<PAGE> PAGE 1
000 A000000 09/30/97
000 C000000 0000863903
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE EUROPEAN WARRANT FUND, INC
001 B000000 811-6017
001 C000000 2122973940
002 A000000 330 MADISON AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 JULIUS BAER SECURITIES INC.
008 B000001 A
008 C000001 801-13397
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10017
010 A000001 INVESTORS BANK & TRUST COMPANY
010 C010001 BOSTON
010 C020001 MA
010 C030001 02116
012 A000001 INVESTORS BANK & TRUST COMPANY
012 B000001 85-750
012 C010001 BOSTON
012 C020001 MA
012 C030001 02116
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
<PAGE> PAGE 2
014 A000001 JULIUS BAER SECURITIES INC.
014 B000001 8-11526
014 A000002 NONE
014 B000002 8-xxxxxxxx
015 A000001 INVESTORS BANK & TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02116
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 KASSENVEREIN, SPUTZ
020 C000001 30
020 A000002 SWISS BANK CORPORATION
020 C000002 9
020 A000003 BANK JULIUS BAER
020 C000003 8
020 A000004 SMITH BARNEY
020 C000004 6
020 A000005 MERRILL LYNCH
020 C000005 3
020 A000006 CREDIT LYONNAIS
020 C000006 2
020 A000007 GOLDMAN SACHS
020 C000007 1
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 59
022 A000001 INVESTORS BANK & TRUST
022 B000001 04-2447211
022 C000001 1014942
022 D000001 0
022 A000002 SWISS BANK CORP.
022 C000002 60153
022 D000002 32263
022 A000003 MERRILL LYNCH
022 C000003 14540
022 D000003 18901
022 A000004 DEUTSCHE BANK
022 C000004 10632
022 D000004 13058
022 A000005 GOLDMAN SACHS
022 B000005 13-5108880
022 C000005 6182
022 D000005 5220
022 A000006 BANKERS TRUST
022 C000006 4236
022 D000006 4001
<PAGE> PAGE 3
022 A000007 BANK JULIUS BAER
022 C000007 6051
022 D000007 0
022 A000008 SALOMON BROTHERS
022 C000008 2619
022 D000008 3240
022 A000009 STANDARD CHARTERED BANK
022 C000009 3167
022 D000009 1890
022 A000010 PARIBAS SECURITIES
022 C000010 3451
022 D000010 1591
023 C000000 1256847
023 D000000 170839
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 N
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.250
048 A010000 0
048 A020000 0.000
048 B010000 0
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048 E010000 0
048 E020000 0.000
048 F010000 0
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048 G010000 0
048 G020000 0.000
<PAGE> PAGE 4
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 N
061 000000 0
062 A000000 N
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062 C000000 0.0
062 D000000 0.0
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062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
<PAGE> PAGE 5
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 Y
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 Y
070 E010000 Y
070 E020000 Y
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
<PAGE> PAGE 6
070 R010000 N
070 R020000 N
071 A000000 103136
071 B000000 82796
071 C000000 168267
071 D000000 49
072 A000000 6
072 B000000 316
072 C000000 454
072 D000000 0
072 E000000 0
072 F000000 1120
072 G000000 195
072 H000000 0
072 I000000 30
072 J000000 0
072 K000000 0
072 L000000 20
072 M000000 18
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 18
072 S000000 44
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 34
072 X000000 1480
072 Y000000 0
072 Z000000 -710
072AA000000 23506
072BB000000 0
072CC010000 39791
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 329
074 B000000 1054
074 C000000 494
074 D000000 11485
074 E000000 0
074 F000000 12260
074 G000000 9996
074 H000000 0
<PAGE> PAGE 7
074 I000000 183827
074 J000000 0
074 K000000 0
074 L000000 166
074 M000000 42
074 N000000 219653
074 O000000 1999
074 P000000 630
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 2774
074 R040000 286
074 S000000 0
074 T000000 213964
074 U010000 8154
074 U020000 0
074 V010000 26.24
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 0
075 A000000 0
075 B000000 182403
076 000000 20.69
077 A000000 N
078 000000 N
080 A000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 B000000 NONE
080 C000000 750
081 A000000 N
081 B000000 0
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
<PAGE> PAGE 8
086 F020000 0
087 A010000 THE EUROPEAN WARRANT FUND
087 A020000 298792102
087 A030000 EWF
088 A000000 Y
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE ROBERT DISCOLO
TITLE CFO & SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from The
European Warrant Fund from N-SAR for the period ended September 30, 1997 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 147,443,990
<INVESTMENTS-AT-VALUE> 219,116,341
<RECEIVABLES> 166,338
<ASSETS-OTHER> 370,491
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 219,653,170
<PAYABLE-FOR-SECURITIES> 1,998,611
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,690,715
<TOTAL-LIABILITIES> 5,689,326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 84,557,047
<SHARES-COMMON-STOCK> 8,153,712
<SHARES-COMMON-PRIOR> 8,153,712
<ACCUMULATED-NII-CURRENT> 28,163,422
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28,563,796
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 72,679,579
<NET-ASSETS> 213,963,844
<DIVIDEND-INCOME> 453,763
<INTEREST-INCOME> 316,168
<OTHER-INCOME> 0
<EXPENSES-NET> 1,479,670
<NET-INVESTMENT-INCOME> (709,739)
<REALIZED-GAINS-CURRENT> 23,506,032
<APPREC-INCREASE-CURRENT> 39,791,167
<NET-CHANGE-FROM-OPS> 62,587,460
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 62,587,460
<ACCUMULATED-NII-PRIOR> 28,873,161
<ACCUMULATED-GAINS-PRIOR> 5,057,764
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,119,506
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,479,670
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 18.57
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> 7.76
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 26.24
<EXPENSE-RATIO> 1.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
