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013 B010001 LOS ANGELES
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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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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE ROBERTA A. CONROY
TITLE SR.VP & SEC.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000794458
<NAME> EMERGING MARKETS GROWTH FUND, INC.
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
<S> <C>
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<PERIOD-START> JUL-01-1995
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</TABLE>
[PRICE WATERHOUSE]
August 12, 1996
To the Board of Directors of
Emerging Markets Growth Fund, Inc.
In planning and performing our audit of the financial statements of
Emerging Markets Growth Fund, Inc. (the "Fund") for the year ended
June 30, 1996, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives of
an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are
appropriately safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure 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 the internal control structure would not
necessarily disclose all matters in the internal control structure
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 the
specific internal control structure elements 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 the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of June 30, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/Price Waterhouse
FORM N-SAR
SUB-ITEM 77M: Mergers
(a) New World Investment Fund
SEC File No. 811-5779
(b) Incorporated herein by reference; please see SEC File No.
333-02795 and SEC Release No. 22006, File No. 812-10064.
