[Annotated Form N-Q]
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UNITED STATES |
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FORM N-Q |
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-06403 |
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MORGAN STANLEY EMERGING MARKETS FUND, INC. |
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(Exact name of registrant as specified in charter) |
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1221 AVENUE OF THE AMERICAS 22ND FLOOR NEW YORK, NY |
10020 |
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(Address of principal executive offices) |
(Zip code) |
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RONALD E. ROBISON |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: |
1-800-221-6726 |
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Date of fiscal year end: |
12/31 |
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Date of reporting period: |
9/30/05 |
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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.
Third Quarter Report
September 30, 2005 (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 (94.3%) |
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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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23,987 |
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$ |
1,602 |
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Brazil (13.0%) |
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Aerospace & Defense |
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Empresa Brasileira de Aeronautica S.A. ADR |
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103,380 |
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3,991 |
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Commercial Banks |
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Banco Itau Holding Financeira S.A. (Preference) |
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12,692 |
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3,013 |
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Banco Itau Holding Financeira S.A. ADR |
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38,443 |
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4,561 |
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Banco Nacional SA (Preferred) |
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(a) |
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61,598,720 |
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— |
@ |
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Unibanco - Uniao de Bancos Brasileiros S.A. |
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51,431 |
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541 |
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Unibanco - Uniao de Bancos Brasileiros S.A. GDR |
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71,250 |
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3,748 |
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11,863 |
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Diversified Telecommunication Services |
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Embratel Participacoes S.A. (Preference) |
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(a) |
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660,500,000 |
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1,528 |
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Electric Utilities |
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CEMIG SA (Preference) |
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6,607,608 |
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250 |
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CEMIG SA ADR |
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39,400 |
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1,501 |
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Centrais Electricas Brasileiras S.A. (Preference) |
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85,618,000 |
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1,659 |
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CPFL Energia SA |
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116,010 |
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1,233 |
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CPFL Energia SA ADR |
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10,810 |
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344 |
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4,987 |
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Metals & Mining |
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CVRD ADR |
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274,892 |
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10,696 |
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CVRD, ‘A’ (Preference) |
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4,313 |
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167 |
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Gerdau S.A. (Preference) |
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110,700 |
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1,648 |
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Gerdau S.A. ADR |
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47,927 |
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716 |
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13,227 |
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Oil & Gas |
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Petrobras S.A. (Preference) |
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114,316 |
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1,823 |
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Petrobras S.A. ADR |
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95,063 |
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6,796 |
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Petrobras S.A. ADR (Preference) |
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162,556 |
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10,363 |
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18,982 |
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Road & Rail |
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All America Latina Logistica S.A. |
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40,220 |
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1,596 |
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Wireless Telecommunication Services |
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Telesp Celular Participacoes S.A. |
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(a) |
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14,157 |
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49 |
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Telesp Celular Participacoes S.A. (Preference) |
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(a) |
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294,876 |
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1,173 |
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1,222 |
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57,396 |
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Chile (0.7%) |
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Electric Utilities |
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Enersis S.A. ADR |
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259,470 |
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2,968 |
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China/Hong Kong (5.2%) |
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Airlines |
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Air China Ltd., ‘H’ |
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(a) |
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956,000 |
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296 |
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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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277 |
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Foxconn International Holdings Ltd. |
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(a) |
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451,000 |
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488 |
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765 |
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Computers & Peripherals |
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TPV Technology Ltd. |
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2,038,000 |
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1,409 |
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Electric Utilities |
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Huadian Power International Co. |
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2,862,000 |
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793 |
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Electronic Equipment & Instruments |
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Kingboard Chemical Holdings Ltd. |
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(b) |
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499,000 |
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1,245 |
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Food & Staples Retailing |
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Lianhua Supermarket Holdings Co., Ltd., ‘H’ |
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552,000 |
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640 |
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Wumart Stores, Inc., ‘H’ |
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280,000 |
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603 |
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1,243 |
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Food Products |
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Global Bio-Chem Technology Group Co., Ltd. |
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3,647,000 |
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1,669 |
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Health Care Equipment & Supplies |
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Moulin Global Eyecare Holdings Ltd. |
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(b) |
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568,000 |
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— |
@ |
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Household D urables |
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Grande Holdings Ltd. |
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(b) |
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536,000 |
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435 |
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Insurance |
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China Life Insurance Co., Ltd. |
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(a) |
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2,021,000 |
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1,563 |
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Ping An Insurance Group Co. of China Ltd., ‘H’ |
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837,000 |
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1,462 |
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3,025 |
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Metals & Mining |
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Asia Aluminum Holdings Ltd. |
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7,698,000 |
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794 |
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Multi-Utilities & Unregulated Power |
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China Resources Power Holdings Co. |
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1,995,000 |
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1,273 |
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1
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Oil & Gas |
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PetroChina Co., Ltd., ‘H’ |
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3,736,000 |
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3,131 |
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Specialty Retail |
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GOME Electrical Appliances Holdings Ltd. |
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2,024,000 |
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1,220 |
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Textiles, Apparel & Luxury Goods |
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Fountain Set Holdings Ltd. |
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1,239,000 |
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603 |
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Victory City International Holdings Ltd. |
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1,051,000 |
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284 |
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887 |
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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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216 |
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Transportation Infrastructure |
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Hainan Meilan International Airport Co., Ltd., ‘H’ |
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636,000 |
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338 |
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Hopewell Highway Infrastructure Ltd. |
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1,296,000 |
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919 |
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1,257 |
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Wireless Telecommunication Services |
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China Mobile Hong Kong Ltd. |
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632,000 |
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3,096 |
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22,754 |
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Colombia (0.4%) |
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Commercial Banks |
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BanColombia S.A. ADR |
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74,370 |
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1,632 |
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Egypt (0.4%) |
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Tobacco |
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Eastern Tobacco |
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51,453 |
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1,970 |
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Hungary (0.3%) |
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Pharmaceuticals |
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Gedeon Richter Rt. |
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7,039 |
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1,268 |
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India (6.5%) |
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Agriculture |
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ITC Ltd. |
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180,000 |
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560 |
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Automobiles |
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Hero Honda Motors Ltd. |
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99,900 |
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1,686 |
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Mahindra & Mahindra Ltd. |
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152,000 |
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1,308 |
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2,994 |
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Commercial Banks |
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HDFC Bank Ltd. |
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95,000 |
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1,486 |
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Punjab National Bank Ltd. |
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(b) |
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91,500 |
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986 |
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UTI Bank Ltd. |
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66,000 |
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399 |
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UTI Bank Ltd. GDR |
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(a) |
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83,000 |
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494 |
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3,365 |
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Construction Materials |
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Gujarat Ambuja Cements Ltd. GDR |
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547,500 |
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903 |
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Gujarat Ambuja Cements Ltd. |
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127,500 |
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223 |
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1,126 |
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Diversified Telecommunication Services |
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Mahanagar Telephone Nigam Ltd. |
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234,000 |
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679 |
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Electrical Equipment |
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ABB Ltd. |
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39,281 |
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1,528 |
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Bharat Heavy Electricals Ltd. |
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151,700 |
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4,225 |
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5,753 |
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Household Products |
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Hindustan Lever Ltd. |
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269,500 |
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1,111 |
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Industrial Conglomerates |
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Siemens India Ltd. |
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15,000 |
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895 |
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Internet Software & Services |
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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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Infosys Technologies Ltd. |
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56,408 |
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3,230 |
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Wipro Ltd. |
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115,000 |
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973 |
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4,203 |
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Metals & Mining |
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Hindalco Industries Ltd. |
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246,000 |
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823 |
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Oil & Gas |
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Oil & Natural Gas Corp., Ltd. |
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8,700 |
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210 |
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Reliance Industries Ltd. |
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25,000 |
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451 |
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661 |
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Pharmaceuticals |
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Aventis Pharma Ltd. |
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26,000 |
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857 |
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Cipla Ltd. |
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118,000 |
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1,020 |
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GlaxoSmithkline Pharmaceuticals Ltd. |
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42,000 |
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847 |
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Glenmark Pharmaceuticals Ltd. |
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115,000 |
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832 |
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3,556 |
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Road & Rail |
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Container Corp. of India Ltd. |
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41,600 |
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1,259 |
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Thrifts & Mortgage Finance |
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Housing Development Finance Corp., Ltd. |
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59,000 |
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1,396 |
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Tobacco |
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ITC Ltd. GDR (Registered) |
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172,500 |
|
531 |
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28,912 |
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Indonesia (0.3%) |
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Commercial Banks |
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Bank Central Asia Tbk PT |
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2,520,000 |
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844 |
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Oil & Gas |
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Bumi Resources Tbk PT |
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4,857,500 |
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425 |
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Tobacco |
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Gudang Garam Tbk PT |
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245,000 |
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259 |
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1,528 |
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2
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Israel (0.7%) |
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Aerospace & Defense |
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Elbit Systems Ltd. |
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1 |
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— |
@ |
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Software |
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Check Point Software Technologies Ltd. |
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(a) |
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129,544 |
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3,151 |
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Malaysia (1.5%) |
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Commercial Banks |
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Commerce Asset Holdings Bhd |
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532,000 |
|
791 |
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Construction & Engineering |
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Road Builder (Malaysia) Holdings Bhd |
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434,500 |
|
227 |
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Electric Utilities |
|
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Tenaga Nasional Bhd |
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648,200 |
|
1,857 |
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Hotels, Restaurants & Leisure |
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Magnum Corp. Bhd |
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1,145,000 |
|
629 |
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Resorts World Bhd |
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|
222,000 |
|
648 |
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|
|
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|
|
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|
1,277 |
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Multi-Utilities & Unregulated Power |
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YTL Corp. Bhd |
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834,933 |
|
1,218 |
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Real Estate |
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Bandar Raya Developments Bhd |
|
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|
729,000 |
|
232 |
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MK Land Holdings Bhd |
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|
1,271,000 |
|
302 |
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SP Setia Bhd |
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733,500 |
|
755 |
|
|
|
|
|
|
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|
1,289 |
|
|
|
|
|
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|
6,659 |
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Mexico (10.3%) |
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Beverages |
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Femsa ADR |
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62,000 |
|
4,335 |
|
|
Commercial Banks |
|
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Grupo Financiero Banorte S.A. de CV, ‘O’ |
|
|
|
174,060 |
|
1,555 |
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|
Construction & Engineering |
|
|
|
|
|
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Empresas ICA Sociedad Controladora S.A. de CV |
|
(a) |
|
1,319,200 |
|
504 |
|
|
Empresas ICA Sociedad Controladora S.A. de CV ADR |
|
(a) |
|
75,300 |
|
170 |
|
|
|
|
|
|
|
|
674 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
Wal-Mart de Mexico S.A. ADR |
|
|
|
49,915 |
|
2,539 |
|
|
Wal-Mart de Mexico S.A. de C.V., ‘V’ |
|
|
|
2,176,358 |
|
11,095 |
|
|
|
|
|
|
|
|
13,634 |
|
|
Household Products |
|
|
|
|
|
|
|
|
Kimberly-Clark de Mexico S.A. de CV, ‘A’ |
|
|
|
416,990 |
|
1,574 |
|
|
Media |
|
|
|
|
|
|
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|
Grupo Televisa S.A. ADR |
|
|
|
154,690 |
|
11,093 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
America Movil S.A. de CV, ‘L’ ADR |
|
|
|
473,431 |
|
12,461 |
|
|
|
|
|
|
|
|
45,326 |
|
|
Morocco (0.8%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Attijariwafa Bank |
|
|
|
2,299 |
|
272 |
|
|
Banque Marocaine du Commerce Exterieur |
|
|
|
17,800 |
|
1,374 |
|
|
|
|
|
|
|
|
1,646 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
Maroc Telecom |
|
(a) |
|
20,600 |
|
218 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|
ONA S.A. |
|
|
|
16,900 |
|
1,810 |
|
|
|
|
|
|
|
|
3,674 |
|
|
Poland (3.6%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Bank Pekao SA |
|
|
|
54,370 |
|
3,001 |
|
|
Powszechna Kasa Oszczednosci Bank Polski SA |
|
|
|
318,012 |
|
3,072 |
|
|
|
|
|
|
|
|
6,073 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
Telekomunikacja Polska S.A. |
|
|
|
84,291 |
|
657 |
|
|
Telekomunikacja Polska S.A. GDR |
|
|
|
443,500 |
|
3,469 |
|
|
|
|
|
|
|
|
4,126 |
|
|
Media |
|
|
|
|
|
|
|
|
Agora S.A. |
|
|
|
104,514 |
|
2,179 |
|
|
TVN S.A. |
|
(a) |
|
122,093 |
|
2,134 |
|
|
|
|
|
|
|
|
4,313 |
|
|
Oil & Gas |
|
|
|
|
|
|
|
|
Polski Koncern Naftowy Orlen S.A. |
|
|
|
67,516 |
|
1,383 |
|
|
|
|
|
|
|
|
15,895 |
|
|
Russia (10.0%) |
|
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
|
Efes Breweries International N.V. GDR |
|
(a) |
|
53,933 |
|
1,922 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Sberbank RF |
|
|
|
65,300 |
|
6,269 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
Pyaterochka Holding N.V. GDR |
|
(a) |
|
98,001 |
|
1,991 |
|
|
Pyaterochka Holding N.V. GDR |
|
(a)(d) |
|
106,939 |
|
2,173 |
|
|
|
|
|
|
|
|
4,164 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Wimm-Bill-Dann Foods OJSC ADR |
|
(a) |
|
113,500 |
|
2,179 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
Highland Gold Mining Ltd. |
|
|
|
412,400 |
|
1,607 |
|
|
Oil & Gas |
|
|
|
|
|
|
|
|
LUKOIL ADR |
|
|
|
334,576 |
|
19,322 |
|
|
Novatek OAO GDR |
|
(a) |
|
55,708 |
|
1,331 |
|
|
OAO Gazprom ADR (Registered) |
|
|
|
26,400 |
|
1,777 |
|
3
|
Surgutneftegaz ADR |
|
|
|
51,704 |
|
2,792 |
|
|
|
|
|
|
|
|
25,222 |
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
|
Alliance Cellulose Ltd., ‘B’ |
|
(b) |
|
156,075 |
|
— |
@ |
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
Mobile Telesystems ADR |
|
|
|
47,700 |
|
1,941 |
|
|
Mobile Telesystems GDR |
|
|
|
69,600 |
|
2,829 |
|
|
|
|
|
|
|
|
4,770 |
|
|
|
|
|
|
|
|
46,133 |
|
|
South Africa (11.2%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Standard Bank Group Ltd. |
|
|
|
627,117 |
|
6,908 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
Aveng Ltd. |
|
|
|
929,800 |
|
2,451 |
|
|
Construction Materials |
|
|
|
|
|
|
|
|
Pretoria Portland Cement Co., Ltd. |
|
|
|
44,000 |
|
2,015 |
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
African Bank Investments Ltd. |
|
|
|
1,038,900 |
|
3,474 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Tiger Brands Ltd. |
|
|
|
159,990 |
|
3,520 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
Massmart Holdings Ltd. |
|
|
|
398,026 |
|
3,382 |
|
|
Shoprite Holdings Ltd. |
|
|
|
731,000 |
|
1,984 |
|
|
|
|
|
|
|
|
5,366 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Steinhoff International Holdings Ltd. |
|
|
|
1,118,700 |
|
3,468 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|
Barloworld Ltd. |
|
|
|
134,500 |
|
2,461 |
|
|
Murray & Roberts Holdings Ltd. |
|
|
|
590,200 |
|
1,825 |
|
|
|
|
|
|
|
|
4,286 |
|
|
Media |
|
|
|
|
|
|
|
|
Naspers Ltd., ‘N’ |
|
|
|
305,200 |
|
4,994 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
BidBEE Ltd. |
|
(a) |
|
— |
@ |
— |
@ |
|
Harmony Gold Mining Co., Ltd. |
|
(a) |
|
188,229 |
|
2,118 |
|
|
Harmony Gold Mining Co., Ltd. ADR |
|
(a) |
|
89,796 |
|
982 |
|
|
mpala Platinum Holdings Ltd. I |
|
|
|
19,235 |
|
2,188 |
|
|
|
|
|
|
|
|
5,288 |
|
|
Specialty Retail |
|
|
|
|
|
|
|
|
Edgars Consolidated Stores Ltd. |
|
|
|
606,000 |
|
3,027 |
|
|
J.D. Group Ltd. |
|
|
|
96,600 |
|
1,179 |
|
|
Lewis Group Ltd. |
|
|
|
28,200 |
|
191 |
|
|
|
|
|
|
|
|
4,397 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
MTN Group Ltd. |
|
|
|
799,440 |
|
6,628 |
|
|
|
|
|
|
|
|
52,795 |
|
|
South Korea (11.1%) |
|
|
|
|
|
|
|
|
Airlines |
|
|
|
|
|
|
|
|
Korean Air Lines Co., Ltd. |
|
|
|
30,140 |
|
549 |
|
|
Auto Components |
|
|
|
|
|
|
|
|
Hankook Tire Co., Ltd. |
|
|
|
171,310 |
|
2,266 |
|
|
Hyundai Mobis |
|
|
|
31,660 |
|
2,600 |
|
|
|
|
|
|
|
|
4,866 |
|
|
Automobiles |
|
|
|
|
|
|
|
|
Hyundai Motor Co. |
|
|
|
31,750 |
|
2,480 |
|
|
Hyundai Motor Co. (Preference) |
|
|
|
20,960 |
|
1,109 |
|
|
KIA Motors Corp. |
|
|
|
80,010 |
|
1,495 |
|
|
|
|
|
|
|
|
5,084 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Pusan Bank |
|
|
|
83,930 |
|
913 |
|
|
Shinhan Financial Group Co., Ltd. |
|
|
|
98,010 |
|
3,409 |
|
|
|
|
|
|
|
|
4,322 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
Daelim Industrial Co. |
|
|
|
6,390 |
|
451 |
|
|
Doosan Heavy Industries and Construction Co., Ltd. |
|
|
|
97,660 |
|
1,844 |
|
|
GS Engineering & Construction Corp. |
|
|
|
72,710 |
|
2,898 |
|
|
|
|
|
|
|
|
5,193 |
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
|
Samsung SDI Co., Ltd. |
|
|
|
20,230 |
|
2,103 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Orion Corp. |
|
|
|
15,680 |
|
2,780 |
|
|
Insurance |
|
|
|
|
|
|
|
|
Samsung Fire & Marine Insurance Co., Ltd. |
|
|
|
8,980 |
|
929 |
|
|
Machinery |
|
|
|
|
|
|
|
|
Doosan Infracore Co., Ltd. |
|
|
|
52,180 |
|
590 |
|
|
Hyundai Heavy Industries Co., Ltd. |
|
|
|
16,800 |
|
1,250 |
|
|
Samsung Heavy Industries Co., Ltd. |
|
|
|
43,120 |
|
628 |
|
|
STX Shipbuilding Co., Ltd. |
|
|
|
50,554 |
|
992 |
|
|
|
|
|
|
|
|
3,460 |
|
|
Oil & Gas |
|
|
|
|
|
|
|
|
S-Oil Corp. |
|
|
|
11,550 |
|
946 |
|
|
SK Corp. |
|
|
|
32,360 |
|
1,876 |
|
|
|
|
|
|
|
|
2,822 |
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
|
Hanmi Pharm Co., Ltd. |
|
|
|
6,260 |
|
586 |
|
4
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
|
|
15,397 |
|
8,676 |
|
|
Samsung Electronics Co., Ltd. (Preference) |
|
|
|
7,060 |
|
3,072 |
|
|
|
|
|
|
|
|
11,748 |
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
|
Cheil Industries, Inc. |
|
|
|
79,660 |
|
1,710 |
|
|
Handsome Co., Ltd. |
|
|
|
29,070 |
|
298 |
|
|
|
|
|
|
|
|
2,008 |
|
|
Tobacco |
|
|
|
|
|
|
|
|
KT&G Corp. |
|
|
|
62,340 |
|
2,700 |
|
|
|
|
|
|
|
|
49,150 |
|
|
Taiwan (8.6%) |
|
|
|
|
|
|
|
|
Airlines |
|
|
|
|
|
|
|
|
Eva Airways Corp. |
|
|
|
294 |
|
— |
@ |
|
Auto Components |
|
|
|
|
|
|
|
|
Cheng Shin Rubber Industry Co., Ltd. |
|
|
|
586,967 |
|
479 |
|
|
Capital Markets |
|
|
|
|
|
|
|
|
Polaris Securities Co., Ltd. |
|
|
|
1,031,893 |
|
401 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Chinatrust Financial Holding Co. |
|
|
|
1,652,220 |
|
1,424 |
|
|
Taishin Financial Holdings Co., Ltd. |
|
|
|
1,386,139 |
|
812 |
|
|
|
|
|
|
|
|
2,236 |
|
|
Computers & Peripherals |
|
|
|
|
|
|
|
|
Catcher Technology Co., Ltd. |
|
|
|
51,273 |
|
371 |
|
|
Compal Electronics, Inc. |
|
|
|
1,625,000 |
|
1,604 |
|
|
Infortrend Technology, Inc. |
|
|
|
482,552 |
|
845 |
|
|
|
|
|
|
|
|
2,820 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
CTCI Corp. |
|
|
|
829,258 |
|
387 |
|
|
Electrical Equipment |
|
|
|
|
|
|
|
|
Phoenixtec Power Co., Ltd. |
|
|
|
577,730 |
|
566 |
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
|
AU Optronics Corp. |
|
|
|
2,025,150 |
|
2,624 |
|
|
AU Optronics Corp. ADR |
|
|
|
51,500 |
|
667 |
|
|
Delta Electronics, Inc. |
|
|
|
1,053,479 |
|
1,800 |
|
|
Delta Electronics, Inc. GDR |
|
|
|
81,867 |
|
699 |
|
|
HON HAI Precision Industry Co., Ltd. |
|
|
|
579,821 |
|
2,700 |
|
|
Radiant Opto-Electronics Corp. |
|
|
|
291,785 |
|
728 |
|
|
|
|
|
|
|
|
9,218 |
|
|
Household D urables |
|
|
|
|
|
|
|
|
Tsann Kuen Enterprise Co., Ltd. |
|
|
|
679,347 |
|
1,087 |
|
|
Insurance |
|
|
|
|
|
|
|
|
Cathay Financial Holding Co., Ltd. |
|
|
|
1,126,000 |
|
2,100 |
|
|
Shin Kong Financial Holding Co., Ltd. |
|
|
|
3,796,895 |
|
3,204 |
|
|
|
|
|
|
|
|
5,304 |
|
|
Leisure Equipment & Products |
|
|
|
|
|
|
|
|
Asia Optical Co., Inc. |
|
|
|
220,174 |
|
1,406 |
|
|
Largan Precision Co., Ltd. |
|
|
|
127,798 |
|
1,144 |
|
|
|
|
|
|
|
|
2,550 |
|
|
Machinery |
|
|
|
|
|
|
|
|
Kaulin Manufacturing Co., Ltd. |
|
|
|
368,602 |
|
349 |
|
|
Marine |
|
|
|
|
|
|
|
|
Yang Ming Marine Transport |
|
|
|
345,000 |
|
218 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
China Steel Corp. |
|
|
|
2,182,550 |
|
1,947 |
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
MediaTek, Inc. |
|
|
|
278,597 |
|
2,628 |
|
|
United Microelectronics Corp. |
|
|
|
6,292,087 |
|
4,039 |
|
|
Vanguard International Semiconductor Corp. |
|
|
|
1,477,913 |
|
1,024 |
|
|
|
|
|
|
|
|
7,691 |
|
|
Software |
|
|
|
|
|
|
|
|
Cyberlink Corp. |
|
|
|
149,979 |
|
396 |
|
|
Springsoft, Inc. |
|
|
|
466,641 |
|
785 |
|
|
|
|
|
|
|
|
1,181 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
Far EasTone Telecommunications Co., Ltd. |
|
|
|
744,000 |
|
843 |
|
|
Taiwan Mobile Co., Ltd. |
|
|
|
958,000 |
|
912 |
|
|
|
|
|
|
|
|
1,755 |
|
|
|
|
|
|
|
|
38,189 |
|
|
Thailand (3.3%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Bangkok Bank PCL (Foreign) |
|
|
|
667,900 |
|
1,855 |
|
|
Kasikornbank PCL (Foreign) |
|
|
|
852,900 |
|
1,392 |
|
|
Siam City Bank PCL (Foreign) |
|
|
|
1,055,200 |
|
688 |
|
|
Siam Commercial Bank PCL (Foreign) |
|
|
|
423,200 |
|
531 |
|
|
|
|
|
|
|
|
4,466 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
CH. Karnchang PCL (Foreign) |
|
(b) |
|
1,305,300 |
|
413 |
|
|
Italian-Thai Development PCL (Foreign) |
|
(b) |
|
4,962,000 |
|
1,185 |
|
|
Sino Thai Engineering & Construction PCL (Foreign) |
|
(a) |
|
1,010,000 |
|
310 |
|
|
|
|
|
|
|
|
1,908 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
True Corp. PCL (Foreign) |
|
(a) |
|
1,570,800 |
|
301 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
CP Seven Eleven PCL (Foreign) |
|
(b) |
|
5,122,000 |
|
774 |
|
|
Siam Makro PCL (Foreign) |
|
(b) |
|
100,700 |
|
154 |
|
|
|
|
|
|
|
|
928 |
|
5
|
Household Durables |
|
|
|
|
|
|
|
|||
|
Asian Property Development PCL (Foreign) |
|
(b) |
|
3,878,600 |
|
342 |
|
|||
|
Lalin Property PCL (Foreign) |
|
(b) |
|
1,145,300 |
|
139 |
|
|||
|
Land & Houses PCL (Foreign) |
|
|
|
2,602,400 |
|
574 |
|
|||
|
|
|
|
|
|
|
1,055 |
|
|||
|
Oil & Gas |
|
|
|
|
|
|
|
|||
|
Banpu PCL (Foreign) |
|
|
|
74,700 |
|
293 |
|
|||
|
PTT PCL (Foreign) |
|
(b) |
|
341,600 |
|
2,031 |
|
|||
|
Thai Oil PCL (Foreign) |
|
(b) |
|
365,800 |
|
668 |
|
|||
|
|
|
|
|
|
|
2,992 |
|
|||
|
Real Estate |
|
|
|
|
|
|
|
|||
|
MBK PCL (Foreign) |
|
(b) |
|
207,300 |
|
240 |
|
|||
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|||
|
Advanced Info Service PCL (Foreign) |
|
(b) |
|
646,900 |
|
1,702 |
|
|||
|
Total Access Communication PCL |
|
(a) |
|
350,000 |
|
1,127 |
|
|||
|
|
|
|
|
|
|
2,829 |
|
|||
|
|
|
|
|
|
|
14,719 |
|
|||
|
Turkey (4.3%) |
|
|
|
|
|
|
|
|||
|
Airlines |
|
|
|
|
|
|
|
|||
|
Turk Hava Yollari |
|
(a) |
|
546,908 |
|
2,924 |
|
|||
|
Building Products |
|
|
|
|
|
|
|
|||
|
Trakya Cam Sanayi AS |
|
|
|
119,035 |
|
424 |
|
|||
|
Commercial Banks |
|
|
|
|
|
|
|
|||
|
Turkiye Garanti Bankasi AS |
|
(a) |
|
970,501 |
|
2,898 |
|
|||
|
Yapi ve Kredi Bankasi AS |
|
(a) |
|
781,963 |
|
3,252 |
|
|||
|
|
|
|
|
|
|
6,150 |
|
|||
|
Construction Materials |
|
|
|
|
|
|
|
|||
|
Akcansa Cimento AS |
|
|
|
391,581 |
|
2,108 |
|
|||
|
Diversified Operations |
|
|
|
|
|
|
|
|||
|
Haci Omer Sabanci Holding |
|
|
|
145,000 |
|
748 |
|
|||
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|||
|
BIM Birlesik Magazalar A.S. |
|
(a) |
|
74,230 |
|
1,861 |
|
|||
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|||
|
Enka Insaat ve Sanayi AS |
|
|
|
72,038 |
|
787 |
|
|||
|
Media |
|
|
|
|
|
|
|
|||
|
Dogan Yayin Holding AS |
|
(a) |
|
709,173 |
|
1,843 |
|
|||
|
Hurriyet Gazetecilik AS |
|
|
|
740,892 |
|
2,201 |
|
|||
|
|
|
|
|
|
|
4,044 |
|
|||
|
|
|
|
|
|
|
19,046 |
|
|||
|
United States (0.4%) |
|
|
|
|
|
|
|
|||
|
Cheng Shin Rubber Industry Co., Ltd. |
|
|
|
|
|
|
|
|||
|
Central European Distribution Corp. |
|
(a) |
|
41,900 |
|
1,785 |
|
|||
|
TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
|||
|
(Cost $281,940) |
|
|
|
|
|
416,552 |
|
|||
|
INVESTMENT COMPANIES (1.0%) |
|
|
|
|
|
|
|
|||
|
India (0.7%) |
|
|
|
|
|
|
|
|||
|
Morgan Stanley Growth Fund |
|
(a)(c) |
|
4,694,400 |
|
2,936 |
|
|||
|
Poland (0.3%) |
|
|
|
|
|
|
|
|||
|
NFI Empik Media & Fashion S.A. |
|
(a) |
|
762,586 |
|
1,333 |
|
|||
|
TOTAL INVESTMENT COMPANIES |
|
|
|
|
|
|
|
|||
|
(Cost $2,299) |
|
|
|
|
|
4,269 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
Face |
|
|
|
|||
|
|
|
|
|
Amount |
|
|
|
|||
|
|
|
|
|
(000) |
|
|
|
|||
|
DEBT INSTRUMENTS (0.0%) |
|
|
|
|
|
|
|
|||
|
India (0.0%) |
|
|
|
|
|
|
|
|||
|
Metals & Mining |
|
|
|
|
|
|
|
|||
|
Shri Ishar Alloy Steels Ltd. 15.00% (expired maturity) |
|
|
|
|
|
|
|
|||
|
(Cost $409) |
|
(b) |
|
INR |
581 |
|
— |
@ |
||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
No. of |
|
|
|
|||
|
|
|
|
|
Warrants |
|
|
|
|||
|
WARRANTS (0.0%) |
|
|
|
|
|
|
|
|||
|
Thailand (0.0%) |
|
|
|
|
|
|
|
|||
|
Sino Thai Engineering & Construction PCL, expiring 4/18/08 |
|
|
|
|
|
|
|
|||
|
(Cost $13) |
|
(a)(b) |
|
168,333 |
|
22 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
Face |
|
|
|
|||
|
|
|
|
|
Amount |
|
|
|
|||
|
|
|
|
|
(000) |
|
|
|
|||
|
SHORT-TERM INVESTMENT (3.0%) |
|
|
|
|
|
|
|
|||
|
United States (3.0%) |
|
|
|
|
|
|
|
|||
|
Repurchase Agreement |
|
|
|
|
|
|
|
|||
|
J.P. Morgan Securities, Inc., 3.70% |
|
|
|
|
|
|
|
|||
|
dated 9/30/05, due 10/3/05 |
|
|
|
|
|
|
|
|||
|
repurchase price $13,070 |
|
|
|
|
|
|
|
|||
|
(Cost $13,066) |
|
(e) |
|
$ |
13,066 |
|
13,066 |
|
||
|
TOTAL INVESTMENTS+ (98.3%)(Cost $297,727) |
|
|
|
|
|
433,909 |
|
|||
|
OTHER ASSETS IN EXCESS OF LIABILITIES (1.7%) |
|
|
|
|
|
7,653 |
|
|||
|
NET ASSETS (100%) |
|
|
|
|
|
$ |
441,562 |
|
||
|
(a) |
Non-income producing. |
|
(b) |
Security was valued at fair value — At September 30, 2005, the Fund held $10,336,000 of fair valued securities, representing 2.3% of net assets. |
|
(c) |
Investment in Security of Affiliated Issuer — The Morgan Stanley Growth Fund, acquired at a cost of $891,309, is advised by an affiliated of the Adviser. During the period |
6
|
|
ended September 30, 2005, there were no purchases or sales of this security. The Fund did not derived any income from this security during the period ended September 30, 2005. |
|
(d) |
144A Security - Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
|
(e) |
Represents the Fund’s undivided interest in a joint repurchase agreement which has a total value of $633,510,000. 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 Corporation: 0.00% to 4.20%, due 12/1/05 to 5/27/11; Federal National Mortgage Association: 0.00% to 5.50%, due 10/7/05 to 1/12/15; Federal Farm Credit Bank: 0.00% to 5.50%, due 10/7/05 to 8/17/20; Federal Home Loan Bank: 0.00% to 5.375%, due 3/28/06 to 8/15/19; and Tennessee Valley Authority: 4.375% to 7.125%, due 11/13/08 to 1/15/38, which had a total value of $646,181,745. 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. |
|
+ |
At September 30, 2005, the U.S. Federal income tax cost basis of investments was approximately $297,727,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $136,182,000 of which $149,832,000 related to appreciated securities and $13,650,000 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 Contracts Information:
The Fund had the following foreign currency exchange contract(s) open at period end:
|
|
|
|
|
|
|
|
|
|
|
|
Net |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
Appreciation |
|
||||
|
Currency to Deliver |
|
Value |
|
Settlement |
|
In Exchange For |
|
Value |
|
(Depreciation) |
|
|||||
|
(000) |
|
(000) |
|
Date |
|
(000) |
|
(000) |
|
(000) |
|
|||||
|
BRL |
732 |
|
$ |
328 |
|
10/4/05 |
|
USD |
328 |
|
$ |
328 |
|
$ |
— |
@ |
|
BRL |
674 |
|
302 |
|
10/5/05 |
|
USD |
303 |
|
303 |
|
1 |
|
|||
|
HKD |
1,415 |
|
182 |
|
10/3/05 |
|
USD |
182 |
|
182 |
|
— |
@ |
|||
|
PLN |
779 |
|
239 |
|
10/3/05 |
|
USD |
239 |
|
239 |
|
— |
@ |
|||
|
THB |
287 |
|
7 |
|
10/3/05 |
|
USD |
7 |
|
7 |
|
— |
@ |
|||
|
THB |
10,385 |
|
253 |
|
10/3/05 |
|
USD |
253 |
|
253 |
|
— |
@ |
|||
|
TRY |
546 |
|
406 |
|
10/3/05 |
|
USD |
404 |
|
404 |
|
(2 |
) |
|||
|
TRY |
66 |
|
49 |
|
10/4/05 |
|
USD |
49 |
|
49 |
|
— |
@ |
|||
|
USD |
61 |
|
61 |
|
10/3/05 |
|
BRL |
136 |
|
61 |
|
— |
@ |
|||
|
USD |
610 |
|
610 |
|
10/4/05 |
|
ZAR |
3,924 |
|
617 |
|
7 |
|
|||
|
USD |
333 |
|
333 |
|
10/5/05 |
|
ZAR |
2,140 |
|
337 |
|
4 |
|
|||
|
USD |
587 |
|
587 |
|
10/6/05 |
|
ZAR |
3,745 |
|
589 |
|
2 |
|
|||
|
USD |
83 |
|
83 |
|
10/7/05 |
|
ZAR |
529 |
|
83 |
|
— |
@ |
|||
|
ZAR |
75,766 |
|
11,879 |
|
11/14/05 |
|
USD |
11,851 |
|
11,851 |
|
(28 |
) |
|||
|
|
|
|
$ |
15,319 |
|
|
|
|
|
|
$ |
15,303 |
|
$ |
(16 |
) |
|
BRL |
- Brazilian Real |
|
HKD |
- Hong Kong Dollar |
|
PLN |
- Polish Zloty |
|
THB |
- Thai Baht |
|
TRY |
- Turkish Lira |
|
USD |
- U.S. 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: |
November 21, 2005 |
|
||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: |
/s/ Ronald E. Robison |
|
||
|
Name: |
Ronald E. Robison |
|
||
|
Title: |
Principal Executive Officer |
|
||
|
Date: |
November 21, 2005 |
|
||
|
|
|
|
||
|
By: |
/s/ James Garrett |
|
||
|
Name: |
James Garrett |
|
||
|
Title: |
Principal Financial Officer |
|
||
|
Date: |
November 21, 2005 |
|
||