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<PAGE> PAGE 4
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 20
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<PAGE> PAGE 29
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 39
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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SIGNATURE
TITLE
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<NAME> THE U.S. GOVERNMENT FUND ADVISOR
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<NAME> THE BLUE CHIP GROWTH FUND ADVISOR
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<NAME> THE SMALL CAPITALIZATION GROWTH FUND INVESTOR
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<NAME> THE SMALL CAPITALIZATION GROWTH FUND ADVISOR
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<NAME> THE AMERICAN VALUE FUND INVESTOR
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[KPMG Peat Marwick LLP Letterhead]
To the Board of Directors of
The Hanover Investment Funds, Inc.:
In planning and performing our audit of the financial statements of The Hanover
Investment Funds, Inc. for the year ended November 30, 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 The Hanover 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 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
November 30, 1995.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
January 19, 1996
PAGE
