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SIGNATURE MICHAEL A. PIGNATARO
TITLE CHIEF FINANCIAL OFCR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> THE EMERGING MARKETS TELECOMMUNICATIONS FUND, INC.
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<NAME>
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Report of Independent Accountants
To the Board of Directors of
The Emerging Markets Telecommunications Fund, Inc.:
In planning and performing our audit of the financial statements and
financial highlights of The Emerging Markets Telecommunications Fund,
Inc. for the year ended May 31, 1998, we considered its internal
control, including control activities 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 Emerging Markets Telecommunications Fund, Inc. is
responsible for establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgements 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 entity's
objective of preparing financial statements and financial highlights 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 controls, errors or fraud
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 one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by errors or
fraud 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 and its operation, including controls over safeguarding
securities, that we consider to be material weaknesses as defined above
as of May 31, 1998.
This report is intended solely for the information and use of management,
the Board of Directors of The Emerging Markets Telecommunications Fund,
Inc., and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
July 15, 1998
