-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V6NPaFQbkxPaI8SJBSlf4Fg1wNWeW3N5WHnbEQY9cIfbcMBVlCOulW1bZ+C3zb9Q CaRHJzDasGmjuTmX8DZtCg== 0001104659-08-036251.txt : 20080528 0001104659-08-036251.hdr.sgml : 20080528 20080528165550 ACCESSION NUMBER: 0001104659-08-036251 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080528 DATE AS OF CHANGE: 20080528 EFFECTIVENESS DATE: 20080528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY EMERGING MARKETS FUND INC CENTRAL INDEX KEY: 0000878929 IRS NUMBER: 133628050 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06403 FILM NUMBER: 08864065 BUSINESS ADDRESS: STREET 1: 1221 AVENUE OF THE AMERICA CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 6175578742 MAIL ADDRESS: STREET 1: 1221 AVENUE OF THE AMERICAS STREET 2: 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10020 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY DEAN WITTER EMERGING MARKETS FUND INC DATE OF NAME CHANGE: 20000504 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY EMERGING MARKETS FUND INC DATE OF NAME CHANGE: 19920901 N-Q 1 a08-15280_1nq.htm N-Q

 

[Annotated Form N-Q]

 

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, NY

10036

(Address of principal executive offices)

(Zip code)

 

RONALD E. ROBISON
522 FIFTH AVENUE, NEW YORK, NY 10036

(Name and address of agent for service)

 

Registrant's telephone number, including area code:

1-800-231-2608

 

 

Date of fiscal year end:

12/31

 

 

 

 

Date of reporting period:

3/31/08

 

 



 

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.
Portfolio of Investments

First Quarter Report

March 31, 2008 (unaudited)

 

 

 

Shares

 

Value
(000)

 

COMMON STOCKS (97.6%)

 

 

 

 

 

(Unless Otherwise Noted)

 

 

 

 

 

Austria (0.1%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Raiffeisen International Bank Holding AG

 

3,528

 

$

483

 

Brazil (11.6%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Banco do Brasil S.A.

 

138,017

 

1,818

 

Banco Itau Holding Financeira S.A. (Preference)

 

76,014

 

1,732

 

Banco Nacional S.A. (Preference)

 

(a)(b)(c)61,598,720

 

 

Investimentos Itau S.A. (Preference)

 

246,686

 

1,430

 

Unibanco - Uniao de Bancos Brasileiros S.A.

 

102,862

 

1,198

 

Unibanco - Uniao de Bancos Brasileiros S.A. GDR

 

35,124

 

4,097

 

 

 

 

 

10,275

 

Food Products

 

 

 

 

 

Perdigao S.A.

 

91,593

 

2,091

 

Household Durables

 

 

 

 

 

Cyrela Brazil Realty S.A.

 

186,827

 

2,422

 

Gafisa S.A.

 

(a)64,910

 

1,077

 

Gafisa S.A. ADR

 

(a)2,531

 

84

 

 

 

 

 

3,583

 

Media

 

 

 

 

 

NET Servicos de Comunicacao S.A. (Preference)

 

(a)148,689

 

1,568

 

Metals & Mining

 

 

 

 

 

Cia Siderurgica Nacional S.A.

 

75,923

 

2,717

 

CVRD ADR

 

300,288

 

8,753

 

CVRD, ‘A’ (Preference)

 

17,252

 

498

 

Usinas Siderurgicas de Minas Gerais S.A.

 

30,154

 

1,756

 

Usinas Siderurgicas de Minas Gerais S.A., ‘A’ (Preference)

 

47,330

 

2,650

 

 

 

 

 

16,374

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Petroleo Brasileiro S.A. (Preference)

 

120,816

 

5,089

 

Petroleo Brasileiro S.A. ADR

 

111,122

 

9,411

 

 

 

 

 

14,500

 

 

 

 

 

48,391

 

China/Hong Kong (15.9%)

 

 

 

 

 

Automobiles

 

 

 

 

 

Dongfeng Motor Group Co., Ltd., ‘H’

 

4,520,000

 

2,030

 

Commercial Banks

 

 

 

 

 

China Citic Bank, ‘H’

 

(a)700,000

 

373

 

China Construction Bank Corp., ‘H’

 

9,726,000

 

7,329

 

Industrial & Commercial Bank of China Ltd., ‘H’

 

8,348,000

 

5,806

 

 

 

 

 

13,508

 

Electrical Equipment

 

 

 

 

 

Harbin Power Equipment, ‘H’

 

281,000

 

506

 

Electronic Equipment & Instruments

 

 

 

 

 

BYD Electronic International Co., Ltd.

 

(a)1,018,500

 

1,300

 

Independent Power Producers & Energy Traders

 

 

 

 

 

China Resources Power Holdings Co.

 

923,000

 

1,830

 

Datang International Power Generation Co., Ltd., ‘H’

 

2,204,000

 

1 ,168

 

 

 

 

 

2,998

 

Industrial Conglomerates

 

 

 

 

 

Shanghai Industrial Holdings Ltd.

 

683,000

 

2,594

 

Insurance

 

 

 

 

 

China Life Insurance Co., Ltd.,

 

166,000

 

575

 

Ping An Insurance Group Co. of China Ltd., ‘H’

 

529,000

 

3,743

 

 

 

 

 

4,318

 

Marine

 

 

 

 

 

China COSCO Holdings Co., Ltd., ‘H’

 

1,849,000

 

4,478

 

Metals & Mining

 

 

 

 

 

Maanshan Iron & Steel, ‘H’

 

3,486,000

 

1,826

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

China Coal Energy Co.

 

3,107,000

 

5,473

 

China Petroleum & Chemical Corp., ‘H’

 

4,572,000

 

3,937

 

 

 

 

 

9,410

 

Real Estate

 

 

 

 

 

China Overseas Land & Investment Ltd.

 

1,094,000

 

2,037

 

Sino-Ocean Land Holdings Ltd.

 

(a)72,000

 

71

 

 

 

 

 

2,108

 

 



 

Specialty Retail

 

 

 

 

 

Belle International Holdings Ltd.

 

61,000

 

64

 

GOME Electrical Appliances Holdings Ltd.

 

2,666,000

 

6,121

 

 

 

 

 

6,185

 

Transportation Infrastructure

 

 

 

 

 

COSCO Pacific Ltd.

 

766,000

 

1,492

 

Wireless Telecommunication Services

 

 

 

 

 

China Mobile Ltd.

 

929,500

 

13,905

 

 

 

 

 

66,658

 

Czech Republic (1.3%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Komercni Banka A.S.

 

8,200

 

1,960

 

Media

 

 

 

 

 

Central European Media Enterprises Ltd.

 

(a)41,219

 

3,513

 

 

 

 

 

5,473

 

Egypt (0.5%)

 

 

 

 

 

Electrical Equipment

 

 

 

 

 

El Sewedy Cables Holding Co.

 

(a)72,731

 

1,925

 

India (7.8%)

 

 

 

 

 

Automobiles

 

 

 

 

 

Maruti Suzuki India Ltd.

 

60,200

 

1,243

 

Commercial Banks

 

 

 

 

 

Axis Bank Ltd.

 

128,500

 

2,545

 

HDFC Bank Ltd.

 

77,700

 

2,572

 

HDFC Bank Ltd. ADR

 

11,200

 

1,100

 

 

 

 

 

6,217

 

Construction Materials

 

 

 

 

 

India Cements Ltd.

 

213,856

 

998

 

Diversified Financial Services

 

 

 

 

 

Infrastructure Development Finance Co., Ltd.

 

227,800

 

861

 

Electric Utilities

 

 

 

 

 

GVK Power & Infrastructure Ltd.

 

(a)891,500

 

897

 

Electrical Equipment

 

 

 

 

 

ABB Ltd.

 

73,405

 

2,170

 

Bharat Heavy Electricals Ltd.

 

29,700

 

1,533

 

 

 

 

 

3,703

 

Energy Equipment & Services

 

 

 

 

 

Aban Offshore Ltd.

 

15,400

 

1,164

 

Household Products

 

 

 

 

 

Hindustan Unilever Ltd.

 

172,000

 

988

 

Information Technology Services

 

 

 

 

 

Infosys Technologies Ltd.

 

37,916

 

1,366

 

Machinery

 

 

 

 

 

Praj Industries Ltd.

 

196,400

 

671

 

Media

 

 

 

 

 

Deccan Chronicle Holdings Ltd.

 

343,100

 

1,387

 

Television Eighteen India Ltd.

 

(c)92,000

 

1,087

 

Zee Entertainment Enterprise Ltd.

 

163,337

 

1,006

 

 

 

 

 

3,480

 

Metals & Mining

 

 

 

 

 

Steel Authority of India Ltd.

 

280,800

 

1,305

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Oil & Natural Gas Corp., Ltd.

 

35,000

 

857

 

Reliance Industries Ltd.

 

(a)78,500

 

4,448

 

 

 

 

 

5,305

 

Pharmaceuticals

 

 

 

 

 

Glenmark Pharmaceuticals Ltd.

 

152,144

 

1,857

 

Thrifts & Mortgage Finance

 

 

 

 

 

Housing Development Finance Corp.

 

25,100

 

1,496

 

Wireless Telecommunication Services

 

 

 

 

 

Bharti Airtel Ltd.

 

(a)66,700

 

1,380

 

 

 

 

 

32,931

 

Indonesia (3.2%)

 

 

 

 

 

Automobiles

 

 

 

 

 

Astra International Tbk PT

 

996,600

 

2,643

 

Commercial Banks

 

 

 

 

 

Bank Central Asia Tbk PT

 

3,818,500

 

1,356

 

Bank Mandiri Persero Tbk PT

 

1,507,000

 

520

 

Bank Rakyat Indonesia

 

1,746,000

 

1,203

 

 

 

 

 

3,079

 

Diversified Telecommunication Services

 

 

 

 

 

Telekomunikasi Indonesia Tbk PT

 

2,178,500

 

2,300

 

 



 

Gas Utilities

 

 

 

 

 

Perusahaan Gas Negara PT

 

354,000

 

548

 

Metals & Mining

 

 

 

 

 

International Nickel Indonesia Tbk PT

 

1,093,500

 

837

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Bumi Resources Tbk PT

 

6,187,000

 

4,211

 

 

 

 

 

13,618

 

Israel (0.0%)

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

Elbit Systems Ltd.

 

1

 

@—

 

Luxembourg (0.7%)

 

 

 

 

 

Wireless Telecommunication Services

 

 

 

 

 

Millicom International Cellular S.A.

 

(a)31,583

 

2,986

 

Malaysia (1.3%)

 

 

 

 

 

Food Products

 

 

 

 

 

Hap Seng Plantations Holdings Bhd

 

103,000

 

91

 

IOI Corp. Bhd

 

1,351,150

 

3,014

 

 

 

 

 

3,105

 

Industrial Conglomerates

 

 

 

 

 

Sime Darby Bhd

 

(a)739,000

 

2,169

 

 

 

 

 

5,274

 

Mexico (7.4%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Grupo Financiero Banorte S.A.B. de C.V., ‘O’

 

796,700

 

3,462

 

Construction & Engineering

 

 

 

 

 

Desarrolladora Homex S.A.B. de C.V. ADR

 

(a)31,088

 

1,805

 

Empresas ICA S.A.B. de C.V.

 

(a)301,652

 

1,788

 

 

 

 

 

3,593

 

Food & Staples Retailing

 

 

 

 

 

Wal-Mart de Mexico S.A.B. de C.V., ‘V’

 

420,175

 

1,772

 

Wal-Mart de Mexico S.A.B. de C.V. ADR

 

98,507

 

4,145

 

 

 

 

 

5,917

 

Household Durables

 

 

 

 

 

Corp. GEO S.A.B. de C.V., ‘B’

 

(a)385,911

 

1,233

 

Urbi Desarrollos Urbanos S.A. de C.V.

 

(a)390,500

 

1,273

 

 

 

 

 

2,506

 

Metals & Mining

 

 

 

 

 

Grupo Mexico S.A.B. de C.V., ‘B’

 

194,600

 

1,292

 

Wireless Telecommunication Services

 

 

 

 

 

America Movil S.A.B. de C.V., ‘L’ ADR

 

224,128

 

14,275

 

 

 

 

 

31,045

 

Nigeria (0.5%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Guaranty Trust Bank GDR

 

132,720

 

1,983

 

Oman (1.2%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Bank Muscat SAOG

 

653,203

 

3,369

 

Bank Muscat SAOG GDR (Registered)

 

80,611

 

1,683

 

 

 

 

 

5,052

 

Pakistan (1.4%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

MCB Bank Ltd.

 

201,800

 

1,338

 

National Bank of Pakistan

 

396,330

 

1,473

 

 

 

 

 

2,811

 

Diversified Telecommunication Services

 

 

 

 

 

Pakistan Telecommunication Co., Ltd.

 

1,010,000

 

732

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Oil & Gas Development Co., Ltd.

 

660,200

 

1,411

 

Pakistan State Oil Co., Ltd.

 

93,900

 

799

 

 

 

 

 

2,210

 

 

 

 

 

5,753

 

Philippines (0.1%)

 

 

 

 

 

Independent Power Producers & Energy Traders

 

 

 

 

 

PNOC Energy Development Corp.

 

2,747,500

 

388

 

Poland (3.3%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Bank Pekao S.A.

 

39,975

 

3,548

 

Bank Zachodni WBK S.A.

 

23,237

 

1,931

 

Getin Holding S.A.

 

(a)334,559

 

1,871

 

 

 

 

 

7,350

 

Construction & Engineering

 

 

 

 

 

Budimex S.A.

 

(a)20,509

 

773

 

PBG S.A.

 

(a)8,585

 

1,235

 

Polimex Mostostal S.A.

 

399,498

 

1,438

 

 

 

 

 

3,446

 

 



 

Media

 

 

 

 

 

TVN S.A.

 

239,176

 

2,468

 

Metals & Mining

 

 

 

 

 

KGHM Polska Miedz S.A.

 

11,762

 

541

 

 

 

 

 

13,805

 

Qatar (0.8%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Commercial Bank of Qatar

 

84,416

 

3,399

 

Industrial Conglomerates

 

 

 

 

 

Industries Qatar

 

1,399

 

50

 

 

 

 

 

3,449

 

Russia (12.1%)

 

 

 

 

 

Food Products

 

 

 

 

 

Wimm-Bill-Dann Foods OJSC ADR

 

10,895

 

1,117

 

Media

 

 

 

 

 

CTC Media, Inc.

 

(a)128,176

 

3,557

 

Metals & Mining

 

 

 

 

 

Evraz Group SA GDR

 

25,635

 

2,212

 

Mechel OAO ADR

 

21,061

 

2,397

 

MMC Norilsk Nickel ADR

 

197,309

 

5,558

 

Severstal GDR

 

61,377

 

1,388

 

 

 

 

 

11,555

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

LUKOIL ADR

 

48,229

 

4,142

 

OAO Gazprom ADR

 

406,122

 

20,728

 

Rosneft Oil Co. GDR

 

144,400

 

1,302

 

 

 

 

 

26,172

 

Oil & Gas Exploration & Production

 

 

 

 

 

Eurasia Drilling Co., Ltd. GDR

 

(a)15,807

 

371

 

Eurasia Drilling Co., Ltd. GDR

 

(a)(d)92,000

 

2,158

 

 

 

 

 

2,529

 

Paper & Forest Products

 

 

 

 

 

Alliance Cellulose Ltd., ‘B’

 

(b)(c)156,075

 

 

Wireless Telecommunication Services

 

 

 

 

 

Vimpel-Communications ADR

 

204,990

 

6,127

 

 

 

 

 

51,057

 

South Africa (4.8%)

 

 

 

 

 

Construction & Engineering

 

 

 

 

 

Raubex Group Ltd.

 

375,155

 

1,670

 

Industrial Conglomerates

 

 

 

 

 

Murray & Roberts Holdings Ltd.

 

150,843

 

1,777

 

Metals & Mining

 

 

 

 

 

ArcelorMittal South Africa Ltd.

 

158,236

 

3,845

 

Exxaro Resources Ltd.

 

179,300

 

2,447

 

 

 

 

 

6,292

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

Sasol Ltd.

 

87,782

 

4,229

 

Wireless Telecommunication Services

 

 

 

 

 

MTN Group Ltd.

 

420,687

 

6,384

 

 

 

 

 

20,352

 

South Korea (11.5%)

 

 

 

 

 

Airlines

 

 

 

 

 

Korean Air Lines Co., Ltd.

 

12,425

 

674

 

Automobiles

 

 

 

 

 

Hyundai Motor Co.

 

65,191

 

5,201

 

Beverages

 

 

 

 

 

Hite Brewery Co., Ltd.

 

11,193

 

1,261

 

Chemicals

 

 

 

 

 

LG Chem Ltd.

 

23,690

 

1,774

 

SSCP Co., Ltd.

 

(a)45,521

 

1,030

 

 

 

 

 

2,804

 

Commercial Banks

 

 

 

 

 

Shinhan Financial Group Co., Ltd.

 

60,711

 

3,208

 

Construction & Engineering

 

 

 

 

 

GS Engineering & Construction Corp.

 

8,550

 

1,256

 

Electronic Equipment & Instruments

 

 

 

 

 

LG Display Co., Ltd.

 

70,056

 

3,134

 

Household Durables

 

 

 

 

 

LG Electronics, Inc.

 

23,982

 

3,082

 

Woongjin Coway Co., Ltd.

 

85,897

 

2,596

 

 

 

 

 

5,678

 

 



 

Insurance

 

 

 

 

 

Samsung Fire & Marine Insurance Co., Ltd.

 

(a)9,711

 

2,008

 

Internet Software & Services

 

 

 

 

 

NHN Corp.

 

(a)14,885

 

3,482

 

Machinery

 

 

 

 

 

Hyundai Heavy Industries

 

8,277

 

3,105

 

Marine

 

 

 

 

 

STX Pan Ocean Co., Ltd.

 

853,000

 

1,770

 

Media

 

 

 

 

 

Cheil Communications, Inc.

 

6,138

 

1,477

 

Metals & Mining

 

 

 

 

 

POSCO

 

5,084

 

2,434

 

Personal Products

 

 

 

 

 

Amorepacific Corp.

 

1,821

 

985

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

Hynix Semiconductor, Inc.

 

(a)15,810

 

445

 

Samsung Electronics Co., Ltd.

 

9,561

 

6,075

 

Samsung Electronics Co., Ltd. (Preference)

 

4,482

 

2,036

 

 

 

 

 

8,556

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

Cheil Industries, Inc.

 

27,773

 

1,353

 

 

 

 

 

48,386

 

Taiwan (8.7%)

 

 

 

 

 

Chemicals

 

 

 

 

 

Formosa Plastics Corp.

 

1,293,000

 

3,918

 

Commercial Banks

 

 

 

 

 

Chinatrust Financial Holding Co., Ltd.

 

(a)2,784,000

 

2,707

 

Computers & Peripherals

 

 

 

 

 

Asustek Computer, Inc.

 

1,149,059

 

3,374

 

Foxconn Technology Co., Ltd.

 

129,850

 

778

 

High Tech Computer Corp.

 

96,000

 

2,163

 

InnoLux Display Corp.

 

59,000

 

157

 

InnoLux Display Corp. GDR

 

(a)66,774

 

341

 

 

 

 

 

6,813

 

Construction Materials

 

 

 

 

 

Taiwan Cement Corp.

 

1,899,000

 

3,731

 

Diversified Financial Services

 

 

 

 

 

First Financial Holding Co., Ltd.

 

1,249,000

 

1,311

 

Yuanta Financial Holding Co., Ltd.

 

(a)1,412,000

 

1,339

 

 

 

 

 

2,650

 

Electronic Equipment & Instruments

 

 

 

 

 

AU Optronics Corp.

 

2,800,997

 

4,824

 

Insurance

 

 

 

 

 

Cathay Financial Holding Co., Ltd.

 

1,370,000

 

3,527

 

Marine

 

 

 

 

 

Yang Ming Marine Transport Corp.

 

1,585,766

 

1,252

 

Metals & Mining

 

 

 

 

 

China Steel Corp.

 

1,960,000

 

3,102

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

Epistar Corp.

 

52,000

 

147

 

Taiwan Semiconductor Manufacturing Co., Ltd.

 

1,861,000

 

3,875

 

 

 

 

 

4,022

 

 

 

 

 

36,546

 

Thailand (2.0%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Bangkok Bank PCL NVDR

 

379,000

 

1,630

 

Kasikornbank PCL NVDR

 

541,100

 

1,554

 

Siam Commercial Bank PCL (Foreign)

 

382,100

 

1,103

 

 

 

 

 

4,287

 

Household Products

 

 

 

 

 

Land & Houses PCL NVDR

 

816,900

 

255

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

PTT Exploration & Production PCL (Foreign)

 

335,800

 

1,617

 

PTT PCL (Foreign)

 

133,800

 

1,351

 

 

 

 

 

2,968

 

Wireless Telecommunication Services

 

 

 

 

 

Advanced Info Service PCL NVDR

 

238,600

 

760

 

 

 

 

 

8,270

 

Turkey (1.4%)

 

 

 

 

 

Commercial Banks

 

 

 

 

 

Asya Katilim Bankasi A.S.

 

(a)155,000

 

971

 

Turkiye Garanti Bankasi A.S.

 

163,966

 

737

 

 

 

 

 

1,708

 

Diversified Financial Services

 

 

 

 

 

Tekfen Holding A.S.

 

(a)363,569

 

1,799

 

 



 

Insurance

 

 

 

 

 

Aksigorta A.S.

 

195,871

 

714

 

Wireless Telecommunication Services

 

 

 

 

 

Turkcell Iletisim Hizmet A.S.

 

207,073

 

1,749

 

 

 

 

 

5,970

 

TOTAL COMMON STOCKS (Cost $350,630)

 

 

 

409,795

 

Investment Company (1.0%)

 

 

 

 

 

India (1.0%)

 

 

 

 

 

Morgan Stanley Growth Fund (Cost $666)

 

(a)(e)3,588,793

 

4,407

 

 

 

 

Face

 

 

 

 

 

Amount

 

 

 

 

 

(000)

 

 

 

Debt Instruments (0.0%)

 

 

 

 

 

India (0.0%)

 

 

 

 

 

Metals & Mining

 

 

 

 

 

Shri Ishar Alloy Steels Ltd.

 

 

 

 

 

Zero Coupon, (expired maturity) (Cost $408)

 

INR(b)(c)581

 

 

 

 

 

Shares

 

 

 

SHORT-TERM INVESTMENT (1.7%)

 

 

 

 

 

United States (1.7%)

 

 

 

 

 

Investment Company

 

 

 

 

 

Morgan Stanley Institutional Liquidity Money Market Portfolio — Institutional Class (Cost $7,035)

 

(f)7,034,846

 

7,035

 

TOTAL INVESTMENTS + (100.3%) (Cost $358,739)

 

 

 

(g)421,237

 

Liabilities in Excess of Other Assets (-0.3%)

 

 

 

(1,461

)

Net Assets (100%)

 

 

 

$

419,776

 

 


(a)

Non-income producing security.

(b)

Security has been deemed illiquid at March 31, 2008.

(c)

Security was valued at fair value — At March 31, 2008, the Fund held $1,087,000 of fair valued securities, representing 0.3% of net assets.

(d)

144A Security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(e)

The Morgan Stanley Growth Fund, acquired at a cost of $666,000, is advised by an affiliate of the Adviser. At the end of the period, the Fund held 3,588,793 shares of the security valued at $4,407,000. For the three months ended March 31, 2008, the Fund had no purchases and sales of the security. The Fund derived no income from this security during the three months ended March 31, 2008.

(f)

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Money Market Portfolio (the “Liquidity Fund”), an open-ended management investment company managed by the Adviser. Investment Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Liquidity Fund. For the three months ended March 31, 2008, advisory fees paid were reduced by approximately $2,000 relating to the Fund’s investment in the Liquidity Fund. For the same period, income distributions earned by the Fund are recorded as dividends from affiliates and totaled approximately $83,000. During the three months ended March 31, 2008, the approximate cost of purchases and sales in the Liquidity Fund were $41,183,000 and $172,547,000, respectively.

(g)

The approximate market value and percentage of the investments, $313,524,000 and 74.4%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments.

@

Value is less than $500.

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

INR

Indian Rupee

NVDR

Non-Voting Depository Receipt

+

At March 31, 2008, the U.S. Federal income tax cost basis of investments was approximately $358,739,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $62,498,000 of which $85,754,000 related to appreciated securities and $23,256,000 related to depreciated securities.

 



 

Foreign Currency Exchange Contract Information:

The Fund had the following foreign currency exchange contract(s) open at period end:

 

Currency
to
Deliver
(000)

 

Value
(000)

 

Settlement
Date

 

In
Exchange
For
(000)

 

Value
(000)

 

Net
Unrealized
Appreciation
(Depreciation)
(000)

 

IDR

 

538,723

 

$

59

 

4/1/08

 

USD

 

58

 

$

58

 

$

(@—

)

USD

 

294

 

294

 

4/2/08

 

EUR

 

187

 

294

 

@—

 

USD

 

195

 

195

 

4/3/08

 

EUR

 

123

 

195

 

(@—

)

USD

 

662

 

662

 

4/2/08

 

PLN

 

1,475

 

663

 

1

 

USD

 

274

 

274

 

4/3/08

 

PLN

 

609

 

274

 

@—

 

USD

 

1,323

 

1,323

 

4/1/08

 

HKD

 

10,297

 

1,323

 

@—

 

USD

 

82

 

82

 

4/1/08

 

THB

 

2,583

 

82

 

(@—

)

USD

 

127

 

127

 

4/1/08

 

THB

 

3,987

 

126

 

(@—

)

USD

 

59

 

59

 

4/1/08

 

THB

 

1,864

 

59

 

(@—

)

USD

 

40

 

40

 

4/1/08

 

THB

 

1,256

 

40

 

(@—

)

ZAR

 

5,885

 

725

 

4/4/08

 

USD

 

725

 

725

 

@—

 

ZAR

 

191

 

24

 

4/7/08

 

USD

 

24

 

24

 

(@—

)

 

 

 

 

$

3,864

 

 

 

 

 

 

 

$

3,863

 

$

1

 

 

EUR

 

— Euro

HKD

 

— Hong Kong Dollar

IDR

 

— Indonesian Rupiah

PLN

 

— Polish Zloty

THB

 

— Thai Baht

USD

 

— United States Dollar

ZAR

 

— South African Rand

 



 

Notes to Portfolio of Investments (unaudited)

 

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”), effective January 1, 2008. In accordance with SFAS 157, fair value is defined 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. SFAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund’s investments. The inputs are summarized in the three broad levels listed below.

 

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit     risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s investments carried at value:

 

 

 

Investments in

 

Other Financial

 

 

 

Securities

 

Instruments*

 

Valuation Inputs

 

(000)

 

(000)

 

Level 1 - Quoted Prices

 

$

74,564

 

$

 

Level 2 - Other Significant Observable Inputs

 

346,673

 

1

 

Level 3 - Significant Unobservable Inputs

 

 

 

Total

 

$

421,237

 

$

1

 

 


*Other financial instruments include futures, forwards and swap contracts.

 

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

 

 

 

Investments in

 

Other Financial

 

 

 

Securities

 

Instruments

 

 

 

(000)

 

(000)

 

Balance as of 12/31/07

 

$

 

$

 

Accrued discounts/premiums

 

 

 

Realized gain (loss)

 

 

 

Change in unrealized appreciation (depreciation)

 

 

 

Net purchases (sales)

 

 

 

Net transfers in and/or out of Level 3

 

 

 

Balance as of 3/31/08

 

$

 

$

 

The amount of total realized gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets and liabilities still held at 3/31/08

 

$

 

$

 

 

Security Valuation — Securities listed on a foreign exchange are valued at their closing price. 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 asked prices obtained from reputable brokers. 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. Debt securities purchased with remaining maturities of 60 days or less are valued at amortized cost, if it approximates market value.

 

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 Board of Directors (the “Directors”), although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

 

Most foreign markets close before the New York Stock Exchange (“NYSE”). Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the

 



 

close of business on the NYSE. If these developments are expected to materially affect the value of the securities, the valuations may be adjusted to reflect the estimated fair value as of the close of the NYSE, as determined in good faith under procedures established by the Directors.

 



 

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 20, 2008

 

 

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 20, 2008

 

 

 

 

By:

/s/ James Garrett

 

Name:

James Garrett

 

Title:

Principal Financial Officer

 

Date:

May 20, 2008

 

 


EX-99.CERT 2 a08-15280_1ex99dcert.htm EX-99.CERT

Exhibit 99.CERT

 

FORM N-Q

 

I, James Garrett, certify that:

 

1.             I have reviewed this report on Form N-Q of Morgan Stanley Emerging Markets Fund, Inc.;

 

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.             Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.             The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)                                  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)                                 Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)                                  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d)                                 Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.             The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

(a)                                  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

(b)                                 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: May 20, 2008

/s/ James Garrett

 

James Garrett

 

Principal Financial Officer

 



 

FORM N-Q

 

I, Ronald E. Robison, certify that:

 

1.             I have reviewed this report on Form N-Q of Morgan Stanley Emerging Markets Fund, Inc.;

 

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.             Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.             The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)                                  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)                                 Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)                                  Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d)                                 Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.             The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)                                  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)                                 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 20, 2008

/s/ Ronald E. Robison

 

Ronald E. Robison

 

Principal Executive Officer

 


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