AH&H PARTNERS FUND LIMITED PARTNERSHIP
N-30D, 1999-04-23
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<PAGE>


                  AH&H PARTNERS FUND LIMITED PARTNERSHIP
                        Report on Financial Statements
                   as of March 31, 1999
                             (unaudited)








<PAGE>


                   AH&H PARTNERS FUND LIMITED PARTNERSHIP
                        Report on Financial Statements
                        as of March 31, 1999
                              (unaudited)






                               CONTENTS

                                                            PAGE

              Investment Portfolio
          as of March 31,1999 (unaudited)                    3-4

          Statement of Assets and Liabilities                 5
          as of March 31,1999 (unaudited)                  

          Statement of Operations
          as of March 31, 1999                                6 
          (unaudited)                                          

          Statement of Changes in Net Assets
          as of March 31, 1999                                7
          (unaudited)                                          

          Notes to Financial Statements                      8-9

<PAGE>



                     AH&H PARTNERS FUND LIMITED PARTNERSHIP
                              Investment Portfolio
                              As of March 31, 1999
                                   (unaudited)


<TABLE>
<CAPTION>
INDUSTRY & COMPANY                                 Shares     Value
<S>                                                <C>        <C>

EQUITY SECURITIES - COMMON STOCK     75.6%

    COMMUNICATIONS                    7.1%

     Alpha Industries   7.1%                       60,000     $1,102,500
    
    CONSUMER- Electronics             10.6%

      CompUSA, Inc.                                30,000      $210,000
      ScanSource                                   80,000     $1,430,000
      
    CONSUMER-GENERAL     8.6%

     Party City                                    50,000      $196,875 
     Safety First                                 250,000     $1,125,000

    ELECTRONIC COMPONENTS           12.0%

     PCD, Inc.                                    106,500      $965,156
     Unitrode                                      63,000      $882,000

    Information Technology           5.4%

     Tier Technology                               95,238      $827,380
     Renaissance Worldwide, Inc.                   20,000      $123,750

    INTERNET                         3.3%

     Asymetrix Corp.                               10,542       $49,416
     Restrac                                      100,000      $462,500
  
   Medical                           11.5%
     Ascent Pediarics                             219,969      $604,915
     Mecon, Inc.                                   50,000      $350,000
     Zoll Medical Corp.                            69,600      $765,600

   Natural Products                  11.5%
     
     AMBI                                         500,000      $593,750
     Opta Food Ingredients, Inc.                  239,000      $604,969
     Rexall Sundown, Inc.                          30,000      $575,625

  Semiconductors        2.9%
    Aseco Corp.                                    98,820      $179,111
    Sipex Corp.                                    20,000      $261,250
  
  Software              2.3%
    Workgroup                                     200,000      $350,000   

    Total Common Stock (Cost $16,579,761)                    $11,659,797


    </TABLE>


     The accompanying notes are an integral part of these financial statements.
                                        3

<PAGE>

                     AH&H PARTNERS FUND LIMITED PARTNERSHIP
                               Investment Portfolio
                             As of March 31, 1999
                                   (unaudited)
<TABLE>
<CAPTION>
 INDUSTRY & COMPANY                              Shares       Value
<S>                                              <C>          <C>

     
    PRIVATE HOLDINGS                 24.1%

       Advanced UroScience, Inc.                 346,429      $1,818,752
       Cerulean Technology-Series B Pfd.         255,546        $321,988
       Cerulean Technology-Series C Pfd.          42,857         $54,000
       Marathon Technologies - Series B Pfd.      31,250        $375,000
       Marathon Technologies - Series D           20,833        $249,996
       Molecular Geodesics                       500,000        $500,000   
       Sys-Tech Solutions (Common Stock)         149,965         $14,996
       Sys-Tech Solutions- Series A Pfd            2,777        $277,700
       Sys-Tech Solutions0 Series B Pfd            1,020        $102,000

    Total Private Holdings   (Cost $3,033,905)                $3,714,432


    CASH & EQUIVALENTS               .3%

        Fidelity Daily Money Market Fund                        $23,499
        Fidelity US Treasury Income Fund                        $25,701
                                    
    Total Cash & Equivalents (Cost $49,200)                     $49,200


   TOTAL INVESTMENT PORTFOLIO             100%               $15,423,429
          (Cost $19,662,866)

</TABLE>
     The accompanying notes are an integral part of these financial  statements.
                                        4


<PAGE>

                    AH&H PARTNERS FUND LIMITED PARTNERSHIP
                    Statement of Assets and Liabilities
                          As of March 31, 1999
                               (unaudited)

<TABLE>
<CAPTION>


                                                         Quarter Ended
                                                         March 31, 1999
                                                         --------------
ASSETS
<S>                                                            <C>

  Investments at market value(Cost Basis $19,662,866)      $15,423,429
  Receivable for investment sold                            $1,329,822
  Cash                                                            $100
                                                            
   Total Assets                                            $16,753,351
                                                          -------------
                                                          -------------
LIABILITIES

  Accrued management fees                                      $41,883
  Accrued capital withdrawals                               $1,318,017
  Accrued BOD fees                                              $5,000
                                                          -------------

   Total Liabilities                                        $1,364,900
                                                          -------------
                                                          
 NET ASSETS                                                $15,388,451
                                                          -------------
                                                          -------------
</TABLE>


   The accompanying notes are an integral part of these financial statements.

                                      5


<PAGE>

                      AH&H PARTNERS FUND LIMITED PARTNERSHIP
                           Statement of Operations
                      As of Month end March 31, 1999
                                 (unaudited)

<TABLE>
<CAPTION>


                                                        Quarter Ended
                                                        March 31, 1999
                                                       ----------------
    INVESTMENT INCOME
          <S>                                                 <C>

      Income:
         Dividends and Interest                             $11,801
                                                        ----------------
      Total Income                                          $11,801

      Expenses:
         Management Fees                                    $41,883
         Other expenses                                      $2,512
                                                       ---------------
      Total expenses                                        $44,395

     Net investment loss                                   ($32,594)
                                                       ---------------
                                                       ---------------                                                         

   NET REALIZED & UNREALIZED GAIN(LOSS)
     Net realized loss                                      ($628,277)

     Net unrealized depreciation                           ($4,550,250)

     Net loss on investments                               ($5,178,527)
                                                        ---------------

     NET DECREASE IN NET ASSETS                            ($5,211,121)
                                                        ---------------
                                                        ---------------

</TABLE>





     The accompanying notes are an integral part of these financial statements.

                                       6
<PAGE>

                     AH&H PARTNERS FUND LIMITED PARTNERSHIP
                       Statement of Changes in Net Assets
                         for quarter ended March 31, 1999
                                 (unaudited)

<TABLE>
<CAPTION>

                                                        Quarter Ended
                                                        March 31, 1999
                                                       ------------------

   DECREASE IN NET ASSETS
          <S>                                                 <C>
     
      Operations:
        Net investment loss                                  ($32,594)
        Net realized loss from investments                  ($628,277)
        Net unrealized depreciation                       ($4,550,250)
                                                       ----------------

   Net decrease in net assets from operations              ($5,211,121)

   Contributions to capital                                  $149,395

   Withdrawals from capital                               ($1,318,017)
                                                       -----------------

   DECREASE IN NET ASSETS                                 ($6,379,743)

   Net assets at beginning of period                      $21,768,194

   NET ASSETS AT END OF PERIOD                            $15,388,451
                                                       -----------------
                                                       -----------------

</TABLE>







     The accompanying notes are an integral part of these financial statements.

                                      7
<PAGE>

                     AH&H PARTNERS FUND LIMITED PARTNERSHIP
                          Notes to Financial Statements
                          For quarter ended March 31, 1999
                                 (unaudited)




 1 - SIGNIFICANT ACCOUNTING POLICIES

    The AH&H Partners Fund Limited Partnership(the "Partnership")was
    organized June 8,1990 as a Massachusetts limited partnership and
    is registered with the Securities and Exchange Commission as a 
    closed-end, non-diversified management investment company.  The
    Agreement of Limited Partnership was amended and restated on 
    September 13,1990, April 1,1992 and January 1,1996. The Partner-
    ship operates under the Investment Company Act of 1940(the "1940 Act")
    as an interval fund.  The Partnership's interests are not registered 
    under the Securities Act of 1933.

    Adams, Harkness & Hill, Inc., a Massachusetts Corporation, serves as
    Managing General Partner.  The Managing General Partner must maintain
    a capital account balance equal to the lesser of 1% of the sum of all
    the positive capital account balances of all the Partners or the 
    greater of $500,000 or 0.2% of the sum of the positive capital account
    balances of all the Partners.

    The policies described below are followed consistently by the Partner-
    ship in preparation of its financial statements in conformity with 
    generally accepted accounting principles.

    Security Valuation

    Portfolio securities which are traded on U.S. stock exchanges are 
    valued at the most recent sale price reported on the exchange on 
    which the security is traded most extensively.  If no sale occurred,
    the security is valued at the mean between the closing bid and asked 
    prices.  Securities for which market quotations are not readily 
    available are valued at "fair value" as determined in good faith by
    the general partner.

    Securities Sold Short

    The Partnership is engaged in selling securities short, which 
    obligates the Partnership to replace a security borrowed by purchas-
    ing the same security at current market value.  The Partnership would
    incur a loss if the price of the security increases between the date
    of the short sale and the date on which the Partnership replaces the
    borrowed security.  The Partnership would realize a gain if the price
    of the security declines between those dates.

    Securities Transactions and Investment Income

    Securities transactions are recorded on a trade-date basis.  Securities
    gains or losses are determined on the identified cost basis.  Dividend
    income is recorded on the ex-dividend date.  Interest income, includ-
    ing original issue discount, where applicable, is recorded on an accrual
    basis, except for bonds trading "flat", in which case interest is recorded
    when received.




                                         8
<PAGE>

                      AH&H PARTNERS FUND LIMITED PARTNERSHIP
                           Notes to Financial Statements
                       For quarter ended March 31, 1999
                                   (unaudited)




 1 - SIGNIFICANT ACCOUNTING POLICIES (Continued)

      Federal and State Income Taxes

    No federal or state income tax is imposed on the Partnership
    as an entity.  The Partnership's income, gains, losses, deductions
    and credits flow through to the Partners.  Each partner must
    include his or her share of partnership income in his or her
    tax returns.


 2 - INVESTMENT ADVISORY AGREEMENTS & TRANSACTIONS WITH AFFILIATED PERSONS

    The Partnership has an investment advisory agreement with the
    Managing General Partner.  Certain individuals who are executive 
    officers and directors of the Managing General Partner are also 
    Limited Partners of the Partnership.

    For the quarter ended March 31, 1999, the Managing
    General Partner received fees of $41,883 for investment and
    advisory services under the agreement. The fee is paid quarterly
    with an annual fee basis of 1%. In addition, the Partnership
    Agreement provides for a performance allocation from the Limited
    Partners to the General Partner, equal to 15% of the return which
    exceeds a cumulative 6% annual return. The performance allocation,
    if there is one, is determined after the close of the calendar year.


 3 - INVESTMENT TRANSACTIONS

    Purchases and proceeds from sales of  investment securities (excluding
    short term investments) for the quarter ended March 31, 1999
    aggregated $3,928,353 and $2,029,841 respectively.


 4 - SIGNIFICANT SUBSEQUENT EVENT

    The Partnership agreement provides for a Partnership termination
    date of December 31, 2050.








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