MERRILL LYNCH
DRAGON FUND, INC.
FUND LOGO
Quarterly Report
September 30, 1999
Investing in emerging market securities involves a number of risk
factors and special considerations, including restrictions on
foreign investments and on repatriation of capital invested in
emerging markets, currency fluctuations, and potential price
volatility and less liquidity of securities traded in emerging
markets. In addition, there may be less publicly available
information about the issuers of securities, and such issuers may
not be subject to accounting, auditing and financial reporting
standards and requirements comparable to those to which US companies
are subject. Therefore, the Fund is designed as a long-term
investment for investors capable of assuming the risks of investing
in emerging markets. The Fund should be considered as a vehicle for
diversification and not as a complete investment program. Please
refer to the prospectus for details.
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Fund unless
accompanied or preceded by the Fund's current prospectus. Past
performance results shown in this report should not be considered a
representation of future performance. Investment return and
principal value of shares will fluctuate so that shares, when
redeemed, may be worth more or less than their original cost.
Statements and other information herein are as dated and are subject
to change.
Merrill Lynch
Dragon Fund, Inc.
Box 9011
Princeton, NJ
08543-9011
Printed on post-consumer recycled paper
MERRILL LYNCH DRAGON FUND, INC.
Map Depicting the Fund's Asset Allocation As a Percentage* of Net
Assets as of September 30, 1999
INDONESIA 1.0%
SINGAPORE 15.1%
MALAYSIA 2.5%
THAILAND 3.4%
CHINA 2.2%
HONG KONG 28.9%
SOUTH KOREA 21.5%
TAIWAN 19.3%
PHILIPPINES 2.7%
[FN]
*Total may not equal 100%.
Merrill Lynch Dragon Fund, Inc., September 30, 1999
DEAR SHAREHOLDER
For the three-month period ended September 30, 1999, Class A, Class
B, Class C and Class D Shares of Merrill Lynch Dragon Fund, Inc. had
total returns of -9.88%, -10.17%, -10.22% and -9.99%, respectively.
(Fund results do not include sales charges, and would be lower if
sales charges were included. Complete performance information can be
found on pages 5 and 6 of this report to shareholders.)
Although there were upbeat second quarter gross domestic product
(GDP) reports from many dragon economies, recent shocks have
increased fears that Asia's recovery was imperiled. For example, in
Thailand, the inability and unwillingness of banks to recapitalize
have left investors doubting the country's recovery prospects. In
Indonesia, evidence of corruption at the banking restructuring
agency and troubles in East Timor have been negative factors that
have affected the rupiah and the equity market. Finally, the recent
increase in US interest rates, with the possibility of more
increases in the future, has caused investors to become more
cautious on global liquidity. Consequently, many Asian equity
markets corrected in the third calendar quarter of 1999. This was
not surprising, considering that the markets had excellent
performances in the first two quarters of the year.
Investment Strategy and Outlook
Singapore's GDP figures were very strong in the first and second
quarters of this year, although bank lending, which tends to lag
economic recovery, has not picked up. While restructuring remains a
key long-term positive, we believe that much of the news is already
reflected in stock prices. We have slightly overweighted Singapore
in the Fund.
The economic fundamentals in Malaysia point to a continuing
recovery. Low inflation has supported low interest rates. Money
supply has accelerated and the inclusion of Malaysia in various
benchmark indexes should mean liquidity into the equity market.
However, Malaysia's main risk is political, since the government has
repeatedly compromised foreign investors' interests in recent years.
Malaysia has made some progress on macroeconomic reform, but much
less on microeconomic issues of transparency and governance. In
addition, the government continues to practice political favoritism
toward selected business groups and is still interventionist. In the
short term, the Malaysian equity market is likely to perform well as
high liquidity levels will be maintained in the period before the
elections.
Important data suggest a strong economic recovery is indeed underway
in the Philippines, although the equity market has been dampened by
negative perceptions about President Estrada. We tend to be less
worried about his political image. However, we are not enthusiastic
about stock valuations and the growing concerns on transparency and
governance cannot help investor sentiment. We reduced our weighting
in the Philippines, which gives it a nearly neutral position in the
portfolio.
With very positive export trends and an improvement in consumption,
Thailand appears to be in a steady economic recovery. However, there
are two areas of concern. First, credit growth and private
investment continue to be weak. Second, economic growth, although
higher, does not appear to be sufficient to bring down non-
performing loan (NPL) levels by itself. Banks remain reluctant to
lend and have been slow at recapitalizing. The recovery process in
Thailand may be more protracted than in other Asian tiger countries.
Accordingly, the Fund is underweight in that country.
In Indonesia the election of Abdulrah man Wahid as president and
Megawati Sukarnoputri as vice president are steps toward a more
open, transparent and democratic government. However, reform and
recovery are taking place slowly in Indonesia. The non-bank private
sector has yet to reschedule about US$60 billion in debt, and the
country's NPLs are close to 60%. The government's recapitalization
of the banks was marred by corruption at Bank Bali. As a result, the
International Monetary Fund threatened to withhold further funding
until an unbiased investigation is carried out.
In The People's Republic of China, weakness in business activity
remains pervasive and may be spreading. At the same time, there is
still no sign of an acceleration in consumer spending, real estate
price deflation has persisted, and exports are lagging those of most
other Asian economies. We have been selling our Chinese positions,
particularly those we view as vulnerable if the currency was
devalued. Our remaining Chinese positions are those that are
defensive and have dominant positions in their respective
industries.
Hong Kong's second quarter GDP recovered to 0.5% from -3.4% in the
first quarter. This improvement in growth indicates that the
government's expansionary fiscal policy is having some success in
counterbalancing painfully high real interest rates. Despite the
positive growth number, consumer prices fell a record 5.5% year on
year in July, easily eclipsing the previous record drop of 4.1% in
June. A large portion of the price deflation is the cost of
maintaining the pegged exchange rate, since it means that the burden
of adjustment to regain competitiveness falls fully on the domestic
economy's factor and product markets. By contrast, some of the
adjustment to competitiveness in Singapore has been borne by a
weaker exchange rate. This partly explains why, despite having
similarly structured economies, Singapore is now experiencing
positive growth and inflation, while Hong Kong is experiencing a
recession and deflation. The Fund is slightly underweight in Hong
Kong.
Three events have affected the equity market in Taiwan. The first
negative factor was that the recent China - Taiwan relationship has
been excessively strained. President Lee's call for negotiations
between the two countries to be conducted on a state-to-state basis
angered China, which saw it as a call for Taiwan independence. As
expected, financial markets tumbled during this political skirmish.
The second shock to the market came in the form of an earthquake.
However, disruption to power and manufacturing capabilities was not
as bad as originally thought. There may be a negative effect on
fourth quarter GDP, but we expect growth to resume to normal levels
next year.
The announcement by Morgan Stanley that Taiwan would be accounted in
its Far East and Emerging Markets Index at 100% of its market
capitalization was positive for Taiwan stocks. This move will take
place in May 2000 and will effectively result in higher inflows of
portfolio funds into the country as investors bring their weightings
up. In the meantime, liquidity conditions are enhanced by
authorities resisting upward pressure on the Taiwan dollar and
growing evidence of economic recovery in the market. The Fund is
neutrally weighted in Taiwan.
In South Korea, the benchmark three-year corporate bond yield
recently rose above 10%, its highest level since October 1998.
However, this reflects credit risks associated with specific
chaebols (conglomerates), whose bonds dominate the corporate bond
market. The 91-day certificate of deposit rate has been stable. It
is likely that government measures will prevent chaebol difficulties
from damaging economic fundamentals. Government injections of
liquidity into the investment trusts will continue to support
equities. The business environment for companies continues to
improve.
Merrill Lynch Dragon Fund, Inc., September 30, 1999
In Conclusion
Looking ahead, we believe that there is less likelihood that all
Asian equity markets will move synchronously as they did for most of
1999 when they were driven higher by liquidity. Those countries with
higher debt levels, slower recapitalization and fewer reforms are
likely to underperform relative to their counterparts who are
successfully meeting their challenges. However, as 1999 draws to a
close, we would expect market activity to slow considerably as
investors assess the potential impact that the Year 2000 will have
on the Asian dragon economies.
We thank you for your investment in Merrill Lynch Dragon Fund, Inc.,
and we look forward to reviewing our outlook and strategy with you
again in our next report to shareholders.
Sincerely,
(Terry K. Glenn)
Terry K. Glenn
President and Director
(Kara Tan Bhala)
Kara Tan Bhala
Senior Vice President and
Portfolio Manager
November 11, 1999
PERFORMANCE DATA
About Fund
Performance
Investors are able to purchase shares of the Fund through the
Merrill Lynch Select Pricing SM System, which offers four pricing
alternatives:
* Class A Shares incur a maximum initial sales charge (front-end
load) of 5.25% and bear no ongoing distribution or account
maintenance fees. Class A Shares are available only to eligible
investors, as detailed in the Fund's prospectus. If you were a Class
A shareholder prior to October 21, 1994, your Class A Shares were
redesignated to Class D Shares on October 21, 1994. However, in the
case of certain eligible investors, the shares were simultaneously
exchanged for Class A Shares.
* Class B Shares are subject to a maximum contingent deferred sales
charge of 4% if redeemed during the first year, decreasing 1% each
year thereafter to 0% after the fourth year. In addition, Class B
Shares are subject to a distribution fee of 0.75% and an account
maintenance fee of 0.25%. These shares automatically convert to
Class D Shares after approximately 8 years. (There is no initial
sales charge for automatic share conversions.)
* Class C Shares are subject to a distribution fee of 0.75% and an
account maintenance fee of 0.25%. In addition, Class C Shares are
subject to a 1% contingent deferred sales charge if redeemed within
one year of purchase.
* Class D Shares incur a maximum initial sales charge of 5.25% and
an account maintenance fee of 0.25% (but no distribution fee).
None of the past results shown should be considered a representation
of future performance. Figures shown in the "Recent Performance
Results" and "Average Annual Total Return" tables assume
reinvestment of all dividends and capital gains distributions at net
asset value on the ex-dividend date. Investment return and principal
value of shares will fluctuate so that shares, when redeemed, may be
worth more or less than their original cost. Dividends paid to each
class of shares will vary because of the different levels of account
maintenance, distribution and transfer agency fees applicable to
each class, which are deducted from the income available to be paid
to shareholders.
<TABLE>
Recent
Performance
Results*
<CAPTION>
3 Month 12 Month Since Inception
As of September 30, 1999 Total Return Total Return Total Return
<S> <C> <C> <C>
ML Dragon Fund, Inc. Class A Shares - 9.88% +54.97% -31.96%
ML Dragon Fund, Inc. Class B Shares -10.17 +53.23 +12.78
ML Dragon Fund, Inc. Class C Shares -10.22 +53.14 -35.33
ML Dragon Fund, Inc. Class D Shares - 9.99 +54.41 +19.60
<FN>
*Investment results shown do not reflect sales charges; results
shown would be lower if a sales charge was included. Total
investment returns are based on changes in net asset values for the
periods shown, and assume reinvestment of all dividends and capital
gains distributions at net asset value on the ex-dividend date. The
Fund's inception periods arefrom 10/21/94 for Class A & Class C
Shares and from 5/29/92 for Class B & Class D Shares.
</TABLE>
Merrill Lynch Dragon Fund, Inc., September 30, 1999
PERFORMANCE DATA (concluded)
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 9/30/99 +54.97% +46.83%
Inception (10/21/94) through 9/30/99 - 7.49 - 8.50
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 9/30/99 +53.23% +49.23%
Five Years Ended 9/30/99 - 8.21 - 8.21
Inception (5/29/92) through 9/30/99 + 1.65 + 1.65
[FN]
*Maximum contingent deferred sales charge is 4% and is reduced to 0%
after 4 years.
**Assuming payment of applicable contingent deferred sales charge.
% Return % Return
Without CDSC With CDSC**
Class C Shares*
Year Ended 9/30/99 +53.14% +52.14%
Inception (10/21/94) through 9/30/99 - 8.44 - 8.44
[FN]
*Maximum contingent deferred sales charge is 1% and is reduced to 0%
after 1 year.
**Assuming payment of applicable contingent deferred sales charge.
% Return Without % Return With
Sales Charge Sales Charge**
Class D Shares*
Year Ended 9/30/99 +54.41% +46.30%
Five Years Ended 9/30/99 - 7.46 - 8.46
Inception (5/29/92) through 9/30/99 + 2.47 + 1.72
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
<TABLE>
SCHEDULE OF INVESTMENTS (in US dollars)
<CAPTION>
Shares Percent of
COUNTRIES Industries Held Long-Term Investments Value Net Assets
<S> <S> <C> <S> <C> <C>
China Electronics 2,500,000 Legend Holdings Limited $ 2,381,657 0.8%
Infrastructure 1,251,000 Cosco Pacific Limited 990,467 0.3
Telecommunications 58,450 China Telecom (Hong Kong) Limited (ADR)(a) 3,612,941 1.1
Total Long-Term Investments in China 6,985,065 2.2
Hong Kong Banking 525,000 Dah Sing Financial Group 2,101,974 0.7
425,000 Dao Heng Bank Group Ltd. 1,942,338 0.6
1,022,704 HSBC Holdings PLC 11,684,924 3.7
254,085 HSBC Holdings PLC (GBP) 2,911,192 0.9
------------ ------
18,640,428 5.9
Conglomerates 2,056,000 Hutchison Whampoa Limited 19,123,550 6.1
Electronics 852,000 Johnson Electric Holdings Limited 4,135,124 1.3
Publishing & 2,842,000 South China Morning Post Holdings Ltd. 1,920,839 0.6
Broadcasting 647,000 Television Broadcasts Ltd. 2,765,349 0.9
------------ ------
4,686,188 1.5
Real Estate 1,792,000 Cheung Kong (Holdings) Ltd. 14,937,755 4.8
550,000 New World Development Company Ltd. 1,207,243 0.4
983,588 Sun Hung Kai Properties Ltd. 7,502,554 2.4
1,359,285 Wharf (Holdings) Ltd. 3,928,569 1.2
------------ ------
27,576,121 8.8
Retail 2,800,000 Giordano International Limited 2,216,872 0.7
Telecommunications 318,100 Cable & Wireless HKT Ltd. 694,130 0.2
523,759 Cable & Wireless HKT Ltd. (ADR)(a) 11,391,758 3.6
377,000 Pacific Century CyberWorks Limited 317,900 0.1
------------ ------
12,403,788 3.9
Utilities-- 1,519,798 Hong Kong and China Gas Company Ltd. 2,054,389 0.7
Electric & Gas
Total Long-Term Investments in Hong Kong 90,836,460 28.9
Indonesia Food 1,594,000 PT Indofood Sukses Makmur Tbk 1,516,501 0.5
Tobacco 863,000 PT Hanjaya Mandala Sampoerna Tbk 1,530,711 0.5
Total Long-Term Investments in Indonesia 3,047,212 1.0
Malaysia Banking 397,000 Malayan Banking Berhad 1,232,790 0.4
1,519,000 Public Bank Berhad 'Foreign' 1,359,105 0.4
------------ ------
2,591,895 0.8
Consumer Products 457,000 Amway (Malaysia) Holdings Berhad 1,094,395 0.4
Telecommunications 633,000 Telekom Malaysia Berhad 1,640,803 0.5
Tobacco 269,000 Rothmans of Pall Mall (Malaysia) Berhad 1,642,316 0.5
Utilities-- 501,000 Tenaga Nasional Berhad 1,028,368 0.3
Electric & Gas
Total Long-Term Investments in Malaysia 7,997,777 2.5
Philippines Banking 146,640 Metropolitan Bank & Trust Company 1,078,235 0.3
Beverages 715,300 San Miguel Corporation 'B' 1,086,976 0.4
Conglomerates 3,131,320 Benpres Holdings Corp. 544,911 0.2
Food 1,559,000 Del Monte Pacific Ltd. 724,935 0.2
Publishing & 686,000 ABS-CBN Broadcasting Corporation 773,431 0.3
Broadcasting
Restaurants 1,785,500 Jollibee Foods Corporation (Warrants)(c) 754,899 0.2
Retail 6,304,170 SM Prime Holdings, Inc. 1,066,146 0.3
Telecommunications 76,400 Philippine Long Distance Telephone Company (ADR)(a) 1,661,700 0.5
Utilities-- 284,713 Manila Electric Company 'B' 823,435 0.3
Electric & Gas
Total Long-Term Investments in the Philippines 8,514,668 2.7
</TABLE>
Merrill Lynch Dragon Fund, Inc., September 30, 1999
<TABLE>
SCHEDULE OF INVESTMENTS (continued) (in US dollars)
<CAPTION>
Shares Percent of
COUNTRIES Industries Held Long-Term Investments Value Net Assets
<S> <S> <C> <S> <C> <C>
Singapore Airlines 868,000 Singapore Airlines Limited $ 8,478,258 2.7%
Automotive 143,000 Cycle & Carriage Ltd. 479,612 0.2
Banking 744,320 DBS Bank Limited 8,321,318 2.7
329,000 Oversea-Chinese Banking Corporation Ltd. 'Foreign' 2,555,340 0.8
943,406 Overseas Union Bank Ltd. 4,191,066 1.3
------------ ------
15,067,724 4.8
Electronics 463,000 Datacraft Asia Limited 2,037,200 0.7
795,000 NatSteel Electronics Ltd. 2,970,433 0.9
------------ ------
5,007,633 1.6
Engineering 2,802,000 Singapore Technologies Engineering Ltd. 3,577,723 1.1
Publishing & 510,837 Singapore Press Holdings Ltd. 8,055,564 2.6
Broadcasting
Real Estate 1,370,000 Allgreen Properties Limited 1,176,934 0.3
232,000 City Developments Limited 1,180,818 0.4
1,036,250 DBS Land Limited 1,926,773 0.6
------------ ------
4,284,525 1.3
Telecommunications 1,400,000 Singapore Telecommunications, Ltd. 2,553,692 0.8
Total Long-Term Investments in Singapore 47,504,731 15.1
South Korea Banking 206,970 Kookmin Bank 2,595,635 0.8
506,630 Shinhan Bank 4,707,993 1.5
------------ ------
7,303,628 2.3
Electronics 79,120 Samsung Electronics 12,817,961 4.1
US$ 5,005,000 Samsung Electronics Co. (Regulation S), 0%* due
12/31/2007 6,281,275 2.0
------------ ------
19,099,236 6.1
Food 69,040 Cheil Jedang Corp. 3,718,849 1.2
Insurance 201,590 Samsung Fire & Marine Insurance 8,885,875 2.9
Medical Equipment 123,200 Medison Company 1,317,105 0.4
Steel 171,930 Pohang Iron & Steel Company Ltd. (ADR)(a) 5,383,558 1.7
Telecommunications 164,900 Korea Telecom Corporation (ADR)(a) 6,101,300 1.9
3,000 SK Telecom Co. Ltd. 2,775,493 0.9
------------ ------
8,876,793 2.8
Utilities-- 217,370 Korea Electric Power Corporation 7,150,329 2.3
Electric & Gas 360,450 Korea Electric Power Corporation (ADR)(a) 5,789,728 1.8
------------ ------
12,940,057 4.1
Total Long-Term Investments in South Korea 67,525,101 21.5
Taiwan Banking 6,680,164 Bank Sinopac 3,566,975 1.1
4,345,000 Chinatrust Commercial Bank 3,761,548 1.2
2,987,000 United World Chinese Commercial Bank 3,633,476 1.2
------------ ------
10,961,999 3.5
Computers 368,000 Asustek Computer Inc. 3,674,186 1.2
Consumer Products 434,000 Pou Chen Corporation 863,886 0.3
Electronics 1,682,640 Advanced Semiconductor Engineering Inc. 4,811,340 1.5
605,900 Hitron Techonology Inc. 2,603,551 0.8
774,200 Hon Hai Precision Industry 5,087,950 1.6
411,500 Synnex Technology International Corporation 2,002,243 0.6
93,105 Synnex Technology International Corporation (GDR)(b) 1,699,166 0.6
2,598,520 Taiwan Semiconductor Manufacturing Company 10,960,582 3.5
1,932,500 United Microelectronics Corporation, Ltd. 4,518,325 1.5
------------ ------
31,683,157 10.1
Insurance 1,319,050 Cathay Life Insurance Co., Ltd. 3,417,444 1.1
Mutual Funds 86,100 R.O.C. Taiwan Fund 634,988 0.2
Plastics US$ 1,500,000 Nan Ya Plastics Corporation, 1.75% due 7/19/2001 1,762,500 0.5
Retail 1,104,480 President Chain Store Corp. 3,140,701 1.0
Textiles 3,043,300 Far Eastern Textile Ltd. 4,336,582 1.4
Total Long-Term Investments in Taiwan 60,475,443 19.3
Thailand Banking 2,520,000 Siam Commercial Bank Public Company Limited
(Preferred) 'Foreign' 2,263,197 0.7
2,520,000 Siam Commercial Bank Public Company Limited
(Warrants)(c) 723,607 0.2
1,202,000 Thai Farmers Bank Public Company Limited 'Foreign' 1,417,314 0.5
------------ ------
4,404,118 1.4
Oil & Gas 241,936 PTT Exploration and Production Public Company
Limited 'Foreign' 1,690,951 0.6
Telecommunications 194,102 Advanced Info Service Public Company Limited 'Foreign' 2,219,935 0.7
1,400,000 TelecomAsiaCorporation Public Company Limited
'Foreign' 957,967 0.3
------------ ------
3,177,902 1.0
Utilities-- 993,800 Electricity Generating Public Company
Electric & Gas Limited 'Foreign' 1,360,039 0.4
Total Long-Term Investments in Thailand 10,633,010 3.4
Total Long-Term Investments (Cost--$243,977,982) 303,519,467 96.6
</TABLE>
Merrill Lynch Dragon Fund, Inc., September 30, 1999
<TABLE>
SCHEDULE OF INVESTMENTS (concluded) (in US dollars)
<CAPTION>
Face Percent of
COUNTRIES Amount Short-Term Investments Value Net Assets
<S> <S> <S> <C> <S> <C> <C>
United Commercial US$ 2,075,000 General Electric Capital Corp., 5.60% due 10/01/1999 $ 2,075,000 0.7%
States Paper**
Total Short-Term Investments (Cost--$2,075,000) 2,075,000 0.7
Total Investments (Cost--$246,052,982) 305,594,467 97.3
Other Assets Less Liabilities 8,525,313 2.7
------------ ------
Net Assets $314,119,780 100.0%
============ ======
Net Asset Value: Class A--Based on net assets of $22,053,827 and 2,418,869 shares
outstanding $ 9.12
============
Class B--Based on net assets of $205,897,764 and 23,307,026 shares
outstanding $ 8.83
============
Class C--Based on net assets of $19,441,780 and 2,234,533 shares
outstanding $ 8.70
============
Class D--Based on net assets of $66,726,409 and 7,335,977 shares
outstanding $ 9.10
============
<FN>
(a)American Depositary Receipts (ADR).
(b)Global Depositary Receipts (GDR).
(c)Warrants entitle the Fund to purchase a predetermined number of
shares of common stock and are non-income producing. The purchase
price and number of shares are subject to adjustment under certain
conditions until the expiration date.
*Represents a zero coupon or step bond; the interest rate shown
reflects the effective yield at the time of purchase by the Fund.
**Commercial Paper is traded on a discount basis; the interest rate
shown reflects the discount rate paid at the time of purchase by the
Fund.
</TABLE>
PORTFOLIO INFORMATION
Investments
As of 9/30/99
Ten Largest Equity Holdings Percent of
Represented in the Portfolio Net Assets
Hutchison Whampoa Limited 6.1%
Cheung Kong (Holdings) Ltd. 4.8
HSBC Holdings PLC* 4.6
Korea Electric Power Corporation* 4.1
Samsung Electronics 4.1
Cable & Wireless HKT Ltd.* 3.8
Taiwan Semiconductor Manufacturing Company 3.5
Samsung Fire & Marine Insurance 2.9
Singapore Airlines Limited 2.7
DBS Bank Limited 2.7
[FN]
*Represents combined holdings.
Ten Largest Industries Percent of
Represented in the Portfolio Net Assets
Electronics 19.1%
Banking 19.0
Telecommunications 10.6
Real Estate 10.1
Conglomerates 6.3
Utilities--Electric & Gas 5.8
Publishing & Broadcasting 4.4
Insurance 4.0
Airlines 2.7
Retail 2.2
OFFICERS AND DIRECTORS
Terry K. Glenn, President and Director
Donald Cecil, Director
Edward H. Meyer, Director
Charles C. Reilly, Director
Richard R. West, Director
Arthur Zeikel, Director
Edward D. Zinbarg, Director
Robert C. Doll, Senior Vice President
Kara W.Y. Tan Bhala, Senior Vice President and
Portfolio Manager
Donald C. Burke, Vice President and Treasurer
Phillip Gillespie, Secretary
Custodian
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 637-3863
