<PAGE> PAGE 1
000 A000000 09/30/98
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 UBS AG
014 B000002 8-00000000
014 A000003 WARBURG DILLON REED
014 B000003 8-00000000
014 A000004 BANK JULIUS BAER
014 B000004 8-00000000
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 47
020 A000002 SMITH BARNEY INC.
020 B000002 13-1912900
020 C000002 39
020 A000003 JAMMES CAPEL
020 C000003 28
020 A000004 MERRILL LYNCH
020 B000004 13-5674085
020 C000004 27
020 A000005 SWISS BANK CORP.
020 C000005 22
020 A000006 BANK JULIUS BAER
020 C000006 20
020 A000007 ROBERT FLEMING SECURITIES
020 B000007 13-3298866
020 C000007 5
020 A000008 UBS SECURITIES
020 B000008 13-3873456
020 C000008 2
020 A000009 LEHMAN BROTHERS INC
020 B000009 13-2518466
020 C000009 2
020 C000010 0
021 000000 192
022 A000001 INVESTORS BANK & TRUST
022 B000001 04-2447211
022 C000001 341346
022 D000001 7639
022 A000002 BANQUE NATIONALE DE PARIS
022 C000002 10930
022 D000002 11945
022 A000003 MERRILL LYNCH
022 B000003 13-5674085
<PAGE> PAGE 3
022 C000003 8893
022 D000003 12829
022 A000004 SWISS BANK CORP
022 C000004 9633
022 D000004 8291
022 A000005 GOLDMAN SACHS
022 B000005 13-5108880
022 C000005 8505
022 D000005 8927
022 A000006 DEUTSCHE BANK
022 C000006 7390
022 D000006 8972
022 A000007 LEHMAN BROTHERS
022 B000007 13-2518466
022 C000007 4902
022 D000007 4671
022 A000008 SMITH BARNEY INC.
022 B000008 13-1912900
022 C000008 117
022 D000008 3387
022 A000009 SALOMON BROTHERS INTERNATIONALE
022 C000009 0
022 D000009 3313
022 A000010 BANKERS TRUST
022 C000010 1445
022 D000010 1775
023 C000000 553555
023 D000000 149663
024 000000 N
025 A000001 DELETE
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
028 A010000 0
028 A020000 0
028 A030000 0
<PAGE> PAGE 4
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.250
048 A010000 0
<PAGE> PAGE 5
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
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 N
060 B000000 N
061 000000 0
062 A000000 N
<PAGE> PAGE 6
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
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
<PAGE> PAGE 7
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
070 R010000 N
070 R020000 N
071 A000000 83540
071 B000000 99463
071 C000000 228565
071 D000000 37
072 A000000 6
072 B000000 576
072 C000000 456
072 D000000 0
072 E000000 0
072 F000000 1544
072 G000000 238
072 H000000 0
072 I000000 148
072 J000000 0
072 K000000 0
072 L000000 80
072 M000000 18
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 0
072 S000000 322
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 69
072 X000000 2419
072 Y000000 362
072 Z000000 -1024
072AA000000 8422
072BB000000 0
072CC010000 0
072CC020000 75096
072DD010000 0
072DD020000 0
<PAGE> PAGE 8
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 22993
074 B000000 8973
074 C000000 0
074 D000000 20333
074 E000000 0
074 F000000 18217
074 G000000 1842
074 H000000 0
074 I000000 115630
074 J000000 0
074 K000000 0
074 L000000 10612
074 M000000 117
074 N000000 198717
074 O000000 5194
074 P000000 741
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 13203
074 R040000 107
074 S000000 0
074 T000000 179472
074 U010000 10676
074 U020000 0
074 V010000 16.81
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 0
075 A000000 0
075 B000000 247051
076 000000 14.25
077 A000000 Y
077 C000000 Y
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
<PAGE> PAGE 9
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
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 MICHAEL QUAIN
TITLE PRESIDENT & CFO
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from The European Warrant Fund
from form N-SAR for the period ended September 30, 199
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> The European Warrant Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 139,441,479
<INVESTMENTS-AT-VALUE> 164,995,197
<RECEIVABLES> 10,612,235
<ASSETS-OTHER> 116,691
<OTHER-ITEMS-ASSETS> 22,993,306
<TOTAL-ASSETS> 198,717,429
<PAYABLE-FOR-SECURITIES> 5,194,498
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,051,007
<TOTAL-LIABILITIES> 19,245,505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 117,454,021
<SHARES-COMMON-STOCK> 10,675,768
<SHARES-COMMON-PRIOR> 10,675,768
<ACCUMULATED-NII-CURRENT> 14,596,068
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,927,029
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,494,806
<NET-ASSETS> 179,471,924
<DIVIDEND-INCOME> 455,892
<INTEREST-INCOME> 576,380
<OTHER-INCOME> 0
<EXPENSES-NET> 2,056,208
<NET-INVESTMENT-INCOME> (1,023,936)
<REALIZED-GAINS-CURRENT> 8,421,647
<APPREC-INCREASE-CURRENT> (75,096,278)
<NET-CHANGE-FROM-OPS> (67,698,567)
<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> (67,698,567)
<ACCUMULATED-NII-PRIOR> 15,620,004
<ACCUMULATED-GAINS-PRIOR> 11,505,382
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,544,069
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,418,536
<AVERAGE-NET-ASSETS> 247,051,048
<PER-SHARE-NAV-BEGIN> 23.15
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> (6.24)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.81
<EXPENSE-RATIO> 1.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
A:\98VOTE.DOC
77c. Matters submitted to a vote of security holders.
A meeting of the Fund's shareholders was held on May 28, 1998 at which
shareholders approved four proposals. The voting results were as follows:
Proposal 1 To elect as Directors the following two nominees:
<TABLE>
<S> <C> <C> <C> <C>
Percent of Shares
Shares For Shares Against Shares Abstaining Voted
Antoine Bernheim 6,733,418 0 594,259 68.64%
Martin Vogel 6,732,602 0 595,075 68.64%
</TABLE>
Proposal 2 To approve sales pursuant to rights offerings of shares of common
stock of the Fund at prices below the then current net asset value of such
shares.
<TABLE>
<S> <C> <C> <C> <C>
Percent of Shares
Shares For Shares Against Shares Abstaining Voted
5,214,642 1,160,062 115,345 60.79%
</TABLE>
Proposal 3 To approve distribution of shares of common stock at prices below net
asset value in connection with fund dividends and capital gain distributions.
<TABLE>
<S> <C> <C> <C> <C>
Percent of Shares
Shares For Shares Against Shares Abstaining Voted
5,434,228 1,781,991 111,458 68.64%
</TABLE>
Proposal 4 To ratify the selection of KMPG Peat Marwick LLP ("KMPG") as
independent accountants for the fiscal year ending March 31, 1999.
<TABLE>
<S> <C> <C> <C> <C>
Percent of Shares
Shares For Shares Against Shares Abstaining Voted
7,164,207 83,497 79,973 68.64%
</TABLE>
