UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number |
811-06403 |
| ||||
| ||||||
Morgan Stanley Emerging Markets Fund, Inc. | ||||||
(Exact name of registrant as specified in charter) | ||||||
| ||||||
522 Fifth Avenue, New York, New York |
|
10036 | ||||
(Address of principal executive offices) |
|
(Zip code) | ||||
| ||||||
Sara Furber | ||||||
(Name and address of agent for service) | ||||||
| ||||||
Registrants telephone number, including area code: |
212-296-6963 |
| ||||
| ||||||
Date of fiscal year end: |
December 31, 2011 |
| ||||
|
|
| ||||
Date of reporting period: |
March 31, 2011 |
| ||||
Item 1. Schedule of Investments.
The Funds schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
Morgan Stanley Emerging Markets Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2011 (unaudited)
|
|
Shares |
|
Value |
| |
Common Stocks (95.7%) |
|
|
|
|
| |
Argentina (0.2%) |
|
|
|
|
| |
Commercial Banks |
|
|
|
|
| |
Banco Macro SA ADR |
|
14,650 |
|
$ |
586 |
|
|
|
|
|
|
| |
Brazil (10.7%) |
|
|
|
|
| |
Beverages |
|
|
|
|
| |
Cia de Bebidas das Americas (Preference) ADR |
|
106,000 |
|
3,001 |
| |
|
|
|
|
|
| |
Commercial Banks |
|
|
|
|
| |
Banco do Brasil SA |
|
75,400 |
|
1,365 |
| |
Banco Nacional SA (Preference) (a)(b)(c) |
|
61,598,720 |
|
|
| |
Itau Unibanco Holding SA |
|
59,360 |
|
1,414 |
| |
Itau Unibanco Holding SA (Preference) ADR |
|
146,063 |
|
3,513 |
| |
|
|
|
|
6,292 |
| |
Diversified Financial Services |
|
|
|
|
| |
BM&F Bovespa SA |
|
281,500 |
|
2,043 |
| |
|
|
|
|
|
| |
Food Products |
|
|
|
|
| |
BRF - Brasil Foods SA |
|
176,222 |
|
3,328 |
| |
|
|
|
|
|
| |
Household Durables |
|
|
|
|
| |
MRV Engenharia e Participacoes SA |
|
109,100 |
|
873 |
| |
PDG Realty SA Empreendimentos e Participacoes |
|
330,000 |
|
1,851 |
| |
|
|
|
|
2,724 |
| |
Household Products |
|
|
|
|
| |
Hypermarcas SA (c) |
|
73,300 |
|
970 |
| |
|
|
|
|
|
| |
Metals & Mining |
|
|
|
|
| |
Vale SA (Preference) |
|
17,252 |
|
501 |
| |
Vale SA (Preference) ADR |
|
133,688 |
|
3,946 |
| |
Vale SA ADR |
|
13,100 |
|
437 |
| |
|
|
|
|
4,884 |
| |
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
Petroleo Brasileiro SA (Preference) |
|
194,932 |
|
3,404 |
| |
Petroleo Brasileiro SA ADR |
|
51,000 |
|
2,062 |
| |
Ultrapar Participacoes SA (Preference) |
|
67,760 |
|
1,122 |
| |
|
|
|
|
6,588 |
| |
Wireless Telecommunication Services |
|
|
|
|
| |
Vivo Participacoes SA ADR |
|
59,200 |
|
2,390 |
| |
|
|
|
|
32,220 |
| |
Chile (0.9%) |
|
|
|
|
| |
Independent Power Producers & Energy Traders |
|
|
|
|
| |
Empresa Nacional de Electricidad SA |
|
524,882 |
|
974 |
| |
Empresa Nacional de Electricidad SA ADR |
|
3,200 |
|
178 |
| |
|
|
|
|
1,152 |
| |
|
|
Shares |
|
Value |
| |
Metals & Mining |
|
|
|
|
| |
Antofagasta PLC |
|
68,087 |
|
$ |
1,486 |
|
|
|
|
|
2,638 |
| |
China (12.9%) |
|
|
|
|
| |
Automobiles |
|
|
|
|
| |
China ZhengTong Auto Services Holdings Ltd. (c) |
|
827,000 |
|
845 |
| |
Dongfeng Motor Group Co., Ltd., Class H |
|
676,000 |
|
1,151 |
| |
|
|
|
|
1,996 |
| |
Commercial Banks |
|
|
|
|
| |
Bank of China Ltd., Class H |
|
3,460,200 |
|
1,926 |
| |
China Construction Bank Corp., Class H |
|
4,984,810 |
|
4,672 |
| |
|
|
|
|
6,598 |
| |
Construction Materials |
|
|
|
|
| |
West China Cement Ltd. |
|
2,584,000 |
|
1,143 |
| |
|
|
|
|
|
| |
Diversified Telecommunication Services |
|
|
|
|
| |
China Telecom Corp. Ltd., Class H |
|
2,830,000 |
|
1,728 |
| |
|
|
|
|
|
| |
Electrical Equipment |
|
|
|
|
| |
Xinjiang Goldwind Science & Technology Co., Ltd., Class H (c)(d) |
|
465,200 |
|
858 |
| |
|
|
|
|
|
| |
Energy Equipment & Services |
|
|
|
|
| |
China Oilfield Services Ltd., Class H |
|
654,000 |
|
1,480 |
| |
|
|
|
|
|
| |
Food Products |
|
|
|
|
| |
Want Want China Holdings Ltd. |
|
1,288,000 |
|
1,012 |
| |
|
|
|
|
|
| |
Gas Utilities |
|
|
|
|
| |
China Gas Holdings Ltd. |
|
1,690,000 |
|
830 |
| |
|
|
|
|
|
| |
Independent Power Producers & Energy Traders |
|
|
|
|
| |
China Resources Power Holdings Co., Ltd. |
|
926,300 |
|
1,784 |
| |
|
|
|
|
|
| |
Industrial Conglomerates |
|
|
|
|
| |
Shanghai Industrial Holdings Ltd. |
|
40,000 |
|
153 |
| |
|
|
|
|
|
| |
Insurance |
|
|
|
|
| |
China Life Insurance Co., Ltd., Class H |
|
458,000 |
|
1,719 |
| |
China Pacific Insurance Group Co., Ltd., Class H |
|
433,800 |
|
1,824 |
| |
Ping An Insurance Group Co. of China Ltd., Class H (d) |
|
176,500 |
|
1,789 |
| |
|
|
|
|
5,332 |
| |
Internet Software & Services |
|
|
|
|
| |
Sohu.com, Inc. (c) |
|
18,400 |
|
1,644 |
| |
Tencent Holdings Ltd. (d) |
|
102,600 |
|
2,500 |
| |
|
|
|
|
4,144 |
| |
Marine |
|
|
|
|
| |
Orient Overseas International Ltd. |
|
79,500 |
|
834 |
| |
|
|
|
|
|
| |
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
China Coal Energy Co., Ltd., Class H |
|
661,000 |
|
901 |
| |
|
|
Shares |
|
Value |
| |
CNOOC Ltd. |
|
1,033,000 |
|
$ |
2,603 |
|
Yanzhou Coal Mining Co., Ltd. |
|
518,000 |
|
1,884 |
| |
|
|
|
|
5,388 |
| |
Personal Products |
|
|
|
|
| |
Hengan International Group Co., Ltd. |
|
133,000 |
|
987 |
| |
|
|
|
|
|
| |
Semiconductors & Semiconductor Equipment |
|
|
|
|
| |
JA Solar Holdings Co., Ltd. ADR (c)(d) |
|
106,080 |
|
742 |
| |
|
|
|
|
|
| |
Specialty Retail |
|
|
|
|
| |
Belle International Holdings Ltd. |
|
909,000 |
|
1,666 |
| |
|
|
|
|
|
| |
Wireless Telecommunication Services |
|
|
|
|
| |
China Mobile Ltd. |
|
210,500 |
|
1,939 |
| |
|
|
|
|
38,614 |
| |
Czech Republic (2.5%) |
|
|
|
|
| |
Commercial Banks |
|
|
|
|
| |
Komercni Banka AS |
|
9,224 |
|
2,328 |
| |
|
|
|
|
|
| |
Diversified Telecommunication Services |
|
|
|
|
| |
Telefonica O2 Czech Republic AS |
|
98,300 |
|
2,299 |
| |
|
|
|
|
|
| |
Electric Utilities |
|
|
|
|
| |
CEZ AS |
|
58,700 |
|
3,000 |
| |
|
|
|
|
7,627 |
| |
Egypt (1.3%) |
|
|
|
|
| |
Capital Markets |
|
|
|
|
| |
Egyptian Financial Group-Hermes Holding |
|
106,678 |
|
392 |
| |
Egyptian Financial Group-Hermes Holding GDR |
|
20,771 |
|
153 |
| |
|
|
|
|
545 |
| |
Commercial Banks |
|
|
|
|
| |
Commercial International Bank Egypt SAE (c) |
|
242,175 |
|
1,327 |
| |
|
|
|
|
|
| |
Diversified Telecommunication Services |
|
|
|
|
| |
Telecom Egypt |
|
486,071 |
|
1,408 |
| |
|
|
|
|
|
| |
Food Products |
|
|
|
|
| |
Juhayna Food Industries (c) |
|
815,033 |
|
764 |
| |
|
|
|
|
4,044 |
| |
Hungary (0.6%) |
|
|
|
|
| |
Pharmaceuticals |
|
|
|
|
| |
Richter Gedeon Nyrt |
|
9,135 |
|
1,899 |
| |
|
|
|
|
|
| |
India (8.2%) |
|
|
|
|
| |
Chemicals |
|
|
|
|
| |
Asian Paints Ltd. |
|
16,854 |
|
954 |
| |
|
|
|
|
|
| |
Commercial Banks |
|
|
|
|
| |
HDFC Bank Ltd. |
|
56,975 |
|
2,997 |
| |
|
|
Shares |
|
Value |
| |
ICICI Bank Ltd. |
|
43,855 |
|
$ |
1,098 |
|
IndusInd Bank Ltd. |
|
264,700 |
|
1,613 |
| |
|
|
|
|
5,708 |
| |
Construction & Engineering |
|
|
|
|
| |
Engineers India Ltd. |
|
122,298 |
|
836 |
| |
Larsen & Toubro Ltd. |
|
32,728 |
|
1,212 |
| |
|
|
|
|
2,048 |
| |
Diversified Financial Services |
|
|
|
|
| |
Infrastructure Development Finance Co., Ltd. |
|
159,132 |
|
552 |
| |
|
|
|
|
|
| |
Gas Utilities |
|
|
|
|
| |
GAIL India Ltd. |
|
79,024 |
|
822 |
| |
|
|
|
|
|
| |
Information Technology Services |
|
|
|
|
| |
Infosys Technologies Ltd. |
|
58,266 |
|
4,235 |
| |
Tata Consultancy Services Ltd. |
|
76,130 |
|
2,021 |
| |
|
|
|
|
6,256 |
| |
Media |
|
|
|
|
| |
Sun TV Network Ltd. |
|
44,755 |
|
451 |
| |
|
|
|
|
|
| |
Metals & Mining |
|
|
|
|
| |
Jindal Steel & Power Ltd. |
|
85,781 |
|
1,341 |
| |
|
|
|
|
|
| |
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
Coal India Ltd. |
|
59,700 |
|
464 |
| |
Reliance Industries Ltd. |
|
88,808 |
|
2,089 |
| |
|
|
|
|
2,553 |
| |
Pharmaceuticals |
|
|
|
|
| |
Dr. Reddys Laboratories Ltd. |
|
48,089 |
|
1,768 |
| |
Glenmark Pharmaceuticals Ltd. |
|
184,760 |
|
1,175 |
| |
|
|
|
|
2,943 |
| |
Tobacco |
|
|
|
|
| |
ITC Ltd. |
|
234,783 |
|
959 |
| |
|
|
|
|
24,587 |
| |
Indonesia (4.0%) |
|
|
|
|
| |
Automobiles |
|
|
|
|
| |
Astra International Tbk PT |
|
436,100 |
|
2,855 |
| |
|
|
|
|
|
| |
Commercial Banks |
|
|
|
|
| |
Bank Central Asia Tbk PT |
|
2,315,500 |
|
1,848 |
| |
Bank Mandiri Tbk PT |
|
1,431,500 |
|
1,118 |
| |
|
|
|
|
2,966 |
| |
Diversified Telecommunication Services |
|
|
|
|
| |
Telekomunikasi Indonesia Tbk PT |
|
2,084,000 |
|
1,759 |
| |
|
|
|
|
|
| |
Food Products |
|
|
|
|
| |
Indofood Sukses Makmur Tbk PT |
|
2,274,000 |
|
1,410 |
| |
|
|
Shares |
|
Value |
| |
Pharmaceuticals |
|
|
|
|
| |
Kalbe Farma Tbk PT |
|
309,000 |
|
$ |
120 |
|
|
|
|
|
|
| |
Real Estate Management & Development |
|
|
|
|
| |
Lippo Karawaci Tbk PT |
|
20,880,000 |
|
1,463 |
| |
|
|
|
|
|
| |
Wireless Telecommunication Services |
|
|
|
|
| |
Indosat Tbk PT |
|
2,355,500 |
|
1,434 |
| |
|
|
|
|
12,007 |
| |
Israel (0.0%) |
|
|
|
|
| |
Aerospace & Defense |
|
|
|
|
| |
Elbit Systems Ltd. |
|
1 |
|
|
@ | |
|
|
|
|
|
| |
Korea, Republic of (14.2%) |
|
|
|
|
| |
Airlines |
|
|
|
|
| |
Korean Air Lines Co., Ltd. |
|
15,870 |
|
952 |
| |
|
|
|
|
|
| |
Auto Components |
|
|
|
|
| |
Hyundai Mobis |
|
5,692 |
|
1,699 |
| |
|
|
|
|
|
| |
Automobiles |
|
|
|
|
| |
Hyundai Motor Co. |
|
16,856 |
|
3,119 |
| |
|
|
|
|
|
| |
Chemicals |
|
|
|
|
| |
Cheil Industries, Inc. |
|
11,434 |
|
1,215 |
| |
LG Chem Ltd. |
|
6,949 |
|
2,914 |
| |
OCI Co., Ltd. |
|
4,446 |
|
2,002 |
| |
SSCP Co., Ltd. |
|
39,288 |
|
128 |
| |
|
|
|
|
6,259 |
| |
Commercial Banks |
|
|
|
|
| |
Hana Financial Group, Inc. |
|
15,470 |
|
669 |
| |
KB Financial Group, Inc. |
|
44,134 |
|
2,314 |
| |
Shinhan Financial Group Co., Ltd. |
|
63,422 |
|
2,882 |
| |
|
|
|
|
5,865 |
| |
Construction & Engineering |
|
|
|
|
| |
GS Engineering & Construction Corp. |
|
8,146 |
|
854 |
| |
Hyundai Engineering & Construction Co., Ltd. |
|
13,617 |
|
983 |
| |
|
|
|
|
1,837 |
| |
Electronic Equipment, Instruments & Components |
|
|
|
|
| |
LG Display Co., Ltd. |
|
25,800 |
|
809 |
| |
|
|
|
|
|
| |
Food & Staples Retailing |
|
|
|
|
| |
Shinsegae Co., Ltd. |
|
2,082 |
|
495 |
| |
|
|
|
|
|
| |
Household Durables |
|
|
|
|
| |
Woongjin Coway Co., Ltd. |
|
44,477 |
|
1,535 |
| |
|
|
|
|
|
| |
Insurance |
|
|
|
|
| |
Samsung Fire & Marine Insurance Co., Ltd. |
|
8,171 |
|
1,806 |
| |
|
|
Shares |
|
Value |
| |
Internet Software & Services |
|
|
|
|
| |
NHN Corp. (c) |
|
6,786 |
|
$ |
1,185 |
|
|
|
|
|
|
| |
Machinery |
|
|
|
|
| |
Hyundai Heavy Industries Co., Ltd. |
|
2,590 |
|
1,223 |
| |
|
|
|
|
|
| |
Media |
|
|
|
|
| |
Cheil Worldwide, Inc. |
|
72,260 |
|
955 |
| |
|
|
|
|
|
| |
Metals & Mining |
|
|
|
|
| |
Hyundai Steel Co. |
|
9,921 |
|
1,266 |
| |
|
|
|
|
|
| |
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
S-Oil Corp. |
|
6,119 |
|
848 |
| |
SK Innovation Co., Ltd. |
|
9,653 |
|
1,857 |
| |
|
|
|
|
2,705 |
| |
Personal Products |
|
|
|
|
| |
Amorepacific Corp. |
|
662 |
|
631 |
| |
|
|
|
|
|
| |
Semiconductors & Semiconductor Equipment |
|
|
|
|
| |
Hynix Semiconductor, Inc. |
|
69,450 |
|
1,982 |
| |
Samsung Electronics Co., Ltd. |
|
7,751 |
|
6,585 |
| |
Samsung Electronics Co., Ltd. (Preference) |
|
1,720 |
|
980 |
| |
|
|
|
|
9,547 |
| |
Software |
|
|
|
|
| |
NCSoft Corp. |
|
1,798 |
|
411 |
| |
|
|
|
|
|
| |
Trading Companies & Distributors |
|
|
|
|
| |
Samsung C&T Corp. |
|
2,338 |
|
153 |
| |
|
|
|
|
42,452 |
| |
Lebanon (0.6%) |
|
|
|
|
| |
Commercial Banks |
|
|
|
|
| |
Banque Audi sal- Audi Saradar Group GDR |
|
124,861 |
|
925 |
| |
BLOM Bank SAL GDR (c) |
|
99,010 |
|
947 |
| |
|
|
|
|
1,872 |
| |
Malaysia (1.6%) |
|
|
|
|
| |
Industrial Conglomerates |
|
|
|
|
| |
Sime Darby Bhd |
|
431,600 |
|
1,315 |
| |
|
|
|
|
|
| |
Wireless Telecommunication Services |
|
|
|
|
| |
Axiata Group Bhd (c) |
|
2,176,600 |
|
3,443 |
| |
|
|
|
|
4,758 |
| |
Mexico (5.7%) |
|
|
|
|
| |
Beverages |
|
|
|
|
| |
Fomento Economico Mexicano SAB de CV ADR |
|
47,400 |
|
2,782 |
| |
|
|
|
|
|
| |
Commercial Banks |
|
|
|
|
| |
Grupo Financiero Banorte SAB de CV Series O |
|
374,800 |
|
1,765 |
| |
|
|
Shares |
|
Value |
| |
Construction & Engineering |
|
|
|
|
| |
Empresas ICA SAB de CV (c) |
|
304,800 |
|
$ |
693 |
|
|
|
|
|
|
| |
Food & Staples Retailing |
|
|
|
|
| |
Wal-Mart de Mexico SAB de CV Series V |
|
785,600 |
|
2,358 |
| |
|
|
|
|
|
| |
Household Durables |
|
|
|
|
| |
Desarrolladora Homex SAB de CV ADR (c)(d) |
|
27,880 |
|
760 |
| |
|
|
|
|
|
| |
Metals & Mining |
|
|
|
|
| |
Grupo Mexico SAB de CV, Series B |
|
448,100 |
|
1,680 |
| |
|
|
|
|
|
| |
Wireless Telecommunication Services |
|
|
|
|
| |
America Movil SAB de CV, Class L ADR |
|
123,012 |
|
7,147 |
| |
|
|
|
|
17,185 |
| |
Peru (1.3%) |
|
|
|
|
| |
Commercial Banks |
|
|
|
|
| |
Credicorp Ltd. |
|
19,230 |
|
2,018 |
| |
|
|
|
|
|
| |
Metals & Mining |
|
|
|
|
| |
Cia de Minas Buenaventura SA ADR |
|
46,550 |
|
2,000 |
| |
|
|
|
|
4,018 |
| |
Philippines (2.4%) |
|
|
|
|
| |
Commercial Banks |
|
|
|
|
| |
Metropolitan Bank & Trust (c) |
|
996,949 |
|
1,475 |
| |
|
|
|
|
|
| |
Diversified Financial Services |
|
|
|
|
| |
Ayala Corp. |
|
162,400 |
|
1,440 |
| |
Metro Pacific Investments Corp. |
|
15,870,000 |
|
1,192 |
| |
|
|
|
|
2,632 |
| |
Industrial Conglomerates |
|
|
|
|
| |
SM Investments Corp. |
|
134,490 |
|
1,608 |
| |
|
|
|
|
|
| |
Wireless Telecommunication Services |
|
|
|
|
| |
Philippine Long Distance Telephone Co. |
|
25,320 |
|
1,356 |
| |
|
|
|
|
7,071 |
| |
Poland (1.8%) |
|
|
|
|
| |
Beverages |
|
|
|
|
| |
Central European Distribution Corp. (c)(d) |
|
65,551 |
|
744 |
| |
|
|
|
|
|
| |
Diversified Telecommunication Services |
|
|
|
|
| |
Telekomunikacja Polska SA |
|
389,013 |
|
2,411 |
| |
|
|
|
|
|
| |
Food & Staples Retailing |
|
|
|
|
| |
Jeronimo Martins SGPS SA |
|
131,599 |
|
2,117 |
| |
|
|
|
|
5,272 |
| |
|
|
Shares |
|
Value |
| |
Qatar (0.5%) |
|
|
|
|
| |
Industrial Conglomerates |
|
|
|
|
| |
Industries Qatar QSC |
|
35,900 |
|
$ |
1,353 |
|
|
|
|
|
|
| |
Russia (6.5%) |
|
|
|
|
| |
Commercial Banks |
|
|
|
|
| |
Sberbank of Russian Federation |
|
1,091,150 |
|
4,098 |
| |
|
|
|
|
|
| |
Electric Utilities |
|
|
|
|
| |
Federal Hydrogenerating Co., JSC ADR (c) |
|
1,318,643 |
|
67 |
| |
IDGC Holding JSC (c) |
|
7,174,810 |
|
1,216 |
| |
|
|
|
|
1,283 |
| |
Energy Equipment & Services |
|
|
|
|
| |
Eurasia Drilling Co., Ltd. GDR |
|
35,025 |
|
1,191 |
| |
|
|
|
|
|
| |
Health Care Providers & Services |
|
|
|
|
| |
Protek (c) |
|
583,598 |
|
841 |
| |
|
|
|
|
|
| |
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
Lukoil OAO ADR |
|
102,655 |
|
7,328 |
| |
Rosneft Oil Co. GDR |
|
452,962 |
|
4,138 |
| |
|
|
|
|
11,466 |
| |
Paper & Forest Products |
|
|
|
|
| |
Alliance Cellulose Ltd., Class B (a)(b)(c) |
|
156,075 |
|
|
| |
|
|
|
|
|
| |
Wireless Telecommunication Services |
|
|
|
|
| |
Mail.ru Group Ltd. GDR (c)(e) |
|
17,342 |
|
519 |
| |
|
|
|
|
19,398 |
| |
South Africa (6.8%) |
|
|
|
|
| |
Beverages |
|
|
|
|
| |
SABMiller PLC |
|
114,899 |
|
4,121 |
| |
|
|
|
|
|
| |
Distributors |
|
|
|
|
| |
Imperial Holdings Ltd. |
|
62,265 |
|
1,051 |
| |
|
|
|
|
|
| |
Food & Staples Retailing |
|
|
|
|
| |
Pick n Pay Stores Ltd. (d) |
|
375,361 |
|
2,553 |
| |
|
|
|
|
|
| |
Food Products |
|
|
|
|
| |
AVI Ltd. |
|
479,058 |
|
2,124 |
| |
|
|
|
|
|
| |
Media |
|
|
|
|
| |
Naspers Ltd., Class N |
|
81,313 |
|
4,375 |
| |
|
|
|
|
|
| |
Metals & Mining |
|
|
|
|
| |
Impala Platinum Holdings Ltd. |
|
1,900 |
|
55 |
| |
|
|
|
|
|
| |
Multiline Retail |
|
|
|
|
| |
Clicks Group Ltd. |
|
315,700 |
|
1,986 |
| |
|
|
|
|
|
| |
Wireless Telecommunication Services |
|
|
|
|
| |
MTN Group Ltd. |
|
201,666 |
|
4,071 |
| |
|
|
Shares |
|
Value |
| |
|
|
|
|
$ |
20,336 |
|
|
|
|
|
|
| |
Taiwan (6.6%) |
|
|
|
|
| |
Chemicals |
|
|
|
|
| |
Formosa Plastics Corp. |
|
509,000 |
|
1,791 |
| |
Nan Ya Plastics Corp. |
|
220,000 |
|
649 |
| |
|
|
|
|
2,440 |
| |
Communications Equipment |
|
|
|
|
| |
HTC Corp. |
|
69,397 |
|
2,714 |
| |
|
|
|
|
|
| |
Computers & Peripherals |
|
|
|
|
| |
Acer, Inc. |
|
217,557 |
|
444 |
| |
Asustek Computer, Inc. |
|
168,000 |
|
1,454 |
| |
|
|
|
|
1,898 |
| |
Diversified Financial Services |
|
|
|
|
| |
Fubon Financial Holding Co., Ltd. |
|
1,023,590 |
|
1,359 |
| |
|
|
|
|
|
| |
Electronic Equipment, Instruments & Components |
|
|
|
|
| |
AU Optronics Corp. (c) |
|
730,130 |
|
638 |
| |
Chimei Innolux Corp. (c) |
|
1,065,000 |
|
1,092 |
| |
Hon Hai Precision Industry Co., Ltd. |
|
789,576 |
|
2,766 |
| |
|
|
|
|
4,496 |
| |
Food Products |
|
|
|
|
| |
Uni-President Enterprises Corp. |
|
1,274,100 |
|
1,746 |
| |
|
|
|
|
|
| |
Metals & Mining |
|
|
|
|
| |
China Steel Corp. |
|
937,055 |
|
1,120 |
| |
|
|
|
|
|
| |
Semiconductors & Semiconductor Equipment |
|
|
|
|
| |
Kinsus Interconnect Technology Corp. |
|
36,000 |
|
111 |
| |
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
1,581,455 |
|
3,797 |
| |
|
|
|
|
3,908 |
| |
|
|
|
|
19,681 |
| |
Thailand (2.8%) |
|
|
|
|
| |
Commercial Banks |
|
|
|
|
| |
Kasikornbank PCL (Foreign) |
|
242,900 |
|
1,056 |
| |
Kasikornbank PCL NVDR |
|
373,400 |
|
1,568 |
| |
|
|
|
|
2,624 |
| |
Construction Materials |
|
|
|
|
| |
Siam Cement PCL NVDR |
|
189,800 |
|
2,203 |
| |
|
|
|
|
|
| |
Oil, Gas & Consumable Fuels |
|
|
|
|
| |
PTT PCL NVDR |
|
172,800 |
|
2,022 |
| |
|
|
|
|
|
| |
Wireless Telecommunication Services |
|
|
|
|
| |
Total Access Communication PCL NVDR |
|
1,013,700 |
|
1,609 |
| |
|
|
|
|
8,458 |
| |
|
|
Shares |
|
Value |
| |
Turkey (2.6%) |
|
|
|
|
| |
Beverages |
|
|
|
|
| |
Anadolu Efes Biracilik Ve Malt Sanayii AS |
|
186,154 |
|
$ |
2,634 |
|
Coca-Cola Icecek AS |
|
83,272 |
|
1,044 |
| |
|
|
|
|
3,678 |
| |
Diversified Telecommunication Services |
|
|
|
|
| |
Turk Telekomunikasyon AS |
|
480,009 |
|
2,412 |
| |
|
|
|
|
|
| |
Transportation Infrastructure |
|
|
|
|
| |
TAV Havalimanlari Holding AS (c) |
|
369,534 |
|
1,762 |
| |
|
|
|
|
7,852 |
| |
United States (1.0%) |
|
|
|
|
| |
Food Products |
|
|
|
|
| |
Mead Johnson Nutrition Co. |
|
51,829 |
|
3,002 |
| |
Total Common Stocks (Cost $227,528) |
|
|
|
286,930 |
| |
Investment Companies (0.9%) |
|
|
|
|
| |
India (0.9%) |
|
|
|
|
| |
Morgan Stanley Growth Fund (c)(f) (Cost $332) |
|
1,903,180 |
|
2,677 |
| |
|
|
Face |
|
|
| |
Corporate Bonds (0.0%) |
|
|
|
|
| |
India (0.0%) |
|
|
|
|
| |
Metals & Mining (0.0%) |
|
|
|
|
| |
Shri Ishar Alloy Steels, |
|
|
|
|
| |
15.00%, (expired maturity) (a)(b)(c) |
|
INR |
581 |
|
|
|
|
|
|
|
|
| |
Pharmaceuticals (0.0%) |
|
|
|
|
| |
Dr. Reddys Laboratories Ltd., |
|
|
|
|
| |
9.25%, 3/24/14 (a) |
|
1,443 |
|
32 |
| |
Total Corporate Bonds (Cost $409) |
|
|
|
32 |
| |
|
|
Shares |
|
|
|
Short-Term Investments (5.7%) |
|
|
|
|
|
Securities held as Collateral on Loaned Securities (1.8%) |
|
|
|
|
|
Investment Company (1.5%) |
|
|
|
|
|
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (f) |
|
4,546,467 |
|
4,546 |
|
|
|
Face |
|
Value |
| ||
Repurchase Agreements (0.3%) |
|
|
|
|
| ||
Barclays Capital, Inc., (0.05%, dated 3/31/11, due 4/1/11; proceeds $239; fully collateralized by U.S. Government Obligations; U.S. Treasury Bill 0.00% due 9/29/11; U.S. Treasury Note 4.25% due 9/30/12; valued at $243) |
|
$ |
239 |
|
$ |
239 |
|
Nomura Holdings, Inc., (0.24%, dated 3/31/11, due 4/1/11; proceeds $460; fully collateralized by a U.S. Government Agency; Federal National Mortgage Association 5.00% due 5/1/40; valued at $469) |
|
460 |
|
460 |
| ||
|
|
|
|
699 |
| ||
Total Securities held as Collateral on Loaned Securities (Cost $5,245) |
|
|
|
5,245 |
| ||
|
|
Shares |
|
|
| |
Investment Company (3.9%) |
|
|
|
|
| |
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (f) |
|
11,669,772 |
|
11,670 |
| |
Total Short-Term Investments (Cost $16,915) |
|
|
|
16,915 |
| |
Total Investments (102.3%) (Cost $245,184) (Including $4,975 of Securities Loaned) + |
|
|
|
306,554 |
| |
Liabilities in Excess of Other Assets (-2.3%) |
|
|
|
(6,868 |
) | |
Net Assets (100.0%) |
|
|
|
$ |
299,686 |
|
(a) |
|
Security has been deemed illiquid at March 31, 2011. |
(b) |
|
At March 31, 2011, the Fund held fair valued securities valued at approximately $0, representing 0.0% of net assets. These securities have been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Directors. |
(c) |
|
Non-income producing security. |
(d) |
|
The value of loaned securities and related collateral outstanding at March 31, 2011 were approximately $4,975,000 and $5,245,000, respectively. The Fund received cash collateral of approximately $5,245,000 which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class as reported in the Portfolio of Investments. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. |
(e) |
|
144A security Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(f) |
|
The Fund invests in the Morgan Stanley Growth Fund, an open-end management investment company advised by an affiliate of the Investment Adviser. Investment advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by the Morgan Stanley Growth Fund with respect to assets invested by the Fund in the Morgan Stanley Growth Fund. The Fund invests in the Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class, (the Liquidity Fund), an open-end management investment company managed by the Investment Adviser. Investment advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by the Liquidity Fund with respect to assets invested by the Fund in the Liquidity Fund. |
+ |
|
At March 31, 2011, the U.S. Federal income tax cost basis of investments was approximately $245,184,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was approximately $61,370,000 of which approximately $71,843,000 related to appreciated securities and approximately $10,473,000 related to depreciated securities. |
@ |
|
Value is less than $500 |
ADR |
|
American Depositary Receipt |
GDR |
|
Global Depositary Receipt |
NVDR |
|
Non-Voting Depositary Receipt |
Foreign Currency Exchange Contracts Information:
The Fund had the following foreign currency exchange contract(s) open at period end:
Counterparty |
|
Currency |
|
Value |
|
Settlement |
|
In |
|
Value |
|
Unrealized |
| |||||
UBS AG |
|
USD |
12,299 |
|
$ |
12,299 |
|
4/1/11 |
|
ZAR |
83,630 |
|
$ |
12,362 |
|
$ |
63 |
|
UBS AG |
|
ZAR |
83,630 |
|
12,362 |
|
4/1/11 |
|
USD |
11,943 |
|
11,943 |
|
(419 |
) | |||
|
|
|
|
$ |
24,661 |
|
|
|
|
|
$ |
24,305 |
|
$ |
(356 |
) |
INR |
|
Indian Rupee |
USD |
|
United States Dollar |
ZAR |
|
South African Rand |
Fair Value Measurement Information:
The following is a summary of the inputs used to value the Funds net assets as of March 31, 2011. (See Notes to the Portfolio of Investments for further information regarding fair value measurement.)
Investment Type |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Assets: |
|
|
|
|
|
|
|
|
| ||||
Common Stocks |
|
|
|
|
|
|
|
|
| ||||
Aerospace & Defense |
|
$ |
|
@ |
$ |
|
|
$ |
|
|
$ |
|
@ |
Airlines |
|
952 |
|
|
|
|
|
952 |
| ||||
Auto Components |
|
1,699 |
|
|
|
|
|
1,699 |
| ||||
Automobiles |
|
7,970 |
|
|
|
|
|
7,970 |
| ||||
Beverages |
|
14,326 |
|
|
|
|
|
14,326 |
| ||||
Capital Markets |
|
545 |
|
|
|
|
|
545 |
| ||||
Chemicals |
|
9,653 |
|
|
|
|
|
9,653 |
| ||||
Commercial Banks |
|
39,811 |
|
5,711 |
|
|
|
45,522 |
| ||||
Communications Equipment |
|
2,714 |
|
|
|
|
|
2,714 |
| ||||
Computers & Peripherals |
|
1,898 |
|
|
|
|
|
1,898 |
| ||||
Construction & Engineering |
|
4,578 |
|
|
|
|
|
4,578 |
| ||||
Construction Materials |
|
3,346 |
|
|
|
|
|
3,346 |
| ||||
Distributors |
|
1,051 |
|
|
|
|
|
1,051 |
| ||||
Diversified Financial Services |
|
6,586 |
|
|
|
|
|
6,586 |
| ||||
Diversified Telecommunication Services |
|
12,017 |
|
|
|
|
|
12,017 |
| ||||
Electric Utilities |
|
4,216 |
|
67 |
|
|
|
4,283 |
| ||||
Electrical Equipment |
|
858 |
|
|
|
|
|
858 |
| ||||
Electronic Equipment, Instruments & Components |
|
5,305 |
|
|
|
|
|
5,305 |
| ||||
Energy Equipment & Services |
|
2,671 |
|
|
|
|
|
2,671 |
| ||||
Food & Staples Retailing |
|
7,523 |
|
|
|
|
|
7,523 |
| ||||
Food Products |
|
13,386 |
|
|
|
|
|
13,386 |
| ||||
Gas Utilities |
|
1,652 |
|
|
|
|
|
1,652 |
| ||||
Health Care Providers & Services |
|
|
|
841 |
|
|
|
841 |
| ||||
Household Durables |
|
5,019 |
|
|
|
|
|
5,019 |
| ||||
Household Products |
|
970 |
|
|
|
|
|
970 |
| ||||
Independent Power Producers & Energy Traders |
|
2,936 |
|
|
|
|
|
2,936 |
| ||||
Industrial Conglomerates |
|
4,429 |
|
|
|
|
|
4,429 |
| ||||
Information Technology Services |
|
6,256 |
|
|
|
|
|
6,256 |
| ||||
Insurance |
|
7,138 |
|
|
|
|
|
7,138 |
| ||||
Internet Software & Services |
|
5,329 |
|
|
|
|
|
5,329 |
| ||||
Machinery |
|
1,223 |
|
|
|
|
|
1,223 |
| ||||
Marine |
|
834 |
|
|
|
|
|
834 |
| ||||
Media |
|
5,781 |
|
|
|
|
|
5,781 |
| ||||
Metals & Mining |
|
13,832 |
|
|
|
|
|
13,832 |
| ||||
Multiline Retail |
|
1,986 |
|
|
|
|
|
1,986 |
| ||||
Oil, Gas & Consumable Fuels |
|
30,722 |
|
|
|
|
|
30,722 |
| ||||
Paper & Forest Products |
|
|
|
|
|
|
|
|
| ||||
Personal Products |
|
1,618 |
|
|
|
|
|
1,618 |
| ||||
Pharmaceuticals |
|
4,962 |
|
|
|
|
|
4,962 |
| ||||
Real Estate Management & Development |
|
1,463 |
|
|
|
|
|
1,463 |
| ||||
Semiconductors & Semiconductor Equipment |
|
14,197 |
|
|
|
|
|
14,197 |
| ||||
Software |
|
411 |
|
|
|
|
|
411 |
| ||||
Specialty Retail |
|
1,666 |
|
|
|
|
|
1,666 |
| ||||
Tobacco |
|
959 |
|
|
|
|
|
959 |
| ||||
Trading Companies & Distributors |
|
153 |
|
|
|
|
|
153 |
| ||||
Transportation Infrastructure |
|
1,762 |
|
|
|
|
|
1,762 |
| ||||
Wireless Telecommunication Services |
|
23,908 |
|
|
|
|
|
23,908 |
| ||||
Total Common Stocks |
|
280,311 |
|
6,619 |
|
|
|
286,930 |
| ||||
Investment Company |
|
|
2,677 |
|
|
|
|
|
|
|
|
2,677 |
|
Corporate Bonds |
|
|
|
32 |
|
|
|
32 |
| ||||
Short-Term Investments |
|
|
|
|
|
|
|
|
| ||||
Investment Company |
|
16,216 |
|
|
|
|
|
16,216 |
| ||||
Repurchase Agreements |
|
|
|
699 |
|
|
|
699 |
| ||||
Total Short-Term Investments |
|
16,216 |
|
699 |
|
|
|
16,915 |
| ||||
Foreign Currency Exchange Contracts |
|
|
|
63 |
|
|
|
63 |
| ||||
Total Assets |
|
299,204 |
|
7,413 |
|
|
|
306,617 |
| ||||
Liabilities: |
|
|
|
|
|
|
|
|
| ||||
Foreign Currency Exchange Contracts |
|
|
|
(419 |
) |
|
|
(419 |
) | ||||
Total |
|
$ |
299,204 |
|
$ |
6,994 |
|
$ |
|
|
$ |
306,198 |
|
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investments valuation changes. The Fund recognizes transfers between the levels as of the end of the period. As of March 31, 2011, the Fund did not have any significant investments transfer between valuation levels.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.
|
|
Common Stocks (000) |
|
Corporate Bonds (000) |
| ||
Balance as of 12/31/10 |
|
$ |
|
|
$ |
|
|
Accrued discounts/premiums |
|
|
|
|
| ||
Realized gain (loss) |
|
|
|
|
| ||
Change in unrealized appreciation (depreciation) |
|
|
|
|
| ||
Purchases |
|
|
|
|
| ||
Sales |
|
|
|
|
| ||
Transfers in for Level 3 |
|
|
|
|
| ||
Transfers out of Level 3 |
|
|
|
|
| ||
Balance as of 3/31/11 |
|
$ |
|
|
$ |
|
|
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at Level 3 at 3/31/11. |
|
$ |
|
|
$ |
|
|
@ Value is less than $500.
Includes one or more securities which are valued at zero.
Morgan Stanley Emerging Markets Fund, Inc.
Notes to the Portfolio of Investments · March 31, 2011 (unaudited)
Security Valuation: Securities listed on a foreign exchange are valued at their closing price except as noted below. Unlisted securities and listed securities not traded on the valuation date for which market quotations are readily available are valued at the mean between the current bid and ask prices. Equity securities listed on a U.S. exchange are valued at the latest quoted sales price on the valuation date. Equity securities listed or traded on NASDAQ, for which market quotations are available, are valued at the NASDAQ Official Closing Price. Short-term debt securities purchased with remaining maturities of 60 days or less are valued at amortized cost, unless the Board of Directors (the Directors) determines such valuation does not reflect the securities market value, in which case these securities will be valued at their fair value as determined in good faith under procedures adopted by the Directors.
All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Directors, although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuers financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
Most foreign markets close before the New York Stock Exchange (NYSE). Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If these developments are expected to materially affect the value of the securities, the valuations may be adjusted to reflect the estimated fair value as of the close of the NYSE, as determined in good faith under procedures established by the Directors.
Fair Value Measurement: Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosure (ASC 820), defines fair value as the price that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds investments. The inputs are summarized in the three broad levels listed below.
· Level 1 unadjusted quoted prices in active markets for identical securities
· Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
· Level 3 significant unobservable inputs including the Funds own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuers financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
Item 2. Controls and Procedures.
(a) The Funds principal executive officer and principal financial officer have concluded that the Funds 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 Commissions 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 Funds internal control over financial reporting that occurred during the registrants fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Funds internal control over financial reporting.
Item 3. Exhibits.
(a) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Morgan Stanley Emerging Markets Fund, Inc. |
|
|
|
|
|
/s/ Sara Furber |
|
Sara Furber |
|
Principal Executive Officer |
|
May 24, 2011 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ Sara Furber |
|
Sara Furber |
|
Principal Executive Officer |
|
May 24, 2011 |
|
|
|
/s/ Francis Smith |
|
Francis Smith |
|
Principal Financial Officer |
|
May 24, 2011 |
|