MERRILL LYNCH
GLOBAL
HOLDINGS, INC.
FUND LOGO
Semi-Annual Report
May 31, 1995
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Company unless
accompanied or preceded by the Company'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.
<PAGE>
Merrill Lynch
Global Holdings, Inc.
Box 9011
Princeton, NJ
08543-9011
MERRILL LYNCH GLOBAL HOLDINGS, INC.
Officers and
Directors
Arthur Zeikel, President and Director
Donald Cecil, Director
Edward H. Meyer, Director
Charles C. Reilly, Director
Richard R. West, Director
Edward D. Zinbarg, Director
Terry K. Glenn, Executive Vice President
Norman R. Harvey, Senior Vice President
Philip L. Kirstein, Senior Vice President
Donald C. Burke, Vice President
Gerald M. Richard, Treasurer
Robert Harris, Secretary
Custodian
The Chase Manhattan Bank, N. A.
Global Securities Services
4 Chase MetroTech Center, 18th Floor
Brooklyn, New York 11245
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
Transfer Agency Mutual Fund Operations
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 637-3863
<PAGE>
DEAR SHAREHOLDER
World equity markets registered strong positive returns in US-dollar
terms during the May quarter. Investor sentiment improved
progressively during the three-month period, encouraged by signs
that US economic growth may be slowing sufficiently to keep
inflation under control and thereby preclude further significant
monetary policy tightening by the US Federal Reserve Board. The
broad stock market averages in the United States pushed ahead into
record territory, led by strong advances in the technology sector.
European equities also recovered from weakness earlier in the year,
encouraged by more stable currency markets and the German
Bundesbank's unexpected interest rate cut near the end of March. In
the Pacific Basin, most of the smaller Asian markets posted strong
gains, inspired by prospects of lower interest rates in the United
States. Conversely, Japanese equities declined in local currency
terms as persistent strength in the Japanese yen versus the US
dollar clouded the outlook for corporate profits and economic
growth. For the three-month period ended May 31, 1995, the total
returns for the fund's Class A, Class B, Class C and Class D Shares
were +9.21%, +8.95%, +8.85% and +9.12%, respectively, in line with
the total return in US dollars for the unmanaged Morgan Stanley
Capital International World Stock Index of +9.33%.
Portfolio Matters
In Japan, the economic and financial uncertainties which began with
the Kobe earthquake and the collapse of Barings PLC during the
February quarter continued throughout the May quarter as the yen
appreciated sharply against the US dollar. This currency strength
increased uncertainty about the outlook for corporate earnings and
the sustainability of economic recovery in Japan. As expected, many
major Japanese companies reported strong earnings results for the
fiscal year ended March 31, 1995, in response to prior restructuring
efforts. However, companies and analysts are lowering their profit
growth forecasts for the upcoming fiscal year to account for the
strong yen and expectations of modest economic growth. Against this
backdrop, Japanese equity performance has remained lackluster, and
we maintained our underweighted position in Japan during the May
quarter. We reduced our holdings in the automobile-related companies
by selling our position in Honda Motor Co., Ltd. and by taking
profits in Toyota Motor Corp. and Futaba Industrial Co. Sentiment in
this sector suffered from the strong yen and the US-Japan trade
dispute. We used part of the proceeds to increase our holdings in
Omron Corp., a leading manufacturer of control components, which
should benefit from ongoing cost-cutting measures by Japanese
corporations.
<PAGE>
Our long-term positive stance toward the smaller Asian stock markets
continued during the May quarter. As prospects for lower US interest
rates emerged, many of these stock markets rallied sharply,
contributing positively to the fund's performance. Many of these
developing economies are perceived as being highly exposed to
developments in the United States through their US dollar-linked
exchange rates. Smaller Asian stock markets remain overweighted in
the portfolio, and we made no major changes to our individual
security holdings. We continue to focus on companies that have
strong long-term growth prospects and superior financial positions.
European equity markets generally posted solid gains for the May
quarter. Strong corporate earnings reports, a rally in the global
bond markets and an unexpected interest rate cut by the German
Bundesbank improved investor sentiment toward European equities.
Offsetting this positive sentiment somewhat was the continued
weakness of the US dollar, which dampened the profit outlook for
companies with US operations and US dollar-based revenues. The
fund's investments in cyclical stocks mostly lagged the performance
of the broad European stock market averages during the May quarter.
While these cyclical companies trade at attractive valuations,
investor sentiment remained negative as a result of US dollar
weakness and signs of slower worldwide economic growth. Strong
returns were recorded by many of our larger holdings in technology-
driven companies, such as Nokia OY AB, Philips N.V. and Bouygues
S.A. We generally maintained relative country weightings in Europe
with the exception of France, where we increased our exposure.
Valuations in the French market looked particularly attractive after
two years of underperformance.
Our underweighting in North American equity markets held back fund
returns during the May quarter as most broad stock market averages
in the United States continued to achieve record highs. The US
economy grew at an annual rate of just 2.7% in the first quarter of
1995, down sharply from the 5.1% growth experienced in last year's
fourth quarter. This slowdown in growth, however, was welcomed by
investors in both the US equity and bond markets because it reduced
pressure on the US Federal Reserve Board to increase interest rates.
Technology-related companies led the advance, although the rally was
fairly broad. Our relatively large exposure to the technology sector
enhanced fund returns. We increased the fund's exposure to US
equities slightly during the May quarter and established a position
in the Student Loan Marketing Association, a financial intermediary
serving the education credit market, which should benefit from the
trend toward more Government deregulation following last November's
Congressional elections. We also initiated positions in Palmer
Wireless, Inc., a developer and operator of cellular telephone
systems in the southeastern United States, and Value Health Inc., a
provider of specialty managed care programs and healthcare
information systems.
<PAGE>
Investor confidence returned to the Latin American equity markets in
the May quarter. A number of factors contributed to this, including
the incumbent President's convincing first-round election victory in
Argentina, better prospects for fiscal and constitutional reforms in
Brazil, and stronger Mexican debt and currency markets as the
success of the country's stabilization measures became more apparent.
While we remain positive on the longer-term growth prospects for the
region, we used this market strength as an opportunity to eliminate
positions and take profits in our holdings of Empresas ICA Sociedad
Controladora, S.A. de C.V. convertible debt, Telecom Argentina
Stet--France Telecom S.A. and Madeco S.A.
In Conclusion
We thank you for your investment in Merrill Lynch Global Holdings,
Inc., and we look forward to reviewing our outlook and strategy with
you again in our upcoming quarterly report to shareholders.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
July 10, 1995
Proxy Results
During the six-month period ended May 31, 1995, Merrill Lynch Global
Holdings, Inc. shareholders voted on the following proposals.
Proposals 1, 2 and 4 were approved at a special shareholders'
meeting on September 28, 1994. Proposal 3 was passed at a special
shareholders' meeting on January 31, 1995. The description of each
proposal and number of shares voted are as follows:
<PAGE>
<TABLE>
<CAPTION>
Shares Voted Shares Voted
For Without Authority
<S> <S> <C> <C>
1. To elect the Company's Board of Directors: Donald Cecil 28,382,622 519,855
Edward H. Meyer 28,378,004 524,473
Charles C. Reilly 28,387,963 514,514
Richard R. West 28,392,194 510,283
Arthur Zeikel 28,379,194 523,283
<CAPTION>
Shares Voted Shares Voted Shares Voted
For Against Abstain
<S> <C> <C> <C>
2. To select Deloitte & Touche LLP as the Company's independent auditors. 28,117,812 259,913 524,752
3. To approve certain changes to the Company's fundamental investment restrictions. 19,253,217 494,256 532,275
4. To amend the Company's articles of incorporation to implement the Merrill Lynch
Select Pricing SM System. 25,870,921 1,582,234 1,449,322
</TABLE>
PERFORMANCE DATA
About Fund Performance
Since October 21, 1994, investors have been able to purchase 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 5.25% 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 0.75% and an account
maintenance fee of 0.25%. These shares automatically convert to
Class D Shares after 8 years.
* Class C Shares are subject to a distribution fee of 0.75% 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 5.25% and
an account maintenance fee of 0.25% (but no distribution fee).
<PAGE>
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 4
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 May 31, 1995 and
for Class C and Class D Shares for the since inception and 3-month
periods ended May 31, 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.
Average Annual
Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
Year Ended 3/31/95 - 2.09% - 7.23%
Five Years Ended 3/31/95 + 7.30 + 6.14
Ten Years Ended 3/31/95 +12.69 +12.08
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
<PAGE>
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 3/31/95 -3.05% -6.76%
Five Years Ended 3/31/95 +6.21 +6.21
Inception (10/21/88) through 3/31/95 +7.46 +7.46
[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 3/31/95 -4.75% -5.66%
[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 3/31/95 -4.39% -9.40%
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
<PAGE>
<TABLE>
Performance
Summary--
Class A Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<C> <C> <C> <C> <C> <C>
7/2/84--12/31/84 $ 9.15 $ 9.32 -- $0.170 + 3.68%
1985 9.32 12.28 -- 0.340 +36.05
1986 12.28 14.28 $1.270 0.300 +30.25
1987 14.28 11.52 3.638 0.372 + 6.54
1988 11.52 11.01 1.275 0.337 +10.04
1989 11.01 11.77 1.492 0.212 +23.53
1990 11.77 10.28 0.188 0.261 - 9.20
1991 10.28 11.67 0.221 0.123 +17.12
1992 11.67 11.27 0.817 0.063 + 4.28
1993 11.27 13.14 0.443 0.371 +24.08
1994 13.14 12.18 0.514 0.007 - 3.25
1/1/95--5/31/95 12.18 12.93 -- -- + 6.16
------ ------
Total $9.858 Total $2.556
Cumulative total return as of 5/31/95: +276.02%**
<FN>
*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.
</TABLE>
<TABLE>
Performance
Summary--
Class B Shares
<CAPTION>
Net Asset Value Capital Gains
Period Covered Beginning Ending Distributed Dividends Paid* % Change**
<S> <C> <C> <C> <C> <C>
10/21/88--12/31/88 $11.29 $11.00 $0.388 $0.147 + 2.22%
1989 11.00 11.71 1.492 0.138 +22.33
1990 11.71 10.20 0.188 0.166 -10.18
1991 10.20 11.56 0.221 0.036 +16.02
1992 11.56 11.09 0.817 0.001 + 3.15
1993 11.09 12.94 0.443 0.219 +22.87
1994 12.94 11.87 0.514 -- - 4.20
1/1/95--5/31/95 11.87 12.54 -- -- + 5.64
------ ------
Total $4.063 Total $0.707
<PAGE>
Cumulative total return as of 5/31/95: +67.15%**
<FN>
*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.
</TABLE>
PERFORMANCE DATA (concluded)
<TABLE>
Recent
Performance
Results
<CAPTION>
12 Month 3 Month
5/31/95 2/28/95 5/31/94++ % Change++ % Change
<S> <C> <C> <C> <C> <C>
ML Global Holdings, Inc. Class A Shares* $12.93 $11.84 $13.22 + 2.03%(1) +9.21%
ML Global Holdings, Inc. Class B Shares* 12.54 11.51 12.96 + 1.05(1) +8.95
ML Global Holdings, Inc. Class C Shares* 12.54 11.52 13.08 + 0.12(1) +8.85
ML Global Holdings, Inc. Class D Shares* 12.92 11.84 13.39 + 0.66(1) +9.12
ML Global Holdings, Inc. Class A Shares--Total Return* + 2.08(2) +9.21
ML Global Holdings, Inc. Class B Shares--Total Return* + 1.05(1) +8.95
ML Global Holdings, Inc. Class C Shares--Total Return* + 0.12(1) +8.85
ML Global Holdings, Inc. Class D Shares--Total Return* + 0.68(3) +9.12
World Stock Index--Total Return** +10.39 +9.33
<FN>
*Investment results shown do not reflect sales charges; results
shown would be lower if a sales charge was included.
**The Capital International World Stock Index is an unmanaged US
dollar-denominated index of world stock markets compiled by Capital
International Perspective S.A. and published in Morgan-Stanley
Capital International Perspective.
++Investment results shown for Class C and Class D Shares are since
inception (10/21/94).
(1)Percent change includes reinvestment of $0.514 per share capital
gains distributions.
(2)Percent change includes reinvestment of $0.007 per share ordinary
income dividends and $0.514 per share capital gains distributions.
(3)Percent change includes reinvestment of $0.003 per share ordinary
income dividends and $0.514 per share capital gains distributions.
</TABLE>
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS (in US Dollars)
<CAPTION>
LATIN Value Percent of
AMERICA Industries Shares Held Investments Cost (Note 1a) Net Assets
<S> <S> <C> <S> <C> <C> <C>
Argentina Beverages & 47,000 Buenos Aires Embotelladora S.A.
Tobacco (BAESA) (ADR)* $ 1,427,640 $ 1,415,875 0.4%
Energy 70,000 Yacimientos Petroliferos Fiscales
S.A.--Sponsored (ADR)* 1,458,700 1,417,500 0.4
Multi-Industry 221,250 Compania Naviera Perez Companc
S.A.C.F.I.M.F.A. 1,047,194 949,257 0.3
Utilities 30,000 Central Puerto (ADR)* 795,000 630,000 0.2
Total Investments in Argentina 4,728,534 4,412,632 1.3
Brazil Telecommunications 20,957,793 Telecommunicacoes Brasileiras S.A.
--Telebras PN (Preferred) 670,658 730,172 0.2
730,193 Telecommunicacoes Brasileiras S.A.--
Telebras PN (Rights) (c) 0 0 0.0
------------ ------------ ------
670,658 730,172 0.2
Total Investments in Brazil 670,658 730,172 0.2
Chile Chemicals 35,000 Sociedad Quimica y Minera de Chile
S.A. (B Shares) (ADR)* 901,250 1,443,750 0.4
Multi-Industry 40,000 GT Chilean Growth Fund (ADR)* 1,365,000 1,460,000 0.4
Utilities 40,000 Enersis S.A. (ADR)* 779,762 1,155,000 0.3
Total Investments in Chile 3,046,012 4,058,750 1.1
Mexico Beverages & 20,000 Coca-Cola Femsa S.A. (ADR)* 454,319 342,500 0.1
Tobacco 30,000 Empresa La Moderna, S.A. de C.V.
(ADR)* 992,735 375,000 0.1
20,000 Panamerican Beverages, Inc.
(Class A) (ADR)* 525,114 545,000 0.1
------------ ------------ ------
1,972,168 1,262,500 0.3
<PAGE>
Broadcasting & 30,000 Grupo Televisa, S.A. de C.V. (ADR)* 953,350 487,500 0.1
Publishing
Engineering & 72,000 Grupo Mexicano de Desarrollo S.A.
Construction (Class B) (ADR)* 1,184,535 225,000 0.1
5,335 Grupo Mexicano de Desarrollo S.A.
(Class L) (ADR)* 85,974 20,673 0.0
------------ ------------ ------
1,270,509 245,673 0.1
Multi-Industry 150,000 ++Grupo Carso, S.A. de C.V. 1,320,769 702,857 0.2
Steel 67,400 ++Grupo Simec, S.A. de C.V. (ADR)* 946,876 648,725 0.2
Telecommunications 30,000 Telefonos de Mexico, S.A. de C.V.
(ADR)* 1,109,350 843,750 0.2
Total Investments in Mexico 7,573,022 4,191,005 1.1
Venezuela Steel 52,000 ++++Venezolana de Prerreducidos Caroni
'Venprecar' C.A. (ADR)* 379,600 253,500 0.1
Total Investments in Venezuela 379,600 253,500 0.1
Total Investments in Latin America 16,397,826 13,646,059 3.8
NORTH
AMERICA
Canada Metals 45,000 Alcan Aluminium Ltd. 1,123,950 1,333,125 0.4
Telecommunications 45,000 ++Newbridge Networks Corp. 899,138 1,591,875 0.4
50,000 Northern Telecom Ltd. 1,474,875 1,918,750 0.5
------------ ------------ ------
2,374,013 3,510,625 0.9
Total Investments in Canada 3,497,963 4,843,750 1.3
United Appliances & 70,000 Corning Inc. 2,278,075 2,240,000 0.6
States Household 50,000 ++River Oaks Furniture Inc. 941,875 625,000 0.2
------------ ------------ ------
3,219,950 2,865,000 0.8
<PAGE>
Automobiles 30,000 Ford Motor Co. (8.40% Conv. Pfd.) 1,500,000 2,865,000 0.8
50,000 General Motors Corp. 2,284,800 2,400,000 0.6
------------ ------------ ------
3,784,800 5,265,000 1.4
Banking 37,500 Mercantile Bancorp., Inc. 949,375 1,495,313 0.4
60,000 Midlantic National Bank 1,473,090 2,272,500 0.6
70,000 Signet Banking Corp. 1,307,129 1,583,750 0.4
70,600 UJB Financial Corp. 1,434,893 2,082,700 0.6
------------ ------------ ------
5,164,487 7,434,263 2.0
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued) (in US Dollars)
<CAPTION>
NORTH
AMERICA Shares Held/ Value Percent of
(concluded) Industries Face Amount Investments Cost (Note 1a) Net Assets
<S> <S> <C> <S> <C> <C> <C>
United Broadcasting & 100,000 Time Warner Inc. $ 2,832,157 $ 3,962,500 1.1%
States Publishing 54,000 ++Viacom Inc. (Class A) 1,629,189 2,544,750 0.7
(concluded) 26,000 ++Viacom Inc. (Class B) 993,242 1,212,250 0.3
80,000 ++Viacom Inc. (VCR) (Rights) (a) 104,325 105,000 0.0
------------ ------------ ------
5,558,913 7,824,500 2.1
Building Materials 30,000 ++Owens-Corning Fiberglass Corp. 1,266,112 1,087,500 0.3
Business & Public 36,000 ++Microsoft Corp. 1,503,000 3,046,500 0.8
Services 100,000 ++Molten Metal Technology, Inc. 1,920,613 2,175,000 0.6
90,000 Oracle Systems Corp. 956,438 3,116,250 0.8
30,000 ++PacifiCare Health Systems (Class B) 1,012,500 1,972,500 0.5
44,800 United HealthCare Corp. 737,136 1,668,800 0.4
30,000 US HealthCare Inc. 1,217,025 930,000 0.2
------------ ------------ ------
7,346,712 12,909,050 3.3
Chemicals 80,000 PPG Industries, Inc. 3,106,850 3,330,000 0.9
30,000 Rohm & Haas Co. 1,621,175 1,766,250 0.5
------------ ------------ ------
4,728,025 5,096,250 1.4
Electrical 80,000 ++Ultratech Stepper Inc. 814,000 2,380,000 0.6
Equipment
Electronics/ 25,000 Intel Corp. 751,250 2,803,125 0.7
Components 25,000 Motorola, Inc. 1,305,925 1,496,875 0.4
20,000 Texas Instruments Inc. 1,297,950 2,312,500 0.6
------------ ------------ ------
3,355,125 6,612,500 1.7
<PAGE>
Energy Sources 20,000 Anadarko Petroleum, Inc. 724,326 867,500 0.2
15,000 Chevron Corp. 686,527 736,875 0.2
70,000 Enron Oil & Gas Co. 1,110,128 1,697,500 0.5
------------ ------------ ------
2,520,981 3,301,875 0.9
Financial Services 40,000 Student Loan Marketing Association 1,402,400 1,900,000 0.5
Food & Household 85,000 ++Performance Food Group Co. 1,323,721 1,572,500 0.4
Products
Forest Products/ 25,000 Georgia-Pacific Corp. 1,820,250 1,943,750 0.5
Paper & Packaging
Health Services 40,500 ++Value Health Inc. 1,309,742 1,306,125 0.3
Industrial--Other 52,500 Johnson Controls, Inc. 2,141,876 3,005,625 0.8
67,500 ++Varity Corp. 2,071,277 2,910,938 0.8
------------ ------------ ------
4,213,153 5,916,563 1.6
Insurance 135,000 AFLAC, Inc. 3,599,910 5,670,000 1.5
40,000 Mercury General Corp. 1,118,100 1,370,000 0.4
------------ ------------ ------
4,718,010 7,040,000 1.9
Leisure & Tourism 80,000 McDonald's Corp. 1,931,150 3,030,000 0.8
125,000 ++Mirage Resorts, Inc. 1,927,525 3,734,375 1.0
50,000 Walt Disney Co. 1,653,250 2,781,250 0.7
------------ ------------ ------
5,511,925 9,545,625 2.5
Merchandising 50,000 The Home Depot, Inc. 1,259,675 2,081,250 0.6
100,000 ++Home Shopping Network, Inc. 1,322,973 700,000 0.2
37,500 Sports & Recreation Inc. 972,500 431,250 0.1
30,000 ++Toys 'R' Us, Inc. 750,858 757,500 0.2
40,000 Wal-Mart Stores, Inc. 658,900 1,000,000 0.3
------------ ------------ ------
4,964,906 4,970,000 1.4
Metals-- 40,000 Phelps Dodge Corp. 2,297,400 2,205,000 0.6
Non-Ferrous
Multi-Industry 40,000 Tenneco Inc. 2,032,438 1,920,000 0.5
Oil-Field 30,000 Schlumberger Ltd. 1,752,332 1,950,000 0.5
Equipment
<PAGE>
Pharmaceuticals 60,000 ++ALZA Corp. 1,094,224 1,252,500 0.3
US$ 1,500,000 ICN Pharmaceuticals, Inc., 8.50%
due 11/15/1999 1,500,000 1,492,500 0.4
36,900 Merck & Co. 1,331,389 1,738,913 0.5
------------ ------------ ------
3,925,613 4,483,913 1.2
Railroads 30,000 CSX Corp. 1,993,665 2,287,500 0.6
20,000 Consolidated Rail Corp. 931,200 1,080,000 0.3
------------ ------------ ------
2,924,865 3,367,500 0.9
Recreation US$ 1,500,000 Alliance Gaming, Inc., 7.50% due
9/15/2003 1,500,000 930,000 0.2
Telecommunications 105,000 ++Airtouch Communications, Inc. 2,420,203 2,861,250 0.8
35,500 ++Palmer Wireless, Inc. 505,875 630,125 0.2
------------ ------------ ------
2,926,078 3,491,375 1.0
Total Investments in the
United States 80,381,938 107,318,289 28.5
Total Investments in North America 83,879,901 112,162,039 29.8
PACIFIC
BASIN
Australia Banking 109,074 National Australia Bank, Ltd. 680,591 930,629 0.2
Broadcasting & 150,256 News Corp., Ltd. (Ordinary) 802,807 798,816 0.2
Publishing
Industrial--Other 150,000 Pacific BBA Ltd. 402,842 291,357 0.1
Metals 1,000,000 MIM Holdings, Ltd. 1,985,497 1,294,920 0.3
300,000 Western Mining Corp. 1,727,089 1,599,226 0.4
------------ ------------ ------
3,712,586 2,894,146 0.7
Real Estate 102,371 Lend Lease Corp. 1,295,017 1,340,352 0.4
Total Investments in Australia 6,893,843 6,255,300 1.6
</TABLE>
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued) (in US Dollars)
<CAPTION>
PACIFIC
BASIN Value Percent of
(continued) Industries Shares Held Investments Cost (Note 1a) Net Assets
<S> <S> <C> <S> <C> <C> <C>
Hong Kong Broadcasting & 380,000 Television Broadcast, Ltd. $ 1,477,469 $ 1,449,294 0.4%
Publishing
Multi-Industry 1,316,747 First Pacific Co., Ltd. 926,859 1,234,216 0.3
500,000 Swire Pacific 'A' Ltd. 2,453,484 3,862,414 1.0
------------ ------------ ------
3,380,343 5,096,630 1.3
Real Estate 500,000 Sun Hung Kai Properties, Ltd. 2,599,729 3,620,003 1.0
Telecommunications 600,000 Hong Kong Telecommunications Ltd. 1,236,727 1,268,294 0.3
Utilities 800,000 China Light & Power Co., Ltd. 3,660,894 4,375,032 1.2
Total Investments in Hong Kong 12,355,162 15,809,253 4.2
Indonesia Automobiles 500,000 Astra International Inc. 1,011,781 898,473 0.2
Telecommunications 15,000 P.T. Indonesian Satellite Corp. (ADR)* 475,787 592,500 0.2
Textiles 495,000 P.T. Indorama Synthetics (Foreign) 975,477 1,439,858 0.4
82,500 P.T. Indorama Synthetics (Rights) (b) 0 0 0.0
------------ ------------ ------
975,477 1,439,858 0.4
Total Investments in Indonesia 2,463,045 2,930,831 0.8
Japan Appliances 200,000 Matsushita Electric Industrial Co. 2,837,637 3,098,758 0.8
Automobiles 250,000 Suzuki Motor Corp. 2,454,940 2,498,522 0.7
50,000 Toyota Motor Corp. 751,807 969,840 0.3
------------ ------------ ------
3,206,747 3,468,362 1.0
Banking 200,000 The Asahi Bank, Ltd. 2,108,622 2,483,737 0.7
120,000 The Bank of Tokyo, Ltd. 1,610,483 2,128,918 0.6
70,000 The Mitsubishi Bank, Ltd. 1,900,339 1,672,383 0.4
------------ ------------ ------
5,619,444 6,285,038 1.7
Broadcasting & 300,000 Tokyo Broadcasting System 3,736,661 4,790,065 1.3
Publishing
<PAGE>
Chemicals 300,000 Asahi Chemical Industry Co. 2,135,530 2,107,629 0.6
300,000 Sumitomo Chemical Co. 1,570,285 1,536,369 0.4
------------ ------------ ------
3,705,815 3,643,998 1.0
Construction & 200,000 Shimizu Corp. 1,920,325 2,034,299 0.5
Housing 80,000 Taisei Prefab Construction Co. 1,245,238 607,451 0.2
------------ ------------ ------
3,165,563 2,641,750 0.7
Electrical 270,000 Sumitomo Electric Industry, Ltd. 2,968,251 3,151,863 0.8
Equipment
Electronics 50,000 Casio Computer Co. 623,145 467,179 0.1
200,000 Hitachi Ltd. 2,079,745 1,932,584 0.5
29,000 Keyence Corp. 2,038,471 3,052,632 0.8
85,000 Murata Manufacturing Co., Ltd. 2,448,383 3,247,191 0.9
120,000 Omron Corp. 2,151,001 2,242,460 0.6
300,000 Sanyo Electric Co., Ltd. 1,636,339 1,539,917 0.4
200,000 Sharp Corp. 3,027,869 2,838,557 0.8
------------ ------------ ------
14,004,953 15,320,520 4.1
Financial Services 200,000 Daiwa Securities Co., Ltd. 2,519,694 2,218,805 0.6
200,000 Mitsubishi Trust & Banking Corp. 2,659,557 3,240,686 0.9
150,000 Yamaichi Securities Company Ltd. 1,439,098 906,564 0.2
------------ ------------ ------
6,618,349 6,366,055 1.7
Industrial 45,000 Futaba Industrial Co. 750,930 713,187 0.2
Components
Insurance 200,000 Tokio Marine & Fire Insurance Co.,
Ltd. 2,573,815 2,294,500 0.6
Leasing 100,000 Daiwa Kosho Lease Co., Ltd. 1,048,185 934,358 0.3
Machinery & 200,000 Makino Milling Machine Co., Ltd. 1,422,848 1,301,005 0.3
Engineering 50,000 ++Okuma Corp. 479,606 361,916 0.1
------------ ------------ ------
1,902,454 1,662,921 0.4
Machinery & Equipment 300,000 Mitsubishi Heavy Industries Ltd. 2,198,026 2,061,502 0.6
Merchandising 35,000 Aoyama Trading Co. 2,287,334 604,376 0.2
60,000 Ito-Yokado Co., Ltd. 2,604,246 3,179,184 0.8
120,000 Marui Co., Ltd. 2,190,949 1,788,291 0.5
------------ ------------ ------
7,082,529 5,571,851 1.5
<PAGE>
Metals 1,000,000 ++NKK Corp. 2,741,551 2,519,219 0.7
600,000 ++Sumitomo Metal Industries Co., Ltd. 2,018,843 1,781,195 0.5
------------ ------------ ------
4,760,394 4,300,414 1.2
Real Estate 200,000 Mitsui Fudosan Co., Ltd. 2,482,763 2,244,826 0.6
Recreation 65,000 Sony Music Entertainment (Japan) Inc. 2,980,367 2,667,652 0.7
Telecommunications-- 750 SDK Engineering Co., Ltd. 7,832 6,653 0.0
Engineering
Textiles 200,000 Toray Industries, Inc. 1,520,350 1,296,274 0.3
Utilities-- 300 Nippon Telephone & Telegraph Corp.
Telecommunications (Ordinary) 2,571,935 2,483,737 0.7
Wholesale & 250,000 Mitsui & Co. 1,780,475 1,969,249 0.5
International
Trade
Total Investments in Japan 77,523,475 76,973,533 20.7
Malaysia Banking 583,333 Commerce Asset-Holding BHD 1,276,855 3,148,672 0.8
Telecommunications 400,000 ++Technology Resources Industries BHD 1,306,915 1,306,818 0.3
400,000 Telekom Malaysia BHD 1,837,601 3,068,182 0.8
------------ ------------ ------
3,144,516 4,375,000 1.1
Total Investments in Malaysia 4,421,371 7,523,672 1.9
New Telecommunications 400,000 Telecom Corp. of New Zealand Ltd.
Zealand (Class C) (ADR)* 1,278,315 1,594,320 0.4
Total Investments in New Zealand 1,278,315 1,594,320 0.4
Singapore Air Transport 100,000 Singapore Airlines, Ltd. 383,769 954,911 0.3
Banking 100,000 Overseas Chinese Banking Corp. 965,728 1,227,743 0.3
Multi-Industry 120,000 Keppel Corp. Ltd. 851,434 1,094,199 0.3
Real Estate 450,000 Straits Steamship Land 1,128,219 1,570,218 0.4
<PAGE>
Telecommunications 400,000 Singapore Telecommunications Ltd. 907,320 818,495 0.2
Total Investments in Singapore 4,236,470 5,665,566 1.5
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (continued) (in US Dollars)
<CAPTION>
PACIFIC
BASIN Shares Held/ Value Percent of
(concluded) Industries Face Amount Investments Cost (Note 1a) Net Assets
<S> <S> <C> <S> <C> <C> <C>
South Banking 91,875 Hanil Bank $ 1,273,823 $ 1,047,506 0.3%
Korea
Construction & 26,790 Hyundai Engineering and Construction Co. 539,284 1,184,126 0.3
Housing
Electronics 22,000 LG Electronics Co. 1,005,834 891,525 0.2
Machinery & 16,299 Samsung Heavy Industry 795,588 462,429 0.1
Engineering 2,128 Samsung Heavy Industry (New Shares) 50,686 54,478 0.0
------------ ------------ ------
846,274 516,907 0.1
Steel 20,000 Pohang Iron & Steel Co., Ltd. (ADR)* 433,700 565,000 0.2
Utilities 40,000 Korea Electric Power Co. 1,097,115 1,574,030 0.4
Total Investments in South Korea 5,196,030 5,779,094 1.5
Taiwan Electrical US$ 1,000,000 Teco Electric & Machinery Co., 2.75%
Equipment due 4/15/2004 1,000,000 917,500 0.2
Total Investments in Taiwan 1,000,000 917,500 0.2
Thailand Building/Materials 20,000 Siam Cement Group 638,270 1,282,529 0.3
Telecommunications 18,000 Advanced Information Services Inc. 212,775 278,719 0.1
80,000 Advanced Information Services Inc. 885,868 1,238,752 0.3
145,500 ++++Jasmine International Ltd. 710,077 1,020,328 0.3
80,000 United Communication Industry 813,026 1,212,809 0.3
------------ ------------ ------
2,621,746 3,750,608 1.0
Total Investments in Thailand 3,260,016 5,033,137 1.3
<PAGE>
Total Investments in Pacific Basin 118,627,727 128,482,206 34.1
SOUTHEAST
ASIA
India Electrical US$ 325,000 Sterlite Industry, 3.50% due 6/30/1999 325,000 279,500 0.1
Equipment
Textiles 40,000 Indian Rayon & Industries (GDR)** 844,207 630,000 0.2
Total Investments in India 1,169,207 909,500 0.3
Total Investments in Southeast Asia 1,169,207 909,500 0.3
WESTERN
EUROPE
Austria Energy 21,000 OMV Aktiengesellschaft 2,089,439 2,237,012 0.6
Total Investments in Austria 2,089,439 2,237,012 0.6
Belgium Automobiles 2,500 D'ieteren N.V. 214,059 201,188 0.1
Broadcasting & 1,900 Compagnie Luxembourgeoise Pour
Publishing L'Audio-Visuel et La Finance
(AUDIOFINA) 1,045,105 967,948 0.3
Total Investments in Belgium 1,259,164 1,169,136 0.4
Finland Forest Products 20,000 Kymmene OY 517,588 560,185 0.2
Telecommunications 23,600 Benefon OY 800,821 874,074 0.2
66,400 ++Nokia OY AB (Preferred) 1,564,267 3,089,444 0.8
------------ ------------ -----
2,365,088 3,963,518 1.0
Total Investments in Finland 2,882,676 4,523,703 1.2
<PAGE>
France Appliances 25,000 ++Moulinex S.A. 536,491 629,917 0.2
Business & Public 18,000 Compagnie Generale des Eaux S.A. 1,972,649 2,117,006 0.6
Services
Construction & 15,350 Bouygues S.A. 1,626,079 1,898,235 0.5
Housing
Cosmetics 23,000 Christian Dior S.A. 2,042,528 2,166,835 0.6
Energy 17,000 Societe Nationale Elf Aquitane S.A. 1,279,732 1,375,227 0.4
32,000 Total S.A. 'B' 1,991,831 1,985,717 0.5
------------ ------------ ------
3,271,563 3,360,944 0.9
Financial Services 20,250 Credit Local de France S.A. 1,472,368 1,780,709 0.5
Industrial--Other 50,000 ++Michelin S.A. 2,045,115 2,282,631 0.6
Total Investments in France 12,966,793 14,236,277 3.9
Germany Building Materials 6,000 Friedrich Grohe AG (Preferred) 1,478,231 1,992,487 0.5
Chemicals 10,000 BASF AG (Ordinary) 2,095,026 2,144,174 0.6
Health & Personal 3,000 Wella AG (Preferred) 1,257,499 2,360,363 0.6
Care
Machinery & Equipment 4,000 Jungheinrich AG (Preferred) 930,503 878,934 0.2
Multi-Industry 7,000 Vereinigte Elektrizitaets &
Bergwerks AG (Veba) 2,414,071 2,665,934 0.7
Total Investments in Germany 8,175,330 10,041,892 2.6
Italy Merchandising 125,000 La Rinascente S.p.A. RISP 285,348 351,515 0.1
Telecommunications 300,000 Telecom Italia S.p.A. (Ordinary) 280,800 789,474 0.2
1,100,000 Telecom Italia S.p.A. (Savings) 2,039,720 2,255,202 0.6
------------ ------------ ------
2,320,520 3,044,676 0.8
Total Investments in Italy 2,605,868 3,396,191 0.9
Netherlands Beverages & 14,875 Heineken N.V. 1,325,303 2,120,288 0.6
Tobacco
Broadcasting & 20,000 Ver Ner Uitgevers N.V. 2,137,335 2,380,741 0.6
Publishing
<PAGE>
Business & Public 10,000 ++Baan Company N.V. 222,395 218,562 0.1
Services 13,600 ++Baan Company N.V. (ADR)* 217,600 319,600 0.1
------------ ------------ ------
439,995 538,162 0.2
Construction & 90,000 IHC Caland N.V. 1,977,215 2,411,783 0.6
Housing
Electronics 57,000 Philips N.V. 1,790,368 2,274,945 0.6
Machinery 41,500 ++ASM Lithography Holdings N.V. 760,065 1,301,394 0.3
Metal Fabricating 25,000 Koninklijke Nederlandsche Hoogovens
en Staalfabrieken N.V. 1,136,219 1,013,621 0.3
Wholesale & 43,860 Hagemeyer N.V. 1,769,843 1,903,332 0.5
International
Trade
Total Investments in the Netherlands 11,336,343 13,944,266 3.7
</TABLE>
<TABLE>
SCHEDULE OF INVESTMENTS (concluded) (in US Dollars)
<CAPTION>
WESTERN
EUROPE Value Percent of
(concluded) Industries Shares Held Investments Cost (Note 1a) Net Assets
<S> <S> <C> <S> <C> <C> <C>
Norway Automobiles 50,000 ++Sensonor A/S $ 340,489 $ 442,902 0.1%
Commercial Services 9,500 ++Petroleum GEO--Services A/S 209,860 253,212 0.1
Machinery & Equipment 50,000 Kverneland Gruppen A/S 657,761 766,100 0.2
Total Investments in Norway 1,208,110 1,462,214 0.4
Portugal Beverages & 20,000 Sumolis Companhia Industrial de
Tobacco Frutas e Bebidas S.A. 221,229 228,191 0.1
Total Investments in Portugal 221,229 228,191 0.1
Spain Banking 10,000 Banco Popular Espanol S.A. 1,289,096 1,500,900 0.4
Building Materials 19,000 Cristaleria Espanol S.A. 1,200,734 1,070,751 0.3
Energy 50,000 Repsol S.A. 1,662,606 1,619,499 0.4
<PAGE>
Forest Products 56,500 ++Empresa Nacional de Celulosas S.A. 1,134,583 1,483,437 0.4
Utilities 43,060 Empresa Nacional de Electricidad S.A. 1,531,115 2,063,893 0.6
Total Investments in Spain 6,818,134 7,738,480 2.1
Sweden Automobiles 10,000 Autoliv AB 340,553 487,529 0.1
130,000 Catena AB 'A' 1,106,855 762,318 0.2
72,500 Volvo AB 'B' 1,448,465 1,275,416 0.3
------------ ------------ ------
2,895,873 2,525,263 0.6
Forest Products/ 41,000 Mo Och Domsjoe AB 'B' Free 1,919,415 2,166,605 0.6
Paper Packaging 466,666 Rottneros Bruks AB Free 551,842 700,040 0.2
------------ ------------ ------
2,471,257 2,866,645 0.8
Health & Personal Care 73,400 Astra AB 'B' Free 1,359,352 2,107,038 0.6
Metals 90,000 Trelleborg AB 'B' 1,330,902 1,055,517 0.3
Multi-Industry 54,000 Kinnevik AB 'B' Free 1,821,410 1,627,460 0.4
Shipping 37,000 ICB Shipping AB 'B' Free 350,695 277,516 0.1
Total Investments in Sweden 10,229,489 10,459,439 2.8
Switzerland Building 1,417 Holderbank Financiere Glaris AG 1,035,898 1,128,251 0.3
Materials
Electrical Equipment 2,000 BBC Brown Boveri AG 1,542,228 2,043,758 0.5
Health & Personal 871 Roche Holding AG 4,203,474 5,369,485 1.4
Care
Insurance 1,180 Zurich Insurance AG 1,169,946 1,380,970 0.4
Shipping 4,000 Danzas Holding AG 954,580 731,017 0.2
Total Investments in Switzerland 8,906,126 10,653,481 2.8
United Banking 300,000 Bank of Scotland PLC 916,166 1,024,067 0.3
Kingdom 209,507 National Westminster Bank PLC 1,300,497 1,791,236 0.5
------------ ------------ ------
2,216,663 2,815,303 0.8
Broadcast--Media 334,800 ++British Sky Broadcasting Group PLC 1,339,629 1,419,270 0.4
<PAGE>
Building Materials & 500,000 Spring Ram Corp. PLC 1,450,088 325,479 0.1
Components
Business & Public 29,000 ++Bell Cablemedia PLC (ADR)* 493,000 536,500 0.1
Services 125,000 Carlton Communications PLC (Ordinary) 1,292,970 1,877,455 0.5
320,000 Chubb Security PLC 1,625,989 1,674,071 0.4
------------ ------------ ------
3,411,959 4,088,026 1.0
Electronics 800,000 Astec (BSR) PLC 1,105,101 1,244,757 0.3
Energy 453,829 British Petroleum Co. PLC 2,261,584 3,195,614 0.9
Food & Household 237,219 Cadbury Schweppes PLC 1,951,120 1,787,122 0.5
Products
Health & Personal 200,000 Goldsborough Healthcare PLC 506,362 512,827 0.1
Care
Merchandising 300,000 House of Fraser PLC 989,074 752,570 0.2
500,000 Next PLC 1,731,357 2,667,336 0.7
------------ ------------ ------
2,720,431 3,419,906 0.9
Multi-Industry 461,811 BTR PLC 2,584,919 2,500,271 0.7
151,181 Siebe PLC 1,043,644 1,442,581 0.4
------------ ------------ ------
3,628,563 3,942,852 1.1
Total Investments in the United
Kingdom 20,59l,500 22,751,156 6.1
Total Investments in Western Europe 89,290,201 102,841,438 27.6
SHORT-TERM Face
SECURITIES Amount
<S> <S> <C> <S> <C> <C> <C>
United Commercial US$ 3,183,000 Associates Corp. of North America,
States Paper*** 6.125% due 6/01/1995 3,183,000 3,183,000 0.8
US Government 10,000,000 Federal Farm Credit Bank, 5.87% due
& Agency 6/16/1995 9,975,542 9,975,542 2.7
Obligations***
Total Investments in Short-Term
Securities 13,158,542 13,158,542 3.5
<PAGE>
Total Investments $322,523,404 371,199,784 99.1
============
Other Assets Less Liabilities 3,540,886 0.9
------------ ------
Net Assets $374,740,670 100.0%
============ ======
<FN>
(a)The rights may be exercised until 9/29/1995.
(b)The rights may be exercised until 7/13/1995.
(c)The rights may be exercised until 6/26/1995.
*American Depositary Receipts (ADR).
**Global Depositary Receipts (GDR).
***Commercial Paper and certain US Government & Agency Obligations
are traded on a discount basis; the interest rates shown are the
discount rates paid at the time of purchase by the Company.
++Non-income producing security.
++++Restricted securities as to resale. The value of the Company's
investment was approximately $1,273,800, representing 0.3% of net
assets.
<CAPTION>
Acquisition Value
Issue Date(s) Cost (Note 1a)
Jasmine International Ltd. 5/04/1994 $ 710,077 $1,020,328
Venezolana de Prerrducidos Caroni
'Venprecar' C.A. (ADR) 2/13/1992 379,600 253,500
Total $1,089,677 $1,273,828
========== ==========
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
<CAPTION>
As of May 31, 1995
<S> <S> <C> <C>
Assets: Investments, at value (identified cost--$322,523,404) (Note 1a) $371,199,784
Cash 454,144
Foreign cash (Note 1b) 6
Receivables:
Securities sold $ 4,586,441
Dividends 1,106,596
Capital shares sold 670,982
Interest 43,734 6,407,753
------------
Prepaid registration fees and other assets (Note 1f) 16,046
------------
Total assets 378,077,733
------------
Liabilities: Payables:
Securities purchased 2,021,613
Capital shares redeemed 683,545
Investment adviser (Note 2) 342,454
Distributor (Note 2) 41,721 3,089,333
------------
Accrued expenses and other liabilities 247,730
------------
Total liabilities 3,337,063
------------
Net Assets: Net assets $374,740,670
============
Net Assets Class A Shares of Common Stock, $0.10 par value, 100,000,000
Consist of: shares authorized $ 2,524,553
Class B Shares of Common Stock, $0.10 par value, 100,000,000
shares authorized 356,264
Class C Shares of Common Stock, $0.10 par value, 100,000,000
shares authorized 2,303
Class D Shares of Common Stock, $0.10 par value, 100,000,000
shares authorized 25,697
Paid-in capital in excess of par 320,691,911
Undistributed investment income--net 1,111,869
Undistributed realized capital gains on investments and foreign
currency transactions--net 1,327,042
Unrealized appreciation on investments and foreign currency
transactions--net 48,701,031
------------
Net assets . $374,740,670
============
<PAGE>
Net Asset Class A--Based on net assets of $326,457,423 and 25,245,534 shares
Value: outstanding $ 12.93
============
Class B--Based on net assets of $44,675,225 and 3,562,636 shares
outstanding $ 12.54
============
Class C--Based on net assets of $288,776 and 23,026 shares
outstanding $ 12.54
============
Class D--Based on net assets of $3,319,246 and 256,969 shares
outstanding $ 12.92
============
See Notes to Financial Statements.
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
<CAPTION>
For the Six Months Ended May 31, 1995
<S> <S> <C> <C>
Investment Dividends (net of $277,439 foreign withholding tax) $ 2,950,578
Income Interest and discount earned 896,193
(Notes 1d & 1e): ------------
Total income 3,846,771
------------
<PAGE>
Expenses: Investment advisory fees (Note 2) $ 1,842,507
Transfer agent fees--Class A (Note 2) 422,238
Distribution fees--Class B (Note 2) 229,399
Printing and shareholder reports 172,504
Custodian fees 161,277
Accounting services (Note 2) 91,915
Transfer agent fees--Class B (Note 2) 68,858
Professional fees 49,817
Directors' fees and expenses 18,343
Registration fees (Note 1f) 14,634
Transfer agent fees--Class D (Note 2) 3,921
Account maintenance fees--Class D (Note 2) 3,685
Pricing fees 2,105
Distribution fees--Class C (Note 2) 1,247
Transfer agent fees--Class C (Note 2) 387
Other 4,712
------------
Total expenses 3,087,549
------------
Investment income--net 759,222
------------
Realized & Realized gain (loss) from:
Unrealized Gain Investments--net 4,678,774
(Loss) on Foreign currency transactions--net (1,361,029) 3,317,745
Investments & ------------
Foreign Change in unrealized appreciation/depreciation on:
Currency Investments--net 13,244,359
Transactions Foreign currency transactions--net 1,277,667 14,522,026
- --Net (Notes ------------ ------------
1b, 1c, 1e & 3): Net realized and unrealized gain on investments and foreign
currency transactions 17,839,771
------------
Net Increase in Net Assets Resulting from Operations $ 18,598,993
============
See Notes to Financial Statements.
</TABLE>
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
<CAPTION>
For the Six For the Year
Months Ended Ended
Increase (Decrease) in Net Assets: May 31, 1995 Nov. 30, 1994
<S> <S> <C> <C>
Operations: Investment income-- net $ 759,222 $ 347,222
Realized gain on investments and foreign currency
transactions--net 3,317,745 15,268,249
Change in unrealized appreciation/depreciation on
investments and foreign currency transactions--net 14,522,026 (7,131,023)
------------ ------------
Net increase in net assets resulting from operations 18,598,993 8,484,448
------------ ------------
<PAGE>
Dividends and Investment income--net:
Distributions to Class A (177,010) (292,787)
Shareholders Class D (352) --
(Note 1g): Realized gain on investments--net:
Class A (13,259,833) (15,976,086)
Class B (2,030,586) (1,819,251)
Class C (7,459) --
Class D (65,148) --
------------ ------------
Net decrease in net assets resulting from dividends and
distributions to shareholders (15,540,388) (18,088,124)
------------ ------------
Capital Shares Net increase (decrease) in net assets derived from capital
Transactions shares transactions (9,864,377) 100,706,623
(Note 4): ------------ ------------
Net Assets: Total increase (decrease) in net assets (6,805,772) 91,102,947
Beginning of period 381,546,442 290,443,495
------------ ------------
End of period* $374,740,670 $381,546,442
============ ============
<FN>
*Undistributed investment income--net $ 1,111,869 $ 530,009
============ ============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
<CAPTION>
Class A
The following per share data and ratios For the For the
have been derived from information Six Months Seven-Month
provided in the financial statements. Ended Period Ended
May 31, For the Year Ended November 30, Nov. 30,
Increase (Decrease) in Net Asset Value: 1995++ 1994++ 1993++ 1992++ 1991 1990
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 12.82 $ 13.07 $ 11.78 $ 10.95 $ 10.48 $ 10.91
Operating -------- -------- -------- -------- -------- --------
Performance: Investment income--net .03 .03 .04 .10 .16 .17
Realized and unrealized gain on
investments and foreign currency
transactions--net .60 .53 2.07 1.05 .53 (.30)
-------- -------- -------- -------- -------- --------
Total from investment operations .63 .56 2.11 1.15 .69 (.13)
-------- -------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net (.01) (.01) -- (.10) (.21) (.13)
Realized gain on investments--net (.51) (.80) (.82) (.22) (.01) (.17)
-------- -------- -------- -------- -------- --------
Total dividends and distributions (.52) (.81) (.82) (.32) (.22) (.30)
-------- -------- -------- -------- -------- --------
Net asset value, end of period $ 12.93 $ 12.82 $ 13.07 $ 11.78 $ 10.95 $ 10.48
======== ======== ======== ======== ======== ========
Total Based on net asset value per share 5.27%+++ 4.39% 19.16% 10.67% 6.77% (1.45%)+++
Investment ======== ======== ======== ======== ======== ========
Return:**
Ratios to Expenses 1.54%* 1.44% 1.43% 1.49% 1.48% 1.59%*
Average ======== ======== ======== ======== ======== ========
Net Assets: Investment income (loss)--net .55%* .23% .32% (.19%) 1.31% 2.63%*
======== ======== ======== ======== ======== ========
Supplemental Net assets, end of period (in
Data: thousands) $326,458 $330,132 $256,203 $166,947 $165,687 $176,898
======== ======== ======== ======== ======== ========
Portfolio turnover 13.18% 40.18% 56.98% 65.93% 63.94% 34.44%
======== ======== ======== ======== ======== ========
<PAGE>
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
++Based on average shares outstanding during the period.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS (concluded)
<CAPTION>
Class B
The following per share data and ratios For the For the
have been derived from information Six Months Seven-Month
provided in the financial statements. Ended Period Ended
May 31, For the Year Ended November 30, Nov. 30,
Increase (Decrease) in Net Asset Value: 1995++ 1994++ 1993++ 1992++ 1991 1990
<S> <S> <C> <C> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 12.50 $ 12.74 $ 11.62 $ 10.82 $ 10.36 $ 10.82
Operating -------- -------- -------- -------- -------- --------
Performance: Investment income (loss)--net (.03) (.10) (.08) (.03) .04 .10
Realized and unrealized gain on
investments and foreign currency
transactions--net .58 .52 2.02 1.05 .54 (.30)
-------- -------- -------- -------- -------- --------
Total from investment operations .55 .42 1.94 1.02 .58 (.20)
-------- -------- -------- -------- -------- --------
Less dividends and distributions:
Investment income--net -- -- -- -- (.11) (.09)
Realized gain on investments--net (.51) (.66) (.82) (.22) (.01) (.17)
-------- -------- -------- -------- -------- --------
Total dividends and distributions (.51) (.66) (.82) (.22) (.12) (.26)
-------- -------- -------- -------- -------- --------
Net asset value, end of period $ 12.54 $ 12.50 $ 12.74 $ 11.62 $ 10.82 $ 10.36
======== ======== ======== ======== ======== ========
Total Based on net asset value per share 4.76%+++ 3.32% 17.87% 9.58% 5.67% (2.08%)+++
Investment ======== ======== ======== ======== ======== ========
Return:**
Ratios to Expenses, excluding account
Average maintenance and distribution fees 1.58%* 1.48% 1.46% 1.52% 1.51% 1.63%*
Net Assets: ======== ======== ======== ======== ======== ========
Expenses 2.58%* 2.48% 2.46% 2.52% 2.51% 2.63%*
======== ======== ======== ======== ======== ========
Investment income (loss)--net (.51%)* (.80%) (.72%) (1.19%) .25% 1.54%*
======== ======== ======== ======== ======== ========
<PAGE>
Supplemental Net assets, end of period (in
Data: thousands) $ 44,675 $ 49,647 $ 34,241 $ 22,925 $ 24,960 $ 22,623
======== ======== ======== ======== ======== ========
Portfolio turnover 13.18% 40.18% 56.98% 65.93% 63.94% 34.44%
======== ======== ======== ======== ======== ========
<CAPTION>
Class C Class D
For the For the For the For the
The following per share data and ratios have Six Period Six Period
been derived from information provided in the Months Oct. 21, Months Oct. 21,
financial statements. Ended 1994++ to Ended 1994++ to
May 31, Nov. 30, May 31, Nov. 30,
Increase (Decrease) in Net Asset Value: 1995++++ 1994++++ 1995++++ 1994++++
<S> <S> <C> <C> <C> <C>
Per Share Net asset value, beginning of period $ 12.51 $ 13.08 $ 12.81 $ 13.39
Operating -------- -------- -------- --------
Performance: Investment income (loss)--net (.03) (.02) .02 (.01)
Realized and unrealized gain (loss) on
investments and foreign currency
transactions--net .57 (.55) .60 (.57)
-------- -------- -------- --------
Total from investment operations .54 (.57) .62 (.58)
-------- -------- -------- --------
Less distributions from realized gain on
investments--net (.51) -- (.51) --
-------- -------- -------- --------
Net asset value, end of period $ 12.54 $ 12.51 $ 12.92 $ 12.81
======== ======== ======== ========
Total Based on net asset value per share 4.68%+++ (4.36%)+++ 5.24%+++ (4.33%)+++
Investment ======== ======== ======== ========
Return:**
Ratios to Expenses, excluding account maintenance
Average and distribution fees 1.59%* 2.00%* 1.55%* 1.98%*
Net Assets: ======== ======== ======== ========
Expenses 2.59%* 3.00%* 1.80%* 2.23%*
======== ======== ======== ========
Investment income (loss)--net (.44%)* (1.31%)* .35%* (.67%)*
======== ======== ======== ========
Supplemental Net assets, end of period (in thousands) $ 289 $ 177 $ 3,319 $ 1,591
Data: ======== ======== ======== ========
Portfolio turnover 13.18% 40.18% 13.18% 40.18%
======== ======== ======== ========
<PAGE>
<FN>
*Annualized.
**Total investment returns exclude the effect of sales loads.
++Commencement of Operations.
++++Based on average shares outstanding during the period.
+++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies:
Merrill Lynch Global Holdings, Inc. (the "Company") is registered
under the Investment Company Act of 1940 as a diversified, open-end
management investment company. These unaudited financial statements
reflect all adjustments which are, in the opinion of management,
necessary to a fair statement of the results for the interim period
presented. All such adjustments are of a normal recurring nature.
The Company offers four classes of shares under the Merrill Lynch
Select Pricing SM System. Shares of Class A and Class D are sold with
a front-end sales charge. Shares of Class B and Class C may be
subject to a contingent deferred sales charge. All classes of shares
have identical voting, dividend, liquidation and other rights and
the same terms and conditions, except that Class B, Class C and
Class D Shares bear certain expenses related to the account
maintenance of such shares, and Class B and Class C Shares also bear
certain expenses related to the distribution of such shares. Each
class has exclusive voting rights with respect to matters relating
to its account maintenance and distribution expenditures. The
following is a summary of significant accounting policies followed
by the Company.
<PAGE>
(a) Valuation of securities--Portfolio securities which are traded
on stock exchanges are valued at the last sale price on the exchange
on which such securities are traded, as of the close of business on
the day the securities are being valued or, lacking any sales, at
the last available bid price. Securities traded in the over-the-
counter market are valued at the last available bid price prior to
the time of valuation. In cases where securities are traded on more
than one exchange, the securities are valued on the exchange
designated by or under the authority of the Board of Directors as
the primary market. Securities which are traded both in the over-the-
counter market and on a stock exchange are valued according to the
broadest and most representative market. Options written are valued
at the last sale price in the case of exchange-traded options or, in
the case of options traded in the over-the-counter market, the last
asked price. Options purchased are valued at the last sale price in
the case of exchange-traded or, in the case of options traded in the
over-the-counter market, the last bid price. Short-term securities
are valued at amortized cost, which approximates market value. Other
investments, including futures contracts and related options, are
stated at market value. Securities and assets for which market value
quotations are not available are valued at their fair value as
determined in good faith by or under the direction of the Company's
Board of Directors.
(b) Foreign currency transactions--Transactions denominated in
foreign currencies are recorded at the exchange rate prevailing when
recognized. Assets and liabilities denominated in foreign currencies
are valued at the exchange rate at the end of the period. Foreign
currency transactions are the result of settling (realized) or
valuing (unrealized) assets or liabilities expressed in foreign
currencies into US dollars. Realized and unrealized gains or losses
from investments include the effects of foreign exchange rates on
investments.
(c) Derivative financial instruments--The Company may engage in
various portfolio strategies to seek to increase its return by
hedging its portfolio against adverse movements in the equity, debt
and currency markets. Losses may arise due to changes in the value
of the contract or if the counterparty does not perform under the
contract.
<PAGE>
* Options--The Company is authorized to write covered call options
and purchase put options. When the Company writes an option, an
amount equal to the premium received by the Company is reflected as
an asset and an equivalent liability. The amount of the liability is
subsequently marked to market to reflect the current market value of
the option written.
When a security is purchased or sold through an exercise of an
option, the related premium paid (or received) is added to (or
deducted from) the basis of the security acquired or deducted from
(or added to) the proceeds of the security sold. When an option
expires (or the Company enters into a closing transaction), the
Company realizes a gain or loss on the option to the extent of the
premiums received or paid (or gain or loss to the extent the cost of
the closing transaction exceeds the premium paid or received).
Written and purchased options are non-income producing investments.
* Forward foreign exchange contracts--The Company is authorized to
enter into forward foreign exchange contracts as a hedge against
either specific transactions or portfolio positions. Such contracts
are not entered on the Company's records. However, the effect on
operations is recorded from the date the Company enters into such
contracts. Premium or discount is amortized over the life of the
contracts.
* Foreign currency options and futures--The Company may also
purchase or sell listed or over-the-counter foreign currency
options, foreign currency futures and related options on foreign
currency futures as a short or long hedge against possible
variations in foreign exchange rates. Such transactions may be
effected with respect to hedges on non-US dollar denominated
securities owned by the Company, sold by the Company but not yet
delivered, or committed or anticipated to be purchased by the
Company.
* Financial futures contracts--The Company may purchase or sell
interest rate futures contracts and options on such futures
contracts for the purpose of hedging the market risk on existing
securities or the intended purchase of securities. Futures contracts
are contracts for delayed delivery of securities at a specific
future date and at a specific price or yield. Upon entering into a
contract, the Company deposits and maintains as collateral such
initial margin as required by the exchange on which the transaction
is effected. Pursuant to the contract, the Company agrees to receive
from or pay to the broker an amount of cash equal to the daily
fluctuation in value of the contract. Such receipts or payments are
known as variation margin and are recorded by the Company as
unrealized gains or losses. When the contract is closed, the Company
records a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the
time it was closed.
<PAGE>
(d) Income taxes--It is the Company's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no Federal income tax
provision is required. Under the applicable foreign tax law, a
withholding tax may be imposed on interest, dividends, and capital
gains at various rates.
(e) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Dividend income is recorded on the ex-
dividend date, except that if the ex-dividend date has passed,
certain dividends from foreign securities are recorded as soon as
the Company is informed of the ex-dividend date. Interest income is
recognized on the accrual basis. Realized gains and losses on
security transactions are determined on the identified cost basis.
(f) Prepaid registration fees--Prepaid registration fees are charged
to expense as the related shares are issued.
(g) Dividends and distributions--Dividends and distributions paid by
the Company are recorded on the ex-dividend dates.
2. Investment Advisory Agreement and Transactions
with Affiliates:
The Company has entered into an Investment Advisory Agreement with
Merrill Lynch Asset Management, L.P. ("MLAM"). The general partner
of MLAM is Princeton Services, Inc. ("PSI"), an indirect wholly-
owned subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is
the limited partner. The Company has also entered into a
Distribution Agreement and Distribution Plans with Merrill Lynch
Funds Distributor, Inc. ("MLFD" or "Distributor"), a wholly-owned
subsidiary of Merrill Lynch Group, Inc.
As compensation for its services to the Company, the Investment
Adviser receives monthly compensation at the annual rate of 1.0% of
the average daily net assets of the Company.
<PAGE>
Certain states in which shares of the Company are qualified for sale
impose limitations on the expenses of the Company. The most
restrictive annual expense limitation requires that the Investment
Adviser reimburse the Company to the extent that expenses (excluding
interest, taxes, distribution fees, brokerage fees and commissions,
and extraordinary items) exceed 2.5% of the Company's first $30
million of average daily net assets, 2.0% of the Company's next $70
million of average daily net assets, and 1.5% of the daily net
assets in excess thereof. The Investment Adviser's obligation to
reimburse the Company is limited to the amount of the investment
advisory fee. No fee payment will be made to the Investment Adviser
during any fiscal year which will cause such expenses to exceed the
most restrictive expense limitation at the time of such payment.
Pursuant to the distribution plans (the "Distribution Plans")
adopted by the Company in accordance with Rule 12b-1 under the
Investment Company Act of 1940, the Company pays the Distributor
ongoing account maintenance and distribution fees. The fees are
accrued daily and paid monthly at annual rates based upon the
average daily net assets of the shares as follows:
Account Distribution
Maintenance Fee Fee
Class B 0.25% 0.75%
Class C 0.25% 0.75%
Class D 0.25% --
Pursuant to a sub-agreement with the Distributor, Merrill Lynch,
Pierce, Fenner & Smith Inc. ("MLPF&S"), a subsidiary of ML & Co.,
also provides account maintenance and distribution services to the
Company. The ongoing account maintenance fee compensates the
Distributor and MLPF&S for providing account maintenance services to
Class B, Class C and Class D shareholders. The ongoing distribution
fee compensates the Distributor and MLPF&S for providing shareholder
and distribution-related services to Class B and Class C
shareholders.
NOTES TO FINANCIAL STATEMENTS (concluded)
<PAGE>
For the six months ended May 31, 1995, MLFD earned underwriting
discounts and MLPF&S earned dealer concessions on sales of the
Company's Class A and Class D Shares as follows:
MLFD MLPF&S
Class A $622 $10,445
Class D $311 $ 5,144
For the six months ended May 31, 1995, MLPF&S received contingent
deferred sales charges of $48,194 and $15 relating to transactions
in Class B and Class C Shares, respectively.
In addition, MLPF&S received $22,950 in commissions on the execution
of portfolio security transactions for the Company for the six
months ended May 31, 1995.
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), a wholly-
owned subsidiary of ML & Co., acts as the Company's transfer agent.
Accounting services are provided to the Company by MLAM at cost.
Certain officers and/or directors of the Company are officers and/or
directors of MLAM, PSI, MLPF&S, MLFDS, MLFD and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities,
for the six months ended May 31, 1995 were $45,771,329 and
$56,904,986, respectively.
Net realized and unrealized gains (losses) as of May 31, 1995 were
as follows:
<PAGE>
Realized
Gains Unrealized
(Losses) Gains
Long-term investments $ 4,678,774 $ 48,676,380
Foreign currency transactions (1,361,029) 24,651
----------- ------------
Total $ 3,317,745 $ 48,701,031
=========== ============
As of May 31, 1995, net unrealized appreciation for Federal income
tax purposes aggregated $48,676,380, of which $67,378,499 related to
appreciated securities and $18,702,119 related to depreciated
securities. The aggregate cost of investments at May 31, 1995 for
Federal income tax purposes was $322,523,404.
4. Capital Share Transactions:
Net increase (decrease) in net assets derived from capital share
transactions was $(9,864,377) and $100,706,623 for the six months
ended May 31, 1995 and the year ended November 30, 1994,
respectively.
Transactions in capital shares for each class were as follows:
Class A Shares for the Six Dollar
Months Ended May 31, 1995 Shares Amount
Shares sold 3,706,370 $ 45,413,855
Shares issued to shareholders
in reinvestment of dividends &
distributions 949,889 11,322,677
---------- ------------
Total issued. 4,656,259 56,736,532
Shares redeemed (5,160,069) (63,393,511)
---------- ------------
Net decrease (503,810) $ (6,656,979)
========== ============
Class A Shares for the Year Dollar
Ended November 30, 1994 Shares Amount
Shares sold 11,383,578 $152,341,771
Shares issued to shareholders
in reinvestment of dividends &
distributions 1,160,533 14,703,952
---------- ------------
Total issued 12,544,111 167,045,723
Shares redeemed (6,393,917) (84,948,853)
---------- ------------
Net increase 6,150,194 $ 82,096,870
========== ============
<PAGE>
Class B Shares for the Six Dollar
Months Ended May 31, 1995 Shares Amount
Shares sold 237,908 $ 3,058,852
Shares issued to shareholders
in reinvestment of dividends &
distributions 154,488 1,793,609
---------- ------------
Total issued 392,396 4,852,461
Shares redeemed (775,315) (9,129,708)
Automatic conversion of shares (25,167) (614,444)
---------- ------------
Net decrease (408,086) $ (4,891,691)
========== ============
Class B Shares for the Year Ended Dollar
November 30, 1994 Shares Amount
Shares sold 2,992,769 $ 39,141,551
Shares issued to shareholders
in reinvestment of distributions 131,099 1,636,117
---------- ------------
Total issued 3,123,868 40,777,668
Shares redeemed (1,737,178) (22,670,466)
Automatic conversion of shares (102,695) (1,309,366)
---------- ------------
Net increase 1,283,995 $ 16,797,836
========== ============
Class C Shares for the Six Months Dollar
Ended May 31, 1995 Shares Amount
Shares sold. 10,555 $ 124,513
Shares issued to shareholders
in reinvestment of distributions . 445 5,171
---------- ------------
Total issued 11,000 129,684
Shares redeemed (2,119) (25,731)
---------- ------------
Net increase 8,881 $ 103,953
========== ============
<PAGE>
Class C Shares for the Period
October 21, 1994++ Dollar
to November 30, 1994 Shares Amount
Shares sold 16,968 $ 221,416
Shares redeemed (2,823) (36,788)
---------- ------------
Net increase 14,145 $ 184,628
========== ============
[FN]
++Commencement of Operations.
Class D Shares for the Six Months Dollar
Ended May 31, 1995 Shares Amount
Shares sold 603,568 $ 7,230,949
Shares issued to shareholders
in reinvestment of distributions 4,932 58,733
Automatic conversion of shares 50,209 614,444
---------- ------------
Total issued 658,709 7,904,126
Shares redeemed (525,875) (6,323,786)
---------- ------------
Net increase 132,834 $ 1,580,340
========== ============
Class D Shares for the Period
October 21, 1994++ to Dollar
November 30, 1994 Shares Amount
Shares sold 24,298 $ 323,555
Automatic conversion of shares 100,258 1,309,366
---------- ------------
Total issued 124,556 1,632,921
Shares redeemed (421) (5,632)
---------- ------------
Net increase 124,135 $ 1,627,289
========== ============
++Commencement of Operations.
<PAGE>
5. Commitments:
On May 31, 1995, the Company had entered into foreign exchange
contracts under which it had agreed to purchase and sell various
foreign currencies with approximate values of $642,000 and
$2,664,000, respectively.
PORTFOLIO CHANGES
For the Quarter Ended May 31, 1995
Additions
ASM Lithography Holdings N.V.
Advanced Information Services PLC
(Foreign)
Baan Company N.V.
Baan Company N.V. (ADR)
Christian Dior S.A.
*Medpartners Inc.
P.T. Indorama Synthetics (Rights)
Palmer Wireless, Inc.
Samsung Heavy Industry
(New Shares)
Student Loan Marketing Association
Telecommunicacoes Brasileiras S.A.--
Telebras (Rights)
*Tivoli Systems Inc.
Total S.A. 'B'
*Transaction Systems
Value Health Inc.
<PAGE>
Deletions
ANZ Banking Group
Cadbury Schweppes PLC (Partially Paid)
Deutsche Bank AG
Empresas ICA Sociedad Controladora,
S.A. de C.V., 5.00% due 3/15/2004
European Vinyls Corporation
International N.V.
Hankuk Glass Industry Company Ltd.
Honda Motor Co., Ltd.
Imetal Co.
Kononklijke Van Ommeren N.V.
Mabuchi Motor Co.
Madeco S.A. (ADR)
*Medpartners Inc.
NRJ S.A.
Nestle AG
Samsung Heavy Industry (Rights)
TGV Software Inc.
Tele Danmark A/S 'B'
Telecom Argentina Stet-- France
Telecom S.A. (ADR)
Telefonica de Espana Co.
*Tivoli Systems Inc.
*Transaction Systems
Uniden Corp.
[FN]
*Added and deleted in the same quarter.
PORTFOLIO INFORMATION
Worldwide
Investments
As of 5/31/95
<PAGE>
Percent of
Ten Largest Industries Net Assets
Telecommunications 7.3%
Banking 6.5
Electronics 5.2
Multi-Industry 5.2
Business & Public Services 5.1
Broadcasting & Publishing 5.0
Merchandising 3.9
Automobiles 3.4
Chemicals 3.4
Insurance 2.9
Country of Percent of
Ten Largest Equity Holdings Origin Net Assets
AFLAC, Inc. United States 1.5%
Roche Holding AG Switzerland 1.4
Tokyo Broadcasting System Japan 1.3
China Light & Power, Co., Ltd. Hong Kong 1.2
Time Warner Inc. United States 1.1
Swire Pacific 'A' Ltd. Hong Kong 1.0
Mirage Resorts, Inc. United States 1.0
Sun Hung Kai Properties, Ltd. Hong Kong 1.0
PPG Industries, Inc. United States 0.9
Murata Manufacturing Co., Ltd. Japan 0.9
