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SIGNATURE LAURIE DOANE
TITLE CONTROLLER
SUB-ITEM 77B - ACCOUNTANT'S REPORT ON INTERNAL CONTROL
January 19, 1996
The Audit Committee of the Board of Directors
Z-Seven Fund, Inc.
Dear Members:
We have audited the financial statements of Z-Seven Fund, Inc. for the year
ended December 31, 1995, and have issued our report thereon dated January
19, 1996. In planning and performing our audit of the financial statements of
Z-Seven Fund, Inc., we considered the internal control structure in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and not to provide assurance on the internal control
structure. A material weakness is a condition in which the design or operation
of internal control structure components 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. 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. However, we noted no matters
involving the internal control structure and its operation that we consider to
be material weaknesses as defined above.
This report is intended solely for the information and use of the audit
committee, management, and others within the organization.
Very truly yours,
KPMG Peat Marwick LLP
SUB-ITEM 77C - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The following proposal was submitted to a vote of security holders at the
Annual Meeting of Shareholders held on December 8, 1995:
Proposal to modify the fundamental investment restrictions to include the
purchase and sale of foreign exchange contracts.
Vote for: 909,738
Votes against: 9,106
SUB-ITEM 77K - CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS
The independent accountants for the Z-Seven Fund, Inc. has changed from Price
Waterhouse LLP to KPMG Peat Marwick LLP since the last Form N-SAR was filed.
(1) The former accountant, Price Waterhouse LLP, was dismissed on December
8, 1995.
(2) The principal accountant's (Price Waterhouse LLP) report on the financial
statements for either of the past two years did not contain an adverse opinion
or a disclaimer of opinion. The financial statements for either of the past
two years were not qualified or modified as to uncertainty, audit scope, or
accounting principles.
(3) The decision to change accountants was recommended by the Audit Committee
of the Board of Directors. The recommendation was based on the 60% increase in
the fee for the 1995 audit as proposed by Price Waterhouse LLP. Additionally,
the change of independent accountants was approved by shareholder vote, by
proxy or in person, at the Annual Shareholders' Meeting on December 8, 1995.
(4) There were no disagreements with the former accountant (Price Waterhouse
LLP) on any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure.
