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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001076958-99-000025.txt : 19990315
<SEC-HEADER>0001076958-99-000025.hdr.sgml : 19990315
ACCESSION NUMBER:		0001076958-99-000025
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19990312

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHILE FUND INC
		CENTRAL INDEX KEY:			0000846676
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				222990009
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		
		SEC FILE NUMBER:	005-40493
		FILM NUMBER:		99563797

	BUSINESS ADDRESS:	
		STREET 1:		C/O BEA ASSOCIATES INC
		STREET 2:		103 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		3027912919

	MAIL ADDRESS:	
		STREET 1:		103 BELLEVUE PARKWAY
		CITY:			WILMINTON
		STATE:			DE
		ZIP:			19809

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UBS AG/NY
		CENTRAL INDEX KEY:			0001076958
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				980186363
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		299 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<TEXT>

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 1)

CHILE FUND INC.
(Name of Issuer)
- -----------------------------------------------------------

Common Stock 
(Title of Class of Securities)
- -----------------------------------------------------------

168834109
(CUSIP Number)
- -----------------------------------------------------------

December 31, 1998
(Date of Event Which Requires Filing of this Statement)
- -----------------------------------------------------------


Check the appropriate box to designate the rule pursuant to 
which this Schedule is filed:

/x/ Rule 13d-1(b)
/ / Rule 13d-1(c)
/ / Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a 
reporting person's initial filing on this form with respect 
to the subject class of securities, and for any subsequent 
amendment containing information which would alter the 
disclosures provided in a prior cover page.

The information required in the remainder of this cover page 
shall not be deemed to be "filed" for the purpose of Section 
18 of the Securities Exchange Act of 1934 ("Act") or 
otherwise subject to the liabilities of that section of the 
Act but shall be subject to all other provisions of the Act 
(however, see the Notes).

Potential persons who are to respond to the collection of 
information contained in this form are not required to 
respond unless the form displays a currently valid OMB 
control number.

Page 1 of 5 pages

<PAGE>

Cusip 168834109
- -----------------------------------------------------------
1
Names of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only).

UBS AG
98-0186363
- -----------------------------------------------------------
2
Check the Appropriate Box if a Member of a Group (See 
Instructions)
a   / /
b   /x/ See Item 8 of attached schedule.
- -----------------------------------------------------------
3
SEC USE ONLY
- -----------------------------------------------------------
4
Citizenship or Place of Organization - Switzerland
- -----------------------------------------------------------

Number of       5.  Sole Voting Power           _______
Shares Bene-    6.  Shared Voting Power         776,940
ficially        7.  Sole Dispositive Power      _______
Owned by Each   8.  Shared Dispositive Power    776,940
Reporting 
Person With:
- -----------------------------------------------------------
9
Aggregate Amount Beneficially Owned by Each Reporting Person
776,940 Shares  *
- -----------------------------------------------------------
10
Check if the Aggregate Amount in Row (11) Excludes Certain 
Shares (See Instructions)
- -----------------------------------------------------------
11
Percent of Class Represented by Amount in Row (11)
5.5%
- -----------------------------------------------------------
12
Type of Reporting Person (See Instructions)
BK See Item 3 of attached schedule.
- -----------------------------------------------------------

* UBS AG disclaims beneficial ownership of such securities.

Page 2 of 5 pages

<PAGE>

Cusip 168834109
- -----------------------------------------------------------

Item 1(a).  Name of Issuer:
CHILE FUND INC.

Item 1(b).  Address of Issuer's Principal Executive Offices:
c/o Bea Associates Inc.
103 Bellevue Parkway
Wilmington, DE  19809
- -----------------------------------------------------------

Item 2(a) Name of Persons Filing:
Brinson Partners, Inc.("BPI") and UBS AG ("UBSAG"). 
Item 2(b) Address of Principal Business Office or, if none, 
Residence:
BPI's principal business office is located at:
209 South LaSalle, Chicago, Illinois  60604-1295
UBSAG's principal business office is located at:
Bahnhofstrasse 45
8021, Zurich, Switzerland

Item 2(c) Citizenship:
Incorporated by reference to Item 4 of the cover pages.

Item 2(d) Title of Class of Securities:
Common Stock (the "Common Stock")

Item 2(e) CUSIP Number:
168834109
- -----------------------------------------------------------

Item 3.  Type of Person Filing:
UBS AG is classified as a Bank pursuant to no action relief 
granted by the staff of the Securities and Exchange 
Commission.
- -----------------------------------------------------------

Item 4 (a)-(c)(iv).  Ownership:
Incorporated by reference to Items 5-11 of the cover pages.
- -----------------------------------------------------------

Item 5.  Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as 
of the date hereof the reporting person has ceased to be the 
beneficial owner of more than five percent of the class of 
securities, check the following / /.
- -----------------------------------------------------------

Page 3 of 5 pages

<PAGE>

Cusip 168834109
- -----------------------------------------------------------

Item 6.  Ownership of More than Five Percent on Behalf of 
Another Person:
Accounts managed on a discretionary basis by UBS AG or its 
subsidiaries have the right to receive or the power to direct 
the receipt of dividends from, or the proceeds from the sale 
of, the Common Stock.  No account holds more than 5 percent 
of the outstanding Common Stock.
- -----------------------------------------------------------

Item 7.  Identification and Classification of the Subsidiary 
Which Acquired the Security Being Reported on By the Parent 
Holding Company:
[See item 3 above]
- -----------------------------------------------------------

Item 8 Identification and Classification of Members of the 
Group:
This report includes holdings of UBS AG and certain of its 
subsidiaries, pursuant to no action relief granted by the 
staff of the Securities and Exchange Commission. UBS AG does 
not hereby affirm the existence of a group within the meaning 
of Rule 13d-5(b)(1).
- -----------------------------------------------------------

Item 9 Notice of Dissolution of Group:
Not Applicable
- -----------------------------------------------------------

Item 10 Certification:
By signing below I certify that, to the best of my knowledge 
and belief, the securities referred to above were acquired 
and are held in the ordinary course of business and were not 
acquired and are not held for the purpose of or with the 
effect of changing or influencing the control of the issuer 
of the securities and were not acquired and are not held in 
connection with or as a participant in any transaction having 
that purpose or effect.
- -----------------------------------------------------------

SIGNATURE
After reasonable inquiry and to the best of my knowledge and 
belief, I certify that the information set forth in this 
statement is true, complete and correct.

Date:  March 11, 1999

UBS AG

By:  /s/ Louis R. Eber      By:/s/ Janet R. Zimmer
Louis R. Eber                  Janet R. Zimmer
Executive Director             Executive Director
- -----------------------------------------------------------

Page 4 of 4 pages


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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