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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 March 31, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> The European Warrant Fund
<S> <C>
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</TABLE>
Page 1
To 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. (the "Fund") at March 31, 1999 and for the year then ended,
we considered its internal control, 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 Fund 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 acquisition, 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 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 any
specific internal control component 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 internal control,
including controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of March 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of the European Warrant Fund, Inc., and the Securities and
Exchange Commission, and is not intended to be and should not be used by anyone
else other than those specified parties.
KPMG LLP
Boston, Massachusetts
May 5, 1999
