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<PAGE> PAGE 2
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SIGNATURE MICHAEL PIGNATARO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 60493133
<INVESTMENTS-AT-VALUE> 64956586
<RECEIVABLES> 12270
<ASSETS-OTHER> 46582
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 66037375
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 341691
<TOTAL-LIABILITIES> 341691
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63940163
<SHARES-COMMON-STOCK> 4634005
<SHARES-COMMON-PRIOR> 4619271
<ACCUMULATED-NII-CURRENT> 135329
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2843283)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4463475
<NET-ASSETS> 65695684
<DIVIDEND-INCOME> 1401400
<INTEREST-INCOME> 67406
<OTHER-INCOME> 0
<EXPENSES-NET> 1200589
<NET-INVESTMENT-INCOME> 268217
<REALIZED-GAINS-CURRENT> (2913782)
<APPREC-INCREASE-CURRENT> 18231683
<NET-CHANGE-FROM-OPS> 15586118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 10254782
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 14734
<NET-CHANGE-IN-ASSETS> 5539556
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 10192393
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 921310
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1439859
<AVERAGE-NET-ASSETS> 68362940
<PER-SHARE-NAV-BEGIN> 13.02
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 3.32
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.22
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.18
<EXPENSE-RATIO> 1.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
The Brazilian Equity Fund, Inc.:
In planning and performing our audit
of the financial statements and
financial highlights of The Brazilian
Equity Fund, Inc. for the
year ended March 31, 1996, 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 financial highlights
and to comply with the requirements
of Form N-SAR, not to provide assurance
on the internal control structure.
The management of The Brazilian
Equity 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 benefits 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
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 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 and financial highlights
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, 1996.
This report is intended solely for the
information and use of management and the
Board of Directors of The Brazilian
Equity Fund, Inc. and the Securities and
Exchange Commission.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
May 15, 1996
