[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 5th 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 |
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Date of reporting period: |
3/31/06 |
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Item 1. Schedule of Investments.
The Fund’s schedule of investment as of the close of the reporting period prepared pursuant to Rule 12-12 Regulation S-X is as follows:
Morgan Stanley Emerging Markets Fund, Inc.
First Quarter Report
March 31, 2006 (unaudited)
Portfolio of Investments
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Value |
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Shares |
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(000) |
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COMMON STOCKS (97.1%) |
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(Unless Otherwise Noted) |
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Austria (0.4%) |
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Commercial Banks |
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Raiffeisen International Bank Holding AG |
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(a) |
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22,687 |
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$ |
1,935 |
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Brazil (12.7%) |
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Aerospace & Defense |
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Empresa Brasileira de Aeronautica SA ADR |
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44,680 |
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1,646 |
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Airlines |
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Tam SA ADR |
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(a) |
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97,800 |
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1,843 |
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Commercial Banks |
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Banco Itau Holding Financeira SA (Preference) |
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96,241 |
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2,869 |
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Banco Itau Holding Financeira SA ADR |
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173,102 |
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5,153 |
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Banco Nacional SA (Preference) |
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(a)(b)(f) |
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61,598,720 |
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@— |
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Investimentos Itau SA (Preference) |
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544,535 |
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2,328 |
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Unibanco - Uniao de Bancos Brasileiros SA |
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51,431 |
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760 |
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Unibanco - Uniao de Bancos Brasileiros SA GDR |
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60,950 |
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4,505 |
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15,615 |
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Electric Utilities |
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Cia Paranaense de Energia ADR, ‘B’ (Preference) |
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5,600 |
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55 |
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Cia Paranaense de Energia, ‘B’ (Preference) |
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108,221,000 |
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1,083 |
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CPFL Energia SA |
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116,010 |
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1,634 |
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CPFL Energia SA ADR |
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8,210 |
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345 |
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3,117 |
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Food & Staples Retailing |
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Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR |
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56,100 |
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2,365 |
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Food Products |
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Perdigao SA (Preference) |
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21,200 |
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663 |
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Independent Power Producers & Energy Traders |
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Tractebel Energia SA |
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143,000 |
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1,209 |
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Metals & Mining |
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CVRD ADR |
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13,500 |
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655 |
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CVRD ADR (Preference) |
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221,292 |
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9,566 |
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CVRD, Class A (Preference) |
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4,313 |
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186 |
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Gerdau SA (Preference) |
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110,700 |
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2,484 |
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Gerdau SA ADR |
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39,627 |
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892 |
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13,783 |
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Multiline Retail |
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Lojas Americanas SA (Preference) |
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28,971,000 |
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1,238 |
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Oil, Gas & Consumable Fuels |
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Petrobras SA (Preference) |
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114,316 |
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2,272 |
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Petrobras SA ADR |
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59,263 |
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5,136 |
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Petrobras SA ADR (Preference) |
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118,475 |
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9,460 |
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16,868 |
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Paper & Forest Products |
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Aracruz Celulose SA ADR |
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4,180 |
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221 |
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Personal Products |
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Natura Cosmeticos SA |
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90,000 |
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1,071 |
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Road & Rail |
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All America Latina Logistica SA |
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38,120 |
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2,378 |
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Specialty Retail |
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Lojas Renner |
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6,400 |
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349 |
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Wireless Telecommunication Services |
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Vivo Participacoes SA |
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(a) |
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14,157 |
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82 |
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Vivo Participacoes SA (Preference) |
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(a) |
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278,676 |
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1,166 |
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Tim Participacoes SA ADR |
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29,400 |
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1,089 |
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2,337 |
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64,703 |
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Chile (0.6%) |
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Electric Utilities |
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Enersis SA ADR |
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245,320 |
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2,910 |
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China (6.6%) |
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Airlines |
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Air China Ltd., Class H |
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(a) |
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1,686,000 |
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652 |
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Commercial Banks |
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Bank of Communications Co., Ltd., Class H |
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(a)(c) |
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3,207,000 |
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2,015 |
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China Construction Bank, Class H |
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(a)(c) |
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6,756,000 |
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3,156 |
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5,171 |
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Communications Equipment |
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China Techfaith Wireless Communication Technology Ltd. ADR |
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(a) |
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29,300 |
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424 |
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Computers & Peripherals |
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1
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TPV Technology Ltd. |
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1,929,000 |
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2,125 |
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Electric Utilities |
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Huadian Power International Co. |
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2,708,000 |
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724 |
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Electronic Equipment & Instruments |
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Kingboard Chemical Holdings Ltd. |
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473,000 |
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1,430 |
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Food Products |
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Global Bio-Chem Technology Group Co., Ltd. |
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4,031,000 |
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2,117 |
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Health Care Equipment & Supplies |
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Moulin Global Eyecare Holdings Ltd. |
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(a)(b)(f) |
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568,000 |
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@— |
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Household Durables |
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Grande Holdings Ltd. |
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536,000 |
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404 |
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Independent Power Producers & Energy Traders |
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China Resources Power Holdings Co. |
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1,887,000 |
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1,374 |
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Insurance |
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China Life Insurance Co., Ltd. |
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(a) |
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1,863,000 |
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2,353 |
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PICC Property & Casualty Co., Ltd. |
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1,492,000 |
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543 |
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Ping An Insurance Group Co. of China Ltd., ‘H’ |
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792,000 |
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2,042 |
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4,938 |
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Metals & Mining |
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Asia Aluminum Holdings Ltd. |
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(a) |
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7,284,000 |
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1,314 |
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Oil, Gas & Consumable Fuels |
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PetroChina Co., Ltd., ‘H’ |
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3,536,000 |
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3,691 |
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Specialty Retail |
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GOME Electrical Appliances Holdings Ltd. |
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3,246,000 |
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3,619 |
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Textiles, Apparel & Luxury Goods |
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Victory City International Holdings Ltd. |
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1,051,000 |
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379 |
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Trading Companies & Distributors |
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Shougang Concord Century Holdings Ltd. |
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3,415,000 |
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251 |
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Transportation Infrastructure |
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Hopewell Highway Infrastructure Ltd. |
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1,226,000 |
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916 |
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Wireless Telecommunication Services |
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China Mobile Hong Kong Ltd. |
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544,000 |
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2,857 |
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China Unicom Ltd. |
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1,480,000 |
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1,202 |
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4,059 |
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33,588 |
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Colombia (0.5%) |
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Commercial Banks |
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BanColombia SA ADR |
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70,470 |
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2,459 |
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Czech Republic (0.4%) |
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Media |
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Central European Media Enterprises Ltd. |
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(a) |
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26,400 |
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1,811 |
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Hungary (0.7%) |
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Pharmaceuticals |
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Gedeon Richter Rt. |
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18,119 |
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3,652 |
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India (7.5%) |
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Automobiles |
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Hero Honda Motors Ltd. |
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93,400 |
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1,869 |
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Mahindra & Mahindra Ltd. |
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141,000 |
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1,987 |
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3,856 |
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Commercial Banks |
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HDFC Bank Ltd. |
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88,000 |
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1,531 |
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ICICI Bank Ltd. ADR |
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32,000 |
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886 |
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Punjab National Bank Ltd. |
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(b) |
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91,500 |
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1,008 |
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UTI Bank Ltd. |
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66,000 |
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528 |
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UTI Bank Ltd. GDR |
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(a) |
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83,000 |
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664 |
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4,617 |
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Construction & Engineering |
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Gammon India Ltd. |
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33,000 |
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402 |
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Punj Lloyd Ltd. |
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(a) |
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21,869 |
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533 |
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935 |
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Construction Materials |
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Gujarat Ambuja Cements Ltd. |
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163,000 |
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378 |
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Gujarat Ambuja Cements Ltd. GDR |
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248,500 |
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567 |
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945 |
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Electrical Equipment |
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ABB Ltd. |
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35,281 |
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2,321 |
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Bharat Heavy Electricals Ltd. |
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146,200 |
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7,366 |
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9,687 |
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Hotels, Restaurants & Leisure |
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Hotel Leela Venture Ltd. |
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108,000 |
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841 |
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Household Products |
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Hindustan Lever Ltd. |
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354,500 |
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2,167 |
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Industrial Conglomerates |
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Siemens India Ltd. |
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14,000 |
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1,785 |
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Internet Software & Services |
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A & M Communications, Inc. |
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(b)(f) |
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1,375 |
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4 |
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IndiaInfo.com PCL |
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(b) |
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116,052 |
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@— |
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IT Services |
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4 |
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2
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HCL Technologies Ltd. |
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108,000 |
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1,588 |
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Infosys Technologies Ltd. |
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31,908 |
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2,138 |
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Wipro Ltd. |
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101,000 |
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1,270 |
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4,996 |
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Metals & Mining |
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Hindalco Industries, Ltd. |
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178,000 |
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731 |
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Pharmaceuticals |
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Aventis Pharma Ltd. |
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26,000 |
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1,150 |
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Cipla Ltd. |
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105,500 |
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1,570 |
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Glenmark Pharmaceuticals Ltd. |
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115,000 |
|
814 |
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3,534 |
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Road & Rail |
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Container Corp. of India Ltd. |
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34,635 |
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1,125 |
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Thrifts & Mortgage Finance |
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Housing Development Finance Corp., Ltd. |
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53,500 |
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1,607 |
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Tobacco |
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ITC Ltd. |
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180,000 |
|
789 |
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ITC Ltd. GDR (Registered) |
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140,500 |
|
607 |
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1,396 |
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|
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38,226 |
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Indonesia (0.8%) |
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Automobiles |
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Astra International Tbk PT |
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400,600 |
|
498 |
|
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Commercial Banks |
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|
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Bank Central Asia Tbk PT |
|
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612,000 |
|
281 |
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Bank Mandiri Persero Tbk PT |
|
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|
3,157,500 |
|
589 |
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Bank Rakyat Indonesia Tbk PT |
|
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|
1,304,000 |
|
561 |
|
|
|
|
|
|
|
|
1,431 |
|
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Diversified Telecommunication Services |
|
|
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Telekomunikasi Indonesia Tbk PT |
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2,125,000 |
|
1,617 |
|
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Gas Utilities |
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Perusahaan Gas Negara Tbk PT |
|
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|
562,000 |
|
620 |
|
|
|
|
|
|
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|
4,166 |
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Israel (0.0%) |
|
|
|
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Aerospace & Defense |
|
|
|
|
|
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Elbit Systems Ltd. |
|
|
|
1 |
|
@— |
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Malaysia (0.7%) |
|
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Commercial Banks |
|
|
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|
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Bumiputra-Commerce Holdings Bhd |
|
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503,000 |
|
860 |
|
|
Construction & Engineering |
|
|
|
|
|
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Road Builder Malaysia Holdings Bhd |
|
|
|
434,500 |
|
249 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
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Telekom Malaysia Bhd |
|
|
|
276,000 |
|
701 |
|
|
Electric Utilities |
|
|
|
|
|
|
|
|
Tenaga Nasional Bhd |
|
|
|
447,750 |
|
1,021 |
|
|
Food Products |
|
|
|
|
|
|
|
|
IOI Corp. Bhd |
|
|
|
169,000 |
|
610 |
|
|
Real Estate |
|
|
|
|
|
|
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|
Bandar Raya Developments Bhd |
|
|
|
729,000 |
|
240 |
|
|
|
|
|
|
|
|
3,681 |
|
|
Mexico (9.5%) |
|
|
|
|
|
|
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Beverages |
|
|
|
|
|
|
|
|
Femsa ADR |
|
|
|
58,800 |
|
5,390 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
Wal-Mart de Mexico S.A. de CV, Series V |
|
|
|
4,034,716 |
|
10,666 |
|
|
Wal-Mart de Mexico SA de CV ADR |
|
|
|
99,830 |
|
2,671 |
|
|
|
|
|
|
|
|
13,337 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Corp. GEO SA de CV, Series B |
|
(a) |
|
289,700 |
|
1,093 |
|
|
Media |
|
|
|
|
|
|
|
|
Grupo Televisa SA ADR |
|
|
|
645,560 |
|
12,847 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
America Movil SA de CV, Class L ADR |
|
|
|
452,931 |
|
15,517 |
|
|
|
|
|
|
|
|
48,184 |
|
|
Morocco (1.0%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Banque Marocaine du Commerce Exterieur |
|
|
|
19,040 |
|
2,123 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
Maroc Telecom |
|
(a) |
|
92,590 |
|
1,382 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|
ONA S.A. |
|
|
|
10,483 |
|
1,480 |
|
|
|
|
|
|
|
|
4,985 |
|
|
Pakistan (0.9%) |
|
|
|
|
|
|
|
|
Chemicals |
|
|
|
|
|
|
|
|
Fauji Fertilizer Co., Ltd. |
|
|
|
147,100 |
|
329 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
National Bank of Pakistan |
|
|
|
232,600 |
|
1,093 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
3
|
Pakistan Telecommunication Co., Ltd. |
|
(a) |
|
1,180,800 |
|
1,289 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
Oil & Gas Development Co., Ltd. |
|
|
|
476,000 |
|
1,248 |
|
|
Pakistan Petroleum Ltd. |
|
|
|
134,300 |
|
606 |
|
|
|
|
|
|
|
|
1,854 |
|
|
|
|
|
|
|
|
4,565 |
|
|
Peru (0.2%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Credicorp Ltd. |
|
|
|
47,800 |
|
1,266 |
|
|
Poland (3.3%) |
|
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
|
Central European Distribution Corp. |
|
(a) |
|
59,800 |
|
2,299 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Bank Millennium SA |
|
|
|
820,318 |
|
1,825 |
|
|
Bank Pekao SA |
|
|
|
64,202 |
|
3,790 |
|
|
Powszechna Kasa Oszczednosci Bank Polski SA |
|
|
|
308,037 |
|
3,303 |
|
|
|
|
|
|
|
|
8,918 |
|
|
Media |
|
|
|
|
|
|
|
|
Agora SA |
|
|
|
79,967 |
|
1,218 |
|
|
TVN SA |
|
(a) |
|
120,223 |
|
3,277 |
|
|
|
|
|
|
|
|
4,495 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
Polski Koncern Naftowy Orlen SA |
|
|
|
53,736 |
|
978 |
|
|
|
|
|
|
|
|
16,690 |
|
|
Russia (11.3%) |
|
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
|
Efes Breweries International N.V. GDR |
|
(a) |
|
44,166 |
|
1,612 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Sberbank RF GDR |
|
(a) |
|
44,500 |
|
6,597 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
Comstar United Telesystems GDR |
|
(a)(c) |
|
304,000 |
|
2,242 |
|
|
Electric Utilities |
|
|
|
|
|
|
|
|
Unified Energy System GDR |
|
|
|
31,418 |
|
2,143 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Wimm-Bill-Dann Foods OJSC ADR |
|
(a) |
|
107,600 |
|
3,052 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
Polyus Gold Co., ADR |
|
(f) |
|
20,200 |
|
737 |
|
|
Highland Gold Mining Ltd. |
|
|
|
253,300 |
|
1,179 |
|
|
MMC Norilsk Nickel ADR |
|
|
|
31,240 |
|
3,062 |
|
|
|
|
|
|
|
|
4,978 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
LUKOIL ADR |
|
|
|
285,696 |
|
23,513 |
|
|
NovaTek OAO GDR |
|
|
|
79,110 |
|
3,046 |
|
|
OAO Gazprom ADR (Registered) |
|
|
|
55,600 |
|
5,087 |
|
|
Surgutneftegaz ADR |
|
(a) |
|
40,860 |
|
3,068 |
|
|
|
|
|
|
|
|
34,714 |
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
|
Alliance Cellulose Ltd., ‘B’ |
|
(b)(f) |
|
156,075 |
|
@— |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
Mobile Telesystems GDR |
|
|
|
13,700 |
|
450 |
|
|
OAO Vimpel-Communications ADR |
|
(a) |
|
39,700 |
|
1,708 |
|
|
|
|
|
|
|
|
2,158 |
|
|
|
|
|
|
|
|
57,496 |
|
|
South Africa (13.6%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
ABSA Group Ltd. |
|
|
|
52,100 |
|
980 |
|
|
Standard Bank Group Ltd. |
|
|
|
406,227 |
|
5,587 |
|
|
|
|
|
|
|
|
6,567 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
Aveng Ltd. |
|
|
|
945,500 |
|
3,604 |
|
|
Group Five Ltd. |
|
|
|
256,300 |
|
1,263 |
|
|
|
|
|
|
|
|
4,867 |
|
|
Construction Materials |
|
|
|
|
|
|
|
|
Pretoria Portland Cement Co., Ltd. |
|
|
|
50,200 |
|
3,412 |
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
African Bank Investments Ltd. |
|
|
|
886,200 |
|
4,329 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
Shoprite Holdings Ltd. |
|
|
|
837,800 |
|
3,057 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Tiger Brands Ltd. |
|
|
|
203,990 |
|
5,754 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Steinhoff International Holdings Ltd. |
|
|
|
616,940 |
|
2,221 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|
Murray & Roberts Holdings |
|
|
|
545,680 |
|
2,452 |
|
|
Media |
|
|
|
|
|
|
|
|
Naspers Ltd., Class N |
|
|
|
367,260 |
|
7,476 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
Gold Fields Ltd. |
|
|
|
133,400 |
|
2,908 |
|
|
Gold Fields Ltd. ADR |
|
|
|
16,593 |
|
365 |
|
4
|
Harmony Gold Mining Co., Ltd. |
|
(a) |
|
188,229 |
|
3,053 |
|
|
Impala Platinum Holdings Ltd. |
|
|
|
18,235 |
|
3,445 |
|
|
|
|
|
|
|
|
9,771 |
|
|
Multiline Retail |
|
|
|
|
|
|
|
|
Woolworths Holdings Ltd. |
|
|
|
886,200 |
|
2,356 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
Sasol Ltd. |
|
|
|
88,950 |
|
3,361 |
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
|
Aspen Pharmacare Holdings Ltd. |
|
(a) |
|
512,170 |
|
3,589 |
|
|
Specialty Retail |
|
|
|
|
|
|
|
|
J.D. Group Ltd. |
|
|
|
268,000 |
|
4,060 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
MTN Group Ltd. |
|
|
|
562,320 |
|
5,609 |
|
|
|
|
|
|
|
|
68,881 |
|
|
South Korea (12.4%) |
|
|
|
|
|
|
|
|
Auto Components |
|
|
|
|
|
|
|
|
Hyundai Mobis |
|
|
|
12,560 |
|
1,112 |
|
|
Automobiles |
|
|
|
|
|
|
|
|
Hyundai Motor Co. |
|
|
|
30,050 |
|
2,527 |
|
|
Hyundai Motor Co. (2nd Preference) |
|
|
|
23,730 |
|
1,311 |
|
|
|
|
|
|
|
|
3,838 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Kookmin Bank |
|
|
|
64,080 |
|
5,533 |
|
|
Pusan Bank |
|
|
|
50,260 |
|
735 |
|
|
Shinhan Financial Group Co., Ltd. |
|
|
|
122,700 |
|
5,493 |
|
|
Woori Finance Holdings Co., Ltd. |
|
|
|
72,920 |
|
1,449 |
|
|
|
|
|
|
|
|
13,210 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
Doosan Heavy Industries & Construction Co., Ltd. |
|
|
|
53,790 |
|
1,777 |
|
|
GS Engineering & Construction Corp. |
|
|
|
47,050 |
|
2,799 |
|
|
Hyundai Engineering & Construction Co., Ltd. |
|
(a) |
|
21,090 |
|
1,076 |
|
|
|
|
|
|
|
|
5,652 |
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
|
LG.Philips LCD Co., Ltd. |
|
(a) |
|
11,260 |
|
508 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Orion Corp. |
|
|
|
10,808 |
|
3,193 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Woongjin Coway Co., Ltd. |
|
|
|
58,230 |
|
1,699 |
|
|
Insurance |
|
|
|
|
|
|
|
|
Samsung Fire & Marine Insurance Co., Ltd. |
|
(a) |
|
17,245 |
|
2,281 |
|
|
Internet Software & Services |
|
|
|
|
|
|
|
|
NHN Corp. |
|
(a) |
|
8,190 |
|
2,529 |
|
|
Machinery |
|
|
|
|
|
|
|
|
Doosan Infracore Co., Ltd. |
|
|
|
49,380 |
|
917 |
|
|
Hanjin Heavy Industries & Construction Co., Ltd. |
|
|
|
51,580 |
|
1,481 |
|
|
|
|
|
|
|
|
2,398 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
Korea Zinc Co., Ltd. |
|
|
|
24,600 |
|
1,929 |
|
|
Multiline Retail |
|
|
|
|
|
|
|
|
Lotte Shopping Co., Ltd. |
|
|
|
1,908 |
|
782 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
S-Oil Corp. |
|
|
|
26,010 |
|
1,997 |
|
|
SK Corp. |
|
|
|
44,690 |
|
2,999 |
|
|
|
|
|
|
|
|
4,996 |
|
|
Personal Products |
|
|
|
|
|
|
|
|
Amorepacific Corp. |
|
|
|
2,890 |
|
1,130 |
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
|
Hanmi Pharm Co., Ltd. |
|
|
|
6,573 |
|
910 |
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
|
|
14,471 |
|
9,383 |
|
|
Samsung Electronics Co., Ltd. (Preference) |
|
|
|
6,581 |
|
3,370 |
|
|
|
|
|
|
|
|
12,753 |
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
|
Cheil Industries, Inc. |
|
|
|
42,610 |
|
1,561 |
|
|
Tobacco |
|
|
|
|
|
|
|
|
KT&G Corp. |
|
|
|
39,420 |
|
2,223 |
|
|
|
|
|
|
|
|
62,704 |
|
|
Taiwan (7.7%) |
|
|
|
|
|
|
|
|
Airlines |
|
|
|
|
|
|
|
|
Eva Airways Corp. |
|
|
|
294 |
|
@— |
|
|
Auto Components |
|
|
|
|
|
|
|
|
Cheng Shin Rubber Industry Co., Ltd. |
|
|
|
586,967 |
|
429 |
|
|
Capital Markets |
|
|
|
|
|
|
|
|
Polaris Securities Co., Ltd. |
|
|
|
1,031,907 |
|
428 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Chang Hwa Commercial Bank |
|
|
|
3,680,000 |
|
2,013 |
|
|
Chinatrust Financial Holding Co. |
|
|
|
869,000 |
|
617 |
|
|
Taishin Financial Holdings Co., Ltd. |
|
|
|
1,386,139 |
|
764 |
|
|
|
|
|
|
|
|
3,394 |
|
5
|
Computers & Peripherals |
|
|
|
|
|
|
|
|
Acer, Inc. |
|
|
|
591,000 |
|
1,087 |
|
|
High Tech Computer Corp. |
|
|
|
110,000 |
|
3,009 |
|
|
Wistron Corp. |
|
(a) |
|
1,041,000 |
|
1,248 |
|
|
|
|
|
|
|
|
5,344 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
CTCI Corp. |
|
|
|
818,258 |
|
398 |
|
|
Electrical Equipment |
|
|
|
|
|
|
|
|
Phoenixtec Power Co., Ltd. |
|
|
|
174,730 |
|
170 |
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
|
AU Optronics Corp. |
|
|
|
2,054,150 |
|
3,088 |
|
|
Delta Electronics, Inc. |
|
|
|
1,762,479 |
|
4,100 |
|
|
Delta Electronics, Inc. GDR |
|
|
|
70,867 |
|
824 |
|
|
Everlight Electronics Co., Ltd. |
|
|
|
158,000 |
|
466 |
|
|
HON HAI Precision Industry Co., Ltd. |
|
|
|
777,821 |
|
4,817 |
|
|
Phoenix Precision Technology Corp. |
|
|
|
402,000 |
|
889 |
|
|
Radiant Opto-Electronics Corp. |
|
|
|
291,785 |
|
717 |
|
|
Wintek Corp. |
|
|
|
598,000 |
|
820 |
|
|
|
|
|
|
|
|
15,721 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Tsann Kuen Enterprise Co., Ltd. |
|
|
|
643,347 |
|
991 |
|
|
Insurance |
|
|
|
|
|
|
|
|
Cathay Financial Holding Co., Ltd. |
|
|
|
1,036,000 |
|
1,851 |
|
|
Shin Kong Financial Holding Co., Ltd. |
|
|
|
3,562,895 |
|
2,931 |
|
|
|
|
|
|
|
|
4,782 |
|
|
Leisure Equipment & Products |
|
|
|
|
|
|
|
|
Largan Precision Co., Ltd. |
|
|
|
117,798 |
|
1,912 |
|
|
Machinery |
|
|
|
|
|
|
|
|
Kaulin Manufacturing Co., Ltd. |
|
|
|
368,602 |
|
290 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
Formosa Petrochemical Corp. |
|
|
|
703,000 |
|
1,263 |
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
Epistar Corp. |
|
|
|
111,000 |
|
313 |
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
|
|
677,000 |
|
1,339 |
|
|
|
|
|
|
|
|
1,652 |
|
|
Software |
|
|
|
|
|
|
|
|
Springsoft, Inc. |
|
|
|
237,641 |
|
362 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
Far EasTone Telecommunications Co., Ltd. |
|
|
|
704,000 |
|
831 |
|
|
Taiwan Mobile Co., Ltd. |
|
|
|
958,000 |
|
912 |
|
|
|
|
|
|
|
|
1,743 |
|
|
|
|
|
|
|
|
38,879 |
|
|
Thailand (2.4%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Bangkok Bank PCL (Foreign) |
|
|
|
442,600 |
|
1,321 |
|
|
Kasikornbank PCL (Foreign) |
|
|
|
485,100 |
|
855 |
|
|
Siam City Bank PCL (Foreign, Registered) |
|
|
|
741,700 |
|
463 |
|
|
Siam Commercial Bank PCL (Foreign, Registered) |
|
(b) |
|
238,600 |
|
396 |
|
|
|
|
|
|
|
|
3,035 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
CH. Karnchang PCL (Foreign) |
|
(a)(b) |
|
1,305,300 |
|
366 |
|
|
Italian-Thai Development PCL (Foreign) |
|
(b) |
|
2,084,300 |
|
373 |
|
|
|
|
|
|
|
|
739 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
True Corp. PCL (Foreign) |
|
(a)(b) |
|
1,570,800 |
|
424 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
CP Seven Eleven PCL (Foreign) |
|
(b) |
|
5,122,000 |
|
883 |
|
|
Siam Makro PCL (Foreign) |
|
(b) |
|
100,700 |
|
211 |
|
|
|
|
|
|
|
|
1,094 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Asian Property Development PCL (Foreign) |
|
(b) |
|
3,878,600 |
|
419 |
|
|
Lalin Property PCL (Foreign) |
|
(b) |
|
1,145,300 |
|
180 |
|
|
Land & Houses PCL (Foreign) |
|
|
|
2,547,100 |
|
550 |
|
|
|
|
|
|
|
|
1,149 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
PTT Exploration & Production PCL (Foreign) |
|
(b) |
|
32,300 |
|
459 |
|
|
PTT PCL (Foreign) |
|
(b) |
|
278,300 |
|
1,675 |
|
|
Thai Oil PCL (Foreign) |
|
(b) |
|
365,800 |
|
621 |
|
|
|
|
|
|
|
|
2,755 |
|
|
Real Estate |
|
|
|
|
|
|
|
|
MBK PCL (Foreign) |
|
(b) |
|
207,300 |
|
264 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
Advanced Info Service PCL (Foreign) |
|
(b) |
|
582,200 |
|
1,370 |
|
|
Total Access Communication PCL |
|
(a) |
|
321,000 |
|
1,265 |
|
|
|
|
|
|
|
|
2,635 |
|
|
|
|
|
|
|
|
12,095 |
|
|
Turkey (3.9%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Turkiye Garanti Bankasi A.S. |
|
(a) |
|
1,064,761 |
|
3,960 |
|
6
|
Turkiye Is Bankasi |
|
(a) |
|
160,000 |
|
1,333 |
|
|
Turkiye Vakiflar Bankasi Tao A.S. |
|
(a) |
|
221,200 |
|
1,209 |
|
|
Yapi ve Kredi Bankasi A.S. |
|
(a) |
|
592,963 |
|
3,131 |
|
|
|
|
|
|
|
|
9,633 |
|
|
Construction Materials |
|
|
|
|
|
|
|
|
Akcansa Cimento A.S. |
|
|
|
328,648 |
|
2,078 |
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
Haci Omer Sabanci Holding A.S. |
|
|
|
150,600 |
|
1,064 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
BIM Birlesik Magazalar A.S. |
|
(a) |
|
70,330 |
|
2,236 |
|
|
Media |
|
|
|
|
|
|
|
|
Dogan Yayin Holding A.S. |
|
(a) |
|
780,143 |
|
3,598 |
|
|
Hurriyet Gazetecilik ve Matbaacilik A.S. |
|
|
|
325,092 |
|
1,245 |
|
|
|
|
|
|
|
|
4,843 |
|
|
|
|
|
|
|
|
19,854 |
|
|
TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
|
(Cost $314,883) |
|
|
|
|
|
492,730 |
|
|
INVESTMENT COMPANIES (1.4%) |
|
|
|
|
|
|
|
|
India (0.8%) |
|
|
|
|
|
|
|
|
Morgan Stanley Growth Fund |
|
(a)(d) |
|
4,694,400 |
|
4,283 |
|
|
Poland (0.6%) |
|
|
|
|
|
|
|
|
Narodowy Fundusz Inwestycyjny Empik Media & Fashion SA |
|
(a) |
|
762,586 |
|
3,016 |
|
|
TOTAL INVESTMENT COMPANIES |
|
|
|
|
|
|
|
|
(Cost $2,299) |
|
|
|
|
|
7,299 |
|
|
|
|
|
|
Face |
|
|
|
|||
|
|
|
|
|
Amount |
|
|
|
|||
|
|
|
|
|
(000) |
|
|
|
|||
|
DEBT INSTRUMENTS (0.0%) |
|
|
|
|
|
|
|
|||
|
India (0.0%) |
|
|
|
|
|
|
|
|||
|
Metals & Mining |
|
|
|
|
|
|
|
|||
|
Shri Ishar Alloy Steels Ltd. |
|
|
|
|
|
|
|
|||
|
15.00%, (expired maturity) |
|
|
|
|
|
|
|
|||
|
(Cost $409) |
|
(b)(f) |
|
INR |
581 |
|
@— |
|
||
|
SHORT-TERM INVESTMENT (1.8%) |
|
|
|
|
|
|
|
|||
|
United States (1.8%) |
|
|
|
|
|
|
|
|||
|
Repurchase Agreement |
|
|
|
|
|
|
|
|||
|
J.P. Morgan Securities, Inc., 4.73%, |
|
|
|
|
|
|
|
|||
|
dated 3/31/06, due 4/3/06 |
|
|
|
|
|
|
|
|||
|
repurchase price $8,901 |
|
|
|
|
|
|
|
|||
|
(Cost $8,897) |
|
(e) |
|
$ |
8,897 |
|
8,897 |
|
||
|
TOTAL INVESTMENTS + (100.3%) (Cost $326,488) |
|
|
|
|
|
508,926 |
|
|||
|
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.3%) |
|
|
|
|
|
(1,613 |
) |
|||
|
NET ASSETS (100%) |
|
|
|
|
|
$ |
507,313 |
|
||
(a) Non-income producing security.
(b) Security was valued at fair value — At March 31, 2006, the Fund held $8,653,000 of fair valued securities, representing 1.7% of net assets.
(c) 144A Security - Certain conditions for public sale must exist. Unless otherwise noted, these securities are deemed to be liquid.
(d) Investment in Security of Affiliated Issuer – The Morgan Stanley Growth Fund, acquired at a cost of $891,309 is advised by an affiliate of the Adviser. During the period ended March 31, 2006, there were no purchases or sales of this security. The Fund derived no income from this security during the period ended March 31, 2006.
(e) Represents the Fund’s undivided interest in a joint repurchase agreement which has a total value of $935,502,000. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., 3.23% to 6.08%, due 4/1/19 to 2/1/37; Federal National Mortgage Association, Conventional Pools, 3.60% to 6.39%, due 5/1/28 to 4/1/44, which had a total value of $954,214,908. The investment in the repurchase agreement is through participation in a joint account with affiliated parties pursuant to exemptive relief received by the Fund from the SEC.
(f) Security has been deemed illiquid — At March 31, 2006.
+ At March 31, 2006, the U.S. Federal income tax cost basis of investments was approximately $326,488,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $182,438,000 of which $192,543,000 related to appreciated securities and $10,105,000 related to depreciated securities.
@ Face Amount/Value is less than $500.
ADR American Depositary Receipt
GDR Global Depositary Receipt
INR Indian Rupee
7
Foreign Currency Exchange Contract Information:
The Fund had the following foreign currency exchange contract(s) open at period end:
|
Currency
to Deliver |
|
Value |
|
Settlement |
|
In Exchange For (000) |
|
Value (000) |
|
Net Unrealized Appreciation (Depreciation) (000) |
|
||||||
|
BRL |
134 |
|
$ |
62 |
|
4/3/06 |
|
USD |
|
60 |
|
$ |
60 |
|
$ |
(2 |
) |
|
BRL |
81 |
|
37 |
|
4/4/06 |
|
USD |
|
37 |
|
37 |
|
@— |
|
|||
|
BRL |
208 |
|
96 |
|
4/5/06 |
|
USD |
|
95 |
|
95 |
|
(1 |
) |
|||
|
USD |
284 |
|
284 |
|
4/3/06 |
|
MAD |
|
2,585 |
|
285 |
|
1 |
|
|||
|
USD |
51 |
|
51 |
|
4/3/06 |
|
ZAR |
|
318 |
|
52 |
|
1 |
|
|||
|
USD |
533 |
|
533 |
|
4/3/06 |
|
HKD |
|
4,134 |
|
533 |
|
@— |
|
|||
|
USD |
42 |
|
42 |
|
4/3/06 |
|
IDR |
|
385,121 |
|
42 |
|
@— |
|
|||
|
USD |
28 |
|
28 |
|
4/4/06 |
|
MAD |
|
252 |
|
28 |
|
@— |
|
|||
|
USD |
31 |
|
31 |
|
4/4/06 |
|
ZAR |
|
192 |
|
31 |
|
@— |
|
|||
|
USD |
484 |
|
484 |
|
4/5/06 |
|
MAD |
|
4,380 |
|
484 |
|
@— |
|
|||
|
USD |
8 |
|
8 |
|
4/5/06 |
|
ZAR |
|
47 |
|
8 |
|
@— |
|
|||
|
USD |
376 |
|
376 |
|
4/6/06 |
|
ZAR |
|
2,327 |
|
377 |
|
1 |
|
|||
|
ZAR |
80,455 |
|
12,948 |
|
8/14/06 |
|
USD |
|
11,908 |
|
11,908 |
|
(1,040 |
) |
|||
|
|
|
|
$ |
14,980 |
|
|
|
|
|
|
|
$ |
13,940 |
|
$ |
(1,040 |
) |
|
BRL |
|
-Brazilian Real |
|
HKD |
|
-Hong Kong Dollar |
|
IDR |
|
-Indonesian Rupiah |
|
MAD |
|
-Moroccan Dirham |
|
USD |
|
-United States Dollar |
|
ZAR |
|
-South African Rand |
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.
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: |
May 18, 2006 |
|
||
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: |
May 18, 2006 |
|
||
|
|
|
|
||
|
By: |
/s/ James Garrett |
|
||
|
Name: |
James Garrett |
|
||
|
Title: |
Principal Financial Officer |
|
||
|
Date: |
May 18, 2006 |
|
||