MERRILL LYNCH
AMERICAS INCOME
FUND, INC.
FUND LOGO
Semi-Annual Report
June 30, 2000
The Fund has the ability to leverage to seek to provide shareholders
with a potentially higher rate of return. However, leveraging may
exaggerate changes in the net asset value of the Fund's shares and
in the yield on the Fund's portfolio.
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
Americas Income Fund, Inc.
Box 9011
Princeton, NJ
08543-9011
Printed on post-consumer recycled paper
MERRILL LYNCH AMERICAS INCOME FUND, INC.
The Benefits and
Risks of
Leveraging
The Fund is authorized to borrow money from banks in an amount up to
33 1/3% of the Fund's total assets (including the amount borrowed),
less all liabilities and indebtedness other than the bank borrowing.
The Fund is also authorized to borrow an additional 5% of its total
assets without regard to this limitation for temporary purposes.
Borrowings by the Fund create an opportunity for greater total
return but, at the same time, increase exposure to capital risk. For
example, leveraging may exaggerate changes in the net asset value of
Fund shares and in the yield on the Fund's portfolio. Although the
principal of such borrowings will be fixed, the Fund's assets may
change in value during the time the borrowings are outstanding.
Borrowing will create interest expenses for the Fund that can exceed
the income from the assets retained. To the extent the income
derived from securities purchased with borrowed funds exceeds the
interest the Fund will have to pay, the Fund's net income will be
greater than if borrowing were not used. Conversely, if the income
from the assets retained with borrowed funds is not sufficient to
cover the cost of borrowing, the net income of the Fund will be less
than if borrowing were not used, and therefore the amount available
for distribution to shareholders as dividends will be reduced.
Merrill Lynch Americas Income Fund, Inc., June 30, 2000
DEAR SHAREHOLDER
Latin American bonds have continued to show remarkable resilience to
rising global interest rates and widening spreads in the US high-
yield sector as credit concerns have been diminishing in Latin
America. Latin American dollar-denominated bonds returned +4.28% in
the first half of 2000, as measured by the unmanaged benchmark JP
Morgan Emerging Markets Bond (EMBI) Latin Index. For the six months
ended June 30, 2000, the Fund's Class A, Class B, Class C and Class
D Shares had total returns of +3.53%, +3.13%, +3.10% and +3.40%,
respectively. (Fund results shown do not reflect sales charges, and
would be lower if sales charges were included. Complete performance
information can be found on pages 4 and 5 of this report to
shareholders.) The Fund's largest country allocation was Brazil,
with 33.2% of net assets, followed by Mexico (26.3%) and Argentina
(26.1%).
We believe the macroeconomic environment in Latin America is
currently the brightest since 1997. Inflation has been declining.
Latin American countries continue to pursue fiscally conservative
policies, and exports and foreign direct investment inflows are
strong, alleviating foreign financing requirements. In terms of
individual countries, Brazil's fiscal performance is substantially
ahead of its International Monetary Fund (IMF) guidelines in the
first half of the year. Its broadest inflation gauge ended 1999 at
8.9% for a year-on-year basis, and by June it declined to 6.5%.
Mexico is experiencing a dynamic and healthy economic expansion. The
economy expanded at a 7.9% annual rate in the first quarter of 2000,
continuing the 5.2% rebound in 1999. Inflation reached 9.4% on a 12-
month basis in June this year, against 12.3% in December 1999, and
fiscal accounts appear to be firmly under control. Fears of a
disruptive presidential election depressed the Mexican peso and
caused a rise in local interest rates, but after the peaceful and
unprecedented victory of the opposition candidate Vicente Fox on
July 20, 2000, those price movements proved temporary. Reaffirming
the incumbent government's commitment to a smooth presidential term,
new details of Mexico's 2000 - 2001 financial program were
disclosed, including international credit lines for $26.5 billion,
reduction in public foreign debt and its servicing cost of $6.7
billion and $785 million, respectively, and a precautionary
financing arrangement with the IMF. This year, Moody's Investors
Service awarded Mexico an investment-grade rating in March, and
Standard & Poor's may take similar action in the future.
Venezuela's economic recovery has been thwarted by the lengthy
political reform, several elections, deep private sector suspicions
on the future course of economic policy and by capital flight.
However, the sharp oil price increases during last year, and an
overall fiscally conservative stance of the new Chavez
administration, has resulted in lower-than-expected fiscal deficits,
and it has eliminated any external borrowing needs in the short
term. Argentina is where credit concerns continue to be present,
because of its large borrowing needs and lackluster economic
activity that is keeping fiscal revenues from growing at the pace
required to reduce the stubborn fiscal deficit. The government
fiscal initiatives have failed thus far to redress the fiscal
imbalance, and have engendered criticism because of their
contractionary effect. Still, the government holds a substantial
reservoir of political goodwill, and its capacity and commitment to
see this situation through cannot be underestimated.
Going forward, emerging markets' returns will likely continue to be
influenced by the course of US interest rates. Although higher US
and international interest rates have not slowed emerging markets'
economic recovery thus far, they may in the future, and they may
limit these economies' access to international capital markets.
However, the cost of foreign borrowing is dictated to a large extent
by credit spreads, which could be contracting during the year,
potentially cushioning or offsetting the rise in US interest rates.
Other dimensions of the external environment have been turning more
favorable. The pick-up in economic activity in non-Japan Asia and in
Europe has provided support to commodity prices and underpins
stronger demand for emerging market exports. Individual country
risks, always present in this asset class, seemed to have abated in
the short term, although in Argentina we remain concerned about the
new presidential administration's ability to reduce the fiscal
deficit and potential deterioration of its credit ratios.
The spread of emerging markets debt against US Treasury issues is
conventionally measured in terms of "stripped spreads" (stripping
the yield of US Treasury securities imbedded in some of the Brady
bonds). This stripped spread is currently at 800 basis points
(8.00%), while the cash flow spread, which is more pertinent to
investors because it is the spread over Treasury issues that
investors realize on their investment, is 520 basis points. In the
meantime, the Fund's net asset value gains, if any, are likely to be
modest, with most of the return coming from coupons or monthly
distributions.
Portfolio Matters
In terms of portfolio allocations, we continued to be fully invested
and overweighted in Mexico and Brazil. We also favored Venezuela in
relative terms, because of the strength in oil prices and the
expectation that the reform of its institutional framework will
prove of long-term benefit. We continue to underweight Argentina, as
we monitor progress on the issues described above.
In Conclusion
We appreciate your ongoing investment in Merrill Lynch Americas
Income Fund, Inc., and we look forward to assisting you with your
financial needs in the months and years ahead.
Sincerely,
(Terry K. Glenn)
Terry K. Glenn
President and Director
(Aldo Roldan)
Aldo Roldan
Vice President and
Portfolio Manager
August 8, 2000
On April 26, 2000, the Fund's Board of Directors approved a plan of
reorganization, whereby the Fund would acquire substantially all the
assets and liabilities of Worldwide DollarVest Fund, Inc. in
exchange for newly issued shares of the Fund. Both entities have a
similar investment objective. Worldwide DollarVest Fund, Inc. is a
non-diversified, closed-end management investment company and is
managed by Fund Asset Management, L.P.
Subject to shareholder approval, Merrill Lynch Americas Income Fund,
Inc. will change its name to Merrill Lynch Emerging Market Debt
Fund, Inc. In addition, the Fund will revise its investment
objective to allow it to seek high current income with a secondary
objective of capital appreciation by investing in debt obligations
of issuers located in emerging market countries. The Fund also will
seek to eliminate its concentration in the financial services
industry.
Merrill Lynch Americas Income Fund, Inc., June 30, 2000
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 4% 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 0.50% and an account
maintenance fee of 0.25%. These shares automatically convert to
Class D Shares after approximately 10 years. (There is no initial
sales charge for automatic share conversions.)
* Class C Shares are subject to a distribution fee of 0.55% 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 4% 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 payable 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.
Average Annual
Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 6/30/00 +17.23% +12.54%
Five Years Ended 6/30/00 + 5.66 + 4.81
Inception (10/21/94) through 6/30/00 + 5.34 + 4.59
*Maximum sales charge is 4%.
**Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 6/30/00 +16.33% +12.33%
Five Years Ended 6/30/00 + 4.92 + 4.92
Inception (8/27/93) through 6/30/00 + 3.65 + 3.65
*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 6/30/00 16.08% 15.08%
Five Years Ended 6/30/00 4.88 4.88
Inception (10/21/94) through 6/30/00 4.42 4.42
*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 6/30/00 +16.97% +12.29%
Five Years Ended 6/30/00 + 5.44 + 4.59
Inception (8/27/93) through 6/30/00 + 4.17 + 3.55
*Maximum sales charge is 4%.
**Assuming maximum sales charge.
<TABLE>
Recent
Performance
Results*
<CAPTION>
6 Month 12 Month Since Inception Standardized
As of June 30, 2000 Total Return Total Return Total Return 30-Day Yield
<S> <C> <C> <C> <C>
ML Americas Income Fund Class A Shares +3.53% +17.23% +34.50% 8.87%
ML Americas Income Fund Class B Shares +3.13 +16.33 +27.82 8.45
ML Americas Income Fund Class C Shares +3.10 +16.08 +27.94 8.41
ML Americas Income Fund Class D Shares +3.40 +16.97 +32.26 8.63
*Investment results shown do not reflect sales charges; results
shown would be lower if a sales charge was included. Total
reinvestment 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 payable date.
The Fund's since inception periods are from 10/21/94 for Class A &
Class C Shares and from 8/27/93 for Class B & Class D Shares.
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (in US dollars)
<CAPTION>
Interest Maturity Percent of
COUNTRY Industry Face Amount Bonds Rate Date Value Net Assets
<S> <S> <S> <C> <S> <C> <C> <C> <C>
Argentina Industrials US$ 1,300,000 Perez Companc SA 8.125% 7/15/2007 $ 1,088,113 4.0%
Sovereign 600,000 Republic of Argentina 11.75 6/15/2015 543,000 2.0
Government 300,000 Republic of Argentina 11.375 1/30/2017 268,500 1.0
Obligations 1,000,000 Republic of Argentina 9.75 9/19/2027 775,000 2.8
------------ ------
1,586,500 5.8
Telecommunications 1,500,000 Movicom (a) 9.25 5/08/2008 1,327,500 4.8
Equipment
Total Bonds in Argentina (Cost--$4,145,146) 4,002,113 14.6
Brazil Media-- 1,450,000 Globo Comunicacoes e
Communications Participacoes, Ltd. 10.50 12/20/2006 1,255,628 4.6
Metals 1,450,000 CSN Iron SA 9.125 6/01/2007 1,194,699 4.3
Sovereign 650,000 Republic of Brazil 10.125 5/15/2027 511,875 1.8
Government
Obligations
Transportation 1,650,000 MRS Logistica SA (a) 10.625 8/15/2005 1,295,250 4.7
Utilities--Electric 1,300,000 Companie Paranaense de Energia 9.75 5/02/2005 1,280,500 4.7
Total Bonds in Brazil
(Cost--$5,140,600) 5,537,952 20.1
</TABLE>
Merrill Lynch Americas Income Fund, Inc., June 30, 2000
<TABLE>
SCHEDULE OF INVESTMENTS (concluded) (in US dollars)
<CAPTION>
Interest Maturity Percent of
COUNTRY Industry Face Amount Bonds Rate Date Value Net Assets
<S> <S> <S> <C> <S> <C> <C> <C> <C>
Mexico Industrials US$ 1,100,000 Petroleos Mexicanos 9.50 % 9/15/2027 $ 1,061,500 3.9%
Packaging 1,500,000 Vicap SA 11.375 5/15/2007 1,380,000 5.0
Paper 1,250,000 Grupo Industrial Durango (a) 12.625 8/01/2003 1,250,000 4.5
Sovereign 1,150,000 United Mexican States 8.625 3/12/2008 1,112,625 4.1
Government
Obligations
Telephone Networks 1,400,000 Alestra SA 12.625 5/15/2009 1,265,250 4.6
Total Bonds in Mexico
(Cost--$6,307,375) 6,069,375 22.1
Panama Sovereign 505,000 Republic of Panama 8.875 9/30/2027 425,463 1.5
Government
Obligations
Total Bonds in Panama
(Cost--$459,550) 425,463 1.5
Venezuela Sovereign 450,000 Republic of Venezuela 9.25 9/15/2027 296,438 1.1
Government
Obligations
Total Bonds in Venezuela
(Cost--$296,775) 296,438 1.1
Total Investments in Bonds
(Cost--$16,349,446) 16,331,341 59.4
Brady Bonds*
Argentina Sovereign 720,000 Republic of Argentina (b) 7.375 3/31/2005 657,000 2.4
Government 1,450,000 Republic of Argentina 6.00 3/31/2023 962,437 3.5
Obligations 1,410,000 Republic of Argentina,
Discount (b) 7.875 3/31/2023 1,135,050 4.1
Total Brady Bonds in
Argentina (Cost--$2,781,470) 2,754,487 10.0
Brazil Sovereign 1,169,840 Republic of Brazil 'C' 8.00 4/15/2014 861,294 3.1
Government 1,325,000 Republic of Brazil DCB (b) 7.438 4/15/2012 977,903 3.6
Obligations 1,100,000 Republic of Brazil,
Discount (b) 7.375 4/15/2024 869,000 3.2
575,000 Republic of Brazil NMB (b) 7.438 4/15/2009 480,125 1.7
Total Brady Bonds in Brazil (Cost--$2,778,948) 3,188,322 11.6
Mexico Sovereign 1,100,000 United Mexican States 'W-A' 6.25 12/31/2019 918,500 3.3
Government
Obligations
Total Brady Bonds in Mexico (Cost--$809,989) 918,500 3.3
Panama Sovereign 300,000 Republic of Panama, Interest
Government Reduction Bonds (b) 4.25 7/17/2014 239,178 0.9
Obligations
Total Brady Bonds in Panama
(Cost--$226,483) 239,178 0.9
Peru Sovereign 620,000 Republic of Peru, Front-Loaded
Government Interest Rate Reduction
Obligations Bonds (b) 3.75 3/07/2017 373,550 1.4
800,000 Republic of Peru, Past Due
Interest (b) 4.50 3/07/2017 534,000 1.9
Total Brady Bonds in Peru
(Cost--$821,239) 907,550 3.3
Venezuela Sovereign 1,250,000 Republic of Venezuela DCB (b) 7.875 12/18/2007 1,020,312 3.7
Government 333,330 Republic of Venezuela, Front-
Obligations Loaded Interest Rate Reduction
Bonds 'A' (b) 7.438 3/31/2007 272,497 1.0
499,995 Republic of Venezuela, Front-
Loaded Interest Rate Reduction
Bonds 'B' (b) 7.438 3/31/2007 408,746 1.5
775,000 Republic of Venezuela 'W-A' 6.75 3/31/2020 538,625 2.0
Total Brady Bonds in Venezuela
(Cost--$2,200,017) 2,240,180 8.2
Total Investments in Brady Bonds
(Cost--$9,618,146) 10,248,217 37.3
Shares Held Rights
Venezuela Sovereign 3,875 Venezuela Oil Obligation 0 0.0
Government
Obligations
Total Investments in Rights
(Cost--$0) 0 0.0
Total Investments (Cost--$25,967,592) 26,579,558 96.7
Other Assets Less Liabilities 906,823 3.3
------------ ------
Net Assets $ 27,486,381 100.0%
============ ======
*Brady Bonds are securities that have been issued to refinance
commercial bank loans and other debt. The risk associated with these
instruments is the amount of any uncollateralized principal or
interest payments since there is a high default rate of commercial
bank loans by countries issuing these securities.
(a)The security may be offered and sold to "qualified institutional
buyers" under Rule 144A of the Securities Act of 1933.
(b)Floating rate note.
See Notes to Financial Statements.
</TABLE>
Merrill Lynch Americas Income Fund, Inc., June 30, 2000
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
<CAPTION>
As of June 30, 2000
<S> <S> <C> <C>
Assets: Investments, at value (identified cost--$25,967,592) $ 26,579,558
Receivables:
Securities sold $ 2,019,910
Interest 602,120
Capital shares sold 261 2,622,291
------------
Prepaid registration fees 45,803
------------
Total assets 29,247,652
------------
Liabilities: Payables:
Securities purchased 1,081,850
Custodian bank 262,846
Capital shares redeemed 218,624
Dividends to shareholders 66,390
Distributor 15,047
Investment adviser 12,678 1,657,435
------------
Accrued expenses 103,836
------------
Total liabilities 1,761,271
------------
Net Assets: Net assets $ 27,486,381
============
Net Assets Class A Common Stock, $.10 par value, 100,000,000 shares authorized $ 25,747
Consist of: Class B Common Stock, $.10 par value, 100,000,000 shares authorized 326,534
Class C Common Stock, $.10 par value, 100,000,000 shares authorized 15,795
Class D Common Stock, $.10 par value, 100,000,000 shares authorized 75,597
Paid-in capital in excess of par 61,374,320
Accumulated capital losses on investments--net (32,067,136)
Accumulated distributions in excess of capital gains on
investments--net (2,876,442)
Unrealized appreciation on investments--net 611,966
------------
Net assets $ 27,486,381
============
Net Asset Class A--Based on net assets of $1,598,865 and 257,474
Value: shares outstanding $ 6.21
============
Class B--Based on net assets of $20,228,938 and 3,265,343
shares outstanding $ 6.20
============
Class C--Based on net assets of $978,416 and 157,952
shares outstanding $ 6.19
============
Class D--Based on net assets of $4,680,162 and 755,973
shares outstanding $ 6.19
============
See Notes to Financial Statements.
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
<CAPTION>
For the Six Months Ended June 30, 2000
<S> <S> <C> <C>
Investment Interest and discount earned $ 1,555,311
Income: ------------
Expenses: Investment advisory fees $ 88,272
Account maintenance and distribution fees--Class B 82,328
Accounting services 51,531
Professional fees 40,816
Registration fees 30,455
Printing and shareholder reports 24,729
Transfer agent fees--Class B 20,768
Directors' fees and expenses 13,005
Custodian fees 9,339
Account maintenance fees--Class D 6,016
Account maintenance and distribution fees--Class C 4,093
Transfer agent fees--Class D 3,802
Transfer agent fees--Class A 1,291
Transfer agent fees--Class C 1,004
Pricing fees 400
Other 2,293
------------
Total expenses 380,142
------------
Investment income--net 1,175,169
------------
Realized & Realized gain on investments--net 1,867,534
Unrealized Change in unrealized appreciation on investments--net (2,119,073)
Gain (Loss) on ------------
Investments--Net: Net Increase in Net Assets Resulting from Operations $ 923,630
============
See Notes to Financial Statements.
</TABLE>
Merrill Lynch Americas Income Fund, Inc., June 30, 2000
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the
Months Ended Year Ended
June 30, December 31,
Increase (Decrease) in Net Assets: 2000 1999
<S> <S> <C> <C>
Operations: Investment income--net $ 1,175,169 $ 2,841,440
Realized gain (loss) on investments--net 1,867,534 (1,021,167)
Change in unrealized appreciation/depreciation on
investments--net (2,119,073) 5,160,451
------------ ------------
Net increase in net assets resulting from operations 923,630 6,980,724
------------ ------------
Dividends to Investment income--net:
Shareholders: Class A (70,669) (154,183)
Class B (862,549) (2,147,225)
Class C (39,934) (100,010)
Class D (202,017) (440,022)
------------ ------------
Net decrease in net assets resulting from dividends to
shareholders (1,175,169) (2,841,440)
------------ ------------
Capital Share Net decrease in net assets derived from capital share
Transactions: transactions (4,356,783) (15,452,808)
------------ ------------
Net Assets: Total decrease in net assets (4,608,322) (11,313,524)
Beginning of period 32,094,703 43,408,227
------------ ------------
End of period $ 27,486,381 $ 32,094,703
============ ============
See Notes to Financial Statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS
<CAPTION>
Class A
For the
Six
The following per share data and ratios have been derived Months
from information provided in the financial statements. Ended
June 30, For the Year Ended December 31,
Increase (Decrease) in Net Asset Value: 2000 1999 1998 1997 1996++
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 6.26 $ 5.54 $ 9.60 $ 11.36 $ 9.70
Operating -------- -------- -------- -------- --------
Performance: Investment income--net .27 .51 .76 .72 .97
Realized and unrealized gain (loss) on
investments and foreign currency
transactions--net (.05) .72 (4.06) (.54) 2.14
-------- -------- -------- -------- --------
Total from investment operations .22 1.23 (3.30) .18 3.11
-------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.27) (.51) (.71) (.72) (1.00)
In excess of investment income--net -- -- -- -- (.13)
Return of capital--net -- -- (.05) -- --
Realized gain on investments--net -- -- -- (.93) (.32)
In excess of realized gain on
investments--net -- -- -- (.29) --
-------- -------- -------- -------- --------
Total dividends and distributions (.27) (.51) (.76) (1.94) (1.45)
-------- -------- -------- -------- --------
Net asset value, end of period $ 6.21 $ 6.26 $ 5.54 $ 9.60 $ 11.36
======== ======== ======== ======== ========
Total Investment Based on net asset value per share 3.53%+++ 23.12% (36.18%) 1.74% 33.64%
Return:** ======== ======== ======== ======== ========
Ratios to Average Expenses, excluding interest expense 1.93%* 1.85% 1.70% 1.38% 1.05%
Net Assets: ======== ======== ======== ======== ========
Expenses 1.93%* 1.85% 2.66% 1.48% 1.32%
======== ======== ======== ======== ========
Investment income--net 8.63%* 8.72% 9.59% 6.31% 8.97%
======== ======== ======== ======== ========
Supplemental Net assets, end of period (in thousands) $ 1,599 $ 1,734 $ 1,988 $ 4,842 $ 28,136
Data: ======== ======== ======== ======== ========
Portfolio turnover 73.60% 164.23% 618.06% 942.74% 420.35%
======== ======== ======== ======== ========
Leverage: Amount of reverse repurchase agreements
outstanding, end of period (in thousands) -- -- -- -- $ 22,350
======== ======== ======== ======== ========
Average amount of reverse repurchase
agreements outstanding during the period
(in thousands) -- -- $ 14,306 $ 3,185 $ 8,277
======== ======== ======== ======== ========
Average amount of reverse repurchase
agreements per share during the period -- -- $ 1.56 $ .20 $ .48
======== ======== ======== ======== ========
*Annualized.
**Total investment returns exclude the effects of sales charges.
++Based on average shares outstanding.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
Merrill Lynch Americas Income Fund, Inc., June 30, 2000
<TABLE>
FINANCIAL HIGHLIGHTS (continued)
<CAPTION>
Class B
For the
Six
The following per share data and ratios have been derived Months
from information provided in the financial statements. Ended
June 30, For the Year Ended December 31,
Increase (Decrease) in Net Asset Value: 2000 1999 1998 1997 1996++
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 6.25 $ 5.53 $ 9.57 $ 11.31 $ 9.65
Operating -------- -------- -------- -------- --------
Performance: Investment income--net .24 .46 .70 .63 .88
Realized and unrealized gain (loss) on
investments and foreign currency
transactions--net (.05) .72 (4.04) (.52) 2.15
-------- -------- -------- -------- --------
Total from investment operations .19 1.18 (3.34) .11 3.03
-------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.24) (.46) (.65) (.63) (.93)
In excess of investment income--net -- -- -- -- (.12)
Return of capital--net -- -- (.05) -- --
Realized gain on investments--net -- -- -- (.93) (.32)
In excess of realized gain on
investments--net -- -- -- (.29) --
-------- -------- -------- -------- --------
Total dividends and distributions (.24) (.46) (.70) (1.85) (1.37)
-------- -------- -------- -------- --------
Net asset value, end of period $ 6.20 $ 6.25 $ 5.53 $ 9.57 $ 11.31
======== ======== ======== ======== ========
Total Investment Based on net asset value per share 3.13%+++ 22.20% (36.60%) 1.12% 32.75%
Return:** ======== ======== ======== ======== ========
Ratios to Average Expenses, excluding interest expense 2.70%* 2.63% 2.21% 2.16% 1.83%
Net Assets: ======== ======== ======== ======== ========
Expenses 2.70%* 2.63% 3.47% 2.26% 2.10%
======== ======== ======== ======== ========
Investment income--net 7.84%* 7.86% 8.93% 5.76% 8.36%
======== ======== ======== ======== ========
Supplemental Net assets, end of period (in thousands) $ 20,229 $ 24,193 $ 33,374 $ 78,733 $160,204
Data: ======== ======== ======== ======== ========
Portfolio turnover 73.60% 164.23% 618.06% 942.74% 420.35%
======== ======== ======== ======== ========
Leverage: Amount of reverse repurchase agreements
outstanding, end of period (in thousands) -- -- -- -- $ 22,350
======== ======== ======== ======== ========
Average amount of reverse repurchase agreements
outstanding during the period (in thousands) -- -- $ 14,306 $ 3,185 $ 8,277
======== ======== ======== ======== ========
Average amount of reverse repurchase
agreements per share during the period -- -- $ 1.56 $ .20 $ .48
======== ======== ======== ======== ========
<CAPTION>
Class C
For the
Six
The following per share data and ratios have been derived Months
from information provided in the financial statements. Ended
June 30, For the Year Ended December 31,
Increase (Decrease) in Net Asset Value: 2000 1999 1998 1997 1996++
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 6.24 $ 5.53 $ 9.57 $ 11.31 $ 9.65
Operating -------- -------- -------- -------- --------
Performance: Investment income--net .24 .46 .69 .63 .87
Realized and unrealized gain (loss) on
investments and foreign currency
transactions--net (.05) .71 (4.04) (.52) 2.15
-------- -------- -------- -------- --------
Total from investment operations .19 1.17 (3.35) .11 3.02
-------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.24) (.46) (.64) (.63) (.92)
In excess of investment income--net -- -- -- -- (.12)
Return of capital--net -- -- (.05) -- --
Realized gain on investments--net -- -- -- (.93) (.32)
In excess of realized gain on
investments--net -- -- -- (.29) --
-------- -------- -------- -------- --------
Total dividends and distributions (.24) (.46) (.69) (1.85) (1.36)
-------- -------- -------- -------- --------
Net asset value, end of period $ 6.19 $ 6.24 $ 5.53 $ 9.57 $ 11.31
======== ======== ======== ======== ========
Total Investment Based on net asset value per share 3.10%+++ 21.94% (36.64%) 1.06% 32.66%
Return:** ======== ======== ======== ======== ========
Ratios to Average Expenses, excluding interest expense 2.76%* 2.68% 2.25% 2.23% 1.90%
Net Assets: ======== ======== ======== ======== ========
Expenses 2.76%* 2.68% 3.52% 2.33% 2.17%
======== ======== ======== ======== ========
Investment income--net 7.78%* 7.79% 8.85% 5.64% 8.17%
======== ======== ======== ======== ========
Supplemental Net assets, end of period (in thousands) $ 978 $ 1,108 $ 1,730 $ 4,222 $ 11,436
Data: ======== ======== ======== ======== ========
Portfolio turnover 73.60% 164.23% 618.06% 942.74% 420.35%
======== ======== ======== ======== ========
Leverage: Amount of reverse repurchase agreements
outstanding, end of period
(in thousands) -- -- -- -- $ 22,350
======== ======== ======== ======== ========
Average amount of reverse repurchase
agreements outstanding during the
period (in thousands) -- -- $ 14,306 $ 3,185 $ 8,277
======== ======== ======== ======== ========
Average amount of reverse repurchase
agreements per share during the
period -- -- $ 1.56 $ .20 $ .48
======== ======== ======== ======== ========
*Annualized.
**Total investment returns exclude the effects of sales charges.
++Based on average shares outstanding.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
Merrill Lynch Americas Income Fund, Inc., June 30, 2000
<TABLE>
FINANCIAL HIGHLIGHTS (concluded)
<CAPTION>
Class D
For the
Six
The following per share data and ratios have been derived Months
from information provided in the financial statements. Ended
June 30, For the Year Ended December 31,
Increase (Decrease) in Net Asset Value: 2000 1999 1998 1997 1996++
<S> <S> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 6.24 $ 5.52 $ 9.57 $ 11.31 $ 9.65
Operating -------- -------- -------- -------- --------
Performance: Investment income--net .26 .49 .74 .69 .95
Realized and unrealized gain (loss) on
investments and foreign currency
transactions--net (.05) .72 (4.05) (.52) 2.13
-------- -------- -------- -------- --------
Total from investment operations .21 1.21 (3.31) .17 3.08
-------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.26) (.49) (.69) (.69) (.97)
In excess of investment income--net -- -- -- -- (.13)
Return of capital--net -- -- (.05) -- --
Realized gain on investments--net -- -- -- (.93) (.32)
In excess of realized gain on
investments--net -- -- -- (.29) --
-------- -------- -------- -------- --------
Total dividends and distributions (.26) (.49) (.74) (1.91) (1.42)
-------- -------- -------- -------- --------
Net asset value, end of period $ 6.19 $ 6.24 $ 5.52 $ 9.57 $ 11.31
======== ======== ======== ======== ========
Total Investment Based on net asset value per share 3.40%+++ 22.87% (36.37%) 1.65% 33.44%
Return:** ======== ======== ======== ======== ========
Ratios to Average Expenses, excluding interest expense 2.18%* 2.09% 1.84% 1.63% 1.31%
Net Assets: ======== ======== ======== ======== ========
Expenses 2.18%* 2.09% 2.88% 1.73% 1.58%
======== ======== ======== ======== ========
Investment income--net 8.37%* 8.43% 9.51% 6.30% 8.92%
======== ======== ======== ======== ========
Supplemental Net assets, end of period (in thousands) $ 4,680 $ 5,060 $ 6,316 $ 12,066 $ 18,402
Data: ======== ======== ======== ======== ========
Portfolio turnover 73.60% 164.23% 618.06% 942.74% 420.35%
======== ======== ======== ======== ========
Leverage: Amount of reverse repurchase agreements
outstanding, end of period (in
thousands) -- -- -- -- $ 22,350
======== ======== ======== ======== ========
Average amount of reverse repurchase
agreements outstanding during the
period (in thousands) -- -- $ 14,306 $ 3,185 $ 8,277
======== ======== ======== ======== ========
Average amount of reverse repurchase
agreements per share during the
period -- -- $ 1.56 $ .20 $ .48
======== ======== ======== ======== ========
*Annualized.
**Total investment returns exclude the effects of sales charges.
++Based on average shares outstanding.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
Merrill Lynch Americas Income Fund, Inc. (the "Fund") is registered
under the Investment Company Act of 1940 as a non-diversified, open-
end management investment company. The Fund's financial statements
are prepared in accordance with accounting principles generally
accepted in the United States of America, which may require the use
of management accruals and estimates. These unaudited financial
statements reflect all adjustments, which are, in the opinion of
management, necessary to a fair statement of the results for the
interim period presented. All such adjustments are of a normal
recurring nature. The Fund offers four classes of shares under the
Merrill Lynch Select Pricing SM System. Shares of Class A and Class D
are sold with a front-end sales charge. Shares of Class B and Class
C may be subject to a contingent deferred sales charge. All classes
of shares have identical voting, dividend, liquidation and other
rights and the same terms and conditions, except that Class B, Class
C and Class D Shares bear certain expenses related to the account
maintenance of such shares, and Class B and Class C Shares also bear
certain expenses related to the distribution of such shares. Each
class has exclusive voting rights with respect to matters relating
to its account maintenance and distribution expenditures. The
following is a summary of significant accounting policies followed
by the Fund.
(a) Valuation of securities--Portfolio securities that are traded on
stock exchanges are valued at the last sale price on the exchange on
which such securities are traded, as of the close of business on the
day the securities are being valued or, lacking any sales, at the
last available bid price. Securities traded in the over-the-counter
market are valued at the last available bid price prior to the time
of valuation. In cases where securities are traded on more than one
exchange, the securities are valued on the exchange designated by or
under the authority of the Board of Directors as the primary market.
Securities that are traded both in the over-the-counter market and
on a stock exchange are valued according to the broadest and most
representative market. Options written or purchased are valued at
the last sale price in the case of exchange-traded options. In the
case of options traded in the over-the-counter market, valuation is
the last asked price (options written) or the last bid price
(options purchased). Short-term securities are valued at amortized
cost, which approximates market value. Other investments, including
futures contracts and related options, are stated at market value.
Securities and assets for which market value quotations are not
available are valued at their fair value as determined in good faith
by or under the direction of the Fund's Board of Directors.
(b) Derivative financial instruments--The Fund may engage in various
portfolio investment strategies to increase or decrease the level of
risk to which the Fund is exposed more quickly and efficiently than
transactions in other types of instruments. Losses may arise due to
changes in the value of the contract or if the counterparty does not
perform under the contract.
* Forward foreign exchange contracts--The Fund is authorized to
enter into forward foreign exchange contracts as a hedge against
either specific transactions or portfolio positions. Such contracts
are not entered on the Fund's records. However, the effect on
operations is recorded from the date the Fund enters into such
contracts.
* Options--The Fund is authorized to write and purchase call and put
options. When the Fund writes an option, an amount equal to the
premium received by the Fund is reflected as an asset and an
equivalent liability. The amount of the liability is subsequently
marked to market to reflect the current market value of the option
written.
When a security is purchased or sold through an exercise of an
option, the related premium paid (or received) is added to (or
deducted from) the basis of the security acquired or deducted from
(or added to) the proceeds of the security sold. When an option
expires (or the Fund enters into a closing transaction), the Fund
realizes a gain or loss on the option to the extent of the premiums
received or paid (or gain or loss to the extent the cost of the
closing transaction exceeds the premium paid or received).
Written and purchased options are non-income producing investments.
* Financial futures contracts--The Fund may purchase or sell
financial futures contracts and options on such futures contracts as
a hedge against adverse changes in interest rates. A futures
contract is an agreement between two parties to buy and sell a
security for a set price on a future date. Upon entering into a
contract, the Fund deposits and maintains as collateral such initial
margin as required by the exchange on which the transaction is
effected. Pursuant to the contract, the Fund agrees to receive from
or pay to the broker an amount of cash equal to the daily
fluctuation in value of the contract. Such receipts or payments are
known as variation margin and are recorded by the Fund as unrealized
gains or losses. When the contract is closed, the Fund records a
realized gain or loss equal to the difference between the value of
the contract at the time it was opened and the value at the time it
was closed.
Merrill Lynch Americas Income Fund, Inc., June 30, 2000
NOTES TO FINANCIAL STATEMENTS (continued)
(c) Foreign currency transactions--Transactions denominated in
foreign currencies are recorded at the exchange rate prevailing when
recognized. Assets and liabilities denominated in foreign currencies
are valued at the exchange rate at the end of the period. Foreign
currency transactions are the result of settling (realized) or
valuing (unrealized) assets or liabilities expressed in foreign
currencies into US dollars. Realized and unrealized gains or losses
from investments include the effects of foreign exchange rates on
investments.
(d) Income taxes--It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to
its shareholders. Therefore, no Federal income tax provision is
required. Under the applicable foreign tax law, a withholding tax
may be imposed on interest and capital gains at various rates.
(e) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Interest income (including amortization of
discount) is recognized on the accrual basis. Realized gains and
losses on security transactions are determined on the identified
cost basis.
(f) Prepaid registration fees--Prepaid registration fees are charged
to expense as the related shares are issued.
(g) Dividends and distributions--Dividends from net investment
income are declared daily and paid monthly. Distributions of capital
gains are recorded on the ex-dividend dates. Distributions in excess
of realized capital gains are due primarily to differing tax
treatments for post-October losses.
(h) Short sales--When the Fund engages in a short sale, an amount
equal to the proceeds received by the Fund is reflected as an asset
and an equivalent liability. The amount of the liability is
subsequently marked to market to reflect the market value of the
short sale. The Fund maintains a segregated account of securities as
collateral for the short sales. The Fund is exposed to market risk
based on the amount, if any, that the market value of the stock
exceeds the market value of the securities in the segregated
account.
(i) Custodian bank--The Fund recorded an amount payable to the
custodian bank reflecting an overnight overdraft resulting from a
failed trade that settled the next day.
2. Investment Advisory Agreement and Transactions with
Affiliates:
The Fund has entered into an Investment Advisory Agreement with
Merrill Lynch Investment Managers, L.P. ("MLIM"). The general
partner of MLIM is Princeton Services, Inc. ("PSI"), an indirect
wholly-owned subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."),
which is the limited partner. The Fund has also entered into a
Distribution Agreement and Distribution Plans with FAM Distributors,
Inc. ("FAMD" or the "Distributor"), which is a wholly-owned
subsidiary of Merrill Lynch Group, Inc.
MLIM is responsible for the management of the Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operation of the Fund. For such
services, the Fund pays a monthly fee of .60%, on an annual basis,
of the average daily value of the Fund's net assets plus the
principal amount of borrowings incurred by the Fund for leverage
purposes.
Pursuant to the Distribution Plans adopted by the Fund in accordance
with Rule 12b-1 under the Investment Company Act of 1940, the Fund
pays the Distributor ongoing account maintenance and distribution
fees. The fees are accrued daily and paid monthly at annual rates
based upon the average daily net assets of the shares as follows:
Account
Maintenance Distribution
Fee Fee
Class B .25% .50%
Class C .25% .55%
Class D .25% --
Pursuant to a sub-agreement with the Distributor, Merrill Lynch,
Pierce, Fenner & Smith Incorporated ("MLPF&S"), a subsidiary of ML &
Co., also provides account maintenance and distribution services to
the Fund. The ongoing account maintenance fee compensates the
Distributor and MLPF&S for providing account maintenance services to
Class B, Class C and Class D shareholders. The ongoing distribution
fee compensates the Distributor and MLPF&S for providing shareholder
and distribution-related services to Class B and Class C
shareholders.
For the six months ended June 30, 2000, FAMD earned underwriting
discounts and direct commissions and MLPF&S earned dealer
concessions on sales of the Fund's Class D Shares as follows:
FAMD MLPF&S
Class D $154 $1,092
For the six months ended June 30, 2000, MLPF&S received contingent
deferred sales charges of $25,143 and $24 relating to transactions
in Class B and Class C Shares, respectively.
For the six months ended June 30, 2000, the Fund paid Merrill Lynch
Security Pricing Service, an affiliate of MLPF&S, $117 for security
price quotations to compute the net asset value of the Fund.
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of
ML & Co., is the Fund's transfer agent.
Accounting services are provided to the Fund by MLIM at cost.
Certain officers and/or directors of the Fund are officers and/or
directors of MLIM, PSI, FAMD, FDS, and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities,
for the six months ended June 30, 2000 were $21,130,127 and
$25,460,362, respectively.
Net realized gains for the six months ended June 30, 2000 and net
unrealized gains as of June 30, 2000 were as follows:
Realized Unrealized
Gains Gains
Long-term investments $ 1,867,534 $ 611,966
------------ ------------
Total $ 1,867,534 $ 611,966
============ ============
As of June 30, 2000, net unrealized appreciation for Federal income
tax purposes aggregated $611,966, of which $1,284,719 related to
appreciated securities and $672,753 related to depreciated
securities. At June 30, 2000, the aggregate cost of investments for
Federal income tax purposes was $25,967,592.
4. Capital Share Transactions:
Net decrease in net assets derived from capital share transactions
was $4,356,783 and $15,452,808 for the six months ended June 30,
2000 and the year ended December 31, 1999, respectively.
Transactions in shares of capital were as follows:
Class A Shares for the Six Months Dollar
Ended June 30, 2000 Shares Amount
Shares sold 72,435 $ 456,328
Shares issued to shareholders
in reinvestment of dividends 3,551 22,089
----------- ------------
Total issued 75,986 478,417
Shares redeemed (95,508) (604,898)
----------- ------------
Net decrease (19,522) $ (126,481)
=========== ============
Class A Shares for the Year Dollar
Ended December 31, 1999 Shares Amount
Shares sold 305,804 $ 1,763,062
Shares issued to shareholders
in reinvestment of dividends 9,817 57,367
----------- ------------
Total issued 315,621 1,820,429
Shares redeemed (397,546) (2,259,561)
----------- ------------
Net decrease (81,925) $ (439,132)
=========== ============
Class B Shares for the Six Months Dollar
Ended June 30, 2000 Shares Amount
Shares sold 92,596 $ 577,291
Shares issued to shareholders
in reinvestment of dividends 55,012 341,743
----------- ------------
Total issued 147,608 919,034
Automatic conversion of shares (4,302) (26,626)
Shares redeemed (751,838) (4,661,072)
----------- ------------
Net decrease (608,532) $ (3,768,664)
=========== ============
Class B Shares for the Year Dollar
Ended December 31, 1999 Shares Amount
Shares sold 373,504 $ 2,128,323
Shares issued to shareholders
in reinvestment of dividends 156,191 910,646
----------- ------------
Total issued 529,695 3,038,969
Automatic conversion of shares (18,360) (108,152)
Shares redeemed (2,676,890) (15,299,662)
----------- ------------
Net decrease (2,165,555) $(12,368,845)
=========== ============
Class C Shares for the Six Months Dollar
Ended June 30, 2000 Shares Amount
Shares sold 15,849 $ 99,378
Shares issued to shareholders
in reinvestment of dividends 1,982 12,299
----------- ------------
Total issued 17,831 111,677
Shares redeemed (37,248) (233,036)
----------- ------------
Net decrease (19,417) $ (121,359)
=========== ============
Merrill Lynch Americas Income Fund, Inc., June 30, 2000
NOTES TO FINANCIAL STATEMENTS (concluded)
Class C Shares for the Year Dollar
Ended December 31, 1999 Shares Amount
Shares sold 21,499 $ 128,261
Shares issued to shareholders
in reinvestment of dividends 5,862 34,056
----------- ------------
Total issued 27,361 162,317
Shares redeemed (163,041) (927,276)
----------- ------------
Net decrease (135,680) $ (764,959)
=========== ============
Class D Shares for the Six Months Dollar
Ended June 30, 2000 Shares Amount
Shares sold 13,936 $ 87,629
Automatic conversion of shares 4,303 26,626
Shares issued to shareholders
in reinvestment of dividends 11,110 68,981
----------- ------------
Total issued 29,349 183,236
Shares redeemed (84,075) (523,515)
----------- ------------
Net decrease (54,726) $ (340,279)
=========== ============
Class D Shares for the Year Dollar
Ended December 31, 1999 Shares Amount
Shares sold 63,666 $ 373,262
Automatic conversion of shares 18,373 108,152
Shares issued to shareholders
in reinvestment of dividends 29,171 170,232
----------- ------------
Total issued 111,210 651,646
Shares redeemed (444,234) (2,531,518)
----------- ------------
Net decrease (333,024) $ (1,879,872)
=========== ============
5. Short-Term Borrowings:
On December 3, 1999, the Fund, along with certain other funds
managed by MLIM, entered into a one-year, unsecured $1,000,000,000
credit agreement with The Bank of New York and certain other
institutions party thereto. The funds may borrow money for temporary
or emergency purposes to fund shareholder redemptions. The agreement
bears interest at the Federal Funds rate plus .50%. The Fund did not
borrow from the facility during the six months ended June 30, 2000.
6. Capital Loss Carryforward:
At December 31, 1999, the Fund had a net capital loss carryforward
of approximately $36,637,000, of which $11,724,000 expires in 2006
and $24,913,000 expires in 2007. This amount will be available to
offset like amounts of any future taxable gains.
7. Reorganization Plan:
On April 26, 2000, the Fund's Board of Directors approved a plan of
reorganization, subject to shareholder approval and certain other
conditions, whereby the Fund would acquire substantially all of the
assets and liabilities of Worldwide DollarVest Fund, Inc. in
exchange for newly issued shares of the Fund. Both entities have a
similar investment objective. Worldwide Dollar Vest Fund, Inc. is a
registered, non-diversified, closed-end management investment
company and is managed by Fund Asset Management, L.P., which is an
affiliate of MLIM.
Subject to shareholder approval, the Fund will change its name to
Merrill Lynch Emerging Market Debt Fund, Inc.
OFFICERS AND DIRECTORS
Terry K. Glenn, President and Director
Charles C. Reilly, Director
Richard R. West, Director
Arthur Zeikel, Director
Edward D. Zinbarg, Director
Joseph T. Monagle Jr., Senior Vice President
Romualdo Roldan, Vice President
Donald C. Burke, Vice President and Treasurer
Allan J. Oster, 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
Barbara G. Fraser, Secretary of Merrill Lynch Americas Income Fund,
Inc., has recently retired. The Fund's Board of Directors wishes Ms.
Fraser well in her retirement.
