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, New York |
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10036 | ||||||
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(Address of principal executive offices) |
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(Zip code) | ||||||
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John Gernon 522 Fifth Avenue, New York, New York 10036 | ||||||||
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(Name and address of agent for service) | ||||||||
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Registrant’s telephone number, including area code: |
212-296-0289 |
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Date of fiscal year end: |
December 31, 2013 |
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Date of reporting period: |
September 30, 2013 |
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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
Third Quarter Report
September 30, 2013 (unaudited)
|
|
|
Shares |
|
Value |
| |
|
Common Stocks (97.2%) |
|
|
|
|
| |
|
Austria (1.4%) |
|
|
|
|
| |
|
Commercial Banks |
|
|
|
|
| |
|
Erste Group Bank AG |
|
48,433 |
|
$ |
1,531 |
|
|
|
|
|
|
|
| |
|
Insurance |
|
|
|
|
| |
|
Vienna Insurance Group AG Wiener Versicherung Gruppe |
|
35,333 |
|
1,814 |
| |
|
|
|
|
|
3,345 |
| |
|
Brazil (7.9%) |
|
|
|
|
| |
|
Beverages |
|
|
|
|
| |
|
Cia de Bebidas das Americas (Preference) ADR |
|
70,200 |
|
2,692 |
| |
|
|
|
|
|
|
| |
|
Commercial Banks |
|
|
|
|
| |
|
Banco Bradesco SA (Preference) |
|
193,480 |
|
2,652 |
| |
|
|
|
|
|
|
| |
|
Food & Staples Retailing |
|
|
|
|
| |
|
Raia Drogasil SA |
|
93,200 |
|
771 |
| |
|
|
|
|
|
|
| |
|
Food Products |
|
|
|
|
| |
|
BRF SA |
|
202,622 |
|
4,937 |
| |
|
|
|
|
|
|
| |
|
Household Durables |
|
|
|
|
| |
|
PDG Realty SA Empreendimentos e Participacoes (a) |
|
414,200 |
|
460 |
| |
|
|
|
|
|
|
| |
|
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
|
Petroleo Brasileiro SA |
|
114,738 |
|
878 |
| |
|
Petroleo Brasileiro SA (Preference) |
|
326,132 |
|
2,702 |
| |
|
Petroleo Brasileiro SA ADR |
|
55,300 |
|
857 |
| |
|
Ultrapar Participacoes SA |
|
62,260 |
|
1,535 |
| |
|
|
|
|
|
5,972 |
| |
|
Transportation Infrastructure |
|
|
|
|
| |
|
CCR SA |
|
207,000 |
|
1,620 |
| |
|
|
|
|
|
19,104 |
| |
|
Chile (0.9%) |
|
|
|
|
| |
|
Chemicals |
|
|
|
|
| |
|
Sociedad Quimica y Minera de Chile SA ADR |
|
18,898 |
|
577 |
| |
|
|
|
|
|
|
| |
|
Multi-line Retail |
|
|
|
|
| |
|
SACI Falabella |
|
181,969 |
|
1,745 |
| |
|
|
|
|
|
2,322 |
| |
|
China (12.5%) |
|
|
|
|
| |
|
Automobiles |
|
|
|
|
| |
|
Chongqing Changan Automobile Co., Ltd. B Shares |
|
202,200 |
|
309 |
| |
|
|
|
|
|
|
| |
|
Beverages |
|
|
|
|
| |
|
Tsingtao Brewery Co., Ltd. H Shares (b)(c) |
|
152,000 |
|
1,154 |
| |
|
|
|
|
|
|
| |
|
Commercial Banks |
|
|
|
|
| |
|
Bank of China Ltd. H Shares (b) |
|
10,229,000 |
|
4,675 |
| |
|
China Construction Bank Corp. H Shares (b) |
|
3,285,810 |
|
2,534 |
|
|
|
|
|
|
7,209 |
|
|
Energy Equipment & Services |
|
|
|
|
|
|
China Oilfield Services Ltd. H Shares (b) |
|
620,000 |
|
1,553 |
|
|
|
|
|
|
|
|
|
Food Products |
|
|
|
|
|
|
China Mengniu Dairy Co., Ltd. (b) |
|
370,000 |
|
1,657 |
|
|
Uni-President China Holdings Ltd. (b)(c) |
|
895,500 |
|
892 |
|
|
|
|
|
|
2,549 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
Beijing Enterprises Holdings Ltd. (b) |
|
106,500 |
|
769 |
|
|
|
|
|
|
|
|
|
Insurance |
|
|
|
|
|
|
China Pacific Insurance Group Co., Ltd. H Shares (b) |
|
629,400 |
|
2,254 |
|
|
|
|
|
|
|
|
|
Internet Software & Services |
|
|
|
|
|
|
NetEase, Inc. ADR |
|
4,500 |
|
327 |
|
|
Qihoo 360 Technology Co., Ltd. ADR (a) |
|
21,500 |
|
1,789 |
|
|
Tencent Holdings Ltd. (b) |
|
86,500 |
|
4,543 |
|
|
|
|
|
|
6,659 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
China Petroleum & Chemical Corp. H Shares (b) |
|
1,279,200 |
|
1,000 |
|
|
|
|
|
|
|
|
|
Pharmaceuticals |
|
|
|
|
|
|
Sihuan Pharmaceutical Holdings Group Ltd. (b) |
|
1,113,000 |
|
762 |
|
|
Sino Biopharmaceutical (b) |
|
1,132,000 |
|
767 |
|
|
|
|
|
|
1,529 |
|
|
Real Estate Management & Development |
|
|
|
|
|
|
China Overseas Grand Oceans Group Ltd. (b)(c) |
|
341,000 |
|
416 |
|
|
China Overseas Land & Investment Ltd. (b)(c) |
|
396,000 |
|
1,165 |
|
|
|
|
|
|
1,581 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
China Mobile Ltd. (b) |
|
325,000 |
|
3,656 |
|
|
|
|
|
|
30,222 |
|
|
Colombia (1.3%) |
|
|
|
|
|
|
Construction Materials |
|
|
|
|
|
|
Cemex Latam Holdings SA (a) |
|
154,928 |
|
1,219 |
|
|
|
|
|
|
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
Grupo de Inversiones Suramericana SA |
|
45,700 |
|
914 |
|
|
Grupo de Inversiones Suramericana SA (Preference) |
|
48,500 |
|
981 |
|
|
|
|
|
|
1,895 |
|
|
|
|
|
|
3,114 |
|
|
Czech Republic (0.7%) |
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
Komercni Banka AS |
|
8,106 |
|
1,805 |
|
|
|
|
|
|
|
|
|
Hong Kong (1.1%) |
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
Samsonite International SA |
|
924,000 |
|
2,577 |
|
|
Hungary (0.9%) |
|
|
|
|
|
|
Pharmaceuticals |
|
|
|
|
|
|
Richter Gedeon Nyrt |
|
126,740 |
|
2,206 |
|
|
|
|
|
|
|
|
|
India (6.7%) |
|
|
|
|
|
|
Chemicals |
|
|
|
|
|
|
Asian Paints Ltd. |
|
160,370 |
|
1,176 |
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
HDFC Bank Ltd. |
|
196,537 |
|
1,860 |
|
|
IndusInd Bank Ltd. |
|
158,060 |
|
930 |
|
|
ING Vysya Bank Ltd. |
|
91,239 |
|
808 |
|
|
|
|
|
|
3,598 |
|
|
Information Technology Services |
|
|
|
|
|
|
HCL Technologies Ltd. |
|
78,798 |
|
1,364 |
|
|
Tata Consultancy Services Ltd. |
|
74,882 |
|
2,306 |
|
|
|
|
|
|
3,670 |
|
|
Media |
|
|
|
|
|
|
Zee Entertainment Enterprises Ltd. |
|
307,290 |
|
1,121 |
|
|
|
|
|
|
|
|
|
Pharmaceuticals |
|
|
|
|
|
|
Glenmark Pharmaceuticals Ltd. |
|
175,957 |
|
1,491 |
|
|
Sun Pharmaceutical Industries Ltd. |
|
164,706 |
|
1,563 |
|
|
|
|
|
|
3,054 |
|
|
Tobacco |
|
|
|
|
|
|
ITC Ltd. |
|
419,310 |
|
2,278 |
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
Idea Cellular Ltd. |
|
537,644 |
|
1,444 |
|
|
|
|
|
|
16,341 |
|
|
Indonesia (3.0%) |
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
Bank Rakyat Indonesia Persero Tbk PT |
|
1,350,000 |
|
846 |
|
|
Bank Tabungan Negara Persero Tbk PT |
|
9,703,391 |
|
780 |
|
|
|
|
|
|
1,626 |
|
|
Construction Materials |
|
|
|
|
|
|
Semen Indonesia Persero Tbk PT |
|
652,000 |
|
733 |
|
|
|
|
|
|
|
|
|
Multi-line Retail |
|
|
|
|
|
|
Matahari Department Store Tbk PT (a) |
|
1,149,500 |
|
1,043 |
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
Harum Energy Tbk PT |
|
247,500 |
|
57 |
|
|
|
|
|
|
|
|
|
Pharmaceuticals |
|
|
|
|
|
|
Kalbe Farma Tbk PT |
|
10,084,500 |
|
1,029 |
|
|
|
|
|
|
|
|
|
Real Estate Management & Development |
|
|
|
|
|
|
Lippo Karawaci Tbk PT (a) |
|
8,677,000 |
|
817 |
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
|
|
|
Gudang Garam Tbk PT |
|
297,500 |
|
900 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
Indosat Tbk PT |
|
3,161,500 |
|
1,134 |
|
|
|
|
|
|
7,339 |
|
|
Korea, Republic of (14.9%) |
|
|
|
|
|
|
Air Freight & Logistics |
|
|
|
|
|
|
Hyundai Glovis Co., Ltd. |
|
6,609 |
|
1,295 |
|
|
|
|
|
|
|
|
|
Automobiles |
|
|
|
|
|
|
Hyundai Motor Co. |
|
20,789 |
|
4,858 |
|
|
|
|
|
|
|
|
|
Chemicals |
|
|
|
|
|
|
Cheil Industries, Inc. |
|
5,101 |
|
435 |
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
Shinhan Financial Group Co., Ltd. |
|
46,711 |
|
1,892 |
|
|
|
|
|
|
|
|
|
Construction & Engineering |
|
|
|
|
|
|
Hyundai Engineering & Construction Co., Ltd. |
|
34,365 |
|
1,977 |
|
|
|
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
LG Uplus Corp. (a) |
|
89,190 |
|
957 |
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components |
|
|
|
|
|
|
LG Display Co., Ltd. (a) |
|
42,470 |
|
1,026 |
|
|
|
|
|
|
|
|
|
Food & Staples Retailing |
|
|
|
|
|
|
GS Retail Co., Ltd. |
|
21,780 |
|
637 |
|
|
|
|
|
|
|
|
|
Food Products |
|
|
|
|
|
|
Orion Corp. |
|
691 |
|
613 |
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
Hotel Shilla Co., Ltd. |
|
14,739 |
|
883 |
|
|
Paradise Co., Ltd. |
|
29,519 |
|
673 |
|
|
|
|
|
|
1,556 |
|
|
Household Durables |
|
|
|
|
|
|
Coway Co., Ltd. |
|
27,177 |
|
1,505 |
|
|
|
|
|
|
|
|
|
Household Products |
|
|
|
|
|
|
LG Household & Health Care Ltd. |
|
2,022 |
|
1,022 |
|
|
|
|
|
|
|
|
|
Machinery |
|
|
|
|
|
|
Doosan Infracore Co., Ltd. (a) |
|
19,650 |
|
287 |
|
|
|
|
|
|
|
|
|
Media |
|
|
|
|
|
|
Cheil Worldwide, Inc. (a) |
|
21,020 |
|
486 |
|
|
KT Skylife Co., Ltd. |
|
11,360 |
|
308 |
|
|
|
|
|
|
794 |
|
|
Personal Products |
|
|
|
|
|
|
Cosmax, Inc. |
|
11,085 |
|
502 |
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
8,422 |
|
10,663 |
|
|
Samsung Electronics Co., Ltd. (Preference) |
|
1,301 |
|
1,055 |
|
|
SK Hynix, Inc. (a) |
|
13,660 |
|
384 |
|
|
|
|
|
|
12,102 |
|
|
Software |
|
|
|
|
|
|
NCSoft Corp. |
|
7,257 |
|
1,291 |
|
|
Nexon Co., Ltd. |
|
157,800 |
|
1,929 |
|
|
|
|
|
|
3,220 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
SK Telecom Co., Ltd. |
|
6,838 |
|
1,395 |
|
|
|
|
|
|
36,073 |
|
|
Malaysia (3.1%) |
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
CIMB Group Holdings Bhd |
|
830,900 |
|
1,918 |
|
|
|
|
|
|
|
|
|
Construction & Engineering |
|
|
|
|
|
|
Gamuda Bhd |
|
1,066,200 |
|
1,505 |
|
|
IJM Corp., Bhd |
|
934,200 |
|
1,657 |
|
|
|
|
|
|
3,162 |
|
|
Health Care Providers & Services |
|
|
|
|
|
|
IHH Healthcare Bhd (a) |
|
917,900 |
|
1,169 |
|
|
|
|
|
|
|
|
|
Media |
|
|
|
|
|
|
Astro Malaysia Holdings Bhd |
|
1,368,200 |
|
1,224 |
|
|
|
|
|
|
7,473 |
|
|
Mexico (6.7%) |
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
Fomento Economico Mexicano SAB de CV ADR |
|
23,100 |
|
2,243 |
|
|
|
|
|
|
|
|
|
Chemicals |
|
|
|
|
|
|
Mexichem SAB de CV |
|
299,712 |
|
1,306 |
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
Grupo Financiero Banorte SAB de CV Series O |
|
344,500 |
|
2,147 |
|
|
Grupo Financiero Santander Mexico SAB de CV ADR |
|
154,800 |
|
2,139 |
|
|
|
|
|
|
4,286 |
|
|
Construction Materials |
|
|
|
|
|
|
Cemex SAB de CV ADR (a) |
|
307,087 |
|
3,433 |
|
|
|
|
|
|
|
|
|
Food & Staples Retailing |
|
|
|
|
|
|
Wal-Mart de Mexico SAB de CV Series V |
|
787,400 |
|
2,061 |
|
|
|
|
|
|
|
|
|
Industrial Conglomerates |
|
|
|
|
|
|
Alfa SAB de CV |
|
1,087,935 |
|
2,934 |
|
|
|
|
|
|
16,263 |
|
|
Panama (0.7%) |
|
|
|
|
|
|
Airlines |
|
|
|
|
|
|
Copa Holdings SA, Class A |
|
12,100 |
|
1,678 |
|
|
|
|
|
|
|
|
|
Peru (1.1%) |
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
Credicorp Ltd. |
|
20,630 |
|
2,650 |
|
|
Philippines (3.8%) |
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
LT Group, Inc. |
|
1,557,300 |
|
644 |
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
BDO Unibank, Inc. |
|
1,140,470 |
|
1,966 |
|
|
|
|
|
|
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
Metro Pacific Investments Corp. |
|
16,238,800 |
|
1,680 |
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
Bloomberry Resorts Corp. (a) |
|
2,965,400 |
|
678 |
|
|
|
|
|
|
|
|
|
Industrial Conglomerates |
|
|
|
|
|
|
DMCI Holdings, Inc. |
|
1,275,440 |
|
1,348 |
|
|
SM Investments Corp. |
|
75,612 |
|
1,356 |
|
|
|
|
|
|
2,704 |
|
|
Transportation Infrastructure |
|
|
|
|
|
|
International Container Terminal Services, Inc. |
|
704,110 |
|
1,571 |
|
|
|
|
|
|
9,243 |
|
|
Poland (4.6%) |
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
Bank Pekao SA |
|
50,072 |
|
2,861 |
|
|
Bank Zachodni WBK SA |
|
29,146 |
|
3,237 |
|
|
|
|
|
|
6,098 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
Telekomunikacja Polska SA |
|
414,468 |
|
1,103 |
|
|
|
|
|
|
|
|
|
Food & Staples Retailing |
|
|
|
|
|
|
Jeronimo Martins SGPS SA |
|
139,362 |
|
2,862 |
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
Polskie Gornictwo Naftowe i Gazownictwo SA |
|
628,159 |
|
1,233 |
|
|
|
|
|
|
11,296 |
|
|
Qatar (0.4%) |
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
Ooredoo QSC |
|
24,362 |
|
936 |
|
|
|
|
|
|
|
|
|
Russia (4.5%) |
|
|
|
|
|
|
Energy Equipment & Services |
|
|
|
|
|
|
Eurasia Drilling Co., Ltd. GDR |
|
22,961 |
|
918 |
|
|
|
|
|
|
|
|
|
Internet Software & Services |
|
|
|
|
|
|
Mail.ru Group Ltd. GDR |
|
50,578 |
|
1,932 |
|
|
Yandex N.V., Class A (a) |
|
59,500 |
|
2,167 |
|
|
|
|
|
|
4,099 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
Lukoil OAO ADR |
|
47,457 |
|
3,010 |
|
|
NovaTek OAO (Registerd GDR) |
|
9,100 |
|
1,204 |
|
|
|
|
|
|
4,214 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
MegaFon OAO GDR |
|
44,821 |
|
1,581 |
|
|
|
|
|
|
10,812 |
|
|
South Africa (4.3%) |
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
SABMiller PLC |
|
35,087 |
|
1,794 |
|
|
|
|
|
|
|
|
|
Food & Staples Retailing |
|
|
|
|
|
|
Pick n Pay Stores Ltd. (c) |
|
207,688 |
|
860 |
|
|
|
|
|
|
|
|
|
Health Care Providers & Services |
|
|
|
|
|
|
Life Healthcare Group Holdings Ltd. |
|
237,700 |
|
845 |
|
|
|
|
|
|
|
|
|
Media |
|
|
|
|
|
|
Naspers Ltd., Class N |
|
32,887 |
|
3,034 |
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
Sasol Ltd. (c) |
|
35,900 |
|
1,713 |
|
|
|
|
|
|
|
|
|
Paper & Forest Products |
|
|
|
|
|
|
Mondi PLC |
|
126,034 |
|
2,134 |
|
|
|
|
|
|
10,380 |
|
|
Switzerland (2.0%) |
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
Coca-Cola HBC AG (a) |
|
87,017 |
|
2,608 |
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
Swatch Group AG (The) |
|
3,419 |
|
2,206 |
|
|
|
|
|
|
4,814 |
|
|
Taiwan (6.8%) |
|
|
|
|
|
|
Commercial Services & Supplies |
|
|
|
|
|
|
Cleanaway Co., Ltd. |
|
74,000 |
|
430 |
|
|
|
|
|
|
|
|
|
Computers & Peripherals |
|
|
|
|
|
|
Asustek Computer, Inc. |
|
27,960 |
|
224 |
|
|
|
|
|
|
|
|
|
Construction Materials |
|
|
|
|
|
|
Taiwan Cement Corp. |
|
518,000 |
|
750 |
|
|
|
|
|
|
|
|
|
Diversified Consumer Services |
|
|
|
|
|
|
Lung Yen Life Service Corp. |
|
76,000 |
|
231 |
|
|
|
|
|
|
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
Chailease Holding Co., Ltd. |
|
619,850 |
|
1,456 |
|
|
Fubon Financial Holding Co., Ltd. (Registered GDR) (a) |
|
91,100 |
|
1,261 |
|
|
|
|
|
|
2,717 |
|
|
Electronic Equipment, Instruments & Components |
|
|
|
|
|
|
Hon Hai Precision Industry Co., Ltd. |
|
180,010 |
|
462 |
|
|
TPK Holding Co., Ltd. |
|
91,000 |
|
828 |
|
|
|
|
|
|
1,290 |
|
|
Food Products |
|
|
|
|
|
|
Uni-President Enterprises Corp. |
|
971,483 |
|
1,811 |
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies |
|
|
|
|
|
|
Ginko International Co., Ltd. |
|
35,000 |
|
648 |
|
|
St. Shine Optical Co., Ltd. |
|
16,000 |
|
441 |
|
|
|
|
|
|
1,089 |
|
|
Insurance |
|
|
|
|
|
|
China Life Insurance Co., Ltd. |
|
745,065 |
|
671 |
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
MediaTek, Inc. |
|
137,000 |
|
1,695 |
|
|
Siliconware Precision Industries Co. |
|
646,000 |
|
755 |
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
1,406,455 |
|
4,782 |
|
|
|
|
|
|
7,232 |
|
|
|
|
|
|
16,445 |
|
|
Thailand (4.9%) |
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
Bangkok Bank PCL NVDR |
|
395,600 |
|
2,485 |
|
|
Bank of Ayudhya PCL (Foreign) |
|
1,322,600 |
|
1,599 |
|
|
|
|
|
|
4,084 |
|
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
Minor International PCL (Foreign) |
|
1,202,900 |
|
925 |
|
|
|
|
|
|
|
|
|
Multi-line Retail |
|
|
|
|
|
|
Robinson Department Store PCL (Foreign) |
|
618,700 |
|
932 |
|
|
|
|
|
|
|
|
|
Real Estate Management & Development |
|
|
|
|
|
|
Land and Houses PCL NVDR |
|
4,940,600 |
|
1,706 |
|
|
Supalai PCL (Foreign) |
|
2,043,400 |
|
1,037 |
|
|
|
|
|
|
2,743 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
Advanced Info Service PCL (Foreign) |
|
241,100 |
|
1,971 |
|
|
Total Access Communication PCL (Foreign) |
|
270,600 |
|
919 |
|
|
Total Access Communication PCL NVDR |
|
111,200 |
|
378 |
|
|
|
|
|
|
3,268 |
|
|
|
|
|
|
11,952 |
|
|
Turkey (1.6%) |
|
|
|
|
|
|
Airlines |
|
|
|
|
|
|
Pegasus Hava Tasimaciligi AS (a) |
|
32,321 |
|
533 |
|
|
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
Anadolu Efes Biracilik Ve Malt Sanayii AS |
|
147,588 |
|
1,710 |
|
|
|
|
|
|
|
|
|
Industrial Conglomerates |
|
|
|
|
|
|
Turkiye Sise ve Cam Fabrikalari AS |
|
657,856 |
|
906 |
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
Tupras Turkiye Petrol Rafinerileri AS |
|
31,684 |
|
670 |
|
|
|
|
|
|
3,819 |
|
|
United States (1.4%) |
|
|
|
|
|
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
Yum! Brands, Inc. (c) |
|
36,038 |
|
2,573 |
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
Eclat Textile Co., Ltd. |
|
86,620 |
|
761 |
|
|
|
|
|
|
3,334 |
| ||
|
Total Common Stocks (Cost $212,670) |
|
|
|
235,543 |
| ||
|
|
|
|
|
|
| ||
|
Investment Companies (0.9%) |
|
|
|
|
| ||
|
India (0.4%) |
|
|
|
|
| ||
|
Morgan Stanley Growth Fund (a)(d) |
|
932,436 |
|
942 |
| ||
|
|
|
|
|
|
| ||
|
Thailand (0.5%) |
|
|
|
|
| ||
|
BTS Rail Mass Transit Growth Infrastructure Fund (Foreign) (Units) (e) |
|
3,850,700 |
|
1,195 |
| ||
|
Total Investment Companies (Cost $1,598) |
|
|
|
2,137 |
| ||
|
|
|
|
|
|
| ||
|
Short-Term Investments (4.9%) |
|
|
|
|
| ||
|
Securities held as Collateral on Loaned Securities (3.0%) |
|
|
|
|
| ||
|
Investment Company (2.7%) |
|
|
|
|
| ||
|
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (f) |
|
6,581,125 |
|
6,581 |
| ||
|
|
|
|
|
|
| ||
|
|
|
Face |
|
|
| ||
|
Repurchase Agreements (0.3%) |
|
|
|
|
| ||
|
Barclays Capital, Inc., (0.06%, dated 9/30/13, due 10/1/13; proceeds $541; fully collateralized by a U.S. Government Obligation; 0.63% due 9/30/17; valued at $552) |
|
$ |
541 |
|
541 |
| |
|
BNP Paribas Securities Corp., (0.05%, dated 9/30/13, due 10/1/13; proceeds $180; fully collateralized by a U.S. Government Obligation; 2.75% due 2/15/19; valued at $184) |
|
180 |
|
180 |
| ||
|
|
|
|
|
721 |
| ||
|
Total Securities held as Collateral on Loaned Securities (Cost $7,302) |
|
|
|
7,302 |
| ||
|
|
|
|
|
|
| ||
|
|
|
Shares |
|
|
| ||
|
Investment Company (1.9%) |
|
|
|
|
| ||
|
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (f) (Cost $4,738) |
|
4,737,910 |
|
4,738 |
| ||
|
Total Short-Term Investments (Cost $12,040) |
|
|
|
12,040 |
| ||
|
Total Investments (103.0%) (Cost $226,308) Including $7,124 of Securities Loaned (g)(h)+ |
|
|
|
249,720 |
| ||
|
Liabilities in Excess of Other Assets (-3.0%) |
|
|
|
(7,310 |
) | ||
|
Net Assets (100.0%) |
|
|
|
$ |
242,410 |
| |
|
(a) |
Non-income producing security. |
|
(b) |
Security trades on the Hong Kong exchange. |
|
(c) |
All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at September 30, 2013 were approximately $7,124,000 and $7,541,000, respectively. The Fund received cash collateral of approximately $7,302,000 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. At September 30, 2013, there was uninvested cash of approximately $239,000 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. |
|
(d) |
For the nine months ended September 30, 2013, the proceeds from sales of Morgan Stanley Growth Fund, Investment Companies, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser, Administrator and Distributor under the Investment Company Act of 1940, was approximately $373,000 respectively, including net realized gains of approximately $300,000. |
|
(e) |
Consists of one or more classes of securities traded together as a unit; stocks with attached warrants. |
|
(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. 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 forward exchange contracts. |
|
(h) |
The approximate fair value and percentage of net assets, $184,751,000 and 76.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Portfolio of Investments. |
|
+ |
At September 30, 2013, the U.S. Federal income tax cost basis of investments was approximately $226,308,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was approximately $23,412,000 of which approximately $39,310,000 related to appreciated securities and approximately $15,898,000 related to depreciated securities. |
|
ADR |
American Depositary Receipt. |
|
GDR |
Global Depositary Receipt. |
|
NVDR |
Non-Voting Depositary Receipt. |
Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at September 30, 2013:
|
Counterparty |
|
Currency |
|
Value |
|
Settlement |
|
In |
|
Value |
|
Unrealized |
| |||||
|
State Street Bank and Trust Co. |
|
JPY |
145,253 |
|
$ |
1,477 |
|
10/3/13 |
|
USD |
1,459 |
|
$ |
1,459 |
|
$ |
(18 |
) |
|
State Street Bank and Trust Co. |
|
USD |
1,470 |
|
1,470 |
|
10/3/13 |
|
JPY |
145,253 |
|
1,478 |
|
8 |
| |||
|
State Street Bank and Trust Co. |
|
JPY |
157,322 |
|
1,601 |
|
10/31/13 |
|
USD |
1,592 |
|
1,592 |
|
(9 |
) | |||
|
|
|
|
|
$ |
4,548 |
|
|
|
|
|
$ |
4,529 |
|
$ |
(19 |
) | ||
|
JPY |
— |
Japanese Yen |
|
USD |
— |
United States Dollar |
Morgan Stanley Emerging Markets Fund, Inc.
Notes to the Portfolio of Investments · September 30, 2013 (unaudited)
Security Valuation: (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), if there were no sales on a given day, the security is valued at the mean between the last reported bid and asked prices; (2) all other equity portfolio securities for which over-the-counter market quotations are readily available are valued at the mean between the last reported bid and asked prices. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) when market quotations are not readily available, including circumstances under which Morgan Stanley Investment Management Inc. (the “Adviser”) determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Fund’s Board of Directors (the “Directors”). Occasionally, developments affecting 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 of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (4) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; and (6) short-term debt securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such valuation does not reflect the securities’ market value, in which case these securities will be valued at their fair market value determined by the Adviser.
Under procedures approved by the Directors, the Fund’s Adviser has formed a Valuation Committee. The Valuation Committee provides administration and oversight of the Fund’s valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.
The Fund has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available. Under these procedures, the Valuation Committee convenes on a regular and ad hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable valuation inputs, when arriving at fair value. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.
Fair Value Measurement: Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM (“ASC”) 820, “Fair Value Measurements and Disclosures” (“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.
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2013.
|
Investment Type |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
|
Assets: |
|
|
|
|
|
|
|
|
| ||||
|
Common Stocks |
|
|
|
|
|
|
|
|
| ||||
|
Air Freight & Logistics |
|
$ |
— |
|
$ |
1,295 |
|
$ |
— |
|
$ |
1,295 |
|
|
Airlines |
|
1,678 |
|
533 |
|
— |
|
2,211 |
| ||||
|
Automobiles |
|
— |
|
5,167 |
|
— |
|
5,167 |
| ||||
|
Beverages |
|
4,935 |
|
7,910 |
|
— |
|
12,845 |
| ||||
|
Chemicals |
|
1,883 |
|
1,611 |
|
— |
|
3,494 |
| ||||
|
Commercial Banks |
|
9,588 |
|
31,727 |
|
— |
|
41,315 |
| ||||
|
Commercial Services & Supplies |
|
— |
|
430 |
|
— |
|
430 |
| ||||
|
Computers & Peripherals |
|
— |
|
224 |
|
— |
|
224 |
| ||||
|
Construction & Engineering |
|
— |
|
5,139 |
|
— |
|
5,139 |
| ||||
|
Construction Materials |
|
4,652 |
|
1,483 |
|
— |
|
6,135 |
| ||||
|
Diversified Consumer Services |
|
— |
|
231 |
|
— |
|
231 |
| ||||
|
Diversified Financial Services |
|
1,895 |
|
4,397 |
|
— |
|
6,292 |
| ||||
|
Diversified Telecommunication Services |
|
— |
|
2,996 |
|
— |
|
2,996 |
| ||||
|
Electronic Equipment, Instruments & Components |
|
— |
|
2,316 |
|
— |
|
2,316 |
| ||||
|
Energy Equipment & Services |
|
— |
|
2,471 |
|
— |
|
2,471 |
| ||||
|
Food & Staples Retailing |
|
2,832 |
|
4,359 |
|
— |
|
7,191 |
| ||||
|
Food Products |
|
4,937 |
|
4,973 |
|
— |
|
9,910 |
| ||||
|
Health Care Equipment & Supplies |
|
— |
|
1,089 |
|
— |
|
1,089 |
| ||||
|
Health Care Providers & Services |
|
— |
|
2,014 |
|
— |
|
2,014 |
| ||||
|
Hotels, Restaurants & Leisure |
|
2,573 |
|
3,159 |
|
— |
|
5,732 |
| ||||
|
Household Durables |
|
460 |
|
1,505 |
|
— |
|
1,965 |
| ||||
|
Household Products |
|
— |
|
1,022 |
|
— |
|
1,022 |
| ||||
|
Industrial Conglomerates |
|
2,934 |
|
4,379 |
|
— |
|
7,313 |
| ||||
|
Information Technology Services |
|
— |
|
3,670 |
|
— |
|
3,670 |
| ||||
|
Insurance |
|
— |
|
4,739 |
|
— |
|
4,739 |
| ||||
|
Internet Software & Services |
|
4,283 |
|
6,475 |
|
— |
|
10,758 |
| ||||
|
Machinery |
|
— |
|
287 |
|
— |
|
287 |
| ||||
|
Media |
|
— |
|
6,173 |
|
— |
|
6,173 |
| ||||
|
Multi-line Retail |
|
1,745 |
|
1,975 |
|
— |
|
3,720 |
| ||||
|
Oil, Gas & Consumable Fuels |
|
5,972 |
|
8,887 |
|
— |
|
14,859 |
| ||||
|
Paper & Forest Products |
|
— |
|
2,134 |
|
— |
|
2,134 |
| ||||
|
Personal Products |
|
— |
|
502 |
|
— |
|
502 |
| ||||
|
Pharmaceuticals |
|
— |
|
7,818 |
|
— |
|
7,818 |
| ||||
|
Real Estate Management & Development |
|
— |
|
5,141 |
|
— |
|
5,141 |
| ||||
|
Semiconductors & Semiconductor Equipment |
|
— |
|
19,334 |
|
— |
|
19,334 |
| ||||
|
Software |
|
— |
|
3,220 |
|
— |
|
3,220 |
| ||||
|
Textiles, Apparel & Luxury Goods |
|
— |
|
5,544 |
|
— |
|
5,544 |
| ||||
|
Tobacco |
|
— |
|
3,178 |
|
— |
|
3,178 |
| ||||
|
Transportation Infrastructure |
|
1,620 |
|
1,571 |
|
— |
|
3,191 |
| ||||
|
Wireless Telecommunication Services |
|
— |
|
12,478 |
|
— |
|
12,478 |
| ||||
|
Total Common Stocks |
|
51,987 |
|
183,556 |
|
— |
|
235,543 |
| ||||
|
Investment Companies |
|
942 |
|
1,195 |
|
— |
|
2,137 |
| ||||
|
Short-Term Investments |
|
|
|
|
|
|
|
|
| ||||
|
Investment Company |
|
11,319 |
|
— |
|
— |
|
11,319 |
| ||||
|
Repurchase Agreements |
|
— |
|
721 |
|
— |
|
721 |
| ||||
|
Total Short-Term Investments |
|
11,319 |
|
721 |
|
— |
|
12,040 |
| ||||
|
Foreign Currency Forward Exchange Contracts |
|
— |
|
8 |
|
— |
|
8 |
| ||||
|
Total Assets |
|
64,248 |
|
185,480 |
|
— |
|
249,728 |
| ||||
|
Liabilities: |
|
|
|
|
|
|
|
|
| ||||
|
Foreign Currency Forward Exchange Contracts |
|
— |
|
(27 |
) |
— |
|
(27 |
) | ||||
|
Total |
|
$ |
64,248 |
|
$ |
185,453 |
|
$ |
— |
|
$ |
249,701 |
|
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 September 30, 2013, securities with a total value of approximately $17,575,000 transferred from Level 2 to Level 1. At December 31, 2012, the fair value of certain securities were adjusted due to developments which occurred between the time of the close of the foreign markets on which they trade and the close of business on the NYSE which resulted in their Level 2 classification.
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/ John Gernon |
|
|
|
John Gernon |
|
|
|
Principal Executive Officer |
|
|
|
November 12, 2013 |
|
|
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/ John Gernon |
|
|
|
John Gernon |
|
|
|
Principal Executive Officer |
|
|
|
November 12, 2013 |
|
|
|
|
|
|
|
/s/ Francis Smith |
|
|
|
Francis Smith |
|
|
|
Principal Financial Officer |
|
|
|
November 12, 2013 |
|
|