<PAGE> PAGE 1
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<PAGE> PAGE 3
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CYPRUS
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B00AA13 S
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COPENHAGEN
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DENMARK
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015 A00AA14
MERITA BANK LTD.
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HELSINKI
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FINLAND
015 E04AA14 X
015 A00AA15
BANQUE PARIBAS
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PARIS
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FRANCE
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DRESDNER BANK AG
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FRANKFURT
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PAGE 4
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HONG KONG
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X
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S
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BANK OF IRELAND
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DUBLIN
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IRELAND
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BANK HAPOALIM
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015
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TEL AVIV
015
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ISRAEL
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E04AA23
X
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BANQUE PARIBAS
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MILAN
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B00AA26 S
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<PAGE> PAGE
5
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MEXICO CITY
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MEXICO
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DEUTSCHE BANK A.G.
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KARACHI
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PAKISTAN
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CITIBANK, N.A.
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015
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SINGAPORE
015
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SINGAPORE
015
E04AA36 X
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SANTANDER, S.A. 015
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<PAGE> PAGE 6 015
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THAILAND
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015 A00AA43
CITIBANK, N.A.
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ISTANBUL
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015 E04AA43 X
015 A00AA44 STATE STREET BANK
& TRUST CO. 015 B00AA44 S
015 C01AA44 LONDON
015 D01AA44 UNITED KINGDOM
015 E04AA44 X
015 A00AA45 CITIBANK, N.A.
015 B00AA45 S
015 C01AA45 MONTEVIDEO
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URUGUAY
015 E04AA45 X
015 A00AA46
CITIBANK, N.A.
015 B00AA46 S
015 C01AA46
CARACAS
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015 E04AA46 X
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PAGE 7 015 E04AA48 X
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COMMERCIALE DU MAROC 015
B00AA49 S
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POLAND S.A. 015
B00AA50 S
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AFRICA LIMITED 015 B00AA51 S
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SOUTH AFRICA
015 E04AA51
X
015 A00AA52
CITIBANK, NA
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S
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QUITO
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BANKING CORP LTD 015 B00AA53 S
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015 A00AA55 BARCLAYS
BANK OF KENYA 015
B00AA55 S
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015 E04AA55 X
015 A00AA56 BARCLAYS BANK
OF ZIMBABWE 015 B00AA56 S
015 C01AA56 HARARE
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BANK OF CANADA 015
B00AA57 S
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015 D01AA57 CANADA
015 E04AA57 X
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PARIBAS S.A. 015
B00AA58 S
015 C01AA58
FRANKFURT
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GERMANY 015
E04AA58 X <PAGE>
PAGE 8
015 A00AA59
DEUTSCHE BANK AG
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MUMBAI
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015 E04AA59 X
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BANK LIMITED 015
B00AA60 S
015 C01AA60 TOKYO
015 D01AA60
JAPAN
015 E04AA60
X
015 A00AA61
OTTOMAN BANK
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S
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ISTANBUL
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OPIEKI S.A. 015 B00AA62 S
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DEL PACIFICO 015
B00AA63 S
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GUAYAQUIL
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PAGE 9
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CITIBANK NA
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<PAGE>
PAGE 10
026
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0
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A00AA0
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00AA00 0
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00AA00 0
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00AA00
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0 0
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00AA00
N
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00AA00 0
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00AA00
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A00
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A00
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B00
AA0
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<PAGE>
PAGE 11
054
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00AA00 N
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<PAGE>
PAGE 12
028
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000100 Y
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<PAGE>
PAGE 13
048
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062
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O000100 0.0
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000100 N
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<PAGE>
PAGE 14
070
M010100
N
070
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070
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070
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070
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070
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070
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070
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070
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070
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071
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<PAGE>
PAGE 15
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025
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<PAGE>
PAGE 16
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<PAGE>
PAGE 17
062
D000200 0.0
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<PAGE>
PAGE 18
070
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A000200 185540
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B000200 132390
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D000200
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<PAGE>
PAGE 19
074
E000200 1434
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<PAGE>
PAGE 20
028
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<PAGE>
PAGE 21
062
J000300 0.0
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O000300 0.0
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<PAGE>
PAGE 22
071
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<PAGE>
PAGE 23
074
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<PAGE>
PAGE 24
028
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<PAGE>
PAGE 25
062
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R000400 0.0
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<PAGE>
PAGE 26
072
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<PAGE>
PAGE 27
074
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<PAGE>
PAGE 28
028
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<PAGE>
PAGE 29
068
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<PAGE>
PAGE 30
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<PAGE>
PAGE 31
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<PAGE>
PAGE 32
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<PAGE>
PAGE 33
070
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PAGE 34
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PAGE 35
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PAGE 36
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PAGE 37
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<EXPENSE-RATIO> 1.83
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[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000925583
<NAME> MARTIN CURRIE BUSINESS TRUST
<SERIES>
<NUMBER> 007
<NAME> EMEA
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<INVESTMENTS-AT-VALUE> 28199992
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<TOTAL-ASSETS> 33881249
<PAYABLE-FOR-SECURITIES> 399000
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<OTHER-ITEMS-LIABILITIES> 4332920
<TOTAL-LIABILITIES> 4731920
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 3438208
<SHARES-COMMON-PRIOR> 7272647
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<DISTRIBUTIONS-OF-GAINS> 1950436
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<ACCUMULATED-GAINS-PRIOR> 1941060
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</TABLE>
June 24, 1999
To the Shareholders and Board of Trustees of
Martin Currie Business Trust:
In planning and performing our audit of the financial statements
of each of the five Funds constituting the Martin Currie
Business Trust (the Trust) for the year ended April 30, 1999, we
considered their internal control,
including control activities for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal
control.
The management of the Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgements by management are required to assess the
expected benefits and related costs of control activities.
Generally, control activities that are relevant to an audit pertain
to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those control activities
include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud
may occur and not be detected. Also, projection of any evaluation
of internal control to future periods is subject to the risk that
it may become inadequate because of changes in conditions or that
the effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition
in which the design or operation of any specific internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to
the financial statements and financial highlights being audited may
occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However,
we noted no matters involving internal control, including controls
activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of April 30, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of the Trust and the Securities
and Exchange Commission.
