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SIGNATURE MAX KATCHER
TITLE EXEC. VICE PRES.
<PAGE>
February 17, 1997
Securities & Exchange Commission
450 5th Street N.W
Washington, D.C. 20549
Dear Sirs:
The Steadman Security Corporation and its affiliated mutual funds:
Steadman Associated Fund, Steadman American Industry Fund Steadman Investment
Fund, and Steadman Technology & Growth Fund ("Funds") received the resignation
of Coopers & Lybrand L.L.P. on January 13, 1997 as independent accounts.
The reports of Coopers & Lybrand L.L.P. on the financial statements for the
past two fiscal years contained no adverse opinion and were not qualified or
modified as to uncertainty, audit scope or accounting principle.
In connection with its audits for the two most recent fiscal years and through
January 13, 1997, there have been no disagreements Coopers & Lybrand L.L.P. on
any matter of accounting principle or practices, financial statement disclosure,
or auditing scope or procedure, which disagreements if not resolved to the
satisfaction of Coopers & Lybrand L.L.P. would have caused them to make
reference thereto in their reports on the financial statements for such years.
The Funds have requested that Coopers & Lybrand L.L.P. furnish it with a letter
addressed to the SEC (see attached) stating whether or not it agrees with the
above statements.
The Funds Board of Trustees approved Reznick, Fedder and Silverman as the new
independent accountants of the Funds as of January 14, 1997. During the two
most recent fiscal years and through January 13, 1997, the Funds have not
consulted with Reznick, Fedder and Silverman on items which (1) were or should
have been subject to SAS 50 or (2) concerned the subject matter of a
disagreement or reportable event with the former auditor.
Sincerely,
/s/ Max Katcher
Max Katcher
Executive Vice President
Enclosure
<PAGE>
February 18, 1997
Securities & Exchange Commission
450 Fifth Street N.W.
Washington, DC 20549
Gentlemen:
We have read the statements made by the Steadman Security Corporation and its
affiliated mutual funds (copy attached), which we understand will be filed with
the Commission, pursuant to Item 77K of Form N-SAR, as part of the Funds filing
on Form N-SAR for the period ended December 31, 1996. We agree with the
statements concerning our Firm in such Form N-SAR.
Very truly yours,
/s/ Coopers & Lybrand L.L.P.
Coopers & Lybrand L.L.P.
HLA:mah
CAR
Attachment
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