MERRILL LYNCH
GLOBAL
HOLDINGS, INC.
FUND LOGO
Quarterly Report
February 28, 1998
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.
Statements and other information herein are as dated and are subject
to change.
Merrill Lynch
Global Holdings, Inc.
Box 9011
Princeton, NJ
08543-9011
Printed on post-consumer recycled paper
<PAGE>
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
Philip M. Mandel, Secretary
Custodian
The Chase Manhattan Bank, N.A.
Global Securities Services
4 Chase MetroTech Center, 18th Floor
Brooklyn, NY 11245
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 637-3863
Merrill Lynch Global Holdings, Inc., February 28, 1998
DEAR SHAREHOLDER
During the quarter ended February 28, 1998, investors focused on the
implications that the financial crisis in Asia would have on
economic growth worldwide. In the United States, sentiment
fluctuated between a variety of outlooks. At times, US stock and
bond prices reflected expectations that the slowdown in Asian
economic growth would lead to a sharp decline in US business
activity and, ultimately, a deflationary environment. During other
periods, US investors appeared to expect that the positive trends of
a moderately expanding economy, declining unemployment, enhanced
productivity and corporate profits growth would continue, unimpeded
by the developments in Asia. To date, there have been only a few
signs that Asia's troubles are influencing US economic activity.
Industrial activity is beginning to slow, but the slowdown has not
spread to other sectors of the economy.
<PAGE>
The Federal Open Market Committee did not ease monetary policy at
its meeting in early February. Subsequently, in his Humphrey-Hawkins
testimony before Congress, Federal Reserve Board Chairman Alan
Greenspan indicated that monetary policy might remain steady for
some time. This raised concerns among US bond investors who had
expected imminent monetary policy easing. As 1998 progresses, it is
likely that investor focus will remain on developments in Asia,
their potential impact on the US economy, and the Federal Reserve
Board's response to them.
Portfolio Matters
For the quarter ended February 28, 1998, the total returns for
Merrill Lynch Global Holdings, Inc.'s Class A, Class B, Class C and
Class D Shares were +8.69%, +8.42%, +8.38% and +8.61%, respectively,
compared to the total return for the unmanaged Morgan Stanley
Capital International (MSCI) World Stock Index of +11.02%. Although
nine of the fund's ten top holdings outperformed the MSCI World
Stock Index during the February quarter, the fund's overall
portfolio returns were hindered by continued exposure to companies
in the emerging markets of Asia. The fund's investments in the
energy sector also negatively impacted performance.
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 in our upcoming report to shareholders.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Lawrence R. Fuller)
Lawrence R. Fuller
Portfolio Manager
March 26, 1998
<PAGE>
Effective March 4, 1998, Lawrence R. Fuller is responsible for the
day-to-day management of Merrill Lynch Global Holdings, Inc. Mr.
Fuller has been employed by the Investment Adviser since 1997 as
First Vice President and Portfolio Manager and from 1992 to 1997 as
Vice President and Portfolio Manager.
PERFORMANCE DATA
About Fund
Performance
Investors are 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 approximately 8 years. (There is no initial
sales charge for automatic share conversions.)
* 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).
None of the past results shown should be considered a representation
of future performance. Figures shown in the "Average Annual Total
Return" tables assume reinvestment of all dividends and capital
gains distributions at net asset value on the ex-dividend date.
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.
<PAGE>
<TABLE>
Recent
Performance
Results*
<CAPTION>
12 Month 3 Month Since Inception
Total Return Total Return Total Return
<S> <C> <C> <C>
ML Global Holdings, Inc. Class A Shares +13.60% + 8.69% +435.54%
ML Global Holdings, Inc. Class B Shares +12.43 + 8.42 +131.36
ML Global Holdings, Inc. Class C Shares +12.40 + 8.38 + 38.60
ML Global Holdings, Inc. Class D Shares +13.31 + 8.61 + 42.34
World Stock Index** +24.11 +11.02 +653.50/+153.53/+67.97
<FN>
*Investment results shown for each of the Company's classes of
shares do not reflect sales charges; results shown would be lower if
a sales charge was included. The Company's total investment returns
are based on changes in net asset values for the periods shown, and
assume reinvestment of all dividends and capital gains distributions
at net asset value on the ex-dividend date. The Company's inception
dates are: Class A Shares, 7/2/84; Class B Shares, 10/21/88; and
Class C and Class D Shares, 10/21/94.
**The Morgan Stanley 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. Since inception
total returns are for the periods from 6/30/84 to 2/28/98; from
10/31/88 to 2/28/98; and from 10/31/94 to 2/28/98, respectively.
</TABLE>
Merrill Lynch Global Holdings, Inc., February 28, 1998
PERFORMANCE DATA (concluded)
Average Annual
Total Return
% Return Without % Return With
Sales Charge Sales Charge**
Class A Shares*
<PAGE>
Year Ended 12/31/97 + 6.64% +1.04%
Five Years Ended 12/31/97 +10.75 +9.56
Ten Years Ended 12/31/97 + 9.65 +9.06
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
% Return % Return
Without CDSC With CDSC**
Class B Shares*
Year Ended 12/31/97 +5.63% +1.88%
Five Years Ended 12/31/97 +9.62 +9.62
Inception (10/21/88)
through 12/31/97 +8.56 +8.56
[FN]
*Maximum contingent deferred sales charge is 4% and is reduced to 0%
after 4 years.
**Assuming payment of applicable contingent deferred sales charge.
% Return % Return
Without CDSC With CDSC**
Class C Shares*
Year Ended 12/31/97 +5.56% +4.63%
Inception (10/21/94)
through 12/31/97 +7.88 +7.88
[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*
Year Ended 12/31/97 +6.42% +0.83%
Inception (10/21/94)
through 12/31/97 +8.77 +6.95
[FN]
*Maximum sales charge is 5.25%.
**Assuming maximum sales charge.
<PAGE>
PORTFOLIO CHANGES
For the Quarter Ended February 28, 1998
Additions
Boston Scientific Corp.
Bristol-Myers Squibb Co.
Heidelberger Druckmaschinen AG
*Indorama Synthetics
OfficeMax, Inc.
Olicom A/S
Philip Services Corp.
SGS-Thomson Microelectronics N.V.
(NY Registered Shares)
Deletions
British Petroleum Co. PLC
Cetelem S.A.
Harnischfeger Industries, Inc.
Hong Kong and China Gas Company Ltd.
Illinois Central Corp.
*Indorama Synthetics
Koninklijke Ahold N.V.
Merck & Co., Inc.
Microsoft Corp.
Molten Metal Technology, Inc.
Oracle Corporation
P.T. Indorama Synthetics (Foreign)
P.T. Telekomunikasi Indonesia (ADR)
Pharmacia & Upjohn Inc.
Sun Hung Kai Properties, Ltd.
[FN]
*Added and deleted in the same quarter.
PORTFOLIO INFORMATION
<PAGE>
Worldwide
Investments
As of 2/28/98
Percent of
Ten Largest Industries Net Assets
Banking 9.9%
Multi-Industry 6.7
Electronics 6.3
Chemicals 5.5
Retail Specialty 5.3
Pharmaceuticals 5.1
Communications Equipment 4.2
Telecommunications 4.1
Insurance 3.8
Retail 2.8
Country of Percent of
Ten Largest Equity Holdings Origin Net Assets
Roche Holdings Ltd. Switzerland 2.7%
Baan Company N.V. Netherlands 2.5
Nokia OY AS 'A' Finland 2.2
Mercury General Corp. United States 2.0
Akzo Nobel N.V. Netherlands 1.9
Siebe PLC United Kingdom 1.9
CVS Corporation United States 1.9
Home Depot, Inc. United States 1.8
Pfizer, Inc. United States 1.8
The Royal Bank of Scotland
Group PLC United Kingdom 1.8
Merrill Lynch Global Holdings, Inc., February 28, 1998
<TABLE>
SCHEDULE OF INVESTMENTS (in US dollars)
<CAPTION>
LATIN Shares Percent of
AMERICA Industries Held Investments Cost Value Net Assets
<S> <S> <C> <S> <C> <C> <C>
Argentina Banking 146,875 Banco de Galicia y Buenos
Aires S.A. (ADR)* $ 3,084,280 $ 3,616,797 0.8%
Energy 100,000 Yacimientos Petroliferos
Fiscales S.A. (YPF)(ADR)* 2,354,250 3,162,500 0.7
<PAGE>
Multi-Industry 278,810 Compania Naviera Perez
Companc S.A.C.F.I.M.F.A. 1,023,485 1,835,524 0.4
Total Investments in Argentina 6,462,015 8,614,821 1.9
Brazil Forest Products 100,000 Aracruz Celulose S.A. (ADR)* 1,835,000 1,368,750 0.3
Telecommuni- 30,000,000 Telecommunicacoes Brasileiras
cations S.A.--Telebras PN (Preferred) 1,069,928 3,663,717 0.9
Total Investments in Brazil 2,904,928 5,032,467 1.2
Mexico Chemicals 150,000 DESC, Sociedad de Fomento
Industrial, S.A. de C.V. (ADR)* 4,366,491 4,368,750 1.0
Financial 2,000,000 Grupo Financiero Banorte, S.A.
Services de C.V. (Class B) 2,113,918 2,840,376 0.7
Total Investments in Mexico 6,480,409 7,209,126 1.7
Panama Banking 75,000 Banco Latinoamericano de
Exportaciones, S.A. (E Shares) 3,704,425 3,060,938 0.7
Total Investments in Panama 3,704,425 3,060,938 0.7
Total Investments in
Latin America 19,551,777 23,917,352 5.5
MIDDLE
EAST
Israel Communications 150,000 NICE--Systems Ltd. (ADR)* 3,331,379 6,590,625 1.5
Equipment
Total Investments in the
Middle East 3,331,379 6,590,625 1.5
NORTH
AMERICA
Canada Chemicals 300,000 Agrium, Inc. 4,041,373 3,964,015 0.9
Communications 100,000 Northern Telecom Ltd. 1,474,875 5,331,250 1.2
Equipment
Environmental 200,000 Philip Services Corp. 2,398,761 1,912,500 0.5
Control Systems
Total Investments in Canada 7,915,009 11,207,765 2.6
<PAGE>
United States Banking 120,000 Bank of New York, Inc. (The) 3,130,284 7,027,500 1.6
95,000 Northern Trust Corporation 3,777,776 7,196,250 1.7
65,000 Wachovia Corporation 4,173,125 5,167,500 1.2
------------ ------------ ------
11,081,185 19,391,250 4.5
Communications 97,500 Cisco Systems, Inc. 3,206,875 6,422,813 1.5
Equipment
Electronics 85,000 Intel Corp. 1,087,344 7,618,125 1.8
90,000 Texas Instruments Inc. 2,012,563 5,208,750 1.2
------------ ------------ ------
3,099,907 12,826,875 3.0
Environmental 200,000 US Filter Corp. 6,297,223 6,787,500 1.6
Control
Insurance 150,000 Mercury General Corp. 3,010,895 8,512,500 2.0
80,000 The PMI Group, Inc. 4,385,425 5,820,000 1.3
------------ ------------ ------
7,396,320 14,332,500 3.3
Machinery & 125,000 Kennametal, Inc. 5,048,372 6,578,125 1.5
Machine Tools
Media/Publishing 1 CommScope Inc. 12 13 0.0
Medical Technology 50,000 Boston Scientifc Corp. 2,291,520 2,987,500 0.7
100,000 Johnson & Johnson 5,281,813 7,550,000 1.8
------------ ------------ ------
7,573,333 10,537,500 2.5
Oil 400,000 Global Industries Ltd. 3,636,351 6,800,000 1.6
Oil & Gas 125,000 Transocean Offshore Inc. 3,606,055 5,375,000 1.2
Producers
Packaging 500,000 Stone Container Corporation 6,133,680 5,625,000 1.3
Pharmaceuticals 25,000 Bristol-Myers Squibb Co. 2,432,138 2,504,687 0.6
90,000 Pfizer, Inc. 2,529,031 7,965,000 1.8
------------ ------------ ------
4,961,169 10,469,687 2.4
Retail 150,000 Federated Department
Stores, Inc. 4,921,701 7,031,250 1.6
Retail Specialty 110,000 CVS Corporation 5,633,409 8,146,875 1.9
125,000 Home Depot, Inc. 3,653,625 7,976,562 1.8
200,000 OfficeMax, Inc. 3,112,630 3,337,500 0.8
450,000 PETsMART, Inc. 6,002,962 3,431,250 0.8
------------ ------------ ------
18,402,626 22,892,187 5.3
<PAGE>
Total Investments in the
United States 85,364,809 135,069,700 31.3
Total Investments in
North America 93,279,818 146,277,465 33.9
PACIFIC
BASIN/ASIA
Australia Broadcasting & 351,883 News Corp., Ltd. (Ordinary) 1,873,092 2,241,220 0.5
Publishing
Total Investments in Australia 1,873,092 2,241,220 0.5
Hong Kong Multi-Industry 600,000 CITIC Pacific Ltd. 2,906,671 2,324,981 0.5
400,000 Hutchison Whampoa Ltd. 1,949,838 2,828,726 0.7
Total Investments in Hong Kong 4,856,509 5,153,707 1.2
Indonesia Real Estate 4,000,000 P.T. Jaya Real Property 3,173,463 217,143 0.1
Total Investments in Indonesia 3,173,463 217,143 0.1
</TABLE>
Merrill Lynch Global Holdings, Inc., February 28, 1998
<TABLE>
SCHEDULE OF INVESTMENTS (continued) (in US dollars)
<CAPTION>
PACIFIC BASIN/
ASIA Shares Percent of
(concluded) Industries Held Investments Cost Value Net Assets
<S> <S> <C> <S> <C> <C> <C>
Japan Broadcasting & 300,000 Tokyo Broadcasting
Publishing System, Inc. $ 3,736,661 $ 3,876,338 0.9%
Computers 300,000 NEC Corporation 3,767,865 3,353,151 0.8
60,000 Tokyo Electron Ltd. 1,883,701 2,159,334 0.5
------------ ------------ ------
5,651,566 5,512,485 1.3
Electrical 200,000 Matsushita Electric
Equipment Industrial Co. 2,837,637 2,917,162 0.7
250,000 Sumitomo Electric
Industry, Ltd. 2,791,441 3,646,453 0.8
------------ ------------ ------
5,629,078 6,563,615 1.5
<PAGE>
Electronics 30,000 Keyence Corp. 2,162,440 4,399,524 1.0
90,000 Murata Manufacturing Co., Ltd. 2,616,519 2,860,880 0.7
30,000 Sony Corp. 2,723,743 2,711,058 0.6
------------ ------------ ------
7,502,702 9,971,462 2.3
Financial 15,000 Nichiei Co. Ltd. 1,398,379 1,557,669 0.4
Services--
Consumer
Insurance 200,000 Tokio Marine & Fire
Insurance Co., Ltd. 2,445,116 2,267,142 0.5
Machinery & 500,000 Mitsubishi Heavy Industries Ltd. 3,654,178 2,179,945 0.5
Equipment
Machinery & 350,000 Minebea Co., Ltd. 2,942,184 3,884,265 0.9
Machine Tools
Merchandising 40,000 Ito-Yokado Co., Ltd. 1,760,352 2,187,872 0.5
150,000 Marui Co., Ltd. 2,736,736 2,461,356 0.6
------------ ------------ ------
4,497,088 4,649,228 1.1
Photography 100,000 Canon Inc. 1,758,792 2,290,923 0.5
Real Estate 200,000 Mitsui Fudosan Co., Ltd. 2,474,245 2,156,163 0.5
Telecommunications 400 Nippon Telephone &
Telegraph Corp. (Ordinary) 3,217,188 3,678,160 0.8
Total Investments in Japan 44,907,177 48,587,395 11.2
Malaysia Banking 1,440,799 Commerce Asset-Holding BHD 2,027,950 1,248,431 0.3
150,083 Commerce Asset-Holding BHD
(Warrants)(a) 95,215 33,329 0.0
------------ ------------ ------
2,123,165 1,281,760 0.3
Building 1,000,000 Sungei Way Holdings BHD 2,085,002 422,343 0.1
Materials
Forest Products 1,500,000 Land & General BHD (Ordinary) 2,275,824 613,079 0.1
Leisure/Tourism 800,000 Sime Darby BHD 2,837,011 1,046,322 0.2
Total Investments in Malaysia 9,321,002 3,363,504 0.7
<PAGE>
Singapore Banking 380,000 Overseas Chinese Banking Corp. 3,284,321 2,270,588 0.5
Construction & 330,000 City Development Ltd. 2,201,466 1,501,858 0.4
Housing
Newspaper/ 190,000 Singapore Press Holdings
Publishing Limited 2,976,641 2,729,412 0.6
Total Investments in Singapore 8,462,428 6,501,858 1.5
Thailand Banking 200,000 Bangkok Bank Public
Company Ltd. 2,049,723 683,721 0.2
Building 60,000 The Siam Cement Public Co.
Materials Ltd (Foreign Registered) 2,167,775 853,953 0.2
Oil--Related 100,000 PTT Exploration and Production
Public Co. (PTTEP) 1,209,092 1,302,326 0.3
Telecommuni- 438,800 Total Access Communication
cations Public Co. Ltd. 318,809 636,260 0.2
Total Investments in Thailand 5,745,399 3,476,260 0.9
Total Investments in the
Pacific Basin/Asia 78,339,070 69,541,087 16.1
WESTERN
EUROPE
Denmark Computers 100,000 Olicom A/S 3,069,952 2,712,500 0.6
Total Investments in Denmark 3,069,952 2,712,500 0.6
Finland Telecommunications 95,600 Nokia OY AS 'A' 3,283,620 9,571,281 2.2
Total Investments in Finland 3,283,620 9,571,281 2.2
France Business & 180,000 Dassault Systemes S.A. 2,382,131 7,276,910 1.7
Public Services
Electronics/ 70,000 SGS-Thomson Microelectronics
Components N.V. (NY Registered Shares) 4,033,757 5,328,750 1.3
Oil--Related 50,000 Societe Nationale Elf
Aquitane S.A. 4,845,082 5,694,330 1.3
Total Investments in France 11,260,970 18,299,990 4.3
<PAGE>
Germany Banking 70,000 Deutsche Bank AG 4,697,032 4,809,028 1.1
Chemicals 210,000 SKW Trostberg AG 5,676,684 7,170,139 1.7
Machinery & 19,600 Heidelberger Druckmaschinen AG 1,052,231 1,132,099 0.3
Equipment
Multi-Industry 110,000 Veba AG 5,056,239 7,381,228 1.7
Total Investments in Germany 16,482,186 20,492,494 4.8
Italy Retail 125,000 Gucci Group N.V. 8,151,212 5,242,187 1.2
Total Investments in Italy 8,151,212 5,242,187 1.2
Netherlands Chemicals 41,000 Akzo Nobel N.V. 5,917,636 8,325,494 1.9
Computer Software 240,000 Baan Company N.V. 2,094,885 10,854,684 2.5
Electrical & 70,000 Philips Electronics N.V. 2,440,144 5,442,011 1.3
Electronics
Steel 200,000 Ispat International N.V. 5,087,777 4,703,696 1.1
Total Investments in the
Netherlands 15,540,442 29,325,885 6.8
Norway Automobiles 400,000 Sensonor A/S 2,945,188 1,242,072 0.3
Oil--Integrated 120,000 Fred Olsen Energy ASA 2,380,861 1,807,611 0.4
Total Investments in Norway 5,326,049 3,049,683 0.7
Portugal Building 200,000 Cimpor--Cimentos de
Products Portugal S.A. 4,062,517 5,798,976 1.4
Finance 170,000 BPI--SGPS S.A.
(Registered Shares) 3,235,660 6,111,021 1.4
Total Investments in Portugal 7,298,177 11,909,997 2.8
Spain Business & 400,000 Prosegur Compania de
Public Services Seguridad S.A. 4,176,481 4,460,338 1.0
Total Investments in Spain 4,176,481 4,460,338 1.0
</TABLE>
<PAGE>
Merrill Lynch Global Holdings, Inc., February 28, 1998
<TABLE>
SCHEDULE OF INVESTMENTS (concluded) (in US dollars)
<CAPTION>
WESTERN EUROPE Shares Percent of
(concluded) Industries Held Investments Cost Value Net Assets
<S> <S> <C> <S> <C> <C> <C>
Sweden Environmental 325,000 Munters AB $ 3,401,427 $ 3,005,762 0.7%
Control
Total Investments in Sweden 3,401,427 3,005,762 0.7
Switzerland Pharmaceuticals 1,000 Roche Holdings Ltd. 5,320,796 11,718,963 2.7
Total Investments in
Switzerland 5,320,796 11,718,963 2.7
United Banking 500,000 The Royal Bank of
Kingdom Scotland Group PLC 5,132,385 7,732,440 1.8
Computer 1,100,000 Capita Group PLC 5,091,189 7,691,310 1.8
Services
Electronics 2,100,000 Astec (BSR) PLC 3,743,542 4,370,474 1.0
Energy 500,000 Enterprise Oil PLC 3,604,380 4,618,899 1.1
Home Building 611,111 The Berkeley Group PLC 6,564,040 7,113,204 1.6
Multi-Industry 911,944 BBA Group PLC 5,114,591 6,496,430 1.5
399,999 Siebe PLC 4,107,799 8,272,045 1.9
------------ ------------ ------
9,222,390 14,768,475 3.4
Total Investments in the
United Kingdom 33,357,926 46,294,802 10.7
Total Investments in
Western Europe 116,669,238 166,083,882 38.5
SHORT-TERM Face
SECURITIES Amount Issue
United States Commercial US$ 20,000,000 Delaware Funding Corp.,
Paper** 5.51% due 3/16/1998 19,951,022 19,951,022 4.6
402,000 General Motors Acceptance
Corp., 5.69% due 3/02/1998 401,873 401,873 0.1
<PAGE>
Total Investments in
Short-Term Securities 20,352,895 20,352,895 4.7
Total Investments $331,524,177 432,763,306 100.2
============
Liabilities in Excess of Other Assets (836,489) (0.2)
------------ ------
Net Assets $431,926,817 100.0%
============ ======
Net Asset Value: Class A--Based on net assets of $348,065,024
and 24,228,342 shares outstanding $ 14.37
============
Class B--Based on net assets of $68,729,629
and 5,014,428 shares outstanding $ 13.71
============
Class C--Based on net assets of $6,571,749
and 481,546 shares outstanding $ 13.65
============
Class D--Based on net assets of $8,560,415
and 598,205 shares outstanding $ 14.31
============
<FN>
*American Depositary Receipts (ADR).
**Commercial Paper is traded on a discount basis; the interest rates
shown are the discount rates paid at the time of purchase by the
Company.
(a)Warrants entitle the Company to purchase a predetermined number
of shares of common stock. The purchase price and number of shares
are subject to adjustment under conditions until the expiration
date.
</TABLE>
