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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 March 31, 1997 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 106,544,786
<INVESTMENTS-AT-VALUE> 139,396,014
<RECEIVABLES> 2,722,027
<ASSETS-OTHER> 18,428,315
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 160,546,356
<PAYABLE-FOR-SECURITIES> 6,066,342
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,103,630
<TOTAL-LIABILITIES> 9,169,972
<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> 28,873,161
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,057,764
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,888,412
<NET-ASSETS> 151,376,384
<DIVIDEND-INCOME> 656,689
<INTEREST-INCOME> 457,357
<OTHER-INCOME> 0
<EXPENSES-NET> 2,138,684
<NET-INVESTMENT-INCOME> (1,024,638)
<REALIZED-GAINS-CURRENT> 41,548,082
<APPREC-INCREASE-CURRENT> 18,285,528
<NET-CHANGE-FROM-OPS> 58,808,972
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 58,808,972
<ACCUMULATED-NII-PRIOR> (486,638)
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,467,244
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,170,649
<AVERAGE-NET-ASSETS> 115,738,436
<PER-SHARE-NAV-BEGIN> 12.11
<PER-SHARE-NII> (0.13)
<PER-SHARE-GAIN-APPREC> 7.35
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</TABLE>
Attachment- Question 77D
The following changes to the non-fundamental investment policies of the
Fund and additional investment strategies have been implemented.
1. The Fund may write put options on securities and foreign
currencies with total market value not exceeding 5% of total assets.
2. The policy that limits the value of the underlying securities
on which covered call options are written to 35% of the total assets of the Fund
has been eliminated.
3. The Fund has begun using portfolio securities (as opposed to
cash or cash equivalents) to satisfy asset segregation requirements in
connection with certain trading practices.
4. The policy which allows the Fund to invest up to 5% of its
total assets in Eastern European equity securities or warrants has been amended
to allow the Fund to invest up to 10% of its total assets in such instruments
and the definition of Eastern Europe was expanded to include the Newly
Independent States of the ex-Soviet Union.
5. The Fund may both purchase and sell interest rate futures
contracts that are traded on regulated exchanges, including non-U.S. exchanges
to the extent permitted by the U.S. Commodity Futures Trading Commission.
Attachment- Question 77Q
SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Martin Vogel, a Director of the Fund, inadvertently failed to file with
the SEC on a timely basis an Initial Statement of Beneficial Ownership on Form
3. Philipp Burger, an officer of the Fund, inadvertently failed to file on a
timely basis Statements of Changes in Beneficial Ownership on Form 4 regarding
five transactions. Julius Baer Asset Management also failed to timely file a
Form 3 and a Form 4. These omissions have been corrected through the filing of
Annual Statements of Changes in Beneficial Ownership on Form 5.
Page
The Board of Directors
The European Warrant Fund, Inc.:
In planning and performing our audit of the financial statements of The European
Warrant Fund, Inc. for the year ended March 31, 1997, we considered its 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 to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of The European Warrant Fund, Inc. 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 benefit 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 risks 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 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
March 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/S/ KPMG Peat Marwick LLP
May 12, 1997
