-----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, ko6jNTTyFDMRUsOyp9Zd3P/Z5DI5NtPjNH5GjGdpiqKyAZjWn+FTVJB7F5Mci+08 Eh3UFjf58NP1tOlIaYWMng== 0000912057-95-004471.txt : 19950619 0000912057-95-004471.hdr.sgml : 19950619 ACCESSION NUMBER: 0000912057-95-004471 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950608 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY ASIA PACIFIC FUND INC CENTRAL INDEX KEY: 0000919808 STANDARD INDUSTRIAL CLASSIFICATION: FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: 1940 Act SEC FILE NUMBER: 811-08388 FILM NUMBER: 95545920 BUSINESS ADDRESS: STREET 1: 73 TREMONT STREET 8TH FLOOR CITY: BOSTON STATE: MA ZIP: 02108 BUSINESS PHONE: 6175578790 MAIL ADDRESS: STREET 1: MORGAN STANLEY ASIA PACIFIC FUND STREET 2: 73 TREMONT STREET 8TH FLOOR CITY: BOSTON STATE: MA ZIP: 02108 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY ASIA INVESTMENT FUND INC DATE OF NAME CHANGE: 19940316 N-30B-2 1 N-30B-2 MORGAN STANLEY ASIA-PACIFIC FUND, INC. --------------------------------------------- OFFICERS AND DIRECTORS Barton M. Biggs James W. Grisham CHAIRMAN OF THE BOARD VICE PRESIDENT OF DIRECTORS Harold J. Schaaff, Jr. Warren J. Olsen VICE PRESIDENT PRESIDENT AND DIRECTOR Joseph P. Stadler John D. Barrett II VICE PRESIDENT DIRECTOR Valerie Y. Lewis Peter J. Chase SECRETARY DIRECTOR Hilary D. Toole John W. Croghan ASSISTANT SECRETARY DIRECTOR James R. Rooney Andrew McNally IV TREASURER DIRECTOR Timothy F. Osborne ASSISTANT TREASURER --------------------------------------------- INVESTMENT ADVISER Morgan Stanley Asset Management Inc. 1221 Avenue of the Americas New York, New York 10020 -------------------------------------------------------- ADMINISTRATOR The United States Trust Company of New York 73 Tremont Street Boston, Massachusetts 02108 -------------------------------------------------------- CUSTODIANS Morgan Stanley Trust Company One Pierrepont Plaza Brooklyn, New York 11201 The United States Trust Company of New York 770 Broadway New York, New York 10003 -------------------------------------------------------- SHAREHOLDER SERVICING AGENT American Stock Transfer & Trust Company 40 Wall Street New York, New York 10005 (800) 278-4353 -------------------------------------------------------- LEGAL COUNSEL Rogers & Wells 200 Park Avenue New York, New York 10166 -------------------------------------------------------- INDEPENDENT ACCOUNTANTS Price Waterhouse LLP 1177 Avenue of the Americas New York, New York 10036 -------------------------------------------------------- [LOGO] MORGAN STANLEY ASIA-PACIFIC FUND, INC. [LOGO] FIRST QUARTER REPORT MARCH 31, 1995 MORGAN STANLEY ASSET MANAGEMENT INC. INVESTMENT ADVISER LETTER TO SHAREHOLDERS - - -------- For the first quarter, the total return of the Morgan Stanley Asia-Pacific Fund, Inc. was -3.03% based on net asset value per share compared to -3.68% for the Fund's benchmark index. The benchmark index is the weighted average change, month-on-month, of each of four Morgan Stanley Capital International (MSCI) indices -- Japan, Combined Asia Free ex-Japan, Australia and New Zealand -- where the weights are based on the respective market capitalization of these indices at the beginning of the month. A series of external events rattled the Asian markets during the first quarter of 1995. Nervous investors sold emerging market equities and currencies heavily in January in the wake of the Mexican debacle. Ignoring critical differences in the composition of Asia's external accounts, investors targeted most Asian currencies, especially the Indonesian rupiah, the Thai baht and the Philippine peso, as candidates for devaluation. However, the central banks' swift and unified response quickly stabilized the region's currencies. The sharp fall in the US dollar against both the yen and the Deutsche mark dragged the Asian markets down further in March. With the export earnings of the emerging Asian economies largely denominated in dollars and their high dependency on Japanese imports and yen-denominated long-term debt, the external debt of these countries is likely to be much more of a burden following a surge in the yen/dollar exchange rate. Indonesia, Philippines, and Thailand were particularly hard hit. The Kobe earthquake and the strength of the yen have threatened to derail Japan's economic recovery. The market index was down sharply in local currency terms, but the strong yen favorably impacted US dollar-based investors who suffered only marginal losses during the quarter. The Fund gradually increased its equity weighting in non-Japan Asia during the quarter, particularly in Hong Kong and Malaysia where the markets were clearly oversold, and in Singapore where strong corporate fundamentals and currency were major attractions. Looking forward, we believe the US dollar-based Asian markets are likely to outperform once the currencies stabilize. The Asian countries are far less dependent on short-term foreign equity or debt capital because of their high savings rates and large inflows of foreign direct investment. They should therefore be less vulnerable to any global liquidity squeeze which could dampen their growth prospects. We do not intend to make major shifts in country and regional weightings in the near term. We believe Indonesia is likely to underperform on the back of a very heavy new issues calendar. Equities valued at nearly US$1.3 billion are expected to be issued in the coming quarter. The risk-reward ratio for Hong Kong has slightly deteriorated after its recent rally -- earnings momentum is slowing down while the prospect for a relative P/E re-rating appears unlikely. Singapore is underpinned by its strong currency, although economic growth will slow this year after two consecutive years of double-digit growth. We are becoming increasingly positive on Malaysia, where recent market performance has been sluggish, because of expectations of interest rate hikes, large current account deficit and Bank Negara losses. Corporate results have been ahead of expectations, and further positive earnings surprises could lift stock prices. While the Philippine and Thai markets remain vulnerable to further rises in the yen and a liquidity squeeze, the markets are clearly oversold and value is now quite compelling. Korea and Taiwan, which are gaining export share of the global market at the expense of Japanese exporters, should perform satisfactorily. Valuations of Japanese equities have improved relative to other markets and historical averages. The downside appears to be limited, and the blue chips in the electronics, construction and industrial machinery sectors are particularly attractive. Sincerely, [SIG] Barton M. Biggs CHAIRMAN [SIG] Ean Wah Chin SENIOR PORTFOLIO MANAGER April 21, 1995 2 INVESTMENTS (UNAUDITED) - - --------- MARCH 31, 1995
VALUE SHARES (000) - - --------------------------------------------------------- - - ------------ COMMON STOCKS (96.4%) (Unless otherwise noted) - - -------------------------------------------------- - - ---------- AUSTRALIA (8.2%) BANKING National Australia Bank Ltd. 1,238,858 U.S.$ 10,461 ------------ BROADCASTING & PUBLISHING News Corp. Ltd. 1,401,148 6,707 News Corp., Ltd. (Preferred) 480,574 2,085 Nine Network Australia Ltd. (Foreign) 805,900 2,274 ------------ 11,066 ------------ FINANCIAL SERVICES Lend Lease Corp. Ltd. 896,466 10,921 ------------ METALS -- NON-FERROUS Western Mining Corp. 2,544,750 12,815 ------------ METALS -- STEEL Broken Hill Proprietary Co. Ltd. 864,971 11,336 ------------ 56,599 ------------ - - --------------------------------------------------------- - - ------------ CHINA (0.2%) ENERGY SOURCES Shandong Huaneng Power Co. Ltd. ADR 132,000 1,188 ------------ - - --------------------------------------------------------- - - ------------- HONG KONG (13.0%) BANKING HSBC Holdings plc 950,000 10,721 ------------ CONSTRUCTION & HOUSING Hopewell Holdings 9,500,000 6,696 ------------ FINANCIAL SERVICES Peregrine Investment Holdings 900,000 1,030 ------------ FOOD & HOUSEHOLD PRODUCTS Charoen Pokphand Co. Ltd. 1,076,000 320 ------------ MULTI-INDUSTRY Citic Pacific Ltd. 1,299,000 3,209 Guangdong Investments Ltd. 12,300,000 5,966 Hutchison Whampoa Ltd. 2,000,000 8,821 Swire Pacific Ltd. 'A' 950,000 6,482 ------------ 24,478 ------------ REAL ESTATE Cheung Kong (Holdings) Ltd. 2,000,000 8,717 New World Development Co. Ltd. 2,800,000 7,623 Sun Hung Kai Properties Ltd. 1,000,000 6,823 Wharf (Holdings) Ltd. 1,340,000 4,376 ------------ 27,539 ------------ TELECOMMUNICATIONS Hong Kong Telecom Ltd. 4,800,000 9,343 ------------ UTILITIES -- ELECTRICAL & GAS China Light & Power Ltd. 1,900,000 9,215 ------------ 89,342 ------------ - - --------------------------------------------------------- - - ------------ VALUE SHARES (000) - - --------------------------------------------------------- - - ------------ INDIA (5.4%) AUTOMOBILES Apollo Tyres Ltd. 14,100 U.S.$ 56 Apollo Tyres Ltd. (Rights) 261 -- Autolite Ltd. 52,100 398 Jay Bharat Maruti 53,200 186 Rico Auto 30,000 105 Sona Steering System 92,500 368 SRF Nippondenso 4,800 12 Tata Engineering & Locomotive 3,850 52 ------------ 1,177 ------------ BANKING State Bank of India 779,200 4,365 ------------ BEVERAGES & TOBACCO United Breweries 649,100 806 ------------ BUILDING MATERIALS & COMPONENTS Associated Cement Co. 8,500 1,028 Associated Cement Co. (Rights) 86 -- Murudeshwar Ceramics Ltd. 46,000 165 ------------ 1,193 ------------ CHEMICALS Gujarat Narmada Valley Fertilizers GDR 275,000 2,626 Indian Organic Chemical Ltd. 125,500 235 Indian Dyestuff Industries Ltd. 300,000 573 Jaysynth Dyechem 145,800 1,091 Reliance Industries Ltd. 35,000 291 ------------ 4,816 ------------ ELECTRICAL & ELECTRONICS BPL Ltd. 128,300 694 Crompton Greaves 311,550 1,488 Esab India Ltd. 201,600 529 ------------ 2,711 ------------ ELECTRONIC COMPONENTS & INSTRUMENTS Peico Electronics & Electric 139,900 1,203 Rolta India Ltd. 1,000,000 1,273 ------------ 2,476 ------------ ENERGY EQUIPMENT & SERVICES Bharat Heavy Electricals 535,300 1,960 ------------ FINANCIAL SERVICES Housing Development Finance Corp. 33,420 2,128 ------------ FOREST PRODUCTS & PAPER Ballarpur Industries Ltd. 218,500 1,600 ------------ HEALTH & PERSONAL CARE Sol Pharma 26,100 120 ------------ METALS -- NON-FERROUS Hindalco 5,000 142 ------------ METALS -- STEEL Tata Iron & Steel 359,250 2,444 ------------ - - --------------------------------------------------------- - - ------------
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VALUE SHARES (000) - - --------------------------------------------------------- - - ------------ INDIA (CONTINUED) MISCELLANEOUS MATERIALS & COMMODITIES Polyplex Ltd. 200,000 U.S.$ 621 ------------ MULTI-INDUSTRY Container Corp. of India 910,000 2,346 Larsen & Toubro 10,000 83 Master Shares Ltd. 1,893,700 1,205 VXL Ltd. 743,000 976 ------------ 4,610 ------------ RECREATION, OTHER CONSUMER GOODS Cosmo Films Ltd. 175,000 891 ------------ TELECOMMUNICATIONS Mahanagar Telephone Nigan 588,400 3,231 ------------ TEXTILES & APPAREL G.T.N. Textiles 112,500 528 J.K. Synthetics Ltd. 10,500 12 Morajee Goculdas Spinning 125,000 995 ------------ 1,535 ------------ 36,826 ------------ - - --------------------------------------------------------- - - ------------ INDONESIA (3.2%) BUILDING MATERIALS & COMPONENTS Indocement Tunggal Prakarsa (Foreign) 120,000 378 ------------ CHEMICALS Sorini Corp. (Foreign) 600,000 2,038 ------------ FOOD & HOUSEHOLD PRODUCTS Mayora Indah (Foreign) 42,000 180 ------------ FOREST PRODUCTS & PAPER Barito Pacific Timber (Foreign) 906,000 1,225 ------------ HEALTH & PERSONAL CARE Kalbe Farma (Foreign) 883,500 3,385 ------------ MACHINERY & ENGINEERING United Tractors (Foreign) 716,500 1,265 ------------ REAL ESTATE Duta Pertiwi Property (Foreign) 735,000 952 ------------ RECREATION, OTHER CONSUMER GOODS Asiana IMI Industries (Foreign) 360,000 225 Modern Photo Film (Foreign) 204,000 834 ------------ 1,059 ------------ TELECOMMUNICATIONS Indosat (Foreign) 1,810,000 6,672 ------------ WHOLESALE & INTERNATIONAL TRADE Charoen Pokphand Indonesia (Foreign) 2,510,000 4,654 ------------ 21,808 ------------ - - --------------------------------------------------------- - - ------------ JAPAN (36.8%) AEROSPACE & MILITARY TECHNOLOGY Daibiru Corp. 308,000 3,440 Mitsubishi Heavy Industries Ltd. 1,000,000 7,173 ------------ 10,613 ------------ - - --------------------------------------------------------- - - ------------ VALUE SHARES (000) - - --------------------------------------------------------- - - ------------ AUTOMOBILES Asahi Tec Corp. 300,000 U.S.$ 2,643 Asahi Tec Corp.(Warrants), expiring 6/20/95 1,000 25 Nissan Motor Co. 800,000 6,098 Suzuki Motor Co. Ltd. 500,000 5,348 ------------ 14,114 ------------ BUILDING MATERIALS & COMPONENTS Amada Co. Ltd. 400,000 4,242 ------------ BUSINESS & PUBLIC SERVICES Dai Nippon Printing Co. Ltd. 280,000 4,352 ------------ CHEMICALS Daicel Chemical Industries 600,000 3,247 Fuji Photo Film Ltd. 140,000 3,321 Ito Yokado Co. Ltd. 100,000 4,951 Kaneka Corp. 900,000 6,010 Okura Industrial Co. Ltd. 393,000 3,009 Sekisui Chemical Co. 550,000 6,523 ------------ 27,061 ------------ CONSTRUCTION & HOUSING Kyudenko Co. Ltd. 300,000 4,007 Matsui Construction 171,000 1,497 Nishio Rent All Co. 111,000 3,067 Nishio Rent All Co. (Warrants), expiring 2/20/98 1,055 547 Taisei Corp. Ltd. 1,000,000 6,505 Takasago Thermal Engineering 252,000 4,120 Yahagi Construction 238,000 1,891 ------------ 21,634 ------------
ELECTRICAL & ELECTRONICS Hitachi Ltd. 1,000,000 10,363 Kyocera Corp. 40,000 2,975 Kyocera Corp. (Warrants), expiring 1/23/98 2,450 2,113 Matsushita Electric Industries Ltd. 500,000 8,060 Mitsumi Electric Co. Ltd. 34 3,000 5,450 NEC Corp. 700,000 7,488 Nintendo Ltd. 100,000 6,091 Nitto Denko Corp. 200,000 3,132 Secom Co. 70,000 4,312 Sony Corp. 140,000 7,012 Stanley Electric Co. 650,000 4,416 Toshiba Corp. 1,400,000 9,494 ------------ 70,906 ------------ ELECTRONIC COMPONENTS & INSTRUMENTS Ricoh Co. Ltd. 600,000 5,623 TDK Corp. 120,000 5,596 ------------ 11,219 ------------ FINANCIAL SERVICES Hitachi Credit Corp. 97,000 1,675 Nikko Securities Co. 550,000 4,813 Nomura Securities Co. 310,000 5,782 Sumitomo Lease 102,000 740 ------------ 13,010 ------------ FOOD & HOUSEHOLD PRODUCTS Toyo Seikan Kaisha Ltd. 150,000 4,663 ------------ - - --------------------------------------------------------- - - ------------
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VALUE SHARES (000) - - --------------------------------------------------------- - - ------------ JAPAN (CONTINUED) HEALTH & PERSONAL CARE Inabata & Co. 249,000 U.S.$ 1,806 Sankyo Co. Ltd. 170,000 3,915 Santen Pharmaceutical Co. 55,000 1,507 Yamanouchi Pharmaceutical Co. 240,000 5,250 ------------ 12,478 ------------ INSURANCE Nichido Fire & Marine Insurance Co. 205,000 1,655 Sumitomo Marine & Fire 600,000 5,105 ------------ 6,760 ------------ MACHINERY & ENGINEERING Daifuku 320,000 4,274 Daikin Kogyo Co. 552,000 4,709 Fuji Machine Co. 146,000 4,085 Nifco 253,000 3,729 Teijin Seiki Co. 356,000 1,693 Tsubakimoto Chain 817,000 4,478 ------------ 22,968 ------------ METALS -- STEEL Sanwa Shutter Corp., Ltd. (Warrants), expiring 1/20/98 900 360 ------------ MULTI-INDUSTRY FamilyMart 121,800 5,610 ------------ REAL ESTATE Keihanshin Real Estate Co. 188,000 1,537 Mitsubishi Estate Co. Ltd. 400,000 4,500 ------------ 6,037 ------------ RECREATION, OTHER CONSUMER GOODS Shimano, Inc. 130,000 2,485 ------------ TELECOMMUNICATIONS Matsushita Communication Industries 51,000 1,122 ------------ TEXTILES & APPAREL Japan Vilene Co. Ltd. 292,000 2,017 ------------ TRANSPORTATION -- ROAD & RAIL Kansei Corp. 170,000 1,374 Nippon Konpo Unyu Soko 295,000 2,755 Tokyu Corp. 640,000 4,134 ------------ 8,263 ------------ WHOLESALE & INTERNATIONAL TRADE Sangetsu Co. Ltd. 100,000 2,948 ------------ 252,862 ------------ - - --------------------------------------------------------- - - ------------ KOREA (2.4%) CONSTRUCTION & HOUSING Hyundai Engineering (Foreign) 124,440 6,028 ------------ ELECTRONIC COMPONENTS & INSTRUMENTS Samsung Electronics Co. (Foreign) 33,000 4,924 Samsung Electronics (New) 6,640 991 Samsung Electronics RFD 560 83 ------------ 5,998 ------------ METALS -- STEEL Pohang Iron & Steel ADR 43,500 1,256 ------------ - - --------------------------------------------------------- - - ------------ VALUE SHARES (000) - - --------------------------------------------------------- - - ------------ UTILITIES -- ELECTRICAL & GAS Korea Electric Power (Foreign) 93,920 U.S.$ 3,272 ------------ 16,554 ------------ - - --------------------------------------------------------- - - ------------ MALAYSIA (10.8%) BANKING Malayan Banking Bhd 1,327,000 8,967 ------------ CONSTRUCTION & HOUSING United Engineers, Ltd. 1,614,000 9,440 ------------ LEISURE & TOURISM Genting Bhd 513,000 4,622 Magnum Corp. 1,092,000 2,080 Resorts World Bhd 768,000 3,976 Tanjong plc 250,000 736 ------------ 11,414 ------------ MULTI-INDUSTRY Malaysian Resources Corp. Bhd 1,930,000 3,585 Renong Bhd 5,868,000 9,090 ------------ 12,675 ------------ REAL ESTATE Bandar Raya Developments Bhd 2,148,000 4,074 Land & General Bhd 550,000 1,685 Land & General Bhd 'A' (New) 275,000 842 Tan & Tan Development Bhd 2,519,000 2,967 ------------ 9,568 ------------ TELECOMMUNICATIONS Technology Resources Industries Bhd 2,394,000 6,859 Telekom Malaysia Bhd 1,122,000 7,759 ------------ 14,618 ------------ UTILITIES -- ELECTRICAL & GAS Tenaga Nasional Bhd 1,920,000 7,891 ------------ 74,573 ------------ - - --------------------------------------------------------- - - ------------ PHILIPPINES (2.4%) BANKING Philippine National Bank 99,000 837 ------------ BEVERAGES & TOBACCO San Miguel Corp. 'B' 200,000 903 ------------ ENERGY SOURCES Petron Corp. 5,702,000 4,073 ------------ FOOD & HOUSEHOLD PRODUCTS Universal Robina Corp. 1,920,000 1,093 ------------ MULTI-INDUSTRY Ayala Corp. 'B' 147,000 184 JG Summit Holding 'B' 5,500,000 1,487 ------------ 1,671 ------------ REAL ESTATE Ayala Land, Inc. 'B' 1,812,600 2,135 SM Prime Holdings, Inc 6,178,000 1,861 ------------ 3,996 ------------ - - --------------------------------------------------------- - - ------------
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VALUE SHARES (000) - - --------------------------------------------------------- - - ------------ PHILIPPINES (CONTINUED) TELECOMMUNICATIONS Philippine Long Distance Telephone 'B' 28,000 U.S.$ 1,665 ------------ UTILITIES -- ELECTRICAL & GAS Manila Electric Co. 'B' 190,180 1,946 ------------ 16,184 ------------ - - --------------------------------------------------------- - - ------------ SINGAPORE (6.8%) BANKING Development Bank of Singapore (Foreign) 448,000 4,696 Oversea Chinese Banking Corp. (Foreign) 480,000 4,827 United Overseas Bank (Foreign) 816,000 8,091 ------------ 17,614 ------------ BEVERAGES & TOBACCO Fraser & Neave 396,000 4,207 ------------ BROADCASTING & PUBLISHING Singapore Press Holdings (Foreign) 100,000 1,693 ------------ ELECTRICAL & ELECTRONICS Acma Ltd. 237,000 728 Singapore Technologies Industrial Corp. 1,534,000 1,879 ------------ 2,607 ------------ MACHINERY & ENGINEERING Keppel Corp. 912,000 7,363 Sembawang Shipyards 612,000 4,248 ------------ 11,611 ------------ REAL ESTATE City Developments Ltd. 944,000 5,181 DBS Land Ltd. 1,560,000 4,154 ------------ 9,335 ------------ 47,067 ------------ - - --------------------------------------------------------- - - ------------ THAILAND (7.2%) BANKING Bangkok Bank Ltd. (Local) 162,000 1,178 Bangkok Bank Ltd. (Foreign) 60,000 531 Siam Commercial Bank Co., Ltd. (Local) 82,000 589 Siam Commercial Bank Co., Ltd. (Foreign) 410,000 3,463 Thai Farmers Bank Ltd. (Foreign) 599,000 3,892 ------------ 9,653 ------------ BUILDING MATERIALS & COMPONENTS Siam Cement Co., Ltd. (Foreign) 62,800 3,606 ------------ ELECTRICAL & ELECTRONICS Shinawatra Computer Co., Ltd. (Foreign) 186,800 4,005 ------------ - - --------------------------------------------------------- - - ------------ VALUE SHARES (000) - - --------------------------------------------------------- - - ------------ FINANCIAL SERVICES Finance One Co., Ltd. (Local) 729,000 U.S.$ 3,523 Finance One Co., Ltd. (Foreign) 163,500 903 National Finance & Securities Co., Ltd. (Local) 357,000 1,153 National Finance & Securities Co., Ltd. (Foreign) 292,000 937 National Finance & Securities Co., Ltd. (Foreign) (Warrants), expiring 11/15/99 73,000 -- Phatra Thanakit Co., Ltd. (Local) 274,700 1,796 Phatra Thanakit Co., Ltd. (Foreign) 238,500 1,559 ------------ 9,871 ------------ REAL ESTATE MDX Co., Ltd. (Local) 310,000 576 ------------ TELECOMMUNICATIONS Advanced Information Services Co., Ltd. (Foreign) 274,200 3,808 International Engineering Co., Ltd. (Local) 423,400 2,957 International Engineering Co., Ltd. (Foreign) 50,200 347 TelecomAsia Corp. Ltd. (Foreign) 920,000 3,736 Thai Telephone & Telecommunications Co. (Foreign) 530,000 4,154 United Communications Industry (Foreign) 175,000 2,459 ------------ 17,461 ------------ WHOLESALE & INTERNATIONAL TRADE Charoen Pokphand Feedmill Co., Ltd. (Local) 668,000 4,205 ------------ 49,377 ------------ - - --------------------------------------------------------- - - ------------ TOTAL COMMON STOCKS (Cost U.S. $722,694) 662,380 ------------ - - --------------------------------------------------------- - - ------------ FACE AMOUNT (000) - - --------------------------------------------------------- - - ------------ FIXED INCOME SECURITY (0.0%) - - --------------------------------------------------------- - - ------------ INDIA (0.0%) AUTOMOBILES Apollo Tyres Ltd. (includes 2,389 warrants) 14.00%, 3/1/03 (Cost U.S.$11) INR 2 11 ------------ - - --------------------------------------------------------- - - ------------ SHORT TERM INVESTMENTS (0.4%) - - --------------------------------------------------------- - - ------------ UNITED STATES (0.4%) GOVERNMENT AGENCY OBLIGATION Federal Home Loan Mortgage Corp. 4/3/95 (Cost U.S.$2,599) U.S.$ 2,600 2,599 ------------ - - --------------------------------------------------------- - - ------------
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AMOUNT VALUE (000) (000) - - --------------------------------------------------------- - - ------------ FOREIGN CURRENCY ON DEPOSIT WITH CUSTODIAN (3.4%) Hong Kong Dollar HKD 25,384 U.S.$ 3,283 Indian Rupee INR 259,781 8,269 Japanese Yen JPY 108,237 1,246 Korean Won KRW 575 1 Malaysian Ringgit MYR 70 28 Singapore Dollar SGD 30 21 Thai Baht THB 256,215 10,405 ------------ (Cost U.S. $23,092) 23,253 ------------ - - --------------------------------------------------------- - - ------------ TOTAL INVESTMENTS (100.2%) (Cost U.S. $748,396) 688,243 ------------ - - --------------------------------------------------------- - - ------------ OTHER ASSETS AND LIABILITIES (-0.2%) Other Assets U.S.$ 3,528 Liabilities (4,828) (1,300) ------------ ------------ - - --------------------------------------------------------- - - ------------ VALUE (000) - - --------------------------------------------------------- - - ------------ NET ASSETS (100%) Applicable to 53,654,508 issued and outstanding U.S. $.01 par value shares (100,000,000 shares authorized) U.S.$686,943 ------------ - - --------------------------------------------------------- - - ------------ NET ASSET VALUE PER SHARE U.S.$ 12.80 ------------ - - --------------------------------------------------------- - - ------------ ADR -- American Depositary Receipt GDR -- Global Depositary Receipt RFD -- Registered for Dividend Note: Prior governmental approval for foreign investments may be required under certain circumstances in some emerging markets, and foreign ownership limitations may also be imposed by the charters of individual companies in emerging markets. As a result, an additional class of shares designated as "foreign" may be created and offered for investment. The "local" and "foreign" shares' market values may vary.
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