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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE MICHAEL QUAIN
TITLE PRESIDENT & CFO
77 C. Matters Submitted to a vote of security holders
The annual meeting of the fund's shareholders was held on June 26, 1998. The
results of votes taken among shareholders on proposals are listed below:
<TABLE>
<S> <C> <C>
Proposal 1
The election of four Directors of the Fund.
To elect Thomas J. Gibbons
# of Shares Voted % of Shares Outstanding
Affirmative 4,006,192.857 49.133%
Withheld 333,618.737 4.092%
TOTAL 4,339,811.594 53.225%
To elect Harvey B. Kaplan
# of Shares Voted % of Shares Outstanding
Affirmative 4,038,468.414 49.529%
Withheld 301,343.180 3.696%
TOTAL 4,339,811.594 53.225%
To elect Bernard Spilko
# of Shares Voted % of Shares Outstanding
Affirmative 4,040,268.414 49.551%
Withheld 299,543.180 3.674%
TOTAL 4,339,811.594 53.225%
To elect Martin Vogel
# of Shares Voted % of Shares Outstanding
Affirmative 4,007,592.857 49.151%
Withheld 332,218.737 4.074%
TOTAL 4,339,811.594 53.225%
Proposal 2
To approve or disapprove a proposed change in the Fund's status from that of a
diversified to a non-diversified management investment company and to eliminate
a fundamental investment restriction relating to a diversified management
investment company.
# of Shares Voted % of Shares Outstanding
Affirmative 3,348,046.609 41.062%
Against 286,810.771 3.517%
Abstaining 41,388.214 .508%
TOTAL 3,676,245.594 45.087%
Proposal 3
To ratify KPMG Peat Marwick LLP as independent accountants for the Fund for the
fiscal year ending March 31, 1998.
# of Shares Voted % of Shares Outstanding
Affirmative 4,280,499.535 52.498%
Against 27,239.180 .334%
Abstaining 32,072.879 .393%
TOTAL 4,339,811.594 53.225%
</TABLE>
Page 1
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, 1998, we considered its
internal, 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 European Warrant Fund, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefit 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 acquisitions, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 would not necessarily disclose all
matters in the 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 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 and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of March 31, 1998.
This report is intended solely for the information and use of the board of
directors, management and the Securities and Exchange Commission.
KPMG Peat Marwick LLP
May 8, 1998
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extra
European Warrant Fund from N-SAR for the year ended March
qualified in its entirety by reference to such financial s
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> Mar-31-1998
<INVESTMENTS-AT-COST> 136,571,903
<INVESTMENTS-AT-VALUE> 239,502,524
<RECEIVABLES> 1,755,265
<ASSETS-OTHER> 25,959
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 254,238,416
<PAYABLE-FOR-SECURITIES> 1,609,309
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,458,616
<TOTAL-LIABILITIES> 7,067,925
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 117,454,021
<SHARES-COMMON-STOCK> 10,675,768
<SHARES-COMMON-PRIOR> 8,153,712
<ACCUMULATED-NII-CURRENT> 15,620,004
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,505,382
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 102,591,084
<NET-ASSETS> 247,170,491
<DIVIDEND-INCOME> 825,666
<INTEREST-INCOME> 502,047
<OTHER-INCOME> 0
<EXPENSES-NET> 3,160,529
<NET-INVESTMENT-INCOME> (1,832,816)
<REALIZED-GAINS-CURRENT> 48,098,681
<APPREC-INCREASE-CURRENT> 69,702,672
<NET-CHANGE-FROM-OPS> 115,968,537
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 54,222,184
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 2,522,056
<NET-CHANGE-IN-ASSETS> 95,794,107
<ACCUMULATED-NII-PRIOR> 28,873,161
<ACCUMULATED-GAINS-PRIOR> 5,057,764
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 2,379,293
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,305,183
<AVERAGE-NET-ASSETS> 191,984,468
<PER-SHARE-NAV-BEGIN> 18.57
<PER-SHARE-NII> (0.21)
<PER-SHARE-GAIN-APPREC> 12.50
<PER-SHARE-DIVIDEND> (1.06)
<PER-SHARE-DISTRIBUTIONS> (6.65)
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<PER-SHARE-NAV-END> 23.15
<EXPENSE-RATIO> 1.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
