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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE HEIKO H. THIEME
TITLE CEO
This report is signed on behalf of the registrant (or depositir or trustee).
City of New York State of New York Date: October 15, 1996
Name of Registrant, Depositor or Trustee: American Heritage Growth Fund, Inc.
By (Name and Title): Witness (Name and Title):
/s/ Heiko H. Thieme
- ------------------------ -------------------------------
Heiko H. Thieme,
Chief Executive Officer
<PAGE>
EXHIBIT 77(o)
<TABLE>
<CAPTION>
Date of Issuer Number Seller
Purchase of
Shares
<S> <C> <C> <C>
2/7/96 PROTECTION ONE INC 2500 MORGAN STANLEY & CO INC
2/8/96 GENERAL NUTRITION COMPANIES 1000 MORGAN STANLEY & CO INC
2/8/96 TRESCOM INTERNATIONAL INC 100 MORGAN STANLEY & CO INC
2/14/96 MEDIMMUNE INC 500 MORGAN STANLEY & CO INC
2/29/96 INDUS GROUP INC 300 COWEN & CO
3/6/96 DATA PROCESSING RESOURCES CORP 1000 MONTGOMERY SECURITIES
3/6/96 USA DETERGENTS INC 200 PAINE WEBBER INCORPORATED
3/8/96 STERLING COMMERCE INC 300 ALEX BROWN & SONS INC
3/12/96 CENTOCOR INC 3000 MORGAN STANLEY & CO INC
3/15/96 IDT CORP 500 COWEN & CO
3/20/96 GATEWAY DATA SCIENCES CORP 10000 NATIONAL SECURITIES CORP
3/26/96 MAY & SPEH INC 300 ALEX BROWN & SONS INC
3/27/96 HOST MARRIOTT CORP 10000 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
3/27/96 HOST MARRIOTT CORP 500 WERTHEIM SCHRODER & CO INC
3/29/96 GUCCI GROUP NV-NY REG. SHRS 1500 MORGAN STANLEY & CO INC
4/3/96 ARTERIAL VASCULAR ENGINEER 100 COWEN & CO
4/3/96 LUCENT TECHNOLOGIES INC 500 MERRILL LYNCH PIERCE FENNER & SMITH INC
4/4/96 LUCENT TECHNOLOGIES INC 100 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
4/4/96 LUCENT TECHNOLOGIES INC 400 PAINE WEBBER INCORPORATED
4/4/96 TOTAL RENAL CARE HOLDINGS 5000 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
4/12/96 TRUMP HOTELS & CASINO RESORT 10000 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
4/16/96 THRIFTY PAYLESS HOLDINGS-B 2000 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
4/16/96 THRIFTY PAYLESS HOLDINGS-B 500 MERRILL LYNCH PIERCE FENNER & SMITH INC
4/17/96 OLYMPIC FINANCIAL LTD 2500 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
4/18/96 CARDIOTHORACIC SYSTEMS INC 500 DILLON READ & CO INC
4/19/96 COMPUSERVE CORP 200 MERRILL LYNCH PIERCE FENNER & SMITH INC
4/19/96 PLANET HOLLYWOOD INTL INC-A 100 MONTGOMERY SECURITIES
4/23/96 CARBO CERAMICS INC 500 LEHMAN BROTHERS INC
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Date of Issuer Number Seller
Purchase of
Shares
<S> <C> <C> <C>
4/26/96 EQUITY CORPORATION INTL 1000 MERRILL LYNCH PIERCE FENNER & SMITH INC
5/2/96 RMI TITANIUM CO. 4500 BISHOP ROSEN & CO INC
5/3/96 WHITTMAN-HART INC 200 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
5/10/96 DESIGNER HOLDINGS LTD 500 MERRILL LYNCH PIERCE FENNER & SMITH INC
5/10/96 GUANGSHEN RAILWAY-SPONS. ADR 5000 WERTHEIM SCHRODER & CO INC
5/10/96 GENERAL SURGICAL INNOVATIONS 100 COWEN & CO
5/17/96 ARONEX PHARMACEUTICALS INC 10000 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
5/21/96 WET SEAL INC-CLA 3000 WERTHEIM SCHRODER & CO INC
5/23/96 CONSOLIDATED STORES CORP 900 MERRILL LYNCH PIERCE FENNER & SMITH INC
5/23/96 WESTERN WIRELESS CORP-CLA 300 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
5/24/96 WACKENHUT CORP SER. B 100 WERTHEIM SCHRODER & CO INC
5/31/96 SUNRISE ASSISTED LIVING INC 2000 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
6/6/96 INNOVASIVE DEVICES INC 200 ALEX BROWN & SONS INC
6/7/96 CHS ELECTRONICS INC 500 RAYMOND JAMES & ASSOCIATES INC
6/7/96 KMART FINANCING I 7 3/4% TRUST 300 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
CONVERTIBLE PREFERRED SECURITIES
DUE 6/15/2016
6/11/96 PT PASIFIK SATELIT NUSANT ARA-ADR 3000 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
6/14/96 METROMAIL CORP 700 LEHMAN BROTHERS INC.
6/27/96 TELEPORT COMMUNICATIONS GR-A 500 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
6/27/96 TELEPORT COMMUNICATIONS GR-A 1000 LEHMAN BROTHERS INC
6/28/96 DONNA KARAN INTERNATIONALS INC 100 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
6/28/96 METROMEDIA INTL GROUP INC 1000 WERTHEIM SCHRODER & CO INC
6/28/96 METROMEDIA INTL GROUP INC 5000 DONALDSON LUFKIN & JENRETTE SECURITIES CORP
7/2/96 UNITED PAYORS & UNITED 600 WERTHEIM SCHRODER & CO INC
PROVIDERS INC
</TABLE>
Each purchase was on a delivery versus payment basis. The information upon which
the determination described in paragraph (h)(3) of Rule 10f-3 was made consisted
of representations of an executive officer of the Fund with respect to
compliance with procedures adopted by the Board of Directors. Bear, Stearns &
Co. Inc. was a member of the underwriting syndicate with respect to each of the
above-named issuer.
<PAGE>
