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