<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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SIGNATURE ELLIOT C. KAUFFMAN
TITLE TREASURER
REPORT OF INDEPENDENT CERTIFIED
PUBLIC ACCOUNTANTS ON INTERNAL
CONTROL STRUCTURE
Shareholders and Board of Directors
S.I.S. Mercator Fund, Inc.
Wayne, Pennsylvania
We have audited the accompanying statement of
assets and liabilities of S.I.S. Mercator Fund, Inc.
(comprising, respectively, the Global Equity
Portfolio and the Global Income Portfolio), including
the portfolios of investments, as of October 31, 1996,
and the related statements of operations and changes
in net assets, and the financial highlights for the
period November 8, 1995 (commencement of
operations) to October 31, 1996. These financial
statements and financial highlights are the
responsibility of the Fund's management. Our
responsibility is to express an opinion on these
financial statements and financial highlights based
on our audit.
We conducted our audit in accordance with generally
accepted auditing standards. Those standards require
that we plan and perform the audit to obtain
reasonable assurance about whether the financial
statements and financial highlights are free of
material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our
procedures included confirmation of securities
owned as of October 31, 1996 by correspondence
with the custodian and brokers. An audit also
includes assessing the accounting principles used
and significant estimates made by management, as
well as evaluation the overall financial statement
presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all
material respects, the financial position of the Global
Equity Portfolio and the Global Income Portfolio as
of October 31, 1996, the results of their operations,
the changes in their net assets, and the financial
highlights for the period from November 8, 1995 to
October 31, 1996, in conformity with generally
accepted accounting principles.
Tait, Weller and Baker
Philadelphia, Pennsylvania
November 18, 1996
