<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
POST-EFFECTIVE AMENDMENT NO. 8 [X]
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT [X]
OF 1940
AMENDMENT NO. 8 [X]
(CHECK APPROPRIATE BOX OR BOXES)
AMERICAN HERITAGE GROWTH FUND, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
1370 AVENUE OF THE AMERICAS, NEW YORK, NY 10019
-----------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE 212-397-3900
------------
JONATHAN B. REISMAN, 5100 TOWN CENTER CIRCLE, BOCA RATON, FL 33486
- ------------------------------------------------------------------
(NAME AND ADDRESS OF AGENT FOR SERVICE)
THE REGISTRANT HAS REGISTERED AN INDEFINITE NUMBER OF SECURITIES UNDER THE
SECURITIES ACT OF 1933 PURSUANT TO SECTION 24(f) OF THE INVESTMENT COMPANY ACT
OF 1940. THE REGISTRANT'S RULE 24F-2 NOTICE FOR ITS FISCAL YEAR ENDED JANUARY
31, 1999 WAS FILED IN JULY 1999.
IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE (CHECK APPROPRIATE BOX):
<TABLE>
<S> <C>
[ ] IMMEDIATELY UPON FILING PURSUANT TO PARAGRAPH (b) [ ] ON (DATE) PURSUANT TO PARAGRAPH (b)
[X] 60 DAYS AFTER FILING PURSUANT TO PARAGRAPH (a)(1) [ ] ON (DATE) PURSUANT TO PARAGRAPH (a)(1)
[ ] 75 DAYS AFTER FILING PURSUANT TO PARAGRAPH (a)(1) [ ] ON (DATE) PURSUANT TO PARAGRAPH (a)(2) OF RULE 485
</TABLE>
IF APPROPRIATE, CHECK THE FOLLOWING BOX:
[ ] THIS POST-EFFECTIVE AMENDMENT DESIGNATES A NEW EFFECTIVE DATE FOR A
PREVIOUSLY FILED POST-EFFECTIVE AMENDMENT.
<PAGE> 2
PART A
<PAGE> 3
AMERICAN HERITAGE GROWTH FUND, INC.
PROSPECTUS
----------
The Fund is a no-load mutual fund which seeks growth of capital.
AS WITH ALL MUTUAL FUNDS, NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY
STATE SECURITIES COMMISSION HAS APPROVED THESE SECURITIES OR DETERMINED IF THIS
PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
, 1999
<PAGE> 4
TABLE OF CONTENTS
<TABLE>
<S> <C>
RISK/RETURN SUMMARY..............................................................3
INVESTMENT OBJECTIVE AND PRINCIPALINVESTMENT STRATEGIES..........................7
FINANCIAL HIGHLIGHTS.............................................................8
MANAGEMENT'S DISCUSSION OF OUR PERFORMANCE.......................................8
MANAGEMENT.......................................................................8
PRICING OF SHARES................................................................9
PROCEDURES FOR BUYING FUND SHARES................................................9
PROCEDURES FOR REDEEMING FUND SHARES............................................10
DISTRIBUTIONS AND TAXES.........................................................11
SHAREHOLDER SERVICES............................................................11
CUSTODIAN AND TRANSFER AGENT....................................................12
</TABLE>
2
<PAGE> 5
RISK/RETURN SUMMARY
INVESTMENT OBJECTIVE
Our objective is to seek growth of capital by investing primarily in common
stocks and securities convertible into or exchangeable for common stock.
PRINCIPAL INVESTMENT STRATEGIES
We invest in companies with medium and large market capitalizations which we
believe have greater than average potential for capital growth. We also intend
to continue to invest in small and virtually unknown companies, including
companies that have never earned a profit.
PRINCIPAL RISKS
Investing in securities is inherently risky, and there is no guarantee that we
will achieve our investment objective. In fact, you could lose money by
investing in the Fund. The principal risks include:
- - MARKET RISKS. The price of particular securities may fall because of
declines in the stock market regardless of the success of individual
companies' businesses.
- - DIVERSIFICATION RISKS. We may invest in securities not listed in the
Standard and Poor's 500 Index. These securities may perform poorly and
the Standard and Poor's 500 Index as well as other recognized indices may
outperform us.
- - UNDERVALUED SECURITIES. We may purchase securities that we believe the
market undervalues in relation to their actual worth. We assume that the
market will ultimately recognize the actual worth of these companies,
thus causing their stock prices to rise. The market may, however,
indefinitely undervalue these securities, causing their prices to remain
the same or decline.
- - SECURITIES PAYING LITTLE OR NO DIVIDENDS. We often purchase the
securities of companies that expect their earnings to rise and which pay
little, if any, dividends. Those securities are risky because their stock
prices often decline in market downturns.
- - SPECULATIVE SECURITIES. From time to time we purchase speculative
securities which may lose all or substantially all their value. In
addition, because earnings, if any, tend to be less predictable, market
prices are more volatile and the speculative securities less liquid than
those of larger, more established companies. In the case of speculative
debt securities, changes in economic conditions or other circumstances
are more likely to lead to a weakened capacity to make principal and
interest payments than is the case with higher grade debt securities.
Speculative debt securities may include obligations of issuers that are
in default or in bankruptcy when we believe that the prospect of capital
appreciation outweighs the risk of investment. The risk of investing in
those securities,
3
<PAGE> 6
as well as other debt securities, can be substantial because their value
is based upon the ability of the issuer to make all required payments of
interest and principal.
- - MONEY MARKET SECURITIES. Under adverse market conditions, we could invest
some or all of our assets in money market securities. Although we would
do so only in seeking to avoid losses, it could reduce the benefit from
any upswing in the market.
- - EXPENSES. Because of our extremely small size, our aggregate annual
operating expenses as a percentage of our net assets may be substantially
higher than those of most other mutual funds. Prior to July 18, 1999, our
investment advisor reimbursed us to the extent that those expenses,
exclusive of interest, taxes, brokerage commissions, extraordinary
expenses and a portion of our custodian fees attributable to investments
in foreign countries, exceeded 2.5% of our average net assets.
- - SHORT TERM TRADING. This practice may increase capital gains
distributions, which in turn would increase your tax liability. Frequent
trading will also increase our transaction costs, which may reduce our
investment performance.
An investment in the Fund is not a complete investment program. You could lose
money in the Fund, but you also have the potential to make money.
PAST PERFORMANCE
The bar chart and performance table below illustrate some of the risks of
investing in the Fund. The bar chart shows the changes in our performance from
year to year since we commenced operations on May 25, 1994. The performance
table shows how our total return for calendar year ended December 31, 1998 and
average annual total return from May 25, 1994 through December 31, 1998 compared
with those of the Standard and Poor's 500 Index, a broad measure of market
performance. When you review these charts, be aware that past investment
performance does not necessarily indicate how we will perform in the future.
[BAR CHART]
ANNUAL TOTAL RETURNS FOR EACH CALENDAR YEAR
<TABLE>
<CAPTION>
1994* 1995 1996 1997 1998
<S> <C> <C> <C> <C>
16.24% 24.21% -1.03% -2.71% -13.02%
</TABLE>
*Since inception on May 25, 1994
During the periods shown above, our best quarter ended on December 31, 1998 when
we had a return of approximately 20% and our worst quarter ended on September
30, 1998 when we had a return of approximately -31%. Our return from January 1,
1999 to September 30, 1999 was *_______*%.
4
<PAGE> 7
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
Year Ended May 25, 1994
December to December
31, 1998 31, 1998
- --------------------------------------------------------------------------
<S> <C> <C>
Fund -13.02% 4.21%
- --------------------------------------------------------------------------
S&P 500 29.14% 26.92%
- --------------------------------------------------------------------------
</TABLE>
SHAREHOLDER FEES AND EXPENSES
THE FOLLOWING TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU BUY
AND HOLD SHARES OF THE FUND.
<TABLE>
<S> <C>
SHAREHOLDER FEES
(fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price) None
Maximum deferred sales charge (load)
(as a percentage of offering price) None
Maximum sales charge (load) imposed on reinvested
dividends (as a percentage of offering price) None
Redemption fee (as a percentage of amount redeemed) None
Exchange fee None
Maximum Account Fee None
ANNUAL FUND OPERATING EXPENSES
(expenses deducted from Fund assets)
Management fees 1.25% (1)
Distribution (12b-1) and service fees None
Other expenses 2.25% (2)
Total annual Fund operating expenses 3.5% (2)
</TABLE>
(1) The fee with respect to any average net assets in excess of $100 million
is 1%.
5
<PAGE> 8
(2) Prior to July 18, 1999, our investment advisor reimbursed us to the
extent that our aggregate annual operating expenses as a percentage of
our net assets, exclusive of interest, taxes, brokerage commissions,
extraordinary expenses and a portion of our custodian fees attributable
to investments in foreign countries, exceeded 2.5% of our average net
assets. Therefore, we have estimated our future total annual Fund
operating expenses.
EXPENSE EXAMPLE
The example below is intended to help you compare the cost of investing in the
Fund with the cost of investing in other mutual funds. The example assumes that:
- - you invest $10,000 in the Fund for the time periods indicated;
- - you redeem all your shares at the end of those time periods;
- - your investment has a 5% return each year; and
- - our operating expenses remain the same.
Although your actual costs may be higher or lower, under these assumptions your
costs would be:
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
Number of Years 1 3 5 10
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$368 $1,117 $1,887 $3,902
- ----------------------------------------------------------------------------------------------------
</TABLE>
This example shows what you could pay in expenses over time. It uses the same
hypothetical conditions other mutual funds use in their prospectuses: $10,000
initial investment, 5% total return each year and no changes in expenses. The
figures shown would be the same whether you redeem your shares at the end of a
period or kept them. Because actual return and expenses will be different, the
example is for comparison only.
INVESTMENT OBJECTIVE AND PRINCIPAL
INVESTMENT STRATEGIES
Our investment objective is to seek growth of capital. Our investment objective
cannot be changed without shareholder approval. Although we use income to
evaluate its investments, we do not invest for income. We seek capital
appreciation by investing primarily in companies that we believe have above
average potential for growth or whose securities are undervalued in the market.
Under normal circumstances, more than 80% of the value of our investments, other
than cash
6
<PAGE> 9
and cash equivalents, will consist of common stocks and securities convertible
into or exchangeable for common stocks such as convertible preferred stocks and
convertible debt securities. We intend to invest primarily in securities issued
by companies with medium and large market capitalizations. We also intend to
continue to make speculative investments in small and virtually unknown
companies, including companies that have never earned a profit.
To a limited degree, we may invest in non-convertible preferred stocks and debt
securities, such as corporate bonds and debentures and securities issued by the
United States Government and its instrumentalities, when they are believed to
offer opportunities for growth of capital or are desirable in the light of
prevailing market or economic conditions. Debt securities we purchase may be
either "investment grade" or speculative. Generally, debt securities which are
believed to offer opportunities for growth of capital, including securities
referred to as "junk bonds," may be purchased by us when we believe (a) interest
rates will decline and, therefore, the value of the debt securities will
increase, or (b) their market value is likely to appreciate due to factors
affecting specific issuers.
We may engage in active and frequent trading.
We buy securities based upon our belief that the market has undervalued them in
relation to their actual worth or because of the potential growth of the issuer
of the securities. We often blend both approaches in making our selections. In
determining which securities to sell, we select securities which we believe will
not yield performance we seek based primarily upon the foregoing criteria.
We may, from time to time, take temporary defensive positions that are
inconsistent with our principal investment strategies in attempting to respond
to adverse market, economic, political, or other conditions. During any time
that we take a defensive position, we may not achieve our investment objective.
Although we normally invest according to our investment strategy, we may invest
without limitation in preferred stocks and investment-grade debt instruments for
temporary, defensive purposes. We have taken defensive positions for relatively
long periods of time.
The value of our investments varies in response to many factors. Stock values
fluctuate in response to the activities of individual companies and general
market and economic conditions. Although we may use various investment
techniques to hedge a portion of our risks, we cannot assure you that these
techniques will work as we intend. We seek to spread investment risk by
diversifying our holdings among many companies and industries. When you sell or
redeem your shares, they may be worth more or less than what you paid for them.
FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand our financial
performance for the period of our operations. Certain information reflects
financial results for a single Fund share. The total returns in the table
represent the rate that as investor would have earned or lost on an investment
in the Fund (assuming reinvestment of all dividends and distributions). This
7
<PAGE> 10
information has been audited by Mathieson Aitken Jemison, LLP, whose report,
along with our financial statements, are included in annual report, which is
available upon request.
AMERICAN HERITAGE GROWTH FUND, INC.
FINANCIAL HIGHLIGHTS AND RELATED
RATIOS/SUPPLEMENTAL DATA
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
FOR THE FOR THE FOR THE FOR THE FOR THE PERIOD
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED FROM MAY 25, 1994**
JANUARY 31, JANUARY 31, JANUARY 31, JANUARY 31, THROUGH JANUARY 31,
1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period..................... $ 0.14 $ 0.16 $ 1.66 $ 3.57 $ 5.00
Income from investment
operations:
Net investment income...... 0.00 0.00 0.24 1.51 2.17
Net losses on securities
(both realized and
unrealized)................ (0.01) (0.01) (0.32) (0.69) (1.24)
---------- ---------- ---------- ---------- ----------
Total from investment
operations................. (0.01) (0.01) (0.08) 0.82 0.93
Less distributions:
Dividends (from net
investment income)...... 0.00 (0.01) (1.42) (2.73) (2.36)
Distribution (from net
realized gains on
investments)............ 0.00 0.00 0.00 0.00 0.00
Returns of capital......... 0.00 0.00 0.00 0.00 0.00
---------- ---------- ---------- ---------- ----------
Total Distributions.......... 0.00 (0.01) (1.42) (2.72) (2.36)
---------- ---------- ---------- ---------- ----------
Net asset value, end of
period..................... $ 0.13 $ 0.14 $ 0.16 $ 1.66 $ 3.57
========== ========== ========== ========== ==========
Total return................. (7.14)% (9.00)% (4.66)% 29.48% 30.42%*
Net assets, end of period.... $ 870,880 $1,162,294 $2,240,860 $4,932,970 $3,898,560
Ratio of expenses to average
net assets................. 2.50% 2.67% 2.81% 2.62% 2.50%*
Ratio of net investment
income (loss) to average
net assets................. (.94)% (1.25)% 25.97% 44.46% 63.52%*
Portfolio turnover rate...... 274.25% 172.20% 1,378.14% 4,262.64% 3,213.89%
</TABLE>
* Annualized
** Commencement of operations
MANAGEMENT'S DISCUSSION OF OUR PERFORMANCE
During our fiscal year ended January 31, 1999, the factors that materially
affected our performance were the poor performance of our holdings in medium to
small capitalization technology and health care companies.
COMPARISON OF A $10,000 INVESTMENT IN THE FUND
AVERAGE ANNUAL TOTAL RETURN
May 25, 1994 through Jan. 31, 1999:
5.86%
Jan. 31 1998 through Jan. 31, 1999:
-6.37%
[LINE GRAPH]
[PLOT POINTS FOR THIS LINE GRAPH ARE ON PAGES 19.01-19.33 FOLLOWING THIS PAGE]
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
MANAGEMENT
American Heritage Management Corporation (AHMC ), 1370 Avenue of the Americas,
New York, New York 10019 has been our investment adviser since our inception.
Since 1990, AHMC has provided investment advice to The American Heritage Fund,
Inc. AHMC provides continuous investment advice to us and places orders for
purchases and sales of our securities.
We make our investment decisions based upon advice furnished to us by AHMC.
For the fiscal year ended January 31, 1999, the investment advisory fee
represented 1.25% of our average net assets.
Heiko H. Thieme is our portfolio manager and has been primarily responsible for
the day-to-day management of our portfolio since our inception. Mr. Thieme also
renders investment advice to one U.S. and two foreign investment companies and
is the Chief Executive Officer of a securities broker-dealer.
PRICING OF SHARES
The price at which you buy and redeem our shares is the net asset value (NAV)
per share. The NAV represents the value of our total assets less our
liabilities. The NAV per share is generally calculated as of the close of the
regular trading session of the New York Stock Exchange. Our shares will not be
priced on the days when the New York Stock Exchange is closed. Our shares will
be priced on national holidays on which the New York Stock Exchange is open for
trading. In calculating NAV, portfolio securities will be valued at market value
when there is a reliable quotation available for the securities. The value of
all other assets will be determined by our Board of Directors or members of a
committee of our Board of Directors at amounts which they think represent their
fair value.
8
<PAGE> 11
FILE NAME: AHGF
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 25-May-94 5.000000 2,000.0000 $10,000 0.00% 456.34 0.0000
2 26-May-94 5.000000 2,000.0000 $10,000 0.00% 457.06 21.9135
3 27-May-94 5.000000 2,000.0000 $10,000 0.00% 457.33 21.9135
4 28-May-94 5.000000 2,000.0000 $10,000 0.00% 457.33 21.9178
5 29-May-94 5.000000 2,000.0000 $10,000 0.00% 457.33 21.9178
6 30-May-94 5.000000 2,000.0000 $10,000 0.00% 457.33 21.9178
7 31-May-94 5.000000 2,000.0000 $10,000 0.00% 0.00% 456.51 21.9178
8 01-Jun-94 5.000000 2,000.0000 $10,000 0.00% 457.63 21.9183
9 02-Jun-94 5.000000 2,000.0000 $10,000 0.00% 457.65 21.9200
10 03-Jun-94 5.000000 2,000.0000 $10,000 0.00% 460.13 21.9251
11 04-Jun-94 5.000000 2,000.0000 $10,000 0.00% 460.13 21.9262
12 05-Jun-94 5.000000 2,000.0000 $10,000 0.00% 460.13 21.9262
13 06-Jun-94 5.000000 2,000.0000 $10,000 0.00% 458.88 21.9262
14 07-Jun-94 5.000000 2,000.0000 $10,000 0.00% 458.21 21.9308
15 08-Jun-94 5.000000 2,000.0000 $10,000 0.00% 457.06 21.9321
16 09-Jun-94 5.000000 2,000.0000 $10,000 0.00% 457.86 21.9323
17 10-Jun-94 5.000000 2,000.0000 $10,000 0.00% 458.67 21.9425
18 11-Jun-94 5.000000 2,000.0000 $10,000 0.00% 458.67 21.9427
19 12-Jun-94 5.000000 2,000.0000 $10,000 0.00% 458.67 21.9427
20 13-Jun-94 5.000000 2,000.0000 $10,000 0.00% 459.10 21.9427
21 14-Jun-94 5.000000 2,000.0000 $10,000 0.00% 462.37 21.9437
22 15-Jun-94 5.050000 2,000.0000 $10,100 1.00% 460.61 21.9448
23 16-Jun-94 5.050000 2,000.0000 $10,100 1.00% 461.93 21.9459
24 17-Jun-94 5.050000 2,000.0000 $10,100 1.00% 458.45 21.9474
25 18-Jun-94 5.050000 2,000.0000 $10,100 1.00% 458.45 21.9474
26 19-Jun-94 5.050000 2,000.0000 $10,100 1.00% 458.45 21.9474
27 20-Jun-94 5.050000 2,000.0000 $10,100 1.00% 455.48 21.9474
28 21-Jun-94 5.050000 2,000.0000 $10,100 1.00% 451.34 21.9477
29 22-Jun-94 5.050000 2,000.0000 $10,100 1.00% 453.09 21.9479
30 23-Jun-94 5.050000 2,000.0000 $10,100 1.00% 449.63 21.9480
31 24-Jun-94 5.050000 2,000.0000 $10,100 1.00% 442.80 21.9482
32 25-Jun-94 5.050000 2,000.0000 $10,100 1.00% 442.80 21.9579
33 26-Jun-94 5.050000 2,000.0000 $10,100 1.00% 442.80 21.9579
34 27-Jun-94 5.050000 2,000.0000 $10,100 1.00% 447.31 21.9579
35 28-Jun-94 5.050000 2,000.0000 $10,100 1.00% 446.07 21.9608
36 29-Jun-94 5.050000 2,000.0000 $10,100 1.00% 447.63 21.9664
37 30-Jun-94 5.050000 2,000.0000 $10,100 1.00% 1.00% 1.00% 444.27 21.9686
38 01-Jul-94 5.050000 2,000.0000 $10,100 1.00% 446.20 21.9696
39 02-Jul-94 5.050000 2,000.0000 $10,100 1.00% 446.20 21.9746
40 03-Jul-94 5.050000 2,000.0000 $10,100 1.00% 446.20 21.9746
41 04-Jul-94 5.050000 2,000.0000 $10,100 1.00% 446.20 21.9746
42 05-Jul-94 5.050000 2,000.0000 $10,100 1.00% 446.37 21.9746
43 06-Jul-94 5.050000 2,000.0000 $10,100 1.00% 446.13 21.9806
44 07-Jul-94 5.060000 2,000.0000 $10,120 1.20% 448.38 21.9812
45 08-Jul-94 5.070000 2,000.0000 $10,140 1.40% 449.55 21.9812
46 09-Jul-94 5.070000 2,000.0000 $10,140 1.40% 449.55 21.9812
47 10-Jul-94 5.070000 2,000.0000 $10,140 1.40% 449.55 21.9812
48 11-Jul-94 5.080000 2,000.0000 $10,160 1.60% 449.55 21.9812
49 12-Jul-94 5.080000 2,000.0000 $10,160 1.60% 447.95 21.9839
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1 21.913486 $10,000.00 0.0000%
2 0.000000 21.913486 $10,015.78 0.1578%
3 0.090 0.004312 21.917798 $10,023.67 0.2367%
4 0.000000 21.917798 $10,023.67 0.2367%
5 0.000000 21.917798 $10,023.67 0.2367%
6 0.000000 21.917798 $10,023.67 0.2367%
7 0.010 0.000480 21.918278 $10,005.91 0.0591%
8 0.036 0.001724 21.920002 $10,031.25 0.3125%
9 0.107 0.005125 21.925127 $10,034.03 0.3403%
10 0.023 0.001096 21.926223 $10,088.91 0.8891%
11 0.000000 21.926223 $10,088.91 0.8891%
12 0.000000 21.926223 $10,088.91 0.8891%
13 0.096 0.004587 21.930810 $10,063.61 0.6361%
14 0.026 0.001244 21.932055 $10,049.49 0.4949%
15 0.006 0.000288 21.932343 $10,024.40 0.2440%
16 0.212 0.010155 21.942498 $10,046.59 0.4659%
17 0.004 0.000191 21.942689 $10,064.45 0.6445%
18 0.000000 21.942689 $10,064.45 0.6445%
19 0.000000 21.942689 $10,064.45 0.6445%
20 0.021 0.001004 21.943693 $10,074.35 0.7435%
21 0.023 0.001092 21.944784 $10,146.61 1.4661%
22 0.023 0.001096 21.945880 $10,108.49 1.0849%
23 0.032 0.001520 21.947401 $10,138.16 1.3816%
24 0.000000 21.947401 $10,061.79 0.6179%
25 0.000000 21.947401 $10,061.79 0.6179%
26 0.000000 21.947401 $10,061.79 0.6179%
27 0.007 0.000337 21.947738 $ 9,996.76 -0.0324%
28 0.004 0.000195 21.947932 $ 9,905.98 -0.9402%
29 0.002 0.000097 21.948029 $ 9,944.43 -0.5557%
30 0.003 0.000146 21.948176 $ 9,868.56 -1.3144%
31 0.197 0.009765 21.957940 $ 9,722.98 -2.7702%
32 0.000000 21.957940 $ 9,722.98 -2.7702%
33 0.000000 21.957940 $ 9,722.98 -2.7702%
34 0.059 0.002896 21.960837 $ 9,823.30 -1.7670%
35 0.113 0.005563 21.966400 $ 9,798.55 -2.0145%
36 0.045 0.002208 21.968608 $ 9,833.81 -1.6619%
37 0.020 0.000989 21.969597 $ 9,760.43 -2.3957%
38 0.101 0.004973 21.974570 $ 9,805.05 -1.9495%
39 0.000000 21.974570 $ 9,805.05 -1.9495%
40 0.000000 21.974570 $ 9,805.05 -1.9495%
41 0.000000 21.974570 $ 9,805.05 -1.9495%
42 0.123 0.006055 21.980625 $ 9,811.49 -1.8851%
43 0.012 0.000591 21.981216 $ 9,806.48 -1.9352%
44 0.000000 21.981216 $ 9,855.94 -1.4406%
45 0.000000 21.981216 $ 9,881.66 -1.1834%
46 0.000000 21.981216 $ 9,881.66 -1.1834%
47 0.000000 21.981216 $ 9,881.66 -1.1834%
48 0.055 0.002689 21.983906 $ 9,882.86 -1.1714%
49 0.002 0.000098 21.984004 $ 9,847.73 -1.5227%
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50 13-Jul-94 5.080000 2,000.0000 $10,160 1.60% 448.73 21.9840
51 14-Jul-94 5.090000 2,000.0000 $10,180 1.80% 453.41 21.9840
52 15-Jul-94 5.110000 2,000.0000 $10,220 2.20% 454.16 21.9863
53 16-Jul-94 5.110000 2,000.0000 $10,220 2.20% 454.16 21.9863
54 17-Jul-94 5.110000 2,000.0000 $10,220 2.20% 454.16 21.9863
55 18-Jul-94 5.100000 2,000.0000 $10,200 2.00% 455.22 21.9863
56 19-Jul-94 5.080000 2,000.0000 $10,160 1.60% 453.86 21.9886
57 20-Jul-94 5.070000 2,000.0000 $10,140 1.40% 451.60 21.9895
58 21-Jul-94 5.100000 2,000.0000 $10,200 2.00% 452.61 21.9895
59 22-Jul-94 5.240000 2,000.0000 $10,480 4.80% 453.11 21.9895
60 23-Jul-94 5.240000 2,000.0000 $10,480 4.80% 453.11 21.9895
61 24-Jul-94 5.240000 2,000.0000 $10,480 4.80% 453.11 21.9895
62 25-Jul-94 5.240000 2,000.0000 $10,480 4.80% 454.25 21.9895
63 26-Jul-94 5.300000 2,000.0000 $10,600 6.00% 453.36 21.9933
64 27-Jul-94 5.320000 2,000.0000 $10,640 6.40% 452.57 21.9958
65 28-Jul-94 5.330000 2,000.0000 $10,660 6.60% 454.24 21.9973
66 29-Jul-94 5.360000 2,000.0000 $10,720 7.20% 458.26 21.9973
67 30-Jul-94 5.360000 2,000.0000 $10,720 7.20% 458.26 21.9983
68 31-Jul-94 5.360000 2,000.0000 $10,720 7.20% 6.14% 458.26 21.9983
69 01-Aug-94 5.360000 2,000.0000 $10,720 7.20% 461.01 21.9983
70 02-Aug-94 5.360000 2,000.0000 $10,720 7.20% 460.56 22.0042
71 03-Aug-94 5.360000 2,000.0000 $10,720 7.20% 461.46 22.0112
72 04-Aug-94 5.340000 2,000.0000 $10,680 6.80% 458.40 22.0120
73 05-Aug-94 5.350000 2,000.0000 $10,700 7.00% 457.09 22.0183
74 06-Aug-94 5.350000 2,000.0000 $10,700 7.00% 457.09 22.0191
75 07-Aug-94 5.350000 2,000.0000 $10,700 7.00% 457.09 22.0191
76 08-Aug-94 5.360000 2,000.0000 $10,720 7.20% 457.89 22.0191
77 09-Aug-94 5.370000 2,000.0000 $10,740 7.40% 457.92 22.0240
78 10-Aug-94 5.390000 2,000.0000 $10,780 7.80% 460.30 22.0345
79 11-Aug-94 5.370000 2,000.0000 $10,740 7.40% 458.88 22.0366
80 12-Aug-94 5.390000 2,000.0000 $10,780 7.80% 461.95 22.0376
81 13-Aug-94 5.390000 2,000.0000 $10,780 7.80% 461.95 22.0389
82 14-Aug-94 5.390000 2,000.0000 $10,780 7.80% 461.95 22.0389
83 15-Aug-94 5.380000 2,000.0000 $10,760 7.60% 461.23 22.0389
84 16-Aug-94 5.370000 2,000.0000 $10,740 7.40% 465.01 22.0457
85 17-Aug-94 5.360000 2,000.0000 $10,720 7.20% 465.17 22.0491
86 18-Aug-94 5.340000 2,000.0000 $10,680 6.80% 463.17 22.0502
87 19-Aug-94 5.350000 2,000.0000 $10,700 7.00% 463.68 22.0510
88 20-Aug-94 5.350000 2,000.0000 $10,700 7.00% 463.68 22.0517
89 21-Aug-94 5.350000 2,000.0000 $10,700 7.00% 463.68 22.0517
90 22-Aug-94 5.340000 2,000.0000 $10,680 6.80% 462.31 22.0517
91 23-Aug-94 5.400000 2,000.0000 $10,800 8.00% 464.51 22.0544
92 24-Aug-94 5.450000 2,000.0000 $10,900 9.00% 469.03 22.0547
93 25-Aug-94 5.450000 2,000.0000 $10,900 9.00% 468.08 22.0560
94 26-Aug-94 5.480000 2,000.0000 $10,960 9.60% 473.80 22.0592
95 27-Aug-94 5.480000 2,000.0000 $10,960 9.60% 473.80 22.0642
96 28-Aug-94 5.480000 2,000.0000 $10,960 9.60% 473.80 22.0642
97 29-Aug-94 5.500000 2,000.0000 $11,000 10.00% 474.59 22.0642
98 30-Aug-94 5.510000 2,000.0000 $11,020 10.20% 476.07 22.0683
99 31-Aug-94 5.480000 2,000.0000 $10,960 9.60% 2.24% 475.50 22.0696
100 01-Sep-94 5.480000 2,000.0000 $10,960 9.60% 473.17 22.0704
101 02-Sep-94 5.470000 2,000.0000 $10,940 9.40% 470.99 22.0741
102 03-Sep-94 5.470000 2,000.0000 $10,940 9.40% 470.99 22.0806
103 04-Sep-94 5.470000 2,000.0000 $10,940 9.40% 470.99 22.0806
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------
STANDARD & POOR'S 500
----------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
50 0.000000 21.984004 $ 9,864.88 -1.3512%
51 0.048 0.002327 21.986331 $ 9,968.82 -0.3118%
52 0.000000 21.986331 $ 9,985.31 -0.1469%
53 0.000000 21.986331 $ 9,985.31 -0.1469%
54 0.000000 21.986331 $ 9,985.31 -0.1469%
55 0.047 0.002270 21.988601 $10,009.65 0.0965%
56 0.018 0.000872 21.989473 $ 9,980.14 -0.1986%
57 0.000000 21.989473 $ 9,930.45 -0.6955%
58 0.000000 21.989473 $ 9,952.66 -0.4734%
59 0.000000 21.989473 $ 9,963.65 -0.3635%
60 0.000000 21.989473 $ 9,963.65 -0.3635%
61 0.000000 21.989473 $ 9,963.65 -0.3635%
62 0.080 0.003873 21.993346 $ 9,990.48 -0.0952%
63 0.050 0.002426 21.995772 $ 9,972.00 -0.2800%
64 0.032 0.001555 21.997327 $ 9,955.33 -0.4467%
65 0.000000 21.997327 $ 9,992.07 -0.0793%
66 0.020 0.000960 21.998287 $10,080.93 0.8093%
67 0.000000 21.998287 $10,080.93 0.8093%
68 0.000000 21.998287 $10,080.93 0.8093%
69 0.123 0.005869 22.004156 $10,144.14 1.4414%
70 0.147 0.007023 22.011179 $10,137.47 1.3747%
71 0.018 0.000859 22.012038 $10,157.68 1.5768%
72 0.131 0.006291 22.018328 $10,093.20 0.9320%
73 0.015 0.000723 22.019051 $10,064.69 0.6469%
74 0.000000 22.019051 $10,064.69 0.6469%
75 0.000000 22.019051 $10,064.69 0.6469%
76 0.102 0.004905 22.023956 $10,084.55 0.8455%
77 0.220 0.010581 22.034537 $10,090.06 0.9006%
78 0.044 0.002106 22.036643 $10,143.47 1.4347%
79 0.020 0.000960 22.037604 $10,112.62 1.1262%
80 0.027 0.001288 22.038892 $10,180.87 1.8087%
81 0.000000 22.038892 $10,180.87 1.8087%
82 0.000000 22.038892 $10,180.87 1.8087%
83 0.142 0.006785 22.045677 $10,168.13 1.6813%
84 0.073 0.003461 22.049138 $10,253.07 2.5307%
85 0.022 0.001043 22.050181 $10,257.08 2.5708%
86 0.017 0.000809 22.050990 $10,213.36 2.1336%
87 0.014 0.000666 22.051656 $10,224.91 2.2491%
88 0.000000 22.051656 $10,224.91 2.2491%
89 0.000000 22.051656 $10,224.91 2.2491%
90 0.057 0.002719 22.054375 $10,195.96 1.9596%
91 0.006 0.000285 22.054659 $10,244.61 2.4461%
92 0.028 0.001317 22.055976 $10,344.91 3.4491%
93 0.069 0.003251 22.059227 $10,325.48 3.2548%
94 0.106 0.004935 22.064162 $10,454.00 4.5400%
95 0.000000 22.064162 $10,454.00 4.5400%
96 0.000000 22.064162 $10,454.00 4.5400%
97 0.088 0.004091 22.068254 $10,473.37 4.7337%
98 0.029 0.001344 22.069598 $10,506.67 5.0667%
99 0.017 0.000789 22.070387 $10,494.47 4.9447%
100 0.079 0.003685 22.074072 $10,444.79 4.4479%
101 0.139 0.006515 22.080586 $10,399.74 3.9974%
102 0.000000 22.080586 $10,399.74 3.9974%
103 0.000000 22.080586 $10,399.74 3.9974%
</TABLE>
<PAGE> 13
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
104 05-Sep-94 5.470000 2,000.0000 $10,940 9.40% 470.99 22.0806
105 06-Sep-94 5.490000 2,000.0000 $10,980 9.80% 471.86 22.0806
106 07-Sep-94 5.490000 2,000.0000 $10,980 9.80% 470.99 22.0816
107 08-Sep-94 5.510000 2,000.0000 $11,020 10.20% 473.14 22.0819
108 09-Sep-94 5.480000 2,000.0000 $10,960 9.60% 468.18 22.0827
109 10-Sep-94 5.480000 2,000.0000 $10,960 9.60% 468.18 22.0926
110 11-Sep-94 5.480000 2,000.0000 $10,960 9.60% 468.18 22.0926
111 12-Sep-94 5.480000 2,000.0000 $10,960 9.60% 466.21 22.0926
112 13-Sep-94 5.530000 2,000.0000 $11,060 10.60% 467.52 22.0940
113 14-Sep-94 5.540000 2,000.0000 $11,080 10.80% 468.80 22.0949
114 15-Sep-94 5.590000 2,000.0000 $11,180 11.80% 474.81 22.0949
115 16-Sep-94 5.600000 2,000.0000 $11,200 12.00% 471.19 22.0966
116 17-Sep-94 5.600000 2,000.0000 $11,200 12.00% 471.19 22.0966
117 18-Sep-94 5.600000 2,000.0000 $11,200 12.00% 471.19 22.0966
118 19-Sep-94 5.590000 2,000.0000 $11,180 11.80% 470.85 22.0966
119 20-Sep-94 5.600000 2,000.0000 $11,200 12.00% 463.36 22.1054
120 21-Sep-94 5.600000 2,000.0000 $11,200 12.00% 461.46 22.1063
121 22-Sep-94 5.600000 2,000.0000 $11,200 12.00% 461.27 22.1066
122 23-Sep-94 5.610000 2,000.0000 $11,220 12.20% 459.67 22.1066
123 24-Sep-94 5.610000 2,000.0000 $11,220 12.20% 459.67 22.1067
124 25-Sep-94 5.610000 2,000.0000 $11,220 12.20% 459.67 22.1067
125 26-Sep-94 5.590000 2,000.0000 $11,180 11.80% 460.82 22.1067
126 27-Sep-94 5.630000 2,000.0000 $11,260 12.60% 462.05 22.1210
127 28-Sep-94 5.710000 2,000.0000 $11,420 14.20% 464.81 22.1215
128 29-Sep-94 5.690000 2,000.0000 $11,380 13.80% 462.24 22.1217
129 30-Sep-94 5.700000 2,000.0000 $11,400 14.00% 4.01% 12.87% 462.71 22.1250
130 01-Oct-94 5.700000 2,000.0000 $11,400 14.00% 462.71 22.1263
131 02-Oct-94 5.700000 2,000.0000 $11,400 14.00% 462.71 22.1263
132 03-Oct-94 5.680000 2,000.0000 $11,360 13.60% 461.74 22.1263
133 04-Oct-94 5.630000 2,000.0000 $11,260 12.60% 454.59 22.1342
134 05-Oct-94 5.610000 2,000.0000 $11,220 12.20% 453.52 22.1393
135 06-Oct-94 5.580000 2,000.0000 $11,160 11.60% 452.36 22.1393
136 07-Oct-94 5.600000 2,000.0000 $11,200 12.00% 455.10 22.1396
137 08-Oct-94 5.600000 2,000.0000 $11,200 12.00% 455.10 22.1421
138 09-Oct-94 5.600000 2,000.0000 $11,200 12.00% 455.10 22.1421
139 10-Oct-94 5.620000 2,000.0000 $11,240 12.40% 459.04 22.1421
140 11-Oct-94 5.660000 2,000.0000 $11,320 13.20% 465.79 22.1421
141 12-Oct-94 5.670000 2,000.0000 $11,340 13.40% 465.47 22.1429
142 13-Oct-94 5.690000 2,000.0000 $11,380 13.80% 467.79 22.1429
143 14-Oct-94 5.710000 2,000.0000 $11,420 14.20% 469.10 22.1429
144 15-Oct-94 5.710000 2,000.0000 $11,420 14.20% 469.10 22.1449
145 16-Oct-94 5.710000 2,000.0000 $11,420 14.20% 469.10 22.1449
146 17-Oct-94 5.720000 2,000.0000 $11,440 14.40% 468.96 22.1449
147 18-Oct-94 5.710000 2,000.0000 $11,420 14.20% 467.66 22.1470
148 19-Oct-94 5.730000 2,000.0000 $11,460 14.60% 470.28 22.1475
149 20-Oct-94 5.720000 2,000.0000 $11,440 14.40% 466.85 22.1479
150 21-Oct-94 5.710000 2,000.0000 $11,420 14.20% 464.89 22.1479
151 22-Oct-94 5.710000 2,000.0000 $11,420 14.20% 464.89 22.1479
152 23-Oct-94 5.710000 2,000.0000 $11,420 14.20% 464.89 22.1479
153 24-Oct-94 5.690000 2,000.0000 $11,380 13.80% 460.83 22.1479
154 25-Oct-94 5.680000 2,000.0000 $11,360 13.60% 461.52 22.1496
155 26-Oct-94 5.700000 2,000.0000 $11,400 14.00% 462.61 22.1524
156 27-Oct-94 5.720000 2,000.0000 $11,440 14.40% 465.85 22.1550
157 28-Oct-94 5.750000 2,000.0000 $11,500 15.00% 473.77 22.1550
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
104 0.000000 22.080586 $10,399.74 3.9974%
105 0.022 0.001029 22.081616 $10,419.43 4.1943%
106 0.007 0.000328 22.081944 $10,400.37 4.0037%
107 0.016 0.000747 22.082691 $10,448.20 4.4820%
108 0.210 0.009905 22.092596 $10,343.31 3.4331%
109 0.000000 22.092596 $10,343.31 3.4331%
110 0.000000 22.092596 $10,343.31 3.4331%
111 0.029 0.001374 22.093970 $10,300.43 3.0043%
112 0.019 0.000898 22.094868 $10,329.79 3.2979%
113 0.001 0.000047 22.094915 $10,358.10 3.5810%
114 0.036 0.001675 22.096590 $10,491.68 4.9168%
115 0.000000 22.096590 $10,411.69 4.1169%
116 0.000000 22.096590 $10,411.69 4.1169%
117 0.000000 22.096590 $10,411.69 4.1169%
118 0.187 0.008776 22.105366 $10,408.31 4.0831%
119 0.020 0.000954 22.106320 $10,243.18 2.4318%
120 0.006 0.000287 22.106608 $10,201.32 2.0132%
121 0.000000 22.106608 $10,197.11 1.9711%
122 0.002 0.000096 22.106704 $10,161.79 1.6179%
123 0.000000 22.106704 $10,161.79 1.6179%
124 0.000000 22.106704 $10,161.79 1.6179%
125 0.299 0.014344 22.121048 $10,193.82 1.9382%
126 0.010 0.000479 22.121526 $10,221.25 2.2125%
127 0.003 0.000143 22.121669 $10,282.37 2.8237%
128 0.069 0.003302 22.124971 $10,227.05 2.2705%
129 0.028 0.001339 22.126310 $10,238.07 2.3807%
130 0.000000 22.126310 $10,238.07 2.3807%
131 0.000000 22.126310 $10,238.07 2.3807%
132 0.164 0.007859 22.134169 $10,220.23 2.2023%
133 0.106 0.005161 22.139330 $10,064.32 0.6432%
134 0.000000 22.139330 $10,040.63 0.4063%
135 0.006 0.000294 22.139624 $10,015.08 0.1508%
136 0.051 0.002481 22.142105 $10,076.87 0.7687%
137 0.000000 22.142105 $10,076.87 0.7687%
138 0.000000 22.142105 $10,076.87 0.7687%
139 0.000000 22.142105 $10,164.11 1.6411%
140 0.016 0.000761 22.142866 $10,313.93 3.1393%
141 0.000000 22.142866 $10,306.84 3.0684%
142 0.000000 22.142866 $10,358.21 3.5821%
143 0.044 0.002077 22.144942 $10,388.19 3.8819%
144 0.000000 22.144942 $10,388.19 3.8819%
145 0.000000 22.144942 $10,388.19 3.8819%
146 0.044 0.002078 22.147020 $10,386.07 3.8607%
147 0.011 0.000521 22.147541 $10,357.52 3.5752%
148 0.008 0.000377 22.147918 $10,415.72 4.1572%
149 0.000000 22.147918 $10,339.76 3.3976%
150 0.000000 22.147918 $10,296.35 2.9635%
151 0.000000 22.147918 $10,296.35 2.9635%
152 0.000000 22.147918 $10,296.35 2.9635%
153 0.036 0.001730 22.149648 $10,207.22 2.0722%
154 0.057 0.002736 22.152384 $10,223.77 2.2377%
155 0.055 0.002634 22.155017 $10,249.13 2.4913%
156 0.000000 22.155017 $10,320.91 3.2091%
157 0.022 0.001029 22.156046 $10,496.87 4.9687%
</TABLE>
<PAGE> 14
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
158 29-Oct-94 5.750000 2,000.0000 $11,500 15.00% 473.77 22.1560
159 30-Oct-94 5.750000 2,000.0000 $11,500 15.00% 473.77 22.1560
160 31-Oct-94 5.720000 2,000.0000 $11,440 14.40% 0.35% 472.35 22.1560
161 01-Nov-94 5.720000 2,000.0000 $11,440 14.40% 468.42 22.1607
162 02-Nov-94 5.800000 2,000.0000 $11,600 16.00% 466.51 22.1664
163 03-Nov-94 5.800000 2,000.0000 $11,600 16.00% 467.91 22.1686
164 04-Nov-94 5.790000 2,000.0000 $11,580 15.80% 462.28 22.1717
165 05-Nov-94 5.790000 2,000.0000 $11,580 15.80% 462.28 22.1825
166 06-Nov-94 5.790000 2,000.0000 $11,580 15.80% 462.28 22.1825
167 07-Nov-94 5.780000 2,000.0000 $11,560 15.60% 463.06 22.1825
168 08-Nov-94 5.780000 2,000.0000 $11,560 15.60% 465.65 22.1892
169 09-Nov-94 5.780000 2,000.0000 $11,560 15.60% 465.42 22.1947
170 10-Nov-94 5.770000 2,000.0000 $11,540 15.40% 464.35 22.1969
171 11-Nov-94 5.780000 2,000.0000 $11,560 15.60% 462.35 22.1980
172 12-Nov-94 5.780000 2,000.0000 $11,560 15.60% 462.35 22.1980
173 13-Nov-94 5.780000 2,000.0000 $11,560 15.60% 462.35 22.1980
174 14-Nov-94 5.760000 2,000.0000 $11,520 15.20% 466.04 22.1980
175 15-Nov-94 5.760000 2,000.0000 $11,520 15.20% 465.03 22.2034
176 16-Nov-94 5.760000 2,000.0000 $11,520 15.20% 465.62 22.2044
177 17-Nov-94 5.750000 2,000.0000 $11,500 15.00% 463.57 22.2084
178 18-Nov-94 5.770000 2,000.0000 $11,540 15.40% 461.47 22.2093
179 19-Nov-94 5.770000 2,000.0000 $11,540 15.40% 461.47 22.2136
180 20-Nov-94 5.770000 2,000.0000 $11,540 15.40% 461.47 22.2136
181 21-Nov-94 5.800000 2,000.0000 $11,600 16.00% 458.29 22.2136
182 22-Nov-94 5.800000 2,000.0000 $11,600 16.00% 450.08 22.2145
183 23-Nov-94 5.800000 2,000.0000 $11,600 16.00% 449.93 22.2147
184 24-Nov-94 5.800000 2,000.0000 $11,600 16.00% 449.93 22.2177
185 25-Nov-94 5.800000 2,000.0000 $11,600 16.00% 452.29 22.2177
186 26-Nov-94 5.800000 2,000.0000 $11,600 16.00% 452.29 22.2260
187 27-Nov-94 5.800000 2,000.0000 $11,600 16.00% 452.29 22.2260
188 28-Nov-94 5.790000 2,000.0000 $11,580 15.80% 454.16 22.2260
189 29-Nov-94 5.810000 2,000.0000 $11,620 16.20% 455.17 22.2302
190 30-Nov-94 5.780000 2,000.0000 $11,560 15.60% 1.05% 453.69 22.2313
191 01-Dec-94 5.770000 2,000.0000 $11,540 15.40% 448.92 22.2319
192 02-Dec-94 5.780000 2,000.0000 $11,560 15.60% 453.30 22.2360
193 03-Dec-94 5.780000 2,000.0000 $11,560 15.60% 453.30 22.2393
194 04-Dec-94 5.780000 2,000.0000 $11,560 15.60% 453.30 22.2393
195 05-Dec-94 5.780000 2,000.0000 $11,560 15.60% 453.33 22.2393
196 06-Dec-94 5.780000 2,000.0000 $11,560 15.60% 453.11 22.2431
197 07-Dec-94 5.780000 2,000.0000 $11,560 15.60% 451.23 22.2439
198 08-Dec-94 5.780000 2,000.0000 $11,560 15.60% 445.45 22.2446
199 09-Dec-94 5.780000 2,000.0000 $11,560 15.60% 446.97 22.2454
200 10-Dec-94 5.780000 2,000.0000 $11,560 15.60% 446.97 22.2550
201 11-Dec-94 5.780000 2,000.0000 $11,560 15.60% 446.97 22.2550
202 12-Dec-94 5.780000 2,000.0000 $11,560 15.60% 449.47 22.2550
203 13-Dec-94 5.770000 2,000.0000 $11,540 15.40% 450.15 22.2569
204 14-Dec-94 5.760000 2,000.0000 $11,520 15.20% 454.97 22.2585
205 15-Dec-94 5.760000 2,000.0000 $11,520 15.20% 455.35 22.2589
206 16-Dec-94 3.400000 3,388.9412 $11,522 15.22% 458.80 22.2607
207 17-Dec-94 3.400000 3,388.9412 $11,522 15.22% 458.80 22.2609
208 18-Dec-94 3.400000 3,388.9412 $11,522 15.22% 458.80 22.2609
209 19-Dec-94 3.400000 3,388.9412 $11,522 15.22% 457.91 22.2609
210 20-Dec-94 3.400000 3,388.9412 $11,522 15.22% 457.10 22.2616
211 21-Dec-94 3.400000 3,388.9412 $11,522 15.22% 459.61 22.2627
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
158 0.000000 22.156046 $10,496.87 4.9687%
159 0.000000 22.156046 $10,496.87 4.9687%
160 0.100 0.004691 22.160737 $10,467.62 4.6762%
161 0.119 0.005630 22.166367 $10,383.17 3.8317%
162 0.048 0.002281 22.168647 $10,341.90 3.4190%
163 0.065 0.003080 22.171727 $10,374.37 3.7437%
164 0.225 0.010791 22.182518 $10,254.53 2.5453%
165 0.000000 22.182518 $10,254.53 2.5453%
166 0.000000 22.182518 $10,254.53 2.5453%
167 0.140 0.006707 22.189225 $10,274.94 2.7494%
168 0.115 0.005480 22.194705 $10,334.96 3.3496%
169 0.045 0.002146 22.196851 $10,330.86 3.3086%
170 0.025 0.001195 22.198046 $10,307.66 3.0766%
171 0.000000 22.198046 $10,263.27 2.6327%
172 0.000000 22.198046 $10,263.27 2.6327%
173 0.000000 22.198046 $10,263.27 2.6327%
174 0.113 0.005382 22.203428 $10,347.69 3.4769%
175 0.020 0.000955 22.204383 $10,325.70 3.2570%
176 0.084 0.004006 22.208389 $10,340.67 3.4067%
177 0.020 0.000958 22.209347 $10,295.59 2.9559%
178 0.088 0.004235 22.213582 $10,250.90 2.5090%
179 0.000000 22.213582 $10,250.90 2.5090%
180 0.000000 22.213582 $10,250.90 2.5090%
181 0.019 0.000921 22.214503 $10,180.68 1.8068%
182 0.003 0.000148 22.214651 $9,998.37 -0.0163%
183 0.062 0.003061 22.217712 $9,996.42 -0.0358%
184 0.000000 22.217712 $9,996.42 -0.0358%
185 0.169 0.008302 22.226014 $10,052.60 0.5260%
186 0.000000 22.226014 $10,052.60 0.5260%
187 0.000000 22.226014 $10,052.60 0.5260%
188 0.085 0.004160 22.230174 $10,096.06 0.9606%
189 0.023 0.001123 22.231297 $10,119.02 1.1902%
190 0.013 0.000637 22.231934 $10,086.41 0.8641%
191 0.082 0.004061 22.235995 $9,982.18 -0.1782%
192 0.068 0.003336 22.239331 $10,081.09 0.8109%
193 0.000000 22.239331 $10,081.09 0.8109%
194 0.000000 22.239331 $10,081.09 0.8109%
195 0.077 0.003777 22.243108 $10,083.47 0.8347%
196 0.016 0.000785 22.243894 $10,078.93 0.7893%
197 0.014 0.000690 22.244584 $10,037.42 0.3742%
198 0.017 0.000849 22.245433 $9,909.23 -0.9077%
199 0.192 0.009556 22.254988 $9,947.31 -0.5269%
200 0.000000 22.254988 $9,947.31 -0.5269%
201 0.000000 22.254988 $9,947.31 -0.5269%
202 0.038 0.001882 22.256870 $10,003.80 0.0380%
203 0.032 0.001582 22.258452 $10,019.64 0.1964%
204 0.009 0.000440 22.258893 $10,127.13 1.2713%
205 0.036 0.001760 22.260652 $10,136.39 1.3639%
206 0.006 0.000291 22.260943 $10,213.32 2.1332%
207 0.000000 22.260943 $10,213.32 2.1332%
208 0.000000 22.260943 $10,213.32 2.1332%
209 0.014 0.000681 22.261624 $10,193.82 1.9382%
210 0.022 0.001071 22.262695 $10,176.28 1.7628%
211 0.008 0.000388 22.263083 $10,232.34 2.3234%
</TABLE>
<PAGE> 15
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
212 22-Dec-94 3.390000 3,388.9412 $11,489 14.89% 459.68 22.2631
213 23-Dec-94 3.420000 3,388.9412 $11,590 15.90% 459.83 22.2633
214 24-Dec-94 3.420000 3,388.9412 $11,590 15.90% 459.83 22.2799
215 25-Dec-94 3.420000 3,388.9412 $11,590 15.90% 459.83 22.2799
216 26-Dec-94 3.420000 3,388.9412 $11,590 15.90% 459.83 22.2799
217 27-Dec-94 3.420000 3,388.9412 $11,590 15.90% 462.47 22.2799
218 28-Dec-94 3.410000 3,388.9412 $11,556 15.56% 460.86 22.2805
219 29-Dec-94 3.400000 3,388.9412 $11,522 15.22% 461.17 22.2805
220 30-Dec-94 3.430000 3,388.9412 $11,624 16.24% 459.27 22.2815
221 31-Dec-94 3.430000 3,388.9412 $11,624 16.24% 0.55% 1.97% 16.24% 459.27 22.2876
222 01-Jan-95 3.430000 3,388.9412 $11,624 16.24% 459.27 22.2876
223 02-Jan-95 3.430000 3,388.9412 $11,624 16.24% 459.27 22.2876
224 03-Jan-95 3.430000 3,388.9412 $11,624 16.24% 459.11 22.2876
225 04-Jan-95 3.430000 3,388.9412 $11,624 16.24% 460.71 22.2882
226 05-Jan-95 3.430000 3,388.9412 $11,624 16.24% 460.34 22.2946
227 06-Jan-95 3.420000 3,388.9412 $11,590 15.90% 460.68 22.2972
228 07-Jan-95 3.420000 3,388.9412 $11,590 15.90% 460.68 22.2973
229 08-Jan-95 3.420000 3,388.9412 $11,590 15.90% 460.68 22.2973
230 09-Jan-95 3.440000 3,388.9412 $11,658 16.58% 460.83 22.2973
231 10-Jan-95 3.420000 3,388.9412 $11,590 15.90% 461.68 22.3000
232 11-Jan-95 3.440000 3,388.9412 $11,658 16.58% 461.67 22.3002
233 12-Jan-95 3.450000 3,388.9412 $11,692 16.92% 461.64 22.3002
234 13-Jan-95 3.460000 3,388.9412 $11,726 17.26% 465.97 22.3002
235 14-Jan-95 3.460000 3,388.9412 $11,726 17.26% 465.97 22.3043
236 15-Jan-95 3.460000 3,388.9412 $11,726 17.26% 465.97 22.3043
237 16-Jan-95 3.460000 3,388.9412 $11,726 17.26% 469.38 22.3043
238 17-Jan-95 3.460000 3,388.9412 $11,726 17.26% 470.05 22.3043
239 18-Jan-95 3.460000 3,388.9412 $11,726 17.26% 469.71 22.3049
240 19-Jan-95 3.450000 3,388.9412 $11,692 16.92% 466.95 22.3052
241 20-Jan-95 3.450000 3,388.9412 $11,692 16.92% 464.78 22.3056
242 21-Jan-95 3.450000 3,388.9412 $11,692 16.92% 464.78 22.3056
243 22-Jan-95 3.450000 3,388.9412 $11,692 16.92% 464.78 22.3056
244 23-Jan-95 3.470000 3,388.9412 $11,760 17.60% 465.82 22.3056
245 24-Jan-95 3.460000 3,388.9412 $11,726 17.26% 465.86 22.3068
246 25-Jan-95 3.460000 3,388.9412 $11,726 17.26% 467.44 22.3089
247 26-Jan-95 3.460000 3,388.9412 $11,726 17.26% 468.32 22.3122
248 27-Jan-95 3.520000 3,388.9412 $11,929 19.29% 470.39 22.3131
249 28-Jan-95 3.520000 3,388.9412 $11,929 19.29% 470.39 22.3133
250 29-Jan-95 3.520000 3,388.9412 $11,929 19.29% 470.39 22.3133
251 30-Jan-95 3.530000 3,388.9412 $11,963 19.63% 468.51 22.3133
252 31-Jan-95 3.570000 3,388.9412 $12,099 20.99% 4.08% 470.42 22.3176
253 01-Feb-95 3.570000 3,388.9412 $12,099 20.99% 470.40 21.9135
254 02-Feb-95 3.600000 3,388.9412 $12,200 22.00% 472.79 21.9135
255 03-Feb-95 3.620000 3,388.9412 $12,268 22.68% 478.65 21.9135
256 04-Feb-95 3.620000 3,388.9412 $12,268 22.68% 478.65 21.9135
257 05-Feb-95 3.620000 3,388.9412 $12,268 22.68% 478.65 21.9135
258 06-Feb-95 3.630000 3,388.9412 $12,302 23.02% 481.14 21.9135
259 07-Feb-95 3.630000 3,388.9412 $12,302 23.02% 480.81 21.9135
260 08-Feb-95 3.620000 3,388.9412 $12,268 22.68% 481.19 21.9135
261 09-Feb-95 3.620000 3,388.9412 $12,268 22.68% 480.19 21.9135
262 10-Feb-95 3.610000 3,388.9412 $12,234 22.34% 481.46 21.9135
263 11-Feb-95 3.610000 3,388.9412 $12,234 22.34% 481.46 21.9135
264 12-Feb-95 3.610000 3,388.9412 $12,234 22.34% 481.46 21.9135
265 13-Feb-95 3.610000 3,388.9412 $12,234 22.34% 481.65 21.9135
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
212 0.004 0.000194 22.263277 $10,233.98 2.3398%
213 0.344 0.016655 22.279932 $10,244.98 2.4498%
214 0.000000 22.279932 $10,244.98 2.4498%
215 0.000000 22.279932 $10,244.98 2.4498%
216 0.000000 22.279932 $10,244.98 2.4498%
217 0.012 0.000578 22.280510 $10,304.07 3.0407%
218 0.000000 22.280510 $10,268.20 2.6820%
219 0.021 0.001015 22.281525 $10,275.57 2.7557%
220 0.125 0.006064 22.287589 $10,236.02 2.3602%
221 0.000000 22.287589 $10,236.02 2.3602%
222 0.000000 22.287589 $10,236.02 2.3602%
223 0.000000 22.287589 $10,236.02 2.3602%
224 0.013 0.000631 22.288220 $10,232.74 2.3274%
225 0.131 0.006338 22.294558 $10,271.33 2.7133%
226 0.055 0.002664 22.297221 $10,264.30 2.6430%
227 0.002 0.000097 22.297318 $10,271.93 2.7193%
228 0.000000 22.297318 $10,271.93 2.7193%
229 0.000000 22.297318 $10,271.93 2.7193%
230 0.055 0.002661 22.299979 $10,276.50 2.7650%
231 0.004 0.000193 22.300172 $10,295.54 2.9554%
232 0.000000 22.300172 $10,295.32 2.9532%
233 0.000000 22.300172 $10,294.65 2.9465%
234 0.087 0.004164 22.304336 $10,393.15 3.9315%
235 0.000000 22.304336 $10,393.15 3.9315%
236 0.000000 22.304336 $10,393.15 3.9315%
237 0.000000 22.304336 $10,469.21 4.6921%
238 0.012 0.000569 22.304905 $10,484.42 4.8442%
239 0.006 0.000285 22.305190 $10,476.97 4.7697%
240 0.008 0.000382 22.305573 $10,415.59 4.1559%
241 0.000000 22.305573 $10,367.18 3.6718%
242 0.000000 22.305573 $10,367.18 3.6718%
243 0.000000 22.305573 $10,367.18 3.6718%
244 0.025 0.001197 22.306770 $10,390.94 3.9094%
245 0.044 0.002107 22.308876 $10,392.81 3.9281%
246 0.070 0.003341 22.312217 $10,429.62 4.2962%
247 0.018 0.000858 22.313075 $10,449.66 4.4966%
248 0.005 0.000237 22.313312 $10,495.96 4.9596%
249 0.000000 22.313312 $10,495.96 4.9596%
250 0.000000 22.313312 $10,495.96 4.9596%
251 0.089 0.004239 22.317551 $10,456.00 4.5600%
252 0.128 0.006073 22.323623 $10,501.48 5.0148%
253 0.029 0.001376 22.325000 $10,501.68 5.0168%
254 0.076 0.003589 22.328588 $10,556.73 5.5673%
255 0.034 0.001586 22.330174 $10,688.34 6.8834%
256 0.000000 22.330174 $10,688.34 6.8834%
257 0.000000 22.330174 $10,688.34 6.8834%
258 0.232 0.010767 22.340942 $10,749.12 7.4912%
259 0.047 0.002184 22.343126 $10,742.80 7.4280%
260 0.046 0.002136 22.345261 $10,752.32 7.5232%
261 0.103 0.004793 22.350054 $10,732.27 7.3227%
262 0.091 0.004224 22.354279 $10,762.69 7.6269%
263 0.000000 22.354279 $10,762.69 7.6269%
264 0.000000 22.354279 $10,762.69 7.6269%
265 0.117 0.005430 22.359709 $10,769.55 7.6955%
</TABLE>
<PAGE> 16
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
266 14-Feb-95 3.590000 3,388.9412 $12,166 21.66% 482.55 21.9135
267 15-Feb-95 3.580000 3,388.9412 $12,132 21.32% 484.54 21.9135
268 16-Feb-95 3.600000 3,388.9412 $12,200 22.00% 485.22 21.9135
269 17-Feb-95 3.590000 3,388.9412 $12,166 21.66% 481.97 21.9135
270 18-Feb-95 3.590000 3,388.9412 $12,166 21.66% 481.97 21.9135
271 19-Feb-95 3.590000 3,388.9412 $12,166 21.66% 481.97 21.9135
272 20-Feb-95 3.590000 3,388.9412 $12,166 21.66% 481.97 21.9135
273 21-Feb-95 3.580000 3,388.9412 $12,132 21.32% 482.72 21.9135
274 22-Feb-95 3.570000 3,388.9412 $12,099 20.99% 485.07 21.9135
275 23-Feb-95 3.580000 3,388.9412 $12,132 21.32% 486.91 21.9135
276 24-Feb-95 3.580000 3,388.9412 $12,132 21.32% 488.26 21.9135
277 25-Feb-95 3.580000 3,388.9412 $12,132 21.32% 488.26 21.9135
278 26-Feb-95 3.580000 3,388.9412 $12,132 21.32% 488.26 21.9135
279 27-Feb-95 3.570000 3,388.9412 $12,099 20.99% 483.81 21.9135
280 28-Feb-95 3.580000 3,388.9412 $12,132 21.32% 0.28% 487.39 21.9135
281 01-Mar-95 3.560000 3,388.9412 $12,065 20.65% 485.65 21.9135
282 02-Mar-95 3.570000 3,388.9412 $12,099 20.99% 485.13 21.9135
283 03-Mar-95 3.570000 3,388.9412 $12,099 20.99% 485.42 21.9135
284 04-Mar-95 3.570000 3,388.9412 $12,099 20.99% 485.42 21.9135
285 05-Mar-95 3.570000 3,388.9412 $12,099 20.99% 485.42 21.9135
286 06-Mar-95 3.560000 3,388.9412 $12,065 20.65% 485.63 21.9135
287 07-Mar-95 3.560000 3,388.9412 $12,065 20.65% 482.12 21.9135
288 08-Mar-95 3.550000 3,388.9412 $12,031 20.31% 483.14 21.9135
289 09-Mar-95 3.560000 3,388.9412 $12,065 20.65% 483.16 21.9135
290 10-Mar-95 3.570000 3,388.9412 $12,099 20.99% 489.57 21.9135
291 11-Mar-95 3.570000 3,388.9412 $12,099 20.99% 489.57 21.9135
292 12-Mar-95 3.570000 3,388.9412 $12,099 20.99% 489.57 21.9135
293 13-Mar-95 3.580000 3,388.9412 $12,132 21.32% 490.05 21.9135
294 14-Mar-95 3.580000 3,388.9412 $12,132 21.32% 492.89 21.9135
295 15-Mar-95 3.590000 3,388.9412 $12,166 21.66% 491.88 21.9135
296 16-Mar-95 3.600000 3,388.9412 $12,200 22.00% 495.41 21.9135
297 17-Mar-95 3.600000 3,388.9412 $12,200 22.00% 495.52 21.9135
298 18-Mar-95 3.600000 3,388.9412 $12,200 22.00% 495.52 21.9135
299 19-Mar-95 3.600000 3,388.9412 $12,200 22.00% 495.52 21.9135
300 20-Mar-95 3.590000 3,388.9412 $12,166 21.66% 496.14 21.9135
301 21-Mar-95 3.600000 3,388.9412 $12,200 22.00% 495.07 21.9135
302 22-Mar-95 3.600000 3,388.9412 $12,200 22.00% 495.67 21.9135
303 23-Mar-95 3.610000 3,388.9412 $12,234 22.34% 495.95 21.9135
304 24-Mar-95 3.630000 3,388.9412 $12,302 23.02% 500.97 21.9135
305 25-Mar-95 3.630000 3,388.9412 $12,302 23.02% 500.97 21.9135
306 26-Mar-95 3.630000 3,388.9412 $12,302 23.02% 500.97 21.9135
307 27-Mar-95 3.640000 3,388.9412 $12,336 23.36% 503.20 21.9135
308 28-Mar-95 3.650000 3,388.9412 $12,370 23.70% 503.90 21.9135
309 29-Mar-95 3.620000 3,388.9412 $12,268 22.68% 503.12 21.9135
310 30-Mar-95 3.620000 3,388.9412 $12,268 22.68% 502.22 21.9135
311 31-Mar-95 3.530000 3,388.9412 $11,963 19.63% -1.40% 2.92% 500.71 21.9135
312 01-Apr-95 3.530000 3,388.9412 $11,963 19.63% 500.71 21.9135
313 02-Apr-95 3.530000 3,388.9412 $11,963 19.63% 500.71 21.9135
314 03-Apr-95 3.560000 3,388.9412 $12,065 20.65% 501.85 21.9135
315 04-Apr-95 3.590000 3,388.9412 $12,166 21.66% 505.24 21.9135
316 05-Apr-95 3.590000 3,388.9412 $12,166 21.66% 505.57 21.9135
317 06-Apr-95 3.620000 3,388.9412 $12,268 22.68% 506.08 21.9135
318 07-Apr-95 3.620000 3,388.9412 $12,268 22.68% 506.42 21.9135
319 08-Apr-95 3.620000 3,388.9412 $12,268 22.68% 506.42 21.9135
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
266 0.090 0.004170 22.363879 $10,791.69 7.9169%
267 0.045 0.002077 22.365956 $10,837.20 8.3720%
268 0.005 0.000230 22.366187 $10,852.52 8.5252%
269 0.097 0.004501 22.370688 $10,782.00 7.8200%
270 0.000000 22.370688 $10,782.00 7.8200%
271 0.000000 22.370688 $10,782.00 7.8200%
272 0.000000 22.370688 $10,782.00 7.8200%
273 0.020 0.000927 22.371615 $10,799.23 7.9923%
274 0.063 0.002906 22.374521 $10,853.21 8.5321%
275 0.108 0.004963 22.379483 $10,896.79 8.9679%
276 0.019 0.000871 22.380354 $10,927.43 9.2743%
277 0.000000 22.380354 $10,927.43 9.2743%
278 0.000000 22.380354 $10,927.43 9.2743%
279 0.101 0.004672 22.385026 $10,830.10 8.3010%
280 0.022 0.001010 22.386037 $10,910.73 9.1073%
281 0.140 0.006453 22.392490 $10,874.91 8.7491%
282 0.018 0.000831 22.393321 $10,863.67 8.6367%
283 0.099 0.004567 22.397888 $10,872.38 8.7238%
284 0.000000 22.397888 $10,872.38 8.7238%
285 0.000000 22.397888 $10,872.38 8.7238%
286 0.089 0.004105 22.401993 $10,879.08 8.7908%
287 0.024 0.001115 22.403108 $10,800.99 8.0099%
288 0.005 0.000232 22.403340 $10,823.95 8.2395%
289 0.249 0.011546 22.414886 $10,829.98 8.2998%
290 0.007 0.000320 22.415206 $10,973.81 9.7381%
291 0.000000 22.415206 $10,973.81 9.7381%
292 0.000000 22.415206 $10,973.81 9.7381%
293 0.033 0.001509 22.416715 $10,985.31 9.8531%
294 0.019 0.000864 22.417580 $11,049.40 10.4940%
295 0.028 0.001276 22.418856 $11,027.39 10.2739%
296 0.032 0.001448 22.420304 $11,107.24 11.0724%
297 0.007 0.000317 22.420620 $11,109.87 11.0987%
298 0.000000 22.420620 $11,109.87 11.0987%
299 0.000000 22.420620 $11,109.87 11.0987%
300 0.001 0.000045 22.420666 $11,123.79 11.2379%
301 0.009 0.000408 22.421073 $11,100.00 11.0000%
302 0.002 0.000090 22.421164 $11,113.50 11.1350%
303 0.000000 22.421164 $11,119.78 11.1978%
304 0.002 0.000090 22.421253 $11,232.38 12.3238%
305 0.000000 22.421253 $11,232.38 12.3238%
306 0.000000 22.421253 $11,232.38 12.3238%
307 0.217 0.009669 22.430922 $11,287.24 12.8724%
308 0.005 0.000223 22.431145 $11,303.05 13.0305%
309 0.001 0.000045 22.431189 $11,285.58 12.8558%
310 0.037 0.001653 22.432842 $11,266.22 12.6622%
311 0.015 0.000672 22.433514 $11,232.68 12.3268%
312 0.000000 22.433514 $11,232.68 12.3268%
313 0.000000 22.433514 $11,232.68 12.3268%
314 0.100 0.004470 22.437984 $11,260.50 12.6050%
315 0.132 0.005862 22.443846 $11,339.53 13.3953%
316 0.097 0.004306 22.448152 $11,349.11 13.4911%
317 0.000000 22.448152 $11,360.56 13.6056%
318 0.047 0.002083 22.450236 $11,369.25 13.6925%
319 0.000000 22.450236 $11,369.25 13.6925%
</TABLE>
<PAGE> 17
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
320 09-Apr-95 3.620000 3,388.9412 $12,268 22.68% 506.42 21.9135
321 10-Apr-95 3.640000 3,388.9412 $12,336 23.36% 507.01 21.9135
322 11-Apr-95 3.630000 3,388.9412 $12,302 23.02% 505.53 21.9135
323 12-Apr-95 3.620000 3,388.9412 $12,268 22.68% 507.17 21.9135
324 13-Apr-95 3.610000 3,388.9412 $12,234 22.34% 509.23 21.9135
325 14-Apr-95 3.610000 3,388.9412 $12,234 22.34% 509.23 21.9135
326 15-Apr-95 3.610000 3,388.9412 $12,234 22.34% 509.23 21.9135
327 16-Apr-95 3.610000 3,388.9412 $12,234 22.34% 509.23 21.9135
328 17-Apr-95 3.590000 3,388.9412 $12,166 21.66% 506.13 21.9135
329 18-Apr-95 3.590000 3,388.9412 $12,166 21.66% 505.37 21.9135
330 19-Apr-95 3.570000 3,388.9412 $12,099 20.99% 504.92 21.9135
331 20-Apr-95 3.580000 3,388.9412 $12,132 21.32% 505.29 21.9135
332 21-Apr-95 3.590000 3,388.9412 $12,166 21.66% 508.49 21.9135
333 22-Apr-95 3.590000 3,388.9412 $12,166 21.66% 508.49 21.9135
334 23-Apr-95 3.590000 3,388.9412 $12,166 21.66% 508.49 21.9135
335 24-Apr-95 3.590000 3,388.9412 $12,166 21.66% 512.89 21.9135
336 25-Apr-95 3.610000 3,388.9412 $12,234 22.34% 512.15 21.9135
337 26-Apr-95 3.590000 3,388.9412 $12,166 21.66% 512.66 21.9135
338 27-Apr-95 3.610000 3,388.9412 $12,234 22.34% 513.55 21.9135
339 28-Apr-95 3.630000 3,388.9412 $12,302 23.02% 514.71 21.9135
340 29-Apr-95 3.630000 3,388.9412 $12,302 23.02% 514.71 21.9135
341 30-Apr-95 3.630000 3,388.9412 $12,302 23.02% 2.83% 514.71 21.9135
342 01-May-95 3.630000 3,388.9412 $12,302 23.02% 514.26 21.9135
343 02-May-95 3.650000 3,388.9412 $12,370 23.70% 514.86 21.9135
344 03-May-95 3.690000 3,388.9412 $12,505 25.05% 520.48 21.9135
345 04-May-95 3.690000 3,388.9412 $12,505 25.05% 520.54 21.9135
346 05-May-95 3.670000 3,388.9412 $12,437 24.37% 520.12 21.9135
347 06-May-95 3.670000 3,388.9412 $12,437 24.37% 520.12 21.9135
348 07-May-95 3.670000 3,388.9412 $12,437 24.37% 520.12 21.9135
349 08-May-95 3.690000 3,388.9412 $12,505 25.05% 523.96 21.9135
350 09-May-95 3.730000 3,388.9412 $12,641 26.41% 523.56 21.9135
351 10-May-95 3.720000 3,388.9412 $12,607 26.07% 524.36 21.9135
352 11-May-95 3.720000 3,388.9412 $12,607 26.07% 524.37 21.9135
353 12-May-95 3.720000 3,388.9412 $12,607 26.07% 525.55 21.9135
354 13-May-95 3.720000 3,388.9412 $12,607 26.07% 525.55 21.9135
355 14-May-95 3.720000 3,388.9412 $12,607 26.07% 525.55 21.9135
356 15-May-95 3.710000 3,388.9412 $12,573 25.73% 527.74 21.9135
357 16-May-95 3.710000 3,388.9412 $12,573 25.73% 528.19 21.9135
358 17-May-95 3.700000 3,388.9412 $12,539 25.39% 527.07 21.9135
359 18-May-95 3.660000 3,388.9412 $12,404 24.04% 519.58 21.9135
360 19-May-95 3.660000 3,388.9412 $12,404 24.04% 519.19 21.9135
361 20-May-95 3.660000 3,388.9412 $12,404 24.04% 519.19 21.9135
362 21-May-95 3.660000 3,388.9412 $12,404 24.04% 519.19 21.9135
363 22-May-95 3.680000 3,388.9412 $12,471 24.71% 523.65 21.9135
364 23-May-95 3.680000 3,388.9412 $12,471 24.71% 528.59 21.9135
365 24-May-95 3.680000 3,388.9412 $12,471 24.71% 528.61 21.9135
366 25-May-95 3.690000 3,388.9412 $12,505 25.05% 528.59 21.9135
367 26-May-95 3.640000 3,388.9412 $12,336 23.36% 523.65 21.9135
368 27-May-95 3.640000 3,388.9412 $12,336 23.36% 523.65 21.9135
369 28-May-95 3.640000 3,388.9412 $12,336 23.36% 523.65 21.9135
370 29-May-95 3.640000 3,388.9412 $12,336 23.36% 523.65 21.9135
371 30-May-95 3.610000 3,388.9412 $12,234 22.34% 523.58 21.9135
372 31-May-95 3.660000 3,388.9412 $12,404 24.04% 0.83% 533.40 21.9135
373 01-Jun-95 3.670000 3,388.9412 $12,437 24.37% 533.49 21.9135
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
320 0.000000 22.450236 $11,369.25 13.6925%
321 0.018 0.000797 22.451033 $11,382.90 13.8290%
322 0.000000 22.451033 $11,349.67 13.4967%
323 0.041 0.001815 22.452848 $11,387.41 13.8741%
324 0.004 0.000176 22.453024 $11,433.75 14.3375%
325 0.000000 22.453024 $11,433.75 14.3375%
326 0.000000 22.453024 $11,433.75 14.3375%
327 0.000000 22.453024 $11,433.75 14.3375%
328 0.054 0.002396 22.455420 $11,365.36 13.6536%
329 0.017 0.000755 22.456175 $11,348.68 13.4868%
330 0.009 0.000400 22.456575 $11,338.77 13.3877%
331 0.000000 22.456575 $11,347.08 13.4708%
332 0.000000 22.456575 $11,418.94 14.1894%
333 0.000000 22.456575 $11,418.94 14.1894%
334 0.000000 22.456575 $11,418.94 14.1894%
335 0.105 0.004597 22.461173 $11,520.11 15.2011%
336 0.062 0.002719 22.463892 $11,504.88 15.0488%
337 0.043 0.001884 22.465776 $11,517.30 15.1730%
338 0.000000 22.465776 $11,537.30 15.3730%
339 0.004 0.000175 22.465951 $11,563.45 15.6345%
340 0.000000 22.465951 $11,563.45 15.6345%
341 0.000000 22.465951 $11,563.45 15.6345%
342 0.124 0.005417 22.471368 $11,556.13 15.5613%
343 0.080 0.003492 22.474859 $11,571.41 15.7141%
344 0.023 0.000993 22.475853 $11,698.23 16.9823%
345 0.161 0.006952 22.482804 $11,703.20 17.0320%
346 0.041 0.001772 22.484576 $11,694.68 16.9468%
347 0.000000 22.484576 $11,694.68 16.9468%
348 0.000000 22.484576 $11,694.68 16.9468%
349 0.174 0.007467 22.492043 $11,784.93 17.8493%
350 0.210 0.009022 22.501065 $11,780.66 17.8066%
351 0.049 0.002103 22.503167 $11,799.76 17.9976%
352 0.076 0.003262 22.506429 $11,801.70 18.0170%
353 0.014 0.000600 22.507029 $11,828.57 18.2857%
354 0.000000 22.507029 $11,828.57 18.2857%
355 0.000000 22.507029 $11,828.57 18.2857%
356 0.143 0.006099 22.513127 $11,881.08 18.8108%
357 0.076 0.003239 22.516367 $11,892.92 18.9292%
358 0.004 0.000171 22.516537 $11,867.79 18.6779%
359 0.037 0.001603 22.518141 $11,699.98 16.9998%
360 0.241 0.010453 22.528593 $11,696.62 16.9662%
361 0.000000 22.528593 $11,696.62 16.9662%
362 0.000000 22.528593 $11,696.62 16.9662%
363 0.051 0.002194 22.530788 $11,798.25 17.9825%
364 0.021 0.000895 22.531683 $11,910.02 19.1002%
365 0.052 0.002216 22.533899 $11,911.64 19.1164%
366 0.139 0.005926 22.539825 $11,914.33 19.1433%
367 0.092 0.003960 22.543785 $11,805.05 18.0505%
368 0.000000 22.543785 $11,805.05 18.0505%
369 0.000000 22.543785 $11,805.05 18.0505%
370 0.000000 22.543785 $11,805.05 18.0505%
371 0.025 0.001076 22.544861 $11,804.04 18.0404%
372 0.009 0.000380 22.545242 $12,025.63 20.2563%
373 0.047 0.001986 22.547228 $12,028.72 20.2872%
</TABLE>
<PAGE> 18
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
374 02-Jun-95 3.670000 3,388.9412 $12,437 24.37% 532.51 21.9135
375 03-Jun-95 3.670000 3,388.9412 $12,437 24.37% 532.51 21.9135
376 04-Jun-95 3.670000 3,388.9412 $12,437 24.37% 532.51 21.9135
377 05-Jun-95 3.680000 3,388.9412 $12,471 24.71% 535.60 21.9135
378 06-Jun-95 3.670000 3,388.9412 $12,437 24.37% 535.55 21.9135
379 07-Jun-95 3.660000 3,388.9412 $12,404 24.04% 533.13 21.9135
380 08-Jun-95 3.660000 3,388.9412 $12,404 24.04% 532.55 21.9135
381 09-Jun-95 3.670000 3,388.9412 $12,437 24.37% 527.94 21.9135
382 10-Jun-95 3.670000 3,388.9412 $12,437 24.37% 527.94 21.9135
383 11-Jun-95 3.670000 3,388.9412 $12,437 24.37% 527.94 21.9135
384 12-Jun-95 3.680000 3,388.9412 $12,471 24.71% 530.88 21.9135
385 13-Jun-95 3.710000 3,388.9412 $12,573 25.73% 536.05 21.9135
386 14-Jun-95 3.680000 3,388.9412 $12,471 24.71% 536.47 21.9135
387 15-Jun-95 3.700000 3,388.9412 $12,539 25.39% 537.12 21.9135
388 16-Jun-95 3.710000 3,388.9412 $12,573 25.73% 539.83 21.9135
389 17-Jun-95 3.710000 3,388.9412 $12,573 25.73% 539.83 21.9135
390 18-Jun-95 3.710000 3,388.9412 $12,573 25.73% 539.83 21.9135
391 19-Jun-95 3.740000 3,388.9412 $12,675 26.75% 545.22 21.9135
392 20-Jun-95 3.720000 3,388.9412 $12,607 26.07% 544.98 21.9135
393 21-Jun-95 3.740000 3,388.9412 $12,675 26.75% 543.98 21.9135
394 22-Jun-95 3.790000 3,388.9412 $12,844 28.44% 551.07 21.9135
395 23-Jun-95 3.800000 3,388.9412 $12,878 28.78% 549.71 21.9135
396 24-Jun-95 3.800000 3,388.9412 $12,878 28.78% 549.71 21.9135
397 25-Jun-95 3.800000 3,388.9412 $12,878 28.78% 549.71 21.9135
398 26-Jun-95 3.760000 3,388.9412 $12,742 27.42% 544.13 21.9135
399 27-Jun-95 3.740000 3,388.9412 $12,675 26.75% 542.43 21.9135
400 28-Jun-95 3.720000 3,388.9412 $12,607 26.07% 544.73 21.9135
401 29-Jun-95 3.770000 3,388.9412 $12,776 27.76% 543.87 21.9135
402 30-Jun-95 3.770000 3,388.9412 $12,776 27.76% 3.01% 6.80% 544.75 21.9135
403 01-Jul-95 3.770000 3,388.9412 $12,776 27.76% 544.75 21.9135
404 02-Jul-95 3.770000 3,388.9412 $12,776 27.76% 544.75 21.9135
405 03-Jul-95 3.780000 3,388.9412 $12,810 28.10% 547.09 21.9135
406 04-Jul-95 3.780000 3,388.9412 $12,810 28.10% 547.09 21.9135
407 05-Jul-95 3.820000 3,388.9412 $12,946 29.46% 547.26 21.9135
408 06-Jul-95 3.850000 3,388.9412 $13,047 30.47% 553.99 21.9135
409 07-Jul-95 3.950000 3,388.9412 $13,386 33.86% 556.37 21.9135
410 08-Jul-95 3.950000 3,388.9412 $13,386 33.86% 556.37 21.9135
411 09-Jul-95 3.950000 3,388.9412 $13,386 33.86% 556.37 21.9135
412 10-Jul-95 3.950000 3,388.9412 $13,386 33.86% 557.19 21.9135
413 11-Jul-95 3.940000 3,388.9412 $13,352 33.52% 554.78 21.9135
414 12-Jul-95 4.020000 3,388.9412 $13,624 36.24% 560.89 21.9135
415 13-Jul-95 4.070000 3,388.9412 $13,793 37.93% 561.00 21.9135
416 14-Jul-95 4.060000 3,388.9412 $13,759 37.59% 559.89 21.9135
417 15-Jul-95 4.060000 3,388.9412 $13,759 37.59% 559.89 21.9135
418 16-Jul-95 4.060000 3,388.9412 $13,759 37.59% 559.89 21.9135
419 17-Jul-95 4.060000 3,388.9412 $13,759 37.59% 562.72 21.9135
420 18-Jul-95 4.000000 3,388.9412 $13,556 35.56% 558.46 21.9135
421 19-Jul-95 3.890000 3,388.9412 $13,183 31.83% 550.98 21.9135
422 20-Jul-95 3.930000 3,388.9412 $13,319 33.19% 553.54 21.9135
423 21-Jul-95 3.920000 3,388.9412 $13,285 32.85% 553.62 21.9135
424 22-Jul-95 3.920000 3,388.9412 $13,285 32.85% 553.62 21.9135
425 23-Jul-95 3.920000 3,388.9412 $13,285 32.85% 553.62 21.9135
426 24-Jul-95 4.070000 3,388.9412 $13,793 37.93% 556.63 21.9135
427 25-Jul-95 4.060000 3,388.9412 $13,759 37.59% 561.10 21.9135
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------
STANDARD & POOR'S 500
-------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
374 0.087 0.003684 22.550912 $12,008.59 20.0859%
375 0.000000 22.550912 $12,008.59 20.0859%
376 0.000000 22.550912 $12,008.59 20.0859%
377 0.000000 22.550912 $12,078.27 20.7827%
378 0.000000 22.550912 $12,077.14 20.7714%
379 0.000000 22.550912 $12,022.57 20.2257%
380 0.066 0.002795 22.553706 $12,010.98 20.1098%
381 0.005 0.000214 22.553920 $11,907.12 19.0712%
382 0.000000 22.553920 $11,907.12 19.0712%
383 0.000000 22.553920 $11,907.12 19.0712%
384 0.026 0.001105 22.555024 $11,974.01 19.7401%
385 0.226 0.009509 22.564534 $12,095.72 20.9572%
386 0.035 0.001472 22.566006 $12,105.99 21.0599%
387 0.004 0.000168 22.566174 $12,120.74 21.2074%
388 0.002 0.000084 22.566258 $12,181.94 21.8194%
389 0.000000 22.566258 $12,181.94 21.8194%
390 0.000000 22.566258 $12,181.94 21.8194%
391 0.034 0.001407 22.567665 $12,304.34 23.0434%
392 0.009 0.000373 22.568037 $12,299.13 22.9913%
393 0.006 0.000249 22.568286 $12,276.70 22.7670%
394 0.034 0.001392 22.569679 $12,437.47 24.3747%
395 0.007 0.000287 22.569966 $12,406.94 24.0694%
396 0.000000 22.569966 $12,406.94 24.0694%
397 0.000000 22.569966 $12,406.94 24.0694%
398 0.005 0.000207 22.570174 $12,281.11 22.8111%
399 0.001 0.000042 22.570215 $12,242.76 22.4276%
400 0.225 0.009323 22.579538 $12,299.75 22.9975%
401 0.004 0.000166 22.579704 $12,280.42 22.8042%
402 0.118 0.004891 22.584595 $12,302.96 23.0296%
403 0.000000 22.584595 $12,302.96 23.0296%
404 0.000000 22.584595 $12,302.96 23.0296%
405 0.031 0.001280 22.585875 $12,356.51 23.5651%
406 0.000000 22.585875 $12,356.51 23.5651%
407 0.089 0.003673 22.589548 $12,362.36 23.6236%
408 0.139 0.005668 22.595216 $12,517.52 25.1752%
409 0.094 0.003818 22.599033 $12,573.42 25.7342%
410 0.000000 22.599033 $12,573.42 25.7342%
411 0.000000 22.599033 $12,573.42 25.7342%
412 0.002 0.000081 22.599114 $12,592.00 25.9200%
413 0.013 0.000530 22.599644 $12,537.83 25.3783%
414 0.042 0.001692 22.601336 $12,676.86 26.7686%
415 0.016 0.000645 22.601981 $12,679.71 26.7971%
416 0.000000 22.601981 $12,654.62 26.5462%
417 0.000000 22.601981 $12,654.62 26.5462%
418 0.000000 22.601981 $12,654.62 26.5462%
419 0.000000 22.601981 $12,718.59 27.1859%
420 0.055 0.002226 22.604207 $12,623.55 26.2355%
421 0.058 0.002379 22.606586 $12,455.78 24.5578%
422 0.010 0.000408 22.606995 $12,513.88 25.1388%
423 0.009 0.000368 22.607362 $12,515.89 25.1589%
424 0.000000 22.607362 $12,515.89 25.1589%
425 0.000000 22.607362 $12,515.89 25.1589%
426 0.000000 22.607362 $12,583.94 25.8394%
427 0.000000 22.607362 $12,684.99 26.8499%
</TABLE>
<PAGE> 19
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
428 26-Jul-95 4.090000 3,388.9412 $13,861 38.61% 561.61 21.9135
429 27-Jul-95 4.150000 3,388.9412 $14,064 40.64% 565.22 21.9135
430 28-Jul-95 4.150000 3,388.9412 $14,064 40.64% 562.93 21.9135
431 29-Jul-95 4.150000 3,388.9412 $14,064 40.64% 562.93 21.9135
432 30-Jul-95 4.150000 3,388.9412 $14,064 40.64% 562.93 21.9135
433 31-Jul-95 4.150000 3,388.9412 $14,064 40.64% 10.08% 562.06 21.9135
434 01-Aug-95 4.170000 3,388.9412 $14,132 41.32% 559.64 21.9135
435 02-Aug-95 4.170000 3,388.9412 $14,132 41.32% 558.80 21.9135
436 03-Aug-95 4.260000 3,388.9412 $14,437 44.37% 558.75 21.9135
437 04-Aug-95 4.300000 3,388.9412 $14,572 45.72% 558.94 21.9135
438 05-Aug-95 4.300000 3,388.9412 $14,572 45.72% 558.94 21.9135
439 06-Aug-95 4.300000 3,388.9412 $14,572 45.72% 558.94 21.9135
440 07-Aug-95 4.240000 3,388.9412 $14,369 43.69% 560.03 21.9135
441 08-Aug-95 4.270000 3,388.9412 $14,471 44.71% 560.39 21.9135
442 09-Aug-95 4.330000 3,388.9412 $14,674 46.74% 559.71 21.9135
443 10-Aug-95 4.390000 3,388.9412 $14,877 48.77% 557.45 21.9135
444 11-Aug-95 4.370000 3,388.9412 $14,810 48.10% 555.11 21.9135
445 12-Aug-95 4.370000 3,388.9412 $14,810 48.10% 555.11 21.9135
446 13-Aug-95 4.370000 3,388.9412 $14,810 48.10% 555.11 21.9135
447 14-Aug-95 4.350000 3,388.9412 $14,742 47.42% 559.74 21.9135
448 15-Aug-95 4.370000 3,388.9412 $14,810 48.10% 558.57 21.9135
449 16-Aug-95 4.350000 3,388.9412 $14,742 47.42% 559.97 21.9135
450 17-Aug-95 4.340000 3,388.9412 $14,708 47.08% 559.04 21.9135
451 18-Aug-95 4.350000 3,388.9412 $14,742 47.42% 559.21 21.9135
452 19-Aug-95 4.350000 3,388.9412 $14,742 47.42% 559.21 21.9135
453 20-Aug-95 4.350000 3,388.9412 $14,742 47.42% 559.21 21.9135
454 21-Aug-95 4.350000 3,388.9412 $14,742 47.42% 558.11 21.9135
455 22-Aug-95 4.380000 3,388.9412 $14,844 48.44% 559.52 21.9135
456 23-Aug-95 4.380000 3,388.9412 $14,844 48.44% 557.14 21.9135
457 24-Aug-95 4.360000 3,388.9412 $14,776 47.76% 557.46 21.9135
458 25-Aug-95 4.330000 3,388.9412 $14,674 46.74% 560.10 21.9135
459 26-Aug-95 4.330000 3,388.9412 $14,674 46.74% 560.10 21.9135
460 27-Aug-95 4.330000 3,388.9412 $14,674 46.74% 560.10 21.9135
461 28-Aug-95 4.320000 3,388.9412 $14,640 46.40% 559.05 21.9135
462 29-Aug-95 4.310000 3,388.9412 $14,606 46.06% 560.00 21.9135
463 30-Aug-95 4.320000 3,388.9412 $14,640 46.40% 560.92 21.9135
464 31-Aug-95 4.340000 3,388.9412 $14,708 47.08% 4.58% 561.88 21.9135
465 01-Sep-95 4.340000 3,388.9412 $14,708 47.08% 563.84 21.9135
466 02-Sep-95 4.340000 3,388.9412 $14,708 47.08% 563.84 21.9135
467 03-Sep-95 4.340000 3,388.9412 $14,708 47.08% 563.84 21.9135
468 04-Sep-95 4.340000 3,388.9412 $14,708 47.08% 563.84 21.9135
469 05-Sep-95 4.330000 3,388.9412 $14,674 46.74% 569.17 21.9135
470 06-Sep-95 4.360000 3,388.9412 $14,776 47.76% 570.17 21.9135
471 07-Sep-95 4.370000 3,388.9412 $14,810 48.10% 570.29 21.9135
472 08-Sep-95 4.410000 3,388.9412 $14,945 49.45% 572.68 21.9135
473 09-Sep-95 4.410000 3,388.9412 $14,945 49.45% 572.68 21.9135
474 10-Sep-95 4.410000 3,388.9412 $14,945 49.45% 572.68 21.9135
475 11-Sep-95 4.440000 3,388.9412 $15,047 50.47% 573.91 21.9135
476 12-Sep-95 4.430000 3,388.9412 $15,013 50.13% 576.51 21.9135
477 13-Sep-95 4.460000 3,388.9412 $15,115 51.15% 578.77 21.9135
478 14-Sep-95 4.450000 3,388.9412 $15,081 50.81% 583.61 21.9135
479 15-Sep-95 4.450000 3,388.9412 $15,081 50.81% 583.35 21.9135
480 16-Sep-95 4.450000 3,388.9412 $15,081 50.81% 583.35 21.9135
481 17-Sep-95 4.450000 3,388.9412 $15,081 50.81% 583.35 21.9135
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------
STANDARD & POOR'S 500
-------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
428 0.036 0.001449 22.608811 $12,697.33 26.9733%
429 0.088 0.003520 22.612331 $12,780.94 27.8094%
430 0.019 0.000763 22.613094 $12,729.59 27.2959%
431 0.000000 22.613094 $12,729.59 27.2959%
432 0.000000 22.613094 $12,729.59 27.2959%
433 0.045 0.001810 22.614905 $12,710.93 27.1093%
434 0.006 0.000242 22.615147 $12,656.34 26.5634%
435 0.120 0.004857 22.620004 $12,640.06 26.4006%
436 0.150 0.006072 22.626076 $12,642.32 26.4232%
437 0.039 0.001579 22.627655 $12,647.50 26.4750%
438 0.000000 22.627655 $12,647.50 26.4750%
439 0.000000 22.627655 $12,647.50 26.4750%
440 0.056 0.002263 22.629918 $12,673.43 26.7343%
441 0.056 0.002261 22.632179 $12,682.85 26.8285%
442 0.083 0.003356 22.635535 $12,669.34 26.6934%
443 0.148 0.006010 22.641545 $12,621.53 26.2153%
444 0.102 0.004160 22.645705 $12,570.86 25.7086%
445 0.000000 22.645705 $12,570.86 25.7086%
446 0.000000 22.645705 $12,570.86 25.7086%
447 0.052 0.002104 22.647809 $12,676.88 26.7688%
448 0.076 0.003082 22.650891 $12,652.11 26.5211%
449 0.138 0.005582 22.656473 $12,686.94 26.8694%
450 0.033 0.001337 22.657810 $12,666.62 26.6662%
451 0.065 0.002634 22.660444 $12,671.95 26.7195%
452 0.000000 22.660444 $12,671.95 26.7195%
453 0.000000 22.660444 $12,671.95 26.7195%
454 0.013 0.000528 22.660972 $12,647.31 26.4731%
455 0.029 0.001175 22.662146 $12,679.92 26.7992%
456 0.083 0.003376 22.665522 $12,627.87 26.2787%
457 0.013 0.000529 22.666051 $12,635.42 26.3542%
458 0.012 0.000486 22.666536 $12,695.53 26.9553%
459 0.000000 22.666536 $12,695.53 26.9553%
460 0.000000 22.666536 $12,695.53 26.9553%
461 0.008 0.000324 22.666861 $12,671.91 26.7191%
462 0.079 0.003198 22.670058 $12,695.23 26.9523%
463 0.183 0.007396 22.677454 $12,720.24 27.2024%
464 0.041 0.001655 22.679109 $12,742.94 27.4294%
465 0.017 0.000684 22.679793 $12,787.77 27.8777%
466 0.000000 22.679793 $12,787.77 27.8777%
467 0.000000 22.679793 $12,787.77 27.8777%
468 0.000000 22.679793 $12,787.77 27.8777%
469 0.098 0.003905 22.683698 $12,910.88 29.1088%
470 0.112 0.004456 22.688154 $12,936.10 29.3610%
471 0.037 0.001472 22.689626 $12,939.67 29.3967%
472 0.007 0.000277 22.689903 $12,994.05 29.9405%
473 0.000000 22.689903 $12,994.05 29.9405%
474 0.000000 22.689903 $12,994.05 29.9405%
475 0.025 0.000988 22.690892 $13,022.53 30.2253%
476 0.008 0.000315 22.691206 $13,081.71 30.8171%
477 0.276 0.010821 22.702027 $13,139.25 31.3925%
478 0.018 0.000700 22.702727 $13,249.54 32.4954%
479 0.001 0.000039 22.702766 $13,243.66 32.4366%
480 0.000000 22.702766 $13,243.66 32.4366%
481 0.000000 22.702766 $13,243.66 32.4366%
</TABLE>
<PAGE> 20
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
482 18-Sep-95 4.460000 3,388.9412 $15,115 51.15% 582.77 21.9135
483 19-Sep-95 4.480000 3,388.9412 $15,182 51.82% 584.20 21.9135
484 20-Sep-95 4.520000 3,388.9412 $15,318 53.18% 586.77 21.9135
485 21-Sep-95 4.510000 3,388.9412 $15,284 52.84% 583.00 21.9135
486 22-Sep-95 4.470000 3,388.9412 $15,149 51.49% 581.73 21.9135
487 23-Sep-95 4.470000 3,388.9412 $15,149 51.49% 581.73 21.9135
488 24-Sep-95 4.470000 3,388.9412 $15,149 51.49% 581.73 21.9135
489 25-Sep-95 4.430000 3,388.9412 $15,013 50.13% 581.81 21.9135
490 26-Sep-95 4.420000 3,388.9412 $14,979 49.79% 581.41 21.9135
491 27-Sep-95 4.380000 3,388.9412 $14,844 48.44% 581.04 21.9135
492 28-Sep-95 4.410000 3,388.9412 $14,945 49.45% 585.87 21.9135
493 29-Sep-95 4.410000 3,388.9412 $14,945 49.45% 584.41 21.9135
494 30-Sep-95 4.410000 3,388.9412 $14,945 49.45% 1.61% 16.98% 584.41 21.9135
495 01-Oct-95 4.410000 3,388.9412 $14,945 49.45% 584.41 21.9135
496 02-Oct-95 4.360000 3,388.9412 $14,776 47.76% 581.72 21.9135
497 03-Oct-95 4.340000 3,388.9412 $14,708 47.08% 582.34 21.9135
498 04-Oct-95 4.340000 3,388.9412 $14,708 47.08% 581.47 21.9135
499 05-Oct-95 4.340000 3,388.9412 $14,708 47.08% 582.63 21.9135
500 06-Oct-95 4.360000 3,388.9412 $14,776 47.76% 582.49 21.9135
501 07-Oct-95 4.360000 3,388.9412 $14,776 47.76% 582.49 21.9135
502 08-Oct-95 4.360000 3,388.9412 $14,776 47.76% 582.49 21.9135
503 09-Oct-95 4.290000 3,388.9412 $14,539 45.39% 578.37 21.9135
504 10-Oct-95 4.300000 3,388.9412 $14,572 45.72% 577.53 21.9135
505 11-Oct-95 4.330000 3,388.9412 $14,674 46.74% 579.46 21.9135
506 12-Oct-95 4.350000 3,388.9412 $14,742 47.42% 583.10 21.9135
507 13-Oct-95 4.360000 3,388.9412 $14,776 47.76% 584.50 21.9135
508 14-Oct-95 4.360000 3,388.9412 $14,776 47.76% 584.50 21.9135
509 15-Oct-95 4.360000 3,388.9412 $14,776 47.76% 584.50 21.9135
510 16-Oct-95 4.330000 3,388.9412 $14,674 46.74% 583.03 21.9135
511 17-Oct-95 4.330000 3,388.9412 $14,674 46.74% 586.78 21.9135
512 18-Oct-95 4.290000 3,388.9412 $14,539 45.39% 587.44 21.9135
513 19-Oct-95 4.290000 3,388.9412 $14,539 45.39% 590.65 21.9135
514 20-Oct-95 4.250000 3,388.9412 $14,403 44.03% 587.46 21.9135
515 21-Oct-95 4.250000 3,388.9412 $14,403 44.03% 587.46 21.9135
516 22-Oct-95 4.250000 3,388.9412 $14,403 44.03% 587.46 21.9135
517 23-Oct-95 4.210000 3,388.9412 $14,267 42.67% 585.06 21.9135
518 24-Oct-95 4.260000 3,388.9412 $14,437 44.37% 586.56 21.9135
519 25-Oct-95 4.230000 3,388.9412 $14,335 43.35% 582.47 21.9135
520 26-Oct-95 4.190000 3,388.9412 $14,200 42.00% 576.72 21.9135
521 27-Oct-95 4.190000 3,388.9412 $14,200 42.00% 579.70 21.9135
522 28-Oct-95 4.190000 3,388.9412 $14,200 42.00% 579.70 21.9135
523 29-Oct-95 4.190000 3,388.9412 $14,200 42.00% 579.70 21.9135
524 30-Oct-95 4.180000 3,388.9412 $14,166 41.66% 583.25 21.9135
525 31-Oct-95 4.150000 3,388.9412 $14,064 40.64% -5.90% 581.50 21.9135
526 01-Nov-95 4.180000 3,388.9412 $14,166 41.66% 584.22 21.9135
527 02-Nov-95 4.200000 3,388.9412 $14,234 42.34% 589.72 21.9135
528 03-Nov-95 4.190000 3,388.9412 $14,200 42.00% 590.57 21.9135
529 04-Nov-95 4.190000 3,388.9412 $14,200 42.00% 590.57 21.9135
530 05-Nov-95 4.190000 3,388.9412 $14,200 42.00% 590.57 21.9135
531 06-Nov-95 4.210000 3,388.9412 $14,267 42.67% 588.46 21.9135
532 07-Nov-95 4.200000 3,388.9412 $14,234 42.34% 586.32 21.9135
533 08-Nov-95 4.200000 3,388.9412 $14,234 42.34% 591.71 21.9135
534 09-Nov-95 4.270000 3,388.9412 $14,471 44.71% 593.26 21.9135
535 10-Nov-95 4.260000 3,388.9412 $14,437 44.37% 592.72 21.9135
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------
STANDARD & POOR'S 500
-------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
482 0.199 0.007752 22.710519 $13,235.01 32.3501%
483 0.017 0.000661 22.711180 $13,267.87 32.6787%
484 0.022 0.000852 22.712031 $13,326.74 33.2674%
485 0.029 0.001130 22.713161 $13,241.77 32.4177%
486 0.002 0.000078 22.713239 $13,212.97 32.1297%
487 0.000000 22.713239 $13,212.97 32.1297%
488 0.000000 22.713239 $13,212.97 32.1297%
489 0.005 0.000195 22.713434 $13,214.90 32.1490%
490 0.000000 22.713434 $13,205.82 32.0582%
491 0.283 0.011063 22.724497 $13,203.84 32.0384%
492 0.013 0.000504 22.725001 $13,313.90 33.1390%
493 0.000000 22.725001 $13,280.72 32.8072%
494 0.000000 22.725001 $13,280.72 32.8072%
495 0.000000 22.725001 $13,280.72 32.8072%
496 0.015 0.000586 22.725587 $13,219.93 32.1993%
497 0.024 0.000937 22.726524 $13,234.56 32.3456%
498 0.092 0.003596 22.730119 $13,216.88 32.1688%
499 0.203 0.007920 22.738039 $13,247.86 32.4786%
500 0.056 0.002186 22.740225 $13,245.95 32.4595%
501 0.000000 22.740225 $13,245.95 32.4595%
502 0.000000 22.740225 $13,245.95 32.4595%
503 0.000000 22.740225 $13,152.26 31.5226%
504 0.000000 22.740225 $13,133.16 31.3316%
505 0.081 0.003179 22.743404 $13,178.89 31.7889%
506 0.020 0.000780 22.744184 $13,262.13 32.6213%
507 0.002 0.000078 22.744262 $13,294.02 32.9402%
508 0.000000 22.744262 $13,294.02 32.9402%
509 0.000000 22.744262 $13,294.02 32.9402%
510 0.000000 22.744262 $13,260.59 32.6059%
511 0.000000 22.744262 $13,345.88 33.4588%
512 0.103 0.003988 22.748250 $13,363.23 33.6323%
513 0.013 0.000501 22.748750 $13,436.55 34.3655%
514 0.005 0.000194 22.748944 $13,364.09 33.6409%
515 0.000000 22.748944 $13,364.09 33.6409%
516 0.000000 22.748944 $13,364.09 33.6409%
517 0.009 0.000350 22.749294 $13,309.70 33.0970%
518 0.000000 22.749294 $13,343.83 33.4383%
519 0.037 0.001445 22.750739 $13,251.62 32.5162%
520 0.028 0.001105 22.751844 $13,121.44 31.2144%
521 0.061 0.002394 22.754238 $13,190.63 31.9063%
522 0.000000 22.754238 $13,190.63 31.9063%
523 0.000000 22.754238 $13,190.63 31.9063%
524 0.070 0.002731 22.756969 $13,273.00 32.7300%
525 0.003 0.000117 22.757086 $13,233.25 32.3325%
526 0.103 0.004012 22.761098 $13,297.49 32.9749%
527 0.145 0.005596 22.766695 $13,425.98 34.2598%
528 0.036 0.001388 22.768082 $13,446.15 34.4615%
529 0.000000 22.768082 $13,446.15 34.4615%
530 0.000000 22.768082 $13,446.15 34.4615%
531 0.052 0.002012 22.770094 $13,399.29 33.9929%
532 0.026 0.001010 22.771104 $13,351.15 33.5115%
533 0.133 0.005118 22.776222 $13,476.92 34.7692%
534 0.176 0.006757 22.782979 $13,516.23 35.1623%
535 0.029 0.001115 22.784094 $13,504.59 35.0459%
</TABLE>
<PAGE> 21
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
536 11-Nov-95 4.260000 3,388.9412 $14,437 44.37% 592.72 21.9135
537 12-Nov-95 4.260000 3,388.9412 $14,437 44.37% 592.72 21.9135
538 13-Nov-95 4.270000 3,388.9412 $14,471 44.71% 592.30 21.9135
539 14-Nov-95 4.250000 3,388.9412 $14,403 44.03% 589.21 21.9135
540 15-Nov-95 4.220000 3,388.9412 $14,301 43.01% 593.96 21.9135
541 16-Nov-95 4.200000 3,388.9412 $14,234 42.34% 597.34 21.9135
542 17-Nov-95 4.220000 3,388.9412 $14,301 43.01% 600.07 21.9135
543 18-Nov-95 4.220000 3,388.9412 $14,301 43.01% 600.07 21.9135
544 19-Nov-95 4.220000 3,388.9412 $14,301 43.01% 600.07 21.9135
545 20-Nov-95 4.210000 3,388.9412 $14,267 42.67% 596.85 21.9135
546 21-Nov-95 4.200000 3,388.9412 $14,234 42.34% 600.24 21.9135
547 22-Nov-95 4.190000 3,388.9412 $14,200 42.00% 598.40 21.9135
548 23-Nov-95 4.190000 3,388.9412 $14,200 42.00% 598.40 21.9135
549 24-Nov-95 4.200000 3,388.9412 $14,234 42.34% 599.97 21.9135
550 25-Nov-95 4.200000 3,388.9412 $14,234 42.34% 599.97 21.9135
551 26-Nov-95 4.200000 3,388.9412 $14,234 42.34% 599.97 21.9135
552 27-Nov-95 4.190000 3,388.9412 $14,200 42.00% 601.32 21.9135
553 28-Nov-95 4.200000 3,388.9412 $14,234 42.34% 606.45 21.9135
554 29-Nov-95 4.270000 3,388.9412 $14,471 44.71% 607.64 21.9135
555 30-Nov-95 4.290000 3,388.9412 $14,539 45.39% 3.37% 605.37 21.9135
556 01-Dec-95 4.330000 3,388.9412 $14,674 46.74% 606.98 21.9135
557 02-Dec-95 4.330000 3,388.9412 $14,674 46.74% 606.98 21.9135
558 03-Dec-95 4.330000 3,388.9412 $14,674 46.74% 606.98 21.9135
559 04-Dec-95 4.340000 3,388.9412 $14,708 47.08% 613.68 21.9135
560 05-Dec-95 4.330000 3,388.9412 $14,674 46.74% 617.68 21.9135
561 06-Dec-95 4.350000 3,388.9412 $14,742 47.42% 620.18 21.9135
562 07-Dec-95 4.360000 3,388.9412 $14,776 47.76% 616.17 21.9135
563 08-Dec-95 4.360000 3,388.9412 $14,776 47.76% 617.48 21.9135
564 09-Dec-95 4.360000 3,388.9412 $14,776 47.76% 617.48 21.9135
565 10-Dec-95 4.360000 3,388.9412 $14,776 47.76% 617.48 21.9135
566 11-Dec-95 4.390000 3,388.9412 $14,877 48.77% 619.52 21.9135
567 12-Dec-95 4.330000 3,388.9412 $14,674 46.74% 618.78 21.9135
568 13-Dec-95 4.310000 3,388.9412 $14,606 46.06% 621.69 21.9135
569 14-Dec-95 4.230000 3,388.9412 $14,335 43.35% 616.92 21.9135
570 15-Dec-95 4.210000 3,388.9412 $14,267 42.67% 616.34 21.9135
571 16-Dec-95 4.210000 3,388.9412 $14,267 42.67% 616.34 21.9135
572 17-Dec-95 4.210000 3,388.9412 $14,267 42.67% 616.34 21.9135
573 18-Dec-95 4.170000 3,388.9412 $14,132 41.32% 606.81 21.9135
574 19-Dec-95 1.530000 9,436.9732 $14,439 44.39% 611.93 21.9135
575 20-Dec-95 1.520000 9,436.9732 $14,344 43.44% 605.94 21.9135
576 21-Dec-95 1.540000 9,436.9732 $14,533 45.33% 610.49 21.9135
577 22-Dec-95 1.550000 9,436.9732 $14,627 46.27% 611.96 21.9135
578 23-Dec-95 1.550000 9,436.9732 $14,627 46.27% 611.96 21.9135
579 24-Dec-95 1.550000 9,436.9732 $14,627 46.27% 611.96 21.9135
580 25-Dec-95 1.550000 9,436.9732 $14,627 46.27% 611.96 21.9135
581 26-Dec-95 1.550000 9,436.9732 $14,627 46.27% 614.30 21.9135
582 27-Dec-95 1.540000 9,436.9732 $14,533 45.33% 614.53 21.9135
583 28-Dec-95 1.530000 9,436.9732 $14,439 44.39% 614.12 21.9135
584 29-Dec-95 1.530000 9,436.9732 $14,439 44.39% 615.93 21.9135
585 30-Dec-95 1.530000 9,436.9732 $14,439 44.39% 615.93 21.9135
586 31-Dec-95 1.530000 9,436.9732 $14,439 44.39% -0.69% -3.39% 24.21% 615.93 21.9135
587 01-Jan-96 1.530000 9,436.9732 $14,439 44.39% 615.93 21.9135
588 02-Jan-96 1.550000 9,436.9732 $14,627 46.27% 620.73 21.9135
589 03-Jan-96 1.550000 9,436.9732 $14,627 46.27% 621.32 21.9135
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------
STANDARD & POOR'S 500
-------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
536 0.000000 22.784094 $13,504.59 35.0459%
537 0.000000 22.784094 $13,504.59 35.0459%
538 0.106 0.004078 22.788172 $13,497.43 34.9743%
539 0.068 0.002630 22.790802 $13,428.55 34.2855%
540 0.156 0.005986 22.796787 $13,540.38 35.4038%
541 0.045 0.001717 22.798505 $13,618.46 36.1846%
542 0.005 0.000190 22.798695 $13,680.81 36.8081%
543 0.000000 22.798695 $13,680.81 36.8081%
544 0.000000 22.798695 $13,680.81 36.8081%
545 0.090 0.003438 22.802133 $13,609.45 36.0945%
546 0.074 0.002811 22.804944 $13,688.44 36.8844%
547 0.012 0.000457 22.805401 $13,646.75 36.4675%
548 0.000000 22.805401 $13,646.75 36.4675%
549 0.017 0.000646 22.806047 $13,682.94 36.8294%
550 0.000000 22.806047 $13,682.94 36.8294%
551 0.000000 22.806047 $13,682.94 36.8294%
552 0.002 0.000076 22.806123 $13,713.78 37.1378%
553 0.073 0.002745 22.808868 $13,832.44 38.3244%
554 0.274 0.010285 22.819153 $13,865.83 38.6583%
555 0.007 0.000264 22.819417 $13,814.19 38.1419%
556 0.010 0.000376 22.819793 $13,851.16 38.5116%
557 0.000000 22.819793 $13,851.16 38.5116%
558 0.000000 22.819793 $13,851.16 38.5116%
559 0.038 0.001413 22.821206 $14,004.92 40.0492%
560 0.053 0.001958 22.823164 $14,097.41 40.9741%
561 0.150 0.005520 22.828685 $14,157.89 41.5789%
562 0.026 0.000963 22.829648 $14,066.94 40.6694%
563 0.005 0.000185 22.829833 $14,096.97 40.9697%
564 0.000000 22.829833 $14,096.97 40.9697%
565 0.000000 22.829833 $14,096.97 40.9697%
566 0.020 0.000737 22.830570 $14,143.99 41.4399%
567 0.003 0.000111 22.830680 $14,127.17 41.2717%
568 0.267 0.009805 22.840486 $14,199.70 41.9970%
569 0.045 0.001666 22.842152 $14,091.78 40.9178%
570 0.005 0.000185 22.842337 $14,078.65 40.7865%
571 0.000000 22.842337 $14,078.65 40.7865%
572 0.000000 22.842337 $14,078.65 40.7865%
573 0.052 0.001957 22.844294 $13,862.15 38.6215%
574 0.001 0.000037 22.844332 $13,979.13 39.7913%
575 0.030 0.001131 22.845463 $13,842.98 38.4298%
576 0.023 0.000861 22.846323 $13,947.45 39.4745%
577 0.005 0.000187 22.846510 $13,981.15 39.8115%
578 0.000000 22.846510 $13,981.15 39.8115%
579 0.000000 22.846510 $13,981.15 39.8115%
580 0.000000 22.846510 $13,981.15 39.8115%
581 0.005 0.000186 22.846696 $14,034.73 40.3473%
582 0.328 0.012194 22.858890 $14,047.47 40.4747%
583 0.018 0.000670 22.859560 $14,038.51 40.3851%
584 0.017 0.000631 22.860191 $14,080.28 40.8028%
585 0.000000 22.860191 $14,080.28 40.8028%
586 0.000000 22.860191 $14,080.28 40.8028%
587 0.000000 22.860191 $14,080.28 40.8028%
588 0.001 0.000037 22.860228 $14,190.03 41.9003%
589 0.113 0.004158 22.864386 $14,206.10 42.0610%
</TABLE>
<PAGE> 22
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
590 04-Jan-96 1.550000 9,436.9732 $14,627 46.27% 617.70 21.9135
591 05-Jan-96 1.550000 9,436.9732 $14,627 46.27% 616.71 21.9135
592 06-Jan-96 1.550000 9,436.9732 $14,627 46.27% 616.71 21.9135
593 07-Jan-96 1.550000 9,436.9732 $14,627 46.27% 616.71 21.9135
594 08-Jan-96 1.550000 9,436.9732 $14,627 46.27% 618.46 21.9135
595 09-Jan-96 1.550000 9,436.9732 $14,627 46.27% 609.45 21.9135
596 10-Jan-96 1.540000 9,436.9732 $14,533 45.33% 598.48 21.9135
597 11-Jan-96 1.530000 9,436.9732 $14,439 44.39% 602.69 21.9135
598 12-Jan-96 1.560000 9,436.9732 $14,722 47.22% 601.81 21.9135
599 13-Jan-96 1.570000 9,436.9732 $14,816 48.16% 601.81 21.9135
600 14-Jan-96 1.570000 9,436.9732 $14,816 48.16% 601.81 21.9135
601 15-Jan-96 1.570000 9,436.9732 $14,816 48.16% 599.82 21.9135
602 16-Jan-96 1.560000 9,436.9732 $14,722 47.22% 608.44 21.9135
603 17-Jan-96 1.550000 9,436.9732 $14,627 46.27% 606.37 21.9135
604 18-Jan-96 1.560000 9,436.9732 $14,722 47.22% 608.24 21.9135
605 19-Jan-96 1.560000 9,436.9732 $14,722 47.22% 611.83 21.9135
606 20-Jan-96 1.570000 9,436.9732 $14,816 48.16% 611.83 21.9135
607 21-Jan-96 1.570000 9,436.9732 $14,816 48.16% 611.83 21.9135
608 22-Jan-96 1.570000 9,436.9732 $14,816 48.16% 613.40 21.9135
609 23-Jan-96 1.590000 9,436.9732 $15,005 50.05% 612.79 21.9135
610 24-Jan-96 1.590000 9,436.9732 $15,005 50.05% 619.96 21.9135
611 25-Jan-96 1.590000 9,436.9732 $15,005 50.05% 617.03 21.9135
612 26-Jan-96 1.600000 9,436.9732 $15,099 50.99% 621.62 21.9135
613 27-Jan-96 1.600000 9,436.9732 $15,099 50.99% 621.62 21.9135
614 28-Jan-96 1.600000 9,436.9732 $15,099 50.99% 621.62 21.9135
615 29-Jan-96 1.620000 9,436.9732 $15,288 52.88% 624.22 21.9135
616 30-Jan-96 1.650000 9,436.9732 $15,571 55.71% 630.15 21.9135
617 31-Jan-96 1.660000 9,436.9732 $15,665 56.65% 8.50% 636.02 21.9135
618 01-Feb-96 1.650000 9,436.9732 $15,571 55.71% 638.46 21.9135
619 02-Feb-96 1.660000 9,436.9732 $15,665 56.65% 635.85 21.9135
620 03-Feb-96 1.660000 9,436.9732 $15,665 56.65% 635.85 21.9135
621 04-Feb-96 1.660000 9,436.9732 $15,665 56.65% 635.85 21.9135
622 05-Feb-96 1.660000 9,436.9732 $15,665 56.65% 641.43 21.9135
623 06-Feb-96 1.670000 9,436.9732 $15,760 57.60% 646.33 21.9135
624 07-Feb-96 1.660000 9,436.9732 $15,665 56.65% 649.93 21.9135
625 08-Feb-96 1.670000 9,436.9732 $15,760 57.60% 656.07 21.9135
626 09-Feb-96 1.660000 9,436.9732 $15,665 56.65% 656.37 21.9135
627 10-Feb-96 1.660000 9,436.9732 $15,665 56.65% 656.37 21.9135
628 11-Feb-96 1.660000 9,436.9732 $15,665 56.65% 656.37 21.9135
629 12-Feb-96 1.660000 9,436.9732 $15,665 56.65% 661.45 21.9135
630 13-Feb-96 1.650000 9,436.9732 $15,571 55.71% 660.51 21.9135
631 14-Feb-96 1.650000 9,436.9732 $15,571 55.71% 655.58 21.9135
632 15-Feb-96 1.670000 9,436.9732 $15,760 57.60% 651.32 21.9135
633 16-Feb-96 1.680000 9,436.9732 $15,854 58.54% 647.98 21.9135
634 17-Feb-96 1.680000 9,436.9732 $15,854 58.54% 647.98 21.9135
635 18-Feb-96 1.680000 9,436.9732 $15,854 58.54% 647.98 21.9135
636 19-Feb-96 1.680000 9,436.9732 $15,854 58.54% 647.98 21.9135
637 20-Feb-96 1.650000 9,436.9732 $15,571 55.71% 640.65 21.9135
638 21-Feb-96 1.660000 9,436.9732 $15,665 56.65% 648.10 21.9135
639 22-Feb-96 1.700000 9,436.9732 $16,043 60.43% 658.86 21.9135
640 23-Feb-96 1.690000 9,436.9732 $15,948 59.48% 659.08 21.9135
641 24-Feb-96 1.690000 9,436.9732 $15,948 59.48% 659.08 21.9135
642 25-Feb-96 1.690000 9,436.9732 $15,948 59.48% 659.08 21.9135
643 26-Feb-96 1.680000 9,436.9732 $15,854 58.54% 650.46 21.9135
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
590 0.007 0.000259 22.864645 $14,123.49 41.2349%
591 0.000000 22.864645 $14,100.86 41.0086%
592 0.000000 22.864645 $14,100.86 41.0086%
593 0.000000 22.864645 $14,100.86 41.0086%
594 0.178 0.006581 22.871225 $14,144.94 41.4494%
595 0.057 0.002139 22.873365 $13,940.17 39.4017%
596 0.050 0.001911 22.875276 $13,690.39 36.9039%
597 0.029 0.001101 22.876376 $13,787.36 37.8736%
598 0.001 0.000038 22.876414 $13,767.25 37.6725%
599 0.000000 22.876414 $13,767.25 37.6725%
600 0.000000 22.876414 $13,767.25 37.6725%
601 0.000000 22.876414 $13,721.73 37.2173%
602 0.000000 22.876414 $13,918.93 39.1893%
603 0.056 0.002113 22.878527 $13,872.85 38.7285%
604 0.057 0.002144 22.880671 $13,916.94 39.1694%
605 0.002 0.000075 22.880746 $13,999.13 39.9913%
606 0.000000 22.880746 $13,999.13 39.9913%
607 0.000000 22.880746 $13,999.13 39.9913%
608 0.000000 22.880746 $14,035.05 40.3505%
609 0.009 0.000336 22.881082 $14,021.30 40.2130%
610 0.025 0.000923 22.882004 $14,185.93 41.8593%
611 0.003 0.000111 22.882116 $14,118.95 41.1895%
612 0.000000 22.882116 $14,223.98 42.2398%
613 0.000000 22.882116 $14,223.98 42.2398%
614 0.000000 22.882116 $14,223.98 42.2398%
615 0.134 0.004912 22.887028 $14,286.54 42.8654%
616 0.020 0.000726 22.887754 $14,422.72 44.2272%
617 0.107 0.003850 22.891605 $14,559.52 45.5952%
618 0.121 0.004338 22.895943 $14,618.14 46.1814%
619 0.037 0.001332 22.897275 $14,559.23 45.5923%
620 0.000000 22.897275 $14,559.23 45.5923%
621 0.000000 22.897275 $14,559.23 45.5923%
622 0.046 0.001642 22.898917 $14,688.05 46.8805%
623 0.016 0.000567 22.899484 $14,800.62 48.0062%
624 0.108 0.003805 22.903290 $14,885.53 48.8553%
625 0.144 0.005027 22.908317 $15,029.46 50.2946%
626 0.038 0.001326 22.909643 $15,037.20 50.3720%
627 0.000000 22.909643 $15,037.20 50.3720%
628 0.000000 22.909643 $15,037.20 50.3720%
629 0.039 0.001351 22.910994 $15,154.48 51.5448%
630 0.175 0.006070 22.917064 $15,136.95 51.3695%
631 0.084 0.002936 22.920000 $15,025.89 50.2589%
632 0.120 0.004223 22.924223 $14,931.00 49.3100%
633 0.083 0.002936 22.927159 $14,856.34 48.5634%
634 0.000000 22.927159 $14,856.34 48.5634%
635 0.000000 22.927159 $14,856.34 48.5634%
636 0.000000 22.927159 $14,856.34 48.5634%
637 0.010 0.000358 22.927517 $14,688.51 46.8851%
638 0.113 0.003998 22.931515 $14,861.91 48.6191%
639 0.026 0.000905 22.932420 $15,109.25 51.0925%
640 0.016 0.000557 22.932976 $15,114.67 51.1467%
641 0.000000 22.932976 $15,114.67 51.1467%
642 0.000000 22.932976 $15,114.67 51.1467%
643 0.008 0.000282 22.933258 $14,917.17 49.1717%
</TABLE>
<PAGE> 23
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
644 27-Feb-96 1.670000 9,436.9732 $15,760 57.60% 647.24 21.9135
645 28-Feb-96 1.680000 9,436.9732 $15,854 58.54% 644.75 21.9135
646 29-Feb-96 1.670000 9,436.9732 $15,760 57.60% 0.60% 640.43 21.9135
647 01-Mar-96 1.670000 9,436.9732 $15,760 57.60% 644.37 21.9135
648 02-Mar-96 1.670000 9,436.9732 $15,760 57.60% 644.37 21.9135
649 03-Mar-96 1.670000 9,436.9732 $15,760 57.60% 644.37 21.9135
650 04-Mar-96 1.670000 9,436.9732 $15,760 57.60% 650.81 21.9135
651 05-Mar-96 1.680000 9,436.9732 $15,854 58.54% 655.79 21.9135
652 06-Mar-96 1.670000 9,436.9732 $15,760 57.60% 652.00 21.9135
653 07-Mar-96 1.680000 9,436.9732 $15,854 58.54% 653.65 21.9135
654 08-Mar-96 1.650000 9,436.9732 $15,571 55.71% 633.50 21.9135
655 09-Mar-96 1.650000 9,436.9732 $15,571 55.71% 633.50 21.9135
656 10-Mar-96 1.650000 9,436.9732 $15,571 55.71% 633.50 21.9135
657 11-Mar-96 1.670000 9,436.9732 $15,760 57.60% 640.02 21.9135
658 12-Mar-96 1.660000 9,436.9732 $15,665 56.65% 637.09 21.9135
659 13-Mar-96 1.660000 9,436.9732 $15,665 56.65% 638.55 21.9135
660 14-Mar-96 1.670000 9,436.9732 $15,760 57.60% 640.87 21.9135
661 15-Mar-96 1.670000 9,436.9732 $15,760 57.60% 641.43 21.9135
662 16-Mar-96 1.670000 9,436.9732 $15,760 57.60% 641.43 21.9135
663 17-Mar-96 1.670000 9,436.9732 $15,760 57.60% 641.43 21.9135
664 18-Mar-96 1.670000 9,436.9732 $15,760 57.60% 652.65 21.9135
665 19-Mar-96 1.670000 9,436.9732 $15,760 57.60% 651.69 21.9135
666 20-Mar-96 1.660000 9,436.9732 $15,665 56.65% 649.98 21.9135
667 21-Mar-96 1.650000 9,436.9732 $15,571 55.71% 649.19 21.9135
668 22-Mar-96 1.660000 9,436.9732 $15,665 56.65% 650.62 21.9135
669 23-Mar-96 1.660000 9,436.9732 $15,665 56.65% 650.62 21.9135
670 24-Mar-96 1.660000 9,436.9732 $15,665 56.65% 650.62 21.9135
671 25-Mar-96 1.640000 9,436.9732 $15,477 54.77% 650.04 21.9135
672 26-Mar-96 1.630000 9,436.9732 $15,382 53.82% 652.97 21.9135
673 27-Mar-96 1.630000 9,436.9732 $15,382 53.82% 648.91 21.9135
674 28-Mar-96 1.640000 9,436.9732 $15,477 54.77% 648.94 21.9135
675 29-Mar-96 1.650000 9,436.9732 $15,571 55.71% 645.50 21.9135
676 30-Mar-96 1.650000 9,436.9732 $15,571 55.71% 645.50 21.9135
677 31-Mar-96 1.650000 9,436.9732 $15,571 55.71% -1.20% 7.84% 645.50 21.9135
678 01-Apr-96 1.650000 9,436.9732 $15,571 55.71% 653.73 21.9135
679 02-Apr-96 1.650000 9,436.9732 $15,571 55.71% 655.26 21.9135
680 03-Apr-96 1.650000 9,436.9732 $15,571 55.71% 655.88 21.9135
681 04-Apr-96 1.660000 9,436.9732 $15,665 56.65% 655.86 21.9135
682 05-Apr-96 1.660000 9,436.9732 $15,665 56.65% 655.86 21.9135
683 06-Apr-96 1.660000 9,436.9732 $15,665 56.65% 655.86 21.9135
684 07-Apr-96 1.660000 9,436.9732 $15,665 56.65% 655.86 21.9135
685 08-Apr-96 1.630000 9,436.9732 $15,382 53.82% 644.24 21.9135
686 09-Apr-96 1.640000 9,436.9732 $15,477 54.77% 642.19 21.9135
687 10-Apr-96 1.650000 9,436.9732 $15,571 55.71% 633.50 21.9135
688 11-Apr-96 1.640000 9,436.9732 $15,477 54.77% 631.18 21.9135
689 12-Apr-96 1.640000 9,436.9732 $15,477 54.77% 636.71 21.9135
690 13-Apr-96 1.640000 9,436.9732 $15,477 54.77% 636.71 21.9135
691 14-Apr-96 1.640000 9,436.9732 $15,477 54.77% 636.71 21.9135
692 15-Apr-96 1.640000 9,436.9732 $15,477 54.77% 642.49 21.9135
693 16-Apr-96 1.650000 9,436.9732 $15,571 55.71% 645.00 21.9135
694 17-Apr-96 1.640000 9,436.9732 $15,477 54.77% 641.61 21.9135
695 18-Apr-96 1.670000 9,436.9732 $15,760 57.60% 643.61 21.9135
696 19-Apr-96 1.670000 9,436.9732 $15,760 57.60% 645.07 21.9135
697 20-Apr-96 1.670000 9,436.9732 $15,760 57.60% 645.07 21.9135
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------
STANDARD & POOR'S 500
-------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
644 0.068 0.002409 22.935668 $14,844.88 48.4488%
645 0.199 0.007079 22.942747 $14,792.34 47.9234%
646 0.053 0.001899 22.944646 $14,694.44 46.9444%
647 0.014 0.000499 22.945144 $14,785.16 47.8516%
648 0.000000 22.945144 $14,785.16 47.8516%
649 0.000000 22.945144 $14,785.16 47.8516%
650 0.109 0.003843 22.948987 $14,935.43 49.3543%
651 0.066 0.002310 22.951297 $15,051.23 50.5123%
652 0.195 0.006864 22.958161 $14,968.72 49.6872%
653 0.046 0.001616 22.959777 $15,007.66 50.0766%
654 0.001 0.000036 22.959813 $14,545.04 45.4504%
655 0.000000 22.959813 $14,545.04 45.4504%
656 0.000000 22.959813 $14,545.04 45.4504%
657 0.030 0.001076 22.960889 $14,695.43 46.9543%
658 0.004 0.000144 22.961033 $14,628.24 46.2824%
659 0.297 0.010680 22.971713 $14,668.59 46.6859%
660 0.009 0.000323 22.972035 $14,722.09 47.2209%
661 0.022 0.000788 22.972823 $14,735.46 47.3546%
662 0.000000 22.972823 $14,735.46 47.3546%
663 0.000000 22.972823 $14,735.46 47.3546%
664 0.031 0.001091 22.973914 $14,993.93 49.9393%
665 0.016 0.000564 22.974478 $14,972.24 49.7224%
666 0.006 0.000212 22.974691 $14,933.09 49.3309%
667 0.039 0.001380 22.976071 $14,915.84 49.1584%
668 0.002 0.000071 22.976141 $14,948.74 49.4874%
669 0.000000 22.976141 $14,948.74 49.4874%
670 0.000000 22.976141 $14,948.74 49.4874%
671 0.000000 22.976141 $14,935.41 49.3541%
672 0.000000 22.976141 $15,002.73 50.0273%
673 0.199 0.007046 22.983187 $14,914.02 49.1402%
674 0.010 0.000354 22.983542 $14,914.94 49.1494%
675 0.000000 22.983542 $14,835.88 48.3588%
676 0.000000 22.983542 $14,835.88 48.3588%
677 0.000000 22.983542 $14,835.88 48.3588%
678 0.006 0.000211 22.983753 $15,025.17 50.2517%
679 0.136 0.004770 22.988523 $15,063.46 50.6346%
680 0.011 0.000386 22.988908 $15,077.97 50.7797%
681 0.049 0.001718 22.990626 $15,078.63 50.7863%
682 0.000000 22.990626 $15,078.63 50.7863%
683 0.000000 22.990626 $15,078.63 50.7863%
684 0.000000 22.990626 $15,078.63 50.7863%
685 0.229 0.008172 22.998798 $14,816.75 48.1675%
686 0.011 0.000394 22.999192 $14,769.85 47.6985%
687 0.022 0.000799 22.999991 $14,570.49 45.7049%
688 0.062 0.002259 23.002250 $14,518.56 45.1856%
689 0.000000 23.002250 $14,645.76 46.4576%
690 0.000000 23.002250 $14,645.76 46.4576%
691 0.000000 23.002250 $14,645.76 46.4576%
692 0.000000 23.002250 $14,778.72 47.7872%
693 0.000000 23.002250 $14,836.45 48.3645%
694 0.085 0.003047 23.005297 $14,760.43 47.6043%
695 0.023 0.000822 23.006119 $14,806.97 48.0697%
696 0.000000 23.006119 $14,840.56 48.4056%
697 0.000000 23.006119 $14,840.56 48.4056%
</TABLE>
<PAGE> 24
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
698 21-Apr-96 1.670000 9,436.9732 $15,760 57.60% 645.07 21.9135
699 22-Apr-96 1.690000 9,436.9732 $15,948 59.48% 647.89 21.9135
700 23-Apr-96 1.710000 9,436.9732 $16,137 61.37% 651.58 21.9135
701 24-Apr-96 1.740000 9,436.9732 $16,420 64.20% 650.17 21.9135
702 25-Apr-96 1.750000 9,436.9732 $16,515 65.15% 652.87 21.9135
703 26-Apr-96 1.740000 9,436.9732 $16,420 64.20% 653.46 21.9135
704 27-Apr-96 1.740000 9,436.9732 $16,420 64.20% 653.46 21.9135
705 28-Apr-96 1.740000 9,436.9732 $16,420 64.20% 653.46 21.9135
706 29-Apr-96 1.730000 9,436.9732 $16,326 63.26% 654.16 21.9135
707 30-Apr-96 1.730000 9,436.9732 $16,326 63.26% 4.85% 654.17 21.9135
708 01-May-96 1.720000 9,436.9732 $16,232 62.32% 654.58 21.9135
709 02-May-96 1.720000 9,436.9732 $16,232 62.32% 643.38 21.9135
710 03-May-96 1.720000 9,436.9732 $16,232 62.32% 641.63 21.9135
711 04-May-96 1.720000 9,436.9732 $16,232 62.32% 641.63 21.9135
712 05-May-96 1.720000 9,436.9732 $16,232 62.32% 641.63 21.9135
713 06-May-96 1.710000 9,436.9732 $16,137 61.37% 640.81 21.9135
714 07-May-96 1.700000 9,436.9732 $16,043 60.43% 638.26 21.9135
715 08-May-96 1.700000 9,436.9732 $16,043 60.43% 644.78 21.9135
716 09-May-96 1.700000 9,436.9732 $16,043 60.43% 645.44 21.9135
717 10-May-96 1.720000 9,436.9732 $16,232 62.32% 652.09 21.9135
718 11-May-96 1.720000 9,436.9732 $16,232 62.32% 652.09
719 12-May-96 1.720000 9,436.9732 $16,232 62.32% 652.09
720 13-May-96 1.730000 9,436.9732 $16,326 63.26% 661.51
721 14-May-96 1.740000 9,436.9732 $16,420 64.20% 665.60
722 15-May-96 1.750000 9,436.9732 $16,515 65.15% 665.42
723 16-May-96 1.760000 9,436.9732 $16,609 66.09% 664.85
724 17-May-96 1.770000 9,436.9732 $16,703 67.03% 668.91
725 18-May-96 1.770000 9,436.9732 $16,703 67.03% 668.91
726 19-May-96 1.770000 9,436.9732 $16,703 67.03% 668.91
727 20-May-96 1.770000 9,436.9732 $16,703 67.03% 673.15
728 21-May-96 1.760000 9,436.9732 $16,609 66.09% 672.76
729 22-May-96 1.760000 9,436.9732 $16,609 66.09% 678.42
730 23-May-96 1.760000 9,436.9732 $16,609 66.09% 676.00
731 24-May-96 1.770000 9,436.9732 $16,703 67.03% 678.51
732 25-May-96 1.770000 9,436.9732 $16,703 67.03% 678.51
733 26-May-96 1.770000 9,436.9732 $16,703 67.03% 678.51
734 27-May-96 1.770000 9,436.9732 $16,703 67.03% 678.51
735 28-May-96 1.760000 9,436.9732 $16,609 66.09% 672.23
736 29-May-96 1.730000 9,436.9732 $16,326 63.26% 667.93
737 30-May-96 1.740000 9,436.9732 $16,420 64.20% 671.70
738 31-May-96 1.750000 9,436.9732 $16,515 65.15% 1.16% 669.12
739 01-Jun-96 1.750000 9,436.9732 $16,515 65.15% 669.12
740 02-Jun-96 1.750000 9,436.9732 $16,515 65.15% 669.12
741 03-Jun-96 1.730000 9,436.9732 $16,326 63.26% 667.68
742 04-Jun-96 1.740000 9,436.9732 $16,420 64.20% 672.56
743 05-Jun-96 1.750000 9,436.9732 $16,515 65.15% 678.44
744 06-Jun-96 1.730000 9,436.9732 $16,326 63.26% 673.03
745 07-Jun-96 1.710000 9,436.9732 $16,137 61.37% 673.31
746 08-Jun-96 1.710000 9,436.9732 $16,137 61.37% 673.31
747 09-Jun-96 1.710000 9,436.9732 $16,137 61.37% 673.31
748 10-Jun-96 1.700000 9,436.9732 $16,043 60.43% 672.16
749 11-Jun-96 1.710000 9,436.9732 $16,137 61.37% 670.97
750 12-Jun-96 1.720000 9,436.9732 $16,232 62.32% 669.04
751 13-Jun-96 1.680000 9,436.9732 $15,854 58.54% 667.92
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
698 0.000000 23.006119 $14,840.56 48.4056%
699 0.000000 23.006119 $14,905.43 49.0543%
700 0.009 0.000318 23.006437 $14,990.53 49.9053%
701 0.024 0.000849 23.007286 $14,958.65 49.5865%
702 0.005 0.000176 23.007463 $15,020.88 50.2088%
703 0.085 0.002993 23.010455 $15,036.41 50.3641%
704 0.000000 23.010455 $15,036.41 50.3641%
705 0.000000 23.010455 $15,036.41 50.3641%
706 0.021 0.000739 23.011194 $15,053.00 50.5300%
707 0.059 0.002075 23.013269 $15,054.59 50.5459%
708 0.082 0.002883 23.016152 $15,065.91 50.6591%
709 0.103 0.003685 23.019837 $14,810.50 48.1050%
710 0.028 0.001005 23.020842 $14,770.86 47.7086%
711 0.000000 23.020842 $14,770.86 47.7086%
712 0.000000 23.020842 $14,770.86 47.7086%
713 0.058 0.002084 23.022925 $14,753.32 47.5332%
714 0.017 0.000613 23.023538 $14,695.00 46.9500%
715 0.171 0.006106 23.029644 $14,849.05 48.4905%
716 0.175 0.006244 23.035889 $14,868.28 48.6828%
717 0.067 0.002367 23.038255 $15,023.02 50.2302%
718 0.000000 23.038255 $15,023.02 50.2302%
719 0.000000 23.038255 $15,023.02 50.2302%
720 0.120 0.004179 23.042435 $15,242.80 52.4280%
721 0.119 0.004120 23.046554 $15,339.79 53.3979%
722 0.099 0.003429 23.049983 $15,337.92 53.3792%
723 0.072 0.002496 23.052479 $15,326.44 53.2644%
724 0.272 0.009374 23.061853 $15,426.30 54.2630%
725 0.000000 23.061853 $15,426.30 54.2630%
726 0.000000 23.061853 $15,426.30 54.2630%
727 0.640 0.064000 23.125853 $15,567.17 55.6717%
728 0.007 0.000241 23.126094 $15,558.31 55.5831%
729 0.093 0.003170 23.129264 $15,691.36 56.9136%
730 0.170 0.005817 23.135081 $15,639.31 56.3931%
731 0.100 0.003410 23.138490 $15,699.70 56.9970%
732 0.000000 23.138490 $15,699.70 56.9970%
733 0.000000 23.138490 $15,699.70 56.9970%
734 0.000000 23.138490 $15,699.70 56.9970%
735 0.004 0.000138 23.138628 $15,554.48 55.5448%
736 0.169 0.005855 23.144482 $15,458.89 54.5889%
737 0.113 0.003894 23.148376 $15,548.76 55.4876%
738 0.350 0.012108 23.160484 $15,497.14 54.9714%
739 0.000000 23.160484 $15,497.14 54.9714%
740 0.000000 23.160484 $15,497.14 54.9714%
741 0.006 0.000208 23.160693 $15,463.93 54.6393%
742 0.036 0.001240 23.161932 $15,577.79 55.7779%
743 0.186 0.006350 23.168282 $15,718.29 57.1829%
744 0.120 0.004131 23.172413 $15,595.73 55.9573%
745 0.009 0.000310 23.172723 $15,602.43 56.0243%
746 0.000000 23.172723 $15,602.43 56.0243%
747 0.000000 23.172723 $15,602.43 56.0243%
748 0.031 0.001069 23.173792 $15,576.50 55.7650%
749 0.001 0.000035 23.173826 $15,548.94 55.4894%
750 0.299 0.010357 23.184183 $15,511.15 55.1115%
751 0.042 0.001458 23.185641 $15,486.15 54.8615%
</TABLE>
<PAGE> 25
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ -----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
752 14-Jun-96 1.660000 9,436.9732 $15,665 56.65% 665.85
753 15-Jun-96 1.660000 9,436.9732 $15,665 56.65% 665.85
754 16-Jun-96 1.660000 9,436.9732 $15,665 56.65% 665.85
755 17-Jun-96 1.660000 9,436.9732 $15,665 56.65% 665.16
756 18-Jun-96 1.640000 9,436.9732 $15,477 54.77% 662.06
757 19-Jun-96 1.630000 9,436.9732 $15,382 53.82% 661.96
758 20-Jun-96 1.610000 9,436.9732 $15,194 51.94% 662.10
759 21-Jun-96 1.600000 9,436.9732 $15,099 50.99% 666.84
760 22-Jun-96 1.600000 9,436.9732 $15,099 50.99% 666.84
761 23-Jun-96 1.600000 9,436.9732 $15,099 50.99% 666.84
762 24-Jun-96 1.600000 9,436.9732 $15,099 50.99% 668.85
763 25-Jun-96 1.600000 9,436.9732 $15,099 50.99% 668.48
764 26-Jun-96 1.580000 9,436.9732 $14,910 49.10% 664.39
765 27-Jun-96 1.560000 9,436.9732 $14,722 47.22% 668.55
766 28-Jun-96 1.580000 9,436.9732 $14,910 49.10% 670.63
767 29-Jun-96 1.580000 9,436.9732 $14,910 49.10% 670.63
768 30-Jun-96 1.580000 9,436.9732 $14,910 49.10% -9.71% -4.24% 670.63
769 01-Jul-96 1.590000 9,436.9732 $15,005 50.05% 675.88
770 02-Jul-96 1.580000 9,436.9732 $14,910 49.10% 673.61
771 03-Jul-96 1.580000 9,436.9732 $14,910 49.10% 672.40
772 04-Jul-96 1.580000 9,436.9732 $14,910 49.10% 672.40
773 05-Jul-96 1.550000 9,436.9732 $14,627 46.27% 657.44
774 06-Jul-96 1.550000 9,436.9732 $14,627 46.27% 657.44
775 07-Jul-96 1.550000 9,436.9732 $14,627 46.27% 657.44
776 08-Jul-96 1.540000 9,436.9732 $14,533 45.33% 652.54
777 09-Jul-96 1.540000 9,436.9732 $14,533 45.33% 654.75
778 10-Jul-96 1.520000 9,436.9732 $14,344 43.44% 656.06
779 11-Jul-96 1.500000 9,436.9732 $14,155 41.55% 645.67
780 12-Jul-96 1.490000 9,436.9732 $14,061 40.61% 646.19
781 13-Jul-96 1.490000 9,436.9732 $14,061 40.61% 646.19
782 14-Jul-96 1.490000 9,436.9732 $14,061 40.61% 646.19
783 15-Jul-96 1.470000 9,436.9732 $13,872 38.72% 629.80
784 16-Jul-96 1.450000 9,436.9732 $13,684 36.84% 628.37
785 17-Jul-96 1.470000 9,436.9732 $13,872 38.72% 634.07
786 18-Jul-96 1.480000 9,436.9732 $13,967 39.67% 643.56
787 19-Jul-96 1.460000 9,436.9732 $13,778 37.78% 638.73
788 20-Jul-96 1.460000 9,436.9732 $13,778 37.78% 638.73
789 21-Jul-96 1.460000 9,436.9732 $13,778 37.78% 638.73
790 22-Jul-96 1.450000 9,436.9732 $13,684 36.84% 633.77
791 23-Jul-96 1.430000 9,436.9732 $13,495 34.95% 626.87
792 24-Jul-96 1.410000 9,436.9732 $13,306 33.06% 626.65
793 25-Jul-96 1.430000 9,436.9732 $13,495 34.95% 631.17
794 26-Jul-96 1.440000 9,436.9732 $13,589 35.89% 635.90
795 27-Jul-96 1.440000 9,436.9732 $13,589 35.89% 635.90
796 28-Jul-96 1.440000 9,436.9732 $13,589 35.89% 635.90
797 29-Jul-96 1.430000 9,436.9732 $13,495 34.95% 630.91
798 30-Jul-96 1.430000 9,436.9732 $13,495 34.95% 635.26
799 31-Jul-96 1.430000 9,436.9732 $13,495 34.95% -9.49% 639.95
800 01-Aug-96 1.450000 9,436.9732 $13,684 36.84% 650.02
801 02-Aug-96 1.470000 9,436.9732 $13,872 38.72% 662.49
802 03-Aug-96 1.470000 9,436.9732 $13,872 38.72% 662.49
803 04-Aug-96 1.470000 9,436.9732 $13,872 38.72% 662.49
804 05-Aug-96 1.470000 9,436.9732 $13,872 38.72% 660.23
805 06-Aug-96 1.470000 9,436.9732 $13,872 38.72% 662.38
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------
STANDARD & POOR'S 500
-------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
752 0.006 0.000209 23.185850 $15,438.30 54.3830%
753 0.000000 23.185850 $15,438.30 54.3830%
754 0.000000 23.185850 $15,438.30 54.3830%
755 0.027 0.000941 23.186791 $15,422.93 54.2293%
756 0.010 0.000350 23.187141 $15,351.28 53.5128%
757 0.007 0.000245 23.187386 $15,349.12 53.4912%
758 0.026 0.000911 23.188297 $15,352.97 53.5297%
759 0.015 0.000522 23.188818 $15,463.23 54.6323%
760 0.000000 23.188818 $15,463.23 54.6323%
761 0.000000 23.188818 $15,463.23 54.6323%
762 0.015 0.000520 23.189338 $15,510.19 55.1019%
763 0.005 0.000173 23.189512 $15,501.72 55.0172%
764 0.206 0.007190 23.196702 $15,411.66 54.1166%
765 0.009 0.000312 23.197014 $15,508.36 55.0836%
766 0.009 0.000311 23.197325 $15,556.82 55.5682%
767 0.000000 23.197325 $15,556.82 55.5682%
768 0.000000 23.197325 $15,556.82 55.5682%
769 0.106 0.003638 23.200964 $15,681.07 56.8107%
770 0.132 0.004546 23.205510 $15,631.46 56.3146%
771 0.009 0.000311 23.205821 $15,603.59 56.0359%
772 0.000000 23.205821 $15,603.59 56.0359%
773 0.018 0.000635 23.206456 $15,256.85 52.5685%
774 0.000000 23.206456 $15,256.85 52.5685%
775 0.000000 23.206456 $15,256.85 52.5685%
776 0.195 0.006935 23.213391 $15,147.67 51.4767%
777 0.061 0.002163 23.215553 $15,200.38 52.0038%
778 0.031 0.001097 23.216650 $15,231.52 52.3152%
779 0.064 0.002301 23.218952 $14,991.78 49.9178%
780 0.064 0.002300 23.221251 $15,005.34 50.0534%
781 0.000000 23.221251 $15,005.34 50.0534%
782 0.000000 23.221251 $15,005.34 50.0534%
783 0.001 0.000037 23.221288 $14,624.77 46.2477%
784 0.001 0.000037 23.221325 $14,591.58 45.9158%
785 0.059 0.002161 23.223486 $14,725.32 47.2532%
786 0.058 0.002093 23.225579 $14,947.05 49.4705%
787 0.002 0.000073 23.225652 $14,834.92 48.3492%
788 0.000000 23.225652 $14,834.92 48.3492%
789 0.000000 23.225652 $14,834.92 48.3492%
790 0.002 0.000073 23.225725 $14,719.77 47.1977%
791 0.009 0.000333 23.226058 $14,559.72 45.5972%
792 0.016 0.000593 23.226651 $14,554.98 45.5498%
793 0.003 0.000110 23.226762 $14,660.04 46.6004%
794 0.003 0.000110 23.226871 $14,769.97 47.6997%
795 0.000000 23.226871 $14,769.97 47.6997%
796 0.000000 23.226871 $14,769.97 47.6997%
797 0.087 0.003203 23.230074 $14,656.09 46.5609%
798 0.030 0.001097 23.231171 $14,757.83 47.5783%
799 0.188 0.006825 23.237996 $14,871.16 48.7116%
800 0.130 0.004647 23.242643 $15,108.18 51.0818%
801 0.039 0.001368 23.244012 $15,398.93 53.9893%
802 0.000000 23.244012 $15,398.93 53.9893%
803 0.000000 23.244012 $15,398.93 53.9893%
804 0.056 0.001972 23.245983 $15,347.70 53.4770%
805 0.018 0.000632 23.246615 $15,398.09 53.9809%
</TABLE>
<PAGE> 26
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ -----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ -----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ -----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
806 07-Aug-96 1.490000 9,436.9732 $14,061 40.61% 664.16
807 08-Aug-96 1.500000 9,436.9732 $14,155 41.55% 662.59
808 09-Aug-96 1.510000 9,436.9732 $14,250 42.50% 662.10
809 10-Aug-96 1.510000 9,436.9732 $14,250 42.50% 662.10
810 11-Aug-96 1.510000 9,436.9732 $14,250 42.50% 662.10
811 12-Aug-96 1.510000 9,436.9732 $14,250 42.50% 665.77
812 13-Aug-96 1.490000 9,436.9732 $14,061 40.61% 660.20
813 14-Aug-96 1.490000 9,436.9732 $14,061 40.61% 662.05
814 15-Aug-96 1.490000 9,436.9732 $14,061 40.61% 662.28
815 16-Aug-96 1.480000 9,436.9732 $13,967 39.67% 665.21
816 17-Aug-96 1.480000 9,436.9732 $13,967 39.67% 665.21
817 18-Aug-96 1.480000 9,436.9732 $13,967 39.67% 665.21
818 19-Aug-96 1.480000 9,436.9732 $13,967 39.67% 666.58
819 20-Aug-96 1.480000 9,436.9732 $13,967 39.67% 665.69
820 21-Aug-96 1.480000 9,436.9732 $13,967 39.67% 665.07
821 22-Aug-96 1.490000 9,436.9732 $14,061 40.61% 670.68
822 23-Aug-96 1.500000 9,436.9732 $14,155 41.55% 667.03
823 24-Aug-96 1.500000 9,436.9732 $14,155 41.55% 667.03
824 25-Aug-96 1.500000 9,436.9732 $14,155 41.55% 667.03
825 26-Aug-96 1.540000 9,436.9732 $14,533 45.33% 663.88
826 27-Aug-96 1.550000 9,436.9732 $14,627 46.27% 666.40
827 28-Aug-96 1.560000 9,436.9732 $14,722 47.22% 664.81
828 29-Aug-96 1.560000 9,436.9732 $14,722 47.22% 657.40
829 30-Aug-96 1.550000 9,436.9732 $14,627 46.27% 651.99
830 31-Aug-96 1.550000 9,436.9732 $14,627 46.27% 8.39% 651.99
831 01-Sep-96 1.550000 9,436.9732 $14,627 46.27% 651.99
832 02-Sep-96 1.550000 9,436.9732 $14,627 46.27% 651.99
833 03-Sep-96 1.540000 9,436.9732 $14,533 45.33% 654.72
834 04-Sep-96 1.560000 9,436.9732 $14,722 47.22% 655.61
835 05-Sep-96 1.530000 9,436.9732 $14,439 44.39% 649.44
836 06-Sep-96 1.560000 9,436.9732 $14,722 47.22% 655.68
837 07-Sep-96 1.560000 9,436.9732 $14,722 47.22% 655.68
838 08-Sep-96 1.560000 9,436.9732 $14,722 47.22% 655.68
839 09-Sep-96 1.570000 9,436.9732 $14,816 48.16% 663.76
840 10-Sep-96 1.560000 9,436.9732 $14,722 47.22% 663.81
841 11-Sep-96 1.560000 9,436.9732 $14,722 47.22% 667.28
842 12-Sep-96 1.580000 9,436.9732 $14,910 49.10% 671.15
843 13-Sep-96 1.580000 9,436.9732 $14,910 49.10% 680.54
844 14-Sep-96 1.580000 9,436.9732 $14,910 49.10% 680.54
845 15-Sep-96 1.580000 9,436.9732 $14,910 49.10% 680.54
846 16-Sep-96 1.570000 9,436.9732 $14,816 48.16% 683.98
847 17-Sep-96 1.590000 9,436.9732 $15,005 50.05% 682.94
848 18-Sep-96 1.590000 9,436.9732 $15,005 50.05% 681.47
849 19-Sep-96 1.610000 9,436.9732 $15,194 51.94% 683.00
850 20-Sep-96 1.630000 9,436.9732 $15,382 53.82% 687.02
851 21-Sep-96 1.630000 9,436.9732 $15,382 53.82% 687.02
852 22-Sep-96 1.630000 9,436.9732 $15,382 53.82% 687.02
853 23-Sep-96 1.610000 9,436.9732 $15,194 51.94% 686.48
854 24-Sep-96 1.620000 9,436.9732 $15,288 52.88% 685.61
855 25-Sep-96 1.620000 9,436.9732 $15,288 52.88% 685.83
856 26-Sep-96 1.650000 9,436.9732 $15,571 55.71% 685.86
857 27-Sep-96 1.650000 9,436.9732 $15,571 55.71% 686.19
858 28-Sep-96 1.650000 9,436.9732 $15,571 55.71% 686.19
859 29-Sep-96 1.650000 9,436.9732 $15,571 55.71% 686.19
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------
STANDARD & POOR'S 500
-------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
806 0.096 0.003360 23.249975 $15,441.70 54.4170%
807 0.018 0.000632 23.250607 $15,405.62 54.0562%
808 0.165 0.005794 23.256401 $15,398.06 53.9806%
809 0.000000 23.256401 $15,398.06 53.9806%
810 0.000000 23.256401 $15,398.06 53.9806%
811 0.034 0.001188 23.257589 $15,484.20 54.8420%
812 0.179 0.006306 23.263894 $15,358.82 53.5882%
813 0.101 0.003549 23.267444 $15,404.21 54.0421%
814 0.040 0.001405 23.268849 $15,410.49 54.1049%
815 0.078 0.002728 23.271577 $15,480.49 54.8049%
816 0.000000 23.271577 $15,480.49 54.8049%
817 0.000000 23.271577 $15,480.49 54.8049%
818 0.020 0.000698 23.272275 $15,512.83 55.1283%
819 0.062 0.002167 23.274443 $15,493.56 54.9356%
820 0.084 0.002940 23.277383 $15,481.09 54.8109%
821 0.018 0.000625 23.278007 $15,612.09 56.1209%
822 0.024 0.000838 23.278845 $15,527.69 55.2769%
823 0.000000 23.278845 $15,527.69 55.2769%
824 0.000000 23.278845 $15,527.69 55.2769%
825 0.002 0.000070 23.278915 $15,454.41 54.5441%
826 0.005 0.000175 23.279090 $15,513.19 55.1319%
827 0.174 0.006093 23.285182 $15,480.22 54.8022%
828 0.114 0.004038 23.289220 $15,310.33 53.1033%
829 0.022 0.000786 23.290006 $15,184.85 51.8485%
830 0.000000 23.290006 $15,184.85 51.8485%
831 0.000000 23.290006 $15,184.85 51.8485%
832 0.000000 23.290006 $15,184.85 51.8485%
833 0.002 0.000071 23.290077 $15,248.48 52.4848%
834 0.263 0.009343 23.299420 $15,275.33 52.7533%
835 0.057 0.002045 23.301465 $15,132.90 51.3290%
836 0.052 0.001848 23.303313 $15,279.52 52.7952%
837 0.000000 23.303313 $15,279.52 52.7952%
838 0.000000 23.303313 $15,279.52 52.7952%
839 0.011 0.000386 23.303699 $15,468.06 54.6806%
840 0.084 0.002949 23.306648 $15,471.19 54.7119%
841 0.125 0.004366 23.311014 $15,554.97 55.5497%
842 0.217 0.007537 23.318551 $15,650.25 56.5025%
843 0.001 0.000034 23.318586 $15,869.23 58.6923%
844 0.000000 23.318586 $15,869.23 58.6923%
845 0.000000 23.318586 $15,869.23 58.6923%
846 0.189 0.006443 23.325029 $15,953.85 59.5385%
847 0.189 0.006455 23.331484 $15,934.00 59.3400%
848 0.028 0.000959 23.332443 $15,900.36 59.0036%
849 0.040 0.001366 23.333809 $15,936.99 59.3699%
850 0.002 0.000068 23.333877 $16,030.84 60.3084%
851 0.000000 23.333877 $16,030.84 60.3084%
852 0.000000 23.333877 $16,030.84 60.3084%
853 0.018 0.000612 23.334489 $16,018.66 60.1866%
854 0.018 0.000613 23.335102 $15,998.78 59.9878%
855 0.023 0.000783 23.335884 $16,004.45 60.0445%
856 0.216 0.007349 23.343233 $16,010.19 60.1019%
857 0.015 0.000510 23.343744 $16,018.24 60.1824%
858 0.000000 23.343744 $16,018.24 60.1824%
859 0.000000 23.343744 $16,018.24 60.1824%
</TABLE>
<PAGE> 27
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------- -----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
----------------------------------------------------------------------------------------------------- -----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
----------------------------------------------------------------------------------------------------- -----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
860 30-Sep-96 1.640000 9,436.9732 $15,477 54.77% 5.81% 3.80% 687.31
861 01-Oct-96 1.630000 9,436.9732 $15,382 53.82% 689.08
862 02-Oct-96 1.610000 9,436.9732 $15,194 51.94% 694.01
863 03-Oct-96 1.600000 9,436.9732 $15,099 50.99% 692.78
864 04-Oct-96 1.630000 9,436.9732 $15,382 53.82% 701.46
865 05-Oct-96 1.630000 9,436.9732 $15,382 53.82% 701.46
866 06-Oct-96 1.630000 9,436.9732 $15,382 53.82% 701.46
867 07-Oct-96 1.620000 9,436.9732 $15,288 52.88% 703.38
868 08-Oct-96 1.620000 9,436.9732 $15,288 52.88% 700.64
869 09-Oct-96 1.650000 9,436.9732 $15,571 55.71% 696.74
870 10-Oct-96 1.660000 9,436.9732 $15,665 56.65% 694.61
871 11-Oct-96 1.670000 9,436.9732 $15,760 57.60% 700.66
872 12-Oct-96 1.670000 9,436.9732 $15,760 57.60% 700.66
873 13-Oct-96 1.670000 9,436.9732 $15,760 57.60% 700.66
874 14-Oct-96 1.670000 9,436.9732 $15,760 57.60% 703.54
875 15-Oct-96 1.660000 9,436.9732 $15,665 56.65% 702.57
876 16-Oct-96 1.650000 9,436.9732 $15,571 55.71% 704.41
877 17-Oct-96 1.640000 9,436.9732 $15,477 54.77% 706.99
878 18-Oct-96 1.640000 9,436.9732 $15,477 54.77% 710.82
879 19-Oct-96 1.640000 9,436.9732 $15,477 54.77% 710.82
880 20-Oct-96 1.640000 9,436.9732 $15,477 54.77% 710.82
881 21-Oct-96 1.620000 9,436.9732 $15,288 52.88% 709.85
882 22-Oct-96 1.620000 9,436.9732 $15,288 52.88% 706.57
883 23-Oct-96 1.640000 9,436.9732 $15,477 54.77% 707.27
884 24-Oct-96 1.660000 9,436.9732 $15,665 56.65% 702.29
885 25-Oct-96 1.660000 9,436.9732 $15,665 56.65% 700.92
886 26-Oct-96 1.660000 9,436.9732 $15,665 56.65% 700.92
887 27-Oct-96 1.660000 9,436.9732 $15,665 56.65% 700.92
888 28-Oct-96 1.650000 9,436.9732 $15,571 55.71% 697.26
889 29-Oct-96 1.630000 9,436.9732 $15,382 53.82% 701.50
890 30-Oct-96 1.640000 9,436.9732 $15,477 54.77% 700.90
891 31-Oct-96 1.660000 9,436.9732 $15,665 56.65% 1.22% 705.27
892 01-Nov-96 1.650000 9,436.9732 $15,571 55.71% 703.77
893 02-Nov-96 1.650000 9,436.9732 $15,571 55.71% 703.77
894 03-Nov-96 1.650000 9,436.9732 $15,571 55.71% 703.77
895 04-Nov-96 1.630000 9,436.9732 $15,382 53.82% 706.73
896 05-Nov-96 1.640000 9,436.9732 $15,477 54.77% 714.14
897 06-Nov-96 1.680000 9,436.9732 $15,854 58.54% 724.59
898 07-Nov-96 1.700000 9,436.9732 $16,043 60.43% 727.65
899 08-Nov-96 1.700000 9,436.9732 $16,043 60.43% 730.82
900 09-Nov-96 1.700000 9,436.9732 $16,043 60.43% 730.82
901 10-Nov-96 1.700000 9,436.9732 $16,043 60.43% 730.82
902 11-Nov-96 1.680000 9,436.9732 $15,854 58.54% 731.87
903 12-Nov-96 1.680000 9,436.9732 $15,854 58.54% 729.56
904 13-Nov-96 1.680000 9,436.9732 $15,854 58.54% 731.13
905 14-Nov-96 1.690000 9,436.9732 $15,948 59.48% 735.88
906 15-Nov-96 1.650000 9,436.9732 $15,571 55.71% 737.62
907 16-Nov-96 1.650000 9,436.9732 $15,571 55.71% 737.62
908 17-Nov-96 1.650000 9,436.9732 $15,571 55.71% 737.62
909 18-Nov-96 1.650000 9,436.9732 $15,571 55.71% 737.02
910 19-Nov-96 1.630000 9,436.9732 $15,382 53.82% 742.16
911 20-Nov-96 1.630000 9,436.9732 $15,382 53.82% 743.95
912 21-Nov-96 1.640000 9,436.9732 $15,477 54.77% 742.75
913 22-Nov-96 1.660000 9,436.9732 $15,665 56.65% 748.73
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
860 0.015 0.000509 23.344253 $16,044.74 60.4474%
861 0.003 0.000102 23.344355 $16,086.13 60.8613%
862 0.113 0.003801 23.348156 $16,203.85 62.0385%
863 0.007 0.000236 23.348392 $16,175.30 61.7530%
864 0.018 0.000599 23.348991 $16,378.38 63.7838%
865 0.000000 23.348991 $16,378.38 63.7838%
866 0.000000 23.348991 $16,378.38 63.7838%
867 0.031 0.001029 23.350020 $16,423.94 64.2394%
868 0.161 0.005366 23.355385 $16,363.72 63.6372%
869 0.106 0.003553 23.358939 $16,275.11 62.7511%
870 0.060 0.002018 23.360956 $16,226.75 62.2675%
871 0.060 0.002000 23.362957 $16,369.49 63.6949%
872 0.000000 23.362957 $16,369.49 63.6949%
873 0.000000 23.362957 $16,369.49 63.6949%
874 0.060 0.001992 23.364949 $16,438.18 64.3818%
875 0.006 0.000200 23.365149 $16,415.65 64.1565%
876 0.057 0.001891 23.367040 $16,459.98 64.5998%
877 0.051 0.001686 23.368725 $16,521.45 65.2145%
878 0.010 0.000329 23.369054 $16,611.19 66.1119%
879 0.000000 23.369054 $16,611.19 66.1119%
880 0.000000 23.369054 $16,611.19 66.1119%
881 0.002 0.000066 23.369120 $16,588.57 65.8857%
882 0.002 0.000066 23.369186 $16,511.97 65.1197%
883 0.026 0.000859 23.370045 $16,528.93 65.2893%
884 0.003 0.000100 23.370145 $16,412.62 64.1262%
885 0.003 0.000100 23.370245 $16,380.67 63.8067%
886 0.000000 23.370245 $16,380.67 63.8067%
887 0.000000 23.370245 $16,380.67 63.8067%
888 0.003 0.000101 23.370345 $16,295.21 62.9521%
889 0.083 0.002765 23.373111 $16,396.24 63.9624%
890 0.184 0.006136 23.379246 $16,386.51 63.8651%
891 0.068 0.002254 23.381501 $16,490.27 64.9027%
892 0.090 0.002990 23.384491 $16,457.30 64.5730%
893 0.000000 23.384491 $16,457.30 64.5730%
894 0.000000 23.384491 $16,457.30 64.5730%
895 0.065 0.002151 23.386641 $16,528.04 65.2804%
896 0.001 0.000033 23.386674 $16,701.36 67.0136%
897 0.146 0.004712 23.391386 $16,949.16 69.4916%
898 0.147 0.004726 23.396112 $17,024.18 70.2418%
899 0.065 0.002081 23.398193 $17,099.87 70.9987%
900 0.000000 23.398193 $17,099.87 70.9987%
901 0.000000 23.398193 $17,099.87 70.9987%
902 0.065 0.002078 23.400271 $17,125.96 71.2596%
903 0.086 0.002758 23.403029 $17,073.91 70.7391%
904 0.189 0.006050 23.409079 $17,115.08 71.1508%
905 0.068 0.002163 23.411242 $17,227.86 72.2786%
906 0.051 0.001619 23.412861 $17,269.79 72.6979%
907 0.000000 23.412861 $17,269.79 72.6979%
908 0.000000 23.412861 $17,269.79 72.6979%
909 0.058 0.001842 23.414703 $17,257.10 72.5710%
910 0.012 0.000379 23.415082 $17,377.74 73.7774%
911 0.135 0.004249 23.419331 $17,422.81 74.2281%
912 0.016 0.000504 23.419835 $17,395.08 73.9508%
913 0.013 0.000407 23.420242 $17,535.44 75.3544%
</TABLE>
<PAGE> 28
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------- ------------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
----------------------------------------------------------------------------------------------------- ------------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
----------------------------------------------------------------------------------------------------- ------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
914 23-Nov-96 1.660000 9,436.9732 $15,665 56.65% 748.73
915 24-Nov-96 1.660000 9,436.9732 $15,665 56.65% 748.73
916 25-Nov-96 1.660000 9,436.9732 $15,665 56.65% 757.03
917 26-Nov-96 1.640000 9,436.9732 $15,477 54.77% 755.96
918 27-Nov-96 1.650000 9,436.9732 $15,571 55.71% 755.00
919 28-Nov-96 1.650000 9,436.9732 $15,571 55.71% 755.00
920 29-Nov-96 1.650000 9,436.9732 $15,571 55.71% 757.02
921 30-Nov-96 1.650000 9,436.9732 $15,571 55.71% -0.60% 757.02
922 01-Dec-96 1.650000 9,436.9732 $15,571 55.71% 757.02
923 02-Dec-96 1.670000 9,436.9732 $15,760 57.60% 756.56
924 03-Dec-96 1.670000 9,436.9732 $15,760 57.60% 748.28
925 04-Dec-96 1.670000 9,436.9732 $15,760 57.60% 745.10
926 05-Dec-96 1.670000 9,436.9732 $15,760 57.60% 744.38
927 06-Dec-96 1.650000 9,436.9732 $15,571 55.71% 739.60
928 07-Dec-96 1.650000 9,436.9732 $15,571 55.71% 739.60
929 08-Dec-96 1.650000 9,436.9732 $15,571 55.71% 739.60
930 09-Dec-96 1.690000 9,436.9732 $15,948 59.48% 749.76
931 10-Dec-96 1.660000 9,436.9732 $15,665 56.65% 747.54
932 11-Dec-96 1.640000 9,436.9732 $15,477 54.77% 740.73
933 12-Dec-96 1.630000 9,436.9732 $15,382 53.82% 729.30
934 13-Dec-96 1.610000 9,436.9732 $15,194 51.94% 728.64
935 14-Dec-96 1.610000 9,436.9732 $15,194 51.94% 728.64
936 15-Dec-96 1.610000 9,436.9732 $15,194 51.94% 728.64
937 16-Dec-96 1.560000 9,436.9732 $14,722 47.22% 720.98
938 17-Dec-96 1.580000 9,436.9732 $14,910 49.10% 726.04
939 18-Dec-96 1.600000 9,436.9732 $15,099 50.99% 731.54
940 19-Dec-96 1.590000 9,436.9732 $15,005 50.05% 745.67
941 20-Dec-96 1.580000 9,436.9732 $14,910 49.10% 748.87
942 21-Dec-96 1.580000 9,436.9732 $14,910 49.10% 748.87
943 22-Dec-96 1.580000 9,436.9732 $14,910 49.10% 748.87
944 23-Dec-96 0.160000 93,349.3482 $14,936 49.36% 746.92
945 24-Dec-96 0.147894 93,349.3482 $13,806 38.06% 751.03
946 25-Dec-96 0.147894 93,349.3482 $13,806 38.06% 751.03
947 26-Dec-96 0.151118 93,349.3482 $14,107 41.07% 755.82
948 27-Dec-96 0.154329 93,349.3482 $14,407 44.07% 756.79
949 28-Dec-96 0.154329 93,349.3482 $14,407 44.07% 756.79
950 29-Dec-96 0.154329 93,349.3482 $14,407 44.07% 756.79
951 30-Dec-96 0.151878 93,349.3482 $14,178 41.78% 753.85
952 31-Dec-96 0.153073 93,349.3482 $14,289 42.89% -8.23% -7.67% -1.03% 740.74
953 01-Jan-97 0.153073 93,349.3482 $14,289 42.89% 740.74
954 02-Jan-97 0.153553 93,349.3482 $14,334 43.34% 737.01
955 03-Jan-97 0.155385 93,349.3482 $14,505 45.05% 748.03
956 04-Jan-97 0.155385 93,349.3482 $14,505 45.05% 748.03
957 05-Jan-97 0.155385 93,349.3482 $14,505 45.05% 748.03
958 06-Jan-97 0.155552 93,349.3482 $14,521 45.21% 747.65
959 07-Jan-97 0.156792 93,349.3482 $14,636 46.36% 753.23
960 08-Jan-97 0.157306 93,349.3482 $14,684 46.84% 748.41
961 09-Jan-97 0.157982 93,349.3482 $14,748 47.48% 754.85
962 10-Jan-97 0.157237 93,349.3482 $14,678 46.78% 759.50
963 11-Jan-97 0.157237 93,349.3482 $14,678 46.78% 759.50
964 12-Jan-97 0.157237 93,349.3482 $14,678 46.78% 759.50
965 13-Jan-97 0.157890 93,349.3482 $14,739 47.39% 759.51
966 14-Jan-97 0.161960 93,349.3482 $15,119 51.19% 768.86
967 15-Jan-97 0.160504 93,349.3482 $14,983 49.83% 767.20
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
914 0.000000 23.420242 $17,535.44 75.3544%
915 0.000000 23.420242 $17,535.44 75.3544%
916 0.035 0.001083 23.421325 $17,730.65 77.3065%
917 0.173 0.005360 23.426685 $17,709.64 77.0964%
918 0.133 0.004127 23.430812 $17,690.26 76.9026%
919 0.000000 23.430812 $17,690.26 76.9026%
920 0.030 0.000929 23.431740 $17,738.30 77.3830%
921 0.000000 23.431740 $17,738.30 77.3830%
922 0.000000 23.431740 $17,738.30 77.3830%
923 0.014 0.000434 23.432174 $17,727.85 77.2785%
924 0.013 0.000407 23.432581 $17,534.13 75.3413%
925 0.202 0.006353 23.438934 $17,464.35 74.6435%
926 0.087 0.002739 23.441673 $17,449.51 74.4951%
927 0.056 0.001775 23.443448 $17,338.77 73.3877%
928 0.000000 23.443448 $17,338.77 73.3877%
929 0.000000 23.443448 $17,338.77 73.3877%
930 0.010 0.000313 23.443761 $17,577.19 75.7719%
931 0.005 0.000157 23.443917 $17,525.27 75.2527%
932 0.106 0.003355 23.447272 $17,368.10 73.6810%
933 0.212 0.006816 23.454088 $17,105.07 71.0507%
934 0.008 0.000258 23.454346 $17,089.77 70.8977%
935 0.000000 23.454346 $17,089.77 70.8977%
936 0.000000 23.454346 $17,089.77 70.8977%
937 0.026 0.000846 23.455191 $16,910.72 69.1072%
938 0.002 0.000065 23.455256 $17,029.45 70.2945%
939 0.038 0.001218 23.456474 $17,159.35 71.5935%
940 0.028 0.000881 23.457355 $17,491.45 74.9145%
941 0.018 0.000564 23.457919 $17,566.93 75.6693%
942 0.000000 23.457919 $17,566.93 75.6693%
943 0.000000 23.457919 $17,566.93 75.6693%
944 0.001 0.000031 23.457951 $17,521.21 75.2121%
945 0.030 0.000937 23.458888 $17,618.33 76.1833%
946 0.000000 23.458888 $17,618.33 76.1833%
947 0.030 0.000931 23.459819 $17,731.40 77.3140%
948 0.318 0.009858 23.469676 $17,761.62 77.6162%
949 0.000000 23.469676 $17,761.62 77.6162%
950 0.000000 23.469676 $17,761.62 77.6162%
951 0.014 0.000436 23.470112 $17,692.94 76.9294%
952 0.096 0.003042 23.473154 $17,387.50 73.8750%
953 0.000000 23.473154 $17,387.50 73.8750%
954 0.041 0.001306 23.474460 $17,300.91 73.0091%
955 0.018 0.000565 23.475025 $17,560.02 75.6002%
956 0.000000 23.475025 $17,560.02 75.6002%
957 0.000000 23.475025 $17,560.02 75.6002%
958 0.012 0.000377 23.475401 $17,551.38 75.5138%
959 0.047 0.001465 23.476866 $17,683.48 76.8348%
960 0.200 0.006274 23.483140 $17,575.02 75.7502%
961 0.017 0.000529 23.483669 $17,726.65 77.2665%
962 0.017 0.000526 23.484195 $17,836.25 78.3625%
963 0.000000 23.484195 $17,836.25 78.3625%
964 0.000000 23.484195 $17,836.25 78.3625%
965 0.046 0.001422 23.485617 $17,837.56 78.3756%
966 0.004 0.000122 23.485739 $18,057.25 80.5725%
967 0.011 0.000337 23.486076 $18,018.52 80.1852%
</TABLE>
<PAGE> 29
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
968 16-Jan-97 0.159338 93,349.3482 $14,874 48.74% 769.75
969 17-Jan-97 0.157255 93,349.3482 $14,680 46.80% 776.17
970 18-Jan-97 0.157255 93,349.3482 $14,680 46.80% 776.17
971 19-Jan-97 0.157255 93,349.3482 $14,680 46.80% 776.17
972 20-Jan-97 0.159989 93,349.3482 $14,935 49.35% 776.70
973 21-Jan-97 0.158602 93,349.3482 $14,805 48.05% 782.72
974 22-Jan-97 0.161464 93,349.3482 $15,073 50.73% 786.23
975 23-Jan-97 0.160312 93,349.3482 $14,965 49.65% 777.56
976 24-Jan-97 0.159547 93,349.3482 $14,894 48.94% 770.52
977 25-Jan-97 0.159547 93,349.3482 $14,913 49.13% 770.52
978 26-Jan-97 0.159547 93,349.3482 $14,850 48.50% 770.52
979 27-Jan-97 0.159751 93,349.3482 $14,657 46.57% 765.02
980 28-Jan-97 0.159079 93,349.3482 $14,681 46.81% 765.02
981 29-Jan-97 0.157015 93,349.3482 $14,657 46.57% 772.50
982 30-Jan-97 0.157266 93,349.3482 $14,681 46.81% 784.17
983 31-Jan-97 0.155548 93,349.3482 $14,520 45.20% 1.62% 786.16
984 01-Feb-97 0.155548 93,349.3482 $14,520 45.20% 786.16
985 02-Feb-97 0.155548 93,349.3482 $14,520 45.20% 786.16
986 03-Feb-97 0.157529 93,349.3482 $14,705 47.05% 786.73
987 04-Feb-97 0.156355 93,349.3482 $14,596 45.96% 789.26
988 05-Feb-97 0.154579 93,349.3482 $14,430 44.30% 778.28
989 06-Feb-97 0.154637 93,349.3482 $14,435 44.35% 780.15
990 07-Feb-97 0.155148 93,349.3482 $14,483 44.83% 789.56
991 08-Feb-97 0.155148 93,349.3482 $14,483 44.83% 789.56
992 09-Feb-97 0.155148 93,349.3482 $14,483 44.83% 789.56
993 10-Feb-97 0.155059 93,349.3482 $14,475 44.75% 785.43
994 11-Feb-97 0.155638 93,349.3482 $14,529 45.29% 789.59
995 12-Feb-97 0.156331 93,349.3482 $14,593 45.93% 802.77
996 13-Feb-97 0.155740 93,349.3482 $14,538 45.38% 811.82
997 14-Feb-97 0.154835 93,349.3482 $14,454 44.54% 808.48
998 15-Feb-97 0.154835 93,349.3482 $14,454 44.54% 808.48
999 16-Feb-97 0.154835 93,349.3482 $14,454 44.54% 808.48
1000 17-Feb-97 0.154835 93,349.3482 $14,454 44.54% 808.48
1001 18-Feb-97 0.154121 93,349.3482 $14,387 43.87% 816.29
1002 19-Feb-97 0.154458 93,349.3482 $14,419 44.19% 812.49
1003 20-Feb-97 0.152483 93,349.3482 $14,234 42.34% 802.80
1004 21-Feb-97 0.153479 93,349.3482 $14,327 43.27% 801.77
1005 22-Feb-97 0.153479 93,349.3482 $14,327 43.27% 801.77
1006 23-Feb-97 0.153479 93,349.3482 $14,327 43.27% 801.77
1007 24-Feb-97 0.155032 93,349.3482 $14,472 44.72% 810.28
1008 25-Feb-97 0.154824 93,349.3482 $14,453 44.53% 812.03
1009 26-Feb-97 0.154116 93,349.3482 $14,387 43.87% 805.68
1010 27-Feb-97 0.152222 93,349.3482 $14,210 42.10% 795.07
1011 28-Feb-97 0.151991 93,349.3482 $14,188 41.88% -2.29% 790.82
1012 01-Mar-97 0.151991 93,349.3482 $14,188 41.88% 790.82
1013 02-Mar-97 0.151991 93,349.3482 $14,188 41.88% 790.82
1014 03-Mar-97 0.153063 93,349.3482 $14,288 42.88% 795.31
1015 04-Mar-97 0.153320 93,349.3482 $14,312 43.12% 790.95
1016 05-Mar-97 0.154440 93,349.3482 $14,417 44.17% 801.99
1017 06-Mar-97 0.152738 93,349.3482 $14,258 42.58% 798.56
1018 07-Mar-97 0.153670 93,349.3482 $14,345 43.45% 804.97
1019 08-Mar-97 0.153670 93,349.3482 $14,345 43.45% 804.97
1020 09-Mar-97 0.153670 93,349.3482 $14,345 43.45% 804.97
1021 10-Mar-97 0.152674 93,349.3482 $14,252 42.52% 813.65
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
968 0.024 0.000732 23.486808 $18,078.97 80.7897%
969 0.033 0.000999 23.487807 $18,230.53 82.3053%
970 0.000000 23.487807 $18,230.53 82.3053%
971 0.000000 23.487807 $18,230.53 82.3053%
972 0.033 0.000998 23.488805 $18,243.75 82.4375%
973 0.002 0.000060 23.488865 $18,385.20 83.8520%
974 0.058 0.001733 23.490597 $18,469.01 84.6901%
975 0.012 0.000363 23.490960 $18,265.63 82.6563%
976 0.012 0.000366 23.491326 $18,100.54 81.0054%
977 0.000000 23.491326 $18,100.54 81.0054%
978 0.000000 23.491326 $18,100.54 81.0054%
979 0.012 0.000368 23.491694 $17,971.62 79.7162%
980 0.060 0.001842 23.493537 $17,973.03 79.7303%
981 0.145 0.004410 23.497946 $18,152.16 81.5216%
982 0.102 0.003056 23.501003 $18,428.78 84.2878%
983 0.102 0.003049 23.504052 $18,477.95 84.7795%
984 0.000000 23.504052 $18,477.95 84.7795%
985 0.000000 23.504052 $18,477.95 84.7795%
986 0.075 0.002241 23.506293 $18,493.11 84.9311%
987 0.060 0.001787 23.508080 $18,553.99 85.5399%
988 0.132 0.003987 23.512067 $18,298.97 82.9897%
989 0.245 0.007384 23.519451 $18,348.70 83.4870%
990 0.010 0.000298 23.519748 $18,570.25 85.7025%
991 0.000000 23.519748 $18,570.25 85.7025%
992 0.000000 23.519748 $18,570.25 85.7025%
993 0.031 0.000928 23.520677 $18,473.85 84.7385%
994 0.002 0.000060 23.520736 $18,571.74 85.7174%
995 0.214 0.006270 23.527006 $18,886.77 88.8677%
996 0.091 0.002637 23.529644 $19,101.84 91.0184%
997 0.026 0.000757 23.530400 $19,023.86 90.2386%
998 0.000000 23.530400 $19,023.86 90.2386%
999 0.000000 23.530400 $19,023.86 90.2386%
1000 0.000000 23.530400 $19,023.86 90.2386%
1001 0.162 0.004670 23.535070 $19,211.44 92.1144%
1002 0.085 0.002462 23.537532 $19,124.01 91.2401%
1003 0.041 0.001202 23.538734 $18,896.90 88.9690%
1004 0.015 0.000440 23.539175 $18,873.00 88.7300%
1005 0.000000 23.539175 $18,873.00 88.7300%
1006 0.000000 23.539175 $18,873.00 88.7300%
1007 0.005 0.000145 23.539320 $19,073.44 90.7344%
1008 0.007 0.000203 23.539523 $19,114.80 91.1480%
1009 0.145 0.004236 23.543759 $18,968.74 89.6874%
1010 0.147 0.004353 23.548112 $18,722.40 87.2240%
1011 0.019 0.000566 23.548678 $18,622.77 86.2277%
1012 0.000000 23.548678 $18,622.77 86.2277%
1013 0.000000 23.548678 $18,622.77 86.2277%
1014 0.009 0.000266 23.548945 $18,728.71 87.2871%
1015 0.115 0.003424 23.552369 $18,628.75 86.2875%
1016 0.264 0.007753 23.560122 $18,894.98 88.9498%
1017 0.099 0.002921 23.563042 $18,816.50 88.1650%
1018 0.005 0.000146 23.563189 $18,967.66 89.6766%
1019 0.000000 23.563189 $18,967.66 89.6766%
1020 0.000000 23.563189 $18,967.66 89.6766%
1021 0.015 0.000434 23.563623 $19,172.54 91.7254%
</TABLE>
<PAGE> 30
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1022 11-Mar-97 0.152497 93,349.3482 $14,235 42.35% 811.34
1023 12-Mar-97 0.152747 93,349.3482 $14,259 42.59% 804.26
1024 13-Mar-97 0.150447 93,349.3482 $14,044 40.44% 789.56
1025 14-Mar-97 0.152872 93,349.3482 $14,271 42.71% 793.17
1026 15-Mar-97 0.152872 93,349.3482 $14,271 42.71% 793.17
1027 16-Mar-97 0.152872 93,349.3482 $14,271 42.71% 793.17
1028 17-Mar-97 0.151556 93,349.3482 $14,148 41.48% 795.71
1029 18-Mar-97 0.150385 93,349.3482 $14,038 40.38% 789.66
1030 19-Mar-97 0.146706 93,349.3482 $13,695 36.95% 785.77
1031 20-Mar-97 0.146792 93,349.3482 $13,703 37.03% 782.65
1032 21-Mar-97 0.147521 93,349.3482 $13,771 37.71% 784.10
1033 22-Mar-97 0.147521 93,349.3482 $13,771 37.71% 784.10
1034 23-Mar-97 0.147521 93,349.3482 $13,771 37.71% 784.10
1035 24-Mar-97 0.147923 93,349.3482 $13,809 38.09% 790.89
1036 25-Mar-97 0.148543 93,349.3482 $13,866 38.66% 789.07
1037 26-Mar-97 0.150590 93,349.3482 $14,057 40.57% 790.50
1038 27-Mar-97 0.150590 93,349.3482 $14,057 40.57% 773.88
1039 28-Mar-97 0.150590 93,349.3482 $14,057 40.57% 773.88
1040 29-Mar-97 0.150590 93,349.3482 $14,057 40.57% 773.88
1041 30-Mar-97 0.150590 93,349.3482 $14,057 40.57% 773.88
1042 31-Mar-97 0.143478 93,349.3482 $13,394 33.94% -5.60% -6.27% 757.12
1043 01-Apr-97 0.142584 93,349.3482 $13,310 33.10% 759.64
1044 02-Apr-97 0.140480 93,349.3482 $13,114 31.14% 750.11
1045 03-Apr-97 0.141789 93,349.3482 $13,236 32.36% 750.32
1046 04-Apr-97 0.142811 93,349.3482 $13,331 33.31% 757.90
1047 05-Apr-97 0.142811 93,349.3482 $13,331 33.31% 757.90
1048 06-Apr-97 0.142811 93,349.3482 $13,331 33.31% 757.90
1049 07-Apr-97 0.145624 93,349.3482 $13,594 35.94% 762.13
1050 08-Apr-97 0.146930 93,349.3482 $13,716 37.16% 766.12
1051 09-Apr-97 0.144881 93,349.3482 $13,525 35.25% 760.60
1052 10-Apr-97 0.143875 93,349.3482 $13,431 34.31% 758.34
1053 11-Apr-97 0.141896 93,349.3482 $13,246 32.46% 737.65
1054 12-Apr-97 0.141896 93,349.3482 $13,246 32.46% 737.65
1055 13-Apr-97 0.141896 93,349.3482 $13,246 32.46% 737.65
1056 14-Apr-97 0.140401 93,349.3482 $13,106 31.06% 743.73
1057 15-Apr-97 0.141137 93,349.3482 $13,175 31.75% 754.72
1058 16-Apr-97 0.140905 93,349.3482 $13,153 31.53% 763.53
1059 17-Apr-97 0.139537 93,349.3482 $13,026 30.26% 761.77
1060 18-Apr-97 0.138712 93,349.3482 $12,949 29.49% 766.34
1061 19-Apr-97 0.138712 93,349.3482 $12,949 29.49% 766.34
1062 20-Apr-97 0.138712 93,349.3482 $12,949 29.49% 766.34
1063 21-Apr-97 0.136462 93,349.3482 $12,739 27.39% 760.37
1064 22-Apr-97 0.136230 93,349.3482 $12,717 27.17% 774.61
1065 23-Apr-97 0.136223 93,349.3482 $12,716 27.16% 773.64
1066 24-Apr-97 0.135906 93,349.3482 $12,687 26.87% 771.18
1067 25-Apr-97 0.133975 93,349.3482 $12,506 25.06% 765.37
1068 26-Apr-97 0.133975 93,349.3482 $12,506 25.06% 765.37
1069 27-Apr-97 0.133975 93,349.3482 $12,506 25.06% 765.37
1070 28-Apr-97 0.133689 93,349.3482 $12,480 24.80% 772.96
1071 29-Apr-97 0.135130 93,349.3482 $12,614 26.14% 794.05
1072 30-Apr-97 0.135272 93,349.3482 $12,628 26.28% -5.72% 801.34
1073 01-May-97 0.136078 93,349.3482 $12,703 27.03% 798.53
1074 02-May-97 0.137311 93,349.3482 $12,818 28.18% 812.97
1075 03-May-97 0.137311 93,349.3482 $12,818 28.18% 812.97
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------
STANDARD & POOR'S 500
-----------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1022 0.014 0.000407 23.564030 $19,118.44 91.1844%
1023 0.186 0.005450 23.569479 $18,955.99 89.5599%
1024 0.157 0.004687 23.574166 $18,613.22 86.1322%
1025 0.006 0.000178 23.574344 $18,698.46 86.9846%
1026 0.000000 23.574344 $18,698.46 86.9846%
1027 0.000000 23.574344 $18,698.46 86.9846%
1028 0.035 0.001037 23.575381 $18,759.17 87.5917%
1029 0.014 0.000418 23.575799 $18,616.87 86.1687%
1030 0.011 0.000330 23.576129 $18,525.42 85.2542%
1031 0.041 0.001235 23.577364 $18,452.82 84.5282%
1032 0.008 0.000241 23.577605 $18,487.20 84.8720%
1033 0.000000 23.577605 $18,487.20 84.8720%
1034 0.000000 23.577605 $18,487.20 84.8720%
1035 0.016 0.000477 23.578082 $18,647.67 86.4767%
1036 0.074 0.002211 23.580293 $18,606.50 86.0650%
1037 0.189 0.005638 23.585931 $18,644.68 86.4468%
1038 0.009 0.000274 23.586205 $18,252.89 82.5289%
1039 0.000000 23.586205 $18,252.89 82.5289%
1040 0.000000 23.586205 $18,252.89 82.5289%
1041 0.000000 23.586205 $18,252.89 82.5289%
1042 0.000000 23.586205 $17,857.59 78.5759%
1043 0.002 0.000062 23.586267 $17,917.07 79.1707%
1044 0.136 0.004276 23.590544 $17,695.50 76.9550%
1045 0.006 0.000189 23.590732 $17,700.60 77.0060%
1046 0.018 23.590732 $17,879.42 78.7942%
1047 0.000000 23.590732 $17,879.42 78.7942%
1048 0.000000 23.590732 $17,879.42 78.7942%
1049 0.008 0.000248 23.590980 $17,979.39 79.7939%
1050 0.222 0.006836 23.597816 $18,078.76 80.7876%
1051 0.045 0.001396 23.599212 $17,949.56 79.4956%
1052 0.019 0.000591 23.599803 $17,896.67 78.9667%
1053 0.051 0.001632 23.601435 $17,409.60 74.0960%
1054 0.000000 23.601435 $17,409.60 74.0960%
1055 0.000000 23.601435 $17,409.60 74.0960%
1056 0.001 0.000032 23.601467 $17,553.12 75.5312%
1057 0.000000 23.601467 $17,812.50 78.1250%
1058 0.053 0.001638 23.603105 $18,021.68 80.2168%
1059 0.028 0.000868 23.603973 $17,980.80 79.8080%
1060 0.000000 23.603973 $18,088.67 80.8867%
1061 0.000000 23.603973 $18,088.67 80.8867%
1062 0.000000 23.603973 $18,088.67 80.8867%
1063 0.002 0.000062 23.604035 $17,947.80 79.4780%
1064 0.000000 23.604035 $18,283.92 82.8392%
1065 0.038 0.001159 23.605194 $18,261.92 82.6192%
1066 0.013 0.000398 23.605592 $18,204.16 82.0416%
1067 0.000000 23.605592 $18,067.01 80.6701%
1068 0.000000 23.605592 $18,067.01 80.6701%
1069 0.000000 23.605592 $18,067.01 80.6701%
1070 0.098 0.002993 23.608585 $18,248.49 82.4849%
1071 0.035 0.001041 23.609625 $18,747.22 87.4722%
1072 0.164 0.004832 23.614457 $18,923.21 89.2321%
1073 0.110 0.003253 23.617710 $18,859.45 88.5945%
1074 0.002 0.000058 23.617768 $19,200.54 92.0054%
1075 0.000000 23.617768 $19,200.54 92.0054%
</TABLE>
<PAGE> 31
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1076 04-May-97 0.137311 93,349.3482 $12,818 28.18% 812.97
1077 05-May-97 0.141429 93,349.3482 $13,202 32.02% 830.24
1078 06-May-97 0.140708 93,349.3482 $13,135 31.35% 827.76
1079 07-May-97 0.140404 93,349.3482 $13,107 31.07% 815.62
1080 08-May-97 0.140981 93,349.3482 $13,160 31.60% 820.26
1081 09-May-97 0.141664 93,349.3482 $13,224 32.24% 824.78
1082 10-May-97 0.141664 93,349.3482 $13,224 32.24% 824.78
1083 11-May-97 0.141664 93,349.3482 $13,224 32.24% 824.78
1084 12-May-97 0.139173 93,349.3482 $12,992 29.92% 837.66
1085 13-May-97 0.137539 93,349.3482 $12,839 28.39% 833.13
1086 14-May-97 0.138340 93,349.3482 $12,914 29.14% 836.04
1087 15-May-97 0.137769 93,349.3482 $12,861 28.61% 841.88
1088 16-May-97 0.136043 93,349.3482 $12,700 27.00% 829.75
1089 17-May-97 0.136043 93,349.3482 $12,700 27.00% 829.75
1090 18-May-97 0.136043 93,349.3482 $12,700 27.00% 829.75
1091 19-May-97 0.135729 93,349.3482 $12,670 26.70% 833.27
1092 20-May-97 0.137726 93,349.3482 $12,857 28.57% 841.66
1093 21-May-97 0.139143 93,349.3482 $12,989 29.89% 839.35
1094 22-May-97 0.138061 93,349.3482 $12,888 28.88% 835.66
1095 23-May-97 0.141449 93,349.3482 $13,204 32.04% 847.03
1096 24-May-97 0.141449 93,349.3482 $13,204 32.04% 847.03
1097 25-May-97 0.141449 93,349.3482 $13,204 32.04% 847.03
1098 26-May-97 0.141449 93,349.3482 $13,204 32.04% 847.03
1099 27-May-97 0.143652 93,349.3482 $13,410 34.10% 849.71
1100 28-May-97 0.145055 93,349.3482 $13,541 35.41% 847.21
1101 29-May-97 0.144567 93,349.3482 $13,495 34.95% 844.08
1102 30-May-97 0.145801 93,349.3482 $13,610 36.10% 848.28
1103 31-May-97 0.145801 93,349.3482 $13,610 36.10% 7.78% 848.28
1104 01-Jun-97 0.145801 93,349.3482 $13,610 36.10% 848.28
1105 02-Jun-97 0.145979 93,349.3482 $13,627 36.27% 846.36
1106 03-Jun-97 0.144264 93,349.3482 $13,467 34.67% 845.48
1107 04-Jun-97 0.144318 93,349.3482 $13,472 34.72% 840.11
1108 05-Jun-97 0.145726 93,349.3482 $13,603 36.03% 843.43
1109 06-Jun-97 0.147348 93,349.3482 $13,755 37.55% 858.01
1110 07-Jun-97 0.147348 93,349.3482 $13,755 37.55% 858.01
1111 08-Jun-97 0.147348 93,349.3482 $13,755 37.55% 858.01
1112 09-Jun-97 0.148556 93,349.3482 $13,868 38.68% 862.91
1113 10-Jun-97 0.146465 93,349.3482 $13,672 36.72% 865.27
1114 11-Jun-97 0.147974 93,349.3482 $13,813 38.13% 869.57
1115 12-Jun-97 0.148231 93,349.3482 $13,837 38.37% 883.48
1116 13-Jun-97 0.150544 93,349.3482 $14,053 40.53% 893.27
1117 14-Jun-97 0.150544 93,349.3482 $14,053 40.53% 893.27
1118 15-Jun-97 0.150544 93,349.3482 $14,053 40.53% 893.27
1119 16-Jun-97 0.151539 93,349.3482 $14,146 41.46% 893.90
1120 17-Jun-97 0.152709 93,349.3482 $14,255 42.55% 894.42
1121 18-Jun-97 0.152704 93,349.3482 $14,255 42.55% 889.06
1122 19-Jun-97 0.152917 93,349.3482 $14,275 42.75% 897.99
1123 20-Jun-97 0.155216 93,349.3482 $14,489 44.89% 898.70
1124 21-Jun-97 0.155216 93,349.3482 $14,489 44.89% 898.70
1125 22-Jun-97 0.155216 93,349.3482 $14,489 44.89% 898.70
1126 23-Jun-97 0.149574 93,349.3482 $13,963 39.63% 878.62
1127 24-Jun-97 0.151192 93,349.3482 $14,114 41.14% 896.34
1128 25-Jun-97 0.149992 93,349.3482 $14,002 40.02% 888.99
1129 26-Jun-97 0.148998 93,349.3482 $13,909 39.09% 883.68
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1076 0.000000 23.617768 $19,200.54 92.0054%
1077 0.054 0.001536 23.619304 $19,609.69 96.0969%
1078 0.067 0.001912 23.621216 $19,552.70 95.5270%
1079 0.120 0.003475 23.624692 $19,268.77 92.6877%
1080 0.018 0.000518 23.625210 $19,378.81 93.7881%
1081 0.225 0.006445 23.631655 $19,490.92 94.9092%
1082 0.000000 23.631655 $19,490.92 94.9092%
1083 0.000000 23.631655 $19,490.92 94.9092%
1084 0.032 0.000903 23.632558 $19,796.05 97.9605%
1085 0.148 0.004198 23.636756 $19,692.49 96.9249%
1086 0.120 0.003393 23.640149 $19,764.11 97.6411%
1087 0.258 0.007245 23.647393 $19,908.27 99.0827%
1088 0.151 0.004303 23.651697 $19,625.00 96.2500%
1089 0.000000 23.651697 $19,625.00 96.2500%
1090 0.000000 23.651697 $19,625.00 96.2500%
1091 0.015 0.000426 23.652122 $19,708.60 97.0860%
1092 0.065 0.001827 23.653949 $19,908.58 99.0858%
1093 0.090 0.002536 23.656485 $19,856.07 98.5607%
1094 0.022 0.000623 23.657108 $19,769.30 97.6930%
1095 0.014 0.000391 23.657499 $20,038.61 100.3861%
1096 0.000000 23.657499 $20,038.61 100.3861%
1097 0.000000 23.657499 $20,038.61 100.3861%
1098 0.000000 23.657499 $20,038.61 100.3861%
1099 0.008 0.000223 23.657722 $20,102.20 101.0220%
1100 0.146 0.004077 23.661799 $20,046.51 100.4651%
1101 0.127 0.003560 23.665359 $19,975.46 99.7546%
1102 0.023 0.000642 23.666001 $20,075.40 100.7540%
1103 0.000000 23.666001 $20,075.40 100.7540%
1104 0.000000 23.666001 $20,075.40 100.7540%
1105 0.010 0.000280 23.666280 $20,030.19 100.3019%
1106 0.014 0.000392 23.666672 $20,009.70 100.0970%
1107 0.198 0.005578 23.672250 $19,887.29 98.8729%
1108 0.107 0.003003 23.675253 $19,968.42 99.6842%
1109 0.043 0.001187 23.676440 $20,314.62 103.1462%
1110 0.000000 23.676440 $20,314.62 103.1462%
1111 0.000000 23.676440 $20,314.62 103.1462%
1112 0.030 0.000823 23.677263 $20,431.35 104.3135%
1113 0.015 0.000410 23.677673 $20,487.58 104.8758%
1114 0.159 0.004329 23.682003 $20,593.16 105.9316%
1115 0.184 0.004932 23.686935 $20,926.93 109.2693%
1116 0.006 0.000159 23.687094 $21,158.97 111.5897%
1117 0.000000 23.687094 $21,158.97 111.5897%
1118 0.000000 23.687094 $21,158.97 111.5897%
1119 0.032 0.000848 23.687942 $21,174.65 111.7465%
1120 0.000000 23.687942 $21,186.97 111.8697%
1121 0.400 0.010658 23.698599 $21,069.48 110.6948%
1122 0.027 0.000713 23.699312 $21,281.75 112.8175%
1123 0.002 0.000053 23.699365 $21,298.62 112.9862%
1124 0.000000 23.699365 $21,298.62 112.9862%
1125 0.000000 23.699365 $21,298.62 112.9862%
1126 0.015 0.000405 23.699769 $20,823.09 108.2309%
1127 0.000000 23.699769 $21,243.05 112.4305%
1128 0.034 0.000906 23.700676 $21,069.66 110.6966%
1129 0.192 0.005150 23.705825 $20,948.36 109.4836%
</TABLE>
<PAGE> 32
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------- -----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
----------------------------------------------------------------------------------------------------- -----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1130 27-Jun-97 0.149262 93,349.3482 $13,934 39.34% 887.30
1131 28-Jun-97 0.149262 93,349.3482 $13,934 39.34% 887.30
1132 29-Jun-97 0.149262 93,349.3482 $13,934 39.34% 887.30
1133 30-Jun-97 0.150279 93,349.3482 $14,028 40.28% 3.07% 4.74% 885.14
1134 01-Jul-97 0.151415 93,349.3482 $14,134 41.34% 891.03
1135 02-Jul-97 0.151938 93,349.3482 $14,183 41.83% 904.03
1136 03-Jul-97 0.154104 93,349.3482 $14,386 43.86% 916.92
1137 04-Jul-97 0.154104 93,349.3482 $14,386 43.86% 916.92
1138 05-Jul-97 0.154104 93,349.3482 $14,386 43.86% 916.92
1139 06-Jul-97 0.154104 93,349.3482 $14,386 43.86% 916.92
1140 07-Jul-97 0.160845 93,349.3482 $15,015 50.15% 912.20
1141 08-Jul-97 0.161962 93,349.3482 $15,119 51.19% 918.75
1142 09-Jul-97 0.162519 93,349.3482 $15,171 51.71% 907.54
1143 10-Jul-97 0.162864 93,349.3482 $15,203 52.03% 913.78
1144 11-Jul-97 0.165572 93,349.3482 $15,456 54.56% 916.68
1145 12-Jul-97 0.165572 93,349.3482 $15,456 54.56% 916.68
1146 13-Jul-97 0.165572 93,349.3482 $15,456 54.56% 916.68
1147 14-Jul-97 0.169145 93,349.3482 $15,790 57.90% 918.38
1148 15-Jul-97 0.171238 93,349.3482 $15,985 59.85% 925.76
1149 16-Jul-97 0.170453 93,349.3482 $15,912 59.12% 936.59
1150 17-Jul-97 0.168880 93,349.3482 $15,765 57.65% 931.61
1151 18-Jul-97 0.165144 93,349.3482 $15,416 54.16% 915.30
1152 19-Jul-97 0.165144 93,349.3482 $15,416 54.16% 915.30
1153 20-Jul-97 0.165144 93,349.3482 $15,416 54.16% 915.30
1154 21-Jul-97 0.163536 93,349.3482 $15,266 52.66% 912.94
1155 22-Jul-97 0.167450 93,349.3482 $15,631 56.31% 933.98
1156 23-Jul-97 0.166911 93,349.3482 $15,581 55.81% 936.56
1157 24-Jul-97 0.167949 93,349.3482 $15,678 56.78% 940.28
1158 25-Jul-97 0.168525 93,349.3482 $15,732 57.32% 938.79
1159 26-Jul-97 0.168525 93,349.3482 $15,732 57.32% 938.79
1160 27-Jul-97 0.168525 93,349.3482 $15,732 57.32% 938.79
1161 28-Jul-97 0.169986 93,349.3482 $15,868 58.68% 936.45
1162 29-Jul-97 0.171906 93,349.3482 $16,047 60.47% 942.29
1163 30-Jul-97 0.175222 93,349.3482 $16,357 63.57% 952.29
1164 31-Jul-97 0.174050 93,349.3482 $16,247 62.47% 15.82% 954.29
1165 01-Aug-97 0.175000 93,349.3482 $16,336 63.36% 947.14
1166 02-Aug-97 0.175000 93,349.3482 $16,336 63.36% 947.14
1167 03-Aug-97 0.175000 93,349.3482 $16,336 63.36% 947.14
1168 04-Aug-97 0.177035 93,349.3482 $16,526 65.26% 950.30
1169 05-Aug-97 0.178210 93,349.3482 $16,636 66.36% 952.37
1170 06-Aug-97 0.179883 93,349.3482 $16,792 67.92% 960.32
1171 07-Aug-97 0.181734 93,349.3482 $16,965 69.65% 951.19
1172 08-Aug-97 0.177807 93,349.3482 $16,598 65.98% 933.54
1173 09-Aug-97 0.177807 93,349.3482 $16,598 65.98% 933.54
1174 10-Aug-97 0.177807 93,349.3482 $16,598 65.98% 933.54
1175 11-Aug-97 0.176334 93,349.3482 $16,461 64.61% 937.00
1176 12-Aug-97 0.173889 93,349.3482 $16,232 62.32% 926.53
1177 13-Aug-97 0.172736 93,349.3482 $16,125 61.25% 922.02
1178 14-Aug-97 0.173846 93,349.3482 $16,228 62.28% 924.77
1179 15-Aug-97 0.170965 93,349.3482 $15,959 59.59% 900.81
1180 16-Aug-97 0.170965 93,349.3482 $15,959 59.59% 900.81
1181 17-Aug-97 0.170965 93,349.3482 $15,959 59.59% 900.81
1182 18-Aug-97 0.172646 93,349.3482 $16,116 61.16% 912.49
1183 19-Aug-97 0.175577 93,349.3482 $16,390 63.90% 926.01
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1130 0.014 0.000374 23.706199 $21,034.51 110.3451%
1131 0.000000 23.706199 $21,034.51 110.3451%
1132 0.000000 23.706199 $21,034.51 110.3451%
1133 0.000000 23.706199 $20,983.31 109.8331%
1134 0.123 0.003272 23.709472 $21,125.85 111.2585%
1135 0.119 0.003121 23.712593 $21,436.90 114.3690%
1136 0.020 0.000517 23.713110 $21,743.02 117.4302%
1137 0.020 0.000517 23.713627 $21,743.50 117.4350%
1138 0.000000 23.713627 $21,743.50 117.4350%
1139 0.000000 23.713627 $21,743.50 117.4350%
1140 0.006 0.000156 23.713783 $21,631.71 116.3171%
1141 0.199 0.005136 23.718919 $21,791.76 117.9176%
1142 0.047 0.001228 23.720148 $21,526.98 115.2698%
1143 0.028 0.000727 23.720875 $21,675.66 116.7566%
1144 0.128 0.003312 23.724187 $21,747.49 117.4749%
1145 0.000000 23.724187 $21,747.49 117.4749%
1146 0.000000 23.724187 $21,747.49 117.4749%
1147 0.000000 23.724187 $21,787.82 117.8782%
1148 0.001 0.000026 23.724213 $21,962.93 119.6293%
1149 0.063 0.001596 23.725808 $22,221.35 122.2135%
1150 0.021 0.000535 23.726343 $22,103.70 121.0370%
1151 0.010 0.000259 23.726602 $21,716.96 117.1696%
1152 0.000000 23.726602 $21,716.96 117.1696%
1153 0.000000 23.726602 $21,716.96 117.1696%
1154 0.002 0.000052 23.726654 $21,661.01 116.6101%
1155 0.000000 23.726654 $22,160.22 121.6022%
1156 0.023 0.000583 23.727237 $22,221.98 122.2198%
1157 0.007 0.000177 23.727414 $22,310.41 123.1041%
1158 0.000000 23.727414 $22,275.06 122.7506%
1159 0.000000 23.727414 $22,275.06 122.7506%
1160 0.000000 23.727414 $22,275.06 122.7506%
1161 0.002 0.000051 23.727464 $22,219.58 122.1958%
1162 0.103 0.002594 23.730058 $22,360.60 123.6060%
1163 0.206 0.005133 23.735191 $22,602.79 126.0279%
1164 0.131 0.003258 23.738450 $22,653.37 126.5337%
1165 0.036 0.000902 23.739352 $22,484.49 124.8449%
1166 0.000000 23.739352 $22,484.49 124.8449%
1167 0.000000 23.739352 $22,484.49 124.8449%
1168 0.016 0.000400 23.739752 $22,559.89 125.5989%
1169 0.010 0.000249 23.740001 $22,609.26 126.0926%
1170 0.085 0.002101 23.742102 $22,800.02 128.0002%
1171 0.059 0.001473 23.743575 $22,584.65 125.8465%
1172 0.003 0.000076 23.743651 $22,165.65 121.6565%
1173 0.000000 23.743651 $22,165.65 121.6565%
1174 0.000000 23.743651 $22,165.65 121.6565%
1175 0.249 0.006310 23.749961 $22,253.71 122.5371%
1176 0.049 0.001256 23.751217 $22,006.21 120.0621%
1177 0.207 0.005332 23.756549 $21,904.01 119.0401%
1178 0.029 0.000745 23.757294 $21,970.03 119.7003%
1179 0.046 0.001213 23.758507 $21,401.90 114.0190%
1180 0.000000 23.758507 $21,401.90 114.0190%
1181 0.000000 23.758507 $21,401.90 114.0190%
1182 0.112 0.002916 23.761423 $21,682.06 116.8206%
1183 0.017 0.000436 23.761860 $22,003.72 120.0372%
</TABLE>
<PAGE> 33
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------- -----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
----------------------------------------------------------------------------------------------------- -----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1184 20-Aug-97 0.177844 93,349.3482 $16,602 66.02% 939.35
1185 21-Aug-97 0.176605 93,349.3482 $16,486 64.86% 925.05
1186 22-Aug-97 0.175628 93,349.3482 $16,395 63.95% 923.54
1187 23-Aug-97 0.175628 93,349.3482 $16,395 63.95% 923.54
1188 24-Aug-97 0.175628 93,349.3482 $16,395 63.95% 923.54
1189 25-Aug-97 0.175804 93,349.3482 $16,411 64.11% 920.16
1190 26-Aug-97 0.174073 93,349.3482 $16,250 62.50% 913.02
1191 27-Aug-97 0.173096 93,349.3482 $16,158 61.58% 913.70
1192 28-Aug-97 0.172315 93,349.3482 $16,085 60.85% 903.67
1193 29-Aug-97 0.171660 93,349.3482 $16,024 60.24% 899.47
1194 30-Aug-97 0.171660 93,349.3482 $16,024 60.24% 899.47
1195 31-Aug-97 0.171660 93,349.3482 $16,024 60.24% -1.37% 899.47
1196 01-Sep-97 0.171660 93,349.3482 $16,024 60.24% 899.47
1197 02-Sep-97 0.173211 93,349.3482 $16,169 61.69% 927.58
1198 03-Sep-97 0.174179 93,349.3482 $16,259 62.59% 927.86
1199 04-Sep-97 0.174500 93,349.3482 $16,289 62.89% 930.87
1200 05-Sep-97 0.174032 93,349.3482 $16,246 62.46% 929.05
1201 06-Sep-97 0.174032 93,349.3482 $16,246 62.46% 929.05
1202 07-Sep-97 0.174032 93,349.3482 $16,246 62.46% 929.05
1203 08-Sep-97 0.173496 93,349.3482 $16,196 61.96% 931.20
1204 09-Sep-97 0.174459 93,349.3482 $16,286 62.86% 933.62
1205 10-Sep-97 0.172435 93,349.3482 $16,097 60.97% 919.03
1206 11-Sep-97 0.171684 93,349.3482 $16,027 60.27% 912.59
1207 12-Sep-97 0.168740 93,349.3482 $15,752 57.52% 923.91
1208 13-Sep-97 0.168740 93,349.3482 $15,752 57.52% 923.91
1209 14-Sep-97 0.168740 93,349.3482 $15,752 57.52% 923.91
1210 15-Sep-97 0.166397 93,349.3482 $15,533 55.33% 919.77
1211 16-Sep-97 0.165727 93,349.3482 $15,471 54.71% 945.64
1212 17-Sep-97 0.163467 93,349.3482 $15,260 52.60% 943.00
1213 18-Sep-97 0.163935 93,349.3482 $15,303 53.03% 947.29
1214 19-Sep-97 0.164218 93,349.3482 $15,330 53.30% 950.51
1215 20-Sep-97 0.164218 93,349.3482 $15,330 53.30% 950.51
1216 21-Sep-97 0.164218 93,349.3482 $15,330 53.30% 950.51
1217 22-Sep-97 0.166130 93,349.3482 $15,508 55.08% 955.43
1218 23-Sep-97 0.165660 93,349.3482 $15,464 54.64% 951.93
1219 24-Sep-97 0.164790 93,349.3482 $15,383 53.83% 944.48
1220 25-Sep-97 0.163731 93,349.3482 $15,284 52.84% 937.91
1221 26-Sep-97 0.164700 93,349.3482 $15,375 53.75% 945.22
1222 27-Sep-97 0.164700 93,349.3482 $15,375 53.75% 945.22
1223 28-Sep-97 0.164700 93,349.3482 $15,375 53.75% 945.22
1224 29-Sep-97 0.165699 93,349.3482 $15,468 54.68% 953.34
1225 30-Sep-97 0.164732 93,349.3482 $15,378 53.78% -4.04% 9.62% 947.28
1226 01-Oct-97 0.166785 93,349.3482 $15,569 55.69% 955.41
1227 02-Oct-97 0.166222 93,349.3482 $15,517 55.17% 960.46
1228 03-Oct-97 0.166556 93,349.3482 $15,548 55.48% 965.03
1229 04-Oct-97 0.166556 93,349.3482 $15,548 55.48% 965.03
1230 05-Oct-97 0.166556 93,349.3482 $15,548 55.48% 965.03
1231 06-Oct-97 0.169094 93,349.3482 $15,785 57.85% 972.69
1232 07-Oct-97 0.170080 93,349.3482 $15,877 58.77% 983.12
1233 08-Oct-97 0.173345 93,349.3482 $16,182 61.82% 973.84
1234 09-Oct-97 0.172766 93,349.3482 $16,128 61.28% 970.62
1235 10-Oct-97 0.172154 93,349.3482 $16,070 60.70% 966.98
1236 11-Oct-97 0.172154 93,349.3482 $16,070 60.70% 966.98
1237 12-Oct-97 0.172154 93,349.3482 $16,070 60.70% 966.98
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1184 0.140 0.003541 23.765401 $22,324.03 123.2403%
1185 0.018 0.000462 23.765863 $21,984.61 119.8461%
1186 0.008 0.000206 23.766069 $21,948.92 119.4892%
1187 0.000000 23.766069 $21,948.92 119.4892%
1188 0.000000 23.766069 $21,948.92 119.4892%
1189 0.002 0.000052 23.766121 $21,868.63 118.6863%
1190 0.014 0.000364 23.766485 $21,699.28 116.9928%
1191 0.135 0.003512 23.769997 $21,718.65 117.1865%
1192 0.136 0.003577 23.773574 $21,483.47 114.8347%
1193 0.028 0.000740 23.774314 $21,384.28 113.8428%
1194 0.000000 23.774314 $21,384.28 113.8428%
1195 0.000000 23.774314 $21,384.28 113.8428%
1196 0.000000 23.774314 $21,384.28 113.8428%
1197 0.018 0.000461 23.774776 $22,053.01 120.5301%
1198 0.245 0.006278 23.781053 $22,065.49 120.6549%
1199 0.022 0.000562 23.781615 $22,137.59 121.3759%
1200 0.048 0.001229 23.782844 $22,095.45 120.9545%
1201 0.000000 23.782844 $22,095.45 120.9545%
1202 0.000000 23.782844 $22,095.45 120.9545%
1203 0.058 0.001481 23.784325 $22,147.96 121.4796%
1204 0.006 0.000153 23.784478 $22,205.66 122.0566%
1205 0.032 0.000828 23.785306 $21,859.41 118.5941%
1206 0.289 0.007532 23.792839 $21,713.11 117.1311%
1207 0.023 0.000592 23.793431 $21,982.99 119.8299%
1208 0.000000 23.793431 $21,982.99 119.8299%
1209 0.000000 23.793431 $21,982.99 119.8299%
1210 0.188 0.004863 23.798294 $21,888.96 118.8896%
1211 0.000000 23.798294 $22,504.62 125.0462%
1212 0.065 0.001640 23.799935 $22,443.34 124.4334%
1213 0.042 0.001055 23.800990 $22,546.44 125.4644%
1214 0.017 0.000426 23.801416 $22,623.48 126.2348%
1215 0.000000 23.801416 $22,623.48 126.2348%
1216 0.000000 23.801416 $22,623.48 126.2348%
1217 0.019 0.000473 23.801889 $22,741.04 127.4104%
1218 0.002 0.000050 23.801939 $22,657.78 126.5778%
1219 0.022 0.000554 23.802493 $22,480.98 124.8098%
1220 0.005 0.000127 23.802620 $22,324.72 123.2472%
1221 0.301 0.007580 23.810200 $22,505.88 125.0588%
1222 0.000000 23.810200 $22,505.88 125.0588%
1223 0.000000 23.810200 $22,505.88 125.0588%
1224 0.021 0.000524 23.810725 $22,699.72 126.9972%
1225 0.000000 23.810725 $22,555.42 125.5542%
1226 0.084 0.002093 23.812818 $22,751.00 127.5100%
1227 0.045 0.001116 23.813934 $22,872.33 128.7233%
1228 0.018 0.000444 23.814378 $22,981.59 129.8159%
1229 0.000000 23.814378 $22,981.59 129.8159%
1230 0.000000 23.814378 $22,981.59 129.8159%
1231 0.000000 23.814378 $23,164.01 131.6401%
1232 0.050 0.001211 23.815589 $23,413.58 134.1358%
1233 0.265 0.006481 23.822070 $23,198.88 131.9888%
1234 0.028 0.000687 23.822757 $23,122.84 131.2284%
1235 0.052 0.001281 23.824038 $23,037.37 130.3737%
1236 0.000000 23.824038 $23,037.37 130.3737%
1237 0.000000 23.824038 $23,037.37 130.3737%
</TABLE>
<PAGE> 34
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------- -----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
----------------------------------------------------------------------------------------------------- -----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1238 13-Oct-97 0.172116 93,349.3482 $16,067 60.67% 968.10
1239 14-Oct-97 0.170363 93,349.3482 $15,903 59.03% 970.28
1240 15-Oct-97 0.169293 93,349.3482 $15,803 58.03% 965.72
1241 16-Oct-97 0.165108 93,349.3482 $15,413 54.13% 955.25
1242 17-Oct-97 0.162335 93,349.3482 $15,154 51.54% 944.16
1243 18-Oct-97 0.162335 93,349.3482 $15,154 51.54% 944.16
1244 19-Oct-97 0.162335 93,349.3482 $15,154 51.54% 944.16
1245 20-Oct-97 0.165326 93,349.3482 $15,433 54.33% 955.61
1246 21-Oct-97 0.165703 93,349.3482 $15,468 54.68% 972.28
1247 22-Oct-97 0.163408 93,349.3482 $15,254 52.54% 968.49
1248 23-Oct-97 0.158541 93,349.3482 $14,800 48.00% 950.69
1249 24-Oct-97 0.157546 93,349.3482 $14,707 47.07% 941.64
1250 25-Oct-97 0.157546 93,349.3482 $14,707 47.07% 941.64
1251 26-Oct-97 0.157546 93,349.3482 $14,707 47.07% 941.64
1252 27-Oct-97 0.146780 93,349.3482 $13,702 37.02% 876.98
1253 28-Oct-97 0.152195 93,349.3482 $14,207 42.07% 921.85
1254 29-Oct-97 0.152142 93,349.3482 $14,202 42.02% 919.16
1255 30-Oct-97 0.149354 93,349.3482 $13,942 39.42% 903.68
1256 31-Oct-97 0.150377 93,349.3482 $14,038 40.38% -8.71% 914.62
1257 01-Nov-97 0.150377 93,349.3482 $14,038 40.38% 914.62
1258 02-Nov-97 0.150377 93,349.3482 $14,038 40.38% 914.62
1259 03-Nov-97 0.155510 93,349.3482 $14,517 45.17% 938.99
1260 04-Nov-97 0.154468 93,349.3482 $14,419 44.19% 940.76
1261 05-Nov-97 0.154931 93,349.3482 $14,463 44.63% 942.76
1262 06-Nov-97 0.154134 93,349.3482 $14,388 43.88% 938.03
1263 07-Nov-97 0.152089 93,349.3482 $14,197 41.97% 927.51
1264 08-Nov-97 0.152089 93,349.3482 $14,197 41.97% 927.51
1265 09-Nov-97 0.152089 93,349.3482 $14,197 41.97% 927.51
1266 10-Nov-97 0.151746 93,349.3482 $14,165 41.65% 921.13
1267 11-Nov-97 0.150408 93,349.3482 $14,040 40.40% 923.78
1268 12-Nov-97 0.148012 93,349.3482 $13,817 38.17% 905.96
1269 13-Nov-97 0.148660 93,349.3482 $13,877 38.77% 916.66
1270 14-Nov-97 0.148889 93,349.3482 $13,899 38.99% 928.35
1271 15-Nov-97 0.148889 93,349.3482 $13,899 38.99% 928.35
1272 16-Nov-97 0.148889 93,349.3482 $13,899 38.99% 928.35
1273 17-Nov-97 0.149665 93,349.3482 $13,971 39.71% 946.20
1274 18-Nov-97 0.148804 93,349.3482 $13,891 38.91% 938.23
1275 19-Nov-97 0.149070 93,349.3482 $13,916 39.16% 944.59
1276 20-Nov-97 0.149394 93,349.3482 $13,946 39.46% 958.98
1277 21-Nov-97 0.149566 93,349.3482 $13,962 39.62% 963.09
1278 22-Nov-97 0.149566 93,349.3482 $13,962 39.62% 963.09
1279 23-Nov-97 0.149566 93,349.3482 $13,962 39.62% 963.09
1280 24-Nov-97 0.147985 93,349.3482 $13,814 38.14% 946.67
1281 25-Nov-97 0.147592 93,349.3482 $13,778 37.78% 950.82
1282 26-Nov-97 0.147944 93,349.3482 $13,810 38.10% 951.64
1283 27-Nov-97 0.147944 93,349.3482 $13,810 38.10% 951.64
1284 28-Nov-97 0.148015 93,349.3482 $13,817 38.17% 955.40
1285 29-Nov-97 0.148015 93,349.3482 $13,817 38.17% 955.40
1286 30-Nov-97 0.148015 93,349.3482 $13,817 38.17% -1.57% 955.40
1287 01-Dec-97 0.148090 93,349.3482 $13,824 38.24% 974.77
1288 02-Dec-97 0.147096 93,349.3482 $13,731 37.31% 971.68
1289 03-Dec-97 0.146424 93,349.3482 $13,669 36.69% 976.77
1290 04-Dec-97 0.146150 93,349.3482 $13,643 36.43% 973.10
1291 05-Dec-97 0.146217 93,349.3482 $13,649 36.49% 983.79
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1238 0.000000 23.824038 $23,064.05 130.6405%
1239 0.000000 23.824038 $23,115.99 131.1599%
1240 0.018 0.000444 23.824482 $23,007.78 130.0778%
1241 0.023 0.000574 23.825056 $22,758.88 127.5888%
1242 0.000000 23.825056 $22,494.66 124.9466%
1243 0.000000 23.825056 $22,494.66 124.9466%
1244 0.000000 23.825056 $22,494.66 124.9466%
1245 0.010 0.000249 23.825305 $22,767.70 127.6770%
1246 0.002 0.000049 23.825354 $23,164.92 131.6492%
1247 0.061 0.001501 23.826855 $23,076.07 130.7607%
1248 0.013 0.000326 23.827181 $22,652.26 126.5226%
1249 0.000000 23.827181 $22,436.63 124.3663%
1250 0.000000 23.827181 $22,436.63 124.3663%
1251 0.000000 23.827181 $22,436.63 124.3663%
1252 0.000000 23.827181 $20,895.96 108.9596%
1253 0.000000 23.827181 $21,965.09 119.6509%
1254 0.214 0.005547 23.832728 $21,906.09 119.0609%
1255 0.167 0.004404 23.837132 $21,541.14 115.4114%
1256 0.010 0.000261 23.837393 $21,802.16 118.0216%
1257 0.000000 23.837393 $21,802.16 118.0216%
1258 0.000000 23.837393 $21,802.16 118.0216%
1259 0.031 0.000787 23.838180 $22,383.81 123.8381%
1260 0.011 0.000279 23.838459 $22,426.27 124.2627%
1261 0.137 0.003464 23.841923 $22,477.21 124.7721%
1262 0.073 0.001855 23.843778 $22,366.18 123.6618%
1263 0.203 0.005219 23.848997 $22,120.18 121.2018%
1264 0.000000 23.848997 $22,120.18 121.2018%
1265 0.000000 23.848997 $22,120.18 121.2018%
1266 0.083 0.002149 23.851146 $21,970.01 119.7001%
1267 0.000000 23.851146 $22,033.21 120.3321%
1268 0.208 0.005476 23.856622 $21,613.15 116.1315%
1269 0.067 0.001744 23.858365 $21,870.01 118.7001%
1270 0.055 0.001413 23.859779 $22,150.23 121.5023%
1271 0.000000 23.859779 $22,150.23 121.5023%
1272 0.000000 23.859779 $22,150.23 121.5023%
1273 0.031 0.000782 23.860561 $22,576.86 125.7686%
1274 0.108 0.002747 23.863307 $22,389.27 123.8927%
1275 0.144 0.003638 23.866945 $22,544.48 125.4448%
1276 0.009 0.000224 23.867169 $22,888.14 128.8814%
1277 0.013 0.000322 23.867491 $22,986.54 129.8654%
1278 0.000000 23.867491 $22,986.54 129.8654%
1279 0.000000 23.867491 $22,986.54 129.8654%
1280 0.028 0.000706 23.868197 $22,595.31 125.9531%
1281 0.104 0.002611 23.870808 $22,696.84 126.9684%
1282 0.195 0.004891 23.875699 $22,721.07 127.2107%
1283 0.000000 23.875699 $22,721.07 127.2107%
1284 0.025 0.000625 23.876324 $22,811.44 128.1144%
1285 0.000000 23.876324 $22,811.44 128.1144%
1286 0.000000 23.876324 $22,811.44 128.1144%
1287 0.019 0.000465 23.876789 $23,274.38 132.7438%
1288 0.021 0.000516 23.877305 $23,201.10 132.0110%
1289 0.247 0.006038 23.883343 $23,328.53 133.2853%
1290 0.034 0.000834 23.884178 $23,241.69 132.4169%
1291 0.007 0.000170 23.884348 $23,497.18 134.9718%
</TABLE>
<PAGE> 35
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------- -----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
----------------------------------------------------------------------------------------------------- -----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1292 06-Dec-97 0.146217 93,349.3482 $13,649 36.49% 983.79
1293 07-Dec-97 0.146217 93,349.3482 $13,649 36.49% 983.79
1294 08-Dec-97 0.146108 93,349.3482 $13,639 36.39% 982.37
1295 09-Dec-97 0.146031 93,349.3482 $13,632 36.32% 975.78
1296 10-Dec-97 0.145619 93,349.3482 $13,593 35.93% 969.79
1297 11-Dec-97 0.145344 93,349.3482 $13,568 35.68% 954.94
1298 12-Dec-97 0.145488 93,349.3482 $13,581 35.81% 953.39
1299 13-Dec-97 0.145488 93,349.3482 $13,581 35.81% 953.39
1300 14-Dec-97 0.145488 93,349.3482 $13,581 35.81% 953.39
1301 15-Dec-97 0.145340 93,349.3482 $13,567 35.67% 963.39
1302 16-Dec-97 0.145431 93,349.3482 $13,576 35.76% 968.04
1303 17-Dec-97 0.145692 93,349.3482 $13,600 36.00% 965.54
1304 18-Dec-97 0.147119 93,349.3482 $13,733 37.33% 955.30
1305 19-Dec-97 0.147646 93,349.3482 $13,783 37.83% 946.78
1306 20-Dec-97 0.147646 93,349.3482 $13,783 37.83% 946.78
1307 21-Dec-97 0.147646 93,349.3482 $13,783 37.83% 946.78
1308 22-Dec-97 0.141902 93,349.3482 $13,246 32.46% 953.70
1309 23-Dec-97 0.142452 93,349.3482 $13,298 32.98% 939.12
1310 24-Dec-97 0.141902 97,033.2991 $13,769 37.69% 932.70
1311 25-Dec-97 0.142212 97,033.2991 $13,799 37.99% 932.70
1312 26-Dec-97 0.142222 97,033.2991 $13,800 38.00% 936.46
1313 27-Dec-97 0.142222 97,033.2991 $13,800 38.00% 936.46
1314 28-Dec-97 0.142222 97,033.2991 $13,800 38.00% 936.46
1315 29-Dec-97 0.143309 97,033.2991 $13,906 39.06% 953.36
1316 30-Dec-97 0.143057 97,033.2991 $13,881 38.81% 970.84
1317 31-Dec-97 0.143272 97,033.2991 $13,902 39.02% 0.62% -9.59% -2.71% 970.43
1318 01-Jan-98 0.143272 97,033.2991 $13,902 39.02% 970.43
1319 02-Jan-98 0.143290 97,033.2991 $13,904 39.04% 975.04
1320 03-Jan-98 0.143290 97,033.2991 $13,904 39.04% 975.04
1321 04-Jan-98 0.143290 97,033.2991 $13,904 39.04% 975.04
1322 05-Jan-98 0.142715 97,033.2991 $13,848 38.48% 977.07
1323 06-Jan-98 0.142612 97,033.2991 $13,838 38.38% 966.58
1324 07-Jan-98 0.142478 97,033.2991 $13,825 38.25% 964.00
1325 08-Jan-98 0.141242 97,033.2991 $13,705 37.05% 956.04
1326 09-Jan-98 0.141046 97,033.2991 $13,686 36.86% 927.69
1327 10-Jan-98 0.141046 97,033.2991 $13,686 36.86% 927.69
1328 11-Jan-98 0.141046 97,033.2991 $13,686 36.86% 927.69
1329 12-Jan-98 0.140528 97,033.2991 $13,636 36.36% 939.21
1330 13-Jan-98 0.141262 97,033.2991 $13,707 37.07% 952.12
1331 14-Jan-98 0.142144 97,033.2991 $13,793 37.93% 957.94
1332 15-Jan-98 0.141854 97,033.2991 $13,765 37.65% 950.73
1333 16-Jan-98 0.141440 97,033.2991 $13,724 37.24% 961.51
1334 17-Jan-98 0.141440 97,033.2991 $13,724 37.24% 961.51
1335 18-Jan-98 0.141440 97,033.2991 $13,724 37.24% 961.51
1336 19-Jan-98 0.141440 97,033.2991 $13,724 37.24% 961.51
1337 20-Jan-98 0.141034 97,033.2991 $13,685 36.85% 978.60
1338 21-Jan-98 0.143080 97,033.2991 $13,884 38.84% 970.81
1339 22-Jan-98 0.142358 97,033.2991 $13,813 38.13% 963.04
1340 23-Jan-98 0.142190 97,033.2991 $13,797 37.97% 957.59
1341 24-Jan-98 0.142190 97,033.2991 $13,797 37.97% 957.59
1342 25-Jan-98 0.142190 97,033.2991 $13,797 37.97% 957.59
1343 26-Jan-98 0.140994 97,033.2991 $13,681 36.81% 956.95
1344 27-Jan-98 0.141900 97,033.2991 $13,769 37.69% 969.02
1345 28-Jan-98 0.143838 97,033.2991 $13,957 39.57% 977.46
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1292 0.000000 23.884348 $23,497.18 134.9718%
1293 0.000000 23.884348 $23,497.18 134.9718%
1294 0.068 0.001653 23.886001 $23,464.89 134.6489%
1295 0.001 0.000024 23.886026 $23,307.51 133.0751%
1296 0.064 0.001576 23.887602 $23,165.96 131.6596%
1297 0.257 0.006429 23.894031 $22,817.37 128.1737%
1298 0.007 0.000175 23.894206 $22,780.50 127.8050%
1299 0.000000 23.894206 $22,780.50 127.8050%
1300 0.000000 23.894206 $22,780.50 127.8050%
1301 0.015 0.000372 23.894578 $23,019.80 130.1980%
1302 0.000000 23.894578 $23,130.91 131.3091%
1303 0.066 0.001633 23.896212 $23,072.75 130.7275%
1304 0.050 0.001251 23.897462 $22,829.25 128.2925%
1305 0.007 0.000177 23.897639 $22,625.81 126.2581%
1306 0.000000 23.897639 $22,625.81 126.2581%
1307 0.000000 23.897639 $22,625.81 126.2581%
1308 0.019 0.000476 23.898115 $22,791.63 127.9163%
1309 0.017 0.000433 23.898548 $22,443.60 124.4360%
1310 0.027 0.000692 23.899239 $22,290.82 122.9082%
1311 0.000000 23.899239 $22,290.82 122.9082%
1312 0.006 0.000153 23.899393 $22,380.83 123.8083%
1313 0.000000 23.899393 $22,380.83 123.8083%
1314 0.000000 23.899393 $22,380.83 123.8083%
1315 0.322 0.008072 23.907465 $22,792.42 127.9242%
1316 0.087 0.002142 23.909607 $23,212.40 132.1240%
1317 0.025 0.000616 23.910223 $23,203.20 132.0320%
1318 0.000000 23.910223 $23,203.20 132.0320%
1319 0.036 0.000883 23.911106 $23,314.28 133.1428%
1320 0.000000 23.911106 $23,314.28 133.1428%
1321 0.000000 23.911106 $23,314.28 133.1428%
1322 0.018 0.000441 23.911546 $23,363.25 133.6325%
1323 0.047 0.001163 23.912709 $23,113.55 131.1355%
1324 0.230 0.005705 23.918414 $23,057.35 130.5735%
1325 0.045 0.001126 23.919540 $22,868.04 128.6804%
1326 0.000000 23.919540 $22,189.92 121.8992%
1327 0.000000 23.919540 $22,189.92 121.8992%
1328 0.000000 23.919540 $22,189.92 121.8992%
1329 0.000000 23.919540 $22,465.47 124.6547%
1330 0.045 0.001131 23.920671 $22,775.35 127.7535%
1331 0.030 0.000749 23.921420 $22,915.28 129.1528%
1332 0.035 0.000881 23.922300 $22,743.65 127.4365%
1333 0.000000 23.922300 $23,001.53 130.0153%
1334 0.000000 23.922300 $23,001.53 130.0153%
1335 0.000000 23.922300 $23,001.53 130.0153%
1336 0.000000 23.922300 $23,001.53 130.0153%
1337 0.010 0.000244 23.922545 $23,410.60 134.1060%
1338 0.061 0.001503 23.924048 $23,225.71 132.2571%
1339 0.004 0.000099 23.924147 $23,039.91 130.3991%
1340 0.010 0.000250 23.924397 $22,909.76 129.0976%
1341 0.000000 23.924397 $22,909.76 129.0976%
1342 0.000000 23.924397 $22,909.76 129.0976%
1343 0.000000 23.924397 $22,894.45 128.9445%
1344 0.000000 23.924397 $23,183.22 131.8322%
1345 0.224 0.005483 23.929880 $23,390.50 133.9050%
</TABLE>
<PAGE> 36
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------- -----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
----------------------------------------------------------------------------------------------------- -----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1346 29-Jan-98 0.143601 97,033.2991 $13,934 39.34% 985.49
1347 30-Jan-98 0.143724 97,033.2991 $13,946 39.46% 980.28
1348 31-Jan-98 0.143724 97,033.2991 $13,946 39.46% 0.32% 980.28
1349 01-Feb-98 0.143724 97,033.2991 $13,946 39.46% 980.28
1350 02-Feb-98 0.144706 97,033.2991 $14,041 40.41% 1001.27
1351 03-Feb-98 0.145318 97,033.2991 $14,101 41.01% 1005.99
1352 04-Feb-98 0.144832 97,033.2991 $14,054 40.54% 1006.90
1353 05-Feb-98 0.144250 97,033.2991 $13,997 39.97% 1003.54
1354 06-Feb-98 0.144815 97,033.2991 $14,052 40.52% 1012.46
1355 07-Feb-98 0.144815 97,033.2991 $14,052 40.52% 1012.46
1356 08-Feb-98 0.144815 97,033.2991 $14,052 40.52% 1012.46
1357 09-Feb-98 0.145017 97,033.2991 $14,071 40.71% 1010.74
1358 10-Feb-98 0.145452 97,033.2991 $14,114 41.14% 1019.01
1359 11-Feb-98 0.145608 97,033.2991 $14,129 41.29% 1020.01
1360 12-Feb-98 0.145345 97,033.2991 $14,103 41.03% 1024.14
1361 13-Feb-98 0.145422 97,033.2991 $14,111 41.11% 1020.09
1362 14-Feb-98 0.145422 97,033.2991 $14,111 41.11% 1020.09
1363 15-Feb-98 0.145422 97,033.2991 $14,111 41.11% 1020.09
1364 16-Feb-98 0.145422 97,033.2991 $14,111 41.11% 1020.09
1365 17-Feb-98 0.144684 97,033.2991 $14,039 40.39% 1022.76
1366 18-Feb-98 0.145164 97,033.2991 $14,086 40.86% 1032.06
1367 19-Feb-98 0.144779 97,033.2991 $14,048 40.48% 1028.28
1368 20-Feb-98 0.145364 97,033.2991 $14,105 41.05% 1034.21
1369 21-Feb-98 0.145364 97,033.2991 $14,105 41.05% 1034.21
1370 22-Feb-98 0.145364 97,033.2991 $14,105 41.05% 1034.21
1371 23-Feb-98 0.145470 97,033.2991 $14,115 41.15% 1038.14
1372 24-Feb-98 0.144664 97,033.2991 $14,037 40.37% 1030.56
1373 25-Feb-98 0.145133 97,033.2991 $14,083 40.83% 1042.90
1374 26-Feb-98 0.146049 97,033.2991 $14,172 41.72% 1048.67
1375 27-Feb-98 0.146011 97,033.2991 $14,168 41.68% 1049.34
1376 28-Feb-98 0.146011 97,033.2991 $14,168 41.68% 1.59% 1049.34
1377 01-Mar-98 0.146011 97,033.2991 $14,168 41.68% 1049.34
1378 02-Mar-98 0.144825 97,033.2991 $14,053 40.53% 1047.70
1379 03-Mar-98 0.144318 97,033.2991 $14,004 40.04% 1052.02
1380 04-Mar-98 0.143318 97,033.2991 $13,907 39.07% 1047.33
1381 05-Mar-98 0.142676 97,033.2991 $13,844 38.44% 1035.04
1382 06-Mar-98 0.143228 97,033.2991 $13,898 38.98% 1055.69
1383 07-Mar-98 0.143228 97,033.2991 $13,898 38.98% 1055.69
1384 08-Mar-98 0.143228 97,033.2991 $13,898 38.98% 1055.69
1385 09-Mar-98 0.142472 97,033.2991 $13,825 38.25% 1052.31
1386 10-Mar-98 0.142107 97,033.2991 $13,789 37.89% 1064.25
1387 11-Mar-98 0.144988 97,033.2991 $14,069 40.69% 1068.47
1388 12-Mar-98 0.146169 97,033.2991 $14,183 41.83% 1069.92
1389 13-Mar-98 0.147014 97,033.2991 $14,265 42.65% 1068.59
1390 14-Mar-98 0.147014 97,033.2991 $14,265 42.65% 1068.59
1391 15-Mar-98 0.147014 97,033.2991 $14,265 42.65% 1068.59
1392 16-Mar-98 0.147143 97,033.2991 $14,278 42.78% 1079.27
1393 17-Mar-98 0.147385 97,033.2991 $14,301 43.01% 1080.45
1394 18-Mar-98 0.148121 97,033.2991 $14,373 43.73% 1085.52
1395 19-Mar-98 0.148390 97,033.2991 $14,399 43.99% 1089.74
1396 20-Mar-98 0.148831 97,033.2991 $14,442 44.42% 1099.16
1397 21-Mar-98 0.148831 97,033.2991 $14,442 44.42% 1099.16
1398 22-Mar-98 0.148831 97,033.2991 $14,442 44.42% 1099.16
1399 23-Mar-98 0.149129 97,033.2991 $14,470 44.70% 1095.55
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1346 0.074 0.001797 23.931677 $23,584.43 135.8443%
1347 0.004 0.000098 23.931774 $23,459.84 134.5984%
1348 0.000000 23.931774 $23,459.84 134.5984%
1349 0.000000 23.931774 $23,459.84 134.5984%
1350 0.007 0.000167 23.931942 $23,962.34 139.6234%
1351 0.052 0.001237 23.933179 $24,076.54 140.7654%
1352 0.134 0.003185 23.936364 $24,101.52 141.0152%
1353 0.120 0.002862 23.939226 $24,023.97 140.2397%
1354 0.182 0.004303 23.943529 $24,241.87 142.4187%
1355 0.000000 23.943529 $24,241.87 142.4187%
1356 0.000000 23.943529 $24,241.87 142.4187%
1357 0.071 0.001682 23.945211 $24,202.38 142.0238%
1358 0.013 0.000305 23.945517 $24,400.72 144.0072%
1359 0.221 0.005188 23.950705 $24,429.96 144.2996%
1360 0.095 0.002222 23.952927 $24,531.15 145.3115%
1361 0.030 0.000704 23.953631 $24,434.86 144.3486%
1362 0.000000 23.953631 $24,434.86 144.3486%
1363 0.000000 23.953631 $24,434.86 144.3486%
1364 0.000000 23.953631 $24,434.86 144.3486%
1365 0.051 0.001194 23.954826 $24,500.04 145.0004%
1366 0.246 0.005710 23.960535 $24,728.71 147.2871%
1367 0.031 0.000722 23.961258 $24,638.88 146.3888%
1368 0.012 0.000278 23.961536 $24,781.26 147.8126%
1369 0.000000 23.961536 $24,781.26 147.8126%
1370 0.000000 23.961536 $24,781.26 147.8126%
1371 0.023 0.000531 23.962067 $24,875.98 148.7598%
1372 0.002 0.000047 23.962113 $24,694.40 146.9440%
1373 0.142 0.003263 23.965376 $24,993.49 149.9349%
1374 0.130 0.002971 23.968347 $25,134.89 151.3489%
1375 0.039 0.000891 23.969238 $25,151.88 151.5188%
1376 0.000000 23.969238 $25,151.88 151.5188%
1377 0.000000 23.969238 $25,151.88 151.5188%
1378 0.023 0.000526 23.969764 $25,113.12 151.1312%
1379 0.007 0.000159 23.969923 $25,216.84 152.1684%
1380 0.234 0.005355 23.975279 $25,110.03 151.1003%
1381 0.144 0.003336 23.978614 $24,818.82 148.1882%
1382 0.095 0.002158 23.980772 $25,316.26 153.1626%
1383 0.000000 23.980772 $25,316.26 153.1626%
1384 0.000000 23.980772 $25,316.26 153.1626%
1385 0.011 0.000251 23.981023 $25,235.47 152.3547%
1386 0.015 0.000338 23.981361 $25,522.16 155.2216%
1387 0.198 0.004444 23.985805 $25,628.11 156.2811%
1388 0.169 0.003789 23.989593 $25,666.95 156.6695%
1389 0.016 0.000359 23.989953 $25,635.42 156.3542%
1390 0.000000 23.989953 $25,635.42 156.3542%
1391 0.000000 23.989953 $25,635.42 156.3542%
1392 0.015 0.000333 23.990286 $25,892.00 158.9200%
1393 0.000000 23.990286 $25,920.30 159.2030%
1394 0.051 0.001127 23.991413 $26,043.16 160.4316%
1395 0.038 0.000837 23.992250 $26,145.31 161.4531%
1396 0.008 0.000175 23.992424 $26,371.51 163.7151%
1397 0.000000 23.992424 $26,371.51 163.7151%
1398 0.000000 23.992424 $26,371.51 163.7151%
1399 0.019 0.000416 23.992840 $26,285.36 162.8536%
</TABLE>
<PAGE> 37
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------- -----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
----------------------------------------------------------------------------------------------------- -----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1400 24-Mar-98 0.149286 97,033.2991 $14,486 44.86% 1105.65
1401 25-Mar-98 0.149122 97,033.2991 $14,470 44.70% 1101.92
1402 26-Mar-98 0.149141 97,033.2991 $14,472 44.72% 1100.80
1403 27-Mar-98 0.148486 97,033.2991 $14,408 44.08% 1095.44
1404 28-Mar-98 0.148486 97,033.2991 $14,408 44.08% 1095.44
1405 29-Mar-98 0.148486 97,033.2991 $14,408 44.08% 1095.44
1406 30-Mar-98 0.148129 97,033.2991 $14,373 43.73% 1093.55
1407 31-Mar-98 0.148814 97,033.2991 $14,440 44.40% 1.92% 3.87% 1101.75
1408 01-Apr-98 0.150906 97,033.2991 $14,643 46.43% 1108.15
1409 02-Apr-98 0.153244 97,033.2991 $14,870 48.70% 1120.01
1410 03-Apr-98 0.154560 97,033.2991 $14,997 49.97% 1122.70
1411 04-Apr-98 0.154560 97,033.2991 $14,997 49.97% 1122.70
1412 05-Apr-98 0.154560 97,033.2991 $14,997 49.97% 1122.70
1413 06-Apr-98 0.154359 97,033.2991 $14,978 49.78% 1121.39
1414 07-Apr-98 0.151908 97,033.2991 $14,740 47.40% 1109.55
1415 08-Apr-98 0.152264 97,033.2991 $14,775 47.75% 1101.65
1416 09-Apr-98 0.152327 97,033.2991 $14,781 47.81% 1110.67
1417 10-Apr-98 0.152327 97,033.2991 $14,781 47.81% 1110.67
1418 11-Apr-98 0.152327 97,033.2991 $14,781 47.81% 1110.67
1419 12-Apr-98 0.152327 97,033.2991 $14,781 47.81% 1110.67
1420 13-Apr-98 0.151933 97,033.2991 $14,743 47.43% 1109.69
1421 14-Apr-98 0.152067 97,033.2991 $14,756 47.56% 1115.75
1422 15-Apr-98 0.153397 97,033.2991 $14,885 48.85% 1119.32
1423 16-Apr-98 0.151305 97,033.2991 $14,682 46.82% 1108.17
1424 17-Apr-98 0.151530 97,033.2991 $14,703 47.03% 1122.72
1425 18-Apr-98 0.151530 97,033.2991 $14,703 47.03% 1122.72
1426 19-Apr-98 0.151530 97,033.2991 $14,703 47.03% 1122.72
1427 20-Apr-98 0.152690 97,033.2991 $14,816 48.16% 1123.65
1428 21-Apr-98 0.153092 97,033.2991 $14,855 48.55% 1126.67
1429 22-Apr-98 0.153676 97,033.2991 $14,912 49.12% 1130.54
1430 23-Apr-98 0.153088 97,033.2991 $14,855 48.55% 1119.58
1431 24-Apr-98 0.154583 97,033.2991 $15,000 50.00% 1107.90
1432 25-Apr-98 0.154583 97,033.2991 $15,000 50.00% 1107.90
1433 26-Apr-98 0.154583 97,033.2991 $15,000 50.00% 1107.90
1434 27-Apr-98 0.152592 97,033.2991 $14,807 48.07% 1086.54
1435 28-Apr-98 0.153617 97,033.2991 $14,906 49.06% 1085.11
1436 29-Apr-98 0.155170 97,033.2991 $15,057 50.57% 1094.63
1437 30-Apr-98 0.155763 97,033.2991 $15,114 51.14% 4.67% 1111.75
1438 01-May-98 0.156392 97,033.2991 $15,175 51.75% 1121.00
1439 02-May-98 0.156392 97,033.2991 $15,175 51.75% 1121.00
1440 03-May-98 0.156392 97,033.2991 $15,175 51.75% 1121.00
1441 04-May-98 0.157643 97,033.2991 $15,297 52.97% 1122.07
1442 05-May-98 0.158091 97,033.2991 $15,340 53.40% 1115.50
1443 06-May-98 0.157478 97,033.2991 $15,281 52.81% 1104.92
1444 07-May-98 0.158367 97,033.2991 $15,367 53.67% 1095.14
1445 08-May-98 0.159933 97,033.2991 $15,519 55.19% 1108.14
1446 09-May-98 0.159933 97,033.2991 $15,519 55.19% 1108.14
1447 10-May-98 0.159933 97,033.2991 $15,519 55.19% 1108.14
1448 11-May-98 0.159364 97,033.2991 $15,464 54.64% 1106.64
1449 12-May-98 0.159437 97,033.2991 $15,471 54.71% 1115.79
1450 13-May-98 0.163071 97,033.2991 $15,823 58.23% 1118.86
1451 14-May-98 0.162789 97,033.2991 $15,796 57.96% 1117.37
1452 15-May-98 0.160580 97,033.2991 $15,582 55.82% 1108.73
1453 16-May-98 0.160580 97,033.2991 $15,582 55.82% 1108.73
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------
STANDARD & POOR'S 500
-----------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1400 0.005 0.000109 23.992949 $26,527.80 165.2780%
1401 0.018 0.000392 23.993341 $26,438.74 164.3874%
1402 0.002 0.000044 23.993385 $26,411.92 164.1192%
1403 0.192 0.004205 23.997590 $26,287.92 162.8792%
1404 0.000000 23.997590 $26,287.92 162.8792%
1405 0.000000 23.997590 $26,287.92 162.8792%
1406 0.013 0.000285 23.997875 $26,242.88 162.4288%
1407 0.009 0.000196 23.998071 $26,439.87 164.3987%
1408 0.075 0.001624 23.999695 $26,595.26 165.9526%
1409 0.044 0.000943 24.000638 $26,880.95 168.8095%
1410 0.017 0.000363 24.001002 $26,945.92 169.4592%
1411 0.000000 24.001002 $26,945.92 169.4592%
1412 0.000000 24.001002 $26,945.92 169.4592%
1413 0.009 0.000193 24.001194 $26,914.70 169.1470%
1414 0.332 0.007182 24.008376 $26,638.49 166.3849%
1415 0.027 0.000588 24.008964 $26,449.48 164.4948%
1416 0.016 0.000346 24.009310 $26,666.42 166.6642%
1417 0.000000 24.009310 $26,666.42 166.6642%
1418 0.000000 24.009310 $26,666.42 166.6642%
1419 0.000000 24.009310 $26,666.42 166.6642%
1420 0.062 0.001341 24.010652 $26,644.38 166.4438%
1421 0.001 0.000022 24.010673 $26,789.91 167.8991%
1422 0.008 0.000172 24.010845 $26,875.82 168.7582%
1423 0.021 0.000455 24.011300 $26,608.60 166.0860%
1424 0.010 0.000214 24.011514 $26,958.21 169.5821%
1425 0.000000 24.011514 $26,958.21 169.5821%
1426 0.000000 24.011514 $26,958.21 169.5821%
1427 0.000000 24.011514 $26,980.54 169.8054%
1428 0.003 0.000064 24.011578 $27,053.12 170.5312%
1429 0.072 0.001529 24.013107 $27,147.78 171.4778%
1430 0.014 0.000300 24.013407 $26,884.93 168.8493%
1431 0.001 0.000022 24.013429 $26,604.48 166.0448%
1432 0.000000 24.013429 $26,604.48 166.0448%
1433 0.000000 24.013429 $26,604.48 166.0448%
1434 0.000000 24.013429 $26,091.55 160.9155%
1435 0.114 0.002523 24.015952 $26,059.95 160.5995%
1436 0.176 0.003861 24.019813 $26,292.81 162.9281%
1437 0.077 0.001664 24.021477 $26,705.88 167.0588%
1438 0.007 0.000150 24.021627 $26,928.24 169.2824%
1439 0.000000 24.021627 $26,928.24 169.2824%
1440 0.000000 24.021627 $26,928.24 169.2824%
1441 0.000000 24.021627 $26,953.95 169.5395%
1442 0.022 0.000474 24.022100 $26,796.65 167.9665%
1443 0.265 0.005761 24.027862 $26,548.86 165.4886%
1444 0.029 0.000636 24.028498 $26,314.57 163.1457%
1445 0.006 0.000130 24.028628 $26,627.08 166.2708%
1446 0.000000 24.028628 $26,627.08 166.2708%
1447 0.000000 24.028628 $26,627.08 166.2708%
1448 0.554 0.012029 24.040657 $26,604.35 166.0435%
1449 0.049 0.001056 24.041713 $26,825.50 168.2550%
1450 0.213 0.004577 24.046290 $26,904.43 169.0443%
1451 0.024 0.000516 24.046806 $26,869.18 168.6918%
1452 0.046 0.000998 24.047804 $26,662.52 166.6252%
1453 0.000000 24.047804 $26,662.52 166.6252%
</TABLE>
<PAGE> 38
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1454 17-May-98 0.160580 97,033.2991 $15,582 55.82% 1108.73
1455 18-May-98 0.159606 97,033.2991 $15,487 54.87% 1105.82
1456 19-May-98 0.160468 97,033.2991 $15,571 55.71% 1110.16
1457 20-May-98 0.161794 97,033.2991 $15,699 56.99% 1119.06
1458 21-May-98 0.163039 97,033.2991 $15,820 58.20% 1114.64
1459 22-May-98 0.163200 97,033.2991 $15,836 58.36% 1110.47
1460 23-May-98 0.163200 97,033.2991 $15,836 58.36% 1110.47
1461 24-May-98 0.163200 97,033.2991 $15,836 58.36% 1110.47
1462 25-May-98 0.163200 97,033.2991 $15,836 58.36% 1110.47
1463 26-May-98 0.157706 97,033.2991 $15,303 53.03% 1094.02
1464 27-May-98 0.153940 97,033.2991 $14,937 49.37% 1092.23
1465 28-May-98 0.156648 97,033.2991 $15,200 52.00% 1097.60
1466 29-May-98 0.158674 97,033.2991 $15,397 53.97% 1090.82
1467 30-May-98 0.158674 97,033.2991 $15,397 53.97% 1090.82
1468 31-May-98 0.158674 97,033.2991 $15,397 53.97% 1.87% 1090.82
1469 01-Jun-98 0.153806 97,033.2991 $14,924 49.24% 1090.98
1470 02-Jun-98 0.152473 97,033.2991 $14,795 47.95% 1093.22
1471 03-Jun-98 0.154031 97,033.2991 $14,946 49.46% 1082.73
1472 04-Jun-98 0.154425 97,033.2991 $14,984 49.84% 1094.83
1473 05-Jun-98 0.155506 97,033.2991 $15,089 50.89% 1113.86
1474 06-Jun-98 0.155506 97,033.2991 $15,089 50.89% 1113.86
1475 07-Jun-98 0.155506 97,033.2991 $15,089 50.89% 1113.86
1476 08-Jun-98 0.156417 97,033.2991 $15,178 51.78% 1115.72
1477 09-Jun-98 0.156588 97,033.2991 $15,194 51.94% 1118.41
1478 10-Jun-98 0.152456 97,033.2991 $14,793 47.93% 1112.28
1479 11-Jun-98 0.148841 97,033.2991 $14,443 44.43% 1094.58
1480 12-Jun-98 0.147328 97,033.2991 $14,296 42.96% 1098.84
1481 13-Jun-98 0.147328 97,033.2991 $14,296 42.96% 1098.84
1482 14-Jun-98 0.147328 97,033.2991 $14,296 42.96% 1098.84
1483 15-Jun-98 0.144011 97,033.2991 $13,974 39.74% 1077.01
1484 16-Jun-98 0.146769 97,033.2991 $14,241 42.41% 1087.59
1485 17-Jun-98 0.149020 97,033.2991 $14,460 44.60% 1107.11
1486 18-Jun-98 0.147612 97,033.2991 $14,323 43.23% 1106.37
1487 19-Jun-98 0.146820 97,033.2991 $14,246 42.46% 1100.65
1488 20-Jun-98 0.146820 97,033.2991 $14,246 42.46% 1100.65
1489 21-Jun-98 0.146820 97,033.2991 $14,246 42.46% 1100.65
1490 22-Jun-98 0.147727 97,033.2991 $14,334 43.34% 1103.24
1491 23-Jun-98 0.147663 97,033.2991 $14,328 43.28% 1119.49
1492 24-Jun-98 0.148750 97,033.2991 $14,434 44.34% 1132.88
1493 25-Jun-98 0.146978 97,033.2991 $14,262 42.62% 1129.28
1494 26-Jun-98 0.147270 97,033.2991 $14,290 42.90% 1133.20
1495 27-Jun-98 0.147270 97,033.2991 $14,290 42.90% 1133.20
1496 28-Jun-98 0.147270 97,033.2991 $14,290 42.90% 1133.20
1497 29-Jun-98 0.148135 97,033.2991 $14,374 43.74% 1138.49
1498 30-Jun-98 0.150201 97,033.2991 $14,574 45.74% -5.34% 0.93% 1133.84
1499 01-Jul-98 0.150653 97,033.2991 $14,618 46.18% 1148.56
1500 02-Jul-98 0.148118 97,033.2991 $14,372 43.72% 1146.42
1501 03-Jul-98 0.148118 97,033.2991 $14,372 43.72% 1146.42
1502 04-Jul-98 0.148118 97,033.2991 $14,372 43.72% 1146.42
1503 05-Jul-98 0.148118 97,033.2991 $14,372 43.72% 1146.42
1504 06-Jul-98 0.148542 97,033.2991 $14,414 44.14% 1157.31
1505 07-Jul-98 0.151036 97,033.2991 $14,656 46.56% 1154.66
1506 08-Jul-98 0.150488 97,033.2991 $14,602 46.02% 1166.37
1507 09-Jul-98 0.148797 97,033.2991 $14,438 44.38% 1158.56
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1454 0.000000 24.047804 $26,662.52 166.6252%
1455 0.126 0.002740 24.050544 $26,595.57 165.9557%
1456 0.007 0.000152 24.050696 $26,700.12 167.0012%
1457 0.148 0.003181 24.053876 $26,917.73 169.1773%
1458 0.001 0.000022 24.053898 $26,811.44 168.1144%
1459 0.007 0.000152 24.054050 $26,711.30 167.1130%
1460 0.007 0.000152 24.054201 $26,711.47 167.1147%
1461 0.007 0.000152 24.054353 $26,711.64 167.1164%
1462 0.007 0.000152 24.054505 $26,711.81 167.1181%
1463 0.012 0.000264 24.054768 $26,316.40 163.1640%
1464 0.146 0.003215 24.057984 $26,276.85 162.7685%
1465 0.155 0.003397 24.061381 $26,409.77 164.0977%
1466 0.030 0.000662 24.062043 $26,247.36 162.4736%
1467 0.030 0.000662 24.062705 $26,248.08 162.4808%
1468 0.030 0.000662 24.063367 $26,248.80 162.4880%
1469 0.037 0.000816 24.064183 $26,253.54 162.5354%
1470 0.006 0.000132 24.064315 $26,307.59 163.0759%
1471 0.243 0.005401 24.069716 $26,061.00 160.6100%
1472 0.006 0.000132 24.069847 $26,352.39 163.5239%
1473 0.039 0.000843 24.070690 $26,811.38 168.1138%
1474 0.039 0.000843 24.071533 $26,812.32 168.1232%
1475 0.039 0.000843 24.072376 $26,813.26 168.1326%
1476 0.060 0.001295 24.073670 $26,859.48 168.5948%
1477 0.024 0.000517 24.074187 $26,924.81 169.2481%
1478 0.062 0.001342 24.075529 $26,778.73 167.7873%
1479 0.293 0.006445 24.081973 $26,359.65 163.5965%
1480 0.017 0.000373 24.082346 $26,462.65 164.6265%
1481 0.017 0.000373 24.082719 $26,463.05 164.6305%
1482 0.017 0.000373 24.083091 $26,463.46 164.6346%
1483 0.007 0.000157 24.083248 $25,937.90 159.3790%
1484 0.004 0.000089 24.083336 $26,192.80 161.9280%
1485 0.042 0.000914 24.084250 $26,663.91 166.6391%
1486 0.048 0.001045 24.085295 $26,647.25 166.4725%
1487 0.008 0.000175 24.085470 $26,509.67 165.0967%
1488 0.008 0.000175 24.085645 $26,509.87 165.0987%
1489 0.008 0.000175 24.085820 $26,510.06 165.1006%
1490 0.021 0.000458 24.086279 $26,572.95 165.7295%
1491 0.001 0.000022 24.086300 $26,964.37 169.6437%
1492 0.041 0.000872 24.087172 $27,287.88 172.8788%
1493 0.000000 24.087172 $27,201.16 172.0116%
1494 0.187 0.003975 24.091147 $27,300.09 173.0009%
1495 0.187 0.003976 24.095122 $27,304.59 173.0459%
1496 0.187 0.003976 24.099098 $27,309.10 173.0910%
1497 0.012 0.000254 24.099352 $27,436.87 174.3687%
1498 0.098 0.002083 24.101435 $27,327.17 173.2717%
1499 0.039 0.000818 24.102254 $27,682.88 176.8288%
1500 0.001 0.000021 24.102275 $27,631.33 176.3133%
1501 0.001 0.000021 24.102296 $27,631.35 176.3135%
1502 0.001 0.000021 24.102317 $27,631.38 176.3138%
1503 0.001 0.000021 24.102338 $27,631.40 176.3140%
1504 0.168 0.003499 24.105836 $27,897.93 178.9793%
1505 0.015 0.000313 24.106150 $27,834.41 178.3441%
1506 0.296 0.006118 24.112267 $28,123.83 181.2383%
1507 0.015 0.000312 24.112579 $27,935.87 179.3587%
</TABLE>
<PAGE> 39
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1508 10-Jul-98 0.149042 97,033.2991 $14,462 44.62% 1164.33
1509 11-Jul-98 0.149042 97,033.2991 $14,462 44.62% 1164.33
1510 12-Jul-98 0.149042 97,033.2991 $14,462 44.62% 1164.33
1511 13-Jul-98 0.150618 97,033.2991 $14,615 46.15% 1165.19
1512 14-Jul-98 0.150793 97,033.2991 $14,632 46.32% 1177.58
1513 15-Jul-98 0.150595 97,033.2991 $14,613 46.13% 1174.81
1514 16-Jul-98 0.150402 97,033.2991 $14,594 45.94% 1183.99
1515 17-Jul-98 0.150455 97,033.2991 $14,599 45.99% 1186.75
1516 18-Jul-98 0.150455 97,033.2991 $14,599 45.99% 1186.75
1517 19-Jul-98 0.150455 97,033.2991 $14,599 45.99% 1186.75
1518 20-Jul-98 0.149534 97,033.2991 $14,510 45.10% 1184.10
1519 21-Jul-98 0.146130 97,033.2991 $14,179 41.79% 1165.07
1520 22-Jul-98 0.145782 97,033.2991 $14,146 41.46% 1164.08
1521 23-Jul-98 0.141217 97,033.2991 $13,703 37.03% 1139.75
1522 24-Jul-98 0.139513 97,033.2991 $13,537 35.37% 1140.80
1523 25-Jul-98 0.139513 97,033.2991 $13,537 35.37% 1140.80
1524 26-Jul-98 0.139513 97,033.2991 $13,537 35.37% 1140.80
1525 27-Jul-98 0.139513 97,033.2991 $13,537 35.37% 1147.27
1526 28-Jul-98 0.138137 97,033.2991 $13,404 34.04% 1130.24
1527 29-Jul-98 0.134185 97,033.2991 $13,020 30.20% 1125.21
1528 30-Jul-98 0.133531 97,033.2991 $12,957 29.57% 1142.95
1529 31-Jul-98 0.131300 97,033.2991 $12,740 27.40% -12.58% 1120.67
1530 01-Aug-98 0.131300 97,033.2991 $12,740 27.40% 1120.67
1531 02-Aug-98 0.131300 97,033.2991 $12,740 27.40% 1120.67
1532 03-Aug-98 0.129048 97,033.2991 $12,522 25.22% 1112.44
1533 04-Aug-98 0.123742 97,033.2991 $12,007 20.07% 1072.12
1534 05-Aug-98 0.122935 97,033.2991 $11,929 19.29% 1081.43
1535 06-Aug-98 0.129163 97,033.2991 $12,533 25.33% 1089.63
1536 07-Aug-98 0.129163 97,033.2991 $12,533 25.33% 1089.45
1537 08-Aug-98 0.129163 97,033.2991 $12,533 25.33% 1089.45
1538 09-Aug-98 0.131091 97,033.2991 $12,720 27.20% 1089.45
1539 10-Aug-98 0.130998 97,033.2991 $12,711 27.11% 1083.14
1540 11-Aug-98 0.126763 97,033.2991 $12,300 23.00% 1068.98
1541 12-Aug-98 0.128804 97,033.2991 $12,498 24.98% 1084.22
1542 13-Aug-98 0.126861 97,033.2991 $12,310 23.10% 1074.91
1543 14-Aug-98 0.125923 97,033.2991 $12,219 22.19% 1062.75
1544 15-Aug-98 0.125923 97,033.2991 $12,219 22.19% 1062.75
1545 16-Aug-98 0.125923 97,033.2991 $12,219 22.19% 1062.75
1546 17-Aug-98 0.125892 97,033.2991 $12,216 22.16% 1083.67
1547 18-Aug-98 0.127477 97,033.2991 $12,370 23.70% 1101.20
1548 19-Aug-98 0.125043 97,033.2991 $12,133 21.33% 1098.06
1549 20-Aug-98 0.122024 97,033.2991 $11,840 18.40% 1091.60
1550 21-Aug-98 0.119620 97,033.2991 $11,607 16.07% 1081.18
1551 22-Aug-98 0.119620 97,033.2991 $11,607 16.07% 1081.18
1552 23-Aug-98 0.119620 97,033.2991 $11,607 16.07% 1081.18
1553 24-Aug-98 0.116796 97,033.2991 $11,333 13.33% 1088.14
1554 25-Aug-98 0.115242 97,033.2991 $11,182 11.82% 1092.86
1555 26-Aug-98 0.111657 97,033.2991 $10,834 8.34% 1084.19
1556 27-Aug-98 0.107068 97,033.2991 $10,389 3.89% 1042.59
1557 28-Aug-98 0.104132 97,033.2991 $10,104 1.04% 1027.14
1558 29-Aug-98 0.104132 97,033.2991 $10,104 1.04% 1027.14
1559 30-Aug-98 0.104132 97,033.2991 $10,104 1.04% 1027.14
1560 31-Aug-98 0.094363 97,033.2991 $ 9,156 -8.44% -28.13% 957.28
1561 01-Sep-98 0.096406 97,033.2991 $ 9,355 -6.45% 994.24
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------
STANDARD & POOR'S 500
-----------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1508 0.002 0.000041 24.112621 $28,075.05 180.7505%
1509 0.002 0.000041 24.112662 $28,075.10 180.7510%
1510 0.002 0.000041 24.112704 $28,075.14 180.7514%
1511 0.048 0.000993 24.113697 $28,097.04 180.9704%
1512 0.016 0.000328 24.114025 $28,396.19 183.9619%
1513 0.005 0.000103 24.114127 $28,329.52 183.2952%
1514 0.023 0.000468 24.114596 $28,551.44 185.5144%
1515 0.000000 24.114596 $28,618.00 186.1800%
1516 0.000000 24.114596 $28,618.00 186.1800%
1517 0.000000 24.114596 $28,618.00 186.1800%
1518 0.01 0.000204 24.114799 $28,554.33 185.5433%
1519 0.003 0.000062 24.114861 $28,095.50 180.9550%
1520 0.086 0.001782 24.116643 $28,073.70 180.7370%
1521 0.013 0.000275 24.116918 $27,487.26 174.8726%
1522 0.000000 24.116918 $27,512.58 175.1258%
1523 0.000000 24.116918 $27,512.58 175.1258%
1524 0.000000 24.116918 $27,512.58 175.1258%
1525 0.001 0.000021 24.116939 $27,668.64 176.6864%
1526 0.000000 24.116939 $27,257.93 172.5793%
1527 0.221 0.004737 24.121676 $27,141.95 171.4195%
1528 0.165 0.003482 24.125158 $27,573.85 175.7385%
1529 0.000000 24.125158 $27,036.34 170.3634%
1530 0.000000 24.125158 $27,036.34 170.3634%
1531 0.000000 24.125158 $27,036.34 170.3634%
1532 0.037 0.000802 24.125961 $26,838.68 168.3868%
1533 0.026 0.000585 24.126546 $25,866.55 158.6655%
1534 0.155 0.003458 24.130004 $26,094.91 160.9491%
1535 0.095 0.002104 24.132107 $26,295.07 162.9507%
1536 0.003 0.000066 24.132174 $26,290.80 162.9080%
1537 0.003 0.000066 24.132240 $26,290.87 162.9087%
1538 0.003 0.000066 24.132307 $26,290.94 162.9094%
1539 0.066 0.001470 24.133777 $26,140.26 161.4026%
1540 0.209 0.004718 24.138496 $25,803.57 158.0357%
1541 0.202 0.004497 24.142993 $26,176.32 161.7632%
1542 0.025 0.000562 24.143555 $25,952.15 159.5215%
1543 0.055 0.001249 24.144804 $25,659.89 156.5989%
1544 0.055 0.001250 24.146054 $25,661.22 156.6122%
1545 0.055 0.001250 24.147303 $25,662.55 156.6255%
1546 0.032 0.000713 24.148016 $26,168.48 161.6848%
1547 0.113 0.002478 24.150494 $26,594.52 165.9452%
1548 0.068 0.001496 24.151990 $26,520.33 165.2033%
1549 0.065 0.001438 24.153428 $26,365.88 163.6588%
1550 0.018 0.000402 24.153830 $26,114.64 161.1464%
1551 0.018 0.000402 24.154232 $26,115.07 161.1507%
1552 0.018 0.000402 24.154634 $26,115.51 161.1551%
1553 0.005 0.000111 24.154745 $26,283.74 162.8374%
1554 0.003 0.000066 24.154812 $26,397.83 163.9783%
1555 0.087 0.001938 24.156750 $26,190.51 161.9051%
1556 0.097 0.002247 24.158997 $25,187.93 151.8793%
1557 0.151 0.003552 24.162549 $24,818.32 148.1832%
1558 0.151 0.003552 24.166101 $24,821.97 148.2197%
1559 0.151 0.003553 24.169654 $24,825.62 148.2562%
1560 0.019 0.000480 24.170133 $23,137.59 131.3759%
1561 0.042 0.001021 24.171155 $24,031.93 140.3193%
</TABLE>
<PAGE> 40
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1562 02-Sep-98 0.099707 97,033.2991 $ 9,675 -3.25% 990.47
1563 03-Sep-98 0.097661 97,033.2991 $ 9,476 -5.24% 982.26
1564 04-Sep-98 0.098508 97,033.2991 $ 9,559 -4.41% 973.89
1565 05-Sep-98 0.098508 97,033.2991 $ 9,559 -4.41% 973.89
1566 06-Sep-98 0.098508 97,033.2991 $ 9,559 -4.41% 973.89
1567 07-Sep-98 0.098508 97,033.2991 $ 9,559 -4.41% 973.89
1568 08-Sep-98 0.103494 97,033.2991 $10,042 0.42% 1023.46
1569 09-Sep-98 0.101863 97,033.2991 $ 9,884 -1.16% 1006.20
1570 10-Sep-98 0.098428 97,033.2991 $ 9,551 -4.49% 980.19
1571 11-Sep-98 0.099626 97,033.2991 $ 9,667 -3.33% 1009.06
1572 12-Sep-98 0.099626 97,033.2991 $ 9,667 -3.33% 1009.06
1573 13-Sep-98 0.099626 97,033.2991 $ 9,667 -3.33% 1009.06
1574 14-Sep-98 0.103805 97,033.2991 $10,073 0.73% 1029.72
1575 15-Sep-98 0.103419 97,033.2991 $10,035 0.35% 1037.68
1576 16-Sep-98 0.104660 97,033.2991 $10,156 1.56% 1045.48
1577 17-Sep-98 0.102546 97,033.2991 $ 9,950 -0.50% 1018.87
1578 18-Sep-98 0.102703 97,033.2991 $ 9,966 -0.34% 1020.09
1579 19-Sep-98 0.102703 97,033.2991 $ 9,966 -0.34% 1020.09
1580 20-Sep-98 0.102703 97,033.2991 $ 9,966 -0.34% 1020.09
1581 21-Sep-98 0.102264 97,033.2991 $ 9,923 -0.77% 1023.89
1582 22-Sep-98 0.104050 97,033.2991 $10,096 0.96% 1029.63
1583 23-Sep-98 0.107577 97,033.2991 $10,439 4.39% 1066.09
1584 24-Sep-98 0.108438 97,033.2991 $10,522 5.22% 1042.72
1585 25-Sep-98 0.109383 97,033.2991 $10,614 6.14% 1044.75
1586 26-Sep-98 0.109383 97,033.2991 $10,614 6.14% 1044.75
1587 27-Sep-98 0.109383 97,033.2991 $10,614 6.14% 1044.75
1588 28-Sep-98 0.108419 97,033.2991 $10,520 5.20% 1048.69
1589 29-Sep-98 0.108051 97,033.2991 $10,485 4.85% 1049.02
1590 30-Sep-98 0.103704 97,033.2991 $10,063 0.63% 9.90% -30.96% 1017.01
1591 01-Oct-98 0.100848 97,033.2991 $ 9,786 -2.14% 986.39
1592 02-Oct-98 0.099878 97,033.2991 $ 9,691 -3.09% 1002.60
1593 03-Oct-98 0.099878 97,033.2991 $ 9,691 -3.09% 1002.60
1594 04-Oct-98 0.099878 97,033.2991 $ 9,691 -3.09% 1002.60
1595 05-Oct-98 0.097998 97,033.2991 $ 9,509 -4.91% 988.56
1596 06-Oct-98 0.100010 97,033.2991 $ 9,704 -2.96% 984.59
1597 07-Oct-98 0.094958 97,033.2991 $ 9,214 -7.86% 970.68
1598 08-Oct-98 0.091716 97,033.2991 $ 8,900 -11.00% 959.44
1599 09-Oct-98 0.096234 97,033.2991 $ 9,338 -6.62% 984.39
1600 10-Oct-98 0.096234 97,033.2991 $ 9,338 -6.62% 984.39
1601 11-Oct-98 0.096234 97,033.2991 $ 9,338 -6.62% 984.39
1602 12-Oct-98 0.098350 97,033.2991 $ 9,543 -4.57% 997.71
1603 13-Oct-98 0.101380 97,033.2991 $ 9,837 -1.63% 994.80
1604 14-Oct-98 0.104569 97,033.2991 $10,147 1.47% 1005.53
1605 15-Oct-98 0.107415 97,033.2991 $10,423 4.23% 1047.49
1606 16-Oct-98 0.108580 97,033.2991 $10,536 5.36% 1056.42
1607 17-Oct-98 0.108580 97,033.2991 $10,536 5.36% 1056.42
1608 18-Oct-98 0.108580 97,033.2991 $10,536 5.36% 1056.42
1609 19-Oct-98 0.110205 97,033.2991 $10,694 6.94% 1062.39
1610 20-Oct-98 0.111490 97,033.2991 $10,818 8.18% 1063.93
1611 21-Oct-98 0.113109 97,033.2991 $10,975 9.75% 1069.92
1612 22-Oct-98 0.117609 97,033.2991 $11,412 14.12% 1078.48
1613 23-Oct-98 0.118452 97,033.2991 $11,494 14.94% 1070.67
1614 24-Oct-98 0.118452 97,033.2991 $11,494 14.94% 1070.67
1615 25-Oct-98 0.118452 97,033.2991 $11,494 14.94% 1070.67
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1562 0.235 0.005735 24.176889 $23,946.48 139.4648%
1563 0.02 0.000492 24.177382 $23,748.47 137.4847%
1564 0.046 0.001142 24.178524 $23,547.22 135.4722%
1565 0.046 0.001142 24.179666 $23,548.33 135.4833%
1566 0.046 0.001142 24.180808 $23,549.45 135.4945%
1567 0.046 0.001142 24.181950 $23,550.56 135.5056%
1568 0.06 0.001418 24.183368 $24,750.71 147.5071%
1569 0.061 0.001466 24.184834 $24,334.78 143.3478%
1570 0.018 0.000444 24.185278 $23,706.17 137.0617%
1571 0.292 0.006999 24.192276 $24,411.46 144.1146%
1572 0.292 0.007001 24.199277 $24,418.52 144.1852%
1573 0.292 0.007003 24.206280 $24,425.59 144.2559%
1574 0.199 0.004678 24.210958 $24,930.51 149.3051%
1575 0.006 0.000140 24.211098 $25,123.37 151.2337%
1576 0.071 0.001644 24.212742 $25,313.94 153.1394%
1577 0.07 0.001664 24.214406 $24,671.33 146.7133%
1578 0.004 0.000095 24.214501 $24,700.97 147.0097%
1579 0.004 0.000095 24.214596 $24,701.07 147.0107%
1580 0.004 0.000095 24.214691 $24,701.16 147.0116%
1581 0.021 0.000497 24.215187 $24,793.69 147.9369%
1582 0.002 0.000047 24.215234 $24,932.73 149.3273%
1583 0.035 0.000795 24.216029 $25,816.47 158.1647%
1584 0.002 0.000046 24.216076 $25,250.59 152.5059%
1585 0.000000 24.216076 $25,299.75 152.9975%
1586 0.000000 24.216076 $25,299.75 152.9975%
1587 0.000000 24.216076 $25,299.75 152.9975%
1588 0.329 0.007597 24.223673 $25,403.12 154.0312%
1589 0.018 0.000416 24.224088 $25,411.55 154.1155%
1590 0.065 0.001548 24.225637 $24,637.71 146.3771%
1591 0.016 0.000393 24.226030 $23,896.31 138.9631%
1592 0.056 0.001353 24.227383 $24,290.37 142.9037%
1593 0.056 0.001353 24.228736 $24,291.73 142.9173%
1594 0.056 0.001353 24.230089 $24,293.09 142.9309%
1595 0.000000 24.230089 $23,952.90 139.5290%
1596 0.051 0.001255 24.231344 $23,857.94 138.5794%
1597 0.29 0.007239 24.238584 $23,527.91 135.2791%
1598 0.025 0.000632 24.239215 $23,256.07 132.5607%
1599 0.000000 24.239215 $23,860.84 138.6084%
1600 0.000000 24.239215 $23,860.84 138.6084%
1601 0.000000 24.239215 $23,860.84 138.6084%
1602 0.000000 24.239215 $24,183.71 141.8371%
1603 0.062 0.001511 24.240726 $24,114.67 141.1467%
1604 0.016 0.000386 24.241112 $24,375.17 143.7517%
1605 0.003 0.000069 24.241181 $25,392.39 153.9239%
1606 0.01 0.000229 24.241411 $25,609.11 156.0911%
1607 0.01 0.000229 24.241640 $25,609.35 156.0935%
1608 0.01 0.000229 24.241870 $25,609.60 156.0960%
1609 0.000000 24.241870 $25,754.32 157.5432%
1610 0.000000 24.241870 $25,791.65 157.9165%
1611 0.073 0.001654 24.243524 $25,938.63 159.3863%
1612 0.026 0.000584 24.244108 $26,146.79 161.4679%
1613 0.01 0.000226 24.244334 $25,957.68 159.5768%
1614 0.01 0.000226 24.244561 $25,957.92 159.5792%
1615 0.01 0.000226 24.244787 $25,958.17 159.5817%
</TABLE>
<PAGE> 41
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1616 26-Oct-98 0.120152 97,033.2991 $11,659 16.59% 1072.32
1617 27-Oct-98 0.121877 97,033.2991 $11,826 18.26% 1065.34
1618 28-Oct-98 0.120553 97,033.2991 $11,698 16.98% 1068.09
1619 29-Oct-98 0.122141 97,033.2991 $11,852 18.52% 1085.93
1620 30-Oct-98 0.125253 97,033.2991 $12,154 21.54% 1098.67
1621 31-Oct-98 0.125253 97,033.2991 $12,154 21.54% 20.78% 1098.67
1622 01-Nov-98 0.125253 97,033.2991 $12,154 21.54% 1098.67
1623 02-Nov-98 0.128464 97,033.2991 $12,465 24.65% 1111.60
1624 03-Nov-98 0.128322 97,033.2991 $12,452 24.52% 1110.84
1625 04-Nov-98 0.130503 97,033.2991 $12,663 26.63% 1118.67
1626 05-Nov-98 0.130535 97,033.2991 $12,666 26.66% 1133.85
1627 06-Nov-98 0.131730 97,033.2991 $12,782 27.82% 1141.01
1628 07-Nov-98 0.131730 97,033.2991 $12,782 27.82% 1141.01
1629 08-Nov-98 0.131730 97,033.2991 $12,782 27.82% 1141.01
1630 09-Nov-98 0.130340 97,033.2991 $12,647 26.47% 1130.20
1631 10-Nov-98 0.129250 97,033.2991 $12,542 25.42% 1128.26
1632 11-Nov-98 0.128704 97,033.2991 $12,489 24.89% 1120.97
1633 12-Nov-98 0.127202 97,033.2991 $12,343 23.43% 1117.69
1634 13-Nov-98 0.128608 97,033.2991 $12,479 24.79% 1125.72
1635 14-Nov-98 0.128608 97,033.2991 $12,479 24.79% 1125.72
1636 15-Nov-98 0.128608 97,033.2991 $12,479 24.79% 1125.72
1637 16-Nov-98 0.130091 97,033.2991 $12,623 26.23% 1135.86
1638 17-Nov-98 0.130318 97,033.2991 $12,645 26.45% 1139.32
1639 18-Nov-98 0.130054 97,033.2991 $12,620 26.20% 1144.48
1640 19-Nov-98 0.132153 97,033.2991 $12,823 28.23% 1152.61
1641 20-Nov-98 0.131071 97,033.2991 $12,718 27.18% 1163.55
1642 21-Nov-98 0.131071 97,033.2991 $12,718 27.18% 1163.55
1643 22-Nov-98 0.131071 97,033.2991 $12,718 27.18% 1163.55
1644 23-Nov-98 0.132057 97,033.2991 $12,814 28.14% 1188.21
1645 24-Nov-98 0.130802 97,033.2991 $12,692 26.92% 1182.99
1646 25-Nov-98 0.132983 97,033.2991 $12,904 29.04% 1186.87
1647 26-Nov-98 0.132983 97,033.2991 $12,904 29.04% 1186.87
1648 27-Nov-98 0.133368 97,033.2991 $12,941 29.41% 1192.29
1649 28-Nov-98 0.133368 97,033.2991 $12,941 29.41% 1192.29
1650 29-Nov-98 0.133368 97,033.2991 $12,941 29.41% 1192.29
1651 30-Nov-98 0.131783 97,033.2991 $12,787 27.87% 5.21% 1163.63
1652 01-Dec-98 0.129892 97,033.2991 $12,604 26.04% 1175.28
1653 02-Dec-98 0.131133 97,033.2991 $12,724 27.24% 1171.25
1654 03-Dec-98 0.129741 97,033.2991 $12,589 25.89% 1150.14
1655 04-Dec-98 0.131957 97,033.2991 $12,804 28.04% 1176.74
1656 05-Dec-98 0.131957 97,033.2991 $12,804 28.04% 1176.74
1657 06-Dec-98 0.131957 97,033.2991 $12,804 28.04% 1176.74
1658 07-Dec-98 0.131823 97,033.2991 $12,791 27.91% 1187.70
1659 08-Dec-98 0.131137 97,033.2991 $12,725 27.25% 1181.38
1660 09-Dec-98 0.129689 97,033.2991 $12,584 25.84% 1183.49
1661 10-Dec-98 0.127771 97,033.2991 $12,398 23.98% 1165.02
1662 11-Dec-98 0.126865 97,033.2991 $12,310 23.10% 1166.46
1663 12-Dec-98 0.126865 97,033.2991 $12,310 23.10% 1166.46
1664 13-Dec-98 0.126865 97,033.2991 $12,310 23.10% 1166.46
1665 14-Dec-98 0.122670 97,033.2991 $11,903 19.03% 1141.20
1666 15-Dec-98 0.122468 97,033.2991 $11,883 18.83% 1162.83
1667 16-Dec-98 0.121333 97,033.2991 $11,773 17.73% 1161.94
1668 17-Dec-98 0.121666 97,033.2991 $11,806 18.06% 1179.98
1669 18-Dec-98 0.122708 97,033.2991 $11,907 19.07% 1188.03
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1616 0.000000 24.244787 $25,998.17 159.9817%
1617 0.000000 24.244787 $25,828.94 158.2894%
1618 0.207 0.004699 24.249486 $25,900.63 159.0063%
1619 0.14 0.003126 24.252612 $26,336.64 163.3664%
1620 0.006 0.000132 24.252745 $26,645.76 166.4576%
1621 0.006 0.000132 24.252877 $26,645.91 166.4591%
1622 0.006 0.000132 24.253010 $26,646.05 166.4605%
1623 0.004 0.000087 24.253097 $26,959.74 169.5974%
1624 0.03 0.000655 24.253752 $26,942.04 169.4204%
1625 0.161 0.003491 24.257243 $27,135.85 171.3585%
1626 0.095 0.002032 24.259275 $27,506.38 175.0638%
1627 0.105 0.002232 24.261507 $27,682.62 176.8262%
1628 0.105 0.002233 24.263740 $27,685.17 176.8517%
1629 0.105 0.002233 24.265973 $27,687.72 176.8772%
1630 0.177 0.003800 24.269773 $27,429.70 174.2970%
1631 0.196 0.004216 24.273989 $27,387.37 173.8737%
1632 0.000000 24.273989 $27,210.41 172.1041%
1633 0.117 0.002541 24.276530 $27,133.64 171.3364%
1634 0.054 0.001165 24.277695 $27,329.89 173.2989%
1635 0.054 0.001165 24.278859 $27,331.20 173.3120%
1636 0.054 0.001165 24.280024 $27,332.51 173.3251%
1637 0.026 0.000556 24.280580 $27,579.34 175.7934%
1638 0.016 0.000341 24.280921 $27,663.74 176.6374%
1639 0.139 0.002949 24.283870 $27,792.40 177.9240%
1640 0.71 0.014959 24.298828 $28,007.07 180.0707%
1641 0.003 0.000063 24.298891 $28,272.97 182.7297%
1642 0.003 0.000063 24.298954 $28,273.05 182.7305%
1643 0.003 0.000063 24.299016 $28,273.12 182.7312%
1644 0.19 0.003886 24.302902 $28,876.95 188.7695%
1645 0.79 0.016229 24.319131 $28,769.29 187.6929%
1646 0.106 0.002172 24.321303 $28,866.23 188.6623%
1647 0.106 0.002172 24.323476 $28,868.80 188.6880%
1648 0.198 0.004039 24.327515 $29,005.45 190.0545%
1649 0.198 0.004040 24.331555 $29,010.27 190.1027%
1650 0.198 0.004041 24.335595 $29,015.09 190.1509%
1651 0.005 0.000105 24.335700 $28,317.75 183.1775%
1652 0.035 0.000725 24.336425 $28,602.11 186.0211%
1653 0.274 0.005693 24.342118 $28,510.71 185.1071%
1654 0.029 0.000614 24.342732 $27,997.55 179.9755%
1655 0.006 0.000124 24.342856 $28,645.21 186.4521%
1656 0.006 0.000124 24.342980 $28,645.36 186.4536%
1657 0.006 0.000124 24.343104 $28,645.50 186.4550%
1658 0.018 0.000369 24.343473 $28,912.74 189.1274%
1659 0.071 0.001463 24.344936 $28,760.62 187.6062%
1660 0.091 0.001872 24.346808 $28,814.20 188.1420%
1661 0.029 0.000606 24.347414 $28,365.22 183.6522%
1662 0.238 0.004968 24.352382 $28,406.08 184.0608%
1663 0.238 0.004969 24.357351 $28,411.88 184.1188%
1664 0.238 0.004970 24.362320 $28,417.67 184.1767%
1665 0.005 0.000107 24.362427 $27,802.40 178.0240%
1666 0.01 0.000210 24.362637 $28,329.60 183.2960%
1667 0.042 0.000881 24.363517 $28,308.95 183.0895%
1668 0.081 0.001672 24.365190 $28,750.44 187.5044%
1669 0.006 0.000123 24.365313 $28,946.72 189.4672%
</TABLE>
<PAGE> 42
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1670 19-Dec-98 0.122708 97,033.2991 $11,907 19.07% 1188.03
1671 20-Dec-98 0.122708 97,033.2991 $11,907 19.07% 1188.03
1672 21-Dec-98 0.122839 97,033.2991 $11,919 19.19% 1202.84
1673 22-Dec-98 0.122177 97,033.2991 $11,855 18.55% 1203.57
1674 23-Dec-98 0.123835 97,033.2991 $12,016 20.16% 1228.54
1675 24-Dec-98 0.124388 97,033.2991 $12,070 20.70% 1226.27
1676 25-Dec-98 0.124388 97,033.2991 $12,070 20.70% 1226.27
1677 26-Dec-98 0.124388 97,033.2991 $12,070 20.70% 1226.27
1678 27-Dec-98 0.124388 97,033.2991 $12,070 20.70% 1226.27
1679 28-Dec-98 0.122363 97,033.2991 $11,873 18.73% 1225.49
1680 29-Dec-98 0.122010 97,033.2991 $11,839 18.39% 1241.81
1681 30-Dec-98 0.132378 97,033.2991 $12,845 28.45% 1231.93
1682 31-Dec-98 0.124621 97,033.2991 $12,092 20.92% -5.43% 20.17% -13.02% 1229.23
1683 01-Jan-99 0.124621 97,033.2991 $12,092 20.92% 1229.23
1684 02-Jan-99 0.124621 97,033.2991 $12,092 20.92% 1229.23
1685 03-Jan-99 0.124621 97,033.2991 $12,092 20.92% 1229.23
1686 04-Jan-99 0.127443 97,033.2991 $12,366 23.66% 1228.10
1687 05-Jan-99 0.130221 97,033.2991 $12,636 26.36% 1244.78
1688 06-Jan-99 0.135405 97,033.2991 $13,139 31.39% 1272.34
1689 07-Jan-99 0.136873 97,033.2991 $13,281 32.81% 1269.73
1690 08-Jan-99 0.135256 97,033.2991 $13,124 31.24% 1275.09
1691 09-Jan-99 0.135256 97,033.2991 $13,124 31.24% 1275.09
1692 10-Jan-99 0.135256 97,033.2991 $13,124 31.24% 1275.09
1693 11-Jan-99 0.135190 97,033.2991 $13,118 31.18% 1263.88
1694 12-Jan-99 0.132631 97,033.2991 $12,870 28.70% 1239.51
1695 13-Jan-99 0.131879 97,033.2991 $12,797 27.97% 1234.40
1696 14-Jan-99 0.131414 97,033.2991 $12,752 27.52% 1212.19
1697 15-Jan-99 0.133984 97,033.2991 $13,001 30.01% 1243.26
1698 16-Jan-99 0.133984 97,033.2991 $13,001 30.01% 1243.26
1699 17-Jan-99 0.133984 97,033.2991 $13,001 30.01% 1243.26
1700 18-Jan-99 0.133984 97,033.2991 $13,001 30.01% 1243.26
1701 19-Jan-99 0.138431 97,033.2991 $13,432 34.32% 1252.00
1702 20-Jan-99 0.136299 97,033.2991 $13,226 32.26% 1256.62
1703 21-Jan-99 0.134961 97,033.2991 $13,096 30.96% 1235.16
1704 22-Jan-99 0.135885 97,033.2991 $13,185 31.85% 1225.19
1705 23-Jan-99 0.135885 97,033.2991 $13,185 31.85% 1225.19
1706 24-Jan-99 0.135885 97,033.2991 $13,185 31.85% 1225.19
1707 25-Jan-99 0.136775 97,033.2991 $13,272 32.72% 1233.98
1708 26-Jan-99 0.137049 97,033.2991 $13,298 32.98% 1252.31
1709 27-Jan-99 0.136012 97,033.2991 $13,198 31.98% 1243.17
1710 28-Jan-99 0.135821 97,033.2991 $13,179 31.79% 1265.37
1711 29-Jan-99 0.134563 97,033.2991 $13,057 30.57% 1279.64
1712 30-Jan-99 0.134563 97,033.2991 $13,057 30.57% 1279.64
1713 31-Jan-99 0.134563 97,033.2991 $13,057 30.57% 7.98% 7.98% 1279.64
1714 01-Feb-99 0.134095 97,033.2991 $13,012 30.12% 1273.00
1715 02-Feb-99 0.133706 97,033.2991 $12,974 29.74% 1261.99
1716 03-Feb-99 0.134024 97,033.2991 $13,005 30.05% 1272.07
1717 04-Feb-99 0.133433 97,033.2991 $12,947 29.47% 1248.49
1718 05-Feb-99 0.130082 97,033.2991 $12,622 26.22% 1239.40
1719 06-Feb-99 0.130082 97,033.2991 $12,622 26.22% 1239.40
1720 07-Feb-99 0.130082 97,033.2991 $12,622 26.22% 1239.40
1721 08-Feb-99 0.129884 97,033.2991 $12,603 26.03% 1243.77
1722 09-Feb-99 0.130205 97,033.2991 $12,634 26.34% 1216.14
1723 10-Feb-99 0.130330 97,033.2991 $12,646 26.46% 1223.55
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
STANDARD & POOR'S 500
------------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1670 0.006 0.000123 24.365436 $28,946.87 189.4687%
1671 0.006 0.000123 24.365559 $28,947.01 189.4701%
1672 0.026 0.000527 24.366085 $29,308.50 193.0850%
1673 0.02 0.000405 24.366490 $29,326.78 193.2678%
1674 0.007 0.000139 24.366629 $29,935.38 199.3538%
1675 0.022 0.000437 24.367066 $29,880.60 198.8060%
1676 0.022 0.000437 24.367504 $29,881.14 198.8114%
1677 0.022 0.000437 24.367941 $29,881.67 198.8167%
1678 0.022 0.000437 24.368378 $29,882.21 198.8221%
1679 0.000000 24.368378 $29,863.20 198.6320%
1680 0.353 0.006927 24.375305 $30,269.50 202.6950%
1681 0.035 0.000693 24.375997 $30,029.52 200.2952%
1682 0.011 0.000218 24.376216 $29,963.98 199.6398%
1683 0.011 0.000218 24.376434 $29,964.24 199.6424%
1684 0.011 0.000218 24.376652 $29,964.51 199.6451%
1685 0.011 0.000218 24.376870 $29,964.78 199.6478%
1686 0.038 0.000754 24.377624 $29,938.16 199.3816%
1687 0.052 0.001018 24.378643 $30,346.05 203.4605%
1688 0.283 0.005422 24.384065 $31,024.82 210.2482%
1689 0.077 0.001479 24.385544 $30,963.06 209.6306%
1690 0.000000 24.385544 $31,093.76 210.9376%
1691 0.000000 24.385544 $31,093.76 210.9376%
1692 0.000000 24.385544 $31,093.76 210.9376%
1693 0.000000 24.385544 $30,820.40 208.2040%
1694 0.000000 24.385544 $30,226.13 202.2613%
1695 0.077 0.001521 24.387065 $30,103.39 201.0339%
1696 0.017 0.000342 24.387407 $29,562.17 195.6217%
1697 0.017 0.000333 24.387740 $30,320.30 203.2030%
1698 0.017 0.000333 24.388074 $30,320.72 203.2072%
1699 0.017 0.000333 24.388407 $30,321.13 203.2113%
1700 0.017 0.000333 24.388741 $30,321.55 203.2155%
1701 0.010 0.000195 24.388936 $30,534.95 205.3495%
1702 0.071 0.001378 24.390314 $30,649.36 206.4936%
1703 0.006 0.000118 24.390432 $30,126.09 201.2609%
1704 0.010 0.000199 24.390631 $29,883.16 198.8316%
1705 0.010 0.000199 24.390830 $29,883.40 198.8340%
1706 0.010 0.000199 24.391029 $29,883.65 198.8365%
1707 0.005 0.000099 24.391128 $30,098.16 200.9816%
1708 0.005 0.000097 24.391225 $30,545.38 205.4538%
1709 0.173 0.003394 24.394620 $30,326.66 203.2666%
1710 0.133 0.002564 24.397184 $30,871.46 208.7146%
1711 0.000000 24.397184 $31,219.61 212.1961%
1712 0.000000 24.397184 $31,219.61 212.1961%
1713 0.000000 24.397184 $31,219.61 212.1961%
1714 0.000000 24.397184 $31,057.62 210.5762%
1715 0.052 0.001005 24.398189 $30,790.27 207.9027%
1716 0.164 0.003146 24.401335 $31,040.21 210.4021%
1717 0.098 0.001915 24.403250 $30,467.21 204.6721%
1718 0.027 0.000532 24.403782 $30,246.05 202.4605%
1719 0.000000 24.403782 $30,246.05 202.4605%
1720 0.000000 24.403782 $30,246.05 202.4605%
1721 0.199 0.003905 24.407686 $30,357.55 203.5755%
1722 0.017 0.000341 24.408027 $29,683.58 196.8358%
1723 0.238 0.004748 24.412775 $29,870.25 198.7025%
</TABLE>
<PAGE> 43
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------ ----------------------
AMERICAN HERITAGE GROWTH FUND, INC. STANDARD & POOR'S 500
------------------------------------------------------------------------------------------------------ ----------------------
TOTAL MONTHLY QUARTERLY ANNUAL
NUMBER REDEEMABLE RATE OF RATE OF RATE OF RATE OF NUMBER
DATE PRICE/SHR OF SHARES VALUE RETURN RETURN RETURN RETURN PRICE/SHR OF SHARES
------------------------------------------------------------------------------------------------------ ----------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1724 11-Feb-99 0.129688 97,033.2991 $12,584 25.84% 1254.04
1725 12-Feb-99 0.128484 97,033.2991 $12,467 24.67% 1230.13
1726 13-Feb-99 0.128484 97,033.2991 $12,467 24.67% 1230.13
1727 14-Feb-99 0.128484 97,033.2991 $12,467 24.67% 1230.13
1728 15-Feb-99 0.128484 97,033.2991 $12,467 24.67% 1230.13
1729 16-Feb-99 0.130022 97,033.2991 $12,616 26.16% 1241.87
1730 17-Feb-99 0.128807 97,033.2991 $12,499 24.99% 1224.03
1731 18-Feb-99 0.129672 97,033.2991 $12,583 25.83% 1237.28
1732 19-Feb-99 0.132068 97,033.2991 $12,815 28.15% 1239.19
1733 20-Feb-99 0.132068 97,033.2991 $12,815 28.15% 1239.19
1734 21-Feb-99 0.132068 97,033.2991 $12,815 28.15% 1239.19
1735 22-Feb-99 0.132604 97,033.2991 $12,867 28.67% 1272.14
1736 23-Feb-99 0.131933 97,033.2991 $12,802 28.02% 1271.18
1737 24-Feb-99 0.130638 97,033.2991 $12,676 26.76% 1253.41
1738 25-Feb-99 0.129846 97,033.2991 $12,599 25.99% 1245.02
1739 26-Feb-99 0.128452 97,033.2991 $12,464 24.64% 1238.33
1740 27-Feb-99 0.128452 97,033.2991 $12,464 24.64% 1238.33
1741 28-Feb-99 0.128452 97,033.2991 $12,464 24.64% -1.85% 1238.33
1742 01-Mar-99 0.128952 97,033.2991 $12,513 25.13% 1236.16
1743 02-Mar-99 0.128647 97,033.2991 $12,483 24.83% 1225.50
1744 03-Mar-99 0.127748 97,033.2991 $12,396 23.96% 1227.70
1745 04-Mar-99 0.128018 97,033.2991 $12,422 24.22% 1246.64
1746 05-Mar-99 0.129048 97,033.2991 $12,522 25.22% 1275.47
1747 06-Mar-99 0.129048 97,033.2991 $12,522 25.22% 1275.47
1748 07-Mar-99 0.129048 97,033.2991 $12,522 25.22% 1275.47
1749 08-Mar-99 0.129863 97,033.2991 $12,601 26.01% 1282.73
1750 09-Mar-99 0.129695 97,033.2991 $12,585 25.85% 1279.84
1751 10-Mar-99 0.131316 97,033.2991 $12,742 27.42% 1286.84
1752 11-Mar-99 0.133120 97,033.2991 $12,917 29.17% 1297.68
1753 12-Mar-99 0.133128 97,033.2991 $12,918 29.18% 1294.59
1754 13-Mar-99 0.133128 97,033.2991 $12,918 29.18% 1294.59
1755 14-Mar-99 0.133128 97,033.2991 $12,918 29.18% 1294.59
1756 15-Mar-99 0.132704 97,033.2991 $12,877 28.77% 1307.26
1757 16-Mar-99 0.131621 97,033.2991 $12,772 27.72% 1306.36
1758 17-Mar-99 0.131036 97,033.2991 $12,715 27.15% 1297.82
1759 18-Mar-99 0.132488 97,033.2991 $12,856 28.56% 1316.55
1760 19-Mar-99 0.131567 97,033.2991 $12,766 27.66% 1299.29
1761 20-Mar-99 0.131567 97,033.2991 $12,766 27.66% 1299.29
1762 21-Mar-99 0.131567 97,033.2991 $12,766 27.66% 1299.29
1763 22-Mar-99 0.131277 97,033.2991 $12,738 27.38% 1297.01
1764 23-Mar-99 0.129372 97,033.2991 $12,553 25.53% 1262.14
1765 24-Mar-99 0.129678 97,033.2991 $12,583 25.83% 1268.59
1766 25-Mar-99 0.129302 97,033.2991 $12,547 25.47% 1289.99
1767 26-Mar-99 0.129116 97,033.2991 $12,529 25.29% 1282.80
1768 27-Mar-99 0.129116 97,033.2991 $12,529 25.29% 1282.80
1769 28-Mar-99 0.129116 97,033.2991 $12,529 25.29% 1282.80
1770 29-Mar-99 0.131730 97,033.2991 $12,782 27.82% 1310.17
1771 30-Mar-99 0.129792 97,033.2991 $12,594 25.94% 1300.75
1772 31-Mar-99 0.130378 97,033.2991 $12,651 26.51% -1.28% 3.81% 1286.37
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------
STANDARD & POOR'S 500
-----------------------------------------------------------------
INCR IN SHS SH. PR. TOTAL
DIV/ DUE TO BEFORE REDEEMABLE RATE OF
SHARE DIVIDEND DIV VALUE RETURN
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1724 0.097 0.001888 24.414663 $30,616.96 206.1696%
1725 0.037 0.000734 24.415398 $30,034.11 200.3411%
1726 0.000000 24.415398 $30,034.11 200.3411%
1727 0.000000 24.415398 $30,034.11 200.3411%
1728 0.000000 24.415398 $30,034.11 200.3411%
1729 0.006 0.000118 24.415516 $30,320.90 203.2090%
1730 0.145 0.002892 24.418408 $29,888.86 198.8886%
1731 0.095 0.001875 24.420283 $30,214.73 202.1473%
1732 0.004 0.000079 24.420362 $30,261.47 202.6147%
1733 0.000000 24.420362 $30,261.47 202.6147%
1734 0.000000 24.420362 $30,261.47 202.6147%
1735 0.028 0.000537 24.420899 $31,066.80 210.6680%
1736 0.021 0.000403 24.421303 $31,043.87 210.4387%
1737 0.123 0.002397 24.423699 $30,612.91 206.1291%
1738 0.164 0.003217 24.426916 $30,412.00 204.1200%
1739 0.031 0.000611 24.427528 $30,249.34 202.4934%
1740 0.000000 24.427528 $30,249.34 202.4934%
1741 0.000000 24.427528 $30,249.34 202.4934%
1742 0.035 0.000692 24.428220 $30,197.19 201.9719%
1743 0.018 0.000359 24.428578 $29,937.22 199.3722%
1744 0.275 0.005472 24.434050 $29,997.68 199.9768%
1745 0.167 0.003273 24.437323 $30,464.54 204.6454%
1746 0.022 0.000422 24.437745 $31,169.61 211.6961%
1747 0.000000 24.437745 $31,169.61 211.6961%
1748 0.000000 24.437745 $31,169.61 211.6961%
1749 0.075 0.001429 24.439174 $31,348.86 213.4886%
1750 0.003 0.000057 24.439231 $31,278.31 212.7831%
1751 0.079 0.001500 24.440731 $31,451.31 214.5131%
1752 0.304 0.005726 24.446457 $31,723.68 217.2368%
1753 0.013 0.000245 24.446702 $31,648.46 216.4846%
1754 0.000000 24.446702 $31,648.46 216.4846%
1755 0.000000 24.446702 $31,648.46 216.4846%
1756 0.018 0.000337 24.447039 $31,958.64 219.5864%
1757 0.007 0.000131 24.447170 $31,936.81 219.3681%
1758 0.073 0.001375 24.448545 $31,729.81 217.2981%
1759 0.043 0.000799 24.449344 $32,188.78 221.8878%
1760 0.003 0.000056 24.449400 $31,766.86 217.6686%
1761 0.000000 24.449400 $31,766.86 217.6686%
1762 0.000000 24.449400 $31,766.86 217.6686%
1763 0.020 0.000377 24.449777 $31,711.61 217.1161%
1764 0.008 0.000155 24.449932 $30,859.24 208.5924%
1765 0.019 0.000366 24.450298 $31,017.40 210.1740%
1766 0.014 0.000265 24.450564 $31,540.98 215.4098%
1767 0.000000 24.450564 $31,365.18 213.6518%
1768 0.000000 24.450564 $31,365.18 213.6518%
1769 0.000000 24.450564 $31,365.18 213.6518%
1770 0.185 0.003452 24.454016 $32,038.92 220.3892%
1771 0.095 0.001786 24.455802 $31,810.88 218.1088%
1772 0.015 0.000285 24.456087 $31,459.58 214.5958%
</TABLE>
<PAGE> 44
PROCEDURES FOR BUYING FUND SHARES
The minimum investment requirements for the Fund are:
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Opening the Account Adding to the Account
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Regular Accounts $1,000 $500
- ------------------------------------------------------------------------------------------------------------------------
IRAs, Custodian Accounts and Keogh Accounts 500 500
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
We may change these minimum investment amounts at any time and we can refuse any
purchase order that might adversely affect our operations.
Once we accept your order to purchase, the purchase price will be the next
calculated NAV per share. You pay no sales load for buying Fund shares.
You may buy Fund shares in any of these ways:
BY TELEPHONE
Call *_______* to buy shares of the Fund. We must receive your payment within
three business days of your order. To meet this deadline, you may send a check
by overnight mail or wire payment, or you may make an electronic transfer
through your bank.
BY MAIL
Mail your application and check to:
American Heritage Growth Fund, Inc.
Location 0367
Cincinnati, OH 45264-0367
If you purchase additional shares of the Fund, you must send a completed
investment slip together with a check that has your account number on it.
THROUGH CERTAIN BROKER-DEALERS
Shares of the Fund may be purchased through certain registered broker-dealers.
We impose no sales load or service charge, but the broker-dealers may make a
charge to investors for their services. The charge and services may vary in
amount among broker-dealers, some of which may impose higher initial or
subsequent investment requirements than those established by us.
9
<PAGE> 45
BY COURIER
Deliver your application and check to:
American Heritage Growth Fund, Inc.
c/o Firstar Bank, N.A.
425 Walnut Street
Mutual Fund Custodian Department
Cincinnati, OH 45202
If you purchase additional shares of the Fund, you must send a completed
investment slip together with a check that has your account number on it.
PROCEDURES FOR REDEEMING FUND SHARES
Any shareholder may redeem his or her shares by making a written request
directly to our Transfer Agent, American Data Services, Inc., 150 Motor Parkway,
Suite 109, Hauppauge, New York 11788. Redemptions may be made by telephone upon
the request of certain financial institutions who are holders of record of
shares issued by the Fund, within our sole discretion. We have instructed our
Transfer Agent to confirm the authenticity of any such request for redemption by
telecopier and telephone. Proceeds of redemptions made by telephone will be sent
only to the respective financial institution making the request. In the event
that a telephone redemption which is honored by us is unauthorized or
fraudulent, we could sustain losses.
The redemption price will be the NAV next determined by the Fund following
receipt of a proper request. There is no redemption charge imposed by us.
Payment for shares redeemed will normally be made within seven days after
receipt of a proper written request. Payment will not be mailed before clearance
of the purchaser's check. The determination of the NAV may be suspended and the
right of redemption may be suspended or the payment date postponed when: (a)
trading on the New York Stock Exchange is restricted as determined by the
Securities and Exchange Commission or the Exchange is closed for other than
customary weekend and holiday closings; (b) when an emergency exists, as
determined by the Securities and Exchange Commission, as a result of which
disposal by the Fund of securities owned by it is not reasonably practicable, or
it is not reasonably practicable for us fairly to determine the value of its net
assets; or (c) when the Securities and Exchange Commission by Order so permits
for the protection of the shareholders of the Fund.
All requests for redemption of shares must be signed by all registered owners
exactly as registered, including fiduciary titles, if any, with signatures
guaranteed by a member of a national securities exchange or a United States
commercial bank or a foreign bank having a New York City correspondent.
DISTRIBUTIONS AND TAXES
10
<PAGE> 46
We intend to distribute as dividends our net investment income, if any, and
distribute any net capital gains that we realize once a year. Your distributions
will be reinvested in the Fund unless you instruct us otherwise in writing.
There are no fees or sales charges on reinvestments. Dividends and distributions
are taxable to most investors (unless your investment is in an IRA or other
tax-advantaged account). The tax status of any distribution is the same
regardless of how long you have been in the Fund and whether you reinvest your
distributions or take them in cash.
The tax status of your dividends and distributions will be detailed in your
annual tax statement from the Fund. Because everyone's tax situation is unique,
always consult your tax professional about federal, state and local tax
consequences.
Except in tax-advantaged accounts, any redemption, sale or exchange of Fund
shares may generate a tax liability.
SHAREHOLDER SERVICES
We offer the following shareholder services. For further details, please write
or call us.
EXCHANGE PRIVILEGE
A shareholder of the Fund has the privilege of exchanging shares of the Fund for
shares of The American Heritage Fund, Inc. (AHF) by written notice to our
Transfer Agent subject to the following:
- Shares of AHF must be eligible for sale in the state of residence
of the shareholder.
- Shareholders may only exchange between accounts that are
registered in the same name, address, and have the same taxpayer
identification number.
- A shareholder must have received a current Prospectus of AHF
before the exchange.
- Both the Fund and AHF reserve the right to temporarily or
permanently terminate the exchange privilege.
Exchanges may have tax consequences and you may wish to consult with your tax
advisor before making any exchange.
AUTOMATIC WITHDRAWAL PLAN
With an Automatic Withdrawal Plan, a shareholder can arrange for automatic
distributions to be made monthly or quarterly in amounts not less than $1,000.
An Automatic Withdrawal Plan may neither be opened nor maintained by a
shareholder holding shares of the Fund having a value of less than $50,000.
11
<PAGE> 47
IRA AND KEOGH PLANS
A prototype defined contribution retirement plan and individual retirement
account is available. Certain charges are imposed by Firstar Bank, N.A. and
American Data Services, Inc. and shareholders should carefully review all
documents provided in connection with such plan or account.
CUSTODIAN AND TRANSFER AGENT
Firstar Bank, N.A. 425 Walnut Street, Cincinnati, Ohio 45202 is the Custodian of
the portfolio securities and monies of the Fund.
American Data Services, 150 Motor Parkway, Hauppauge, New York 11788 is our
Transfer Agent.
Neither the Custodian nor the Transfer Agent performs any managerial or
policy-making functions for the Fund.
PROSPECTUS
AMERICAN HERITAGE GROWTH FUND, INC.
----------
Our Statement of Additional Information (SAI) includes additional information
about us. Additional information about our investments is available in our
annual and semi-annual reports to shareholders. The SAI and the annual and
semi-annual reports are available, without charge, upon request. You may call us
at 800-828-5050 to request the SAI; to request our annual report, to request our
semi-annual report; to request other information about us; and to make
shareholder inquiries.
The SAI, including the annual report, is incorporated by reference into this
prospectus.
Information about us, including the SAI, can be reviewed and copied at the
Securities and Exchange Commission's Public Reference Room in Washington, D.C.
Information on the operation of the public reference room may be obtained by
calling the Commission at 1-800-SEC-0330. Reports and other information about us
are available on the Commission's Internet site at http:/www.sec.gov and copies
of this information may be obtained, upon payment of a duplicating fee, by
writing the Public Reference Section of the Commission, Washington, D.C.
20549-6009.
12
<PAGE> 48
, 1999
Our Investment Company Act of 1940 file number is 811-8386.
13
<PAGE> 49
PART B
14
<PAGE> 50
AMERICAN HERITAGE GROWTH FUND, INC.
STATEMENT OF ADDITIONAL INFORMATION
This Statement of Additional Information, which is not a prospectus,
relates to the prospectus of American Heritage Growth Fund, Inc dated *_______*,
1999 as it may be revised from time to time. To obtain a free copy of the
prospectus, please write to us at 1370 Avenue of the Americas, New York, NY
10019 or call us at 1-800-828-5050.
Our most recent Annual Report and Semi-Annual Report to Shareholders are
separate documents supplied with this Statement of Additional Information unless
the information has been previously delivered in a shareholder report. The
shareholder reports are available, without charge, upon request by calling us at
1-800-828-5050. The financial statements, accompanying notes and report of
independent auditors appearing in the Annual Report are incorporated by
reference into this Statement of Additional Information.
*_______*, 1999
B-1
<PAGE> 51
TABLE OF CONTENTS
<TABLE>
<S> <C>
DESCRIPTION OF THE FUND B-3
CERTAIN INVESTMENTS, TECHNIQUES AND RISKS B-3
CERTAIN INVESTMENT RESTRICTIONS B-6
MANAGEMENT B-7
BROKERAGE ALLOCATIONS AND OTHER PRACTICES B-9
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES B-10
DIVIDENDS, DISTRIBUTIONS AND TAXES B-11
INVESTMENT ADVISORY AND OTHER SERVICES B-12
RETURNS B-14
CUSTODIAN B-14
INDEPENDENT ACCOUNTANTS B-14
TRANSFER AGENT B-14
INFORMATION ABOUT THE FUND B-15
FINANCIAL STATEMENTS B-16
</TABLE>
B-2
<PAGE> 52
DESCRIPTION OF THE FUND
The Fund is a New York Corporation having been formed on February 14,
1994. The Fund is an open-end, management investment company, known as a mutual
fund. Because the Fund is a diversified investment company, at least 75% of the
value of our total assets will be represented by cash and cash items, Government
securities and other securities limited in respect to any one issuer to an
amount not greater in value than 5% of the value of the Fund's total assets and
to not more than 10% of the outstanding voting securities of any one issuer. The
foregoing limitation is applied solely at the time of the purchase of a
particular security.
CERTAIN INVESTMENTS, TECHNIQUES AND RISKS
Convertible securities may be converted at either a stated price or
stated rate into underlying shares of common stock. Convertible securities have
characteristics similar to both fixed-income and equity securities. Convertible
securities may be subordinate to other similar but non-convertible securities of
the same issuer, although convertible bonds, as corporate debt obligations,
enjoy seniority in right of payment to all equity securities, and convertible
preferred stock is senior to common stock, of the same issuer. Because of the
subordination feature, however, convertible securities typically have lower
ratings than similar non-convertible securities.
Although to a lesser extent than with fixed-income securities, the market
value of convertible securities tends to decline as interest rates increase and,
conversely, tends to increase as interest rates decline. In addition, because of
the conversion feature, the market value of convertible securities tends to vary
with fluctuations in the market value of the underlying common stock. A unique
feature of convertible securities is that as the market price of the underlying
common stock declines, convertible securities tend to trade increasingly on a
yield basis, and so may not experience market value declines to the same extent
as the underlying common stock. When the market price of the underlying common
stock increases, the prices of the convertible securities tend to rise as a
reflection of the value of the underlying common stock. While no securities
investments are without risk, investments in convertible securities generally
entail less risk than investments in common stock of the same issuer.
There can be no assurance of current income from convertible securities
because the issuers of the convertible securities may default on their
obligations. A convertible security, in addition to providing fixed income,
offers the potential for capital appreciation through the conversion feature,
which enables the holder to benefit from increases in the market price of the
underlying common stock. There can be no assurance of capital appreciation,
however, because securities prices fluctuate. Convertible securities generally
offer lower interest or dividend yields than non-convertible securities of
similar quality because of the potential for capital appreciation.
The Fund may purchase high yield debt securities which are not investment
grade, including securities referred to as "junk bonds." An economic downturn or
increase in interest rates is likely to have an adverse effect on the high yield
securities market. The widespread expansion of government, consumer and
corporate debt within the United States economy has
B-3
<PAGE> 53
made the corporate sector, especially cyclically sensitive industries, more
vulnerable to economic downturns or increased interest rates. The prices of high
yield securities have been found to be less sensitive to interest rate changes
than are those of higher rated investments, but more sensitive to adverse
economic changes or individual corporate developments. During an economic
downturn or substantial period of rising interest rates, highly leveraged
issuers may experience financial stress which would adversely affect the ability
to service their principal and interest payment obligations, to meet projected
business goals, and to obtain additional financing. In periods of economic
uncertainty and change, increased volatility of market prices of high yield
securities can be expected. To the extent that there is no established retail
secondary market, there may be thin trading of high yield securities. In the
absence of readily available market quotations, the valuation of high yield
securities held by the Fund will be determined by the Fund's Board of Directors.
The fulfillment of such responsibility may become difficult and judgment will
play a greater role in valuation because there may be less reliable, objective
data available.
The Fund may purchase securities issued by companies organized in foreign
countries. The foreign countries may have either developed or emerging markets.
Foreign securities markets generally are not as developed or efficient as those
in the United States. Securities of some foreign issuers are less liquid and
more volatile than securities of comparable U.S. issuers. Similarly, volume and
liquidity in most foreign securities markets are less than in the United States
and, at times, volatility of price can be greater than in the United States.
Because evidences of ownership of foreign securities usually are held outside
the United States, the Fund will be subject to additional risks which include
possible adverse political and economic developments, seizure or nationalization
of foreign deposits and adoption of governmental restrictions which might
adversely affect or restrict the payment of principal, interest and dividends on
the foreign securities to investors located outside the country of the issuer,
whether from currency blockage or otherwise. Moreover, foreign securities held
by the Fund may trade on days when the Fund does not calculate its net asset
value and thus affect the Fund's net asset value on days when investors cannot
purchase or redeem shares of the Fund. Developing countries have economic
structures that are generally less diverse and mature, and political systems
that are less stable, than those of developed countries. The markets of
developing countries may be more volatile than the markets of more mature
economies; however, such markets may provide higher rates of return to
investors. Many developing countries have experienced substantial, and in some
periods extremely high, rates of inflation for many years. Inflation and rapid
fluctuations in inflation rates have had and may continue to have adverse
effects on the economies and securities markets of certain of these countries.
Since foreign securities often are purchased with and payable in currencies of
foreign countries, the value of these assets as measured in U.S. dollars may be
affected favorably or unfavorably by changes in currency rates and exchange
control regulations.
When the Fund believes that a temporary defensive position is desirable,
the Fund may invest in debt securities, including securities of the United
States Government and its instrumentalities, or retain cash or cash equivalents.
Temporary defensive positions may be desirable during times of generally falling
prices of equity securities or during times when the Fund believes that falling
prices will shortly occur. Debt securities and cash equivalents may
B-4
<PAGE> 54
include short-term commercial paper, certificates of deposit, time deposits and
repurchase agreements.
The Fund may invest in securities issued by other investment companies to
the extent consistent with its investment objective. Under the Investment
Company Act of 1940 (the "1940 Act"), the Fund's investment in such securities,
subject to certain exceptions, currently is limited to (a) 3% of the total
voting stock of any one investment company, (b) 5% of the Fund's total assets
with respect to any one investment company and (c) 10% of the Fund's total
assets in the aggregate. Investments in the securities of other investment
companies may involve duplication of advisory fees and certain other expenses.
The Fund may enter into repurchase agreements as a money market
alternative with respect to its otherwise uninvested cash. There is no
limitation on the amount of repurchase agreements which may be entered into by
the Fund. In connection with a repurchase agreement, the Fund will acquire a
security and simultaneously agree to resell it at a higher price. A repurchase
agreement, therefore, involves a loan by the Fund to the seller who agrees to
pay the resale price to the Fund. The loan is collateralized by the value of the
underlying security. All repurchase agreements entered into by the Fund will be
fully collateralized by securities issued by the United States Government.
Delays or losses could result if the other party to the repurchase agreement
defaults or becomes insolvent.
The Fund may write covered call options. A call option permits its holder
to purchase the securities of an issuer at a predetermined price. A call option
is considered to be "covered" if, at the time the option is written, the Fund
owns the securities (or securities convertible into the securities without
additional consideration) against which the call option is written and will
continue to own those securities during the time that the Fund is obligated
under the option. The Fund anticipates that most of the options written by the
Fund will be for a duration of not more than nine months. Through the receipt of
the option premium, the Fund may mitigate the effect of a price decline. Because
the Fund must be prepared to deliver the securities which are the subject of the
call option at a predetermined price even if their value has increased, the Fund
will relinquish some ability to participate in price increases in those
securities.
Although the Fund may not invest in securities as to which a liquid
trading market does not exist, certain securities held by the Fund may become
illiquid. As to these securities, the Fund will be subject to a risk that should
the Fund desire to sell them when a ready buyer is not available at a price the
Fund deems representative of their value, the value of the Fund's net assets
could be adversely affected. In addition, the presence of illiquid securities
held by the Fund could adversely affect the Fund's ability to make cash
redemptions.
The Fund may borrow money from banks for temporary or defensive reasons.
The Fund's net asset value per share may be subject to greater fluctuation
during any time that the Fund has borrowed money.
CERTAIN INVESTMENT RESTRICTIONS
The Fund's investment objective is a fundamental policy. Fundamental
policies cannot
B-5
<PAGE> 55
be changed without approval by the holders of the lesser of (a) 67% or more of
the voting securities of the Fund present at a meeting, if the holders of more
than 50% of the outstanding securities of the Fund are present or represented by
proxy, or (b) more than 50% of the outstanding voting securities of the Fund. In
addition, the Fund has adopted investment restrictions numbered 1 through 16 as
fundamental policies. The other investment restrictions are not fundamental
policies and may be changed by the Fund without shareholder approval. The Fund
may not:
1. Issue any of its securities (a) for services, or (b) for property other
than cash or securities (including securities of which the Fund is the
issuer), except as a dividend or distribution to its security holders or
in connection with a reorganization;
2. Issue senior securities, except that the Fund may establish additional
series of shares and borrow from any bank;
3. Invest in companies for the purpose of exercising control or management;
4. Purchase or sell commodities or commodity contracts, including futures
contracts;
5. Borrow money except from banks and only for temporary or emergency
purposes, but not in amounts exceeding 33 1/3% of the Fund's net assets.
Any borrowings in excess of that amount will be reduced within three
business days to comply with such limitation.
6. Loan money to other persons, except that the Fund may (a) enter into
repurchase agreements, (b) invest in debentures, bonds or similar
governmental or corporate obligations of types commonly distributed
publicly or privately to financial institutions and (c) purchase debt
securities which are convertible into equity securities of an issuer
without regard to whether such debt securities are types commonly
distributed publicly or privately to financial institutions.
7. Invest in oil, gas and other mineral leases, but the Fund shall not be
prohibited from investing in marketable securities of companies investing
in such leases.
8. Invest in real estate or real estate mortgage loans, but the Fund shall
not be prohibited-from investing in marketable securities of companies
engaged in real estate activities or investments other than real estate
limited partnerships.
9. Make short sales.
10. Invest in illiquid securities.
11. Underwrite securities issued by others.
12. Invest more than 25% of the value of its total assets in securities of
companies engaged in a particular industry.
B-6
<PAGE> 56
13. Purchase options written by others.
14. Invest more than 5% of the value of the Fund's net assets in high yield
debt securities which are not investment grade, including securities
referred to as "junk bonds."
15. Invest more than 35% of the value of its total assets in securities
issued by foreign companies.
16. Acquire time deposits if more than 10% of the value of the Fund's net
assets will be invested in time deposits or the time deposits cannot be
liquidated within seven days.
17. Purchase securities (other than securities issued or guaranteed by
domestic or foreign governments or political subdivisions thereof) if, as
a result of such purchase, more than 5% of the value of the Fund's total
assets would be represented by issuers that, including predecessors, have
then been in continuous operation for less than three years.
18. Purchase securities of other investment companies unless purchased
without the payment of any fee or charge other than regular brokerage
commissions. In addition, the Fund will not purchase securities of any
other open-end investment company other than for the purpose of seeking a
return on the Fund's uninvested cash balance.
19. Purchase warrants.
All of the foregoing percentages are applicable only at the time of investment.
A later increase or decrease in percentage resulting from a change in values or
net assets will not constitute a violation of any restriction.
MANAGEMENT
The Fund's Board of Directors is responsible for the management of the
Fund. The following table sets forth certain information with respect to each
member of the Fund's Board of Directors and each officer of the Fund. The Fund
does not have an advisory board.
B-7
<PAGE> 57
<TABLE>
<CAPTION>
Name and Address Age Positions Held With the Fund Principal Occupation(s) During the Past Five Years
- ---------------- --- ---------------------------- --------------------------------------------------
<S> <C> <C> <C>
Heiko H. Thieme* 56 Chairman of the Board of Chairman of the Board of Directors, Chief Executive
1370 Avenue of the Americas Directors, Chief Executive Officer and Secretary of the Fund and The American
New York, NY Officer and Secretary Heritage Fund, Inc. Chief Executive Officer of American
Heritage Management Corporation and Thieme Associates,
Inc. (investment advisor). Chief Executive Officer of
Thieme Securities, Inc. (broker-dealer) and Thieme
Consulting, Inc. Chief Executive Officer of Thieme Fonds
International (foreign investment company) and The
Global Opportunity Fund Limited (foreign investment
company) and their respective investment advisors.
John O. Koehler 66 Director Chief Executive Officer of Koehler International, Ltd.
One Strawberry Hill Avenue (consultant on public affairs, risk analysis,
Stamford, CT communications, planning and crisis management)
Eugene Sarver 56 Director Sole proprietor of Sarver International (financial and
241 W. 97th St. economic consulting) and Associate of Intercap
New York, NY Investments, Inc. since 1996. Prior to that time,
Associate Professor of Finance of Lubin School of
Business - Graduate Division, Pace University.
</TABLE>
* An "interested person" as defined in the Investment Company Act of 1940.
Dr. Sarver and Mr. Thieme have served as members of the Board of
Directors since February 1990. Mr. Koehler became a member of the Board of
Directors in May 1997. Each of the Fund's Directors is also a member of the
Board of Directors of The American Heritage Fund, Inc. (AHF).
Thieme Consulting, Inc., which is wholly owned by Mr. Thieme, has
provided consulting
B-8
<PAGE> 58
services to companies whose securities are held by the Fund for compensation.
Similar arrangements may be made with other companies whose securities may
become held by the Fund.
During the fiscal year ended January 31, 1999, no compensation was paid
by the Fund to its officers or Directors.
From time to time, the Fund, AHF, two foreign investment companies and
other clients of affiliated persons of American Heritage Management Corporation,
the Fund's investment advisor, (AHMC) may hold securities issued by the same
company. When the Fund and those investors are engaged in the purchase or sale
of the same security, the prices and amounts will be allocated in a manner
considered by management to be fair to each of them.
BROKERAGE ALLOCATIONS AND OTHER PRACTICES
AHMC places orders with brokers and dealers for the purchase and sale of
securities for the Fund's portfolio. In performing this service, AHMC is
required to place orders with the primary objective of obtaining the most
favorable price and a reasonable execution for the Fund. Subject to this
consideration, the brokers selected include those that supplement AHMC's
research with statistical data, investment information, economic facts and
opinions or provide quotation services. Information so received is in addition
to and not in lieu of services required to be performed by AHMC and AHMC's fee
is not reduced as a consequence of the receipt of supplemental information. Such
information may be useful to AHMC in serving both the Fund and AHF and,
conversely, supplemental information obtained by the placement of orders for AHF
maybe useful to AHMC in carrying out its obligation to the Fund. Brokers may
also be selected based upon their sales of shares of the Fund. Normally,
over-the-counter transactions will be executed on a principal basis with a
broker-dealer who makes a market in or is otherwise a traditional source of the
security traded except in those cases in which the Fund can obtain a better
price or execution on an agency basis. Transactions executed on an agency basis
involve the payment of a brokerage commission.
Section 28(e) of the Securities Exchange Act of 1934 permits an
investment advisor, under certain circumstances, to cause an account to pay a
broker or dealer which supplies brokerage and research services a commission for
effecting a securities transaction in excess of the amount of the commission
another broker or dealer would have charged for effecting the transaction.
Brokerage and research services include (a) furnishing advice as to the value of
securities and the availability of securities or purchasers or sellers of
securities, (b) furnishing analyses and reports concerning issuers, industries,
securities, economic factors and trends, portfolio strategy and the performance
of accounts, and (c) effecting securities transactions and performing functions
incidental thereto, such as clearance, settlement and custody.
AHMC may cause the Fund to incur brokerage commissions in an amount
higher than the lowest available rate in return for such services. Research
services so received by AHMC may be used by AHMC for the benefit of the Fund or
any other client of AHMC. AHMC is of the opinion that the continued receipt of
supplemental investment research services from
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broker-dealers will be essential to its provision of portfolio management
services to the Fund. AHMC has represented that such commissions will not be
paid by the Fund unless (a) AHMC determines in good faith that the amount is
reasonable in relation to the services in terms of the particular transaction,
(b) such payment is made in compliance with Section 28(e) and other applicable
state and federal laws, and (c) in the opinion of AHMC, the total commissions
paid by the Fund are reasonable in relation to the benefits to the Fund over the
long term. The overall reasonableness of brokerage commissions paid is evaluated
by AHMC based upon its knowledge of available information as to the general
level of commissions paid by other institutional investors for comparable
services.
It is anticipated that a substantial portion of the Fund's portfolio
transactions will be allocated to Thieme Securities, Inc. (TSI). Heiko H. Thieme
is the Chief Executive Officer and sole shareholder of TSI. Except for executing
portfolio transactions, TSI is not in any other respect associated with the Fund
or responsible for any investment advice or other service provided to the Fund
by Mr. Thieme personally or AHMC.
During the fiscal years ended January 31, 1997, 1998 and 1999, the Fund
paid brokerage commissions of $320, $20,271 and $9,256, respectively, to TSI.
During the fiscal year ended January 31, 1999, the commissions paid by the Fund
to TSI represented approximately 71% of the total brokerage commissions paid by
the Fund that year. During the same year, approximately 76% of the Fund's
aggregate dollar transactions involving the payment of brokerage commissions was
effected through TSI.
Richard K. Parker is a Managing Director of Bear, Stearns & Co. Inc.
(BSI). Prior to December 31, 1998, Mr. Parker owned 10% of the outstanding
capital stock of AHMC. During the fiscal years ended January 31 1997, 1998 and
1999 during the time Mr. Parker held his shares of AHMC, the Fund paid brokerage
commissions of $115,346, $600 and $2915, respectively to BSI. From June 1, 1998
until December 30, 1998, the commissions paid by the Fund to BSI represented
approximately 52% of the total brokerage commissions paid by the Fund during
that period. During the same period, approximately 52% of the Fund's aggregate
dollar transactions involving the payment of brokerage commissions was effected
through BSI.
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
On August 31, 1999, National Financial Services, Inc., P.O. Box 3908,
Church Street Station, New York, NY owned of record approximately 12% of the
shares of the Fund's outstanding capital stock. On the same date, Nelson O.
Charles, 6411 Coachlight Road, Crystal Lake, IL 0012 owned of record
approximately 6% of the shares of the Fund's outstanding capital stock.
On August 31, 1999, the Fund's officers and directors as a group owned
approximately 4% of the Fund's equity securities.
DIVIDENDS, DISTRIBUTIONS AND TAXES
The Fund believes that for the fiscal year ended January 31, 1999 it
qualified as a
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"regulated investment company" under the Internal Revenue Code of 1986, as
amended (the "Code"). The Fund intends to continue to so qualify if
qualification is in the best interests of its shareholders. Qualification
relieves the Fund of any liability for Federal income taxes to the extent its
net investment income and net realized capital gains are distributed in
accordance with the applicable provisions of the Code. To qualify as a regulated
investment company, the Fund must distribute at least 90% of its net income
(consisting of net investment income and net short-term capital gain) to its
shareholders, and meet certain asset diversification and other requirements. If
the Fund did not qualify as a regulated investment company, it would be treated
for tax purposes as an ordinary corporation subject to Federal income tax. The
term "regulated investment company" does not imply the supervision of management
or investment practices or policies by any government agency.
If you elect to receive dividends and distributions in cash, and your
dividend and distribution check is returned to the Fund as undeliverable or
remains uncashed for six months, the Fund reserves the right to reinvest the
dividend or distribution and all future dividends and distributions payable to
you in additional Fund shares at net asset value. No interest will accrue on
amounts represented by uncashed distribution or redemption checks.
Any dividend or distribution paid shortly after an investor's purchase
may have the effect of reducing the aggregate net asset value of his shares
below the cost of the investment. Such a dividend or distribution would be a
return of investment in an economic sense, although taxable. In addition, the
Code provides that if a shareholder holds shares of a Fund for six months or
less and has received a capital gain distribution with respect to the shares,
any loss incurred on the sale of the shares will be treated as long-term capital
loss to the extent of the capital gain distribution received.
Depending upon the composition of the Fund's income, if any, the entire
amount or a portion of the dividends from net investment income may qualify for
the dividends received deduction allowable to qualifying U.S. corporate
shareholders. In general, dividend income from the Fund distributed to
qualifying corporate shareholders will be eligible for the dividends received
deduction only to the extent that the Fund's income consists of dividends paid
by U.S. corporations. However, Section 246(c) of the Code provides that if a
qualifying corporate shareholder has disposed of Fund shares not held for less
than 46 days, which 46 days generally must be during the 90-day period
commencing 45 days before the shares become ex-divided, and has received a
dividend from net investment income with respect to such shares, the portion
designated by the Fund as qualifying for the dividends received deduction will
not be eligible for such shareholder's dividends received deduction. In
addition, the Code provides other limitations with respect to the ability of a
qualifying corporate shareholder to claim the dividends received deduction in
connection with holding Fund shares.
Ordinarily, gains or losses realized from portfolio transactions will be
treated as capital gains or losses. However, a portion of the gain or loss
realized from the disposition of certain non-U.S. dollar denominated securities
(including debt instruments) may be treated as ordinary income or loss under
Section 988 of the Code. In addition, all or a portion of the gain realized from
the disposition of certain market discount bonds will be treated as ordinary
income under
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Section 1276 of the Code. Finally, all or a portion of the gains realized from
engaging in "conversion transactions" may be treated as ordinary income under
Section 1258 of the Code. "Conversion transactions" include certain transactions
marketed or sold to produce capital gains, or transactions described in Treasury
regulations to be issued in the future.
Under Section 1256 of the Code, any gain or loss realized by the Fund
from certain options transactions will be treated as 60% long-term capital gain
or loss and 40% short-term capital gain or loss. Gain or loss will arise upon
exercise or lapse of the options as well as from closing transactions. In
addition, any such option remaining unexercised at the end of the Fund's taxable
year will be treated as sold for its then fair market value, resulting in
additional gain or loss to the Fund characterized in the manner described above.
Offsetting positions held by the Fund involving certain futures options
transactions may be considered, for tax purposes, to constitute straddles.
Straddles are defined to include offsetting positions in actively traded
personal property. The tax treatment of straddles is governed by Sections 1092
and 1258 of the Code, which, in certain circumstances, overrides or modifies the
provisions of Sections 988 and 1256 of the Code. As such, all or a portion of
any short or long-term capital gain from certain "straddle" and/or conversion
transactions may be recharacterized as ordinary income.
If the Fund were treated as entering into straddles by reason of its
engaging in certain options transactions, such straddles could be characterized
as mixed straddles if the options transactions comprising a part of such
straddles were governed by Section 1256 of the Code. The Fund may make one or
more elections with respect to "mixed straddles." Depending upon which election
is made, if any, the results to the Fund may differ. If no election is made, to
the extent the straddle rules apply to positions established by the Fund, losses
realized by the Fund will be deferred to the extent of unrealized gain in any
offsetting positions. Moreover, as a result of the straddle and conversion
transaction rules, short-term capital loss on straddle positions may be
recharacterized as long-term capital loss, and long-term capital gain may be
recharacterized as short-term capital gain or ordinary income.
INVESTMENT ADVISORY AND OTHER SERVICES
Heiko H. Thieme may be deemed to control AHMC by virtue of his record and
beneficial ownership of 90% of the outstanding capital stock thereof. Mr. Thieme
is the Chairman of the Board of Directors and the Chief Executive Officer of
AHMC. See "Management."
In connection with the Fund's Investment Advisory Agreement with AHMC,
AHMC provides the Fund with continuous investment advice. AHMC bears the
expenses of the Fund's trading operations. All other expenses of the Fund are
borne by the Fund. The Fund pays AHMC a fee which, on an annual basis, amounts
to one and one-quarter percent (1.25%) of the first $100 million of the value of
average daily net assets of the Fund and one percent (1%) of the value of any
additional net assets.
During the fiscal years ended January 31, 1997 and 1998 and 1999, the
Fund incurred
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investment advisory fees to AHMC of $51,874, $20,098 and $12,200, respectively.
Such fees were not paid, however, pursuant to the prior agreement by AHMC to
decrease the investment advisory fee or, if necessary, to reimburse the Fund if
and to the extent that the Fund's aggregate annual operating expenses exceed
specified percentages of the Fund's net assets as described in the Fund's
Prospectus. In addition, AHMC reimbursed the Fund $31,128, $124,827 and $87,810
for the respective fiscal years ended January 31, 1997,1998 and 1999 in
connection with such prior agreement. The agreement to reimburse the Fund
terminated on July 18, 1999.
During the Fund's fiscal year ended January 31, 1999, AHMC provided
office space and administrative personnel utilized by the Fund for which it will
not be reimbursed. AHMC is under no obligation to provide offices space or
personnel in the future without reimbursement.
The Fund has entered into an agreement with American Data Services, Inc.
to maintain certain books, records and other documents that the Fund is required
to keep and calculate the Fund's daily net asset value. The Fund has agreed to
pay a monthly fee ranging from 1/12th of .1% to 1/12th of .009% of the Fund's
monthly net assets, depending on the amount of such assets. American Data
Services, Inc. is also the Fund's transfer agent.
RETURNS
Average annual total return is calculated by determining the ending
redeemable value of an investment purchased with a hypothetical $1,000 payment
made at the beginning of the period (assuming the reinvestment of dividends and
distributions), dividing by the amount of the initial investment, taking the
"n"th root of the quotient (where "n" is the number of years in the period) and
subtracting 1 from the result. Total return is calculated by subtracting the
amount of the Fund's net asset value per share at the beginning of a stated
period from the net asset value per share at the end of the period (after giving
effect to the reinvestment of dividends and distributions during the period),
and dividing the result by the net asset value per share at the beginning of the
period.
Comparative performance information may be used from time to time in
advertising or marketing the Fund's shares, including data from Lipper
Analytical Services, Inc., the Dow Jones Industrial Average, Morningstar, Inc.,
Standard & Poor's 500 Composite Stock Price Index and other industry
publications. From time to time, advertising materials for the Fund may provide
historical information about the Fund, AHMC and Heiko H. Thieme.
From time to time, advertising materials for the Fund may refer to or
discuss current or past business, political, economic or financial conditions,
such as any U.S. monetary or fiscal policies. In addition, from time to time,
advertising materials for the Fund may include information concerning retirement
and investing for retirement.
CUSTODIAN
Firstar Bank, N.A., 425 Walnut Street, Cincinnati, Ohio is the Fund's
Custodian. The Custodian maintains custody of the Fund's cash and securities.
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INDEPENDENT ACCOUNTANTS
Mathieson Aitken Jemison, LLP are the Fund's independent certified public
accountants. The financial statements included herein have been examined by such
firm to the extent set forth in their report.
TRANSFER AGENT
American Data Services, Inc., 150 Motor Parkway, Suite 109, Hauppauge,
New York 11788 is the Fund's transfer agent. The transfer agent maintains the
Fund's capital stock records, effects issuances and transfers of capital stock,
handles all correspondence with respect to shareholder accounts and processes
redemptions.
INFORMATION ABOUT THE FUND
Each Fund share has one vote, and when issued and paid for in accordance
with the terms of the offering, is fully paid and nonassessable. Fund shares are
of one class and have equal rights as to dividends and in liquidation. Shares
have no preemptive, subscription or conversion rights and are freely
transferable.
The Fund is intended to be a long-term investment vehicle and is not
designed to provide investors with a means of speculating on short-term market
movements. A pattern of frequent purchases and exchanges can be disruptive to
efficient portfolio management and, consequently, can be detrimental to the
Funds' performance and its shareholders. Accordingly, if the Fund determines
that an investor is following a market timing strategy or is otherwise engaging
in excessive trading, the Fund, with or without prior notice, may temporarily or
permanently reject in whole or part any purchase, with respect to such
investor's account.
The Fund sends annual and semi-annual financial statements to all its
shareholders.
FINANCIAL STATEMENTS
The Fund's most recent Annual Report and Semi-Annual Report to
Shareholders are separate documents supplied with this Statement of Additional
Information. The financial statements, accompanying notes and report of
independent auditors appearing in the Annual Report are incorporated by
reference into this Statement of Additional Information.
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PART C
B-15
<PAGE> 65
OTHER INFORMATION
ITEM 23. EXHIBITS
<TABLE>
<S> <C>
(a) Certificate of Incorporation.*
(b) By-Laws.**
(c) Specimen Common Stock Certificate.*
(d) Amended Form of Investment Advisory Agreement by and between the
Registrant and American Heritage Management Corporation.**
(e) Not Applicable.
(f) Not Applicable.
(g) Custodian Agreement of April 28, 1994 by and between the
Registrant and Star Bank, N.A.*
(h) (1) Form of Shareholder Servicing Agent Agreement by and between
the Registrant and American Data Services, Inc.**
(2) Form of Fund Accounting Service Agreement by and between the
Registrant and American Data Services, Inc.**
(i) Not applicable.
(j) Consent of Mathieson Aitken Jemison, LLP.
(k) Not Applicable.
(l) Not Applicable.
(m) Not Applicable.
(n) Not Applicable.
(o) Financial Data Schedule. ***
</TABLE>
- -------------
* Filed as Exhibit to Registration Statement on Form N-1A.
** Filed as Exhibit to Pre-Effective Amendment 1 to Registration Statement
on Form N-1A.
*** The Registrant's Financial Data Schedule filed as an exhibit to its
Semi-Annual Report on Form N-SAR for the fiscal year ended January 31,
1999 is herein incorporated by reference.
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<PAGE> 66
ITEM 24. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE FUND
Not applicable.
ITEM 25. INDEMNIFICATION
Pursuant to the Registrant's Certificate of Incorporation and By-Laws,
each director, officer and employee of the Registrant shall be indemnified by
the Registrant in connection with any proceeding in which he has been made a
party by reason of such capacity other than for liabilities resulting from
willful misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of his office. Pursuant to a contract of
insurance, which the Registrant proposes to obtain, each of the Registrant's
directors, officers and employees and its investment advisor will be insured
against claims based upon any breach of duty, neglect, error, misstatement,
misleading statement, omission or act wrongfully done or attempted other than
actual or alleged fraud, dishonesty criminal or malicious acts or omissions
unless such allegations are subsequently disproved.
ITEM 26. PRINCIPAL UNDERWRITERS
Not applicable.
ITEM 28. LOCATION OF ACCOUNTS AND RECORDS
As used herein, the term "records" refers to accounts, books or other
documents.
The Registrant maintains physical possession of each record set forth in
Rule 31a-1(b)(1) under the Investment Company Act of 1940 (the "Act") at 1370
Avenue of the Americas, New York, New York 10019, except that records relating
to receipts and deliveries of portfolio securities are in the physical
possession of Firstar Bank, N.A., 425 Walnut Street, ML 5127, Cincinnati, Ohio
45202 and records relating to securities issued by the Registrant are in the
physical possession of American Data Services, Inc., 150 Motor Parkway, Suite
109, Hauppauge, New York 11788 ("ADS").
The records referred to in Rule 31a-1(b)(2)(i)(a), (b) and (c) under the
Act are in the physical possession of Firstar Bank, N.A.
The records referred to in Rule 31a-1(a) and Rule 31a-1(b)(2)(i)(d), (e)
and (f) under the Act are in the physical possession of ADS.
The records referred to in Rule 31a-1(b)(2)(ii), (iii) and (iv) and Rule
31a-1(b)(3) and (8) under the Act are in the physical possession of ADS.
The records referred to in Rule 31a-1(b)(2)(iv) and Rule 31a-1(b)(11)
under the Act are in the physical possession of ADS.
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<PAGE> 67
The records referred to in Rule 31a-1(b)(4), (5), (6), (7), (9),(10) and
(11) under the Act will be in the physical possession of the Registrant.
ITEM 29. MANAGEMENT SERVICES
Not applicable.
ITEM 30. UNDERTAKINGS
Not applicable.
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<PAGE> 68
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Fund has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of New York and the State of New York on the 30th day of August, 1999.
AMERICAN HERITAGE GROWTH FUND, INC.
By: /S/ Heiko H. Thieme
-----------------------------------------
Heiko H. Thieme, Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed below by the following persons in the capacities and
on the date indicated.
<TABLE>
<CAPTION>
Signature Title Date
--------- ----- ----
<S> <C> <C>
/s/ Heiko H. Thieme Chief Executive Officer, Principal August 30, 1999
- ------------------- Financial and Accounting Officer
Heiko H. Thieme and Director
/s/ John O. Koehler Director August 30, 1999
- -------------------
John O. Koehler
/s/ Eugene Sarver Director August 30, 1999
- -----------------
Eugene Sarver
</TABLE>
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<PAGE> 69
EXHIBIT INDEX
EXHIBITS
(j) Consent of Mathieson Aitken Jemison, LLP
<PAGE> 1
CONSENT OF CERTIFIED PUBLIC ACCOUNTANTS
We consent to the inclusion by reference to Post-Effective Amendment No. 8 under
the Securities Act of 1933 and Amendment No. 8 under the Investment Company Act
of 1940, on Form N-1A of American Heritage Growth Fund, Inc. of our report dated
March 17, 1999 on our examination of the financial Statements of such company.
We also consent to the reference to our firm in such Registration Statement.
/s/ Mathieson Aitken Jemison, LLP
MATHIESON AITKEN JEMISON, LLP
September 24, 1999
