The Emerging Markets Floating Rate Fund May 1998 Quarterly Update.

NEW YORK--(BUSINESS WIRE)--July 15, 1998--The Emerging Markets Floating Rate Fund (NYSE NYSE

See: New York Stock Exchange : EFL EFL - Extended Fortran Language )is a closed-end fund Closed-end fund

An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-end fund. whose objective is to maintain a high level of current income by investing primarily in floating rate securities of emerging market sovereign SOVEREIGN. A chief ruler with supreme power; one possessing sovereignty. (q.v.) It is also applied to a king or other magistrate with limited powers.
2. In the United States the sovereignty resides in the body of the people. Vide Rutherf. Inst. 282. and corporate issues. Shareholders may call 1-888-777-0102 for a recorded periodic update of the developments affecting the markets in which the Fund invests, as well as the Fund's current net asset value, market price and other information regarding the Fund's portfolio holdings and allocations. -0-



Top Ten Portfolio Holdings as of May 29, 1998
Security
                                                           Percentage
                                                            of Total
                                                          Investments
Republic of Venezuela, FLIRB, Series A, 6.625%, 3/31/07        14.8%
Republic of Argentina, FRB, Series L, 6.625%, 3/31/05          13.6
Kingdom of Morocco Loan Participation, Tranche B,
 6.4375%, 1/01/04                                              10.2
Federal Republic of Brazil, DCB, Series L, 6.6875%,
 4/15/12                                                        8.8
Republic of Ecuador, PDI Bond, 6.625%, 2/27/15                  6.4
United Mexican States, Global Bond, 11.50%, 5/15/26             6.2
Russia Principal Loan Participation, 6.71875%,
 12/15/20                                                       6.2
South Korea Loan Participation, 2 Year Tranche,
 8.28125%, 4/08/00                                              5.1
Federal Republic of Brazil, EI Bond, 6.625%, 4/15/06            4.9
Republic of Peru, PDI Bond, 4.00%, 3/07/17                      4.6


Performance Update
                                 May 29       April 30      March 31
                                 ------       --------      --------
Net Asset Value Per Share        $14.99        $15.66        $15.82
Closing NYSE Price               $15.8125      $16.25        $16.25


Dividend/Distribution Per Share

                                    Income
                                    Dividend

Quarter Ended 5/29/98               $0.3975
Quarter Ended 5/31/97               $0.3975


    CONTACT: Press Contact:
              Mary Athridge, 212/783-6287

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Publication:	Business Wire
Article Type:	Article
Geographic Code:	1USA
Date:	Jul 15, 1998
Words:	282
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