UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-00601
The American Heritage 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)
Jonathan B. Reisman, 6975 NW 62nd Terrace
Parkland, FL 33067
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 397-3900
Date of fiscal year end: May 30
Date of reporting period: November 30, 2003
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
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| The American Heritage Fund, Inc. |
| |
Semi Annual Report
November 30, 2003 |
This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares or The American Heritage Fund, Inc. Such offering is made only by prospectus, which includes details as to offering price and other material information.
The American Heritage Fund, Inc.
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1370 Avenue of the Americas
New York City, NY 10019
Phone: (212) 397 – 3900
Fax: (212) 397 – 4036
January 2004
To our valued shareholders:
The global bull market for equities is for real. Wall Street was the first to turn around in October of 2002, Europe followed in March and Japan in late April of 2003. The first year recovery has generally been very impressive. On average, bull markets have lasted for three and a half years. I believe that only extraordinary events such as a major terrorist attack could derail this rally. The US economy will continue to be the growth engine of the world. The Gross Domestic Product should accelerate at least 4% this year. While Europe will produce only half that rate at best, China can easily exceed an 8% growth rate. Neither a record US budget deficit nor a record trade deficit will bring the economic growth to a halt. Inflation remains subdued unless the oil price continues to accelerate. I believe that it is possible that the Dow Jones Industrial Index can reach a new record high of 12,000 later on this year a nd that the broader market could produce a gain of at least 15%.
The American Heritage Fund’s performance for calendar year 2003 was in line with the S&P 500 index. For the first three weeks of 2004, the American Heritage Fund’s performance ranked among the first 1% of almost 16.000 US mutual funds. Even though such a swift start is no guarantee for future performance, we will do our very best to continue to participate in this bull market. Although our stock portfolio is more diversified than in previous years and consists of over 30 companies, the two largest holdings make up approximately 70% of the total. The gradual shift towards a more balanced portfolio should occur during the year.
The expense ratio of the Fund remains high, as the overall assets are still very modest. Any net inflow of fresh funds could be expected to reduce the expense ratio. Shareholders who would like to have a detailed analysis of the stock market, world economy and political trends can call 212-397-3900 to request a free copy of my monthly newsletter, which has been published since 1979. We are happy to answer any questions you may have.
Our next shareholders’ conference call is scheduled for April 6 at 4:30 p.m. EST. Those who would like to participate should call ahead of time for the 800 number.
I appreciate your loyalty and hope that 2004 will be healthy, save and prosperous for all of us.
Yours truly,
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THE AMERICAN HERITAGE FUND, INC.
Statement of Assets & Liabilities
November 30, 2003 (Unaudited)
ASSETS
Investments in securities, at market value
(Cost $9,731,099) (Note 3)
$
856,584
Cash
1,000
Securities Sold
13,089
Dividends and interest receivable
9
TOTAL ASSETS
870,682
LIABILITIES
Accrued expenses
31,602
Securities Purchased
20,270
Payable for Custodian Bank
91,968
TOTAL LIABILITIES
143,840
NET ASSETS
Net Assets (equivalent to $0.08 per
share based on 9,259,383 shares of
capital stock outstanding) (Note 4)
$
726,842
Composition of net assets:
Paid in capital
$59,197,201
Accumulated net investment loss
(4,468,794)
Accumulated net realized loss on
investments
(45,127,050)
Net unrealized depreciation on
investments
(8,874,515)
NET ASSETS,
November 30, 2003
$
726,842
*
Non-income producing security.
^
Foreign security.
+
Illiquid security.
The accompanying notes are an integral part of these financial statements.
THE AMERICAN HERITAGE FUND, INC.
Schedule of Investments in Securities
November 30, 2003 (Unaudited)
Number of
Shares
Value
COMMON STOCKS & WARRANTS – 108.43%
BIOTECHNOLOGY – 61.14%
Direct Therapeutics, Inc.* +
160,000
0
Senetek PLC Sponsored ADR * ^
987,550
444,397
444,397
COMPUTER PERIPHERAL EQUIPMENT – .33%
Sigma Designs, Inc.*
400
2,372
ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS – 0.52%
I Stat, Corp *
300
3,780
GOLD & SILVER ORES – 1.88%
Gold Fields Ltd.
1,000
13,690
MEASURING & CONTROLLING DEVICES - 0.60%
Nonometrics, Inc *.
300
4,380
MEDICAL EQUIPMENT - 0.23%
V.I. Technologies *
2,500
1,700
MEDICAL TECHNOLOGY – 28.26%
ADM Tronics Unlimited, Inc.*
1,027,000
205,400
METAL FORGING AND STAMPING – 0.63%
Ladish Co. , Inc.*
600
4,566
MISCELLANEOUS PUBLISHING – 0.68%
Plato Learning, Inc.*
500
4,965
OPTICAL INSTRUMENTS & TECHNOLOGIES – 0.83%
AUGUST TECHNOLOGY CORP.*
300
6,000
The accompanying notes are an integral part of these financial statements.
THE AMERICAN HERITAGE FUND, INC.
Schedule of Investments in Securities
November 30, 2003 (Unaudited)
(Continued)
PETROLEUM REFINING – 0.84%
Giant Industries*
500
6,100
PRIMARY SMELTING & REFINING OF NONFERROUS METALS – 0.56%
Brush Wellman, Inc.*
300
4,044
RETAILERS – 0.00%
Massimo da Milano, Inc.^
149,322
15
RETAIL –EATING PLACES – 0.47%
Buca, Inc.*
600
3,390
RETAIL –RADIO, TV & CONSUMER ELECTRONICS STORE – 1.19%
Rex Stores Corp.*
300
4,719
Intertan, Inc.*
400
3,900
8,619
RUBBER PLASTIC FOOTWEAR – 0.53%
Vans, Inc. *
300
3,840
SEMICONDUCTORS & RELATED DEVICES– 3.36%
Advanced Power Technology *
600
4,932
Intertan, Inc.*
1,500
19,515
24,447
SERVICES-BUSINESS SERVICES – 0.56%
ICT Group, Inc. *
300
4,038
SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION – 0.42%
Monarch Casino and Resort, Inc. *
300
3,042
SERVICES-COMPUTER INTEGRATED SYSTEM DESIGN – 0.44%
Dynamics Research Corp.. *
200
3,228
SERVICES-PRE-PACKAGED SOFTWARE- 1.23%
Phoenix Technologies LTD.*
500
4,360
Ultimate Software Group, Inc.*
500
4,545
8,905
SPECIAL INDUSTRY MACHINERY – 0.78%
The accompanying notes are an integral part of these financial statements.
THE AMERICAN HERITAGE FUND, INC.
Schedule of Investments in Securities
November 30, 2003 (Unaudited)
(Continued)
Semitool, Inc. *
500
5,680
SPORTING & ATHLETIC GOODS – 0.60%
Johnson Outdoors, Inc.. *
300
4,335
TELEPHONE & TELEGRAPH APPARATUS – 0.72%
Intervoice, Inc. *
500
5,250
WHOLESALE-COMPUTERS & PERIPHERAL EQUIPMENT & SERVICES – 0.60%
Pomeroy IT Solutions, Inc. *
300
4,383
WHOLESALE-ELECTRONIC PARTS & EQUIPMENT – 1.03%
Bell Microproducts, Inc.*
500
4,315
Intertan, Inc.*
400
3,200
7,515
CASH & EQUIVALENTS – 0.10%
US Bank, NA US Treasury Fund
60,000
59,948
First American Treasury Obligation
19,303
19,303
79,251
TOTAL INVESTMENT SECURITIES – 119.32%
(Cost $9,731,099)
$
867,332
LIABILITIES IN EXCESS OF OTHER ASSETS – (19.32)%
$
(140,490)
NET ASSETS – 100.00%
$
726,842
SECURITIES SOLD SHORT
SERVICES-COMPUTER INTEGRATED SYSTEM AND DESIGN Fair Value
Yahoo, Inc.
250
10,748
TOTAL SECURITIES SOLD SHORT
(Cost $9,722)
$
10,748
The accompanying notes are an integral part of these financial statements.
THE AMERICAN HERITAGE FUND, INC.
Statement of Operations
November 30, 2003 (Unaudited)
INVESTMENT INCOME:
Dividends
$
281
Interest
162
TOTAL INVESTMENT INCOME
443
EXPENSES:
Investment advisory fees (Note 2)
4,717
Transfer agent fees and fund accounting
18,898
Audit fees
7,450
Legal fees
7,014
Custodian fees
4,328
Director’s fees
3,316
Registration fees and expenses
2,288
Insurance
975
Taxes
500
Postage and printing
2,400
Miscellaneous
518
TOTAL EXPENSES
52,404
Less: Waiver of unpaid investment
advisory fee
(4,717)
NET EXPENSES
47,687
NET INVESTMENT LOSS
(47,244)
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized loss from investment
transactions
(64,123)
Net change in unrealized appreciation
on investments
266,132
Net realized and unrealized loss
on investments
202,009
Net increase in net assets
resulting from operations
$
154,765
The accompanying notes are an integral part of these financial statements.
THE AMERICAN HERITAGE FUND, INC.
Statement of Changes in Net Assets
November 30, 2003 (Unaudited)
Six Months Year & nbsp;
Ending Ending
November 30 May 31
2003 2003
NET INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net investment loss
$
(47,244)
$
(92,351)
Net realized gain (loss)
from investment
transactions
(64,123)
(463,373)
Net change in unrealized
depreciation on
investments
266,132
107,779
Net decrease in net assets
resulting from operations
154,765
(447,945)
Distributions to shareholders:
Net investment income
0
0
Net realized gains on
investments
0
0
Capital share transactions
(Note 7)
(17,329)
(51,134)
Net increase (decrease) in
net assets
137,436
(499,079)
NET ASSETS:
Beginning of year
589,406
1,088,485
End of year
$
726,842
$
589,406
The accompanying notes are an integral part of these financial statements.
AMERICAN HERITAGE FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 2003
(UNAUDITED)
NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Organization
The American Heritage Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended, as a non-diversified, open-end management investment company. The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles. Significant accounting principles of the Fund are as follows:
Security valuations
The Fund values its securities, where market quotations are readily available, at market value based on the last recorded sales price as reported by the principal securities exchange on which the security is traded, or if the security is not traded on an exchange, market value is based on the latest bid price. Foreign securities are converted to U.S. dollars using exchange rates at the close of the trading day. Securities for which market quotations are not readily available are valued as the Board of Directors or a committee composed of members of the Board of Directors, in good faith determines.
Short Sales
The Fund may sell a security it does not own in anticipation of a decline in the fair value of the security. When the fund sells a security short, it may borrow the security sold short and deliver it to its broker – dealer through which it has mad a short sale. A gain, limited to the price at which the fund sold the security short or a loss, unlimited in size will be recognized upon the termination of the short sale.
Federal income taxes
It is the Fund's policy to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders.
Option writing
When the Fund sells an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from the sales of securities. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, are also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund.
Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Other
The Fund follows industry practice and records security transactions on the trade date. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrued basis.
NOTE 2. INVESTMENT ADVISORY AGREEMENT AND CERTAIN OTHER TRANSACTIONS
The Fund has an investment advisory agreement with American Heritage Management Corporation (AHMC), whereby AHMC is entitled to receive a fee of 1.25% of the Fund's first $100 million average net asset value and 1% of such value on any additional net assets, computed daily and payable monthly. During the six months ended November 30, 2003, investment advisory fees aggregated $4,717. AHMC agreed to waive these fees.
Heiko H. Thieme is the Fund's Chairman of the Board of Directors, Chief Executive Officer and Secretary. Heiko H. Thieme is also the Chairman of the Board of Directors, Chief Executive Officer and Secretary of AHMC, of which he owns 100% of the outstanding shares.
The Fund heretofore agreed to reimburse AHMC for office space and administrative personnel utilized by the Fund. For the six months ended November 30, 2003, the Fund and AHMC have agreed that no reimbursements will be made.
NOTE 3. INVESTMENTS
For the six months ended November 30, 2003, purchases and sales of investment securities other than short-term investments aggregated $1,087,726, and 1,077,879, respectively. As of November 30, 2003, the gross unrealized appreciation for all securities totaled $6,095 and the gross unrealized depreciation for all securities totaled $8,868,420, or a net unrealized depreciation of $8,874,515. The aggregate cost of securities for federal income tax purposes at November 30, 2003, was $9,731,099.
NOTE 4. RESTRICTED SECURITIES AND OTHER ILLIQUID SECURITIES
Investments in restricted securities and investments, where market quotations are not available, are valued at fair value as determined in good faith by the Board of Directors, or a committee composed of members of the Board of Directors of the Fund.
The Fund may acquire portfolio securities called restricted securities, which can be sold only pursuant to an effective registration statement under the Securities Act of 1933 or an exemption from such registration. In addition, other securities held by the Fund may be illiquid which means they cannot be sold or disposed of in the ordinary course of business at approximately the quoted market value of such securities, or in the absence of such quoted market value, the price at which the fund has valued such securities. The Fund will not invest in restricted and other illiquid securities if, as a result of such investment, the value of the Fund's illiquid assets would exceed 15% of the value of the Fund's net assets.
Restricted securities eligible for resale under Rule 144A under the Securities Act of 1933 that have been determined to be liquid by the Fund's Board of Directors based upon trading markets for the securities and any other restricted securities that become registered under the Securities Act of 1933 or that may be otherwise freely sold without registration thereunder are not subject to the foregoing limitation, unless they are otherwise illiquid.
Certain securities held by the Fund, which were restricted at the time of their acquisition, have been deemed to no longer be restricted for financial statement presentation purposes in reliance upon the provisions of Rule 144 under the Securities Act of 1933.
The Fund normally will be able to purchase restricted securities at a substantial discount from the market value of similar unrestricted securities, but there are certain risks which the Fund will necessarily assume in acquiring restricted securities. The principal risk is that the Fund may have difficulty in disposing of such securities without registration under the Securities Act of 1933, and the Fund will have to bear the risk of market conditions prior to such registration. In the absence of an agreement obtained at the time of purchase of such securities, there can be no assurance that the issuer will register the restricted securities. Furthermore, if the Fund disposes of restricted securities without registration, it may be necessary to sell such shares at a discount similar to or greater than that at which the Fund purchased the shares.
NOTE 5. CARRYOVERS
At November 30, 2003, the Fund had net capital loss carryforwards of approximately $13,200,000, expiring in 2004 through 2008 and net operating loss carryforwards of approximately $4,000,000, expiring in 2004 through 2018.
NOTE 6. REDEMPTIONS
The Fund reserves the right to make payments for shares redeemed in cash or in-kind.
NOTE 7. CAPITAL SHARE TRANSACTIONS
As of November 30, 2003, the total paid in capital was $59,197,201.
Transactions in capital stock were as follows:
| | For the six months ended November 30, 2003 | For the year ended May 31, 2003 |
| | Shares | Amount | Shares | Amount |
Shares sold | 124,864 | 10,540 | 75,602 | 6,548 |
Shares redeemed | (350,675) | (27,869) | (761,339) | (57,682) |
Net Decrease | (225,810) | (17,329) | (685,737) | 51,134) |
NOTE 8. CONTINGENCIES
On October 5, 1994, a shareholder of the Fund on behalf of himself and a purported class of others brought an action against the Fund, AHMC, Heiko H. Thieme and Richard K Parker in the United States District Court for the Southern District of New York. The Court subsequently denied the plaintiff’s motion to proceed as a class action. In 2002, the parties agreed to a settlement pursuant to which the plaintiff received $1,208 in satisfaction of all claims. A stipulation of dismissal with prejudice was filed on July 9, 2002 dismissing the plaintiff’s action against the Fund and all other defendants. The Fund has denied and continues to deny plaintiff’s allegations and any and all liability to the plaintiff.
On August 4, 1995 the Fund commenced an action against Kouri Capital Group, Inc. ("KCG") and Pentti Kouri in the Supreme Court of the State of New York, County of New York. The action was based upon a Stock Purchase Agreement between the Fund and KCG pursuant to which KCG agreed to repurchase certain shares issued thereby and sold to the Fund for $4,400,000. Such obligation of KCG was personally guaranteed by Mr. Kouri. Neither KCG nor Mr. Kouri has honored its or his obligation to the Fund. The Fund sought a recovery in the amount of $4,400,000 plus interest. The defendants denied the substantive allegations of the Complaint and asserted counterclaims which would declare their obligations to the Fund to have been terminated and to obtain damages in excess of $4,400,000. The Fund, after conferring with its special counsel, concluded that the substantive allegations of the counterclaims were without mer it. Although there could be no assurance of the outcome of the action, based upon the Fund's belief, the Fund did not establish a reserve for potential losses other than the expense of its defense of the counter claims. Upon agreement of the parties, the action has been dismissed without prejudice. The Fund has borne all expenses related to the above litigation. For the year ended May 31, 2002, there were no expenses relating to the litigation which were borne by the Fund.
NOTE 9. LIQUID SECURITIES AND CERTAIN OTHER RELATED PARTY TRANSACTIONS
Based solely on the reported trading volume, the Fund's investments in the securities of Senetek PLC (Senetek) and ADM Tronics Unlimited, Inc (ADM), which represented 61% and 28% of the Fund's net assets on November 30, 2003, respectively, would not be considered to be liquid. The Fund, however, has determined that the investments are liquid primarily based on reported trading volume and an offer from The Global Opportunity Fund Limited (Global) to purchase up to 987,550 of the Fund’s shares of Senetek and up to 1,027,000 shares of the Fund’s shares of ADM at the market price at the time of the purchase. Global is a foreign company.
Heiko H. Thieme is the chief executive officer of both Global and the Fund and makes the investment decisions for both of them. Global's offer will remain open until written notification of the withdrawal of the offer is received from Global or the offer is accepted by the Fund. Global has agreed that any litigation with respect to the offer be brought in the courts of New York County in the State of New York or the US District Court for the Southern District of New York and agreed to waive any jurisdictional defense or any defense to the effect the offer and acceptance of it is not enforceable in accordance with its terms. There were no transactions between the Fund and Global during the six months ended November 30, 2003.
THE AMERICAN HERITAGE FUND, INC.
FINANCIAL HIGHLIGHTS AND RELATED
RATIO/SUPPLEMENTAL DATA
For a share outstanding throughout each period
(Unaudited)
Six Months Ended Year Ended Year Ended Year Ended Year Ended
11/30/2003
5/31/2003
5/31/2002
5/31/2001
5/31/2000
Net asset value, beginning of period
$
0.06
$
0.11
$
0.18
$
0.27
$
0.28
Income (loss) from investment operations:
Net investment loss
(0.01)
(0.01)
(0.01)
(0.07)
(0.04)
Net gains (losses) on securities (both
realized and unrealized)
0.03
(0.04)
(0.06)
(0.02)
0.03
Total from investment operations
0.02
(0.05)
(0.07)
(0.09)
(0.01)
Less distributions:
Dividends (from net investment income)
0.00
0.00
0.00
0.00
0.00
Distributions (from capital gains)
0.00
0.00
0.00
0.00
0.00
Net asset value, end of period
$
0.08
$
0.06
$
0.11
$
0.18
$
0.27
Total return
33.33%
(45.45)%
(38.89)%
(33.33)%
(3.57)%
Net assets, end of period
$
726,842
$
589,406
$
1,088,485
$
1,973,431
$
3,473,766
Ratio of expenses to average net assets
13.02%
12.36%
12.61%
11.53%
8.37%
Ratio of net investment
loss to average net assets
(12.90)%
(12.25)%
(11.97)%
(10.96)%
(7.90)%
Portfolio turnover rate
296.85%
0.00%
9.36%
1.00%
13.00%
The accompanying notes are an integral part of these financial statements.
Item 2. Code of Ethics. Not applicable.
Item 3. Audit Committee Financial Expert. Not applicable.
Item 4. Principal Accountant Fees and Services. Not applicable.
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Reserved.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable.
Item 8. Reserved.
Item 9. Controls and Procedures.
(a)
Based on an evaluation of the registrant’s disclosure controls and procedures as of December 1, 2003, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.
Item 10. Exhibits.
(a) Not applicable.
(b) Certifications required by Item 10(b) of Form N-CSR are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
The American Heritage Fund, Inc.
By /s/ Heiko H. Thieme CEO
*Heiko H. Thieme CEO
Date February 10, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /s/ Heiko H. Thieme CEO
*Heiko H. Thieme CEO
Date February 10, 2004
* Print the name and title of each signing officer under his or her signature.
