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<PAGE> PAGE 17
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076 000400 0.00
SIGNATURE RONALD A. JONES
TITLE PRESIDENT
<TABLE> <S> <C>
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<CIK> 0000831957
<NAME> AHA INVESTMENT FUNDS, INC.
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<NUMBER>01
<NAME> FULL MATURITY FIXED INCOME PORTFOLIO
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<TABLE> <S> <C>
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<CIK> 0000831957
<NAME> AHA INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER> 02
<NAME> LIMITED MATURITY FIXED INCOME PORTFOLIO
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<S> <C>
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<INVESTMENTS-AT-VALUE> 200,637
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<NET-INVESTMENT-INCOME> 11,653
<REALIZED-GAINS-CURRENT> 658
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<TABLE> <S> <C>
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<CIK> 0000831957
<NAME> AHA INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER>03
<NAME> DIVERSIFIED EQUITY PORTFOLIO
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,539
<SHARES-COMMON-STOCK> 3,094
<SHARES-COMMON-PRIOR> 2,685
<ACCUMULATED-NII-CURRENT> 43
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,567
<NET-ASSETS> 54,435
<DIVIDEND-INCOME> 1,075
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<REALIZED-GAINS-CURRENT> 5,931
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<ACCUMULATED-NII-PRIOR> 46
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000831957
<NAME> AHA INVESTMENT FUNDS, INC.
<SERIES>
<NUMBER>04
<NAME> BALANCED PORTFOLIO
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<INVESTMENTS-AT-VALUE> 44,635
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<GROSS-EXPENSE> 100
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<PER-SHARE-NII> 0.410
<PER-SHARE-GAIN-APPREC> 1.980
<PER-SHARE-DIVIDEND> 0.410
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</TABLE>
AHA Investment Funds, Inc.
No Material Weakness Letter
For the Year Ended June 30, 1996
To the Shareholders and
Board of Directors ofAHA Investment Funds, Inc.-Full Maturity Fixed Income
Portfolio Limited Maturity Fixed Income PortfolioDiversified Equity
Portfolio Balanced Portfolio:
In planning and performing our audit of the financial statements of AHA
INVESTMENT FUNDS, INC.(a Maryland corporation, comprising the Full
Maturity Fixed Income Portfolio, Limited Maturity Fixed Income Portfolio,
Diversified Equity Portfolio and Balanced Portfolio) for the year ended
June 30, 1996, we considered its internal control structure, including
procedures for 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,
and not to provide assurance on the internal control structure.
The management of AHA Investment Funds, Inc. 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 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 June 30, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ Arthur Andersen LLP
Arthur Andersen LLP
Chicago, Illinois
August 7, 1996
- -2-
