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SIGNATURE ROBERT H. BOCKRATH II
TITLE SECRETARY
Exhibit 77K
Changes in Registrant's Certifying Accountant
1. On June 26, 1997, based upon the
recommendations of the Audit Committee of the
Registrant's Board of Directors, the Board of
Directors determined not to retain KPMG Peat
Marwick LLP as the Registrant's independent
accountants for the fiscal year ending December
31, 1997.
2. During the Registrant's two most recent
fiscal years ending December 31, 1995 and
December 31, 1996, reports on the Registrant's
financial statements contained no adverse
opinion or disclaimer of opinion, nor were they
qualified or modified as to uncertainty, audit
scope or accounting principles.
3. During the Registrant's two most recent
fiscal years ending December 31, 1995 and
December 31, 1996, there were no disagreements
with KPMG Peat Marwick LLP on any matter of
accounting principles or practices, financial
statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved
to the satisfaction of KPMG Peat Marwick LLP
would have caused it to make reference to the
subject matter of the disagreement in connection
with its report.
4. During the Registrant's two most recent
fiscal years, there have been no "reportable
events" as such term is described in Item 304
(a)(i)(v) of Regulation S-K with respect to
Select Asset Fund, Series 1, Inc.
5. On June 30, 1997 the Registrant engaged
Ernst & Young as its principal accountants to
audit the Registrant's financial statements.
During the Registrant's two most recent years
through December 31, 1996, the Registrant has
not consulted with Ernst & Young on items which
(i) concerned the application of accounting
principles to a specified transaction, either
completed or proposed or the type of audit
opinion that might be rendered on the
Registrant's financial statements or (ii)
concerned the subject matter of a disagreement
or reportable event with KPMG Peat Marwick LLP.
6. The Registrant has requested KPMG Peat
Marwick LLP to furnish it with a letter
addressed to the Securities and Exchange
Commission stating whether KPMG Peat Marwick LLP
agrees with the statements contained in the
second, third and fourth paragraphs above. A
copy of the letter from KPMG Peat Marwick LLP to
the Securities and Exchange Commission is filed
as Annex I hereto.
Securities and Exchange Commission
Washington D.C. 20549
Gentlemen:
We were previously principal accountants for
Select Asset Fund, Series 1, Inc. (the "Fund")
for the two years ended December 31, 1996 and,
under the date of February 14, 1997, we reported
on the financial statements of Select Asset
Fund, Series 1, Inc. On June 26, 1997, our
appointment as principal accountants was
terminated. We have read the Fund's statements
in the second, third and fourth paragraphs under
Item 77K of its Form N-SAR semi-annual report,
and we agree with such statements.
Very truly yours,
KPMG Peat Marwick LLP
