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SIGNATURE CHRIS SALFI
TITLE CONTROLLER
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<NAME> THE NEVIS FUND, INC.
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<NAME> THE NEVIS FUND
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
The Nevis Fund, Inc.:
In planning and performing our audit of the financial statements
of The Nevis Fund, Inc. for the year ended May 31, 1999, 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 management of The Nevis Fund, Inc. 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 May 31, 1999.
This report is intended solely for the information and use of
management, the Board of Directors, and the Securities and
Exchange Commission.
Philadelphia, PA
July 9, 1999
