<PAGE>
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MORGAN STANLEY DEAN WITTER
EMERGING MARKETS FUND, INC.
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THIRD QUARTER REPORT
SEPTEMBER 30, 2000
MORGAN STANLEY DEAN WITTER INVESTMENT
MANAGEMENT INC.
INVESTMENT ADVISER
MORGAN STANLEY DEAN WITTER
EMERGING MARKETS FUND, INC.
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DIRECTORS AND OFFICERS
Barton M. Biggs
CHAIRMAN OF THE BOARD
OF DIRECTORS
Harold J. Schaaff, Jr.
PRESIDENT AND DIRECTOR
John D. Barrett II
DIRECTOR
Gerard E. Jones
DIRECTOR
Graham E. Jones
DIRECTOR
John A. Levin
DIRECTOR
Andrew McNally IV
DIRECTOR
William G. Morton, Jr.
DIRECTOR
Samuel T. Reeves
DIRECTOR
Fergus Reid
DIRECTOR
Frederick O. Robertshaw
DIRECTOR
Stefanie V. Chang
VICE PRESIDENT
Arthur J. Lev
VICE PRESIDENT
Joseph P. Stadler
VICE PRESIDENT
Mary E. Mullin
SECRETARY
Belinda A. Brady
TREASURER
Robin L. Conkey
ASSISTANT TREASURER
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INVESTMENT ADVISER
Morgan Stanley Dean Witter Investment Management Inc.
1221 Avenue of the Americas
New York, New York 10020
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ADMINISTRATOR
The Chase Manhattan Bank
73 Tremont Street
Boston, Massachusetts 02108
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CUSTODIAN
The Chase Manhattan Bank
3 Chase MetroTech Center
Brooklyn, New York 11245
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SHAREHOLDER SERVICING AGENT
Boston Equiserve
Investor Relations Department
P.O. Box 644
Boston, Massachusetts 02102-0644
(800) 730-6001
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LEGAL COUNSEL
Clifford Chance Rogers & Wells LLP
200 Park Avenue
New York, New York 10166
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INDEPENDENT ACCOUNTANTS
Ernst & Young LLP
787 Seventh Avenue
New York, New York 10019
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For additional Fund information, including the Fund's net asset value per share
and information regarding the investments comprising the Fund's portfolio,
please call 1-800-221-6726 or visit our website at www.msdw.com/im.
<PAGE>
LETTER TO SHAREHOLDERS
-----------
For the nine months ended September 30, 2000, the Morgan Stanley Dean Witter
Emerging Markets Fund, Inc. (the "Fund") had a total return, based on net asset
value per share, of -20.88% compared with -19.95% for the Morgan Stanley Capital
International (MSCI) Emerging Markets Free Index (the "MSCI Index") and -18.67%
for the IFC Global Total Return Composite Index (the "IFC Index"). For the
period from commencement of operations on November 1, 1991 through September 30,
2000, the Fund's total return, based on net asset value per share, was 172.09%
compared with 74.84% for the MSCI Index and 48.59% for the IFC Index. On
September 30, 2000, the closing price of the Fund's shares on the New York Stock
Exchange was $12 5/8, representing a 24.9% discount to the Fund's net asset
value per share.
Overall, stock selection detracted from performance and country allocation
contributed positively. Stock selection in India, South Korea, and Israel
detracted from performance. On a positive note, equity selection in Brazil,
China, and Turkey added to performance. Our overweight positions in Israel
(country index total return was +50.9% in U.S. dollars), China (-16.6%), and
Malaysia (-13.2%) coupled with our underweight stance in the Philippines
(-45.2%), Thailand (-54.4%), and Greece (-31.8%) added to performance. Our
overweight stance in Egypt (-40.0%) and South Korea (-30.9%) and our underweight
positions in Chile (-11.7%) and South Africa (-13.3%) detracted from
performance.
Many first quarter gains in the emerging markets were reversed during the second
quarter, as positive macroeconomic and political developments within the
emerging markets countries were overshadowed by heightened investor concerns
over U.S. interest rates and the sharp NASDAQ declines in April. Towards the end
of June, the emerging markets rebounded as economic numbers pointed to a soft
landing for the U.S. economy, allaying investor fears of sharply tighter U.S.
interest rates, and promising signs of economic recovery appeared from various
developing countries.
During the third quarter, however, the emerging markets were buffeted by global
developments, namely the spike in oil prices, turmoil in the currency markets,
and continued volatility in telecommunication and technology-related stocks. The
difficult global backdrop overshadowed generally supportive fundamentals in the
emerging markets as linkages between developing countries and the rest of the
world led lower risk appetites and inflationary concerns to dampen already
fragile sentiment. In addition to these global developments, heightened
political and financial sector concerns in several major developing countries
weighed on the markets.
During the third quarter, Latin American markets fell, driven in part by
uncertainty over the path of U.S. economic growth and increased volatility in
the NASDAQ. Latin American monetary policy diverged during the third quarter,
as the trend in interest rates diverged -- Mexican market-driven interest
rates rose while central banks cut rates in Brazil and Chile. Political
highlights included Vicente Fox's victory in Mexico's presidential election
and President Fujimori's call for new elections in Peru. Overall, GDP growth
continued to surprise on the upside. The third quarter was also characterized
by a supply of new equity issuance in Latin America, notably in Brazil and
Mexico.
Brazilian equities have declined despite a supportive macroeconomic environment.
In July, Brazil's Central Bank's Monetary Policy Committee (COPOM) reduced the
index interest rate by 100 basis points to 16.5%, the lowest level since before
the launch of the Real Plan in 1994. The COPOM left interest rates unchanged at
its August and September meetings, upholding its neutral bias. We believe there
is scope for interest rate cuts in the near future. Brazilian equities were
buoyed during August by the successful completion of a major external debt-swap
transaction and the possibility of a Moody's rating upgrade of Brazil's
long-term foreign currency debt. As a result of the Morgan Stanley Capital
International (MSCI) quarterly structural changes announced mid-August, Brazil's
weight increased in the MSCI Latin America indices effective August 31. Positive
macroeconomic trends continued to emerge-growth remains buoyant, inflation data
was subdued and fiscal performance was well within IMF targets.
Mexican equities have also fallen, despite high oil prices in recent months,
which have led to significant capital inflows and a stronger peso. Mexican
financial markets and the peso rallied when Vicente Fox of the opposition PAN
party was elected President on July 2, 2000. The Mexican government positively
surprised the market in August when it announced its intention to prepay its
entire stock of IMF debt. Continued signs of robust consumer recovery emerged,
such as a second quarter surge in consumer spending and increased gross fixed
investment. Concerns over possible economic overheating were allayed by
lower-than-expected industrial production in July and a higher-than-expected
August jobless rate.
Asian markets have recently been weighed down by political uncertainty in
Southeast Asia and concerns sur-
2
<PAGE>
rounding an economic growth slowdown, coupled with the volatile price
performance of technology-related stocks. Concerns over the impact of higher oil
prices and the effects of restructuring efforts also weakened sentiment. South
Korean equities have declined as doubts surfaced surrounding the government's
restructuring efforts. We have maintained an overweight position in South Korea
as we believe restructuring efforts shall benefit equities over the longer term,
and assets are very attractively valued.
Taiwan continues to demonstrate positive trends in export and production growth,
but mounting political tensions and the resurfacing of financial scandals may
dampen the market in the near term. Concerns over the banking sector and the
impact of the government's anti-corruption drive have pressured equities. We
believe the semiconductor cycle is witnessing a mid-cycle correction but is
likely to show good growth for another two years; thus we expect to continue to
have a positive stance on semiconductor foundry stocks in Taiwan.
The stream of positive economic data from China continued, as retail sales,
real estate prices and exports have all shown positive upward trends during
the third quarter. However, equities in China have declined as the pains from
restructuring state-owned enterprises and concerns over moderating growth in
retail sales and exports over-shadowed these overall positive economic
trends. We maintain a positive bias towards Chinese equities as the number of
investable opportunities continues to expand (with new listings of IPOs and
divestitures) and China looks set to join the World Trade Organization next
year, which bodes well for continued reform and liberalization.
Declines in Indian equities have been driven by high oil prices, the turmoil in
technology-related stocks, and a widening fiscal imbalance. On a positive note,
long-awaited progress was made towards telecommunications deregulation. We
believe India is poised to benefit from improvements in telecommunication
infrastructure and its well established position as a global leader in the
software sector.
We are market weight the Emerging Europe, Middle East and Africa (EEMEA regions)
regions. Emerging Europe and the Middle East outperformed the other emerging
regions, where strong corporate earnings in Israel and positive macroeconomic
momentum in Russia buoyed markets. Israeli equities have led the performance of
the emerging markets year-to-date. Israeli gains during the third quarter were
fueled by strong corporate earnings and benign inflation, which led to further
lowering of interest rates. We maintained our underweight stance in Greek
equities, which have declined as the market has already discounted most of the
positive news surrounding European Monetary Union convergence. Equities in
Turkey have been pulled down by concerns over Turkey's widening external
balances, delays in privatization, and heightened political tensions surrounding
the debate over the closure of the Islamist Virtue party.
Russian equities have advanced modestly year-to-date. Robust oil prices continue
to boost the country's macroeconomic outlook, reflected in increased foreign
reserves and greater profitability of oil-related Russian companies which, in
turn, has supported tax revenues and a surge in investment. Also fueling
equities was the passage of extensive tax reform legislation and regional
government reforms.
We expect to maintain an underweight position in South Africa, as we believe
equities continue to be constrained by problems such as capital flight, a
noncompetitive labor market and a vulnerable currency.
Although the emerging markets fared poorly overall during the third quarter, we
remain optimistic regarding the long-term prospects. Emerging markets are
trading at historically attractive valuations relative to the rest of the world
and offer areas of solid growth prospects. Within Latin America, we continue to
believe equities in Brazil and Mexico present attractive investment prospects
enhanced by positive macroeconomic backdrops. We believe emerging Asian markets
should gain support from robust global demand for electronics products and
resilience of the global technology cycle. We are sanguine that markets such as
China and South Korea will overcome the near-term challenges of restructuring
and equities should benefit over the longer term. Within the EEMEA region, we
believe Russian oil stocks should continue to prosper in the near term from
strong oil prices, coupled with Russia's positive momentum on reform. We expect
to maintain an underweight position in Greece, where expensive valuations
already reflect much of the upside potential. South Africa will likely be
underweighted as we find the rand's vulnerability coupled with the problems of
capital flight and a noncompetitive labor market to be considerable constraints
on equities over the longer term.
On July 30, 1998, the Fund commenced a share repurchase program for purposes of
enhancing shareholder value and reducing the discount at which the Fund's shares
traded from their net asset value. For the nine month period ended September 30,
2000, the Fund repurchased 1,134,500 or 5.54% of its Common Stock at an average
price
3
<PAGE>
per share of $14.49, excluding $57,000 in commissions paid, and an average
discount of 24.00% from net asset value per share. For the year ended December
31, 1999, the Fund repurchased 960,600 shares or 4.48% of its Common Stock at an
average price per share of $9.60, excluding $48,000 in commissions paid, and an
average discount of 17.50% from net asset value per share. Since the inception
of the program, the Fund has repurchased 3,464,100 shares or 15.18% of its
Common Stock at an average price per share of $10.56, excluding $173,000 in
commissions paid, and an average discount of 20.90% from net asset value per
share. The Fund expects to continue to repurchase its outstanding shares at such
time and in such amounts as it believes will further the accomplishment of the
foregoing objectives, subject to review by the Board of Directors.
Sincerely,
/s/ Harold J. Schaaff, Jr.
Harold J. Schaaff, Jr.
PRESIDENT AND DIRECTOR
October 2000
THE INFORMATION CONTAINED IN THIS OVERVIEW REGARDING SPECIFIC SECURITIES IS FOR
INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS A RECOMMENDATION TO
PURCHASE OR SELL THE SECURITIES MENTIONED.
FOREIGN INVESTING INVOLVES CERTAIN RISKS, INCLUDING CURRENCY FLUCTUATIONS AND
CONTROLS, RESTRICTIONS ON FOREIGN INVESTMENTS, LESS GOVERNMENTAL SUPERVISION AND
REGULATION, LESS LIQUIDITY AND THE POTENTIAL FOR MARKET VOLATILITY AND POLITICAL
INSTABILITY.
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DAILY NET ASSET AND MARKET VALUES, AS WELL AS MONTHLY PORTFOLIO INFORMATION FOR
THE FUND, ARE AVAILABLE ON OUR WEBSITE AT www.msdw.com/im.
4
<PAGE>
Morgan Stanley Dean Witter Emerging Markets Fund, Inc.
Investment Summary as of September 30, 2000 (Unaudited)
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<TABLE>
<CAPTION>
HISTORICAL TOTAL RETURN (%)
INFORMATION ----------------------------------------------------------------------------------------------------
MARKET VALUE (1) NET ASSET VALUE (2) MSCI INDEX (3) IFC INDEX (4)
----------------------- ------------------------- -------------------- --------------------------
AVERAGE AVERAGE AVERAGE AVERAGE
CUMULATIVE ANNUAL CUMULATIVE ANNUAL CUMULATIVE ANNUAL CUMULATIVE ANNUAL
----------- --------- ------------ ----------- ----------- ------------- ----------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Year to Date -22.61% -- -20.88% -- -19.95% -- -18.67% --
One Year 14.77 14.77% 20.83 20.83% 0.41 0.41% -0.38 -0.38%
Five Year 6.55 1.28 36.00 6.34 -8.03 -1.66 -6.58 -1.35
Since Inception* 104.23 8.34 172.09 11.87 74.84 6.47 48.59 4.54
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
-----------------------------------------------------------------------------------------------------------------------------
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</TABLE>
[GRAPH]
RETURNS AND PER SHARE INFORMATION
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, NINE MONTHS
ENDED
SEPTEMBER 30,
1991* 1992 1993 1994 1995 1996 1997 1998 1999 2000
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value Per Share .... $14.71 $16.74 $28.20 $20.30 $14.69 $15.69 $ 15.52 $ 10.33 $ 21.26 $ 16.82
Market Value Per Share ....... $14.25 $18.13 $31.63 $21.50 $15.50 $13.88 $ 13.06 $ 8.13 $ 16.31 $ 12.63
Premium/(Discount) ........... -3.1% 8.3% 12.2% 5.9% 5.5% -11.5% -15.9% -21.3% -23.3% -24.9%
Income Dividends ............. $ 0.04 $ 0.01 -- -- -- $ 0.05 $ 0.01 $ 0.11 -- --
Capital Gains Distributions .. -- $ 0.01 $ 1.49 $ 6.50 $ 1.29 $ 0.98 $ 0.01 $ 2.18 -- --
Fund Total Return (2) ........ 4.61% 13.94% 95.22%+ -5.33% -16.30%+ 13.84% -0.97% -19.61% 105.81% -20.88%
MSCI Index Total Return (3) .. 9.58% 11.40% 74.84% -7.32% -5.21% 6.03% -11.59% -25.34% 66.41% -19.95%
IFC Index Total Return (4) ... 5.29% 0.33% 67.50% -0.53% -12.32% 7.88% -14.54% -21.09% 62.69% -18.67%
</TABLE>
(1) Assumes dividends and distributions, if any, were reinvested.
(2) Total investment return based on net asset value per share reflects the
effects of changes in net asset value on the performance of the Fund during
each period, and assumes dividends and distributions, if any, were
reinvested. These percentages are not an indication of the performance of a
shareholder's investment in the Fund based on market value due to
differences between the market price of the stock and the net asset value
per share of the Fund.
(3) The Morgan Stanley Capital International Emerging Markets Free Index (the
"MSCI Index") is a market capitalization weighted index comprised of
companies that are representative of the market structure of developing
countries in Latin America, Asia, Eastern Europe, the Middle East and
Africa.
(4) The IFC Global Total Return Composite Index (the "IFC Index") is an
unmanaged index of common stocks of developing countries in Latin America,
East and South Asia, Europe, the Middle East and Africa.
*The Fund commenced operations on November 1, 1991.
+This return does not include the effect of the rights issued in connection with
the Rights Offering.
5
<PAGE>
Morgan Stanley Dean Witter Emerging Markets Fund, Inc.
Portfolio Summary as of September 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
DIVERSIFICATION OF TOTAL INVESTMENTS
[PIE CHART]
<TABLE>
<S> <C>
Equity Securities (98.1%)
Short-Term Investments (1.8%)
Debt Instruments (0.1%)
-------------------------------------------------------------------------------
INDUSTRIES
[PIE CHART]
Other* (25.1%)
Electric Utilities (2.4%)
Media (2.8%)
Electronic Equipment &
Instruments (3.2%)
IT Consulting & Services (4.6%)
Communications Equipment (6.0%)
Oil & Gas (6.7%)
Diversified Telecommunication
Services (16.2%)
Semiconductor Equipment &
Products (14.9%)
Wireless Telecommunication
Services (10.3%)
Banks (7.8%)
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COUNTRY WEIGHTINGS
[PIE CHART]
Other* (13.5%)
Turkey (3.4%)
South Africa (4.7%)
Russia (5.5%)
China/Hong Kong (6.1%)
India (6.6%)
Israel (9.9%)
South Korea (18.5%)
Brazil (11.8%)
Taiwan (10.1%)
Mexico (9.9%)
</TABLE>
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TEN LARGEST HOLDINGS**
<TABLE>
<CAPTION>
PERCENT OF
NET ASSETS
----------
<S> <C>
1. Samsung Electronics Co., Ltd. (South Korea) 5.2%
2. Telmex (Mexico) 3.6
3. Korea Telecom Corp. (South Korea) 3.5
4. ECI Telecom Ltd. (Israel) 2.8
5. Taiwan Semiconductor Manufacturing Co. (Taiwan) 2.7
6. SK Telecom Co., Ltd. (South Korea) 2.6
7. China Mobile Ltd. (China/Hong Kong) 2.4
8. Check Point Software Technologies Ltd.
(Israel) 2.0
9. Hyundai Electronics Industries Co., Ltd.
(South Korea) 1.9
10. Surgutneftegaz (Russia) 1.9
----
28.6%
----
----
</TABLE>
* Other includes industries/countries not shown separately and
other assets and liabilities.
** Excludes short-term investments.
6
<PAGE>
INVESTMENTS (UNAUDITED)
-------------
SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
VALUE
SHARES (000)
---------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS (97.0%)
(Unless otherwise noted)
ARGENTINA (0.5%)
BANKS
Banco Frances SA ADR 4,810 U.S.$ 100
Grupo Financiero Galicia SA ADR 19,130 287
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387
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Telecom Argentina Stet -
France Telecom SA ADR 40,140 868
-------------
METALS & MINING
Acindar Industria Argentina
de Aceros SA 'B' 51,891 47
Siderar 'A' 23,106 67
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114
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REAL ESTATE
IRSA GDR 6,840 159
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1,528
-------------
---------------------------------------------------------------------------
BRAZIL (11.8%)
AEROSPACE & DEFENSE
Embraer ADR 39,700 1,231
-------------
BANKS
Banco Nacional SA (Preferred) 61,598,720 2
Unibanco SA (Preferred) GDR 110,655 3,651
-------------
3,653
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DIVERSIFIED TELECOMMUNICATION SERVICES
Brasil Telecom Participacoes SA 18,842 1,097
Brasil Telecom SA (Preferred) 133,773,445 1,561
CRT (Preferred) 'A' 8,235,976 3,195
Embratel SA (Preferred) 79,501,000 1,467
Embratel SA ADR 110,600 2,046
Tele Norte-Leste (Preferred) 39,234,089 894
Tele Norte-Leste (Preferred) ADR 119,429 2,732
Telebras SA (Preferred) ADR Block 26,800 2,121
-------------
15,113
-------------
ELECTRIC UTILITIES
CEMIG SA ADR 33,463 555
CEMIG SA (Preferred) 9,789,127 162
CEMIG SA (Preferred) ADR 9,208 153
Eletrobras 7,047,000 137
Eletrobras ADR 8,600 84
Eletrobras (Preferred) 'B' 3,782,000 77
-------------
1,168
-------------
METALS & MINING
CVRD ADR 74,769 1,864
CVRD (Preferred) 'A' 27,953 697
-------------
2,561
-------------
MULTILINE RETAIL
Lojas Arapua SA (Preferred) 30,412,000 -- @
Lojas Arapua SA (Preferred) ADR 31,540 -- @
-------------
-- @
-------------
OIL & GAS
Petrobras SA (Preferred) ADR 7,470 214
---------------------------------------------------------------------------
Petrobras SA ADR 112,100 3,370
Petrobras SA (Preferred) 85,087 2,433
-------------
6,017
-------------
PAPER & FOREST PRODUCTS
Votorantim Celulose
e Papel SA ADR 38,900 766
-------------
TEXTILES & APPAREL
Coteminas ADR 15,716 51
-------------
WIRELESS TELECOMMUNICATION SERVICES
Celular CRT (Preferred) 'A' 9,130,625 3,171
Tele Celular Sul ADR 15,907 477
Tele Celular Sul (Preferred) 137,409,345 415
Tele Nordeste Celular SA ADR 2,255 106
Tele Nordeste Celular SA
(Preferred) 76,067,945 181
Telemig Celular SA ADR 3,043 161
Telemig Celular SA (Preferred) 193,414,795 513
Telesp Celular SA ADR 32,982 1,086
Telesp Celular SA (Preferred) 'B' 143,080,935 1,879
-------------
7,989
-------------
38,549
-------------
---------------------------------------------------------------------------
CHILE (0.2%)
DIVERSIFIED TELECOMMUNICATION SERVICES
Telefonica CTC Chile ADR 40,300 700
-------------
---------------------------------------------------------------------------
CHINA / HONG KONG (6.1%)
COMMERCIAL SERVICES & SUPPLIES
Cosco Pacific Ltd. 1,180,000 893
-------------
COMMUNICATIONS EQUIPMENT
Nanjing Panda Electronics Co., Ltd. 1,842,000 401
-------------
COMPUTERS & PERIPHERALS
Legend Holdings Ltd. 1,706,000 1,619
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS
Great Wall Technology Co., Ltd. 3,270,500 1,206
-------------
HOUSEHOLD DURABLES
Guangdong Kelon Electrical
Holdings Co., Ltd. 'H' 297,000 78
TCL International Holdings Ltd. 4,086,000 865
-------------
943
-------------
INDUSTRIAL CONGLOMERATES
China Merchants Holdings
International Co., Ltd. 1,027,000 784
Citic Pacific Ltd. 276,000 1,190
-------------
1,974
-------------
INTERNET SOFTWARE & SERVICES
Asiainfo Holdings Inc. 370 7
Netease.com, Inc. 53,200 289
SINA.COM 8,200 116
Sohu.com Inc. 38,100 222
Timeless Software Ltd. 1,702,000 305
-------------
939
-------------
MEDIA
Asia Satellite Telecommunications
Holdings Ltd. 139,000 339
-------------
---------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
---------------------------------------------------------------------------
<S> <C> <C>
CHINA / HONG KONG (CONTINUED)
METALS & MINING
Yanzhou Coal Mining Co.,
Ltd. ADR 28,730 U.S.$ 388
-------------
OIL & GAS
PetroChina Co., Ltd. 6,437,000 1,313
Sinopec Zhenhai Refining & Chemical Co.,
Ltd. 1,151,400 196
-------------
1,509
-------------
SOFTWARE
Founder Holdings Ltd. 1,128,000 380
-------------
TEXTILES & APPAREL
Yue Yuen Industrial Holdings Ltd. 267,000 524
-------------
WIRELESS TELECOMMUNICATION SERVICES
China Mobile (Hong Kong) Ltd. 709,000 4,706
China Mobile (Hong Kong)
Ltd. ADR 98,100 3,182
China Unicom Ltd. 154,000 345
China Unicom Ltd. ADR 16,000 349
-------------
8,582
-------------
19,697
-------------
---------------------------------------------------------------------------
COLOMBIA (0.0%)
BANKS
Bancolombia (Preferred) 6,249 4
-------------
---------------------------------------------------------------------------
CZECH REPUBLIC (0.4%)
DIVERSIFIED TELECOMMUNICATION SERVICES
Cesky Telecom AS 66,734 880
Cesky Telecom AS GDR 23,830 315
-------------
1,195
-------------
---------------------------------------------------------------------------
EGYPT (1.0%)
BEVERAGES
Al Ahram Beverages Co. SAE GDR 19,559 280
-------------
GAS UTILITIES
Egypt Gas Co. 6,100 274
-------------
TOBACCO
Eastern Tobacco 8,263 167
-------------
WIRELESS TELECOMMUNICATION SERVICES
Egyptian Company for
Mobile Services 120,339 2,668
-------------
3,389
-------------
---------------------------------------------------------------------------
GREECE (2.2%)
BANKS
Alpha Bank SA 14,390 569
Bank of Piraeus 22,550 384
Commercial Bank of Greece 7,910 404
EFG Eurobank Ergasias 3,095 90
National Bank of Greece SA 15,580 642
National Bank of Greece SA ADR 5,570 47
-------------
2,136
-------------
---------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Hellenic Telecommunication
Organization (OTE) 148,159 2,853
Hellenic Telecommunication
Organization (OTE) ADR 230,076 2,128
-------------
4,981
-------------
7,117
-------------
---------------------------------------------------------------------------
HUNGARY (0.8%)
BANKS
OTP Bank Rt. 7,066 364
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Matav Rt. 68,664 330
Matav Rt. ADR 69,002 1,626
-------------
1,956
-------------
PHARMACEUTICALS
Gedeon Richter Rt. 6,307 334
Gedeon Richter Rt. GDR 840 44
-------------
378
-------------
2,698
-------------
---------------------------------------------------------------------------
INDIA (6.0%)
AUTO COMPONENTS
Apollo Tyres Ltd. 50 -- @
-------------
AUTOMOBILES
Hero Honda Motors Ltd. 20,653 372
Tata Engineering &
Locomotive Co., Ltd. 140,170 247
-------------
619
-------------
CHEMICALS
Indo Gulf Corp., Ltd. 140,000 106
Reliance Industries Ltd. 141,633 1,055
-------------
1,161
-------------
CONSTRUCTION & ENGINEERING
Larsen & Toubro Ltd. 28,500 103
-------------
CONSTRUCTION MATERIALS
Gujarat Ambuja Cements Ltd. 152,800 516
-------------
DIVERSIFIED FINANCIALS
Housing Development
Finance Corp., Ltd. 97,600 924
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Mahanagar Telephone Nigam Ltd. 262,430 626
Mahanagar Telephone Nigam Ltd. GDR 55,050 273
Sterlite Optical Technologies Ltd. 50,500 911
-------------
1,810
-------------
ELECTRIC UTILITIES
BSES Ltd. 57,500 284
BSES Ltd. GDR 7,000 109
-------------
393
-------------
ELECTRICAL EQUIPMENT
Bharat Heavy Electricals Ltd. 251,700 569
Sterlite Industries (India) Ltd. 50,500 188
-------------
757
-------------
---------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
---------------------------------------------------------------------------
<S> <C> <C>
INDIA (CONTINUED)
HOUSEHOLD PRODUCTS
Hindustan Lever Ltd. 175,500 U.S.$ 796
-------------
INTERNET SOFTWARE & SERVICES
India-Info.com Private Co., Ltd. 116,052 485
-------------
IT CONSULTING & SERVICES
HCL Technologies Ltd. 18,200 456
Infosys Technologies Ltd. 35,850 5,726
NIIT Ltd. 500 15
-------------
6,197
-------------
MACHINERY
Larsen & Toubro Ltd. 480 2
-------------
MEDIA
Zee Telefilms Ltd. 93,500 913
-------------
PHARMACEUTICALS
Dabur (India) Ltd. 13,000 169
Dr. Reddy's Laboratories Ltd. 12,500 342
Lupin Laboratories Ltd. 36,000 142
Ranbaxy Laboratories Ltd. 49,000 679
Strides Arcolab Ltd. 31,000 148
-------------
1,480
-------------
ROAD & RAIL
Container Corp. of India Ltd. 242,600 633
-------------
SOFTWARE
Aptech Ltd. 13,000 129
NIIT Ltd. 17,000 527
Satyam Computer
Services Ltd. 208,350 2,208
-------------
2,864
-------------
19,653
-------------
---------------------------------------------------------------------------
INDONESIA (0.5%)
DIVERSIFIED TELECOMMUNICATION SERVICES
Telekomunikasi Indonesia ADR 65,064 407
-------------
PAPER & FOREST PRODUCTS
Indah Kiat Pulp & Paper
Corp., Tbk 1,460,805 195
-------------
TOBACCO
Gudang Garam Tbk 903,960 1,082
-------------
1,684
-------------
---------------------------------------------------------------------------
ISRAEL (9.9%)
COMMUNICATIONS EQUIPMENT
Batm Advanced
Communications Ltd. 115,250 1,099
BreezeCom Ltd. 35,262 1,161
ECI Telecom Ltd. 296,418 9,078
Gilat Satellite Networks Ltd. 28,176 2,166
Nice Systems Ltd. 6,363 453
Nice Systems Ltd. ADR 9,622 693
-------------
14,650
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS
Optibase Ltd. 48,440 851
-------------
INTERNET SOFTWARE & SERVICES
Aladdin Knowledge Systems 35,140 255
RADVision Ltd. 11,940 337
RADWARE Ltd. 57,181 1,715
-------------
2,307
-------------
---------------------------------------------------------------------------
IT CONSULTING & SERVICES
Check Point Software
Technologies Ltd. 41,240 U.S.$ 6,495
PHARMACEUTICALS
Teva Pharmaceutical
Industries Ltd. 2,570 189
Teva Pharmaceutical
Industries Ltd. ADR 26,047 1,906
-------------
2,095
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS
Galileo Technology Ltd. 106,420 3,379
M-Systems Flash Disk
Pioneers Ltd. 19,722 753
-------------
4,132
-------------
SOFTWARE
Tecnomatix Technologies Ltd. 46,776 588
-------------
TTI Team Telecom
International Ltd. 57,820 1,178
-------------
1,766
-------------
WIRELESS TELECOMMUNICATION SERVICES
Ceragon Networks Ltd. 3,800 102
-------------
32,398
-------------
---------------------------------------------------------------------------
MALAYSIA (1.7%)
BANKS
Commerce Asset Holding Bhd 146,000 344
Malayan Banking Bhd 312,600 1,201
-------------
1,545
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Telekom Malaysia Bhd 299,000 787
ELECTRIC UTILITIES
Tenaga Nasional Bhd 233,000 693
HOTELS RESTAURANTS & LEISURE
Resorts World Bhd 156,000 252
SEMICONDUCTOR EQUIPMENT & PRODUCTS
Malaysian Pacific Industries Bhd 80,000 532
TOBACCO
British American Tobacco
(Malaysia) Bhd 116,200 1,093
WIRELESS TELECOMMUNICATION SERVICES
Digi.com Bhd 344,000 616
-------------
5,518
-------------
---------------------------------------------------------------------------
MEXICO (9.9%)
AIRLINES
Grupo Aeroportuario del
Sureste SA 49,150 746
Grupo Aeroportuario del
Sureste SA 'B' 218,400 329
-------------
1,075
-------------
BANKS
Banacci 'L' 45,447 211
Banacci 'O' 471,297 2,172
Bancomer 'O' 1,462,481 858
Bancomer 'O' ADR 64,825 761
-------------
4,002
-------------
---------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
---------------------------------------------------------------------------
<S> <C> <C>
MEXICO (CONTINUED)
BEVERAGES
FEMSA 668,675 U.S.$ 2,600
FEMSA ADR 25,898 1,010
Grupo Modelo SA 'C' 73,400 171
-------------
3,781
-------------
CONSTRUCTION MATERIALS
Cemex SA ADR 89,712 1,800
Cemex SA CPO 348,727 1,404
-------------
3,204
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Telmex 'L' ADR 221,227 11,766
-------------
INDUSTRIAL CONGLOMERATES
Alfa SA 'A' 360,755 755
Grupo Carso SA 'A1' 341,074 1,014
-------------
1,769
-------------
MEDIA
Grupo Televisa SA CPO GDR 230 13
Grupo Televisa SA GDR 70,402 4,062
-------------
4,075
-------------
MULTILINE RETAIL
Grupo Sanborns SA 'B1' 22,350 34
Wal-mart de Mexico 'C' 442,133 875
Wal-mart de Mexico 'V' 113,259 235
Wal-mart de Mexico ADR 28,162 589
-------------
1,733
-------------
PAPER & FOREST PRODUCTS
Kimberly-Clark de Mexico
SA 'A' 315,458 829
-------------
32,234
-------------
---------------------------------------------------------------------------
POLAND (1.1%)
DIVERSIFIED TELECOMMUNICATION SERVICES
Telekomunikacja Polska SA GDR 251,307 1,288
-------------
MULTILINE RETAIL
Eastbridge 33,600 2,259
-------------
3,547
-------------
---------------------------------------------------------------------------
RUSSIA (5.3%)
DIVERSIFIED TELECOMMUNICATION SERVICES
Rostelecom ADR 45,230 398
-------------
ELECTRIC UTILITIES
Unified Energy Systems ADR 11,000 148
Unified Energy Systems GDR 233,606 3,130
-------------
3,278
-------------
MEDIA
Storyfirst Communications,
Inc. 'C' (Preferred) 270 115
Storyfirst Communications,
Inc. 'D' (Preferred) 720 307
Storyfirst Communications,
Inc. 'E' (Preferred) 780 332
Storyfirst Communications,
Inc. 'F' (Preferred) 139 119
-------------
873
-------------
---------------------------------------------------------------------------
OIL & GAS
LUKoil Holdings ADR 92,654 U.S.$ 5,337
LUKoil Holdings ADR (Preferred) 19,800 444
Surgutneftegaz ADR (Preferred) 24,140 353
Surgutneftegaz ADR 389,427 5,695
-------------
11,829
-------------
PAPER & FOREST PRODUCTS
Alliance Cellulose Ltd. 'B' 156,075 431
-------------
WIRELESS TELECOMMUNICATION SERVICES
Russian Telecom
Development Corp. 176,000 352
Vimpel-Communications ADR 12,550 242
-------------
594
-------------
17,403
-------------
---------------------------------------------------------------------------
SOUTH AFRICA (4.7%)
BANKS
Nedcor Ltd. 77,482 1,667
-------------
DIVERSIFIED FINANCIALS
Bidvest Group Ltd. 158,956 1,090
BOE Ltd. 324,760 186
Rembrandt Group Ltd. 175,175 613
-------------
1,889
-------------
HOUSEHOLD DURABLES
Ellerine Holdings Ltd. 116,280 400
-------------
INDUSTRIAL CONGLOMERATES
Remgro Ltd. 175,175 1,035
-------------
INSURANCE
Liberty Group Ltd. 41,860 367
New Africa Investments Ltd. 'N' 977,910 217
-------------
584
-------------
IT CONSULTING & SERVICES
Dimension Data Holdings plc 149,338 1,387
-------------
MEDIA
MIH Ltd. 11,300 338
-------------
METALS & MINING
Anglo American Platinum
Corp., Ltd. 49,240 1,899
De Beers (Centenary Linked Unit) 47,820 1,329
De Beers ADR 20,900 579
Impala Platinum Holdings Ltd. 10,200 442
-------------
4,249
-------------
OIL & GAS
Sasol Ltd. 299,200 2,364
-------------
WIRELESS TELECOMMUNICATION SERVICES
M-Cell Ltd. 364,550 1,493
-------------
15,406
-------------
---------------------------------------------------------------------------
SOUTH KOREA (18.5%)
AUTOMOBILES
Hyundai Motor Co., Ltd. 52,670 685
-------------
BANKS
H&CB 89,124 2,110
Hana Bank 30,850 183
Hanvit Bank 61,350 90
Hanvit Bank GDR 143,150 404
---------------------------------------------------------------------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
---------------------------------------------------------------------------
<S> <C> <C>
SOUTH KOREA (CONTINUED)
BANKS (CONTINUED)
Kookmin Bank 94,692 U.S.$ 1,129
Shinhan Bank 87,940 986
-------------
4,902
-------------
COMMUNICATIONS EQUIPMENT
Telson Electronics Co., Ltd. 92,164 522
-------------
DIVERSIFIED FINANCIALS
Hyundai Securities Co. 875 8
LG Investment & Securities Co. 64,820 628
Samsung Securities Co., Ltd. 32,160 650
-------------
1,286
-------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Korea Telecom Corp. 129,470 7,755
Korea Telecom Corp. ADR 111,700 3,756
-------------
11,511
-------------
ELECTRIC UTILITIES
Korea Electric Power Corp. 54,110 1,412
Korea Electric Power Corp. ADR 69,404 907
-------------
2,319
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS
Communication Network
Interface, Inc. 82,350 225
Humax Co., Ltd. 92,305 993
Samsung Electro-Mechanics
Co., Ltd. 41,317 1,397
-------------
2,615
-------------
FOOD PRODUCTS
Tongyang Confectionery Co. 16,790 449
-------------
HOUSEHOLD DURABLES
LG Electronics, Inc. 30,200 588
-------------
INTERNET & CATALOG RETAIL
LG Home Shopping, Inc. 11,530 918
-------------
MEDIA
Cheil Communications, Inc. 17,660 1,489
CJ39 Shopping Corp. 10,570 336
-------------
1,825
-------------
METALS & MINING
Pohang Iron & Steel Co., Ltd. 5,650 421
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS
Hyundai Electronics
Industries Co., Ltd. 437,970 6,264
Samsung Electronics Co., Ltd. 89,802 16,267
Samsung Electronics Co., Ltd.
(Preferred) 7,990 656
-------------
23,187
-------------
WIRELESS TELECOMMUNICATION SERVICES
Korea Telecom Freetel 13,590 595
SK Telecom Co., Ltd. 29,440 7,181
SK Telecom Co., Ltd. ADR 48,835 1,251
-------------
9,027
-------------
60,255
-------------
---------------------------------------------------------------------------
TAIWAN (10.1%)
BANKS
Chinatrust Commercial Bank 772,838 U.S.$ 580
International Commercial
Bank of China 720,170 543
Taishin International Bank 356,532 216
-------------
1,339
-------------
COMMUNICATIONS EQUIPMENT
Accton Technology Corp. 358,000 692
D-Link Corp. 284,650 463
Zinwell Corp. 72,800 309
-------------
1,464
-------------
COMPUTERS & PERIPHERALS
Acer Communications &
Multimedia, Inc. 372,697 738
Advantech Co., Ltd. 81,900 452
Asustek Computer, Inc. 270,643 1,434
Compal Electronics, Inc. 306,100 479
-------------
3,103
-------------
ELECTRICAL EQUIPMENT
Delta Electronics, Inc. 343,750 1,224
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS
Ambit Microsystems Corp. 141,246 997
Hon Hai Precision Industry
Co., Ltd. 398,036 2,618
Hon Hai Precision Industry
Co., Ltd. GDR 30,180 389
Universal Scientific Industrial
Co., Ltd. 406,000 426
Yageo Corp. 473,000 376
-------------
4,806
-------------
FOOD & DRUG RETAILING
President Chain Store Corp. 475,376 1,503
-------------
FOOD PRODUCTS
Uni-President Enterprises Co. 412,000 291
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS
Advanced Semiconductor
Engineering, Inc. 586,827 808
ASE Test Ltd. 30,400 638
Macronix International Co., Ltd. 431,660 688
ProMos Technologies, Inc. 174,207 256
Siliconware Precision
Industries Co. 674,736 676
Taiwan Semiconductor
Manufacturing Co. 2,624,230 8,714
United Microelectronics Corp. 2,507,200 5,363
Via Technologies, Inc. 25,500 269
Winbond Electronics Corp. 882,430 1,333
-------------
18,745
-------------
TEXTILES & APPAREL
Far Eastern Textile Ltd. 250,072 267
Far Eastern Textile Ltd. GDR 1,758 19
-------------
286
-------------
32,761
-------------
---------------------------------------------------------------------------
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
---------------------------------------------------------------------------
<S> <C> <C>
THAILAND (1.1%)
BANKS
Thai Farmers Bank PCL (Foreign) 486,300 U.S.$ 248
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS
Delta Electronics (Thailand)
PCL (Foreign) 144,624 789
-------------
MEDIA
BEC World PCL (Foreign) 109,800 558
-------------
WIRELESS TELECOMMUNICATION SERVICES
Advanced Info Service PCL
(Foreign) 140,400 1,186
Shin Corporations PCL 127,000 437
Total Access Communication PCL 109,600 369
-------------
1,992
-------------
3,587
-------------
---------------------------------------------------------------------------
TURKEY (3.4%)
BANKS
Turkiye Garanti Bankasi AS 121,700,183 1,043
Yapi ve Kredi Bankasi AS 559,525,650 4,040
Yapi ve Kredi Bankasi AS GDR 20,900 148
-------------
5,231
-------------
BEVERAGES
Anadolu Efes Biracilik ve
Malt Sanayii AS 23,073,588 1,371
-------------
COMMUNICATIONS EQUIPMENT
Alcatel Teletas
Telekomunikayson AS 1,781,297 230
Netas Northern Electric
Telekomunikasyon AS 8,194,059 789
-------------
1,019
-------------
DIVERSIFIED FINANCIALS
Dogan Sirketler Grubu Holding AS 57,039,804 1,072
-------------
HOUSEHOLD DURABLES
Vestel Elektronik Sanayi ve
Ticaret AS 9,177,917 1,691
-------------
MEDIA
Dogan Yayin Holding AS 16,349,120 187
-------------
WIRELESS TELECOMMUNICATION SERVICES
Turkcell Iletisim Hizmetleri AS 57,795 636
-------------
11,207
-------------
---------------------------------------------------------------------------
UNITED KINGDOM (0.4%)
BEVERAGES
South African Breweries plc 51,710 350
-------------
IT CONSULTING & SERVICES
Dimension Data Holdings plc 83,330 773
-------------
1,123
-------------
---------------------------------------------------------------------------
UNITED STATES (1.4%)
COMMUNICATIONS EQUIPMENT
Comverse Technology, Inc. 13,454 1,453
-------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS
DSP Group, Inc. 31,519 1,178
Zoran Corp. 15,690 765
-------------
1,943
-------------
SOFTWARE
Amdocs Ltd. 15,490 966
-------------
4,362
-------------
---------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost U.S.$331,542) 316,015
-------------
---------------------------------------------------------------------------
INVESTMENT COMPANIES (0.5%)
---------------------------------------------------------------------------
AFRICA (0.0%)
(a)Morgan Stanley Dean Witter Africa
Investment Fund, Inc. 8,156 66
-------------
---------------------------------------------------------------------------
INDIA (0.5%)
(a)Morgan Stanley Growth Fund 6,881,800 1,633
-------------
---------------------------------------------------------------------------
TOTAL INVESTMENT COMPANIES
(Cost U.S.$1,461) 1,699
-------------
---------------------------------------------------------------------------
NO. OF
UNITS
---------------------------------------------------------------------------
UNITS (0.2%)
---------------------------------------------------------------------------
RUSSIA (0.2%)
Storyfirst Communications,
Inc., First Section, Tranche I
(Convertible) 639 272
Storyfirst Communications,
Inc., Second Section,
Tranche II (Convertible) 152 65
Storyfirst Communications,
Inc., Tranche IV
(Convertible) 207 88
-------------
---------------------------------------------------------------------------
TOTAL UNITS
(Cost U.S.$1,192) 425
-------------
---------------------------------------------------------------------------
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
FACE
AMOUNT VALUE
(000) (000)
---------------------------------------------------------------------------
<S> <C> <C> <C>
DEBT INSTRUMENTS (0.1%)
---------------------------------------------------------------------------
INDIA (0.1%)
MULTI-INDUSTRY
DCM Shriram Industries Ltd.
9.90%, 2/21/02 INR 335 U.S.$ 158
DCM Shriram Industries Ltd.
(Convertible) 7.50%,
2/21/02 330 118
Shri Ishar Alloy Steels Ltd.
15.00%, 4/21/01 581 70
---------------------------------------------------------------------------
TOTAL DEBT INSTRUMENTS
(Cost U.S.$1,495) 346
-------------
---------------------------------------------------------------------------
SHORT-TERM INVESTMENTS (1.1%)
---------------------------------------------------------------------------
UNITED STATES (1.1%)
REPURCHASE AGREEMENT
(b)Chase Securities, Inc., 6.25% dated
9/29/00, due 10/02/00
(Cost U.S.$3,626) U.S.$ 3,626 3,626
-------------
---------------------------------------------------------------------------
FOREIGN CURRENCY ON DEPOSIT WITH CUSTODIAN (0.7%)
Argentine Peso ARP 15 15
Brazilian Real BRL 720 390
British Pound GBP 289 427
Egyptian Pound EGP 245 69
Euro EUR 43 38
Hungarian Forint HUF 267 1
Indian Rupee INR 451 10
Malaysian Ringgit MYR 871 229
Mexican Peso MXP 4,221 447
South African Rand ZAR 950 132
South Korean Won KRW 245,045 220
Taiwan Dollar TWD 11,172 357
Turkish Lira TRL 6,000,030 9
-------------
---------------------------------------------------------------------------
TOTAL FOREIGN CURRENCY
(Cost U.S.$2,360) 2,344
-------------
---------------------------------------------------------------------------
TOTAL INVESTMENTS (99.6%)
(Cost U.S.$341,676) U.S.$ 324,455
-------------
---------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES (0.4%)
Other Assets U.S.$ 8,001
Liabilities (6,786) 1,215
------------------------ -------------
---------------------------------------------------------------------------
NET ASSETS (100%)
Applicable to 19,360,244 issued and
outstanding U.S.$0.01 par value shares
(100,000,000 shares authorized) U.S.$ 325,670
-------------
---------------------------------------------------------------------------
NET ASSET VALUE PER SHARE U.S.$ 16.82
-------------
---------------------------------------------------------------------------
(a) -- Advised by an affiliate.
(b) -- The repurchase agreement is fully collateralized by U.S. government
and/or agency obligations based on market prices at the date of this
schedule of investments. The investment in the repurchase agreement is
through participation in a joint account with affiliated funds.
@ -- Value is less than U.S.$500.
ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
---------------------------------------------------------------------------
SEPTEMBER 30, 2000 EXCHANGE RATES:
---------------------------------------------------------------------------
ARP Argentine Peso 0.999= U.S.$1.00
BRL Brazilian Real 1.843= U.S.$1.00
GBP British Pound 0.676= U.S.$1.00
EGP Egyptian Pound 3.563= U.S.$1.00
EUR Euro 1.132= U.S.$1.00
HUF Hungarian Forint 298.480= U.S.$1.00
INR Indian Rupee 45.980= U.S.$1.00
MYR Malaysian Ringgit 3.800= U.S.$1.00
MXP Mexican Peso 9.439= U.S.$1.00
ZAR South African Rand 7.215= U.S.$1.00
KRW South Korean Won 1,115.150= U.S.$1.00
TWD Taiwan Dollar 31.321= U.S.$1.00
TRL Turkish Lira 664,875= U.S.$1.00
---------------------------------------------------------------------------
</TABLE>
13
