NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE A. SIGNIFICANT ACCOUNTING POLICIES
The Emerging Markets Telecommunications Fund, Inc. (the "Fund") was incorporated in Maryland on February
11, 1992 and commenced investment operations on June 25, 1992. The Fund is registered under the Investment
Company Act of 1940, as amended, as a closed-end, non-diversified management investment company.
Significant accounting policies are as follows:
MANAGEMENT ESTIMATES: The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make certain estimates and assumptions that may affect the
reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
PORTFOLIO VALUATION: Investments are stated at value in the accompanying financial statements. All
securities for which market quotations are readily available are valued at the closing price quoted for the securities
prior to the time of determination (but if bid and asked quotations are available, at the mean between the last
current bid and asked prices). Securities that are traded over-the-counter are valued at the mean between the
current bid and the asked prices, if available. All other securities and assets are valued at the fair value as
determined in good faith by the Board of Directors. Short-term investments having a maturity of 60 days or less
are valued on the basis of amortized cost. The Board of Directors has established general guidelines for
calculating fair value of non-publicly traded securities. At November 30, 1997, the Fund held 9.59% of its net
assets in securities valued in good faith by the Board of Directors with an aggregate cost of $12,483,943 and fair
value of $16,018,619. The net asset value per share of the Fund is calculated weekly, at the end of each month
and at any other times determined by the Board of Directors.
At the time of the Fund's organization, the Board of Directors of the Fund adopted the following non-