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SIGNATURE LAURIE DOANE
TITLE CONTROLLER
SUB-ITEM 77B - ACCOUNTANT'S REPORT ON INTERNAL CONTROL
January 17, 1997
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, 1996, and have issued our report thereon dated January
17, 1997. 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
