UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
|
Investment Company Act file number |
811-06403 | |||||||
|
| ||||||||
|
Morgan Stanley Emerging Markets Fund, Inc. | ||||||||
|
(Exact name of registrant as specified in charter) | ||||||||
|
| ||||||||
|
522 Fifth Avenue, New York, New York |
|
10036 | ||||||
|
(Address of principal executive offices) |
|
(Zip code) | ||||||
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| ||||||||
|
Arthur Lev 522 Fifth Avenue, New York, New York 10036 | ||||||||
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(Name and address of agent for service) | ||||||||
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| ||||||||
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Registrant’s telephone number, including area code: |
201-830-8894 |
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Date of fiscal year end: |
December 31, 2012 |
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|
Date of reporting period: |
March 31, 2012 |
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Item 1. Schedule of Investments.
The Fund’s schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2012 (unaudited)
|
|
|
Shares |
|
Value |
| |
|
Common Stocks (97.1%) |
|
|
|
|
| |
|
Brazil (10.1%) |
|
|
|
|
| |
|
Beverages |
|
|
|
|
| |
|
Cia de Bebidas das Americas (Preference) ADR (a) |
|
106,000 |
|
$ |
4,379 |
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
| |
|
Banco do Brasil SA |
|
39,300 |
|
558 |
| |
|
Itau Unibanco Holding SA (Preference) |
|
59,300 |
|
1,135 |
| |
|
Itau Unibanco Holding SA (Preference) ADR |
|
146,063 |
|
2,803 |
| |
|
|
|
|
|
4,496 |
| |
|
Diversified Telecommunication Services |
|
|
|
|
| |
|
Telefonica Brasil SA ADR |
|
5,860 |
|
180 |
| |
|
|
|
|
|
|
| |
|
Food Products |
|
|
|
|
| |
|
BRF - Brasil Foods SA |
|
196,822 |
|
3,882 |
| |
|
|
|
|
|
|
| |
|
Household Durables |
|
|
|
|
| |
|
MRV Engenharia e Participacoes SA |
|
109,100 |
|
774 |
| |
|
PDG Realty SA Empreendimentos e Participacoes |
|
399,900 |
|
1,382 |
| |
|
|
|
|
|
2,156 |
| |
|
Information Technology Services |
|
|
|
|
| |
|
Cielo SA |
|
56,100 |
|
1,902 |
| |
|
|
|
|
|
|
| |
|
Metals & Mining |
|
|
|
|
| |
|
Vale SA (Preference) |
|
17,252 |
|
392 |
| |
|
Vale SA (Preference) ADR (a) |
|
133,688 |
|
3,033 |
| |
|
Vale SA ADR (a) |
|
13,100 |
|
306 |
| |
|
|
|
|
|
3,731 |
| |
|
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
|
Petroleo Brasileiro SA |
|
33,129 |
|
441 |
| |
|
Petroleo Brasileiro SA (Preference) |
|
238,532 |
|
3,051 |
| |
|
Petroleo Brasileiro SA ADR |
|
77,900 |
|
2,069 |
| |
|
Petroleo Brasileiro SA Sponsored ADR |
|
5,300 |
|
136 |
| |
|
Ultrapar Participacoes SA |
|
78,860 |
|
1,728 |
| |
|
|
|
|
|
7,425 |
| |
|
|
|
|
|
28,151 |
| |
|
Chile (2.7%) |
|
|
|
|
| |
|
Chemicals |
|
|
|
|
| |
|
Sociedad Quimica y Minera de Chile SA ADR |
|
26,100 |
|
1,531 |
| |
|
|
|
|
|
|
| |
|
Commercial Banks |
|
|
|
|
| |
|
Banco Santander Chile ADR |
|
16,600 |
|
1,429 |
| |
|
|
|
|
|
|
| |
|
Food & Staples Retailing |
|
|
|
|
| |
|
Cencosud SA |
|
231,710 |
|
1,532 |
| |
|
|
|
|
|
|
| |
|
Independent Power Producers & Energy Traders |
|
|
|
|
| |
|
Empresa Nacional de Electricidad SA |
|
620,861 |
|
1,118 |
| |
|
Empresa Nacional de Electricidad SA ADR |
|
3,200 |
|
173 |
| |
|
|
|
|
|
1,291 |
| |
|
|
|
Shares |
|
Value |
| |
|
Multiline Retail |
|
|
|
|
| |
|
SACI Falabella |
|
179,531 |
|
$ |
1,736 |
|
|
|
|
|
|
7,519 |
| |
|
China (11.0%) |
|
|
|
|
| |
|
Beverages |
|
|
|
|
| |
|
Tsingtao Brewery Co., Ltd. H Shares (b) |
|
86,000 |
|
465 |
| |
|
|
|
|
|
|
| |
|
Commercial Banks |
|
|
|
|
| |
|
China Construction Bank Corp. H Shares (b) |
|
4,042,810 |
|
3,124 |
| |
|
|
|
|
|
|
| |
|
Diversified Telecommunication Services |
|
|
|
|
| |
|
China Telecom Corp., Ltd. H Shares (b) |
|
4,934,000 |
|
2,732 |
| |
|
|
|
|
|
|
| |
|
Food & Staples Retailing |
|
|
|
|
| |
|
China Resources Enterprise Ltd. (b) |
|
350,000 |
|
1,221 |
| |
|
|
|
|
|
|
| |
|
Food Products |
|
|
|
|
| |
|
China Mengniu Dairy Co., Ltd. (b) |
|
1,210,000 |
|
3,545 |
| |
|
|
|
|
|
|
| |
|
Health Care Providers & Services |
|
|
|
|
| |
|
Shanghai Pharmaceuticals Holding Co., Ltd. H Shares (b)(c) |
|
586,600 |
|
940 |
| |
|
|
|
|
|
|
| |
|
Hotels, Restaurants & Leisure |
|
|
|
|
| |
|
Ajisen China Holdings Ltd. (a)(b) |
|
547,000 |
|
719 |
| |
|
|
|
|
|
|
| |
|
Independent Power Producers & Energy Traders |
|
|
|
|
| |
|
China Resources Power Holdings Co., Ltd. (b) |
|
448,300 |
|
830 |
| |
|
|
|
|
|
|
| |
|
Insurance |
|
|
|
|
| |
|
China Pacific Insurance Group Co., Ltd. H Shares (a)(b) |
|
781,600 |
|
2,420 |
| |
|
Ping An Insurance Group Co. H Shares (a)(b) |
|
327,000 |
|
2,472 |
| |
|
|
|
|
|
4,892 |
| |
|
Internet Software & Services |
|
|
|
|
| |
|
Tencent Holdings Ltd. (a)(b) |
|
149,100 |
|
4,159 |
| |
|
|
|
|
|
|
| |
|
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
|
PetroChina Co., Ltd. H Shares (b) |
|
2,214,000 |
|
3,130 |
| |
|
|
|
|
|
|
| |
|
Personal Products |
|
|
|
|
| |
|
Hengan International Group Co., Ltd. (a)(b) |
|
195,000 |
|
1,971 |
| |
|
|
|
|
|
|
| |
|
Specialty Retail |
|
|
|
|
| |
|
Belle International Holdings Ltd. (b) |
|
946,000 |
|
1,698 |
| |
|
China ZhengTong Auto Services Holdings Ltd. (a)(b)(c) |
|
593,000 |
|
594 |
| |
|
Chow Tai Fook Jewellery Group Ltd. (a)(b)(c) |
|
497,600 |
|
788 |
| |
|
|
|
|
|
3,080 |
| |
|
|
|
|
|
30,808 |
| |
|
Czech Republic (0.9%) |
|
|
|
|
| |
|
Diversified Telecommunication Services |
|
|
|
|
| |
|
Telefonica Czech Republic AS |
|
38,700 |
|
812 |
| |
|
|
|
Shares |
|
Value |
| |
|
Electric Utilities |
|
|
|
|
| |
|
CEZ AS |
|
40,700 |
|
$ |
1,749 |
|
|
|
|
|
|
2,561 |
| |
|
Egypt (0.6%) |
|
|
|
|
| |
|
Commercial Banks |
|
|
|
|
| |
|
Commercial International Bank Egypt SAE |
|
62,710 |
|
259 |
| |
|
|
|
|
|
|
| |
|
Diversified Telecommunication Services |
|
|
|
|
| |
|
Telecom Egypt Co. |
|
397,736 |
|
933 |
| |
|
|
|
|
|
|
| |
|
Food Products |
|
|
|
|
| |
|
Juhayna Food Industries (c) |
|
549,002 |
|
400 |
| |
|
|
|
|
|
1,592 |
| |
|
Hong Kong (0.7%) |
|
|
|
|
| |
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
| |
|
Samsonite International SA (c) |
|
1,023,300 |
|
1,861 |
| |
|
|
|
|
|
|
| |
|
Hungary (0.8%) |
|
|
|
|
| |
|
Pharmaceuticals |
|
|
|
|
| |
|
Richter Gedeon Nyrt |
|
13,286 |
|
2,279 |
| |
|
|
|
|
|
|
| |
|
India (7.3%) |
|
|
|
|
| |
|
Automobiles |
|
|
|
|
| |
|
Tata Motors Ltd. |
|
438,035 |
|
2,367 |
| |
|
|
|
|
|
|
| |
|
Chemicals |
|
|
|
|
| |
|
Asian Paints Ltd. |
|
16,854 |
|
1,073 |
| |
|
|
|
|
|
|
| |
|
Commercial Banks |
|
|
|
|
| |
|
HDFC Bank Ltd. |
|
256,145 |
|
2,614 |
| |
|
IndusInd Bank Ltd. |
|
204,511 |
|
1,313 |
| |
|
Yes Bank Ltd. |
|
189,900 |
|
1,375 |
| |
|
|
|
|
|
5,302 |
| |
|
Construction & Engineering |
|
|
|
|
| |
|
Larsen & Toubro Ltd. |
|
36,586 |
|
940 |
| |
|
|
|
|
|
|
| |
|
Construction Materials |
|
|
|
|
| |
|
ACC Ltd. |
|
55,138 |
|
1,471 |
| |
|
|
|
|
|
|
| |
|
Information Technology Services |
|
|
|
|
| |
|
Tata Consultancy Services Ltd. |
|
65,162 |
|
1,495 |
| |
|
|
|
|
|
|
| |
|
Metals & Mining |
|
|
|
|
| |
|
Jindal Steel & Power Ltd. |
|
85,781 |
|
918 |
| |
|
Tata Steel Ltd. |
|
161,345 |
|
1,494 |
| |
|
|
|
|
|
2,412 |
| |
|
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
|
Reliance Industries Ltd. |
|
48,808 |
|
719 |
| |
|
|
|
Shares |
|
Value |
| |
|
Pharmaceuticals |
|
|
|
|
| |
|
Dr. Reddy’s Laboratories Ltd. |
|
48,192 |
|
$ |
1,669 |
|
|
Glenmark Pharmaceuticals Ltd. |
|
184,760 |
|
1,122 |
| |
|
|
|
|
|
2,791 |
| |
|
Tobacco |
|
|
|
|
| |
|
ITC Ltd. |
|
433,207 |
|
1,929 |
| |
|
|
|
|
|
20,499 |
| |
|
Indonesia (5.0%) |
|
|
|
|
| |
|
Automobiles |
|
|
|
|
| |
|
Astra International Tbk PT |
|
331,100 |
|
2,678 |
| |
|
|
|
|
|
|
| |
|
Commercial Banks |
|
|
|
|
| |
|
Bank Central Asia Tbk PT |
|
1,276,500 |
|
1,117 |
| |
|
Bank Mandiri Tbk PT |
|
2,455,500 |
|
1,839 |
| |
|
|
|
|
|
2,956 |
| |
|
Diversified Telecommunication Services |
|
|
|
|
| |
|
Telekomunikasi Indonesia Tbk PT |
|
3,002,000 |
|
2,298 |
| |
|
|
|
|
|
|
| |
|
Food Products |
|
|
|
|
| |
|
Indofood Sukses Makmur Tbk PT |
|
2,491,500 |
|
1,321 |
| |
|
|
|
|
|
|
| |
|
Pharmaceuticals |
|
|
|
|
| |
|
Kalbe Farma Tbk PT |
|
2,488,500 |
|
966 |
| |
|
|
|
|
|
|
| |
|
Real Estate Management & Development |
|
|
|
|
| |
|
Lippo Karawaci Tbk PT |
|
27,307,500 |
|
2,389 |
| |
|
|
|
|
|
|
| |
|
Wireless Telecommunication Services |
|
|
|
|
| |
|
Indosat Tbk PT |
|
2,606,500 |
|
1,440 |
| |
|
|
|
|
|
14,048 |
| |
|
Korea, Republic of (16.1%) |
|
|
|
|
| |
|
Aerospace & Defense |
|
|
|
|
| |
|
Korea Aerospace Industries Ltd. |
|
38,120 |
|
977 |
| |
|
|
|
|
|
|
| |
|
Airlines |
|
|
|
|
| |
|
Korean Air Lines Co., Ltd. (c) |
|
24,813 |
|
1,095 |
| |
|
|
|
|
|
|
| |
|
Auto Components |
|
|
|
|
| |
|
Mando Corp. |
|
5,150 |
|
757 |
| |
|
|
|
|
|
|
| |
|
Automobiles |
|
|
|
|
| |
|
Hyundai Motor Co. |
|
20,164 |
|
4,146 |
| |
|
|
|
|
|
|
| |
|
Chemicals |
|
|
|
|
| |
|
Cheil Industries, Inc. |
|
12,787 |
|
1,081 |
| |
|
LG Chem Ltd. |
|
8,040 |
|
2,626 |
| |
|
SSCP Co., Ltd. (c) |
|
2,378 |
|
10 |
| |
|
|
|
|
|
3,717 |
| |
|
|
|
Shares |
|
Value |
| |
|
Commercial Banks |
|
|
|
|
| |
|
KB Financial Group, Inc. |
|
41,837 |
|
$ |
1,527 |
|
|
Shinhan Financial Group Co., Ltd. |
|
55,221 |
|
2,132 |
| |
|
|
|
|
|
3,659 |
| |
|
Construction & Engineering |
|
|
|
|
| |
|
Doosan Heavy Industries and Construction Co., Ltd. |
|
7,424 |
|
418 |
| |
|
Hyundai Engineering & Construction Co., Ltd. |
|
25,741 |
|
1,836 |
| |
|
|
|
|
|
2,254 |
| |
|
Household Durables |
|
|
|
|
| |
|
Woongjin Coway Co., Ltd. |
|
42,717 |
|
1,418 |
| |
|
|
|
|
|
|
| |
|
Household Products |
|
|
|
|
| |
|
LG Household & Health Care Ltd. |
|
1,932 |
|
1,015 |
| |
|
|
|
|
|
|
| |
|
Information Technology Services |
|
|
|
|
| |
|
SK C&C Co., Ltd. |
|
10,179 |
|
1,006 |
| |
|
|
|
|
|
|
| |
|
Insurance |
|
|
|
|
| |
|
Samsung Fire & Marine Insurance Co., Ltd. |
|
6,678 |
|
1,261 |
| |
|
|
|
|
|
|
| |
|
Internet Software & Services |
|
|
|
|
| |
|
NHN Corp. |
|
6,557 |
|
1,505 |
| |
|
|
|
|
|
|
| |
|
Machinery |
|
|
|
|
| |
|
Hyundai Heavy Industries Co., Ltd. |
|
7,322 |
|
2,078 |
| |
|
Samsung Heavy Industries Co., Ltd. |
|
21,850 |
|
728 |
| |
|
|
|
|
|
2,806 |
| |
|
Media |
|
|
|
|
| |
|
Cheil Worldwide, Inc. |
|
38,270 |
|
611 |
| |
|
SM Entertainment Co. (c) |
|
16,156 |
|
684 |
| |
|
|
|
|
|
1,295 |
| |
|
Metals & Mining |
|
|
|
|
| |
|
Hyundai Steel Co. |
|
12,124 |
|
1,091 |
| |
|
|
|
|
|
|
| |
|
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
|
SK Innovation Co., Ltd. |
|
6,472 |
|
945 |
| |
|
|
|
|
|
|
| |
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
| |
|
Samsung Electronics Co., Ltd. |
|
9,768 |
|
10,992 |
| |
|
Samsung Electronics Co., Ltd. (Preference) |
|
3,413 |
|
2,394 |
| |
|
|
|
|
|
13,386 |
| |
|
Software |
|
|
|
|
| |
|
NCSoft Corp. |
|
4,074 |
|
1,077 |
| |
|
Nexon Co., Ltd. (c) |
|
103,200 |
|
1,798 |
| |
|
|
|
|
|
2,875 |
| |
|
|
|
|
|
45,208 |
| |
|
|
|
Shares |
|
Value |
| |
|
Malaysia (2.9%) |
|
|
|
|
| |
|
Airlines |
|
|
|
|
| |
|
AirAsia Bhd |
|
1,077,900 |
|
$ |
1,214 |
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
| |
|
CIMB Group Holdings Bhd |
|
671,700 |
|
1,686 |
| |
|
|
|
|
|
|
| |
|
Industrial Conglomerates |
|
|
|
|
| |
|
Sime Darby Bhd |
|
527,500 |
|
1,677 |
| |
|
|
|
|
|
|
| |
|
Wireless Telecommunication Services |
|
|
|
|
| |
|
Axiata Group Bhd |
|
2,176,600 |
|
3,695 |
| |
|
|
|
|
|
8,272 |
| |
|
Mexico (3.3%) |
|
|
|
|
| |
|
Beverages |
|
|
|
|
| |
|
Fomento Economico Mexicano SAB de CV (Units) ADR (a)(d) |
|
42,700 |
|
3,513 |
| |
|
|
|
|
|
|
| |
|
Chemicals |
|
|
|
|
| |
|
Mexichem SAB de CV |
|
272,400 |
|
1,050 |
| |
|
|
|
|
|
|
| |
|
Food & Staples Retailing |
|
|
|
|
| |
|
Wal-Mart de Mexico SAB de CV Series V |
|
630,300 |
|
2,115 |
| |
|
|
|
|
|
|
| |
|
Media |
|
|
|
|
| |
|
Grupo Televisa SAB ADR |
|
73,200 |
|
1,543 |
| |
|
|
|
|
|
|
| |
|
Metals & Mining |
|
|
|
|
| |
|
Grupo Mexico SAB de CV Series B |
|
348,500 |
|
1,100 |
| |
|
|
|
|
|
9,321 |
| |
|
Peru (1.6%) |
|
|
|
|
| |
|
Commercial Banks |
|
|
|
|
| |
|
Credicorp Ltd. |
|
19,230 |
|
2,535 |
| |
|
|
|
|
|
|
| |
|
Metals & Mining |
|
|
|
|
| |
|
Cia de Minas Buenaventura SA ADR |
|
46,550 |
|
1,876 |
| |
|
|
|
|
|
4,411 |
| |
|
Philippines (4.5%) |
|
|
|
|
| |
|
Commercial Banks |
|
|
|
|
| |
|
Metropolitan Bank & Trust |
|
1,555,519 |
|
3,165 |
| |
|
|
|
|
|
|
| |
|
Diversified Financial Services |
|
|
|
|
| |
|
Ayala Corp. |
|
207,020 |
|
1,961 |
| |
|
Metro Pacific Investments Corp. |
|
26,625,000 |
|
2,567 |
| |
|
|
|
|
|
4,528 |
| |
|
Industrial Conglomerates |
|
|
|
|
| |
|
SM Investments Corp. |
|
155,180 |
|
2,385 |
| |
|
|
|
|
|
|
| |
|
Wireless Telecommunication Services |
|
|
|
|
| |
|
Philippine Long Distance Telephone Co. |
|
38,100 |
|
2,396 |
| |
|
|
|
Shares |
|
Value |
| |
|
|
|
|
|
$ |
12,474 |
|
|
Poland (2.8%) |
|
|
|
|
| |
|
Diversified Telecommunication Services |
|
|
|
|
| |
|
Telekomunikacja Polska SA |
|
523,940 |
|
|
2,880 |
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing |
|
|
|
|
| |
|
Jeronimo Martins SGPS SA (c) |
|
204,527 |
|
4,167 |
| |
|
|
|
|
|
|
| |
|
Insurance |
|
|
|
|
| |
|
Powszechny Zaklad Ubezpieczen SA |
|
6,808 |
|
712 |
| |
|
|
|
|
|
|
| |
|
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
|
Polskie Gornictwo Naftowe i Gazownictwo SA |
|
137,157 |
|
178 |
| |
|
|
|
|
|
7,937 |
| |
|
Qatar (0.5%) |
|
|
|
|
| |
|
Industrial Conglomerates |
|
|
|
|
| |
|
Industries Qatar QSC |
|
35,900 |
|
1,385 |
| |
|
|
|
|
|
|
| |
|
Russia (3.7%) |
|
|
|
|
| |
|
Beverages |
|
|
|
|
| |
|
Central European Distribution Corp. (a)(c) |
|
84,563 |
|
432 |
| |
|
|
|
|
|
|
| |
|
Energy Equipment & Services |
|
|
|
|
| |
|
Eurasia Drilling Co., Ltd. GDR |
|
35,025 |
|
966 |
| |
|
|
|
|
|
|
| |
|
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
|
Gazprom OAO ADR |
|
178,215 |
|
2,174 |
| |
|
Lukoil OAO ADR |
|
77,232 |
|
4,649 |
| |
|
Rosneft Oil Co. (Registerd GDR) |
|
300,362 |
|
2,127 |
| |
|
|
|
|
|
8,950 |
| |
|
|
|
|
|
10,348 |
| |
|
South Africa (5.0%) |
|
|
|
|
| |
|
Beverages |
|
|
|
|
| |
|
SABMiller PLC |
|
88,699 |
|
3,553 |
| |
|
|
|
|
|
|
| |
|
Food & Staples Retailing |
|
|
|
|
| |
|
Pick n Pay Stores Ltd. |
|
272,061 |
|
1,543 |
| |
|
|
|
|
|
|
| |
|
Food Products |
|
|
|
|
| |
|
AVI Ltd. |
|
292,258 |
|
1,767 |
| |
|
|
|
|
|
|
| |
|
Health Care Providers & Services |
|
|
|
|
| |
|
Life Healthcare Group Holdings Ltd. |
|
55,400 |
|
180 |
| |
|
|
|
|
|
|
| |
|
Media |
|
|
|
|
| |
|
Naspers Ltd., Class N |
|
56,113 |
|
3,153 |
| |
|
|
|
|
|
|
| |
|
Metals & Mining |
|
|
|
|
| |
|
AngloGold Ashanti Ltd. (a) |
|
21,530 |
|
793 |
| |
|
AngloGold Ashanti Ltd. ADR (a) |
|
7,940 |
|
293 |
| |
|
|
|
|
|
1,086 |
| |
|
|
|
Shares |
|
Value |
| |
|
Multiline Retail |
|
|
|
|
| |
|
Clicks Group Ltd. |
|
255,800 |
|
$ |
1,492 |
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
|
Sasol Ltd. |
|
26,700 |
|
1,289 |
| |
|
|
|
|
|
14,063 |
| |
|
Switzerland (0.5%) |
|
|
|
|
| |
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
| |
|
Swatch Group AG (The) |
|
3,095 |
|
1,425 |
| |
|
|
|
|
|
|
| |
|
Taiwan (7.2%) |
|
|
|
|
| |
|
Capital Markets |
|
|
|
|
| |
|
Yuanta Financial Holding Co., Ltd. (c) |
|
885,000 |
|
460 |
| |
|
|
|
|
|
|
| |
|
Chemicals |
|
|
|
|
| |
|
Formosa Plastics Corp. |
|
316,000 |
|
930 |
| |
|
|
|
|
|
|
| |
|
Communications Equipment |
|
|
|
|
| |
|
HTC Corp. |
|
38,266 |
|
774 |
| |
|
|
|
|
|
|
| |
|
Computers & Peripherals |
|
|
|
|
| |
|
Asustek Computer, Inc. |
|
148,960 |
|
1,406 |
| |
|
Catcher Technology Co., Ltd. |
|
139,000 |
|
982 |
| |
|
Foxconn Technology Co., Ltd. |
|
1,000 |
|
4 |
| |
|
|
|
|
|
2,392 |
| |
|
Construction & Engineering |
|
|
|
|
| |
|
Lung Yen Life Service Corp. |
|
166,000 |
|
529 |
| |
|
|
|
|
|
|
| |
|
Construction Materials |
|
|
|
|
| |
|
Taiwan Cement Corp. |
|
802,000 |
|
939 |
| |
|
|
|
|
|
|
| |
|
Diversified Financial Services |
|
|
|
|
| |
|
Chailease Holding Co. Ltd. (c) |
|
319,000 |
|
457 |
| |
|
Fubon Financial Holding Co., Ltd. |
|
882,071 |
|
994 |
| |
|
|
|
|
|
1,451 |
| |
|
Electronic Equipment, Instruments & Components |
|
|
|
|
| |
|
Hon Hai Precision Industry Co., Ltd. |
|
1,012,133 |
|
3,927 |
| |
|
|
|
|
|
|
| |
|
Food Products |
|
|
|
|
| |
|
Uni-President Enterprises Corp. |
|
1,037,406 |
|
1,436 |
| |
|
|
|
|
|
|
| |
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
| |
|
Advanced Semiconductor Engineering, Inc. |
|
986,000 |
|
992 |
| |
|
MStar Semiconductor, Inc. |
|
201,000 |
|
1,229 |
| |
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
1,771,455 |
|
5,096 |
| |
|
|
|
|
|
7,317 |
| |
|
|
|
|
|
20,155 |
| |
|
|
|
Shares |
|
Value |
| |
|
Thailand (4.0%) |
|
|
|
|
| |
|
Airlines |
|
|
|
|
| |
|
Thai Airways International PCL (c) |
|
1,387,400 |
|
$ |
1,158 |
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
| |
|
Kasikornbank PCL (Foreign) |
|
242,900 |
|
1,232 |
| |
|
Kasikornbank PCL NVDR |
|
317,000 |
|
1,583 |
| |
|
|
|
|
|
2,815 |
| |
|
Construction Materials |
|
|
|
|
| |
|
Siam Cement PCL NVDR |
|
158,300 |
|
1,821 |
| |
|
|
|
|
|
|
| |
|
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
|
Banpu PCL |
|
88,800 |
|
1,756 |
| |
|
PTT PCL (Foreign) |
|
152,600 |
|
1,751 |
| |
|
|
|
|
|
3,507 |
| |
|
Real Estate Management & Development |
|
|
|
|
| |
|
Land and Houses PCL NVDR |
|
9,076,800 |
|
2,030 |
| |
|
|
|
|
|
11,331 |
| |
|
Turkey (3.8%) |
|
|
|
|
| |
|
Beverages |
|
|
|
|
| |
|
Anadolu Efes Biracilik Ve Malt Sanayii AS |
|
232,753 |
|
3,252 |
| |
|
Coca-Cola Icecek AS (Units) (d) |
|
65,629 |
|
837 |
| |
|
|
|
|
|
4,089 |
| |
|
Commercial Banks |
|
|
|
|
| |
|
Turkiye Garanti Bankasi AS |
|
825,505 |
|
3,270 |
| |
|
|
|
|
|
|
| |
|
Diversified Financial Services |
|
|
|
|
| |
|
Haci Omer Sabanci Holding AS |
|
340,719 |
|
1,464 |
| |
|
|
|
|
|
|
| |
|
Diversified Telecommunication Services |
|
|
|
|
| |
|
Turk Telekomunikasyon AS |
|
390,917 |
|
1,698 |
| |
|
|
|
|
|
10,521 |
| |
|
United States (2.1%) |
|
|
|
|
| |
|
Food Products |
|
|
|
|
| |
|
Mead Johnson Nutrition Co. (a) |
|
33,329 |
|
2,749 |
| |
|
|
|
|
|
|
| |
|
Hotels, Restaurants & Leisure |
|
|
|
|
| |
|
Yum! Brands, Inc. |
|
42,905 |
|
3,054 |
| |
|
|
|
|
|
5,803 |
| |
|
Total Common Stocks (Cost $232,805) |
|
|
|
271,972 |
| |
|
Investment Company (0.6%) |
|
|
|
|
| |
|
India (0.6%) |
|
|
|
|
| |
|
Morgan Stanley Growth Fund (c)(e) (Cost $277) |
|
1,573,866 |
|
1,739 |
| |
|
|
|
Shares |
|
Value |
| |
|
Short-Term Investments (10.4%) |
|
|
|
|
| |
|
Securities held as Collateral on Loaned Securities (8.0%) |
|
|
|
|
| |
|
Investment Company (6.7%) |
|
|
|
|
| |
|
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (f) |
|
18,737,684 |
|
$ |
18,738 |
|
|
|
|
Face |
|
|
| |
|
Repurchase Agreements (1.3%) |
|
|
|
|
| |
|
Barclays Capital, Inc., (0.15%, dated 3/30/12, due 4/2/12; proceeds $498; fully collateralized by a U.S. Government Agency; Federal National Mortgage Association 4.00% due 1/1/42; valued at $508) |
|
$ |
498 |
|
498 |
|
|
Merrill Lynch & Co., Inc., (0.25%, dated 3/30/12, due 4/2/12; proceeds $3,074; fully collateralized by Common Stocks; Alliance Data Systems Corp.; American International Group, Inc.; Boeing Co. (The); Energy Transfer Equity LP; Freeport-McMoRan Copper & Gold, Inc.; GNC Holdings, Inc.; Hershey Co. (The); L-3 Communications Holdings, Inc.; McKesson Corp.; Teva Pharmaceutical Industries Ltd.; Two Harbors Investment Corp.; Vale SA; valued at $3,320) |
|
3,074 |
|
3,074 |
| |
|
|
|
|
|
3,572 |
| |
|
Total Securities held as Collateral on Loaned Securities (Cost $22,310) |
|
|
|
22,310 |
| |
|
|
|
Shares |
|
|
| |
|
Investment Company (2.4%) |
|
|
|
|
| |
|
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (f) (Cost $6,669) |
|
6,669,158 |
|
6,669 |
| |
|
Total Short-Term Investments (Cost $28,979) |
|
|
|
28,979 |
| |
|
Total Investments (108.1%) (Cost $262,061) Including $21,876 of Securities Loaned (g)+ |
|
|
|
302,690 |
| |
|
Liabilities in Excess of Other Assets (-8.1%) |
|
|
|
(22,795 |
) | |
|
Net Assets (100.0%) |
|
|
|
$ |
279,895 |
|
|
(a) |
|
The value of loaned securities and related collateral outstanding at March 31, 2012 were approximately $21,876,000 and $22,377,000, respectively. The Fund received cash collateral of approximately $22,310,000 which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class as reported in the Portfolio of Investments. As of March 31, 2012, there was uninvested cash of approximately $67,000 which is not reflected in the Portfolio of Investments. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. |
|
(b) |
|
Security trades on the Hong Kong exchange. |
|
(c) |
|
Non-income producing security. |
|
(d) |
|
Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
|
(e) |
|
For the three months ended March 31, 2012, the proceeds from sales of Morgan Stanley Growth Fund, Investment Company, and its affiliated broker/dealers, which may be deemed to be affiliates of the Adviser, Administrator and Distributor under the Investment Company Act of 1940, was approximately $371,000, including net realized gains of approximately $316,000. |
|
(f) |
|
The Fund invests in the Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (the “Liquidity Funds”), an open-end management investment company managed by the Adviser. Investment advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by the Liquidity Funds with respect to assets invested by the Fund in the Liquidity Funds. |
|
(g) |
|
Securities are available for collateral in connection with open foreign currency exchange contracts. |
|
+ |
|
At March 31, 2012, the U.S. Federal income tax cost basis of investments was approximately $262,061,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was approximately $40,629,000 of which approximately $53,732,000 related to appreciated securities and approximately $13,103,000 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 contracts open at period end:
|
Counterparty |
|
Currency |
|
Value |
|
Settlement |
|
In |
|
Value |
|
Unrealized |
| |||||
|
UBS AG |
|
JPY |
17,528 |
|
$ |
212 |
|
4/12/12 |
|
USD |
210 |
|
$ |
210 |
|
$ |
(2 |
) |
|
UBS AG |
|
JPY |
23,495 |
|
284 |
|
4/12/12 |
|
USD |
282 |
|
282 |
|
(2 |
) | |||
|
UBS AG |
|
JPY |
37,754 |
|
456 |
|
4/12/12 |
|
USD |
460 |
|
460 |
|
4 |
| |||
|
UBS AG |
|
JPY |
35,057 |
|
423 |
|
4/12/12 |
|
USD |
419 |
|
419 |
|
(4 |
) | |||
|
UBS AG |
|
JPY |
10,575 |
|
128 |
|
4/12/12 |
|
USD |
127 |
|
127 |
|
(1 |
) | |||
|
|
|
|
|
|
$ |
1,503 |
|
|
|
|
|
|
$ |
1,498 |
|
$ |
(5 |
) |
|
JPY |
— |
Japanese Yen |
|
USD |
— |
United States Dollar |
Fair Value Measurement Information:
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2012. (See Notes to the Portfolio of Investments for further information regarding fair value measurement.)
|
Investment Type |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
|
Assets: |
|
|
|
|
|
|
|
|
| ||||
|
Common Stocks |
|
|
|
|
|
|
|
|
| ||||
|
Aerospace & Defense |
|
$ |
977 |
|
$ |
— |
|
$ |
— |
|
$ |
977 |
|
|
Airlines |
|
2,309 |
|
1,158 |
|
— |
|
3,467 |
| ||||
|
Auto Components |
|
757 |
|
— |
|
— |
|
757 |
| ||||
|
Automobiles |
|
9,191 |
|
— |
|
— |
|
9,191 |
| ||||
|
Beverages |
|
16,431 |
|
— |
|
— |
|
16,431 |
| ||||
|
Capital Markets |
|
460 |
|
— |
|
— |
|
460 |
| ||||
|
Chemicals |
|
8,301 |
|
— |
|
— |
|
8,301 |
| ||||
|
Commercial Banks |
|
33,383 |
|
1,313 |
|
— |
|
34,696 |
| ||||
|
Communications Equipment |
|
774 |
|
— |
|
— |
|
774 |
| ||||
|
Computers & Peripherals |
|
2,392 |
|
— |
|
— |
|
2,392 |
| ||||
|
Construction & Engineering |
|
3,723 |
|
— |
|
— |
|
3,723 |
| ||||
|
Construction Materials |
|
4,231 |
|
— |
|
— |
|
4,231 |
| ||||
|
Diversified Financial Services |
|
7,443 |
|
— |
|
— |
|
7,443 |
| ||||
|
Diversified Telecommunication Services |
|
11,532 |
|
— |
|
— |
|
11,532 |
| ||||
|
Electric Utilities |
|
1,749 |
|
— |
|
— |
|
1,749 |
| ||||
|
Electronic Equipment, Instruments & Components |
|
3,927 |
|
— |
|
— |
|
3,927 |
| ||||
|
Energy Equipment & Services |
|
966 |
|
— |
|
— |
|
966 |
| ||||
|
Food & Staples Retailing |
|
10,578 |
|
— |
|
— |
|
10,578 |
| ||||
|
Food Products |
|
15,100 |
|
— |
|
— |
|
15,100 |
| ||||
|
Health Care Providers & Services |
|
1,120 |
|
— |
|
— |
|
1,120 |
| ||||
|
Hotels, Restaurants & Leisure |
|
3,773 |
|
— |
|
— |
|
3,773 |
| ||||
|
Household Durables |
|
3,574 |
|
— |
|
— |
|
3,574 |
| ||||
|
Household Products |
|
1,015 |
|
— |
|
— |
|
1,015 |
| ||||
|
Independent Power Producers & Energy Traders |
|
2,121 |
|
— |
|
— |
|
2,121 |
| ||||
|
Industrial Conglomerates |
|
5,447 |
|
— |
|
— |
|
5,447 |
| ||||
|
Information Technology Services |
|
4,403 |
|
— |
|
— |
|
4,403 |
| ||||
|
Insurance |
|
6,865 |
|
— |
|
— |
|
6,865 |
| ||||
|
Internet Software & Services |
|
5,664 |
|
— |
|
— |
|
5,664 |
| ||||
|
Machinery |
|
2,806 |
|
— |
|
— |
|
2,806 |
| ||||
|
Media |
|
5,991 |
|
— |
|
— |
|
5,991 |
| ||||
|
Metals & Mining |
|
11,296 |
|
— |
|
— |
|
11,296 |
| ||||
|
Multiline Retail |
|
3,228 |
|
— |
|
— |
|
3,228 |
| ||||
|
Oil, Gas & Consumable Fuels |
|
24,392 |
|
1,751 |
|
— |
|
26,143 |
| ||||
|
Personal Products |
|
1,971 |
|
— |
|
— |
|
1,971 |
| ||||
|
Pharmaceuticals |
|
6,037 |
|
— |
|
— |
|
6,037 |
| ||||
|
Real Estate Management & Development |
|
4,419 |
|
— |
|
— |
|
4,419 |
| ||||
|
Semiconductors & Semiconductor Equipment |
|
20,703 |
|
— |
|
— |
|
20,703 |
| ||||
|
Software |
|
2,875 |
|
— |
|
— |
|
2,875 |
| ||||
|
Specialty Retail |
|
3,080 |
|
— |
|
— |
|
3,080 |
| ||||
|
Textiles, Apparel & Luxury Goods |
|
3,286 |
|
— |
|
— |
|
3,286 |
| ||||
|
Tobacco |
|
1,929 |
|
— |
|
— |
|
1,929 |
| ||||
|
Wireless Telecommunication Services |
|
7,531 |
|
— |
|
— |
|
7,531 |
| ||||
|
Total Common Stocks |
|
267,750 |
|
4,222 |
|
— |
|
271,972 |
| ||||
|
Investment Company |
|
1,739 |
|
— |
|
— |
|
1,739 |
| ||||
|
Short-Term Investments |
|
|
|
|
|
|
|
|
| ||||
|
Investment Company |
|
25,407 |
|
— |
|
— |
|
25,407 |
| ||||
|
Repurchase Agreements |
|
— |
|
3,572 |
|
— |
|
3,572 |
| ||||
|
Total Short-Term Investments |
|
25,407 |
|
3,572 |
|
— |
|
28,979 |
| ||||
|
Foreign Currency Exchange Contracts |
|
— |
|
4 |
|
— |
|
4 |
| ||||
|
Total Assets |
|
294,896 |
|
7,798 |
|
— |
|
302,694 |
| ||||
|
Liabilities: |
|
|
|
|
|
|
|
|
| ||||
|
Foreign Currency Exchange Contracts |
|
— |
|
(9 |
) |
— |
|
(9 |
) | ||||
|
Total |
|
$ |
294,896 |
|
$ |
7,789 |
|
$ |
— |
|
$ |
302,685 |
|
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Fund recognizes transfers between the levels as of the end of the period. As of March 31, 2012, securities with a total value of approximately $2,909,000 transferred from Level 1 to Level 2. Securities which were valued using unadjusted quoted prices at December 31, 2011 were valued using other significant observable inputs at March 31, 2012.
Morgan Stanley Emerging Markets Fund, Inc.
Notes to the Portfolio of Investments · March 31, 2012 (unaudited)
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 ask prices. 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. Short-term 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’ fair value, in which case these securities will be valued at their fair value as determined in good faith under procedures adopted 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.
Fair Value Measurement: Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM (“ASC”) 820, “Fair Value Measurements and Disclosure” (“ASC 820”), defines fair value as the value 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 of the Fund’s investments. The inputs are summarized in the three broad levels listed below.
· Level 1 — unadjusted 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. 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
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
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.
(a) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto.
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.
Morgan Stanley Emerging Markets Fund, Inc.
|
/s/ Arthur Lev |
|
|
Arthur Lev |
|
|
Principal Executive Officer |
|
|
May 22, 2012 |
|
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.
|
/s/ Arthur Lev |
|
|
Arthur Lev |
|
|
Principal Executive Officer |
|
|
May 22, 2012 |
|
|
|
|
|
/s/ Francis Smith |
|
|
Francis Smith |
|
|
Principal Financial Officer |
|
|
May 22, 2012 |
|