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SIGNATURE RUSSELL L. POLLACK
TITLE SECRETARY
COOPERS COOPERS & LYBRAND LLP
& LYBRAND LLP a professional service firm
REPORT OF INDEPENDENT ACCOUNTANTS
To Shareholders and Board of Trustees of
Hudson Capital Appreciation Fund
(A Series of The Fahnestock Funds):
In planning and performing our audit of the financial statements and financial
highlights of Hudson Capital Appreciation Fund (the one series of The Fahnestock
Funds) for the year ended December, 1995, 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, not
to provide assurance on the internal control structure.
The management of Hudson Capital Appreciation Fund 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 confirmity
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
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland
<PAGE>
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
December 31, 1995.
This report is intended solely for the information and use of management of
Hudson Capital Appreciation Fund and the Securities and Exchange Commission.
/s/Coopers & Lybrand L.L.P.
COOPERS & LYBRAND LLP
February 6, 1996
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000867575
<NAME> The Fahnestock Funds
<SERIES>
<NUMBER> 1
<NAME> Hudson Capital Appreciation Fund
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