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<PAGE> PAGE 2
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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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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
Asset Management Fund
In planning and performing our audit of the
financial statements and financial highlights of the
Asset Management Fund, consisting of the Money
Market, Short U.S. Government Securities,
Adjustable Rate Mortgage (ARM), Intermediate
Mortgage Securities and U.S. Government
Mortgage Securities portfolios (all portfolios
collectively referred to as the "Fund") for the
year ended October 31 1999, 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 financial
highlights 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
judgements 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 and financial highlights 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
controls, 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 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
one or more of the internal control components
does not reduce to a relatively low level the risk
that misstatements caused by errors or fraud in
amounts that would be material in relation to
the financial statements and financial highlights
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 over safeguarding securities, that we
consider to be material weaknesses as defined
above as of October 31, 1999.
This report is intended solely for the
information and use of management, the Board
of Directors of the Fund and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
December 17, 1999
