-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KA8rAJKKV+o2ZxFyNWbHZKyDHzjeQPsFtrv6JRv5UscoBeTQ9y1kKEbZvmWL3EN1 +q0XEzr2HoL5KpV99zcLNA== 0000912057-01-519148.txt : 20010611 0000912057-01-519148.hdr.sgml : 20010611 ACCESSION NUMBER: 0000912057-01-519148 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010608 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY DEAN WITTER ASIA PACIFIC FUND INC CENTRAL INDEX KEY: 0000919808 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: SEC FILE NUMBER: 811-08388 FILM NUMBER: 1656806 BUSINESS ADDRESS: STREET 1: 1221 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 6175578742 MAIL ADDRESS: STREET 1: MORGAN STANLEY ASIA PACIFIC FUND STREET 2: 1221 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10020 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY ASIA PACIFIC FUND INC DATE OF NAME CHANGE: 19940505 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY ASIA INVESTMENT FUND INC DATE OF NAME CHANGE: 19940316 N-30B-2 1 a2051204zn-30b_2.txt N-30B-2 MORGAN STANLEY ASIA-PACIFIC FUND, INC. DIRECTORS AND OFFICERS Barton M. Biggs CHAIRMAN OF THE BOARD OF DIRECTORS Ronald E. Robison PRESIDENT AND DIRECTOR John D. Barrett II DIRECTOR Gerard E. Jones DIRECTOR Graham E. Jones DIRECTOR John A. Levin DIRECTOR Andrew McNally IV DIRECTOR William G. Morton, Jr. DIRECTOR Samuel T. Reeves DIRECTOR Fergus Reid DIRECTOR Frederick O. Robertshaw DIRECTOR Stefanie V. Chang VICE PRESIDENT Arthur J. Lev VICE PRESIDENT Joseph P. Stadler VICE PRESIDENT Mary E. Mullin SECRETARY Belinda A. Brady TREASURER Robin L. Conkey ASSISTANT TREASURER INVESTMENT ADVISER Morgan Stanley Investment Management Inc. 1221 Avenue of the Americas New York, New York 10020 ADMINISTRATOR The Chase Manhattan Bank 73 Tremont Street Boston, Massachusetts 02108 CUSTODIAN The Chase Manhattan Bank 3 Chase MetroTech Center Brooklyn, New York 11245 SHAREHOLDER SERVICING AGENT American Stock Transfer & Trust Company 40 Wall Street New York, New York 10005 (800) 278-4353 LEGAL COUNSEL Clifford Chance Rogers & Wells LLP 200 Park Avenue New York, New York 10166 INDEPENDENT AUDITORS Ernst & Young LLP 200 Clarendon Street Boston, Massachusetts 02116 For additional Fund information, including the Fund's net asset value per share and information regarding the investments comprising the Fund's portfolio, please call 1-800-221-6726 or visit our website at www.morganstanley.com/im. FIRST QUARTER REPORT MORGAN STANLEY INVESTMENT MANAGEMENT Morgan Stanley Asia-Pacific Fund, Inc. March 31, 2001 LETTER TO SHAREHOLDERS For the three months ended March 31, 2001, the Morgan Stanley Asia-Pacific Fund, Inc. (the "Fund") had a total return, based on net asset value per share, of -7.21% compared to -7.38% for its benchmark (described below). For the period from the Fund's commencement of operations on August 2, 1994 through March 31, 2001, the Fund's total return, based on net asset value per share, was -13.41% compared with -33.38% for the benchmark. The benchmark for the Fund is comprised of two Morgan Stanley Capital International (MSCI) indices; Japan and All-Country Asia-Pacific Free ex-Japan, with each index weighted equally. On March 31, 2001, the closing price of the Fund's shares on the New York Stock Exchange was $7.78, representing a 22.5% discount to the Fund's net asset value per share. MARKET OVERVIEW The year 2001 started strongly for most Asia Pacific ex Japan markets but gave up all the gains in the next two months to end in negative territory by the end of the first quarter. Despite this, most of these markets performed well relative to global markets and other developing markets. Taiwan, Korea, and China B-share markets have done relatively well year-to-date. While Asian markets continue to trade off of developments in the U.S. and especially the direction of the NASDAQ, we have seen some de-coupling away from the U.S. markets. While valuations in the U.S. technology sector still look extended despite the NASDAQ's 60% fall from its high, Asian growth stocks were looking very oversold and undervalued at the end of 2000. A number of leading large cap stocks were trading at historic lows on asset based valuations. In addition, domestic retail investors have been coming back to the Taiwan and Korean markets as interest rates continue to fall. Our portfolio strategy for Asia Pacific ex Japan at this point is to build a stronger core portfolio which may outperform over the next 12-18 months. We have taken advantage of the rally in January 2001 to reduce our weightings in telecom and technology stocks in Asia, especially in areas where prices have run ahead of fundamentals, and in less liquid or second tier names. While we are still overweight the information technology sector and continue to like the long-term growth prospects for our top holdings, we think that the inventory cycle adjustment for IT products will take another two quarters to clear out. The first quarter of 2001 was marked by a highly volatile environment with many external and internal factors affecting Japanese share prices. Japanese equities, however, which had already been "priced to disaster," ended the first quarter as the best performing large asset class in world equity markets. The implications of policy changes to execute structural reform will be monitored by investors and drive the markets until the elections this summer. We believe the Japanese portion of the Fund is well positioned to benefit from the weakness of the yen with our blue chip holdings and our positions in deep value and economic sensitive sectors which may be rewarded as Japan adopts mark-to-market accounting. OTHER DEVELOPMENTS On January 23, 1998, the Fund commenced a share repurchase program for purposes of enhancing shareholder value and reducing the discount at which the Fund's shares traded from their net asset value. For the three months ended March 31, 2001, there were no repurchases of Fund shares. From the inception of the program through March 31, 2001, the Fund has repurchased 14,225,634 of its shares at an average discount of 20.72% from net asset value per share. The Fund expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives, subject to review by the Board of Directors. On March 29, 2001, the Fund completed a tender offer for its shares. The Fund accepted 14,357,219 shares for payment which represented 25% of the Fund's outstanding shares. Payment was made on April 9, 2001 at a price of $9.48 per share, representing 95% of the NAV per share of the Fund on March 29, 2001. As part of an ongoing global branding initiative, Morgan Stanley Dean Witter has changed its brand name to "Morgan Stanley." In connection with this change, the name of the Fund has been changed effective May 1, 2001, to Morgan Stanley Asia-Pacific Fund, Inc. The new name appears in this quarterly report and, beginning on May 21, 2001, will be shown in the financial press and on the Fund's website. In addition to the name change, the cover of this quarterly report introduces the new look of the Fund's financial reports to shareholders. The semi-annual report to shareholders dated June 30, 2001 will present the new look throughout the report. We appreciate your continued support. If you have any questions or comments on these changes, please contact us through our website, www.morganstanley.com/im, or call us at 1-800-221-6726. Sincerely, /s/ Ronald E. Robison Ronald E. Robison PRESIDENT AND DIRECTOR April 2001 2 Morgan Stanley Asia-Pacific Fund, Inc. Investment Summary as of March 31, 2001 (Unaudited)
HISTORICAL INFORMATION TOTAL RETURN (%) ------------------------------------------------------------------------- MARKET VALUE (1) NET ASSET VALUE (2) INDEX (3) ----------------------- ------------------------ ------------------------ AVERAGE AVERAGE AVERAGE CUMULATIVE ANNUAL CUMULATIVE ANNUAL CUMULATIVE ANNUAL ------------- --------- ------------- ---------- ------------- ---------- YEAR TO DATE -10.45% -- -7.21% -- -7.38% -- ONE YEAR -26.72 -26.72% -33.35 -33.35% -34.31 -34.31% FIVE YEAR -28.65 -6.53 -19.75 -4.31 -34.51 -8.12 SINCE INCEPTION* -32.90 -5.81 -13.41 -2.14 -33.38 -5.92
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. RETURNS AND PER SHARE INFORMATION [CHART]
YEAR ENDED DECEMBER 31, THREE MONTHS ENDED MARCH 31, 1994* 1995 1996 1997 1998 1999 2000 2001 ------- ------ ------ ------ ------ ------ ------ ------- Net Asset Value Per Share $13.20 $14.34 $11.95 $8.77 $8.73 $15.26 $10.82 $10.04 Market Value Per Share $12.25 $13.33 $9.75 $7.44 $7.00 $11.81 $8.69 $ 7.78 Premium/(Discount) -7.2% -7.0% -18.4% -15.2% -19.8% -22.6% -19.7% -22.5% Income Dividends $ 0.04 $ 0.05 $ 0.61 $0.02 $0.01 $ 0.04 $ 0.22 -- Capital Gains Distributions $ 0.01 $ 0.02 -- -- -- -- -- -- Fund Total Return (2) -5.94% 9.24% -2.87%+ -26.36% -0.34% 75.39% -27.37% -7.21% Index Total Return (3) -5.24% 2.88% -3.63% -29.55% -0.30% 54.79% -29.59% -7.38%
(1) Assumes dividends and distributions, if any, were reinvested. (2) Total investment return based on net asset value per share reflects the effects of changes in net asset value on the performance of the Fund during each period, and assumes dividends and distributions, if any, were reinvested. These percentages are not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the stock and the net asset value per share of the Fund. (3) The benchmark for investment performance is comprised of two Morgan Stanley Capital International (MSCI) indices; Japan and All-Country Asia-Pacific Free ex-Japan with each index weighted equally. * The Fund commenced operations on August 2, 1994. + This return does not include the effect of the rights issued in connection with the Rights Offering. FOREIGN INVESTING INVOLVES CERTAIN RISKS, INCLUDING CURRENCY FLUCTUATIONS AND CONTROLS, RESTRICTIONS ON FOREIGN INVESTMENTS, LESS GOVERNMENTAL SUPERVISION AND REGULATION, LESS LIQUIDITY AND THE POTENTIAL FOR MARKET VOLATILITY AND POLITICAL INSTABILITY. 3 Morgan Stanley Asia-Pacific Fund, Inc. Portfolio Summary as of March 31, 2001 (Unaudited) ALLOCATION OF TOTAL INVESTMENTS [CHART] Equity Securities (79.8%) Short-Term Investments (20.2%)
INDUSTRIES [CHART] Banks (7.0%) Computers & Peripherals (6.7%) Electronic Equipment & Instruments (6.6%) Semiconductor Equipment & Products (6.4%) Household Durables (6.1%) Machinery (5.9%) Diversified Financials (5.5%) Real Estate (4.6%) Pharmaceuticals (4.4%) Wireless Telecommunication Services (4.3%) Other (42.5%)
COUNTRY WEIGHTINGS [CHART] Other (-3.3%) Japan (50.4%) China / Hong Kong (14.3%) Taiwan (8.7%) South Korea (8.2%) Australia (7.5%) Singapore (6.6%) India (5.0%) Malaysia (1.6%) Thailand (0.9%) United Kingdom (0.1%)
TEN LARGEST HOLDINGS*
PERCENT OF NET ASSETS ---------- 1.Hutchison Whampoa Ltd. (China / Hong Kong) 3.3% 2.Samsung Electronics Co., Ltd. (South Korea) 2.9 3.Sony Corp. (Japan) 1.8 4.Nintendo Co., Ltd. (Japan) 1.8 5.Taiwan Semiconductor Manfacturing Co., 1.7 Ltd.(Taiwan) 6. NEC Corp. (Japan) 1.7 7. Matsushita Electric Industrial Co., Ltd. 1.6 (Japan) 8. Hitachi Ltd. (Japan) 1.6 9. Fujitsu Ltd. (Japan) 1.6 10.China Mobile (Hong Kong) Ltd. 1.5 ----- 19.5% ----- -----
* Excludes short-term investments. 4
INVESTMENTS (UNAUDITED) MARCH 31, 2001 SHARES VALUE (000) - ------------------------------------------------------------------------------------------------------- COMMON STOCKS (102.4%) (UNLESS OTHERWISE NOTED) - ------------------------------------------------------------------------------------------------------- AUSTRALIA (7.5%) AIRLINES Qantas Airlines Ltd. 669,500 U.S.$ 794 --------------- BANKS Commonwealth Bank of Australia 98,450 1,375 National Australia Bank Ltd. 215,000 3,002 Westpac Banking Corp., Ltd. 287,150 1,774 --------------- 6,151 --------------- BEVERAGES Foster's Brewing Group Ltd. 651,950 1,639 --------------- COMMERCIAL SERVICES & SUPPLIES Brambles Industries Ltd. 84,950 1,819 --------------- DIVERSIFIED TELECOMMUNICATION SERVICES Davnet Ltd. 867,700 115 Macquarie Corporate Telecommunications Holdings Ltd. 453,300 53 Telstra Corp., Ltd. 1,054,700 3,306 --------------- 3,474 --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS ERG, Ltd. 765,880 512 --------------- HEALTH CARE PROVIDERS & SERVICES Sonic Healthcare Ltd. 173,750 666 --------------- INTERNET SOFTWARE & SERVICES Securenet Ltd. 161,550 172 --------------- MEDIA News Corp., Ltd. 665,800 5,048 --------------- METALS & MINING Broken Hill Proprietary Co., Ltd. 462,550 4,426 Normandy Mining Ltd. 1,796,100 772 Rio Tinto Ltd. 261,400 4,142 --------------- 9,340 --------------- PHARMACEUTICALS CSL Ltd. 84,550 1,478 --------------- REAL ESTATE Lend Lease Corp., Ltd. 140,950 864 --------------- TRANSPORTATION INFRASTRUCTURE Lang Corp., Ltd. 72,150 370 --------------- 32,327 --------------- - ------------------------------------------------------------------------------------------------------- CHINA/HONG KONG (14.3%) AIRLINES Cathay Pacific Airways 909,000 1,323 --------------- BANKS Bank of East Asia 145,000 326 Dao Heng Bank Group Ltd. 176,000 812 Hang Seng Bank Ltd. 233,300 2,707 --------------- 3,845 --------------- COMPUTERS & PERIPHERALS Legend Holdings Ltd. 2,522,000 1,714 --------------- DISTRIBUTORS Li & Fung Ltd. 1,774,000 2,763 --------------- DIVERSIFIED FINANCIALS Hutchison Whampoa Ltd. 1,348,950 14,094 Swire Pacific Ltd. 'A' 619,600 3,837 --------------- 17,931 --------------- ELECTRIC UTILITIES CLP Holdings Ltd. 177,000 937 --------------- ELECTRICAL EQUIPMENT Johnson Electric Holding Ltd. 779,000 1,238 --------------- GAS UTILITIES Hong Kong & China Gas Co., Ltd. 1,634,500 2,221 --------------- INDUSTRIAL CONGLOMERATES China Merchants Holdings International Co., Ltd. 1,302,000 910 Citic Pacific Ltd. 761,000 2,200 --------------- 3,110 --------------- INTERNET SOFTWARE & SERVICES Timeless Software Ltd. 1,068,000 82 --------------- MEDIA Asia Satellite Telecom Holdings Ltd. 507,000 907 Television Broadcasts Ltd. 320,000 1,747 --------------- 2,654 --------------- METALS & MINING Yanzhou Coal Mining Co., Ltd. 920,000 351 --------------- OIL & GAS China Petroleum & Chemical Corp. 5,406,000 852 CNOOC Ltd. 2,639,000 2,335 --------------- 3,187 --------------- REAL ESTATE Cheung Kong (Holdings) Ltd. 382,000 4,003 Henderson Land Development Co., Ltd. 154,000 784 Hong Kong Land Holdings Ltd. 478,000 1,028 Sun Hung Kai Properties Ltd. 426,000 4,069 Wharf Holdings 133,000 349 --------------- 10,233 --------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS ASM Pacific Technology Ltd. 54,000 91 --------------- TRANSPORTATION INFRASTRUCTURE Cosco Pacific Ltd. 1,472,000 878 --------------- WIRELESS TELECOMMUNICATION SERVICES China Mobile (Hong Kong) Ltd. 1,522,000 6,693 China Unicom Ltd. 2,064,000 2,223 SmarTone Telecommunications Holdings Ltd. 160,000 200 --------------- 9,116 --------------- 61,674 --------------- 5 SHARES VALUE (000) - ------------------------------------------------------------------------------------------------------- INDIA (5.0%) AUTOMOBILES Hero Honda Motors Ltd. 177,680 U.S.$ 534 --------------- COMMERCIAL SERVICES & SUPPLIES Aptech Ltd. 164,800 486 --------------- COMMUNICATIONS EQUIPMENT Sterlite Optical Technologies Ltd. 185,150 1,439 --------------- COMPUTERS & PERIPHERALS Digital Equipment (India) Ltd. 116,622 1,039 --------------- DIVERSIFIED FINANCIALS Morgan Stanley Growth Fund 17,158,100 3,306 --------------- DIVERSIFIED TELECOMMUNICATION SERVICES Mahanagar Telephone Nigam Ltd. 337,127 955 Videsh Sanchar Nigam Ltd. 151,430 946 --------------- 1,901 --------------- ELECTRICAL EQUIPMENT Bharat Heavy Electricals 197,937 602 Sterlite Industries (India) Ltd. 236,750 514 --------------- 1,116 --------------- HOUSEHOLD PRODUCTS Colgate-Palmolive (India) 59,000 195 --------------- IT CONSULTING & SERVICES HCL Technologies Ltd. 145,170 1,146 Infosys Technologies Ltd. 47,850 4,182 NIIT Ltd. 53,200 816 Ramco Systems Ltd. 23,400 170 SSI Ltd. 67,100 1,077 SSI Ltd., GDR 105,000 163 --------------- 7,554 --------------- MACHINERY Escorts, Ltd. 180,000 308 --------------- METALS & MINING Tata Iron & Steel Co., Ltd. 1,910 5 --------------- OIL & GAS Bharat Petroleum Corp., Ltd. - New 78,300 320 Hindustan Petroleum Corp., Ltd. 80,000 275 --------------- 595 --------------- PHARMACEUTICALS Cipla Ltd. 6,935 148 Dr. Reddy's Laboratories Ltd. 32,992 881 --------------- 1,029 --------------- SOFTWARE Mastek Ltd. 3,600 9 PSI Data Systems Ltd. 31,785 92 Wipro Ltd. 37,000 1,057 --------------- 1,158 --------------- TOBACCO ITC, Ltd. 67,900 1,184 --------------- 21,849 --------------- JAPAN (50.4%) AUTO COMPONENTS Nifco, Inc. 240,000 2,210 --------------- AUTOMOBILES Nissan Motor Co., Ltd. 775,000 4,851 Suzuki Motor Corp. 395,000 4,323 Toyota Motor Corp. 139,000 4,791 --------------- 13,965 --------------- BANKS Mitsubishi Tokyo Financial Group, Inc. 85 756 --------------- BUILDING PRODUCTS Sanwa Shutter Corp., Ltd. 332,000 642 --------------- CHEMICALS Daicel Chemical Industries Ltd. 885,000 2,525 Denki Kagaku Kogyo Kabushiki Kaisha 600,000 1,821 Kaneka Corp. 599,000 4,713 Lintec Corp. 250,000 2,056 Mitsubishi Chemical Corp. 920,000 2,479 Shin-Etsu Polymer Co., Ltd. 468,000 2,188 --------------- 15,782 --------------- COMMERCIAL SERVICES & SUPPLIES Dai Nippon Printing Co., Ltd. 328,000 3,899 Nissha Printing Co., Ltd. 70,000 319 --------------- 4,218 --------------- COMPUTERS & PERIPHERALS Fujitsu Ltd. 509,000 6,735 Mitsumi Electric Co., Ltd. 256,000 4,311 NEC Corp. 458,000 7,251 Toshiba Corp. 1,116,000 6,473 --------------- 24,770 --------------- CONSTRUCTION & ENGINEERING Kurita Water Industries Ltd. 365,000 4,289 --------------- DISTRIBUTORS Nissei Sangyo Co., Ltd. 105,000 1,321 --------------- DIVERSIFIED FINANCIALS Hitachi Credit Corp. 247,900 5,048 --------------- DIVERSIFIED TELECOMMUNICATION SERVICES Nippon Telephone & Telegraph Corp. 955 6,054 --------------- ELECTRIC UTILITIES Tokyo Electric Power Co., Inc. 123,000 2,719 --------------- ELECTRICAL EQUIPMENT Furakawa Electric Co., Ltd. 228,000 2,349 Kyudenko Co. 290,000 804 --------------- 3,153 --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Hitachi Ltd. 795,000 6,759 Kyocera Corp. 72,500 6,543 Ryosan Co., Ltd. 153,000 2,323 TDK Corp. 90,000 5,884 --------------- 21,509 --------------- FOOD & DRUG RETAILING FamilyMart Co., Ltd. 142,200 2,184 --------------- 6 SHARES VALUE (000) - ------------------------------------------------------------------------------------------------------- JAPAN(CONTINUED) FOOD PRODUCTS House Foods Corp. 117,000 U.S.$ 1,272 Nippon Meat Packers, Inc. 198,000 2,167 --------------- 3,439 --------------- HOUSEHOLD DURABLES Aiwa Co., Ltd. 78,800 674 Casio Computer Co., Ltd. 467,000 2,993 Matsushita Electric Industrial Co., Ltd. 387,000 6,946 Rinnai Corp. 120,700 1,975 Sangetsu Co., Ltd. 27,000 327 Sekisui Chemical Co., Ltd. 493,000 1,391 Sekisui House Ltd. 405,000 3,238 Sony Corp. 113,000 7,969 --------------- 25,513 --------------- LEISURE EQUIPMENT & PRODUCTS Fuji Photo Film Co., Ltd. 162,000 5,956 Nintendo Co., Ltd. 47,900 7,785 Yamaha Corp. 307,000 3,206 --------------- 16,947 --------------- MACHINERY Amada Co., Ltd. 602,000 3,292 Daifuku Co., Ltd. 643,000 3,388 Daikin Industries Ltd. 293,000 4,667 Fuji Machine Manufacturing Co., Ltd. 192,000 4,838 Fujitec Co., Ltd. 190,000 790 Minebea Co., Ltd. 500,000 3,530 Mitsubishi Heavy Industries Ltd. 985,000 3,598 Tsubakimoto Chain Co. 582,000 1,407 --------------- 25,510 --------------- MARINE Mitsubishi Logistics Corp. 150,000 1,155 --------------- OFFICE ELECTRONICS Canon, Inc. 174,000 6,274 Ricoh Co., Ltd. 366,000 6,583 --------------- 12,857 --------------- PHARMACEUTICALS Ono Pharmaceutical Co., Ltd. 133,000 4,690 Sankyo Co., Ltd. 220,000 4,280 Yamanouchi Pharmaceutical Co., Ltd. 167,000 5,716 --------------- 14,686 --------------- REAL ESTATE Mitsubishi Estate Co., Ltd. 367,000 3,373 --------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS Rohm Co., Ltd. 30,000 4,992 --------------- TRADING COMPANIES & DISTRIBUTORS Nagase & Co., Ltd. 197,000 835 --------------- 217,927 --------------- MALAYSIA (1.6%) BANKS Malayan Banking Bhd 677,000 2,245 --------------- DIVERSIFIED TELECOMMUNICATION SERVICES Telekom Malaysia Bhd 556,000 1,712 --------------- ELECTRIC UTILITIES Tenaga Nasional Bhd 382,000 1,186 --------------- TOBACCO British American Tobacco (Malaysia) Bhd 190,000 1,763 --------------- 6,906 --------------- - ------------------------------------------------------------------------------------------------------- SINGAPORE (6.6%) AEROSPACE & DEFENSE SIA Engineering Co., Ltd. 570,000 373 Singapore Technologies Engineering Ltd. 476,000 696 --------------- 1,069 --------------- AIRLINES Singapore Airlines Ltd. 440,000 3,316 --------------- BANKS DBS Group Holdings Ltd. 586,979 5,302 Oversea-Chinese Banking Corp., Ltd. 625,700 4,057 Overseas Union Bank Ltd. 303,210 1,058 United Overseas Bank Ltd. 469,000 3,301 --------------- 13,718 --------------- DIVERSIFIED FINANCIALS Keppel Corp., Ltd. 401,000 689 --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Omni Industries Ltd. 703,000 1,025 Venture Manufacturing (Singapore) Ltd. 394,000 2,773 --------------- 3,798 --------------- INSURANCE Pacific Century Region Developments Ltd. 484,000 142 --------------- MARINE Neptune Orient Lines Ltd. 585,000 418 Sembcorp Logistics Ltd. 383,200 1,550 --------------- 1,968 --------------- MEDIA Singapore Press Holdings Ltd. 156,600 1,718 --------------- REAL ESTATE Capitaland, Ltd. 682,000 775 City Developments Ltd. 252,000 824 --------------- 1,599 --------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS Chartered Semiconductor Manufacturing Ltd. 280,000 677 --------------- 28,694 --------------- 7 SHARES VALUE (000) - ------------------------------------------------------------------------------------------------------- SOUTH KOREA (8.2%) AUTOMOBILES Hyundai Motor Co., Ltd. 129,230 U.S.$ 1,670 --------------- BANKS H&CB 106,162 1,691 Kookmin Bank 196,831 2,011 Shinhan Bank 301,160 2,410 --------------- 6,112 --------------- DIVERSIFIED FINANCIALS Samsung Securities Co., Ltd. 31,480 709 --------------- DIVERSIFIED TELECOMMUNICATION SERVICES Korea Telecom Corp. 2,570 110 Korea Telecom Corp. ADR 111,300 2,584 --------------- 2,694 --------------- ELECTRIC UTILITIES Korea Electric Power Corp. 41,390 628 Korea Electric Power Corp. ADR 127,500 1,037 --------------- 1,665 --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Humax Co., Ltd. 77,130 985 Samsung Electro Mechanics Co., Ltd. 18,881 565 --------------- 1,550 --------------- FOOD PRODUCTS Tongyang Confectionery Corp. 25,900 327 --------------- INTERNET & CATALOG RETAIL LG Home Shopping, Inc. 1,365 38 --------------- MEDIA Cheil Communications, Inc. 12,910 798 --------------- METALS & MINING Pohang Iron & Steel Co., Ltd. 10,760 728 Pohang Iron & Steel Co., Ltd. ADR 55,100 989 --------------- 1,717 --------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS Samsung Electronics Co., Ltd. 81,057 12,667 --------------- WIRELESS TELECOMMUNICATION SERVICES Korea Telecom Freetel 15,390 451 SK Telecom Co., Ltd. 15,260 2,098 SK Telecom Co., Ltd. ADR 195,200 2,963 --------------- 5,512 --------------- 35,459 --------------- - ------------------------------------------------------------------------------------------------------- TAIWAN (8.7%) BANKS Bank Sinopac 850,000 428 Chinatrust Commercial Bank 1,651,480 1,314 Taipei Bank 873,000 532 Taishin International Bank 2,262,520 1,193 --------------- 3,467 --------------- CHEMICALS Nan Ya Plastic Corp. 252,419 300 --------------- COMPUTERS & PERIPHERALS Advantech Co., Ltd. 180,300 750 Ambit Microsystems Corp. 116,378 656 Asustek Computer, Inc. 180,040 933 Compal Electronics, Inc. 796,763 1,385 Quanta Computer, Inc. 572,000 2,058 --------------- 5,782 --------------- ELECTRICAL EQUIPMENT Delta Electronics, Inc. 588,250 2,063 --------------- ELECTRONIC EQUIPMENT & INSTRUMENTS Hon Hai Precision Industry Co., Ltd. 582,860 3,572 Yageo Corp. 219,000 337 --------------- 3,909 --------------- FOOD & DRUG RETAILING President Chain Store Corp. 370,632 1,051 --------------- FOOD PRODUCTS Uni-President Enterprises Co. 1,882,000 1,090 --------------- INSURANCE Cathay Life Insurance Co., Ltd. 409,000 692 Fubon Insurance Co. 230,000 211 --------------- 903 --------------- METALS & MINING China Steel Corp. 1,081,000 643 --------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS ASE Test Ltd. 48,300 589 Elan Microelectronics Corp. 239,000 656 Macronix International Co., Ltd. 229,760 364 ProMos Technologies, Inc. 623,568 722 Siliconware Precision Industries Co. 1,990,640 1,645 Siliconware Precision Industries Co. ADR 80,800 323 Taiwan Semiconductor Manufacturing Co., Ltd. 2,734,120 7,377 United Microelectronics Corp. 2,808,400 4,538 Winbond Electronics Corp. 725,560 909 --------------- 17,123 --------------- TEXTILES & APPAREL Far Eastern Textile Ltd. 1,073,724 756 Far Eastern Textile Ltd. GDR 6,729 48 --------------- 804 --------------- WIRELESS TELECOMMUNICATION SERVICES Taiwan Cellular Corp. 298,000 452 --------------- 37,587 --------------- - ------------------------------------------------------------------------------------------------------- UNITED KINGDOM (0.1%) BANKS HSBC Holdings plc 38,200 451 --------------- - ------------------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost U.S.$495,725) 442,874 --------------- 8 SHARES VALUE (000) - ------------------------------------------------------------------------------------------------------- PREFERRED STOCK (0.2%) - ------------------------------------------------------------------------------------------------------- SOUTH KOREA (0.2%) SEMICONDUCTOR EQUIPMENT & PRODUCTS Samsung Electronics Co., Ltd. (Cost U.S.$1,775) 14,990 U.S.$ 963 --------------- - ------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS (24.3%) - ------------------------------------------------------------------------------------------------------- UNITED STATES (24.3%) REPURCHASE AGREEMENT (a)Chase Securities, Inc., 4.90% dated 03/30/01, due 04/02/01 (Cost U.S.$105,063) U.S.$ 105,063 105,063 --------------- - ------------------------------------------------------------------------------------------------------- FOREIGN CURRENCY ON DEPOSIT WITH CUSTODIAN (1.6%) Australian Dollar AUD 54 26 Hong Kong Dollar HKD 838 108 Indian Rupee INR 1,969 42 Taiwan Dollar TWD 220,584 6,725 Thai Baht THB 3,612 80 --------------- - ------------------------------------------------------------------------------------------------------- TOTAL FOREIGN CURRENCY 6,981 (Cost U.S.$6,986) --------------- - ------------------------------------------------------------------------------------------------------- AMOUNT VALUE (000) (000) - ------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (128.5%) (Cost $609,549) U.S.$ 555,881 --------------- - ------------------------------------------------------------------------------------------------------- OTHER ASSETS (-28.5%) Other Assets U.S.$ 118,667 Liabilities (242,099) (123,415) --------------- --------------- - ------------------------------------------------------------------------------------------------------- NET ASSETS (100%) Applicable to 43,071,656 issued and outstanding U.S.$ 0.01 par value shares (100,000,000 shares authorized) U.S.$ 432,466 --------------- --------------- - ------------------------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE U.S.$ 10.04 --------------- --------------- - -------------------------------------------------------------------------------------------------------
(a) The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this schedule of investments. The investment in the repurchase agreement is through participation in a joint account with affiliated funds. ADR - American Depositary Receipt GDR - Global Depositary Receipt - ------------------------------------------------------------------------------- MARCH 31, 2001 EXCHANGE RATES: - ------------------------------------------------------------------------------- AUD Australian Dollar 2.048 = U.S. $1.00 HKD Hong Kong Dollar 7.800 = U.S. $1.00 INR Indian Rupee 46.710 = U.S. $1.00 TWD Taiwan Dollar 32.800 = U.S. $1.00 THB Thai Baht 45.015 = U.S. $1.00 - ------------------------------------------------------------------------------- 9 -----END PRIVACY-ENHANCED MESSAGE-----