARWICK LLP LETTERHEAD]
Independent Auditors' Report On Internal Accounting Control
-----------------------------------------------------------
The Board of Directors
American Capital Exchange Fund (a California Limited Partnership)
In planning and performing our audit of the financial statements of American
Capital Exchange Fund (a California Limited Partnership) for the year ended
December 31, 1995, we considered its internal control structure, including
procedures for safeguarding securities, 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 the
internal control structure.
The management of American Capital Exchange Fund (a California Limited
Partnership) is responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the objectives of
an internal control structure are to provide management with reasonable, but
not absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that the transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1995.
This report is intended solely for the use of management and the Securities and
Exchange Commission.
/s/ KPMG PEAT MARWICK LLP
------------------------------
KPMG PEAT MARWICK LLP
January 19, 1996
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