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: |
3/31/10 |
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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, 2010 (unaudited)
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Value |
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Shares |
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(000) |
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COMMON STOCKS (95.7%) |
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Brazil (12.3%) |
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Beverages |
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Cia de Bebidas das Americas (Preference) ADR |
|
23,100 |
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$ |
2,117 |
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Commercial Banks |
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Banco Bradesco S.A. ADR |
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84,420 |
|
1,556 |
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Banco Bradesco S.A. (Preference) |
|
33,220 |
|
608 |
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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 Holding S.A. |
|
59,360 |
|
1,300 |
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Itau Unibanco Holding S.A. (Preference) ADR |
|
122,063 |
|
2,684 |
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6,148 |
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Food Products |
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BRF - Brasil Foods S.A. |
|
98,661 |
|
2,667 |
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Household Durables |
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MRV Engenharia e Participacoes S.A. |
|
157,500 |
|
1,107 |
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PDG Realty S.A. Empreendimentos e Participacoes |
|
130,600 |
|
1,093 |
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|
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|
|
|
|
2,200 |
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Information Technology Services |
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|
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Cielo S.A. |
|
222,600 |
|
2,114 |
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|
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Media |
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|
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NET Servicos de Comunicacao S.A. (Preference) (c) |
|
92,742 |
|
1,200 |
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|
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|
|
|
|
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|
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Metals & Mining |
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|
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|
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Vale S.A. (Preference), Class A |
|
17,252 |
|
479 |
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|
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Vale S.A. (Preference) ADR |
|
214,988 |
|
5,968 |
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|
|
|
|
|
|
6,447 |
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Oil, Gas & Consumable Fuels |
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|
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OGX Petroleo e Gas Participacoes S.A. |
|
72,800 |
|
681 |
|
|
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Petroleo Brasileiro S.A. ADR |
|
29,000 |
|
1,290 |
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|
Petroleo Brasileiro S.A. (Preference) |
|
194,932 |
|
3,863 |
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Ultrapar Participacoes S.A. (Preference) |
|
22,640 |
|
1,082 |
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|
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|
|
|
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6,916 |
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Transportation Infrastructure |
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|
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Cia de Concessoes Rodoviarias |
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22,700 |
|
496 |
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Wireless Telecommunication Services |
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|
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Tim Participacoes S.A. ADR |
|
22,100 |
|
613 |
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Vivo Participacoes S.A. (Preference) ADR |
|
44,000 |
|
1,193 |
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|
|
|
|
|
|
1,806 |
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|
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|
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32,111 |
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China/Hong Kong (17.0%) |
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Automobiles |
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|
|
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|
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Dongfeng Motor Group Co., Ltd., Class H |
|
982,000 |
|
1,596 |
|
|
|
|
|
|
|
|
|
|
|
Beverages |
|
|
|
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Tsingtao Brewery Co., Ltd., Class H |
|
106,000 |
|
533 |
|
|
|
|
|
|
|
|
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Commercial Banks |
|
|
|
|
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Bank of China Ltd., Class H |
|
2,767,000 |
|
1,475 |
|
|
|
China Citic Bank, Class H |
|
1,786,000 |
|
1,339 |
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China Construction Bank Corp., Class H |
|
4,900,000 |
|
4,014 |
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Industrial & Commercial Bank of China, Class H |
|
2,857,000 |
|
2,178 |
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|
|
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9,006 |
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Diversified Telecommunication Services |
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|
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China Telecom Corp., Ltd., Class H, |
|
1,370,000 |
|
676 |
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China Unicom Hong Kong Ltd. |
|
1,136,000 |
|
1,279 |
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|
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|
1,955 |
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Energy Equipment & Services |
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|
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China Oilfield Services Ltd., Class H |
|
782,000 |
|
1,148 |
|
|
|
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|
|
|
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Food Products |
|
|
|
|
|
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Want Want China Holdings Ltd. |
|
1,139,000 |
|
808 |
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|
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Independent Power Producers & Energy Traders |
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|
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China Longyuan Power Group Corp., Class H (c) |
|
234,000 |
|
277 |
|
|
|
China Resources Power Holdings Co., Ltd. |
|
714,300 |
|
1,529 |
|
|
|
|
|
|
|
1,806 |
|
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
Beijing Enterprises Holdings Ltd. |
|
214,000 |
|
1,487 |
|
|
|
Shanghai Industrial Holdings Ltd. |
|
443,000 |
|
2,031 |
|
|
|
|
|
|
|
3,518 |
|
|
|
Insurance |
|
|
|
|
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|
China Life Insurance Co., Ltd., Class H |
|
655,000 |
|
3,138 |
|
|
|
China Pacific Insurance Group Co., Ltd., Class H (c) |
|
362,000 |
|
1,604 |
|
|
|
Ping An Insurance Group Co. of China Ltd., Class H |
|
223,000 |
|
1,921 |
|
|
|
|
|
|
|
6,663 |
|
|
|
Machinery |
|
|
|
|
|
|
|
Sany Heavy Equipment |
|
|
|
|
|
|
|
International Holdings Co., Ltd. (c) |
|
563,000 |
|
631 |
|
|
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2010 (unaudited)
|
|
|
|
|
Value |
|
|
|
|
|
Shares |
|
(000) |
|
|
|
China/Hong Kong (cont’d) |
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
China Zhongwang Holdings Ltd. (c) |
|
1,489,600 |
|
$ |
1,309 |
|
|
Fushan International Energy Group Ltd. |
|
1,286,000 |
|
977 |
|
|
|
|
|
|
|
2,286 |
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
China Coal Energy Co. |
|
978,000 |
|
1,527 |
|
|
|
China Petroleum & Chemical Corp., Class H |
|
3,438,000 |
|
2,816 |
|
|
|
PetroChina Co., Ltd., Class H |
|
804,000 |
|
940 |
|
|
|
|
|
|
|
5,283 |
|
|
|
Personal Products |
|
|
|
|
|
|
|
Hengan International Group Co., Ltd. |
|
79,000 |
|
589 |
|
|
|
Mead Johnson Nutrition Co. |
|
25,629 |
|
1,334 |
|
|
|
|
|
|
|
1,923 |
|
|
|
Specialty Retail |
|
|
|
|
|
|
|
Belle International Holdings Ltd. |
|
1,044,000 |
|
1,404 |
|
|
|
GOME Electrical Appliances Holdings Ltd. (c) |
|
8,495,500 |
|
2,856 |
|
|
|
|
|
|
|
4,260 |
|
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
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|
China Dongxiang Group Co. |
|
704,700 |
|
508 |
|
|
|
|
|
|
|
|
|
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|
Wireless Telecommunication Services |
|
|
|
|
|
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|
China Mobile Ltd. |
|
262,000 |
|
2,521 |
|
|
|
|
|
|
|
44,445 |
|
|
|
Czech Republic (1.4%) |
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
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|
Komercni Banka A.S. |
|
11,024 |
|
2,237 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Telefonica O2 Czech Republic A.S. |
|
31,864 |
|
744 |
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities |
|
|
|
|
|
|
|
CEZ A.S. |
|
13,208 |
|
624 |
|
|
|
|
|
|
|
3,605 |
|
|
|
Egypt (2.1%) |
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Commercial International Bank |
|
198,954 |
|
2,351 |
|
|
|
|
|
|
|
|
|
|
|
Construction & Engineering |
|
|
|
|
|
|
|
Orascom Construction Industries |
|
21,082 |
|
1,011 |
|
|
|
Orascom Construction Industries GDR |
|
12,461 |
|
593 |
|
|
|
|
|
|
|
1,604 |
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Telecom Egypt |
|
523,801 |
|
1,618 |
|
|
|
|
|
|
|
5,573 |
|
|
|
Hungary (1.6%) |
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
OTP Bank plc (c) |
|
16,006 |
|
560 |
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
MOL Hungarian Oil and Gas NyRt (c) |
|
15,781 |
|
1,615 |
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
Richter Gedeon Nyrt |
|
9,135 |
|
1,976 |
|
|
|
|
|
|
|
4,151 |
|
|
|
India (9.0%) |
|
|
|
|
|
|
|
Automobiles |
|
|
|
|
|
|
|
Hero Honda Motors Ltd. |
|
22,246 |
|
964 |
|
|
|
|
|
|
|
|
|
|
|
Chemicals |
|
|
|
|
|
|
|
Asian Paints Ltd. |
|
16,854 |
|
766 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
HDFC Bank Ltd. |
|
60,310 |
|
2,597 |
|
|
|
IndusInd Bank Ltd. |
|
264,700 |
|
1,003 |
|
|
|
Yes Bank Ltd. (c) |
|
135,400 |
|
773 |
|
|
|
|
|
|
|
4,373 |
|
|
|
Construction & Engineering |
|
|
|
|
|
|
|
Hindustan Construction Co. |
|
197,848 |
|
591 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
Rural Electrification Corp. Ltd. |
|
83,877 |
|
468 |
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities |
|
|
|
|
|
|
|
KSK Energy Ventures Ltd. (c) |
|
171,500 |
|
704 |
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment |
|
|
|
|
|
|
|
Bharat Heavy Electricals Ltd. |
|
20,101 |
|
1,070 |
|
|
|
|
|
|
|
|
|
|
|
Food Products |
|
|
|
|
|
|
|
Nestle India Ltd. |
|
7,724 |
|
460 |
|
|
|
Shree Renuka Sugars Ltd. |
|
306,400 |
|
487 |
|
|
|
|
|
|
|
947 |
|
|
|
Household Products |
|
|
|
|
|
|
|
Godrej Consumer Products Ltd. |
|
93,855 |
|
546 |
|
|
|
|
|
|
|
|
|
|
|
Independent Power Producers & Energy Traders |
|
|
|
|
|
|
|
GVK Power & Infrastructure Ltd. (c) |
|
144,336 |
|
144 |
|
|
|
|
|
|
|
|
|
|
|
Information Technology Services |
|
|
|
|
|
|
|
Infosys Technologies Ltd. |
|
49,513 |
|
2,885 |
|
|
|
Wipro Ltd. |
|
67,509 |
|
1,063 |
|
|
|
|
|
|
|
3,948 |
|
|
|
Machinery |
|
|
|
|
|
|
|
Tata Motors Ltd. |
|
100,433 |
|
1,695 |
|
|
|
|
|
|
|
|
|
|
|
Media |
|
|
|
|
|
|
|
Deccan Chronicle Holdings Ltd. |
|
124,500 |
|
427 |
|
|
|
Sun TV Network Ltd. |
|
68,035 |
|
649 |
|
|
|
|
|
|
|
1,076 |
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
Hindalco Industries Ltd. |
|
269,990 |
|
1,090 |
|
|
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2010 (unaudited)
|
|
|
|
|
Value |
|
|
|
|
|
Shares |
|
(000) |
|
|
|
India (cont’d) |
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
Reliance Industries Ltd. |
|
44,505 |
|
$ |
1,065 |
|
|
|
|
|
|
|
|
|
|
Personal Products |
|
|
|
|
|
|
|
Colgate-Palmolive India Ltd. |
|
34,772 |
|
523 |
|
|
|
Marico Ltd. |
|
205,800 |
|
500 |
|
|
|
|
|
|
|
1,023 |
|
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
Dr. Reddy’s Laboratories Ltd. |
|
44,198 |
|
1,255 |
|
|
|
Glenmark Pharmaceuticals Ltd. |
|
163,473 |
|
978 |
|
|
|
|
|
|
|
2,233 |
|
|
|
Tobacco |
|
|
|
|
|
|
|
ITC Ltd. |
|
135,400 |
|
793 |
|
|
|
|
|
|
|
23,496 |
|
|
|
Indonesia (3.6%) |
|
|
|
|
|
|
|
Automobiles |
|
|
|
|
|
|
|
Astra International Tbk PT |
|
426,600 |
|
1,964 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Bank Central Asia Tbk PT |
|
2,605,000 |
|
1,575 |
|
|
|
Bank Rakyat Indonesia |
|
1,040,500 |
|
943 |
|
|
|
|
|
|
|
2,518 |
|
|
|
Construction Materials |
|
|
|
|
|
|
|
Indocement Tunggal Prakarsa Tbk PT |
|
171,500 |
|
269 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Telekomunikasi Indonesia Tbk PT |
|
1,709,500 |
|
1,512 |
|
|
|
|
|
|
|
|
|
|
|
Food Products |
|
|
|
|
|
|
|
Indofood Sukses Makmur Tbk PT |
|
2,586,500 |
|
1,073 |
|
|
|
|
|
|
|
|
|
|
|
Gas Utilities |
|
|
|
|
|
|
|
Perusahaan Gas Negara PT |
|
2,185,500 |
|
1,021 |
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
Bumi Resources Tbk PT |
|
3,162,000 |
|
782 |
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
Indosat Tbk PT |
|
366,500 |
|
221 |
|
|
|
|
|
|
|
9,360 |
|
|
|
Israel (0.5%) |
|
|
|
|
|
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
Elbit Systems Ltd. |
|
1 |
|
— |
@ |
|
|
|
|
|
|
|
|
|
|
Software |
|
|
|
|
|
|
|
Check Point Software Technologies (c) |
|
33,692 |
|
1,181 |
|
|
|
|
|
|
|
1,181 |
|
|
|
Malaysia (0.9%) |
|
|
|
|
|
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
Sime Darby Bhd |
|
431,600 |
|
1,153 |
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
Axiata Group Bhd (c) |
|
1,099,000 |
|
1,297 |
|
|
|
|
|
|
|
2,450 |
|
|
|
Mexico (5.6%) |
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
Fomento Economico Mexicano S.A.B. de C.V. ADR |
|
67,700 |
|
3,218 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Grupo Financiero Banorte S.A.B. de C.V., Class O |
|
374,800 |
|
1,663 |
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
Wal-Mart de Mexico S.A.B. de C.V. |
|
199,100 |
|
1,020 |
|
|
|
|
|
|
|
|
|
|
|
Media |
|
|
|
|
|
|
|
Grupo Televisa S.A. ADR |
|
103,900 |
|
2,184 |
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
America Movil S.A.B. de C.V., Class L ADR |
|
131,612 |
|
6,625 |
|
|
|
|
|
|
|
14,710 |
|
|
|
Philippines (1.3%) |
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Metropolitan Bank and Trust |
|
589,350 |
|
652 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
Ayala Corp. |
|
93,740 |
|
690 |
|
|
|
Metro Pacific Investments Corp. (c) |
|
9,551,000 |
|
655 |
|
|
|
|
|
|
|
1,345 |
|
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
SM Investments Corp. |
|
43,935 |
|
360 |
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
Philippine Long Distance Telephone Co. |
|
17,270 |
|
925 |
|
|
|
|
|
|
|
3,282 |
|
|
|
Poland (3.7%) |
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
Central European Distribution Corp. (c) |
|
48,551 |
|
1,700 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Bank Handlowy w Warszawie S.A. (c) |
|
27,481 |
|
770 |
|
|
|
Bank Zachodni WBK S.A. (c) |
|
12,062 |
|
869 |
|
|
|
Powszechna Kasa Oszczednosci Bank Polski S.A. |
|
194,701 |
|
2,723 |
|
|
|
|
|
|
|
4,362 |
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Telekomunikacja Polska S.A. |
|
317,018 |
|
1,799 |
|
|
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2010 (unaudited)
|
|
|
|
|
Value |
|
|
|
|
|
Shares |
|
(000) |
|
|
|
Poland (cont’d) |
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
Polski Koncern Naftowy Orlen S.A. (c) |
|
128,962 |
|
$ |
1,751 |
|
|
|
|
|
|
9,612 |
|
|
|
Russia (4.5%) |
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Sberbank of Russian Federation |
|
368,050 |
|
1,079 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Vimpel-Communications OJSC ADR |
|
25,319 |
|
466 |
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities |
|
|
|
|
|
|
|
RusHydro (c) |
|
13,350,471 |
|
701 |
|
|
|
RusHydro ADR (c) |
|
139,437 |
|
736 |
|
|
|
|
|
|
|
1,437 |
|
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
X5 Retail Group N.V. GDR (c) |
|
36,060 |
|
1,255 |
|
|
|
|
|
|
|
|
|
|
|
Food Products |
|
|
|
|
|
|
|
Wimm-Bill-Dann Foods OJSC ADR |
|
60,216 |
|
1,350 |
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
Polyus Gold Co. ADR |
|
27,568 |
|
710 |
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
LUKOIL OAO ADR |
|
68,442 |
|
3,881 |
|
|
|
Rosneft Oil Co. GDR |
|
194,265 |
|
1,540 |
|
|
|
|
|
|
|
5,421 |
|
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
Alliance Cellulose Ltd., Class B (a)(b)(c) |
|
156,075 |
|
— |
|
|
|
|
|
|
|
11,718 |
|
|
|
Singapore (0.3%) |
|
|
|
|
|
|
|
Food Products |
|
|
|
|
|
|
|
Golden Agri-Resources Ltd. (c) |
|
2,188,000 |
|
907 |
|
|
|
|
|
|
|
|
|
|
|
South Africa (7.7%) |
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
SABMiller plc |
|
86,034 |
|
2,531 |
|
|
|
|
|
|
|
|
|
|
|
Distributors |
|
|
|
|
|
|
|
Imperial Holdings Ltd. |
|
80,465 |
|
1,108 |
|
|
|
|
|
|
|
|
|
|
|
Food Products |
|
|
|
|
|
|
|
Avi Ltd. |
|
147,700 |
|
482 |
|
|
|
Tiger Brands Ltd. |
|
81,601 |
|
2,055 |
|
|
|
|
|
|
|
2,537 |
|
|
|
Media |
|
|
|
|
|
|
|
Naspers Ltd., Class N |
|
80,230 |
|
3,486 |
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
Anglo Platinum Ltd. (c) |
|
19,238 |
|
1,955 |
|
|
|
Impala Platinum Holdings Ltd. |
|
112,800 |
|
3,314 |
|
|
|
Kumba Iron Ore Ltd. |
|
21,400 |
|
1,037 |
|
|
|
|
|
|
|
6,306 |
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
MTN Group Ltd. (c) |
|
278,566 |
|
4,283 |
|
|
|
|
|
|
|
20,251 |
|
|
|
South Korea (11.5%) |
|
|
|
|
|
|
|
Auto Components |
|
|
|
|
|
|
|
Hyundai Mobis |
|
7,890 |
|
1,046 |
|
|
|
|
|
|
|
|
|
|
|
Automobiles |
|
|
|
|
|
|
|
Hyundai Motor Co. |
|
8,714 |
|
890 |
|
|
|
Kia Motors Corp. |
|
83,044 |
|
1,853 |
|
|
|
|
|
|
|
2,743 |
|
|
|
Chemicals |
|
|
|
|
|
|
|
Cheil Industries, Inc. |
|
15,971 |
|
902 |
|
|
|
LG Chem Ltd. |
|
11,177 |
|
2,376 |
|
|
|
OCI Co., Ltd. |
|
4,965 |
|
864 |
|
|
|
SSCP Co., Ltd. (c) |
|
40,153 |
|
259 |
|
|
|
|
|
|
|
4,401 |
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
KB Financial Group, Inc. |
|
16,200 |
|
782 |
|
|
|
Korea Exchange Bank |
|
29,350 |
|
350 |
|
|
|
Shinhan Financial Group Co., Ltd. |
|
53,246 |
|
2,092 |
|
|
|
|
|
|
|
3,224 |
|
|
|
Construction & Engineering |
|
|
|
|
|
|
|
Hyundai Engineering & Construction Co., Ltd. |
|
12,438 |
|
683 |
|
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
KT Corp. |
|
10,920 |
|
451 |
|
|
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components |
|
|
|
|
|
|
|
LG Display Co., Ltd. |
|
45,760 |
|
1,615 |
|
|
|
LG Display Co., Ltd. ADR |
|
18,200 |
|
322 |
|
|
|
|
|
|
|
1,937 |
|
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
Shinsegae Co., Ltd. |
|
2,165 |
|
1,024 |
|
|
|
|
|
|
|
|
|
|
|
Household Durables |
|
|
|
|
|
|
|
Woongjin Coway Co., Ltd. |
|
48,477 |
|
1,502 |
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
|
|
|
|
|
|
Korea Life Insurance Co., Ltd. (c) |
|
54,370 |
|
421 |
|
|
|
Samsung Fire & Marine Insurance Co., Ltd. (c) |
|
5,675 |
|
910 |
|
|
|
|
|
|
|
1,331 |
|
|
|
Internet Software & Services |
|
|
|
|
|
|
|
NHN Corp. (c) |
|
7,879 |
|
1,253 |
|
|
|
|
|
|
|
|
|
|
|
Media |
|
|
|
|
|
|
|
Cheil Worldwide, Inc. |
|
4,115 |
|
1,218 |
|
|
|
|
|
|
|
|
|
|
|
Personal Products |
|
|
|
|
|
|
|
Amorepacific Corp. |
|
1,178 |
|
857 |
|
|
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2010 (unaudited)
|
|
|
|
|
Value |
|
|
|
|
|
Shares |
|
(000) |
|
|
|
South Korea (cont’d) |
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
9,192 |
|
$ |
6,646 |
|
|
Samsung Electronics Co., Ltd. (Preference) |
|
2,455 |
|
1,167 |
|
|
|
|
|
|
|
7,813 |
|
|
|
Software |
|
|
|
|
|
|
|
NCSoft Corp. |
|
2,459 |
|
312 |
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
LG Telecom Ltd. |
|
29,820 |
|
203 |
|
|
|
|
|
|
|
29,998 |
|
|
|
Taiwan (7.8%) |
|
|
|
|
|
|
|
Capital Markets |
|
|
|
|
|
|
|
Yuanta Financial Holding Co., Ltd. |
|
1,106,000 |
|
664 |
|
|
|
|
|
|
|
|
|
|
|
Chemicals |
|
|
|
|
|
|
|
Taiwan Fertilizer Co., Ltd. |
|
168,000 |
|
537 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Taishin Financial Holding Co., Ltd. (c) |
|
991,987 |
|
403 |
|
|
|
|
|
|
|
|
|
|
|
Computers & Peripherals |
|
|
|
|
|
|
|
Acer, Inc. |
|
481,175 |
|
1,421 |
|
|
|
High Tech Computer Corp. |
|
43,950 |
|
513 |
|
|
|
Lite-On Technology Corp. |
|
552,000 |
|
733 |
|
|
|
Wistron Corp. |
|
506,803 |
|
921 |
|
|
|
|
|
|
|
3,588 |
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
Fubon Financial Holding Co., Ltd. (c) |
|
1,148,000 |
|
1,395 |
|
|
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components |
|
|
|
|
|
|
|
AU Optronics Corp. |
|
1,360,130 |
|
1,546 |
|
|
|
Hon Hai Precision Industry Co., Ltd. |
|
864,765 |
|
3,744 |
|
|
|
Prime View International Co., Ltd. (c) |
|
147,000 |
|
266 |
|
|
|
|
|
|
|
5,556 |
|
|
|
Food Products |
|
|
|
|
|
|
|
Uni-President Enterprises Corp. |
|
696,000 |
|
792 |
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
|
|
|
|
|
|
Cathay Financial Holding Co., Ltd. (c) |
|
1,003,150 |
|
1,674 |
|
|
|
|
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
China Steel Corp. |
|
1,335,000 |
|
1,381 |
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
Siliconware Precision Industries Co. |
|
483,000 |
|
583 |
|
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
1,948,455 |
|
3,773 |
|
|
|
|
|
|
|
4,356 |
|
|
|
|
|
|
|
20,346 |
|
|
|
Thailand (2.5%) |
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Bangkok Bank PCL NVDR |
|
313,200 |
|
1,273 |
|
|
|
Kasikornbank PCL (Foreign) |
|
242,900 |
|
774 |
|
|
|
Kasikornbank PCL NVDR |
|
88,800 |
|
265 |
|
|
|
Siam Commercial Bank PCL (Foreign) |
|
368,600 |
|
1,049 |
|
|
|
|
|
|
|
3,361 |
|
|
|
Construction Materials |
|
|
|
|
|
|
|
Siam Cement PCL NVDR |
|
72,800 |
|
579 |
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
Banpu PCL |
|
42,600 |
|
804 |
|
|
|
PTT Exploration & Production PCL (Foreign) |
|
124,000 |
|
569 |
|
|
|
PTT PCL (Foreign) |
|
60,800 |
|
493 |
|
|
|
|
|
|
|
1,866 |
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
Total Access Communication PCL |
|
722,700 |
|
838 |
|
|
|
|
|
|
|
6,644 |
|
|
|
Turkey (2.4%) |
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
Anadolu Efes Biracilik Ve Malt Sanayii A.S. |
|
85,741 |
|
904 |
|
|
|
Coca-Cola Icecek A.S. |
|
64,206 |
|
546 |
|
|
|
|
|
|
|
1,450 |
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Akbank T.A.S. |
|
141,730 |
|
915 |
|
|
|
Turkiye Garanti Bankasi A.S. |
|
337,200 |
|
1,577 |
|
|
|
Turkiye Halk Bankasi A.S. |
|
71,974 |
|
522 |
|
|
|
|
|
|
|
3,014 |
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Turk Telekomunikasyon A.S. |
|
128,063 |
|
430 |
|
|
|
|
|
|
|
|
|
|
|
Transportation Infrastructure |
|
|
|
|
|
|
|
TAV Havalimanlari Holding A.S. (c) |
|
191,871 |
|
771 |
|
|
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2010 (unaudited)
|
|
|
|
|
Value |
|
||
|
|
|
Shares |
|
(000) |
|
||
|
Turkey (cont’d) |
|
|
|
|
|
||
|
Wireless Telecommunication Services |
|
|
|
|
|
||
|
Turkcell Iletisim Hizmet A.S. |
|
121,201 |
|
$ |
739 |
|
|
|
|
|
|
|
6,404 |
|
||
|
TOTAL
COMMON STOCKS |
|
|
|
250,244 |
|
||
|
|
|
|
|
|
|
||
|
|
|
Face |
|
|
|
||
|
|
|
Amount |
|
|
|
||
|
|
|
(000) |
|
|
|
||
|
DEBT INSTRUMENT (0.0%) |
|
|
|
|
|
||
|
India (0.0%) |
|
|
|
|
|
||
|
Metals & Mining |
|
|
|
|
|
||
|
Shri Ishar Alloy Steels Ltd., Zero Coupon, (expired maturity)(a)(b)(c) (Cost $409) |
|
INR |
581 |
|
— |
|
|
|
|
|
|
|
|
|
||
|
|
|
Shares |
|
|
|
||
|
INVESTMENT COMPANY (1.0%) |
|
|
|
|
|
||
|
India (1.0%) |
|
|
|
|
|
||
|
Diversified Financial Services |
|
|
|
|
|
||
|
Morgan Stanley Growth Fund (c)(d) (Cost $332) |
|
1,903,180 |
|
2,503 |
|
||
|
|
|
|
|
|
|
||
|
SHORT-TERM INVESTMENT (3.3%) |
|
|
|
|
|
||
|
United States (3.3%) |
|
|
|
|
|
||
|
Investment Company |
|
|
|
|
|
||
|
Morgan Stanley Institutional Liquidity
Funds — Money Market Portfolio — Institutional Class (d) |
|
8,654,305 |
|
8,654 |
|
||
|
TOTAL
INVESTMENTS (100.0%) |
|
|
|
261,401 |
|
||
|
LIABILITIES IN EXCESS OF OTHER ASSETS (0.0%) |
|
|
|
(62 |
) |
||
|
NET ASSETS (100%) |
|
|
|
$ |
261,339 |
|
|
|
(a) |
Security has been deemed illiquid at March 31, 2010. |
|
(b) |
At March 31, 2010, the Portfolio held fair valued securities valued at $0, representing 0.0% 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 Portfolio’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 $332,000 at March 31, 2010. 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, 2010, advisory fees paid were reduced by $8,000 relating to the Fund’s investment in the Morgan Stanley Growth Fund. For the period ended March 31, 2010, the Fund sold 547,313 shares of the security for a realized gain of $579,000. 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, 2010, advisory fees paid were reduced by approximately $2,000 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 $3,000. For the period ended March 31, 2010, the approximate cost of purchases and sales in the Liquidity Fund were $7,396,000 and $9,193,000, respectively. |
|
@ |
Value is less than $500. |
|
+ |
At March 31, 2010, the U.S. Federal income tax cost basis of investments was approximately $209,347,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $52,054,000 of which $60,464,000 related to appreciated securities and $8,410,000 related to depreciated securities. |
|
|
|
|
ADR — |
American Depositary Receipt |
|
GDR — |
Global Depositary Receipt |
|
NVDR— |
Non-Voting Depositary Receipt |
Foreign Currency Exchange Contracts Information:
The Fund had the following foreign currency exchange contract(s) open at period end:
|
|
|
|
|
|
|
|
|
|
|
Net |
|
|||||||
|
Currency |
|
|
|
|
|
In |
|
|
|
Unrealized |
|
|||||||
|
to |
|
|
|
|
|
Exchange |
|
|
|
Appreciation |
|
|||||||
|
Deliver |
|
Value |
|
Settlement |
|
For |
|
Value |
|
(Depreciation) |
|
|||||||
|
(000) |
|
(000) |
|
Date |
|
(000) |
|
(000) |
|
(000) |
|
|||||||
|
HKD |
|
440 |
|
$ |
57 |
|
4/1/10 |
|
USD |
|
57 |
|
$ |
57 |
|
$ |
— |
@ |
|
IDR |
|
156,457 |
|
17 |
|
4/1/10 |
|
USD |
|
17 |
|
17 |
|
— |
@ |
|||
|
INR |
|
10,314 |
|
230 |
|
4/5/10 |
|
USD |
|
229 |
|
229 |
|
(1 |
) |
|||
|
INR |
|
3,763 |
|
84 |
|
4/5/10 |
|
USD |
|
83 |
|
83 |
|
(1 |
) |
|||
|
KRW |
|
2,395 |
|
2 |
|
4/1/10 |
|
USD |
|
2 |
|
2 |
|
— |
@ |
|||
|
KRW |
|
13,407 |
|
12 |
|
4/1/10 |
|
USD |
|
12 |
|
12 |
|
— |
@ |
|||
|
KRW |
|
6,775 |
|
6 |
|
4/1/10 |
|
USD |
|
6 |
|
6 |
|
— |
@ |
|||
|
USD |
|
57 |
|
57 |
|
4/1/10 |
|
EGP |
|
311 |
|
57 |
|
— |
@ |
|||
|
USD |
|
28 |
|
28 |
|
4/1/10 |
|
IDR |
|
252,945 |
|
28 |
|
— |
@ |
|||
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2010 (unaudited)
Foreign Currency Exchange Contracts Information: (cont’d)
The Fund had the following foreign currency exchange contract(s) open at period end:
|
|
|
|
|
|
|
|
|
|
|
Net |
|
|||||||
|
Currency |
|
|
|
|
|
In |
|
|
|
Unrealized |
|
|||||||
|
to |
|
|
|
|
|
Exchange |
|
|
|
Appreciation |
|
|||||||
|
Deliver |
|
Value |
|
Settlement |
|
For |
|
Value |
|
(Depreciation) |
|
|||||||
|
(000) |
|
(000) |
|
Date |
|
(000) |
|
(000) |
|
(000) |
|
|||||||
|
USD |
|
45 |
|
$ |
45 |
|
4/1/10 |
|
KRW |
|
50,531 |
|
$ |
45 |
|
$ |
— |
@ |
|
USD |
|
16 |
|
16 |
|
4/5/10 |
|
PHP |
|
743 |
|
16 |
|
— |
@ |
|||
|
USD |
|
16 |
|
16 |
|
4/5/10 |
|
PHP |
|
739 |
|
16 |
|
— |
@ |
|||
|
USD |
|
1 |
|
1 |
|
4/8/10 |
|
ZAR |
|
9 |
|
1 |
|
— |
@ |
|||
|
USD |
|
9 |
|
9 |
|
4/1/10 |
|
ZAR |
|
63 |
|
9 |
|
— |
@ |
|||
|
USD |
|
2 |
|
2 |
|
4/7/10 |
|
ZAR |
|
17 |
|
2 |
|
— |
@ |
|||
|
USD |
|
9 |
|
9 |
|
4/9/10 |
|
ZAR |
|
68 |
|
9 |
|
— |
@ |
|||
|
|
|
|
|
$ |
591 |
|
|
|
|
|
|
|
$ |
589 |
|
$ |
(2 |
) |
|
EGP |
— |
Egyptian Pound |
|
HKD |
— |
Hong Kong Dollar |
|
IDR |
— |
Indonesian Rupiah |
|
INR |
— |
Indian Rupee |
|
KRW |
— |
Korean Won |
|
PHP |
— |
Philippines Peso |
|
USD |
— |
United States Dollar |
|
ZAR |
— |
South African Rand |
Fair Value Measurement Information:
The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2010. (See Notes to Portfolio of Investments for further information regarding fair value measurement.)
|
|
|
|
|
Level 2 |
|
|
|
|
|
||||
|
|
|
|
|
Other |
|
Level 3 |
|
|
|
||||
|
|
|
Level 1 |
|
significant |
|
Significant |
|
|
|
||||
|
|
|
Quoted |
|
observable |
|
unobservable |
|
|
|
||||
|
|
|
prices |
|
inputs |
|
inputs |
|
Total |
|
||||
|
Investment Type |
|
(000) |
|
(000) |
|
(000) |
|
(000) |
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
||||
|
Common Stocks |
|
|
|
|
|
|
|
|
|
||||
|
Aerospace & Defense |
|
$ |
— |
@ |
$ |
— |
|
$ |
— |
|
$ |
— |
@ |
|
Auto Components |
|
1,046 |
|
— |
|
— |
|
1,046 |
|
||||
|
Automobiles |
|
7,267 |
|
— |
|
— |
|
7,267 |
|
||||
|
Beverages |
|
11,549 |
|
— |
|
— |
|
11,549 |
|
||||
|
Capital Markets |
|
664 |
|
— |
|
— |
|
664 |
|
||||
|
Chemicals |
|
5,704 |
|
— |
|
— |
|
5,704 |
|
||||
|
Commercial Banks |
|
44,951 |
|
— |
|
— |
** |
44,951 |
|
||||
|
Computers & Peripherals |
|
3,588 |
|
— |
|
— |
|
3,588 |
|
||||
|
Construction & Engineering |
|
2,878 |
|
— |
|
— |
|
2,878 |
|
||||
|
Construction Materials |
|
848 |
|
— |
|
— |
|
848 |
|
||||
|
Distributors |
|
1,108 |
|
— |
|
— |
|
1,108 |
|
||||
|
Diversified Financial Services |
|
3,208 |
|
— |
|
— |
|
3,208 |
|
||||
|
Diversified Telecommunicati on Services |
|
8,975 |
|
— |
|
— |
|
8,975 |
|
||||
|
Electric Utilities |
|
2,765 |
|
— |
|
— |
|
2,765 |
|
||||
|
Electrical Equipment |
|
1,070 |
|
— |
|
— |
|
1,070 |
|
||||
|
Electronic Equipment, Instruments & Components |
|
7,493 |
|
— |
|
— |
|
7,493 |
|
||||
|
Energy Equipment & Services |
|
1,148 |
|
— |
|
— |
|
1,148 |
|
||||
|
Food & Staples Retailing |
|
3,299 |
|
— |
|
— |
|
3,299 |
|
||||
|
Food Products |
|
11,081 |
|
— |
|
— |
|
11,081 |
|
||||
|
Gas Utilities |
|
1,021 |
|
— |
|
— |
|
1,021 |
|
||||
|
Household Durables |
|
3,702 |
|
— |
|
— |
|
3,702 |
|
||||
|
Household Products |
|
546 |
|
— |
|
— |
|
546 |
|
||||
|
Independent Power Producers & Energy Traders |
|
1,950 |
|
— |
|
— |
|
1,950 |
|
||||
|
Industrial Conglomerates |
|
5,031 |
|
— |
|
— |
|
5,031 |
|
||||
|
Information Technology Services |
|
6,062 |
|
— |
|
— |
|
6,062 |
|
||||
|
Insurance |
|
9,668 |
|
— |
|
— |
|
9,668 |
|
||||
|
Internet Software & Services |
|
1,253 |
|
— |
|
— |
|
1,253 |
|
||||
|
Machinery |
|
2,326 |
|
— |
|
— |
|
2,326 |
|
||||
|
Media |
|
9,164 |
|
— |
|
— |
|
9,164 |
|
||||
|
Metals & Mining |
|
18,220 |
|
— |
|
— |
|
18,220 |
|
||||
|
Oil, Gas & Consumable Fuels |
|
24,699 |
|
— |
|
— |
|
24,699 |
|
||||
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2010 (unaudited)
Fair Value Measurement Information: (cont’d)
|
|
|
|
|
Level 2 |
|
|
|
|
|
||||
|
|
|
|
|
Other |
|
Level 3 |
|
|
|
||||
|
|
|
Level 1 |
|
significant |
|
Significant |
|
|
|
||||
|
|
|
Quoted |
|
observable |
|
unobservable |
|
|
|
||||
|
|
|
prices |
|
inputs |
|
inputs |
|
Total |
|
||||
|
Investment Type |
|
(000) |
|
(000) |
|
(000) |
|
(000) |
|
||||
|
Assets: (cont’d) |
|
|
|
|
|
|
|
|
|
||||
|
Common Stocks (cont’d) |
|
|
|
|
|
|
|
|
|
||||
|
Paper & Forest Products |
|
$ |
— |
|
$ |
— |
|
$ |
— |
** |
$ |
— |
** |
|
Personal Products |
|
3,803 |
|
— |
|
— |
|
3,803 |
|
||||
|
Pharmaceuticals |
|
4,209 |
|
— |
|
— |
|
4,209 |
|
||||
|
Semiconductors & Semiconductor Equipment |
|
12,169 |
|
— |
|
— |
|
12,169 |
|
||||
|
Software |
|
1,493 |
|
— |
|
— |
|
1,493 |
|
||||
|
Specialty Retail |
|
4,260 |
|
— |
|
— |
|
4,260 |
|
||||
|
Textiles, Apparel & Luxury Goods |
|
508 |
|
— |
|
— |
|
508 |
|
||||
|
Tobacco |
|
793 |
|
— |
|
— |
|
793 |
|
||||
|
Transportation Infrastructure |
|
1,267 |
|
— |
|
— |
|
1,267 |
|
||||
|
Wireless Telecommunicati on Services |
|
19,458 |
|
— |
|
— |
|
19,458 |
|
||||
|
Total Common Stocks |
|
250,244 |
|
— |
|
— |
** |
250,244 |
|
||||
|
Debt Instruments |
|
|
|
|
|
|
|
|
|
||||
|
Metals & Mining |
|
— |
|
— |
|
— |
** |
— |
** |
||||
|
Foreign Currency Exchange Contracts |
|
— |
|
— |
@ |
— |
|
— |
@ |
||||
|
Investment Company |
|
2,503 |
|
— |
|
— |
|
2,503 |
|
||||
|
Short-Term Investments |
|
|
|
|
|
|
|
|
|
||||
|
Investment Company |
|
8,654 |
|
— |
|
— |
|
8,654 |
|
||||
|
Total Assets |
|
261,401 |
|
— |
@ |
— |
** |
261,401 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Liabilities: |
|
|
|
|
|
|
|
|
|
||||
|
Foreign Currency Exchange Contracts |
|
— |
|
2 |
|
— |
|
2 |
|
||||
|
Total Liabilities |
|
— |
|
2 |
|
— |
|
2 |
|
||||
|
Total |
|
$ |
261,401 |
|
$ |
2 |
|
$ |
— |
** |
$ |
261,399 |
|
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
|
|
|
Common |
|
Debt |
|
||
|
|
|
Stocks |
|
Instrument |
|
||
|
|
|
(000) |
|
(000) |
|
||
|
Balance as of 12/31/09 |
|
$ |
— |
** |
$ |
— |
** |
|
Accrued discounts/premiums |
|
— |
|
— |
|
||
|
Realized gain (loss) |
|
— |
|
— |
|
||
|
Change in unrealized appreciation (depreciation) |
|
— |
|
— |
|
||
|
Net purchases (sales) |
|
— |
|
— |
|
||
|
Transfers in for Level 3 |
|
— |
|
— |
|
||
|
Transfers out of Level 3 |
|
— |
|
— |
|
||
|
Balance as of 3/31/10 |
|
$ |
— |
** |
$ |
— |
** |
|
The amount of total 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 3/31/10. |
|
$ |
— |
|
$ |
— |
|
** Includes securites which are valued at zero.
Notes to Portfolio of Investments (unaudited)
In accordance with FASB ASC 820 “Fair Value Measurements and Disclosure” (“ASC 820”) (formerly known as 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. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing 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 valuing 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 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.
Security Valuation: Securities listed on a foreign exchange are valued at their closing price except as noted below. Unlisted securities and listed securities not traded on the valuation date for which market quotations are readily available 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, unless the Board of Directors (the “Directors”) determines such valuation does not reflect the securities’ market value, in which case these securities will be valued at their fair value as determined by the Directors.
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 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 17, 2010 |
|||
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 17, 2010 |
||
|
By: |
/s/ Frank Smith |
|
|
|
Name: |
Frank Smith |
||
|
Title: |
Principal Financial Officer |
||
|
Date: |
May 17, 2010 |
||