-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, orOKy2BRLOa2tCfrZSEUSyFSC59diKepLOPBm6oJyBFY51sLSZPv0Kq0QcwTdR1K 0sRHVSV7q/b54AEFfEpAwA== 0000900092-95-000094.txt : 19950414 0000900092-95-000094.hdr.sgml : 19950406 ACCESSION NUMBER: 0000900092-95-000094 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950228 FILED AS OF DATE: 19950405 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MERRILL LYNCH GLOBAL UTILITY FUND INC CENTRAL INDEX KEY: 0000868452 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: 1940 Act SEC FILE NUMBER: 811-06180 FILM NUMBER: 95526996 BUSINESS ADDRESS: STREET 1: P O BOX 9011 CITY: PRINCETON STATE: NJ ZIP: 08543-9011 BUSINESS PHONE: 6092823319 MAIL ADDRESS: STREET 1: P O BOX 9011 CITY: PRINCETON STATE: NJ ZIP: 08543-9011 N-30B-2 1 QUARTERLY REPORT MERRILL LYNCH GLOBAL UTILITY FUND, INC. FUND LOGO Quarterly Report February 28, 1995 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. Merrill Lynch Global Utility Fund, Inc. Box 9011 Princeton, NJ 08543-9011 MERRILL LYNCH GLOBAL UTILITY FUND, INC. Officers and Directors Arthur Zeikel, President and Director Ronald W. Forbes, Director Cynthia A. Montgomery, Director Charles C. Reilly, Director Kevin A. Ryan, Director Richard R. West, Director Terry K. Glenn, Executive Vice President Norman R. Harvey, Senior Vice President Donald C. Burke, Vice President Walter D. Rogers, Vice President and Portfolio Manager Gerald M. Richard, Treasurer Patrick D. Sweeney, Secretary Custodian The Chase Manhattan Bank, N.A. 4 MetroTech Center, 18th Floor Brooklyn, New York 11245 Transfer Agent Financial Data Services, Inc. 4800 Deer Lake Drive East Jacksonville, Florida 32246-6484 (800) 637-3863 DEAR SHAREHOLDER The combination of heightened inflationary concerns, anticipation of further tightening of monetary policy by the Federal Reserve Board, the turmoil of the Mexican currency crisis and a weakening US dollar all exerted negative influences on the US financial markets during the February quarter. On the positive side, increasing signs that the US economy may be losing momentum suggested that most of the interest rate increases for this economic cycle may be behind us. As a result of these economic crosscurrents, the US stock and bond markets continued to be volatile during the period, but the Dow Jones Industrial Average did close above the 4000 level for the first time. The manufacturing sector proved to be the driving force behind the US economy through the final weeks of 1994, making an important contribution to the substantial increase in corporate earnings. US companies have been successful at containing labor costs, which are an important component of the inflation outlook. Growth in the economy has not been translated into higher wages and benefits for US workers. Consumer spending is growing at a slower pace than in previous economic recoveries, and was unchanged for the month of January. Another encouraging sign was the January increase in the personal savings rate to the highest level in two years, following an all-time annual low in 1994. In the weeks ahead, investors will continue to assess economic data and inflationary trends in order to gauge whether inflationary pressures have been tempered and the economy is headed for moderate growth (a "soft landing"), or if the lagged effect of interest rate increases will result in a curtailment of economic growth. Investors will also focus on the progress that the new Congress makes on both reducing spending and the Federal budget deficit and passing tax cuts that promote savings and investment. At this time, the recent defeat of the balanced budget amendment in the Senate does not bode well for the passage of sweeping fiscal reforms. Portfolio Matters During the quarter ended February 28, 1995, we added to our position in Pacific Telesis Group and eliminated our holdings in Washington Gas Light Co., Texas Utilities Co. and Enron Corp. In addition, we reduced our holdings in Sonat, Inc., Distribuidora Chilectra Metropolitana S.A. (ADR), Telefonica de Argentina S.A. (ADR), Telecom Argentina STET S.A. (ADR), Compania de Telefonos de Chile S.A. (ADR) and China Light & Power Co., Ltd. We eliminated Washington Gas Light Co., a local gas distribution company, and Enron Corp., a natural gas pipeline company, and reduced our shares in Sonat, Inc., a gas pipeline company, early in the February quarter when it appeared that the natural gas sector was under pressure because of unseasonably warm weather. Texas Utilities Co. was eliminated from the portfolio because of continued concern over the safety of its dividend, especially since management reduced expected sales growth from 3% to 2%. In January, we reduced several of our Latin American holdings as a result of continued economic uncertainty. The fundamentals of the companies were, for the most part, unchanged. Overall, the 43.5% of the Fund's net assets held in domestic utility stocks at the end of the November quarter increased modestly, to 45.4%, while our holdings in foreign utility stocks declined slightly from 46.7% to 44.8%. The cash position of 2.2% of net assets was reduced from 2.9% at the end of the November quarter. In the near term, we expect continued weakness in several equity markets given various economic and political concerns. Countries such as Italy, France and Spain (which are currently 11.9% of net assets) are expected to exhibit continued weakness as election concerns weigh on investors. Many emerging markets will probably remain under pressure as investors focus on the continuing problems in Mexico. The Fund's direct Latin American exposure was as follows: Chile, 2.7% of net assets; Argentina, 1.5%; Mexico, 0.8%; and Brazil, 0.7%. Investor pessimism is reaching extreme levels in many developing country markets. Under such circumstances we anticipate that there will be more volatility before calm returns. Long term, we expect improvement in the economic and political concerns in the aforementioned markets. Furthermore, we believe that investors will once again focus on the attractiveness of the fundamentals of foreign utilities versus domestic utilities. Thus, barring some continued weakness in the near term, we plan to stay with our current strategy of favoring opportunities in foreign markets at the expense of the US utility market. A McGraw-Hill study estimates that electricity demand worldwide will grow at an average annual rate of 2.9%. However, the estimated average annual growth for certain regions such as the Asia/Pacific Rim and Latin America is 4.5%. Expected growth for the US electric utility market is under 2%. Thus, while we will sacrifice the higher yields of the domestic electric equities in favor of faster growth abroad, we believe that the potential capital appreciation foreign utilities offer is enough to offset the additional risks that are inherent in global investing. In the telephone sector, foreign markets typically have lower service penetration than the United States, and therefore usually offer faster demand growth. Furthermore, foreign telephone companies tend to benefit quickly from the advances in technology since they deploy state-of-the-art equipment and software. Finally, in terms of the gas market outlook, most new power plants that are being built will use natural gas. Concerns regarding environmental issues have surfaced in many developing countries, but the environment will benefit from the use of natural gas, since it is the clean burning fuel. In Conclusion We thank you for your investment in Merrill Lynch Global Utility Fund, Inc., and we look forward to discussing our investment strategy and outlook with you in future shareholder reports. Sincerely, (Arthur Zeikel) Arthur Zeikel President (Walter D. Rogers) Walter D. Rogers Vice President and Portfolio Manager March 21, 1995 PERFORMANCE DATA About Fund Performance Since October 21, 1994, investors have been able to pur- chase shares of the Fund through the Merrill Lynch Select Pricing SM System, which offers four pricing alternatives: * Class A Shares incur a maximum initial sales charge (front-end load) of 4% and bear no ongoing distribution or account maintenance fees. Class A Shares are available only to eligible investors. * 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 0.50% and an account maintenance fee of 0.25%. These shares automatically convert to Class D Shares after approximately 10 years. * Class C Shares are subject to a distribution fee of 0.55% 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. * Class D Shares incur a maximum initial sales charge of 4% and an account maintenance fee of 0.25% (but no distribution fee). Performance data for the Fund's Class A and Class B Shares are presented in the "Performance Summary," "Recent Performance Results" and "Average Annual Total Return" tables on pages 4, 5 and 6. Data for Class C and Class D Shares are also presented in the "Recent Performance Results" and "Aggregate Total Return" tables on pages 5 and 6. The "Recent Performance Results" table shows investment results before the deduction of any sales charges for Class A and Class B Shares for the 12-month and 3-month periods ended February 28, 1995 and for Class C and Class D Shares for the since inception and 3- month periods ended February 28, 1995. All data in this table assume imposition of the actual total expenses incurred by each class of shares during the relevant period. None of the past results shown should 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. 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. Performance Summary-- Class A Shares
Net Asset Value Capital Gains Period Covered Beginning Ending Distributed Dividends Paid* % Change** 12/28/90--12/31/90 $10.00 $10.01 -- -- + 0.10% 1991 10.01 10.93 -- $0.508 +14.74 1992 10.93 11.40 $0.012 0.469 + 8.97 1993 11.40 13.67 0.027 0.424 +24.13 1994 13.67 11.83 -- 0.480 -10.00 1/1/95--2/28/95 11.83 12.09 -- -- + 2.20 ------ ------ Total $0.039 Total $1.881 Cumulative total return as of 2/28/95: +42.90%** *Figures may include short-term capital gains distributions. **Figures assume reinvestment of all dividends and capital gains distributions at net asset value on the ex-dividend date, and do not include sales charge; results would be lower if sales charge was included.
Performance Summary-- Class B Shares
Net Asset Value Capital Gains Period Covered Beginning Ending Distributed Dividends Paid* % Change** 12/28/90--12/31/90 $10.00 $10.01 -- -- + 0.10% 1991 10.01 10.92 -- $0.435 +13.84 1992 10.92 11.38 $0.012 0.391 + 8.12 1993 11.38 13.63 0.027 0.337 +23.17 1994 13.63 11.81 -- 0.379 -10.62 1/1/95--2/28/95 11.81 12.05 -- -- + 2.03 ------ ------ Total $0.039 Total $1.542 Cumulative total return as of 2/28/95: +38.39%** *Figures may include short-term capital gains distributions. **Figures assume reinvestment of all dividends and capital gains distributions at net asset value on the ex-dividend date, and do not reflect deduction of any sales charge; results would be lower if sales charge was deducted.
Average Annual Total Return % Return Without % Return With Sales Charge Sales Charge** Class A Shares* Year Ended 12/31/94 -10.00% -13.60% Inception (12/28/90) through 12/31/94 + 8.74 + 7.64 [FN] *Maximum sales charge is 4%. **Assuming maximum sales charge. % Return % Return Without CDSC With CDSC** Class B Shares* Year Ended 12/31/94 -10.62% -14.08% Inception (12/28/90) through 12/31/94 + 7.92 + 7.92 [FN] *Maximum contingent deferred sales charge is 4% and is reduced to 0% after 4 years. **Assuming payment of applicable contingent deferred sales charge. Aggregate Total Return % Return % Return Without CDSC With CDSC** Class C Shares* Inception (10/21/94) through 12/31/94 -3.35% -4.31% [FN] *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* Inception (10/21/94) through 12/31/94 -3.29% -7.16% [FN] *Maximum sales charge is 4%. **Assuming maximum sales charge. PERFORMANCE DATA (concluded) Recent Performance Results*
12 Month 3 Month 2/28/95 11/30/94 2/28/94++ % Change++ % Change Class A Shares $12.09 $12.08 $13.13 -7.92% +0.08% Class B Shares 12.05 12.04 13.08 -7.87 +0.08 Class C Shares 12.05 12.05 12.34 -2.35 0.00 Class D Shares 12.11 12.09 12.37 -2.10 +0.17 Class A Shares--Total Return -4.24(1) +1.14(2) Class B Shares--Total Return -4.97(3) +0.93(4) Class C Shares--Total Return -1.39(5) +0.99(5) Class D Shares--Total Return -1.08(6) +1.21(6) *Investment results shown do not reflect sales charges; results shown would be lower if a sales charge was included. ++Investment results shown for Class C and Class D Shares are since inception (10/21/94). (1)Percent change includes reinvestment of $0.480 per share ordinary income dividends. (2)Percent change includes reinvestment of $0.126 per share ordinary income dividends. (3)Percent change includes reinvestment of $0.379 per share ordinary income dividends. (4)Percent change includes reinvestment of $0.101 per share ordinary income dividends. (5)Percent change includes reinvestment of $0.117 per share ordinary income dividends. (6)Percent change includes reinvestment of $0.124 per share ordinary income dividends.
SCHEDULE OF INVESTMENTS (in US dollars)
Shares Percent of COUNTRY Industries Held Common Stocks & Warrants Cost Value Net Assets Argentina Telecommunications 100,000 Telecom Argentina STET S.A. (ADR)++ $ 3,770,294 $ 3,575,000 0.7% 200,000 Telefonica de Argentina S.A. (ADR)++ 4,140,594 3,725,000 0.8 ------------ ------------ ----- 7,910,888 7,300,000 1.5 Utilities--Electric 6,600 Central Costanera S.A. (ADR)++ 158,400 160,050 0.0 Total Common Stocks in Argentina 8,069,288 7,460,050 1.5 Australia Utilities--Gas 2,556,885 Australian Gas & Light Co., Ltd. 6,603,542 8,033,093 1.6 Total Common Stocks in Australia 6,603,542 8,033,093 1.6 Austria Utilities--Gas 34,850 Energie Versorgung Niederoesterreich AG (EVN) 3,050,015 4,203,934 0.9 Total Common Stocks in Austria 3,050,015 4,203,934 0.9 Brazil Utilities--Electric 160,000 Companhia Energetica de Minas Gerais (CEMIG) (ADR)++ 3,840,000 3,200,000 0.7 Total Common Stocks in Brazil 3,840,000 3,200,000 0.7 Canada Telecommunications 321,700 BC Telecom, Inc. 6,009,937 5,748,770 1.2 Utilities--Electric 458,600 Nova Scotia Power Co. 4,322,473 3,706,358 0.8 Utilities--Gas 573,700 Transcanada Pipeline Co. Ltd. (ADR)++ 8,602,384 7,601,525 1.6 400,000 Westcoast Energy Inc. 6,901,727 6,100,000 1.3 ------------ ------------ ----- 15,504,111 13,701,525 2.9 Total Common Stocks in Canada 25,836,521 23,156,653 4.9 Chile Telecommunications 63,000 Compania de Telefonos de Chile S.A. (ADR)++ 4,489,995 3,843,000 0.8 Utilities--Electric 65,000 Chilgener S.A. (ADR)++ 1,495,000 1,527,500 0.3 156,000 Distribuidora Chilectra Metropolitana S.A. (ADR)++ 4,249,464 7,098,000 1.5 28,000 Enersis S.A. (ADR)++ 544,224 651,000 0.1 ------------ ------------ ----- 6,288,688 9,276,500 1.9 Total Common Stocks in Chile 10,778,683 13,119,500 2.7 Denmark Telecommunications 331,000 Tele Danmark A/S (ADR)++ 7,787,106 8,316,375 1.7 Total Common Stocks in Denmark 7,787,106 8,316,375 1.7 France Utilities--Water 107,688 Generale des Eaux 11,509,640 9,959,075 2.0 40,000 Lyonnaise des Eaux-Dumez 3,989,365 3,395,506 0.7 Total Common Stocks in France 15,499,005 13,354,581 2.7 Germany Utilities--Electric 20,000 VEBA AG 6,526,985 7,173,660 1.5 Total Common Stocks in Germany 6,526,985 7,173,660 1.5 Hong Kong Telecommunications 7,644,000 Hong Kong Telecommunications PLC 12,600,067 13,743,578 2.8 Utilities--Electric 2,504,700 China Light & Power Co., Ltd. 15,974,998 12,214,098 2.5 1,552,000 Hong Kong Electric Holdings, Ltd. 3,897,526 4,647,368 1.0 ------------ ------------ ----- 19,872,524 16,861,466 3.5 Utilities--Gas 2,626,800 The Hong Kong & China Gas Co., Ltd. 4,674,416 4,586,962 0.9 218,900 The Hong Kong & China Gas Co., Ltd. (Warrants) (a) 0 35,393 0.0 ------------ ------------ ----- 4,674,416 4,622,355 0.9 Total Common Stocks & Warrants in Hong Kong 37,147,007 35,227,399 7.2 India Utilities--Electric 49,500 CESC Ltd. (Units) 2,640,330 1,386,000 0.3 Total Common Stocks in India 2,640,330 1,386,000 0.3 Indonesia Telecommunications 5,500 P.T. Indonesian Satellite Corp. (Indosat) (ADR)++ 176,275 195,938 0.0 Total Common Stocks in Indonesia 176,275 195,938 0.0 Italy Telecommunications 3,091,700 Societa Finanziara Telefonica S.p.A.(STET) 5,780,442 7,118,985 1.5 5,000,000 Telecom Italia S.p.A. 7,383,795 12,068,448 2.5 ------------ ------------ ----- 13,164,237 19,187,433 4.0 Utilities--Gas 1,786,300 Italgas Torino 5,169,953 4,327,662 0.9 Total Common Stocks in Italy 18,334,190 23,515,095 4.9
SCHEDULE OF INVESTMENTS (continued) (in US dollars)
Shares Percent of COUNTRY Industries Held Common Stocks & Warrants Cost Value Net Assets Korea Utilities--Electric 199,200 Korea Electric Power Corp. (KEPCO) (ADR)++ $ 4,008,900 $ 3,735,000 0.8% Total Common Stocks in Korea 4,008,900 3,735,000 0.8 Malaysia Telecommunications 1,385,000 Telekom Malaysia BHD 9,502,659 9,711,874 2.0 Total Common Stocks in Malaysia 9,502,659 9,711,874 2.0 Mexico Telecommunications 140,000 Telefonos de Mexico, S.A. de C.V. (ADR)++ 7,377,170 3,867,500 0.8 Total Common Stocks in Mexico 7,377,170 3,867,500 0.8 New Zealand Telecommunications 166,500 Telecom Corporation of New Zealand Ltd. (ADR)++ 6,009,096 9,219,938 1.9 Total Common Stocks in New Zealand 6,009,096 9,219,938 1.9 Philippines Telecommunications 100,000 Philippine Long Distance Telephone Co. (ADR)++ 4,311,241 5,912,500 1.2 Utilities--Electric 38,000 Manila Electric Co. (MERALCO) 'B' 497,246 435,882 0.1 Total Common Stocks in the Philippines 4,808,487 6,348,382 1.3 Spain Telecommunications 537,300 Telefonica de Espana S.A. 6,164,064 6,712,568 1.4 Utilities--Electric 154,800 Empresa Nacional de Electricidad S.A. (ADR)++ 5,123,952 6,753,150 1.4 92,000 Hidrocantabrico S.A. 3,107,921 2,457,273 0.5 808,500 Iberdrola I S.A. 4,998,321 5,066,186 1.0 ------------ ------------ ----- 13,230,194 14,276,609 2.9 Total Common Stocks in Spain 19,394,258 20,989,177 4.3 Thailand Telecommunications 15,000 TelecomAsia Corporation Public Co., Ltd. (ADR)++ 328,050 495,000 0.1 Utilities--Electric 332,000 Electricity Generating Company of Thailand (EGCOMP) 296,433 852,306 0.2 Total Common Stocks in Thailand 624,483 1,347,306 0.3 United Kingdom Telecommunications 845,000 British Telecommunications PLC (Ord.) 5,900,759 5,043,192 1.0 180,000 Vodafone Group PLC (ADR)++ 5,355,931 5,490,000 1.1 ------------ ------------ ----- 11,256,690 10,533,192 2.1 Utilities--Electric 445,000 Powergen PLC (Ord.) 3,253,482 3,496,619 0.7 Total Common Stocks in the United Kingdom 14,510,172 14,029,811 2.8 United States Telecommunications 160,100 Airtouch Communications, Inc. 3,031,722 4,362,725 0.9 201,800 Ameritech Corp. 7,640,760 8,652,175 1.8 138,700 Bell Atlantic Corp. 7,358,558 7,437,787 1.5 149,400 BellSouth Corp. 8,454,788 8,814,600 1.8 235,700 GTE Corp. 8,322,438 7,866,487 1.6 147,700 NYNEX Corp. 6,204,823 5,797,225 1.2 212,100 Pacific Telesis Group 5,689,548 6,363,000 1.3 197,900 SBC Communications, Inc. 6,889,718 8,237,587 1.7 217,900 U S West Inc. 10,138,272 8,443,625 1.7 ------------ ------------ ----- 63,730,627 65,975,211 13.5 Utilities--Electric 289,500 Allegheny Power System, Inc. 7,707,195 6,803,250 1.4 207,200 Boston Edison Co. 5,530,724 5,076,400 1.0 184,000 Central & SouthWest Corp. 5,218,349 4,531,000 0.9 371,962 CINergy Corp. 8,749,712 9,206,059 1.9 218,200 Consolidated Edison Co. of New York 6,893,524 6,027,775 1.2 138,900 Detroit Edison Co. 4,670,083 3,976,012 0.8 110,250 Dominion Resources, Inc. 4,427,302 4,189,500 0.9 215,000 Duke Power Co. 8,718,203 8,438,750 1.7 324,300 General Public Utilities Corp. 9,600,670 9,810,075 2.0 234,100 Houston Industries, Inc. 11,139,344 8,954,325 1.8 244,800 NIPSCO Industries, Inc. 6,616,371 7,741,800 1.6 221,000 New York State Electric & Gas Corp. 7,952,312 4,751,500 1.0 185,700 Northeast Utilities Co. 4,974,996 4,224,675 0.9 295,500 PECO Energy Co. 8,689,805 7,904,625 1.6 323,000 PacifiCorp 6,465,176 6,177,375 1.3 192,000 Public Service Co. of Colorado 5,832,890 5,880,000 1.2 283,000 SCEcorp 6,379,546 4,634,125 0.9 381,200 Southern Co. 6,665,086 7,862,250 1.6 177,300 Western Resources Co. 5,664,717 5,629,275 1.2 ------------ ------------ ----- 131,896,005 121,818,771 24.9 Utilities--Gas 130,000 The Brooklyn Union Gas Co. 3,371,550 3,185,000 0.7 226,000 The Coastal Corp. 6,038,593 6,469,250 1.3 108,300 El Paso Natural Gas Co. 4,196,831 3,330,225 0.7 244,300 NICOR Inc. 5,363,453 6,046,425 1.2 79,000 National Fuel Gas Company 2,374,740 2,152,750 0.4 108,000 New Jersey Resources Corp. 3,063,867 2,497,500 0.5 236,000 Questar Corp. 6,554,436 6,814,500 1.4 127,300 Sonat, Inc. 3,309,934 3,691,700 0.8 ------------ ------------ ----- 34,273,404 34,187,350 7.0 Total Common Stocks in the United States 229,900,036 221,981,332 45.4 Total Investments in Common Stocks & Warrants 442,424,208 439,572,598 90.2 Face Amount Fixed-Income Securities Australia Telecommunications US$ 7,960,000 Telstra Corp., Ltd., 6.50% due 7/31/2003 8,115,578 7,183,900 1.5 Total Fixed-Income Securities in Australia 8,115,578 7,183,900 1.5 Canada Utilities--Electric 2,000,000 Hydro-Quebec, 9.23% due 12/04/2000 2,038,540 2,115,460 0.4 Total Fixed-Income Securities in Canada 2,038,540 2,115,460 0.4 Japan Telecommunications 4,000,000 Nippon Telegraph & Telephone Corp., 9.50% due 7/27/1998 4,244,380 4,245,960 0.9 Total Fixed-Income Securities in Japan 4,244,380 4,245,960 0.9
SCHEDULE OF INVESTMENTS (concluded) (in US dollars)
Face Percent of COUNTRY Industries Amount Fixed Income Securities Cost Value Net Assets Korea Telecommunications US$ 2,500,000 Korea Telecom, 7.40% due 12/01/1999 $ 2,499,500 $ 2,438,925 0.5% Utilities--Electric 6,000,000 Korea Electric Power Corp., 6.375% due 12/01/2003 5,913,060 5,293,500 1.1 Total Fixed-Income Securities in Korea 8,412,560 7,732,425 1.6 United Kingdom Telecommunications 3,500,000 Bell Cablemedia PLC, 11.95%* due 7/15/2004 2,105,640 2,104,375 0.4 Total Fixed-Income Securities in the United Kingdom 2,105,640 2,104,375 0.4 United States Telecommunications 4,000,000 Rochester Telephone Corp., 9.25% due 6/01/2000 4,111,200 4,270,320 0.9 Utilities--Electric 4,000,000 Consumer Power Co., 8.875% due 11/15/1999 4,190,000 4,102,240 0.8 4,000,000 Niagara Mohawk Power Corp., 9.50% due 6/01/2000 4,197,640 4,178,200 0.9 ------------ ------------ ----- 8,387,640 8,280,440 1.7 Total Fixed-Income Securities in the United States 12,498,840 12,550,760 2.6 Total Investments in Fixed-Income Securities 37,415,538 35,932,880 7.4 Short-Term Securities Repurchase 10,657,000 PaineWebber Inc., purchased Agreement** on 2/28/1995 to yield 6.03% to 3/01/1995 10,657,000 10,657,000 2.2 Total Investments in Short-Term Securities 10,657,000 10,657,000 2.2 Total Investments $490,496,746 486,162,478 99.8 ============ Other Assets Less Liabilities 758,853 0.2 ------------ ------ Net Assets $486,921,331 100.0% ============ ====== Net Asset Value: Class A--Based on net assets of $52,284,489 and 4,323,505 shares outstanding $ 12.09 ============ Class B--Based on net assets of $432,206,335 and 35,862,381 shares outstanding $ 12.05 ============ Class C--Based on net assets of $1,396,936 and 115,931 shares outstanding $ 12.05 ============ Class D--Based on net assets of $1,033,571 and 85,330 shares outstanding $ 12.11 ============ *Represents the yield to maturity. **Repurchase Agreements are fully collateralized by US Government & Agency Obligations. ++American Depositary Receipts (ADR). ++++Global Depositary Shares (GDS). (a)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.
PORTFOLIO INFORMATION Worldwide Investments as of February 28, 1995 Top Ten Holdings Percent of (Equity Investments) Net Assets Hong Kong Telecommunications PLC 2.8% China Light & Power Co., Ltd. 2.5 Telecom Italia S.p.A 2.5 Generale des Eaux 2.0 General Public Utilities Corp. 2.0 Telekom Malaysia BHD 2.0 Telecom Corporation of New Zealand Ltd. (ADR) 1.9 CINergy Corp. 1.9 Houston Industries, Inc. 1.8 BellSouth Corp. 1.8 Deletions Enron Corp. Texas Utilities Co. Washington Gas Light Co. -----END PRIVACY-ENHANCED MESSAGE-----