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SIGNATURE NANCY B. LYNN
TITLE SECRETARY
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<NAME> HEITMAN REAL ESTATE FUND
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S\KMW\HEITMAN\NSAR.DOC
February 23, 1998
To the Shareholders and
Board of Directors of
Heitman Real Estate Fund
In planning and performing our audit of the financial
statements of Heitman Real Estate Fund (the "Fund") for
the year ended December 31, 1997, 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 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 judgments by management are
required to assess the expected benefits and related costs
of control activities. Generally, control activities that
are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes
that are fairly presented in conformity with generally
accepted accounting principles. Those control activities
include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control,
errors or irregularities 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 any specific internal control 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. However, we noted no matters
involving internal control, including control activities
for safeguarding securities, that we consider to be
material weaknesses as defined as of December 31, 1997.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
