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SIGNATURE JAMES COLANTINO
TITLE SENIOR ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001007174
<NAME> AMERINDO FUNDS, INC.
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 37800492
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<ASSETS-OTHER> 0
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</TABLE>
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL
To the Shareholders and Board of Directors
Amerindo Funds Inc.
In planning and performing our audit of the financial statements of the
Amerindo Technology Fund (the sole fund constituting Amerindo Funds Inc.;
collectively known as the "Fund"), for the year ended December 31, 1997, we
considered its internal control, including controls over safeguarding
securities, in order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The Fund's management is responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and may not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
Certified Public Accountants
Miami, Florida
January 27, 1998
