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<PAGE> PAGE 2
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SIGNATURE LINDA FIELD
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<RESTATED>
<CIK> 0000917715
<NAME> THE NEW SOUTH AFRICA FUND INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 44106214
<INVESTMENTS-AT-VALUE> 41840457
<RECEIVABLES> 16359
<ASSETS-OTHER> 1962
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41858778
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 366230
<TOTAL-LIABILITIES> 366230
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52137198
<SHARES-COMMON-STOCK> 4030869
<SHARES-COMMON-PRIOR> 4496521
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8375354)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2269296)
<NET-ASSETS> 41492548
<DIVIDEND-INCOME> 949068
<INTEREST-INCOME> 672402
<OTHER-INCOME> 0
<EXPENSES-NET> 2065933
<NET-INVESTMENT-INCOME> (444463)
<REALIZED-GAINS-CURRENT> (8018273)
<APPREC-INCREASE-CURRENT> (21959524)
<NET-CHANGE-FROM-OPS> (30422260)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 133378
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 465652
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (37484764)
<ACCUMULATED-NII-PRIOR> 133001
<ACCUMULATED-GAINS-PRIOR> (1878854)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 710267
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<GROSS-EXPENSE> 2065933
<AVERAGE-NET-ASSETS> 58748400
<PER-SHARE-NAV-BEGIN> 17.56
<PER-SHARE-NII> (0.11)
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<PER-SHARE-DIVIDEND> (0.03)
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</TABLE>
Report of Independent Accountants
To the Shareholders and Board of Directors of
The New South Africa Fund Inc.
In planning and performing our audit of the financial statements of The
New South Africa Fund Inc. (the "Fund") for the year ended February 28,
1999, 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 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 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 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 error or fraud 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 and its operation,including controls for safeguarding
securities, that we consider to be material weaknesses as defined
above as of February 28, 1999.
This report is intended solely for the information and use of management
and the Board of Directors of the Fund and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
New York, New York
April 9, 1999
5
To the Shareholders and Board of Directors of
The New South Africa Fund Inc.
(5)
The New South Africa Fund Inc.
Results of Special Meeting of Shareholders (unaudited)
On November 23, 1998, the special meeting of the shareholders of
The New South Africa Fund Inc. (the "Fund") was convened and
adjourned to December 8, 1999. On such date, the meeting was
reconvened and the following matters were voted upon:
(1) To terminate the Fund's Investment Advisory Agreement with
Fleming International Asset Management Limited and recommend
entering into a new investment advisory agreement with Fleming
International Asset Management Limited with the specified fee terms:
For Against Withheld Non-Votes
1,888,732 166,772 12,045 1,963,320
(2) To recommend that the Board of Directors consider approving
and submitting the stockholders, as soon as possible a plan whereby
the Fund would be liquidated in an orderly manner.
For Against Withheld Non-Votes
1,899,536 68,706 99,308 1,963,319
