[Annotated Form N-Q]
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UNITED STATES |
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FORM N-Q |
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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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1221 AVENUE OF THE AMERICAS 22ND FLOOR NEW YORK, NY |
10020 |
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(Address of principal executive offices) |
(Zip code) |
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RONALD E. ROBISON |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: |
1-800-221-6726 |
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Date of fiscal year end: |
12/31/04 |
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Date of reporting period: |
9/30/04 |
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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.
2004 Third Quarter Report
September 30, 2004 (unaudited)
Portfolio of Investments
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Shares |
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Value |
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COMMON
STOCKS (95.6%) |
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Brazil (10.5%) |
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Chemicals |
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Braskem SA (Preference) |
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(a)9,270,000 |
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$ |
309 |
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Braskem SA ADR |
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(a)14,600 |
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483 |
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792 |
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Commercial Banks |
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Banco Bradesco SA (Preference) |
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36,295 |
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1,906 |
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Banco Bradesco SA ADR |
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20,586 |
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1,085 |
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Banco Itau Holding Financeira SA (Preference) |
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15,745,246 |
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1,743 |
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Banco Itau Holding Financeira SA ADR |
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45,110 |
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2,504 |
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7,238 |
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Electric Utilities |
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CEMIG SA (Preference) |
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56,619,000 |
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1,208 |
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CEMIG SA ADR |
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52,000 |
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1,105 |
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2,313 |
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Metals & Mining |
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CSN ADR |
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49,000 |
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761 |
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CVRD ADR |
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25,302 |
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569 |
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CVRD ADR (Preference) |
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274,712 |
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5,288 |
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CVRD, ‘A’ (Preference) |
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4,313 |
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83 |
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Usinas Siderurgicas de Minas Gerais SA, ‘A’ (Preference) |
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7,281 |
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112 |
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6,813 |
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Oil & Gas |
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Petrobras SA (Preference) |
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19,697 |
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647 |
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Petrobras SA ADR |
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133,963 |
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4,722 |
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Petrobras SA ADR (Preference) |
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147,956 |
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4,723 |
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10,092 |
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Paper & Forest Products |
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Votorantim Celulose e Papel SA ADR |
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45,600 |
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1,576 |
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Wireless Telecommunication Services |
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Telesp Celular Participacoes SA (Preference) |
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(a)610,686,369 |
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1,493 |
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Telesp Celular Participacoes SA ADR |
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(a)134,300 |
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830 |
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2,323 |
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31,147 |
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Chile (0.8%) |
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Electric Utilities |
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Enersis SA ADR |
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311,400 |
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2,254 |
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China/Hong Kong (6.3%) |
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Auto Components |
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Norstar Founders Group Ltd. |
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1,503,000 |
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337 |
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Shougang Concord Century Holdings Ltd. |
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3,415,000 |
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359 |
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696 |
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Automobiles |
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AviChina Industry & Technology Co., ‘H’ |
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2,963,000 |
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304 |
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Building Products |
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Asia Aluminum Holdings Ltd. |
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7,698,000 |
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839 |
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Computers & Peripherals |
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TPV Technology Ltd. |
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2,038,000 |
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1,307 |
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Electric Utilities |
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China Resources Power Holdings Co. |
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707,000 |
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406 |
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Huaneng Power International, Inc., ‘H’ |
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1,076,000 |
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869 |
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1,275 |
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Electronic Equipment & Instruments |
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Kingboard Chemicals Holdings Ltd. |
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401,000 |
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823 |
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Energy Equipment & Services |
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China Oilfield Services Ltd., ‘H’ |
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3,035,000 |
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895 |
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Health Care Equipment & Supplies |
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Moulin International Holdings Ltd. |
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568,000 |
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322 |
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Household Durables |
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Grande Holdings Ltd. |
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536,000 |
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461 |
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Insurance |
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China Life Insurance Co., Ltd., ‘H’ |
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(a)2,021,000 |
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1,296 |
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Ping An Insurance Group Co. of China Ltd., ‘H’ |
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(a)837,000 |
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1,229 |
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2,525 |
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Internet Software & Services |
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Sina Corp. |
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(a)8,200 |
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209 |
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Tom Online, Inc. |
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(a)1,702,000 |
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240 |
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449 |
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Metals & Mining |
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Yanzhou Coal Mining Co., Ltd., ‘H’ |
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816,000 |
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1,057 |
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Multiline Retail |
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Lianhua Supermarket Holdings Co., Ltd., ‘H’ |
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552,000 |
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655 |
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1
Portfolio of Investments (cont’d)
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Shares |
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Value |
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China/Hong Kong (cont’d) |
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Multiline Retail (cont’d) |
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Wumart Stores, Inc., ‘H’ |
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(a)280,000 |
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$ |
553 |
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1,208 |
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Oil & Gas |
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China Petroleum & Chemical Corp., ‘H’ |
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1,594,000 |
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649 |
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CNOOC Ltd. |
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4,525,000 |
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2,365 |
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Sinopec Zhenhai Refining & Chemical Co., Ltd., ‘H’ |
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894,000 |
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940 |
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3,954 |
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Textiles, Apparel & Luxury Goods |
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Fountain Set Holdings Ltd. |
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1,239,000 |
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930 |
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Victory City International Holdings Ltd. |
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1,051,000 |
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404 |
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1,334 |
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Transportation Infrastructure |
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Hainan Meilan International Airport Co., Ltd., ‘H’ |
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636,000 |
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526 |
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Hopewell Highway Infrastructure Ltd. |
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1,296,000 |
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815 |
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1,341 |
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18,790 |
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Colombia (0.3%) |
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Commercial Banks |
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BanColombia SA ADR |
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101,800 |
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825 |
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Egypt (2.1%) |
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Construction & Engineering |
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Orascom Construction Industries |
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122,438 |
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2,659 |
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Tobacco |
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Eastern Tobacco |
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45,403 |
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903 |
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Wireless Telecommunication Services |
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MobiNil |
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148,552 |
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2,667 |
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6,229 |
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India (4.8%) |
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Automobiles |
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Hero Honda Motors Ltd. |
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99,900 |
|
974 |
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Banks |
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HDFC Bank Ltd. |
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52,000 |
|
456 |
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Commercial Banks |
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Industrial Development Bank of India Ltd. |
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(a)367,000 |
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721 |
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State Bank of India Ltd. |
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(b)41,550 |
|
453 |
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|
1,174 |
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Diversified Telecommunication Services |
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Mahanagar Telephone Nigam Ltd. |
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196,000 |
|
603 |
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Electrical Equipment |
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ABB Ltd. |
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35,929 |
|
589 |
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Bharat Heavy Electricals Ltd. |
|
138,700 |
|
1,733 |
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|
2,322 |
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Household Products |
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Hindustan Lever Ltd. |
|
197,500 |
|
539 |
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Industrial Conglomerates |
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Grasim Industries Ltd. |
|
31,500 |
|
787 |
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Siemens India Ltd. |
|
13,000 |
|
317 |
|
|
|
|
|
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|
1,104 |
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Internet Software & Services |
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IndiaInfo.com PCL |
|
(b)116,052 |
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@— |
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IT Services |
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Infosys Technologies Ltd. |
|
40,408 |
|
1,491 |
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Metals & Mining |
|
|
|
|
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Hindalco Industries Ltd. |
|
24,600 |
|
722 |
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Steel Authority of India Ltd. |
|
(a)912,066 |
|
925 |
|
|
|
|
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|
1,647 |
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Oil & Gas |
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Mahindra & Mahindra Ltd. |
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56,000 |
|
522 |
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Oil & Natural Gas Corp., Ltd. |
|
56,700 |
|
924 |
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|
|
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|
1,446 |
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Pharmaceuticals |
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Cipla Ltd. |
|
147,000 |
|
948 |
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Road & Rail |
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Container Corp. of India Ltd. |
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41,600 |
|
665 |
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Thrifts & Mortgage Finance |
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Housing Development Finance Corp., Ltd. |
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59,000 |
|
783 |
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14,152 |
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Indonesia (2.5%) |
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Commercial Banks |
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Bank Central Asia Tbk PT |
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3,951,000 |
|
864 |
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Bank Internasional Indonesia Tbk PT |
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(a)22,596,000 |
|
395 |
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Bank Mandiri Persero Tbk PT |
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6,784,500 |
|
1,076 |
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Bank Rakyat Indonesia PT |
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4,627,500 |
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1,037 |
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|
3,372 |
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Construction Materials |
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Indocement Tunggal Prakarsa Tbk PT |
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(a)2,961,500 |
|
631 |
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Diversified Telecommunication Services |
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Telekomunikasi Indonesia Tbk PT |
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1,888,000 |
|
857 |
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2
Portfolio of Investments (cont’d)
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Shares |
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Value |
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Indonesia (cont’d) |
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Metals & Mining |
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Bumi Resources Tbk PT |
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(a)14,879,500 |
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$ |
1,220 |
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Multiline Retail |
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Ramayana Lestari Sentosa Tbk PT |
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1,800,500 |
|
836 |
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Tobacco |
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Gudang Garam Tbk PT |
|
412,500 |
|
586 |
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7,502 |
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Israel (0.9%) |
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Aerospace & Defense |
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Elbit Systems Ltd. |
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1 |
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@— |
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Software |
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Check Point Software Technologies Ltd. |
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(a)159,144 |
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2,701 |
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|
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|
2,701 |
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Japan (0.0%) |
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Household Durables |
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|
|
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Sansui Electric Co., Ltd. |
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(a)268,000 |
|
78 |
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Malaysia (1.1%) |
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Commercial Banks |
|
|
|
|
|
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|
Commerce Asset Holdings Bhd |
|
532,000 |
|
630 |
|
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Electric Utilities |
|
|
|
|
|
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Tenaga Nasional Bhd |
|
100,000 |
|
290 |
|
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YTL Corp. Bhd |
|
419,000 |
|
485 |
|
|
|
|
|
|
|
775 |
|
|
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Hotels, Restaurants & Leisure |
|
|
|
|
|
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Magnum Corp. Bhd |
|
1,145,000 |
|
726 |
|
|
|
Resorts World Bhd |
|
222,000 |
|
584 |
|
|
|
|
|
|
|
1,310 |
|
|
|
Real Estate |
|
|
|
|
|
|
|
SP Setia Bhd |
|
733,500 |
|
714 |
|
|
|
|
|
|
|
3,429 |
|
|
|
Mexico (7.9%) |
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
Femsa ADR |
|
23,700 |
|
1,047 |
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Grupo Financiero Banorte SA de CV, ‘O’ |
|
110,500 |
|
521 |
|
|
|
Construction Materials |
|
|
|
|
|
|
|
Cemex SA de CV |
|
13,594 |
|
76 |
|
|
|
Cemex SA de CV ADR |
|
48,390 |
|
1,362 |
|
|
|
|
|
|
|
1,438 |
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Telmex, ‘L’ ADR |
|
14,435 |
|
466 |
|
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
Wal-Mart de Mexico SA ADR |
|
49,133 |
|
1,665 |
|
|
|
Wal-Mart de Mexico SA, ‘V’ |
|
218,600 |
|
743 |
|
|
|
Wal-Mart de Mexico SA de CV |
|
1,263,719 |
|
4,291 |
|
|
|
|
|
|
|
6,699 |
|
|
|
Media |
|
|
|
|
|
|
|
Grupo Televisa SA ADR |
|
106,800 |
|
5,631 |
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
America Movil SA de CV, ‘L’ ADR |
|
200,277 |
|
7,817 |
|
|
|
|
|
|
|
23,619 |
|
|
|
Morocco (0.4%) |
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Banque Marocaine du Commerce Exterieur |
|
17,800 |
|
1,081 |
|
|
|
Peru (0.2%) |
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
CVRD SA ADR |
|
30,200 |
|
717 |
|
|
|
Poland (1.1%) |
|
|
|
|
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Telekomunikacja Polska SA |
|
160,878 |
|
696 |
|
|
|
Telekomunikacja Polska SA GDR |
|
601,400 |
|
2,604 |
|
|
|
|
|
|
|
3,300 |
|
|
|
Russia (8.3%) |
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Sberbank RF GDR |
|
(a)39,200 |
|
1,628 |
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Uralsvyazinform ADR |
|
100,700 |
|
747 |
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
MMC Norilsk Nickel ADR |
|
7,100 |
|
454 |
|
|
|
Oil & Gas |
|
|
|
|
|
|
|
Gazprom ADR (Registered) |
|
156,400 |
|
5,599 |
|
|
|
LUKOIL ADR |
|
52,519 |
|
6,512 |
|
|
|
Surgutneftegaz ADR |
|
73,972 |
|
2,693 |
|
|
|
Surgutneftegaz ADR (Preferred) |
|
23,639 |
|
1,135 |
|
|
|
YUKOS ADR |
|
87,049 |
|
1,389 |
|
|
|
|
|
|
|
17,328 |
|
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
Alliance Cellulose Ltd., ‘B’ |
|
(b)156,075 |
|
@— |
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
Mobile Telesystems ADR |
|
1,600 |
|
232 |
|
|
|
Mobile Telesystems GDR |
|
(c)17,400 |
|
2,512 |
|
|
3
Portfolio of Investments (cont’d)
|
|
|
Shares |
|
Value |
|
|
|
Russia (cont’d) |
|
|
|
|
|
|
|
Wireless Telecommunication Services (cont’d) |
|
|
|
|
|
|
|
Vimpel-Communications ADR |
|
(a)10,300 |
|
$ |
1,120 |
|
|
VolgaTelecom ADR |
|
132,000 |
|
775 |
|
|
|
|
|
|
|
4,639 |
|
|
|
|
|
|
|
24,796 |
|
|
|
South Africa (13.6%) |
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Standard Bank Group Ltd. |
|
305,271 |
|
2,407 |
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
African Bank Investments Ltd. |
|
1,915,700 |
|
3,854 |
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
Telkom SA Ltd. |
|
154,870 |
|
1,766 |
|
|
|
Food & Staples |
|
|
|
|
|
|
|
Massmart Holdings Ltd. |
|
398,026 |
|
2,417 |
|
|
|
Shoprite Holdings Ltd. |
|
1,430,800 |
|
2,282 |
|
|
|
|
|
|
|
4,699 |
|
|
|
Food Products |
|
|
|
|
|
|
|
AVI Ltd. |
|
260,400 |
|
841 |
|
|
|
Household Durables |
|
|
|
|
|
|
|
Steinhoff International Holdings Ltd. |
|
1,459,300 |
|
2,204 |
|
|
|
Insurance |
|
|
|
|
|
|
|
African Life Assurance Co., Ltd. |
|
659,200 |
|
1,455 |
|
|
|
Sanlam Ltd. |
|
933,400 |
|
1,585 |
|
|
|
|
|
|
|
3,040 |
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
Anglo American Platinum Corp., Ltd. |
|
36,000 |
|
1,517 |
|
|
|
Anglo American plc |
|
114,638 |
|
2,735 |
|
|
|
Anglo American plc (London Shares) |
|
48,709 |
|
1,169 |
|
|
|
AngloGold Ashanti Ltd. |
|
17,000 |
|
656 |
|
|
|
AngloGold Ashanti Ltd. ADR |
|
2,092 |
|
81 |
|
|
|
Gold Fields Ltd. |
|
79,400 |
|
1,076 |
|
|
|
Gold Fields Ltd. ADR |
|
17,500 |
|
239 |
|
|
|
Harmony Gold Mining Co., Ltd. |
|
107,554 |
|
1,468 |
|
|
|
Harmony Gold Mining Co., Ltd. ADR |
|
59,300 |
|
808 |
|
|
|
Impala Platinum Holdings Ltd. |
|
19,235 |
|
1,546 |
|
|
|
Ispat Iscor Ltd. |
|
73,900 |
|
532 |
|
|
|
Kumba Resources Ltd. |
|
160,800 |
|
978 |
|
|
|
|
|
|
|
12,805 |
|
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
Sappi Ltd. |
|
179,700 |
|
2,547 |
|
|
|
Sappi Ltd. ADR |
|
2,400 |
|
34 |
|
|
|
|
|
|
|
2,581 |
|
|
|
Specialty Retail |
|
|
|
|
|
|
|
Edgars Consolidated Stores Ltd. |
|
60,600 |
|
1,774 |
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
MTN Group Ltd. |
|
955,140 |
|
4,560 |
|
|
|
|
|
|
|
40,531 |
|
|
|
South Korea (14.2%) |
|
|
|
|
|
|
|
Airlines |
|
|
|
|
|
|
|
Korean Air Lines Co., Ltd. |
|
(a)111,900 |
|
1,530 |
|
|
|
Auto Components |
|
|
|
|
|
|
|
Hankook Tire Co., Ltd. |
|
300,780 |
|
2,704 |
|
|
|
Hyundai Mobis |
|
64,450 |
|
3,246 |
|
|
|
|
|
|
|
5,950 |
|
|
|
Automobiles |
|
|
|
|
|
|
|
Hyundai Motor Co. |
|
17,040 |
|
786 |
|
|
|
Hyundai Motor Co. (Preference) |
|
11,210 |
|
290 |
|
|
|
|
|
|
|
1,076 |
|
|
|
Capital Markets |
|
|
|
|
|
|
|
Daishin Securities Co., Ltd. |
|
58,380 |
|
725 |
|
|
|
Daishin Securities Co., Ltd. (Preference) |
|
49,260 |
|
372 |
|
|
|
LG Investment & Securities Co., Ltd. |
|
(a)259,490 |
|
1,717 |
|
|
|
|
|
|
|
2,814 |
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Pusan Bank |
|
135,950 |
|
821 |
|
|
|
Shinhan Financial Group Co., Ltd. |
|
102,310 |
|
1,768 |
|
|
|
|
|
|
|
2,589 |
|
|
|
Construction & Engineering |
|
|
|
|
|
|
|
LG Engineering & Construction Corp. |
|
22,830 |
|
416 |
|
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
Samsung SDI Co., Ltd. |
|
80,220 |
|
7,907 |
|
|
|
Food Products |
|
|
|
|
|
|
|
Orion Corp. |
|
14,000 |
|
1,044 |
|
|
|
Machinery |
|
|
|
|
|
|
|
Daewoo Shipbuilding & Marine Engineering Co., Ltd. |
|
29,970 |
|
436 |
|
|
|
STX Shipbuilding Co., Ltd. |
|
71,290 |
|
706 |
|
|
|
|
|
|
|
1,142 |
|
|
4
Portfolio of Investments (cont’d)
|
|
|
|
|
Value |
|
|
|
|
|
Shares |
|
(000) |
|
|
|
South Korea (cont’d) |
|
|
|
|
|
|
|
Multiline Retail |
|
|
|
|
|
|
|
Hyundai Department Store Co., Ltd. |
|
10,090 |
|
$ |
285 |
|
|
Oil & Gas |
|
|
|
|
|
|
|
Doosan Heavy Industries and Construction Co., Ltd. |
|
8,810 |
|
86 |
|
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
GlaxoSmithkline Pharmaceuticals Ltd. |
|
42,000 |
|
616 |
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
27,892 |
|
11,094 |
|
|
|
Samsung Electronics Co., Ltd. (Preference) |
|
7,060 |
|
1,848 |
|
|
|
|
|
|
|
12,942 |
|
|
|
Specialty Retail |
|
|
|
|
|
|
|
Handsome Co., Ltd. |
|
109,500 |
|
956 |
|
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
Cheil Industries, Inc. |
|
91,620 |
|
1,365 |
|
|
|
Tobacco |
|
|
|
|
|
|
|
KT&G Corp. |
|
53,780 |
|
1,422 |
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
SK Telecom Co., Ltd. |
|
1,310 |
|
200 |
|
|
|
|
|
|
|
42,340 |
|
|
|
Taiwan (10.5%) |
|
|
|
|
|
|
|
Airlines |
|
|
|
|
|
|
|
Eva Airways Corp. |
|
766,866 |
|
298 |
|
|
|
Auto Components |
|
|
|
|
|
|
|
Cheng Shin Rubber Industry Co., Ltd. |
|
524,984 |
|
643 |
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Chinatrust Financial Holding Co., Ltd. |
|
1,686,091 |
|
1,817 |
|
|
|
Mega Financial Holding Co., Ltd. |
|
962,000 |
|
606 |
|
|
|
Taishin Financial Holdings Co., Ltd. |
|
1,400,450 |
|
1,129 |
|
|
|
|
|
|
|
3,552 |
|
|
|
Computers & Peripherals |
|
|
|
|
|
|
|
Acer, Inc. |
|
654,842 |
|
887 |
|
|
|
Infortrend Technology, Inc. |
|
477,225 |
|
983 |
|
|
|
|
|
|
|
1,870 |
|
|
|
Construction & Engineering |
|
|
|
|
|
|
|
CTCI Corp. |
|
1,547,543 |
|
829 |
|
|
|
Construction Materials |
|
|
|
|
|
|
|
Taiwan Cement Corp. |
|
3,620,802 |
|
2,004 |
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
Fubon Financial Holding Co., Ltd. |
|
1,060,000 |
|
974 |
|
|
|
Polaris Securities Co., Ltd. |
|
2,264,505 |
|
1,140 |
|
|
|
Yuanta Core Pacific Securities Co. |
|
(a)200,000 |
|
141 |
|
|
|
|
|
|
|
2,255 |
|
|
|
Electrical Equipment |
|
|
|
|
|
|
|
Catcher Technology Co., Ltd. |
|
171,600 |
|
480 |
|
|
|
Delta Electronics, Inc. |
|
249,000 |
|
348 |
|
|
|
Phoenixtec Power Co., Ltd. |
|
695,730 |
|
666 |
|
|
|
Richtek Technology Corp. |
|
98,800 |
|
193 |
|
|
|
Waffer Technology Co., Ltd. |
|
470,350 |
|
782 |
|
|
|
|
|
|
|
2,469 |
|
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
Hon Hai Precision Industry Co., Ltd. |
|
845,893 |
|
2,913 |
|
|
|
Ya Hsin Industrial Co., Ltd. |
|
1,780,925 |
|
1,610 |
|
|
|
|
|
|
|
4,523 |
|
|
|
Insurance |
|
|
|
|
|
|
|
Cathay Financial Holding Co., Ltd. |
|
813,000 |
|
1,531 |
|
|
|
Shin Kong Financial Holding Co., Ltd. |
|
1,307,000 |
|
1,066 |
|
|
|
|
|
|
|
2,597 |
|
|
|
Leisure Equipment & Products |
|
|
|
|
|
|
|
Asia Optical Co., Inc. |
|
485,504 |
|
2,344 |
|
|
|
Largan Precision Co., Ltd. |
|
130,713 |
|
920 |
|
|
|
|
|
|
|
3,264 |
|
|
|
Machinery |
|
|
|
|
|
|
|
Kaulin Manufacturing Co., Ltd. |
|
330,050 |
|
364 |
|
|
|
Marine |
|
|
|
|
|
|
|
Evergreen Marine Corp. |
|
387,787 |
|
380 |
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
Faraday Technology Corp. |
|
138,051 |
|
203 |
|
|
|
MediaTek, Inc. |
|
296,270 |
|
1,988 |
|
|
|
Novatek Microelectronics Corp., Ltd. |
|
165,927 |
|
440 |
|
|
|
Sunplus Technology Co., Ltd. |
|
411,300 |
|
585 |
|
|
|
|
|
|
|
3,216 |
|
|
|
Software |
|
|
|
|
|
|
|
Cyberlink Corp. |
|
244,417 |
|
579 |
|
|
|
Springsoft, Inc. |
|
395,984 |
|
735 |
|
|
|
|
|
|
|
1,314 |
|
|
|
Specialty Retail |
|
|
|
|
|
|
|
Tsann Kuen Enterprise Co., Ltd. |
|
433,025 |
|
520 |
|
|
5
Portfolio of Investments (cont’d)
|
|
|
Shares |
|
Value |
|
|
|
Taiwan (cont’d) |
|
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
Taiwan Cellular Corp. |
|
1,075,000 |
|
$ |
1,032 |
|
|
|
|
|
|
31,130 |
|
|
|
Thailand (5.3%) |
|
|
|
|
|
|
|
Airlines |
|
|
|
|
|
|
|
Thai Airways International PCL (Foreign) |
|
545,200 |
|
642 |
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Bangkok Bank PCL (Foreign) |
|
(a)1,089,700 |
|
2,594 |
|
|
|
Kasikornbank PCL (Foreign) |
|
(a)1,051,100 |
|
1,181 |
|
|
|
Kasikornbank PCL NVDR |
|
(a)401,400 |
|
437 |
|
|
|
Krung Thai Bank PCL (Foreign) |
|
3,350,800 |
|
656 |
|
|
|
Siam City Bank PCL (Foreign) |
|
476,600 |
|
261 |
|
|
|
Siam Commercial Bank PCL (Foreign) |
|
464,700 |
|
500 |
|
|
|
|
|
|
|
5,629 |
|
|
|
Construction & Engineering |
|
|
|
|
|
|
|
Italian-Thai Development PCL (Foreign) |
|
4,426,400 |
|
984 |
|
|
|
Sino Thai Engineering & Construction PCL (Foreign) |
|
1,135,000 |
|
243 |
|
|
|
|
|
|
|
1,227 |
|
|
|
Electric Utilities |
|
|
|
|
|
|
|
Ratchaburi Electricity Generating Holding PCL (Foreign) |
|
292,000 |
|
265 |
|
|
|
Food & Staples |
|
|
|
|
|
|
|
CP Seven Eleven PCL (Foreign) |
|
512,200 |
|
718 |
|
|
|
Household Durables |
|
|
|
|
|
|
|
Land & Houses PCL (Foreign) |
|
3,565,700 |
|
819 |
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
Banpu PCL (Foreign) |
|
200,100 |
|
774 |
|
|
|
Multiline Retail |
|
|
|
|
|
|
|
Siam Makro PCL (Foreign) |
|
100,700 |
|
111 |
|
|
|
Oil & Gas |
|
|
|
|
|
|
|
PTT PCL (Foreign) |
|
408,800 |
|
1,699 |
|
|
|
Real Estate |
|
|
|
|
|
|
|
Asian Property Development PCL |
|
3,878,600 |
|
364 |
|
|
|
Lalin Property PCL (Foreign) |
|
1,145,300 |
|
185 |
|
|
|
MBK PCL (Foreign) |
|
207,300 |
|
253 |
|
|
|
|
|
|
|
802 |
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
Advanced Info Service PCL (Foreign) |
|
791,900 |
|
1,914 |
|
|
|
Total Access Communication PCL |
|
(a)311,000 |
|
1,045 |
|
|
|
|
|
|
|
2,959 |
|
|
|
|
|
|
|
15,645 |
|
|
|
Turkey (4.8%) |
|
|
|
|
|
|
|
Building Products |
|
|
|
|
|
|
|
Trakya Cam Sanayii AS |
|
502,029,777 |
|
1,268 |
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
Akbank TAS |
|
639,289,115 |
|
2,890 |
|
|
|
Turkiye Garanti Bankasi AS |
|
(a)499,000,000 |
|
1,676 |
|
|
|
Yapi ve Kredi Bankasi AS |
|
(a)452,614,000 |
|
1,189 |
|
|
|
|
|
|
|
5,755 |
|
|
|
Construction Materials |
|
|
|
|
|
|
|
Akcansa Cimento AS |
|
519,485,125 |
|
1,451 |
|
|
|
Household Durables |
|
|
|
|
|
|
|
Arcelik AS |
|
(a)236,125,000 |
|
1,381 |
|
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
Enka Insaat ve Sanayi AS |
|
48,254,503 |
|
1,131 |
|
|
|
Media |
|
|
|
|
|
|
|
Hurriyet Gazetecilik ve Matbaacilik AS |
|
888,377,100 |
|
1,610 |
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
Turkcell Iletisim Hizmetleri AS |
|
350,787,295 |
|
1,563 |
|
|
|
|
|
|
|
14,159 |
|
|
|
TOTAL
COMMON STOCKS |
|
|
|
284,425 |
|
|
|
INVESTMENT COMPANIES (1.1%) |
|
|
|
|
|
|
|
India (0.5%) |
|
|
|
|
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
Morgan Stanley Growth Fund |
|
(d)4,694,400 |
|
1,561 |
|
|
|
Poland (0.6%) |
|
|
|
|
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
Narodowy Fundusz Inwestycyjny Empik Media & Fashion SA |
|
(a)762,586 |
|
1,769 |
|
|
|
TOTAL
INVESTMENT COMPANIES |
|
|
|
3,330 |
|
|
6
Portfolio of Investments (cont’d)
|
|
|
No. of |
|
Value |
|
|
|
WARRANTS (0.0%) |
|
|
|
|
|
|
|
China (0.0%) |
|
|
|
|
|
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
Kingboard Chemicals Holdings Ltd. (Cost $@—) |
|
(a)40,100 |
|
$ |
@— |
|
|
|
|
Face |
|
|
|
|||
|
DEBT INSTRUMENTS (0.2%) |
|
|
|
|
|
|||
|
India (0.2%) |
|
|
|
|
|
|||
|
Construction Materials |
|
|
|
|
|
|||
|
DCM Shriram Industries Ltd. 0.00% (expired maturity) |
|
INR |
335 |
|
286 |
|
||
|
DCM Shriram Investments Ltd. 0.00% (expired maturity) |
|
INR |
330 |
|
224 |
|
||
|
|
|
|
|
510 |
|
|||
|
Metals & Mining |
|
|
|
|
|
|||
|
Shri Ishar Alloy Steels Ltd. 15.00% (expired maturity) |
|
INR |
(b)581 |
|
@— |
|
||
|
TOTAL
DEBT INSTRUMENTS |
|
|
|
510 |
|
|||
|
SHORT-TERM INVESTMENT (1.7%) |
|
|
|
|
|
|||
|
United States (1.7%) |
|
|
|
|
|
|||
|
Repurchase Agreement |
|
|
|
|
|
|||
|
J.P. Morgan Securities, Inc.,1.60%, dated 9/30/04, due 10/1/04, repurchase price $5,097 (Cost $5,097) |
|
$ |
(e)5,097 |
|
5,097 |
|
||
|
TOTAL
INVESTMENTS + (98.6%) |
|
|
|
$ |
293,362 |
|
||
|
OTHER ASSETS LESS LIABILITIES (1.4%) |
|
|
|
4,172 |
|
|||
|
TOTAL NET ASSETS (100.0%) |
|
|
|
$ |
297,534 |
|
||
(a) Non-income producing.
(b) Security was valued at fair value - At September 30, 2004, the Fund held $453,000 of fair-valued securities, representing 0.2% of net assets.
(c) 144A security — certain conditions for public sale may exist.
(d) The Morgan Stanley India Growth Fund, acquired at a cost of $891,309, is advised by an affiliate of the Adviser. During the nine months ended September 30, 2004, there were no purchases or sales of this security. The Fund derived $155,444 of income from this security during the nine months ended September 30, 2004.
(e) The repurchase agreement is fully collateralized by U.S. government and/or agency obligations based on market prices at the date of this statement of net assets. The investment in the repurchase agreement is through participation in a joint account with affiliated funds.
@ Value is less than $500.
ADR American Depositary Receipt
GDR Global Depositary Receipt
INR Indian Rupee
NVDR Non-Voting Depositary Receipt
+ At September 30, 2004, the U.S. Federal income tax cost basis of investments was approximately $236,659,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $56,703,000 of which $69,889,000 related to appreciated securities and $13,186,000 related to depreciated securities.
7
Portfolio of Investments (cont’d)
Foreign Currency Exchange Contract Information:
The Fund had the following foreign currency exchange contract(s) open at period end:
|
Currency |
|
Value |
|
Settlement |
|
In |
|
Value |
|
Net |
|
|||||
|
THB |
3,561 |
|
$ |
86 |
|
10/1/04 |
|
US$ |
86 |
|
$ |
86 |
|
$ |
@— |
|
|
THB |
707 |
|
17 |
|
10/4/04 |
|
US$ |
17 |
|
17 |
|
@— |
|
|||
|
TRL |
363,074,910 |
|
241 |
|
10/1/04 |
|
US$ |
241 |
|
241 |
|
@— |
|
|||
|
TRL |
617,550,555 |
|
411 |
|
10/4/04 |
|
US$ |
410 |
|
410 |
|
(1 |
) |
|||
|
US$ |
434 |
|
434 |
|
10/1/04 |
|
MXN |
4,955 |
|
435 |
|
1 |
|
|||
|
US$ |
401 |
|
401 |
|
10/1/04 |
|
ZAR |
2,590 |
|
401 |
|
@— |
|
|||
|
US$ |
24 |
|
24 |
|
10/5/04 |
|
ZAR |
156 |
|
24 |
|
@— |
|
|||
|
US$ |
49 |
|
49 |
|
10/6/04 |
|
ZAR |
314 |
|
49 |
|
@— |
|
|||
|
US$ |
93 |
|
93 |
|
10/7/04 |
|
ZAR |
601 |
|
93 |
|
@— |
|
|||
|
ZAR |
290 |
|
45 |
|
10/4/04 |
|
US$ |
45 |
|
45 |
|
@— |
|
|||
|
ZAR |
33,810 |
|
5,043 |
|
6/27/05 |
|
US$ |
4,980 |
|
4,980 |
|
(63 |
) |
|||
|
|
|
|
$ |
6,844 |
|
|
|
|
|
$ |
6,781 |
|
$ |
(63 |
) |
|
MXN — Mexican Peso
THB — Thai Baht
TRL — Turkish Lira
ZAR — South African Rand
SUMMARY OF TOTAL INVESTMENTS BY INDUSTRY
CLASSIFICATION - SEPTEMBER 30, 2004
|
INDUSTRY |
|
Value |
|
Percent |
|
|
|
Commercial Banks |
|
$ |
36,401 |
|
12.2 |
% |
|
Oil & Gas |
|
34,605 |
|
11.6 |
|
|
|
Wireless Telecommunication Services |
|
27,760 |
|
9.3 |
|
|
|
Metals & Mining |
|
25,487 |
|
8.6 |
|
|
|
Semiconductors & Semiconductor Equipment |
|
16,158 |
|
5.4 |
|
|
|
Electronic Equipment & Instruments |
|
13,253 |
|
4.5 |
|
|
|
Food & Staples Retailing |
|
12,116 |
|
4.0 |
|
|
|
Diversified Financial Services |
|
9,439 |
|
3.2 |
|
|
|
Insurance |
|
8,162 |
|
2.7 |
|
|
|
Diversified Telecommunication Services |
|
7,739 |
|
2.6 |
|
|
|
Auto Components |
|
7,289 |
|
2.5 |
|
|
|
Media |
|
7,241 |
|
2.4 |
|
|
|
Electric Utilities |
|
6,882 |
|
2.3 |
|
|
|
Construction Materials |
|
6,034 |
|
2.0 |
|
|
|
Construction & Engineering |
|
5,131 |
|
1.7 |
|
|
|
Household Durables |
|
4,943 |
|
1.7 |
|
|
|
Electrical Equipment |
|
4,791 |
|
1.6 |
|
|
|
Paper & Forest Products |
|
4,157 |
|
1.4 |
|
|
|
Software |
|
4,015 |
|
1.3 |
|
|
|
Leisure Equipment & Products |
|
3,264 |
|
1.1 |
|
|
|
Specialty Retail |
|
3,250 |
|
1.1 |
|
|
|
Computers & Peripherals |
|
3,177 |
|
1.1 |
|
|
|
Tobacco |
|
2,911 |
|
1.0 |
|
|
|
Other |
|
39,157 |
|
13.3 |
|
|
|
|
|
$ |
293,362 |
|
98.6 |
% |
8
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.
9
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/ Ronald E. Robison |
|
||
|
Name: |
Ronald E. Robison |
|
||
|
Title: |
Principal Executive Officer |
|
||
|
Date: |
November 19, 2004 |
|
||
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/ Ronald E. Robison |
|
||
|
Name: |
Ronald E. Robison |
|
||
|
Title: |
Principal Executive Officer |
|
||
|
Date: |
November 19, 2004 |
|
||
|
|
|
|
||
|
By: |
/s/ James Garrett |
|
||
|
Name: |
James Garrett |
|
||
|
Title: |
Principal Financial Officer |
|
||
|
Date: |
November 19, 2004 |
|
||
10