MERRILL LYNCH
EMERGING TIGERS
FUND, INC.
[FUND LOGO]
STRATEGIC
Performance
Quarterly Report
August 31, 1997
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 asa 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
Emerging Tigers Fund, Inc.
Box 9011
Princeton, NJ
08543-9011 #17033 -- 8/97
[RECYCLE LOGO]
Printed on post-consumer recycled paper
MERRILL LYNCH EMERGING TIGERS FUND, INC.
Asset Allocation
As a Percentage* of
Net Assets as of
August 31, 1997
[GRAPHIC LINE CHART OMITTED: FUND'S ASSET ALLOCATION AS A PERCENTAGE* OF
NET ASSETS AS OF AUGUST 31, 1997]
Map Depicting the Fund's Asset Allocation As a Percentage* of Net
Assets as of August 31, 1997
INDIA 5.8%
INDONESIA 9.0%
MALAYSIA 16.6%
THAILAND 2.5%
SINGAPORE 16.8%
CHINA 22.1%
INDOCHINA 1.2%
PHILIPPINES 11.6%
* Total may not equal 100%.
Merrill Lynch Emerging Tigers Fund, Inc., August 31, 1997
DEAR SHAREHOLDER
The quarter ended August 31, 1997 proved to be one of the most difficult
in recent years for the Asian tiger stock markets. Turmoil in the
foreign currency markets created the impetus for widespread share price
declines, as reflected in the 31.61% decline in the unmanaged Southeast
Asia Emerging Markets Index for the three-month period. Merrill Lynch
Emerging Tigers Fund, Inc.'s Class A, Class B, Class C and Class D
Shares had total returns of -29.45%, -29.58%, -29.67% and -29.56%,
respectively, for the period. (Fund results shown do not reflect sales
charges, and would be lower if sales charges were included. Complete
performance information, including average annual total returns, can be
found on pages 4--6 of this report to shareholders.)
Portfolio Matters
There were two types of currency devaluations that took place in the
Asian tiger countries during the August quarter. The first was a
devaluation driven by fundamental factors, as was the case in Thailand.
With a large current account deficit, a highly leveraged property
market, an increasing level of nonperforming loans at banks because of
their exposure to the property sector, and a large amount of private
sector foreign borrowing, Thailand could not support its overvalued
currency peg to the US dollar. The second type of devaluation took place
in the wake of the Thai baht devaluation because investors feared that
the negative fundamentals in Thailand would spread to other Asian tiger
countries. This was the case in the Philippines and Indonesia. In
Malaysia, the currency devaluation was initially caused by negative
investor sentiment, but ultimately was the result of deteriorating
fundamentals.
However, no matter what the cause, the negative effects of currency
devaluation are the same. First, higher interest rates are needed to
support the currency until stability returns to the foreign exchange
market. Second, with higher interest rates sustained over a period of
several months, we expect that corporate earnings will be downgraded
through the rest of 1997 and possibly into the first quarter of 1998.
Third, lower corporate earnings, high interest rates, and the decline in
domestic demand associated with the negative wealth effect of declining
stock markets will probably result in lower gross domestic product (GDP)
growth.
In our view, economic recovery for most Asian tiger countries will
depend on two factors: the policies pursued by governments and the state
of their economies prior to the currency devaluations. Therefore, our
longer-term outlook is more optimistic for the Philippines and
Indonesia, whose governments are pursuing appropriate policies to
stabilize their currencies and whose economies are on a stronger
footing. In our view, Singapore is also likely to emerge more quickly
from the currency crisis, since the country has a strong current account
surplus and its banks are in strong financial positions. We are
currently neutrally weighted in Indonesia and overweighted in the
Philippines.
Recovery is likely to be more difficult for Malaysia and Thailand, in
our view. Although Thailand received a $15 billion aid package from the
International Monetary Fund to inject liquidity into its financial
system, the government will not take the tough steps needed to get the
economy back on track, in our opinion. Furthermore, the present Thai
government may not be able to stay in power. In the case of Malaysia,
the government took steps to restrict share trading which, in our view,
has set the country back in its progress toward recognition as an
international financial center. Although these restrictions were
subsequently removed, we expect that it will take some time for foreign
investors' confidence to be restored in Malaysia. The government's
current policies are not addressing the problems of an overheating
economy and property market, and appear to stress strong GDP growth even
though the economy needs to slow down to contain inflationary pressures.
The Malaysian currency is at its lowest level relative to the US dollar
since 1973. We are currently underweighted in Malaysia and Thailand. Our
Malaysian holdings are focused in consumer non-durables, newspapers and
insurance companies.
Our strategy in response to the turmoil in Southeast Asian markets is to
maintain a very overweighted position in The People's Republic of China,
primarily through investment in so-called "red chips" traded in Hong
Kong. In contrast to most other Asian tiger countries, China is in an
upturn in its business cycle. Exports remain strong, and the economy is
now being driven by increased liquidity as disinflation has brought
about lower interest rates. Over the longer term, we expect the driving
force in the Chinese economy to be the restructuring of state-owned
enterprises. In our view, more privatizations will result in more
efficient companies. Among the Fund's Chinese holdings are China
Resources Enterprise Ltd. and Shanghai Industrial Holdings Ltd. These
two conglomerates have the potential to become very profitable
enterprises in the future.
We are also overweighted in India. With lower interest rates and
consequently, greater liquidity, we expect corporate earnings to improve
over the next six months. Although the rupee may be devalued in sympathy
with the currency crisis in other countries, we believe that investors
will ultimately realize that India, like China, is at a positive point
in the business cycle.
In Conclusion
The coming months are likely to continue to be very volatile for the
Asian tiger stock markets. However, such an environment can create
opportunities to establish new long-term investments at attractive
valuations. We will continue to monitor the emerging tiger stock markets
carefully in an effort to discern when such opportunities become
available.
We thank you for your investment in Merrill Lynch Emerging Tigers Fund,
Inc., and we look forward to reviewing our outlook and strategy with you
again in our upcoming annual report to shareholders.
Sincerely
/S/ARTHUR ZEIKEL
Arthur Zeikel
President
/S/KARA TAN BHALA
Kara Tan Bhala
Vice President and Portfolio Manager
September 24, 1997
PERFORMANCE DATA
About Fund Performance
Investors are able to purchase shares of the Fund through the Merrill
Lynch Select PricingSM System, which offers four pricing alternatives:
[bullet] 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.
[bullet] 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.)
[bullet] 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.
[bullet] 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 "Average Annual Total Return"
tables as well as the total returns and cumulative total returns in the
"Performance Summary" 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>
<CAPTION>
Recent Performance Results
12 Month 3 Month
8/31/97 5/31/97 8/31/96 % Change % Change
<S> <C> <C> <C> <C> <C>
Class A Shares $10.66 $15.11 $14.93 -28.60% -29.45%
Class B Shares 10.57 15.01 14.90 -29.06 -29.58
Class C Shares 10.55 15.00 14.89 -29.15 -29.67
Class D Shares 10.63 15.09 14.92 -28.75 -29.56
Class A Shares -- Total Return -28.39(1) -29.45
Class B Shares -- Total Return -29.06 -29.58
Class C Shares -- Total Return -29.15 -29.67
Class D Shares -- Total Return -28.61(2) -29.56
* Investment results shown do not reflect sales charges; results shown would be lower if a sales charge was included.
(1) Percent change includes reinvestment of $0.046 per share ordinary income distributions.
(2) Percent change includes reinvestment of $0.030 per share ordinary income distributions.
</TABLE>
<TABLE>
<CAPTION>
Performance
Summary --
Class A Shares+
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <C> <C> <C> <C> <C>
3/4/94 -- 12/31/94 $14.18 $14.02 -- -- + 0.12%
1995 14.02 14.09 -- $0.148 + 0.58
1996 14.09 15.79 -- 0.057 +12.40
1/1/97 -- 8/31/97 15.79 10.66 -- -- -32.49
Total $0.205
Cumulative total return as of 8/31/97: -23.59%**
+ Performance results for per share net asset value of Class A Shares prior to June 10, 1996 are for the period when the
Fund was closed-end.
* Figures may include short-term capital gains distributions.
** Figures do not include sales charge; results would be lower if sales charge was included.
</TABLE>
<TABLE>
<CAPTION>
Performance
Summary --
Class B Shares
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <C> <C> <C> <C> <C>
6/10/96 -- 12/31/96 $15.53 $15.76 -- -- + 1.48%
1/1/97 -- 8/31/97 15.76 10.57 -- -- -32.93
Cumulative total return as of 8/31/97: -31.94%**
* Figures may include short-term capital gains distributions.
** Figures do not reflect deduction of any sales charge; results would be lower if sales charge was deducted.
</TABLE>
<TABLE>
<CAPTION>
Performance
Summary --
Class C Shares
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <C> <C> <C> <C> <C>
6/10/96 -- 12/31/96 $15.53 $15.74 -- -- + 1.35%
1/1/97 -- 8/31/97 15.74 10.55 -- -- -32.97
Cumulative total return as of 8/31/97: -32.07%**
* Figures may include short-term capital gains distributions.
** Figures do not reflect deduction of any sales charge; results would be lower if sales charge was deducted.
</TABLE>
<TABLE>
<CAPTION>
Performance
Summary --
Class D Shares
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <C> <C> <C> <C> <C>
6/10/96 -- 12/31/96 $15.53 $15.78 -- $0.030 + 1.81%
1/1/97 -- 8/31/97 15.78 10.63 -- -- -32.64
Cumulative total return as of 8/31/97: -31.42%**
* Figures may include short-term capital gains distributions.
** Figures do not reflect any sales charge; results would be lower if sales charge was included.
</TABLE>
Average Annual
Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 6/30/97 -0.48% -5.70%
Inception (3/4/94)
through 6/30/97 +3.00 +1.34
* Maximum sales charge is 5.25%.
** Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 6/30/97 -1.68% -5.61%
Inception (6/10/96)
through 6/30/97 -1.71 -4.51
* 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 6/30/97 -1.68% -2.66%
Inception (6/10/96)
through 6/30/97 -1.77 -1.77
* 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 6/30/97 -0.90% -6.10%
Inception (6/10/96)
through 6/30/97 -0.98 -5.91
* Maximum sales charge is 5.25%.
** Assuming maximum sales charge.
<TABLE>
<CAPTION>
Merrill Lynch Emerging Tigers Fund, Inc., August 31, 1997
SCHEDULE OF INVESTMENTS (in US dollars)
Shares Held/ Percent of
COUNTRY Industries Face Amount Long-Term Investments Cost Value Net Assets
<S> <C> <C> <C> <C> <C> <C>
China Appliances 884,000 Guangdong Kelon Electrical Holdings
Co., Ltd. (Class H) $1,303,299 $1,100,865 1.1%
Conglomerates 98,000 Beijing Enterprises Holdings Limited 159,657 739,837 0.8
944,000 China Merchants Holdings International
Co. Ltd. 970,837 2,984,643 3.0
922,000 China Resources Enterprise Ltd. 1,142,999 3,866,950 4.0
2,699,400 Guangdong Investments, Ltd. (a) 1,984,326 3,257,116 3.3
586,000 Shanghai Industrial Holdings Ltd. 1,485,543 3,856,756 3.9
----------- ---------- -----
5,743,362 14,705,302 15.0
Infrastructure 263,000 New World Infrastructure Ltd. 711,034 736,495 0.8
US$1,611,000 New World Infrastructure Ltd., 5%
due 7/15/2001 2,023,074 1,860,705 1.9
----------- ---------- -----
2,734,108 2,597,200 2.7
Railroads 2,830,000 Guangshen Railway Company Limited
(Class H) 1,250,523 1,177,797 1.2
Real Estate
Investment 1,284,400 China Overseas Land & Investment Ltd. 646,537 944,777 1.0
Utilities --
Electric 2,063,000 Beijing Datang Power Generation
Company Limited (Class H) 1,248,566 1,111,501 1.1
----------- ---------- -----
Total Long-Term Investments in China 12,926,395 21,637,442 22.1
=========== ========== =====
India Consumer Products 185,800 IFB Industries Ltd. 220,350 135,527 0.1
Financial Services 45,181 Housing Development Finance
Corporation Ltd. 2,812,530 4,304,196 4.4
Telecommunications 81,000 Videsh Sanchar Nigam Ltd. (GDR)* * 1,311,500 1,196,775 1.3
----------- ---------- -----
Total Long-Term Investments in India 4,344,380 5,636,498 5.8
========== ========== =====
Indochina Mutual Funds 75,000 Southeast Asia Frontier Fund 397,500 150,000 0.2
141,300 Vietnam Frontier Fund 1,455,390 989,100 1.0
----------- ---------- -----
Total Long-Term Investments in
Indochina 1,852,890 1,139,100 1.2
========== ========== =====
Indonesia Automobiles 544,500 P.T. Astra International 1,725,285 1,196,601 1.2
Banking 2,428,214 P.T. Bank International Indonesia 973,788 682,547 0.7
351,932 P.T. Bank International Indonesia
(Warrants)(b) 45,227 25,181 0.0
----------- ---------- -----
1,019,015 707,728 0.7
Building &
Construction 4,707,000 P.T. Citra Marga Nusaphala 2,150,446 1,242,905 1.3
Food 2,166,000 P.T. Davomas Abadi 'Foreign' 1,889,664 1,254,583 1.3
14,000 P.T. Fiskaragung Perkasa 13,542 7,155 0.0
828,100 P.T. Fiskaragung Perkasa 'Foreign' 980,548 423,220 0.4
----------- ---------- -----
2,883,754 1,684,958 1.7
========== ========== =====
Insurance 3,340,800 P.T. Lippo Life Insurance 1,159,053 711,414 0.7
Retail 2,482,000 P.T. Great River International
'Foreign' 1,587,745 845,656 0.9
Telecommunications 56,600 P.T. Telekomunikasi Indonesia
(Persero) (ADR)* 1,178,424 1,110,775 1.2
Tobacco 600,500 P.T. Hanjaya Mandala Sampoerna
'Foreign' 1,136,474 1,278,748 1.3
Total Long-Term Investments in
Indonesia 12,840,196 8,778,785 9.0
========== ========== =====
Malaysia Banking 66,060 Arab-Malaysian Merchant Bank BHD
(Warrants)(b) 92,336 40,757 0.0
868,666 Public Bank BHD 'Foreign' 1,427,417 815,817 0.8
----------- ---------- -----
1,519,753 856,574 0.8
Building &
Construction 1,766,000 I.J.M. Corp. BHD 3,074,469 1,924,895 2.0
Conglomerates 845,500 Renong BHD 1,237,005 869,409 0.9
Consumer Products 340,500 Amway (Malaysia) Holdings BHD 2,073,026 886,992 0.9
Industrial 482,475 O.Y.L. Industries BHD 2,684,830 2,215,995 2.3
Infrastructure 444,344 United Engineers (Malaysia) Ltd. 3,056,177 1,812,406 1.9
Insurance 576,000 MNI Holdings BHD 3,132,208 1,549,820 1.6
Leisure 1,598,000 Berjaya Sports TOTO BHD 2,889,735 4,381,834 4.5
Publishing 807,000 Star Publications (Malaysia) BHD 2,992,748 1,701,131 1.7
----------- ---------- -----
Total Long-Term Investments in
Malaysia 22,659,951 16,199,056 16.6
========== ========== =====
Philippines Banking US $3,250,000 MBI Finance Ltd., 7.894% due
12/18/2001 (c) 2,345,119 1,885,000 1.9
97,300 Metropolitan Bank & Trust Company 1,871,844 1,082,907 1.1
----------- ---------- -----
4,216,963 2,967,907 3.0
Conglomerates 219,900 Benpres Holdings Corp. (GDR)** 2,159,018 1,012,683 1.0
Engineering & 8,137,200 DMCI Holdings Inc. 2,639,593 1,230,042 1.3
Construction
International
Trade 7,348,274 International Container Terminal
Services, Inc. 3,128,793 1,586,836 1.6
Real Estate US $1,315,000 AC International Finance, 1.74% due
12/08/2000 (c) 1,240,821 1,005,975 1.0
1,478,125 Ayala Land, Inc. 'B' 1,256,677 736,607 0.8
----------- ---------- -----
2,497,498 1,742,582 1.8
Retail 7,486,346 SM Prime Holdings, Inc. 1,229,712 1,566,910 1.6
7,370,000 Uniwide Holdings, Inc. 1,365,817 624,369 0.7
----------- ---------- -----
2,595,529 2,191,279 2.3
Utilities --
Electric 174,956 Manila Electric Co. (MERALCO) 'B' 983,374 598,687 0.6
----------- ---------- -----
Total Long-Term Investments in the
Philippines 18,220,768 11,330,016 11.6
========== ========== =====
Singapore Airlines 234,000 Singapore Airlines Ltd. 'Foreign' 2,304,198 1,702,944 1.7
Banking 150,000 Development Bank of Singapore Ltd. 1,539,158 1,587,827 1.6
429,400 United Overseas Bank Ltd. 3,440,067 3,323,837 3.4
----------- ---------- -----
4,979,225 4,911,664 5.0
Electronics 415,000 Elec & Eltek International Company
Ltd. 2,050,708 2,988,000 3.1
Industrial 635,000 Clipsal Industries Ltd. 1,767,649 2,095,500 2.1
Publishing &
Broadcasting 150,800 Singapore Press Holdings Ltd. 2,269,422 1,905,577 2.0
Real Estate 221,000 City Developments Ltd. 1,733,580 1,396,328 1.4
555,000 DBS Land Ltd. 1,570,489 1,424,677 1.5
----------- ---------- -----
3,304,069 2,821,005 2.9
----------- ---------- -----
Total Long-Term Investments in
Singapore 16,675,271 16,424,690 16.8
========== ========== =====
Thailand Banking US $1,086,000 Bangkok Bank Public Company Ltd.,
3.25% due 3/03/2004 1,296,082 510,420 0.5
Oil-Related 187,200 PTT Exploration and Production
Public Co. 'Foreign' 1,508,700 1,992,421 2.0
----------- ---------- -----
Total Long-Term Investments in
Thailand 2,804,782 2,502,841 2.5
========== ========== =====
Total Long-Term Investments 92,324,633 83,648,428 85.6
========== ========== =====
<CAPTION>
Face
Amount Short-Term Securities
<S> <C> <C> <C> <C> <C> <C>
United States Commercial Paper*** US $528,000 General Motors Acceptance Corp.,
5.69% due 9/02/1997 527,750 527,750 0.5
US Government Agency 4,543,000 Federal Home Loan Mortgage Corp.,
Obligations*** 5.42% due 9/11/1997 4,534,792 4,534,792 4.7
Total Investments in Short-Term
Securities 5,062,542 5,062,542 5.2
Total Investments $97,387,175 88,710,970 90.8
===========
Other Assets Less Liabilities 8,994,726 9.2
----------- -----
Net Assets $97,705,696 100.0%
=========== ======
Net Asset Value: Class A -- Based on net assets of $94,546,847 and
8,868,689 shares outstanding $10.66
======
Class B -- Based on net assets of $1,924,642 and
182,156 shares outstanding $10.57
======
Class C -- Based on net assets of $665,648 and
63,091 shares outstanding $10.55
======
Class D -- Based on net assets of $568,559 and
53,462 shares outstanding $10.63
======
(a) Security is regarded as an investment in China. A company is
considered to be in an emerging market Asia-Pacific country when
at least 50% of the company's non-current assets, capitalization, gross
revenues or profits in any one of the two most recent fiscal years represents
assets or activites located in such countries.
(b) Warrants entitle the Fund to purchase a predetermined number of shares of
common stock. The purchase price and number of shares are subject to
adjustment under certain conditions until the expiration date.
(c) Represents a zero coupon bond; the interest rate shown
is the effective yield at the time of purchase by the Fund.
* American Depositary Receipts (ADR).
** Global Depositary Receipts (GDR).
*** Commercial Paper and certain US Government Agency Obligations
are traded on a discount basis; the interest rates shown are the
discount rates paid at the time of purchase by the Fund.
</TABLE>
Merrill Lynch Emerging Tigers Fund, Inc., August 31, 1997
EQUITY PORTFOLIO CHANGES
For the Quarter Ended August 31, 1997
Additions
Beijing Datang Power Generation
Company Limited (Class H)
* China Everbright -- IHD Pacific Ltd.
* China Southern Airlines Company
Limited (ADR)
Guangdong Kelon Electrical
Holdings Co., Ltd. (Class H)
Guangshen Railway Company
Limited (Class H)
Metropolitan Bank & Trust Company
P.T. Fiskaragung Perkasa
P.T. Fiskaragung Perkasa 'Foreign'
* Quangdong Brewery Holdings Ltd.
* Quangdong Investment Ltd.
Deletions
Arab-Malaysian Merchant Bank BHD
Arab-Malaysian Merchant Bank BHD
(Convertible Preferred)
Bangkok Bank Public Company
Ltd. 'Foreign'
* China Everbright -- IHD Pacific Ltd.
* China Southern Airlines Company
Limited (ADR)
Edaran Otomobil Nasional BHD
Equitable Banking Corp.
Fraser & Neave Ltd.
IOI Properties BHD
Malaysian Plantations BHD
Malaysian Resources Corp. BHD
* Quangdong Brewery Holdings Ltd.
* Quangdong Investment Ltd.
Ruam Pattana Fund II 'Foreign'
San Miguel Corp. 'B'
Telekom Malaysia BHD
Tenaga Nasional BHD
* Added and deleted in the same quarter.
PORTFOLIO INFORMATION
As of August 31, 1997
Percent of
Ten Largest Equity Holdings Net Assets
Berjaya Sports TOTO BHD 4.5%
Housing Development Finance Corporation Ltd. 4.4
China Resources Enterprise Ltd. 4.0
Shanghai Industrial Holdings Ltd. 3.9
United Overseas Bank Ltd. 3.4
Guangdong Investments, Ltd. 3.3
Elec & Eltek International Company Ltd. 3.1
China Merchants Holdings International Co. Ltd. 3.0
O.Y.L. Industries BHD 2.3
Clipsal Industries Ltd. 2.1
OFFICERS AND DIRECTORS
Arthur Zeikel, President and Director
Donald Cecil, Director
Edward H. Meyer, Director
Charles C. Reilly, Director
Richard R. West, Director
Edward D. Zinbarg, Director
Terry K. Glenn, Executive Vice President
Donald C. Burke, Vice President
Kara W.Y. Tan Bhala, Vice President and
Portfolio Manager
Gerald M. Richard, Treasurer
James W. Harshaw, Secretary
Custodian
Brown Brothers Harriman & Co.
40 Wall Street
Boston, MA 02109
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 637-3863
