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SIGNATURE PHILIP J. BAFUNDO
TITLE TREASURER
To the Board of Directors and Shareholders of
SG Cowen Income + Growth Fund, Inc. and
SG Cowen Series Funds, Inc. and SG Cowen Funds, Inc.:
In planning and performing our audits of the financial statements of SG
Cowen Income + Growth Fund, Inc., SG Cowen Opportunity Fund,
SG Cowen Government Securities Fund, SG Cowen Intermediate
Fixed Income Fund, and SG Cowen Large Cap Value Fund (the Funds)
for the year ended November 30, 1999, we considered their internal
controls, including procedures 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 Funds 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 procedures for safeguarding securities,
that we consider to be material weaknesses as defined above as
of November 30, 1999.
This report is intended solely for the information and use of
management, the Board of Directors of SG Cowen Income
+ Growth Fund, Inc. and SG Cowen Funds, Inc. and SG Cowen
Series Funds, Inc. and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other
than these specified parties.
KPMG,LLP
New York, New York
January 14, 2000
