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001 A000000 CVO GREATER CHINA FUND, INC.
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<PAGE> PAGE 2
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SIGNATURE MARTIN R. DEAN
TITLE VP
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000929894
<NAME> CVO GREATER CHINA FUND INC.
<S> <C>
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<PERIOD-START> NOV-19-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 22014226
<INVESTMENTS-AT-VALUE> 18225221
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class I
</FN>
</TABLE>
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December 11, 1997
To the Shareholders and
Board of Directors of
CVO Greater China Fund, Inc.
In planning and performing our audit of the
financial statements of CVO Greater China
Fund, Inc. (the "Fund") for the period
November 19, 1996 (commencement
of operations) through October 31,
1997, 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 control activities.
Generally, control activities 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
control activities 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 components 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 control activities
for safeguarding securities, that we
consider to be material weaknesses
as defined above as of October 31, 1997.
This report is intended solely for the
information and use of
and the Board of Directors of the
Fund and the Securities and Exchange
Commission.
