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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
SIGNATURE CATHERINE VACCA
TITLE DEPUTY MANAGER
REPORT OF INDEPENDENT ACCOUNTANTS
To the Investors and Directors of
GAM Funds, Inc.:
In planning and performing our audit of the financial statements
and the selected financial information of GAM Funds, Inc.
(comprising, respectively, GAM International Fund, GAM Global
Fund, GAM Europe Fund, GAM Pacific Basin Fund, GAM Japan Capital
Fund, GAM North America Fund, GAM Asian Capital Fund and
GAMerica Capital Fund) for the year ended December 31, 1996, we
considered the Funds' internal control structure, including
procedures for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our
opinion on the financial statements and selected financial
information and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance
with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
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 the internal control structure would not
necessarily disclose all matters in the internal control
structure 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 the specific internal control structure
elements 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 and the selected financial
information being audited may occur and not be deleted within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving the internal control structure, including procedures
for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of December 31, 1996.
This report is intended solely for the information and use of
management of the Funds and the Securities and Exchange
Commission.
Coopers & Lybrand L.L.P.
Boston, Massachusetts
February 14, 1997
GAM Funds, Inc. NSAR filing f/y/e 12/31/96
Item # 77c
Special Meeting of Class A shareholders of GAM Funds Inc. to
consider approval of plan of distribution for the Class A shares
of the Fund at a maximum annual rate of .30% of the average
daily net assets of Class A shares of such Series.
Total affirmative votes 21,664,843
Total negative votes 6,400,234
s:\tleader\fundadm\gam\nsar\proxy.sam
FORM NSAR GAM FUNDS, INC.
ITEM 77K - Change in Registrant's Certifying Accountant
(a) The date of dismissal of the independent accountant is
January 24, 1996.
(b) There were no disagreements with the former accountant on
any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure.
(c) The principal accountant's report on the financial
statements for any of the past two years did not contain an
adverse opinion and was not qualified as to the uncertainty,
audit scope, or accounting principles.
(d) See below attached as Exhibit A
(e) The decision to change accountants was approved by the
Board of Directors.
Exhibit A
Securities and Exchange Commission
Washington, DC 20549
We were previously the independent accountants for GAM Funds,
Inc., and on February 2, 1996, we reported on the financial
statements of GAM Funds, Inc. as of and for the year ended
December 31, 1995. On January 24, 1996, we were dismissed as
independent accountants of GAM Funds, Inc.
We have read GAM Funds, Inc.'s statements included under
sub-item 77K to Form N-SAR, and we agree with such statements.
s:\tleader\fundadm\gam\nsar\77k.sam
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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