<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 0001007174
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001 A000000 AMERINDO FUNDS, INC.
001 B000000 811-07531
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010 C01AA01 HAUPPAUGE
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011 A00AA01 ADS DISTRIBUTORS, INC
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<PAGE> PAGE 2
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE JAMES COLANTINO
TITLE SENIOR ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001007174
<NAME> AMERINDO FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> AMERINDO TECHNOLOGY FUND - CLASS D
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 28350053
<INVESTMENTS-AT-VALUE> 53457817
<RECEIVABLES> 16023301
<ASSETS-OTHER> 201957
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<NET-INVESTMENT-INCOME> (997207)
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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,
1998,we considered its internal control,including control activities for
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, error or fraud may
occur and 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 one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of December 31, 1998.
This report is intended solely for the information and use of
management, the Board of Directors of Amerindo Funds Inc., and the
Securities and Exchange Commission.
/s/ Morrison, Brown, Argiz & Company
Certified Public Accountants
Miami, Florida
February 1, 1999
