UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-06403 |
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MORGAN STANLEY EMERGING MARKETS FUND, INC. |
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(Exact name of registrant as specified in charter) |
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522 FIFTH AVENUE NEW YORK, NY |
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10036 |
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(Address of principal executive offices) |
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(Zip code) |
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RANDY TAKIAN 522 FIFTH AVENUE NEW YORK, NY, 10036 |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: |
1-800-231-2608 |
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Date of fiscal year end: |
12/31 |
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Date of reporting period: |
3/31/09 |
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Item 1. Schedule of Investments.
The Fund’s schedule of investment as of the close of the reporting period prepared pursuant to Rule 12-12 Regulation S-X is as follows:
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2009
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Value |
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Shares |
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(000) |
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COMMON STOCKS (95.2%) |
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(Unless Otherwise Noted) |
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Brazil (10.9%) |
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Beverages |
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Cia de Bebidas das Americas (Preference) ADR |
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24,800 |
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$ |
1,184 |
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Commercial Banks |
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Banco Bradesco S.A. ADR |
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47,700 |
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472 |
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Banco Bradesco S.A. (Preference) |
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33,000 |
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329 |
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Banco Nacional S.A. (Preference) (a)(b)(c) |
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61,598,720 |
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— |
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Itau Unibanco Banco Multiplo S.A. ADR |
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211,513 |
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2,301 |
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Itau Unibanco Banco Multiplo S.A. (Preference) |
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59,146 |
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653 |
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3,755 |
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Finance Companies |
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BM&F Bovespa S.A. |
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251,300 |
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764 |
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Food Products |
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Perdigao S.A. |
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82,661 |
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1,034 |
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Household Durables |
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PDG Realty S.A. Empreendimentos e Participacoes |
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65,300 |
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366 |
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Media |
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NET Servicos de Comunicacao S.A. (Preference) (c) |
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156,242 |
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1,135 |
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Metals & Mining |
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Cia Vale do Rio Doce ADR |
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232,588 |
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2,624 |
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Cia Vale do Rio Doce (Preference), Class A |
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17,252 |
|
199 |
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2,823 |
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Multiline Retail |
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Lojas Renner S.A. |
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58,400 |
|
361 |
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Oil, Gas & Consumable Fuels |
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Petroleo Brasileiro S.A. ADR |
|
46,026 |
|
1,128 |
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Petroleo Brasileiro S.A. (Preference) |
|
201,132 |
|
2,481 |
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3,609 |
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Specialty Retail |
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Ultrapar Participacoes S.A. (Preference) |
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23,140 |
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553 |
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Wireless Telecommunication Services |
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Vivo Participacoes S.A. ADR |
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44,600 |
|
582 |
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16,166 |
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China/Hong Kong (19.0%) |
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Automobiles |
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Dongfeng Motor Group Co., Ltd., Class H |
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3,648,000 |
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1,893 |
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Commercial Banks |
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China Construction Bank Corp., Class H |
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4,236,000 |
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2,406 |
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Industrial & Commercial Bank of China, Class H |
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3,835,000 |
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1,995 |
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4,401 |
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Communications Equipment |
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BYD Electronic International Co., Ltd. |
|
756,000 |
|
267 |
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Construction & Engineering |
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China Railway Construction Corp. Ltd., Class H (c) |
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249,500 |
|
326 |
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China Railway Group Ltd., Class H (c) |
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227,800 |
|
133 |
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459 |
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Construction Materials |
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Anhui Conch Cement Co., Ltd., Class H (c) |
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329,000 |
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1,815 |
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Diversified Telecommunication Services |
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China Communications Services Corp., Ltd., Class H |
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946,000 |
|
566 |
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China Unicom Hong Kong Ltd. |
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454,000 |
|
476 |
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1,042 |
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Independent Power Producers & Energy Traders |
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China Resources Power Holdings Co., Ltd. |
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453,000 |
|
948 |
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Datang International Power Generation Co., Ltd., Class H |
|
1,082,000 |
|
476 |
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1,424 |
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Industrial Conglomerates |
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Beijing Enterprises Holdings Ltd. |
|
167,000 |
|
702 |
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Shanghai Industrial Holdings Ltd. |
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523,000 |
|
1,448 |
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|
2,150 |
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Insurance |
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China Life Insurance Co., Ltd., Class H |
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1,036,000 |
|
3,409 |
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Ping An Insurance Group Co. of China Ltd., Class H |
|
258,500 |
|
1,543 |
|
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|
4,952 |
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Media |
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Focus Media Holding Ltd. ADR (c) |
|
67,500 |
|
459 |
|
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Oil, Gas & Consumable Fuels |
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PetroChina Co., Ltd., Class H |
|
3,070,000 |
|
2,447 |
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Specialty Retail |
|
|
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|
Belle International Holdings Ltd. |
|
1,051,000 |
|
535 |
|
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|
GOME Electrical Appliances Holdings Ltd. (a) |
|
10,375,000 |
|
1,499 |
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|
|
|
|
|
|
2,034 |
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Wireless Telecommunication Services |
|
|
|
|
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China Mobile Ltd. |
|
556,000 |
|
4,840 |
|
|
|
|
|
|
|
28,183 |
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Czech Republic (2.4%) |
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|
Commercial Banks |
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Komercni Banka A.S. |
|
11,124 |
|
1,108 |
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Diversified Telecommunication Services |
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|
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Telefonica O2 Czech Republic A.S. |
|
49,064 |
|
972 |
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Electric Utilities |
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CEZ A.S. |
|
40,708 |
|
1,453 |
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|
3,533 |
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Hungary (0.3%) |
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Pharmaceuticals |
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Richter Gedeon Nyrt |
|
4,550 |
|
496 |
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India (7.9%) |
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Automobiles |
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Hero Honda Motors Ltd. |
|
36,500 |
|
773 |
|
|
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2009
|
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Value |
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|
Shares |
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(000) |
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|
India (cont’d) |
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|
Maruti Suzuki India Ltd. |
|
40,843 |
|
$ |
633 |
|
|
|
|
|
|
|
1,406 |
|
||
|
Commercial Banks |
|
|
|
|
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|
Axis Bank Ltd. |
|
56,500 |
|
467 |
|
||
|
HDFC Bank Ltd. |
|
80,700 |
|
1,564 |
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|
State Bank of India Ltd. |
|
63,392 |
|
1,345 |
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|
Union Bank of India |
|
135,500 |
|
394 |
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|
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|
3,770 |
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|
Construction Materials |
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|
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ACC Ltd. |
|
27,890 |
|
318 |
|
||
|
India Cements Ltd. |
|
166,677 |
|
350 |
|
||
|
|
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|
668 |
|
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Electrical Equipment |
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|
|
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|
Bharat Heavy Electricals Ltd. |
|
45,730 |
|
1,370 |
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|
|
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|
|
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|
Household Products |
|
|
|
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|
Hindustan Unilever Ltd. |
|
277,291 |
|
1,300 |
|
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Information Technology Services |
|
|
|
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|
Infosys Technologies Ltd. |
|
54,532 |
|
1,425 |
|
||
|
|
|
|
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Media |
|
|
|
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Deccan Chronicle Holdings Ltd. |
|
229,500 |
|
215 |
|
||
|
|
|
|
|
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|
Oil, Gas & Consumable Fuels |
|
|
|
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|
Hindustan Petroleum Corp. Ltd. |
|
96,071 |
|
510 |
|
||
|
Oil & Natural Gas Corp. Ltd. |
|
21,100 |
|
326 |
|
||
|
|
|
|
|
836 |
|
||
|
Tobacco |
|
|
|
|
|
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ITC Ltd. |
|
204,400 |
|
745 |
|
||
|
|
|
|
|
11,735 |
|
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|
Indonesia (3.1%) |
|
|
|
|
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|
Automobiles |
|
|
|
|
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|
Astra International Tbk PT |
|
473,600 |
|
589 |
|
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|
|
|
|
|
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|
Commercial Banks |
|
|
|
|
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|
Bank Central Asia Tbk PT |
|
3,190,000 |
|
863 |
|
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|
Bank Mandiri Tbk PT |
|
2,082,000 |
|
396 |
|
||
|
Bank Rakyat Indonesia Tbk PT |
|
1,472,500 |
|
536 |
|
||
|
|
|
|
|
1,795 |
|
||
|
Diversified Telecommunication Services |
|
|
|
|
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Telekomunikasi Indonesia Tbk PT |
|
2,394,500 |
|
1,566 |
|
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|
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|
Gas Utilities |
|
|
|
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|
Perusahaan Gas Negara PT |
|
2,870,000 |
|
538 |
|
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|
|
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|
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|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
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|
Bumi Resources Tbk PT |
|
2,167,000 |
|
154 |
|
||
|
|
|
|
|
4,642 |
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|
Israel (1.8%) |
|
|
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Aerospace & Defense |
|
|
|
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|
Elbit Systems Ltd. |
|
1 |
|
— |
@ |
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|
Pharmaceuticals |
|
|
|
|
|
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|
Teva Pharmaceutical Industries Ltd. ADR |
|
40,839 |
|
1,840 |
|
||
|
|
|
|
|
|
|
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|
Software |
|
|
|
|
|
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|
Check Point Software Technologies (c) |
|
34,892 |
|
775 |
|
||
|
|
|
|
|
2,615 |
|
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|
Luxembourg (0.2%) |
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|
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|
Wireless Telecommunication Services |
|
|
|
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|
Millicom International Cellular S.A. |
|
9,383 |
|
348 |
|
||
|
|
|
|
|
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|
Malaysia (1.0%) |
|
|
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|
Commercial Banks |
|
|
|
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|
Bumiputra-Commerce Holdings Bhd |
|
213,200 |
|
402 |
|
||
|
|
|
|
|
|
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|
Electric Utilities |
|
|
|
|
|
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|
Tenaga Nasional Bhd |
|
263,500 |
|
441 |
|
||
|
|
|
|
|
|
|
||
|
Industrial Conglomerates |
|
|
|
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|
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|
Sime Darby Bhd |
|
104,100 |
|
164 |
|
||
|
|
|
|
|
|
|
||
|
Wireless Telecommunication Services |
|
|
|
|
|
||
|
Digi.com Bhd |
|
80,200 |
|
467 |
|
||
|
|
|
|
|
1,474 |
|
||
|
Mexico (3.5%) |
|
|
|
|
|
||
|
Beverages |
|
|
|
|
|
||
|
Fomento Economico Mexicano S.A.B. de C.V. ADR |
|
2,400 |
|
61 |
|
||
|
|
|
|
|
|
|
||
|
Commercial Banks |
|
|
|
|
|
||
|
Grupo Financiero Banorte S.A.B. de C.V., Class O |
|
560,600 |
|
742 |
|
||
|
|
|
|
|
|
|
||
|
Food & Staples Retailing |
|
|
|
|
|
||
|
Wal-Mart de Mexico S.A.B. de C.V., Class V |
|
142,105 |
|
332 |
|
||
|
Wal-Mart de Mexico S.A.B. de C.V. ADR (c) |
|
23,400 |
|
546 |
|
||
|
|
|
|
|
878 |
|
||
|
Household Durables |
|
|
|
|
|
||
|
Desarrolladora Homex S.A.B. de C.V. ADR (c) |
|
7,465 |
|
99 |
|
||
|
|
|
|
|
|
|
||
|
Media |
|
|
|
|
|
||
|
Grupo Televisa S.A. ADR |
|
87,600 |
|
1,195 |
|
||
|
|
|
|
|
|
|
||
|
Wireless Telecommunication Services |
|
|
|
|
|
||
|
America Movil S.A.B. de C.V., Class L ADR |
|
82,512 |
|
2,234 |
|
||
|
|
|
|
|
5,209 |
|
||
|
Pakistan (1.0%) |
|
|
|
|
|
||
|
Commercial Banks |
|
|
|
|
|
||
|
MCB Bank Ltd. |
|
184,580 |
|
324 |
|
||
|
National Bank of Pakistan (c) |
|
326,330 |
|
357 |
|
||
|
|
|
|
|
681 |
|
||
|
Diversified Telecommunication Services |
|
|
|
|
|
||
|
Pakistan Telecommunication Co., Ltd. (c) |
|
843,000 |
|
175 |
|
||
|
|
|
|
|
|
|
||
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
||
|
Oil & Gas Development Co., Ltd. |
|
549,700 |
|
492 |
|
||
|
Pakistan State Oil Co., Ltd. |
|
76,400 |
|
186 |
|
||
|
|
|
|
|
678 |
|
||
|
|
|
|
|
1,534 |
|
||
|
Panama (0.6%) |
|
|
|
|
|
||
|
Airlines |
|
|
|
|
|
||
|
Copa Holdings S.A., Class A |
|
32,805 |
|
|
940 |
|
|
|
|
|
|
|
|
|
||
|
Poland (2.8%) |
|
|
|
|
|
||
|
Commercial Banks |
|
|
|
|
|
||
|
Bank Pekao S.A. |
|
45,629 |
|
1,097 |
|
||
|
Bank Zachodni WBK S.A. |
|
16,165 |
|
317 |
|
||
|
Powszechna Kasa Oszczednosci Bank Polski S.A. |
|
172,066 |
|
1,061 |
|
||
|
|
|
|
|
2,475 |
|
||
|
Construction & Engineering |
|
|
|
|
|
||
|
PBG S.A. (c) |
|
3,916 |
|
215 |
|
||
|
|
|
|
|
|
|
||
|
Diversified Telecommunication Services |
|
|
|
|
|
||
|
Telekomunikacja Polska S.A. |
|
179,287 |
|
970 |
|
||
|
|
|
|
|
|
|
||
|
Metals & Mining |
|
|
|
|
|
||
|
KGHM Polska Miedz S.A. |
|
13,241 |
|
175 |
|
||
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2009
|
|
|
|
|
Value |
|
|
|
|
|
Shares |
|
(000) |
|
|
|
Poland (cont’d) |
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
Polskie Gornictwo Naftowe I Gazownictwo S.A. |
|
393,358 |
|
$ |
381 |
|
|
|
|
|
|
4,216 |
|
|
|
Russia (5.2%) |
|
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Vimpel-Communications OJSC ADR |
|
73,131 |
|
479 |
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities |
|
|
|
|
|
|
|
RusHydro (a)(c) |
|
18,717,482 |
|
415 |
|
|
|
|
|
|
|
|
|
|
|
Food Products |
|
|
|
|
|
|
|
Wimm-Bill-Dann Foods OJSC ADR (c) |
|
13,054 |
|
415 |
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
Polyus Gold Co. ADR |
|
34,591 |
|
792 |
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
Gazprom OAO ADR |
|
63,898 |
|
939 |
|
|
|
LUKOIL ADR |
|
73,895 |
|
2,776 |
|
|
|
Rosneft Oil Co. GDR (c) |
|
320,065 |
|
1,378 |
|
|
|
|
|
|
|
5,093 |
|
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
Alliance Cellulose Ltd., Class B (a)(b)(c) |
|
156,075 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
Mobile Telesystems OJSC ADR |
|
17,500 |
|
524 |
|
|
|
|
|
|
|
7,718 |
|
|
|
South Africa (7.3%) |
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
SABMiller plc |
|
66,617 |
|
993 |
|
|
|
|
|
|
|
|
|
|
|
Food Products |
|
|
|
|
|
|
|
Tiger Brands Ltd. |
|
83,000 |
|
1,189 |
|
|
|
|
|
|
|
|
|
|
|
Media |
|
|
|
|
|
|
|
Naspers Ltd., Class N |
|
77,730 |
|
1,316 |
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
Anglo Platinum Ltd. |
|
8,529 |
|
431 |
|
|
|
AngloGold Ashanti Ltd. |
|
46,185 |
|
1,692 |
|
|
|
AngloGold Ashanti Ltd. ADR |
|
3,310 |
|
122 |
|
|
|
Harmony Gold Mining Co., Ltd. (c) |
|
80,300 |
|
869 |
|
|
|
Harmony Gold Mining Co., Ltd. ADR (c) |
|
10,300 |
|
112 |
|
|
|
Impala Platinum Holdings Ltd. |
|
61,900 |
|
1,039 |
|
|
|
|
|
|
|
4,265 |
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
Sasol Ltd. |
|
15,233 |
|
443 |
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail |
|
|
|
|
|
|
|
Mr. Price Group Ltd. |
|
177,613 |
|
455 |
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
MTN Group Ltd. |
|
196,166 |
|
2,176 |
|
|
|
|
|
|
|
10,837 |
|
|
|
South Korea (12.9%) |
|
|
|
|
|
|
|
Automobiles |
|
|
|
|
|
|
|
Hyundai Motor Co. |
|
13,088 |
|
529 |
|
|
|
|
|
|
|
|
|
|
|
Chemicals |
|
|
|
|
|
|
|
LG Chem Ltd. |
|
13,900 |
|
888 |
|
|
|
SSCP Co., Ltd. (c) |
|
33,514 |
|
190 |
|
|
|
|
|
|
|
1,078 |
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
KB Financial Group, Inc. (c) |
|
22,180 |
|
535 |
|
|
|
Shinhan Financial Group Co., Ltd. (c) |
|
55,676 |
|
1,000 |
|
|
|
|
|
|
|
1,535 |
|
|
|
Construction & Engineering |
|
|
|
|
|
|
|
Hyundai Development Co. |
|
15,580 |
|
382 |
|
|
|
|
|
|
|
|
|
|
|
Household Durables |
|
|
|
|
|
|
|
LG Electronics, Inc. |
|
13,116 |
|
872 |
|
|
|
Woongjin Coway Co., Ltd. |
|
73,177 |
|
1,587 |
|
|
|
|
|
|
|
2,459 |
|
|
|
Insurance |
|
|
|
|
|
|
|
Samsung Fire & Marine Insurance Co., Ltd. |
|
6,872 |
|
799 |
|
|
|
|
|
|
|
|
|
|
|
Internet Software & Services |
|
|
|
|
|
|
|
NHN Corp. (c) |
|
16,459 |
|
1,809 |
|
|
|
|
|
|
|
|
|
|
|
Media |
|
|
|
|
|
|
|
Cheil Worldwide, Inc. |
|
4,704 |
|
562 |
|
|
|
|
|
|
|
|
|
|
|
Personal Products |
|
|
|
|
|
|
|
Amorepacific Corp. |
|
1,493 |
|
659 |
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
12,381 |
|
5,114 |
|
|
|
Samsung Electronics Co., Ltd. (Preference) |
|
3,306 |
|
760 |
|
|
|
|
|
|
|
5,874 |
|
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
Cheil Industries, Inc. |
|
22,548 |
|
618 |
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
|
|
|
|
KT&G Corp. |
|
20,480 |
|
1,128 |
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
LG Telecom Ltd. |
|
34,740 |
|
212 |
|
|
|
SK Telecom Co., Ltd. |
|
9,976 |
|
1,386 |
|
|
|
SK Telecom Co., Ltd. ADR |
|
9,800 |
|
151 |
|
|
|
|
|
|
|
1,749 |
|
|
|
|
|
|
|
19,181 |
|
|
|
Taiwan (9.4%) |
|
|
|
|
|
|
|
Chemicals |
|
|
|
|
|
|
|
Taiwan Fertilizer Co., Ltd. |
|
79,000 |
|
162 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
First Financial Holding Co., Ltd. |
|
938,800 |
|
435 |
|
|
|
|
|
|
|
|
|
|
|
Computers & Peripherals |
|
|
|
|
|
|
|
Acer, Inc. |
|
627,540 |
|
948 |
|
|
|
High Tech Computer Corp. |
|
135,000 |
|
1,671 |
|
|
|
Wistron Corp. |
|
943,000 |
|
1,022 |
|
|
|
|
|
|
|
3,641 |
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
Yuanta Financial Holding Co., Ltd. |
|
2,086,000 |
|
958 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Chunghwa Telecom Co., Ltd. |
|
830,801 |
|
1,515 |
|
|
|
|
|
|
|
|
|
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
HON HAI Precision Industry Co., Ltd. |
|
971,100 |
|
2,203 |
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
|
|
|
|
|
|
Cathay Financial Holding Co., Ltd. |
|
748,150 |
|
646 |
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
Siliconware Precision Industries Co. |
|
311,000 |
|
330 |
|
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
2,439,011 |
|
3,714 |
|
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. ADR |
|
46,500 |
|
416 |
|
|
|
|
|
|
|
4,460 |
|
|
|
|
|
|
|
14,020 |
|
|
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2009
|
|
|
|
|
Value |
|
|
|
|
|
Shares |
|
(000) |
|
|
|
Thailand (1.8%) |
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Bangkok Bank PCL NVDR |
|
237,100 |
|
$ |
503 |
|
|
Kasikornbank PCL (Foreign) |
|
386,800 |
|
498 |
|
|
|
Kasikornbank PCL NVDR |
|
56,900 |
|
72 |
|
|
|
Siam Commercial Bank PCL (Foreign) |
|
267,500 |
|
411 |
|
|
|
|
|
|
|
1,484 |
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
PTT Exploration & Production PCL (Foreign) |
|
132,400 |
|
367 |
|
|
|
PTT PCL (Foreign) |
|
60,800 |
|
264 |
|
|
|
|
|
|
|
631 |
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
Advanced Info Service PCL (Foreign) |
|
211,200 |
|
493 |
|
|
|
|
|
|
|
2,608 |
|
|
|
Turkey (4.1%) |
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
Anadolu Efes Biracilik Ve Malt Sanayii A.S. |
|
87,693 |
|
545 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Akbank T.A.S. |
|
497,106 |
|
1,463 |
|
|
|
Turkiye Garanti Bankasi A.S. (c) |
|
1,161,589 |
|
1,653 |
|
|
|
Turkiye Halk Bankasi A.S. |
|
198,615 |
|
436 |
|
|
|
Turkiye Is Bankasi A.S., Class C |
|
306,993 |
|
692 |
|
|
|
|
|
|
|
4,244 |
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
Haci Omer Sabanci Holding A.S. |
|
172,926 |
|
298 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Turk Telekomunikasyon A.S. (c) |
|
136,548 |
|
317 |
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
Turkcell Iletisim Hizmet A.S. |
|
123,222 |
|
603 |
|
|
|
|
|
|
|
6,007 |
|
|
|
TOTAL COMMON STOCKS (Cost $194,754) |
|
|
|
141,462 |
|
|
|
|
|
Face Amount |
|
|
|
||
|
|
|
(000) |
|
|
|
||
|
DEBT INSTRUMENT (0.0%) |
|
|
|
|
|
||
|
India (0.0%) |
|
|
|
|
|
||
|
Metals & Mining |
|
|
|
|
|
||
|
Shri Ishar Alloy Steels Ltd., Zero Coupon, (expired maturity)(a)(b) (Cost $408) |
|
INR |
581 |
|
— |
|
|
|
|
|
|
|
|
|
||
|
INVESTMENT COMPANY (1.0%) |
|
|
|
|
|
||
|
India (1.0%) |
|
|
|
|
|
||
|
Diversified Financial Services |
|
|
|
|
|
||
|
Morgan Stanley Growth Fund (c)(d) (Cost $440) |
|
2,450,493 |
|
1,498 |
|
||
|
|
|
|
|
|
|
||
|
|
|
Shares |
|
|
|
||
|
SHORT-TERM INVESTMENT (3.0%) |
|
|
|
|
|
||
|
United States (3.0%) |
|
|
|
|
|
||
|
Investment Company |
|
|
|
|
|
||
|
Morgan Stanley Institutional Liquidity
Funds — Money Market Portfolio — Institutional Class |
|
4,388,463 |
|
4,388 |
|
||
|
|
|
|
|
|
|
||
|
TOTAL INVESTMENTS (99.2%) (Cost $199,990) +(e) |
|
|
|
147,348 |
|
||
|
OTHER ASSETS IN EXCESS OF LIABILITIES (0.8%) |
|
|
|
1,165 |
|
||
|
NET ASSETS (100%) |
|
|
|
$ |
148,513 |
|
|
|
(a) |
|
Security has been deemed illiquid at March 31, 2009. |
|
(b) |
|
At March 31, 2009, the Fund held less than $500 of fair valued securities, representing less than 0.05% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Fund’s Directors. |
|
(c) |
|
Non-income producing security. |
|
(d) |
|
The Fund invests in the Morgan Stanley Growth Fund, an open-end management investment company advised by an affiliate of the Adviser. The Morgan Stanley Growth Fund has a cost basis of approximately $440,000 at March 31, 2009. Investment Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Morgan Stanley Growth Fund. For the period ended March 31, 2009, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Morgan Stanley Growth Fund. For the period ended March 31, 2009, the Fund had no purchases or sales of the security. The Fund invests in the Morgan Stanley Liquidity Funds — Money Market Portfolio — Institutional Class (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Investment advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Liquidity Fund. For the period ended March 31, 2009, advisory fees paid were reduced by approximately $1,000 relating to the Fund’s investment in the Liquidity Fund. For the same period, income distributions earned by the Fund were recorded as dividends from affiliates and totaled approximately $6,000. For the period ended March 31, 2009, the approximate cost of purchases and sales in the Liquidity Fund were $21,944,000 and $25,166,000, respectively. |
|
(e) |
|
The approximate market value and percentage of total investments, $112,713,000 and 76.5%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to Portfolio of Investments. |
|
@ |
|
Value is less than $500. |
|
+ |
|
At March 31, 2009, the U.S. Federal income tax cost basis of investments was approximately $199,990,000 and, accordingly, net unrealized depreciation for U.S. Federal income tax purposes was $52,642,000 of which $7,707,000 related to appreciated securities and $60,349,000 related to depreciated securities. |
|
ADR |
— |
American Depositary Receipt |
|
GDR |
— |
Global Depositary Receipt |
|
NVDR |
— |
Non-Voting Depositary Receipt |
Foreign Currency Exchange Contract Information:
The Fund had the following foreign currency exchange contract(s) open at period end:
|
Currency |
|
Value |
|
Settlement |
|
In |
|
Value |
|
Net |
|
|||||||
|
INR |
|
11,638 |
|
$ |
229 |
|
4/2/09 |
|
USD |
|
228 |
|
$ |
228 |
|
$ |
(1 |
) |
|
INR |
|
3,290 |
|
64 |
|
4/2/09 |
|
USD |
|
64 |
|
64 |
|
— |
@ |
|||
|
PLN |
|
42 |
|
12 |
|
4/1/09 |
|
USD |
|
12 |
|
12 |
|
— |
@ |
|||
|
PLN |
|
56 |
|
16 |
|
4/3/09 |
|
USD |
|
16 |
|
16 |
|
— |
@ |
|||
|
USD |
|
56 |
|
56 |
|
4/1/09 |
|
CZK |
|
1,154 |
|
56 |
|
— |
@ |
|||
|
USD |
|
81 |
|
81 |
|
4/1/09 |
|
INR |
|
4,114 |
|
81 |
|
— |
@ |
|||
|
USD |
|
72 |
|
72 |
|
4/1/09 |
|
INR |
|
3,674 |
|
72 |
|
— |
@ |
|||
|
USD |
|
21 |
|
21 |
|
4/1/09 |
|
INR |
|
1,049 |
|
21 |
|
— |
@ |
|||
|
USD |
|
136 |
|
136 |
|
4/1/09 |
|
MXN |
|
1,963 |
|
139 |
|
3 |
|
|||
|
USD |
|
125 |
|
125 |
|
4/2/09 |
|
MXN |
|
1,752 |
|
124 |
|
(1 |
) |
|||
|
USD |
|
26 |
|
26 |
|
4/1/09 |
|
TWD |
|
866 |
|
26 |
|
— |
@ |
|||
|
USD |
|
314 |
|
314 |
|
4/2/09 |
|
ZAR |
|
3,004 |
|
317 |
|
3 |
|
|||
|
USD |
|
109 |
|
109 |
|
4/3/09 |
|
ZAR |
|
1,043 |
|
110 |
|
1 |
|
|||
|
|
|
|
|
$ |
1,261 |
|
|
|
|
|
|
|
$ |
1,266 |
|
$ |
5 |
|
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2009
|
CZK |
— |
Czech Koruna |
|
INR |
— |
Indian Rupee |
|
MXN |
— |
Mexican Peso |
|
PLN |
— |
Polish Zloty |
|
TWD |
— |
Taiwan Dollar |
|
USD |
— |
United States Dollar |
|
ZAR |
— |
South African Rand |
Notes to Portfolio of Investments (unaudited)
The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”), effective January 1, 2008. In accordance with SFAS 157, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. SFAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below.
|
Level 1 – quoted prices in active markets for identical investments |
|
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of March 31, 2009 in valuing the Fund’s investments carried at value:
|
|
|
Investments in |
|
Other Financial |
|
||
|
|
|
Securities |
|
Instruments* |
|
||
|
Valuation Inputs - Assets |
|
(000) |
|
(000) |
|
||
|
Level 1 - Quoted Prices |
|
$ |
35,043 |
|
$ |
— |
|
|
Level 2 - Other Significant Observable Inputs |
|
112,305 |
|
7 |
|
||
|
Level 3 - Significant Unobservable Inputs |
|
— |
** |
— |
|
||
|
Total |
|
$ |
147,348 |
|
$ |
7 |
|
|
|
|
|
|
|
|
||
|
|
|
Investments in |
|
Other Financial |
|
||
|
|
|
Securities |
|
Instruments* |
|
||
|
Valuation Inputs - Liabilities |
|
(000) |
|
(000) |
|
||
|
Level 1 - Quoted Prices |
|
$ |
— |
|
$ |
— |
|
|
Level 2 - Other Significant Observable Inputs |
|
— |
|
(2 |
) |
||
|
Level 3 - Significant Unobservable Inputs |
|
— |
|
— |
|
||
|
Total |
|
$ |
— |
|
$ |
(2 |
) |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used to determine fair value.
|
|
|
Investments in |
|
|
|
|
|
|
|
Securities |
|
|
|
|
|
|
|
(000) |
|
|
|
|
|
Balance as of 12/31/08 |
|
$ |
— |
** |
|
|
|
Accrued discounts/premiums |
|
— |
|
|
|
|
|
Realized gain (loss) |
|
— |
|
|
|
|
|
Change in unrealized appreciation (depreciation) |
|
— |
|
|
|
|
|
Net purchases (sales) |
|
— |
|
|
|
|
|
Net transfers in and/or out of Level 3 |
|
— |
|
|
|
|
|
Balance as of 3/31/09 |
|
$ |
— |
** |
|
|
|
The amount of total realized gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at Level 3 at 3/31/09 |
|
— |
|
|
|
|
*Other financial instruments include forwards.
* * Includes securities which are valued at zero.
Security Valuation – Securities listed on a foreign exchange are valued at their closing price. Unlisted securities and listed securities not traded on the valuation date for which market quotations are readilya vailable are valued at the mean between the current bid and asked prices obtained from reputable brokers.Equity securities listed on a U.S. exchange are valued at the latest quoted sales price on the valuation date. Equity securities listed or traded on NASDAQ, for which market quotations are available, are valued at the NASDAQ Official Closing Price. Debt securities purchased with remaining maturities of 60 days or less are valued at amortized cost, if it approximates market value.
All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board of Directors (the “Directors”), although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
Most foreign markets close before the New York Stock Exchange (“NYSE”). Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If these developments are expected to materially affect the value of the securities, the valuations may be adjusted to reflect the estimated fair value as of the close of the NYSE, as determined in good faith under procedures established by the Directors.
Item 2. Controls and Procedures.
(a) The Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.
(b) There were no changes in the Fund’s internal control over financial reporting that occurred during the registrant’s fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.
Item 3. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
(Registrant) |
Morgan Stanley Emerging Markets Fund, Inc. |
|
||
|
By: |
/s/ Randy Takian |
|
||
|
Name: |
Randy Takian |
|||
|
Title: |
Principal Executive Officer |
|||
|
Date: |
May 19, 2009 |
|||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: |
/s/ Randy Takian |
|
|
|
Name: |
Randy Takian |
||
|
Title: |
Principal Executive Officer |
||
|
Date: |
May 19, 2009 |
||
|
By: |
/s/ James Garrett |
|
|
|
Name: |
James Garrett |
||
|
Title: |
Principal Financial Officer |
||
|
Date: |
May 19, 2009 |
||