MERRILL LYNCH
EMERGING TIGERS
FUND, INC.
[FUND LOGO]
STRATEGIC
Performance
Quarterly Report
February 28, 1998
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 invest-ment 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 -- 2/98
[RECYCLE LOGO]
Printed on post-consumer recycled paper
MERRILL LYNCH EMERGING TIGERS FUND, INC.
[GRAPHIC OMITTED] Map Depicting the Fund's Asset Allocation
As a Percentage* of Net Assets as of February 28, 1998
INDIA 12.1%
INDONESIA 3.3%
MALAYSIA 19.5%
THAILAND 7.3%
SINGAPORE 18.7%
CHINA 13.5%
INDOCHINA 0.8%
PHILIPPINES 6.6%
* Total may not equal 100%.
Merrill Lynch Emerging Tigers Fund, Inc., February 28, 1998
DEAR SHAREHOLDER
Investment Outlook
January was a difficult month for the emerging tiger stock markets. The
third wave of currency devaluations started rolling across Asia.
Initially, the devaluations were caused primarily by a complete loss of
confidence in the Indonesian government's handling of the currency
crisis. President Suharto seemed unable to meet International Monetary
Fund (IMF) conditions that he had agreed to abide by last October.
Currencies and stock markets fell sharply in the first three weeks of
the month.
However, after the Chinese New Year break, stock markets started to
recover in February. Investors perceived that many of the markets had
been oversold in the past three months and stocks appeared undervalued.
The markets turned around sharply and quickly in the first two weeks of
February, causing many of the large-capitalization, highly liquid stocks
to become fairly valued, or even overvalued, in a brief span of time.
For example, the Malaysian stock market rallied by 25% in one day. These
rapid and large increases in share prices can be explained by the
diminished size of the Asian stock markets, especially in US dollar
terms, over the last few months. Prices can be pushed up with just a
relatively small amount of money flowing into a stock market.
The stock markets in The People's Republic of China were relatively flat
over the period. China's currency, the Renminbi, has been largely
unscathed during the Asian crisis. The large current account surplus and
the country's closed capital accounts are the main reasons for the
Renminbi's stability. However, the economy is slowing down because of
slowing domestic demand and declining exports. Unemployment will
continue to rise in the next year as the restructuring of state-owned
enterprises leads to layoffs. Infrastructure, which the government has
given a high priority, is the one area in which there will be an
increase in spending. This sector will therefore see some good growth in
the next few years. The Fund has been increasing its exposure to Chinese
infrastructure-related companies such as New World Infrastructure Ltd.,
Beijing Datang Power Generation Company Limited and China Telecom (Hong
Kong) Limited.
The Malaysian government has been taking some steps toward shoring up
confidence in the country. The Deputy Prime Minister announced measures
to cut government spending on large infrastructure projects, encourage
mergers of financial institutions, and increase the capitalization of
banks. In addition, investment restrictions have been eased to allow
non-bumiputera to increase their stakes in Malaysian companies.
Bumiputeras (sons of the earth) are considered the original natives of
the country. Now, Malaysians of Chinese and Indian extraction can
purchase higher stakes in Malaysian companies. On the one hand, this
measure is a positive move toward greater deregulation. On the other
hand, investors suspect it may be a bailout for bumiputera-held
companies, which are highly leveraged and technically insolvent.
This new measure will be judged by the terms of future acquisitions and
mergers that take place.
Malaysia is still following a fairly loose monetary policy. Instead of
allowing bankruptcies to occur (especially high-profile companies), the
government has been trying to keep them afloat by injecting liquidity
into the financial system. However, an expanding money supply may
increase the risk of much higher inflation. In addition, prices of
imports, particularly foods, are rising as a result of the currency
devaluation. The Fund is still underweight in the Malaysian market,
although we have increased the weighting slightly over the past two
months. Our Malaysian investments are highly defensive, and most of our
Malaysian investments have positive net cash flows and resilient
earnings. We are underweight in the banking sector and have little
exposure to the property market in Malaysia.
Unfortunately, the Singapore economy is closely linked to the economies
of its ASEAN (Association of South East Asian Nations) neighbors through
exports. As a result, recessions in other ASEAN countries will have a
very negative impact on Singapore's growth. Its banks have also lent
money to companies in the region, so non-performing loans are expected
to increase significantly for Singapore's banks. However, Singapore's
economy is in much better shape than any other ASEAN country because it
runs a large current account and budget surplus, and the central bank
has very large foreign exchange reserves. For these reasons, the country
will probably weather the region's economic downturn relatively well. As
with the other countries, the Fund is underweight in the banking and
property sectors in Singapore. We have a significant position in
electronics companies, which are export-oriented and have a substantial
portion of their revenues denominated in US dollars. We have recently
purchased shares of Creative Technology Ltd., a soundcard manufacturer,
Venture Manufacturing (Singapore) Ltd., a components and project
sub-contractor, and additional shares of Elec & Eltek International
Company Ltd., a maker of printed circuit boards.
The Thai economy continues to contract. Banks are now in the process of
recapitalization, and the weakest institutions have been taken over by
the government. The Thai authorities have made good-faith efforts to
restructure the economy and to pull it out of its distress. Bankruptcy
laws are starting to be put in place, which will help lend stability
to the asset markets. The real economy is going to slow down very
dramatically this year, and earnings are likely to fall significantly.
However, if the government continues to reform and restructure both the
financial and economic systems, we believe that the economy should
recover next year. The Fund has increased its exposure to Thailand.
Half of our positions are in convertible bonds, which offer attractive
yields and downside protection. We have recently added Advanced Info
Service Public Co. Ltd., a mobile telephone operator that has a good
balance sheet and is likely to win market share in the next year. We
have also added BEC World Public Company Ltd., a television broadcaster
with net cash and strong market position.
Unlike Thailand, Indonesia has still not taken convincing steps toward
restructuring its financial and economic systems. Monopolies have not
been dismantled and bank recapitalizations have been moving very slowly.
The government considered creating a currency board, but abandoned the
idea when the United States and the IMF said they would not support it.
The Indonesian rupiah has fallen by about 75%, and most companies in the
country are technically insolvent at the current rate of exchange. The
government must take measures that demonstrate that it is serious about
tackling Indonesia's problems in order to stabilize the currency. The
Fund is currently underweight in this market, since we believe that it
has probably the most distressed economy in the region. Our exposure to
the country is largely through one company, Gulf Indonesia Resources
Ltd., which is an oil and gas company and therefore earns revenues in US
dollars.
The Philippines has been relatively resilient in the past few months,
although its currency was not immune from the "Asian contagion." The
country only entered the Asian economic growth circle recently, and
therefore has not built up the same level of excesses as some of its
neighbors. In addition, it was already in an IMF-assistance program. Two
countries in Asia have continued to show relatively strong export growth
during the past seven months. The Philippines is one country, and China
is the other. The Fund has maintained a neutral weighting in the country
throughout the crisis and its holdings are unchanged.
Outlook and Strategy
As stated in our last report to shareholders, we expect the Asian
markets to experience very deep retrenchments in the coming year. The
IMF conditions impose bitter but necessary medicine. It appears that
while some countries, such as Thailand and South Korea, are willing to
accept the stringent IMF criteria, some appear to remain in denial.
Malaysia and Indonesia fall into the latter category. Depending on the
reforms taken, 1998 should be the worst year in terms of economic growth
for many of these countries. However, the longer a country delays
reform, the longer the work- out period will be.
We believe that the region can now be divided into tiers based on the
strength of economies and reform measures. The first tier consists of
those countries with stronger economies and better economic
infrastructure. Taiwan, Hong Kong and Singapore fit into this group. The
second tier consists of countries that have deep economic problems, but
their governments are taking steps to address these problems. Thailand,
South Korea and the Philippines fall into this category. The last tier
consists of countries that have deep economic problems and have not
taken sufficient steps to address them, such as Indonesia and Malaysia.
China and India have not been included in any of these categories
because their capital accounts are still not open, and they have been
largely unaffected by the recent financial crisis.
In general, we prefer to overweight the first and second tier countries,
and underweight the third tier countries. We are also overweight in
India and China because they are more removed from the problems plaguing
the other Asian countries. Over the past quarter, we have increased our
equity positions while our cash and cash equivalents position has
decreased to 17.9% from 27.2%. As we have discussed, our purchases have
been defensive ones. We continue to maintain our hedges on the Singapore
dollar and the Malaysia ringgit.
The tiger stock markets have rallied quite strongly in February and
stocks have now become fairly or even over valued in local currency
terms. It is unlikely that the markets will continue to run up so
strongly in the next few months. A correction is expected to occur, at
which time we may increase our equity investments, if valuations should
become more attractive.
In Conclusion
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 next report to shareholders.
Sincerely,
/S/ARTHUR ZEIKEL
Arthur Zeikel
President
/S/KARA TAN BHALA
Kara Tan Bhala
Senior Vice President and
Portfolio Manager
March 30, 1998
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 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 Since Inception
Total Return Total Return Total Return
<S> <C> <C> <C>
ML Emerging Tigers Fund, Inc. Class A Shares -49.44% +3.61% -39.70+%
ML Emerging Tigers Fund, Inc. Class B Shares -49.94 +3.36 -46.56
ML Emerging Tigers Fund, Inc. Class C Shares -49.94 +3.37 -46.62
ML Emerging Tigers Fund, Inc. Class D Shares -49.61 +3.46 -45.93
* 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 dates are:
Class A Shares, 3/4/94; and Class B, Class C and Class D Shares, 6/10/96.
+ Performance results for Class A Shares prior to June 10, 1996 are for the period when the
Fund was closed-end.
</TABLE>
Average Annual
Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 12/31/97 -49.70% -52.34%
Inception (3/4/94) through 12/31/97 -13.69 -14.90
* Maximum sales charge is 5.25%.
** Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 12/31/97 -50.25% -52.24%
Inception (6/10/96) through 12/31/97 -35.50 -36.75
* 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 12/31/97 -50.25% -50.75%
Inception (6/10/96) through 12/31/97 -35.55 -35.55
* 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 12/31/97 -49.87% -52.50%
Inception (6/10/96) through 12/31/97 -35.05 -37.26
* Maximum sales charge is 5.25%.
** Assuming maximum sales charge.
<TABLE>
<CAPTION>
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 1,453,000 Guangdong Kelon Electrical
Holdings Co., Ltd. (Class H) $1,884,097 $1,623,411 2.2%
Conglomerates 1,399,400 Guangdong Investments, Ltd. 1,081,762 704,942 1.0
496,000 Shanghai Industrial Holdings Ltd. 1,257,388 2,152,622 2.9
----------- ----------- ------
2,339,150 2,857,564 3.9
Infrastructure 263,000 New World Infrastructure Ltd. 711,034 696,396 0.9
US$ 1,611,000 New World Infrastructure Ltd.,
5% due 7/15/2001 2,023,074 1,772,100 2.4
----------- ----------- ------
2,734,108 2,468,496 3.3
Telecommunications 838,500 China Telecom (Hong Kong) Limited 1,313,410 1,521,690 2.1
Utilities -- Electric 2,876,000 Beijing Datang Power Generation
Company Limited (Class H) 1,637,223 1,467,347 2.0
----------- ----------- ------
Total Long-Term Investments in China 9,907,988 9,938,508 13.5
=========== =========== ======
India Banking & Financial 77,600 State Bank of India (GDR)** 1,187,470 1,540,360 2.1
Electric & Gas 168,000 Mahanagar Telephone Nigam Ltd. (GDR)** 2,008,944 2,856,000 3.9
Financial Services 45,181 Housing Development Finance
Corporation Ltd. 2,812,530 3,476,635 4.7
Telecommunications 81,000 Videsh Sanchar Nigam Ltd. (GDR)** 1,311,500 1,053,000 1.4
=========== =========== ======
Total Long-Term Investments in India 7,320,444 8,925,995 12.1
Indochina Mutual Funds 136,300 Vietnam Frontier Fund 1,403,890 613,350 0.8
=========== =========== ======
Total Long-Term Investments in Indochina 1,403,890 613,350 0.8
Indonesia Food 2,166,000 P.T. Davomas Abadi 'Foreign' 1,889,664 346,560 0.5
Oil -- Related 109,200 Gulf Indonesia Resources Ltd. (ADR)* 2,303,596 2,047,500 2.8
=========== =========== ======
Total Long-Term Investments in Indonesia 4,193,260 2,394,060 3.3
Malaysia Banking 301,000 Public Bank BHD 'Foreign' 177,871 180,436 0.2
Building & Construction 1,766,000 I.J.M. Corp. BHD 3,074,469 919,090 1.2
Consumer Products 655,500 Amway (Malaysia) Holdings BHD 2,577,576 1,455,674 2.0
Diversified Companies 21,000 YTL Corporation BHD 37,675 36,335 0.0
Financial Services US$ 230,000 Leader Universal Holdings BHD,
2.75% due 5/05/2004 167,750 163,300 0.2
Industrial 813,575 O.Y.L. Industries BHD 3,647,513 2,926,210 4.0
Insurance 1,278,000 MNI Holdings BHD 3,982,108 2,611,717 3.6
Leisure 585,000 Berjaya Sports Toto BHD 1,153,771 1,641,826 2.2
173,000 Genting BHD 613,496 575,095 0.8
85,000 Resorts World BHD 205,223 185,286 0.3
635,000 Sime Darby BHD 809,941 830,518 1.1
----------- ----------- ------
2,782,431 3,232,725 4.4
Publishing 1,333,000 Star Publications (Malaysia) BHD 3,528,662 2,415,381 3.3
Telecommunications US$ 560,000 Telekom Malaysia BHD, Convertible Bonds,
4% due 10/03/2004 452,920 457,800 0.6
=========== =========== ======
Total Long-Term Investments in Malaysia 20,428,975 14,398,668 19.5
Philippines Conglomerates 307,860 Benpres Holdings Corp. (GDR)** 2,423,778 956,737 1.3
International Trade US$ 231,000 International Container Terminal
Services, Inc., 1.75% due 3/13/2004 149,188 184,800 0.3
Real Estate US$ 1,315,000 AC International Finance,
1.74% due 12/08/2000 (a) 1,251,054 1,045,425 1.4
1,478,125 Ayala Land, Inc. 'B' 1,256,677 744,647 1.0
----------- ----------- ------
2,507,731 1,790,072 2.4
Retail 7,486,346 SM Prime Holdings, Inc. 1,229,712 1,395,440 1.9
Utilities -- Electric 174,956 Manila Electric Co. (MERALCO) 'B' 983,374 524,427 0.7
=========== =========== ======
Total Long-Term Investments
in the Philippines 7,293,783 4,851,476 6.6
Singapore Airlines 269,000 Singapore Airlines Ltd. 'Foreign' 2,565,787 1,998,762 2.7
Banking 75,000 Development Bank of Singapore Ltd. 769,579 589,783 0.8
62,400 United Overseas Bank Ltd. 'Foreign' 344,062 340,012 0.5
----------- ----------- ------
1,113,641 929,795 1.3
Consumer -- Electronics 27,000 Creative Technology Ltd. 652,190 627,750 0.8
Electronics 456,500 Elec & Eltek International Company Ltd. 2,050,708 2,807,475 3.8
639,000 Venture Manufacturing (Singapore) Ltd. 2,051,960 2,453,127 3.3
----------- ----------- ------
4,102,668 5,260,602 7.1
Industrial 863,000 Clipsal Industries Ltd. 2,200,509 1,674,220 2.3
Publishing & Broadcasting 169,800 Singapore Press Holdings Ltd. 'Foreign' 2,539,866 2,439,232 3.3
Real Estate 192,000 City Developments Ltd. 1,263,877 873,808 1.2
=========== =========== ======
Total Long-Term Investments in Singapore 14,438,538 13,804,169 18.7
Thailand Banking & Finance US$ 390,000 Bangkok Bank Public Company Ltd.,
1.50% due 8/07/2006 325,675 351,000 0.5
Communications 137,600 Advanced Info Service Public Co. Ltd.
'Foreign' 703,037 1,049,600 1.4
Industrial US$ 1,070,000 Banpu Public Company Ltd., 2.75%
due 4/10/2003 690,086 749,000 1.0
US$ 623,000 Cogeneration Public Company Ltd.,
2.50% due 2/12/2007 414,853 417,410 0.6
----------- ----------- ------
1,104,939 1,166,410 1.6
Oil -- Related 128,600 PTT Exploration and Production Public
Company Ltd. 'Foreign' 1,056,078 1,674,791 2.3
Television 41,200 BEC World Public Company Ltd. 186,914 241,451 0.3
152,100 BEC World Public Company Ltd. 'Foreign' 656,497 891,377 1.2
----------- ----------- ------
843,411 1,132,828 1.5
----------- ----------- ------
Total Long-Term Investments in Thailand 4,033,140 5,374,629 7.3
=========== =========== ======
Total Long-Term Investments 69,020,018 60,300,855 81.8
=========== =========== ======
Short-Term Investments
United Commercial Paper*** US$ 2,000,000 Atlantic Asset Securitization Corporation,
States 5.52% due 3/12/1998 1,996,320 1,996,320 2.7
Finova Capital Corp.:
2,000,000 5.50% due 3/06/1998 1,998,167 1,998,167 2.7
600,000 5.48% due 3/10/1998 599,087 599,087 0.8
1,990,000 General Motors Acceptance Corp.,
5.69% due 3/02/1998 1,989,371 1,989,371 2.7
500,000 Goldman Sachs Group LLC,
5.42% due 3/13/1998 499,021 499,021 0.7
2,000,000 Lexington Parker Capital LLC,
5.51% due 3/06/1998 1,998,163 1,998,163 2.7
----------- ----------- ------
9,080,129 9,080,129 12.3
US Government Agency 4,000,000 Federal Home Loan Mortgage Corp., 5.41%
Obligations*** due 3/12/1998 3,992,787 3,992,787 5.4
----------- ----------- ------
Total Investments in
Short-Term Securities 13,072,916 13,072,916 17.7
=========== =========== ======
Total Investments $82,092,934 73,373,771 99.5
===========
Unrealized Appreciation on Forward Foreign Exchange Contracts**** 251,980 0.3
Other Assets Less Liabilities 146,772 0.2
----------- ------
Net Assets $73,772,523 100.0%
=========== ======
Net Asset Value: Class A -- Based on net assets of $60,176,653 and 7,164,243 shares outstanding $8.40
===========
Class B -- Based on net assets of $7,811,781 and 941,464 shares outstanding $8.30
===========
Class C -- Based on net assets of $3,660,343 and 441,663 shares outstanding $8.29
===========
Class D -- Based on net assets of $2,123,746 and 253,309 shares outstanding $8.38
===========
(a) 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 purchase by the Fund.
**** Forward foreign exchange contracts sold as of February 28, 1998 were as follows:
Expiration Unrealized
Foreign Currency Sold Date Appreciation
MYR 17,139,115 May 1998 $188,734
SGD 11,962,965 November 1998 63,246
Total Unrealized Appreciation on
Forward Foreign Exchange Contracts --
Net (US$ Commitment -- $12,253,647) $251,980
========
</TABLE>
EQUITY PORTFOLIO CHANGES
For the Quarter Ended February 28, 1998
Additions
Advanced Info Service Public Co. Ltd. 'Foreign'
BEC World Public Company Ltd.
BEC World Public Company Ltd. 'Foreign'
Creative Technology Ltd.
Genting BHD
Mahanagar Telephone Nigam Ltd. (GDR)
Public Bank BHD 'Foreign'
Resorts World BHD
Sime Darby BHD
State Bank of India (GDR)
Venture Manufacturing (Singapore) Ltd.
YTL Corporation BHD
Deletions
Beijing Enterprises Holdings Limited
China Merchants Holdings International Co. Ltd.
China Resources Enterprise Ltd.
DBS Land Ltd.
Guangshen Railway Company (Class H)
IFB Industries Ltd.
International Container Terminal Services, Inc.
P.T. Citra Marga Nusaphala Persada
P.T. Fiskaragung Perkasa
P.T. Great River International 'Foreign'
P.T. Hanjaya Mandala Sampoerna 'Foreign'
P.T. Telekomunikasi Indonesia (Persero) (ADR)
Southeast Asia Frontier Fund
Uniwide Holdings, Inc.
PORTFOLIO INFORMATION
As of February 28, 1998
Percent of
Ten Largest Equity Holdings Net Assets
Housing Development Finance Corporation Ltd. 4.7%
O.Y.L. Industries BHD 4.0
Mahanagar Telephone Nigam Ltd. (GDR) 3.9
Elec & Eltek International Company Ltd. 3.8
MNI Holdings BHD 3.6
Venture Manufacturing (Singapore) Ltd. 3.3
Singapore Press Holdings Ltd. 'Foreign' 3.3
Star Publications (Malaysia) BHD 3.3
Shanghai Industrial Holdings Ltd. 2.9
Gulf Indonesia Resources Ltd. (ADR) 2.8
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
Norman R. Harvey, Senior Vice President
Kara W.Y. Tan Bhala, Senior Vice President and Portfolio Manager
Donald C. Burke, Vice President
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
