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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE MICHAEL PIGNATARO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000883925
<NAME> THE BRAZILIAN EQUITY FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 74493418
<INVESTMENTS-AT-VALUE> 66497979
<RECEIVABLES> 1352098
<ASSETS-OTHER> 26374
<OTHER-ITEMS-ASSETS> 691310
<TOTAL-ASSETS> 68567761
<PAYABLE-FOR-SECURITIES> 843603
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 363865
<TOTAL-LIABILITIES> 1207468
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83956690
<SHARES-COMMON-STOCK> 6564841
<SHARES-COMMON-PRIOR> 6564841
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8600502)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (7995895)
<NET-ASSETS> 67360293
<DIVIDEND-INCOME> 2207933
<INTEREST-INCOME> 203058
<OTHER-INCOME> 0
<EXPENSES-NET> 2225065
<NET-INVESTMENT-INCOME> 185926
<REALIZED-GAINS-CURRENT> 18396725
<APPREC-INCREASE-CURRENT> (36510104)
<NET-CHANGE-FROM-OPS> (17927453)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 112358
<DISTRIBUTIONS-OF-GAINS> 32263038
<DISTRIBUTIONS-OTHER> 251864
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (50526812)
<ACCUMULATED-NII-PRIOR> 112358
<ACCUMULATED-GAINS-PRIOR> 5079885
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1395180
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2599738
<AVERAGE-NET-ASSETS> 107394191
<PER-SHARE-NAV-BEGIN> 17.96
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.76
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 4.95
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<EXPENSE-RATIO> 2.07
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and 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. (the
"Fund") for the year ended March 31, 1998, 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 financial highlights 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 benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the Fund'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 may 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 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 internal control, including procedures 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
management and the Securities and Exchange Commission.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
March 14, 1998
