[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: |
3/31/05 |
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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.
First Quarter Report
March 31, 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 (95.9%) |
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(Unless otherwise noted) |
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Brazil (11.6%) |
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Airlines |
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Gol Linhas Aereas Inteligentes S.A. ADR |
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(a) |
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12,640 |
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318 |
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Chemicals |
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Braskem S.A. (Preference) |
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11,895,000 |
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484 |
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Braskem S.A. ADR |
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19,100 |
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774 |
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1,258 |
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Commercial Banks |
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Banco Bradesco S.A. (Preference) |
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65,469 |
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1,890 |
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Banco Bradesco S.A. ADR |
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22,198 |
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644 |
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Banco Itau Holding Financeira S.A. (Preference) |
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3,138 |
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510 |
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Banco Itau Holding Financeira S.A. ADR |
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42,010 |
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3,409 |
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Unibanco - Uniao de Bancos Brasileiros S.A. GDR |
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29,050 |
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999 |
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7,452 |
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Electric Utilities |
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CEMIG S.A. (Preference) |
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21,269,000 |
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489 |
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CEMIG S.A. ADR |
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50,400 |
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1,150 |
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CPFL Energia S.A. |
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(a) |
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66,010 |
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446 |
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CPFL Energia S.A. ADR |
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(a) |
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12,400 |
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253 |
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2,338 |
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Metals & Mining |
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CSN |
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16,484 |
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391 |
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CSN ADR |
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61,700 |
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1,487 |
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CVRD ADR (Preference) |
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303,692 |
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8,069 |
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CVRD, ‘A’ (Preference) |
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4,313 |
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116 |
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Gerdau S.A. (Preference) |
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47,800 |
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796 |
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Gerdau S.A. ADR |
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14,500 |
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239 |
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Usinas Siderurgicas de Minas Gerais S.A., ‘A’ (Preference) |
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29,013 |
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623 |
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11,721 |
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Oil & Gas |
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Petrobras S.A. (Preference) |
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19,697 |
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761 |
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Petrobras S.A. ADR |
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125,763 |
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5,556 |
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Petrobras S.A. ADR (Preference) |
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147,956 |
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5,692 |
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12,009 |
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Paper & Forest Products |
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Votorantim Celulose e Papel S.A. ADR |
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66,250 |
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861 |
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Pharmaceuticals |
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Natura Cosmeticos SA |
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1,740 |
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47 |
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Real Estate |
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Unibanco - Uniao De Bancos Brasileiros S.A. |
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51,431 |
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355 |
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Road & Rail |
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All America Latina Logistica S.A. (Preference) |
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144,000 |
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790 |
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Wireless Telecommunication Services |
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Telesp Celular Participacoes SA (Preference) |
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(a) |
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1,001,177,893 |
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2,392 |
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Telesp Celular Participacoes SA ADR |
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(a) |
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238,913 |
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1,429 |
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3,821 |
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40,970 |
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Chile (0.8%) |
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Electric Utilities |
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Enersis S.A. ADR |
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353,100 |
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2,966 |
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China/Hong Kong (5.7%) |
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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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346 |
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Auto Components |
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Norstar Founders Group Ltd. |
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1,503,000 |
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380 |
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Shougang Concord Century Holdings Ltd. |
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3,415,000 |
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306 |
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686 |
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Biotechnology |
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Global Bio-Chem Technology Group Co., Ltd. |
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1,672,000 |
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1,050 |
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Communications Equipment |
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Foxconn International Holdings Ltd. |
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(a) |
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1,063,000 |
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572 |
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Computers & Peripherals |
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TPV Technology Ltd. |
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2,038,000 |
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1,247 |
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Electric Utilities |
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China Resources Power Holdings Co. |
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707,000 |
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333 |
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Huadian Power International Co. |
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2,862,000 |
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780 |
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1,113 |
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Electronic Equipment & Instruments |
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Kingboard Chemical Holdings Ltd. |
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499,000 |
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1,491 |
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Health Care Equipment & Supplies |
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Moulin International Holdings Ltd. |
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568,000 |
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408 |
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Household Durables |
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Grande Holdings Ltd. |
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536,000 |
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515 |
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Insurance |
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China Life Insurance Co., Ltd., ‘H’ |
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(a) |
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2,021,000 |
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1,348 |
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Ping An Insurance Group Co. of China Ltd., ‘H’ |
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(a) |
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837,000 |
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1,325 |
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2,673 |
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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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869 |
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Yanzhou Coal Mining Co., Ltd., ‘H’ |
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816,000 |
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1,109 |
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1,978 |
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Multiline Retail |
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Lianhua Supermarket Holdings Co., Ltd., ‘H’ |
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552,000 |
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601 |
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Wumart Stores, Inc., ‘H’ |
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280,000 |
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467 |
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1,068 |
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Oil & Gas |
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China Petroleum & Chemical Corp., ‘H’ |
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3,074,000 |
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1,241 |
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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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782 |
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Victory City International Holdings Ltd. |
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1,051,000 |
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371 |
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1,153 |
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Software |
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GOME Electrical Appliances Holdings Ltd. |
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(a) |
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1,118,000 |
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$ |
1,197 |
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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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406 |
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Hopewell Highway Infrastructure Ltd. |
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1,296,000 |
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914 |
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1,320 |
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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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2,066 |
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20,124 |
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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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95,800 |
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1,280 |
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Egypt (2.6%) |
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Construction & Engineering |
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Orascom Construction Industries |
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120,670 |
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2,486 |
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Tobacco |
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Eastern Tobacco |
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72,753 |
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2,258 |
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Wireless Telecommunication Services |
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MobiNil |
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148,552 |
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4,422 |
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9,166 |
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India (5.4%) |
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Automobiles |
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Hero Honda Motors Ltd. |
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99,900 |
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1,254 |
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Mahindra & Mahindra Ltd. |
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76,000 |
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865 |
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2,119 |
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Commercial Banks |
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HDFC Bank Ltd. |
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60,000 |
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747 |
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Industrial Development Bank of India Ltd. |
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239,000 |
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499 |
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UTI Bank Ltd. |
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46,000 |
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255 |
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UTI Bank Ltd. GDR |
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(a) |
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83,000 |
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428 |
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1,929 |
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Construction Materials |
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Gujarat Ambuja Cements Ltd. GDR |
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73,000 |
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668 |
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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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615 |
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Electrical Equipment |
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ABB Ltd. |
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35,929 |
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949 |
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Bharat Heavy Electricals Ltd. |
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138,700 |
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2,437 |
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3,386 |
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Household Products |
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Hindustan Lever Ltd. |
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197,500 |
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596 |
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Industrial Conglomerates |
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Siemens India Ltd. |
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13,000 |
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506 |
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Internet Software & Services |
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IndiaInfo.com PCL |
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(a)(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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40,408 |
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2,084 |
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Wipro Ltd. |
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43,000 |
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661 |
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2,745 |
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Metals & Mining |
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Hindalco Industries Ltd. |
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24,600 |
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729 |
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Steel Authority of India Ltd. |
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512,066 |
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738 |
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1,467 |
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Oil & Gas |
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Oil & Natural Gas Corp., Ltd. |
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56,700 |
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1,146 |
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Pharmaceuticals |
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Aventis Pharma Ltd. |
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26,000 |
|
732 |
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Cipla Ltd. |
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118,000 |
|
688 |
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1,420 |
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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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762 |
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Thrifts & Mortgage Finance |
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Housing Development Finance Corp., Ltd. |
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59,000 |
|
981 |
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Tobacco |
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ITC Ltd. |
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12,000 |
|
369 |
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ITC Ltd. GDR (Registered) |
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11,500 |
|
335 |
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|
704 |
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19,044 |
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Indonesia (1.7%) |
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Biotechnology |
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HM Sampoerna Tbk PT |
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628,500 |
|
687 |
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Commercial Banks |
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Bank Central Asia Tbk PT |
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3,951,000 |
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1,418 |
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Bank Mandiri Persero Tbk PT |
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1,298,000 |
|
234 |
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Bank Rakyat Indonesia PT |
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4,627,500 |
|
1,393 |
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3,045 |
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Construction Materials |
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Indocement Tunggal Prakarsa Tbk PT |
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(a) |
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2,093,500 |
|
619 |
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Metals & Mining |
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Bumi Resources Tbk PT |
|
(a) |
|
9,428,500 |
|
776 |
|
|
Multiline Retail |
|
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|
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Ramayana Lestari Sentosa Tbk PT |
|
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|
980,000 |
|
81 |
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Tobacco |
|
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Gudang Garam Tbk PT |
|
|
|
516,000 |
|
877 |
|
|
|
|
|
|
|
|
6,085 |
|
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Israel (0.8%) |
|
|
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Aerospace & Defense |
|
|
|
|
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|
Elbit Systems Ltd. |
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1 |
|
— |
@ |
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Software |
|
|
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|
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|
Check Point Software Technologies Ltd. |
|
(a) |
|
129,544 |
|
2,816 |
|
|
|
|
|
|
|
|
2,816 |
|
|
Malaysia (1.8%) |
|
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|
Commercial Banks |
|
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|
|
|
|
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|
Commerce Asset Holdings Bhd |
|
|
|
532,000 |
|
641 |
|
|
Construction & Engineering |
|
|
|
|
|
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|
Road Builder (Malaysia) Holdings Bhd |
|
|
|
239,500 |
|
170 |
|
|
Electric Utilities |
|
|
|
|
|
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Tenaga Nasional Bhd |
|
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|
648,200 |
|
1,740 |
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YTL Corp. Bhd |
|
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|
822,933 |
|
1,224 |
|
|
|
|
|
|
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|
2,964 |
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Hotels, Restaurants & Leisure |
|
|
|
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Magnum Corp. Bhd |
|
|
|
1,145,000 |
|
606 |
|
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Resorts World Bhd |
|
|
|
222,000 |
|
546 |
|
|
|
|
|
|
|
|
1,152 |
|
|
Real Estate |
|
|
|
|
|
|
|
|
|
Bandar Raya Developments Bhd |
|
|
|
539,000 |
|
281 |
|
|
|
MK Land Holdings Bhd |
|
|
|
1,271,000 |
|
518 |
|
|
|
SP Setia Bhd |
|
|
|
733,500 |
|
772 |
|
|
|
|
|
|
|
|
|
1,571 |
|
|
|
|
|
|
|
|
|
6,498 |
|
|
|
Mexico (8.7%) |
|
|
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
|
|
Femsa ADR |
|
|
|
23,700 |
|
1,269 |
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
|
Grupo Financiero Banorte S.A. de CV, ‘O’ |
|
|
|
172,300 |
|
1,121 |
|
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
|
Empresas ICA Sociedad Controladora S.A. de CV |
|
(a) |
|
1,319,200 |
|
508 |
|
|
|
Empresas ICA Sociedad Controladora S.A. de CV ADR |
|
(a) |
|
75,300 |
|
176 |
|
|
|
|
|
|
|
|
|
684 |
|
|
|
Construction Materials |
|
|
|
|
|
|
|
|
|
Cemex S.A. de CV ADR |
|
|
|
11,690 |
|
424 |
|
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
|
Wal-Mart de Mexico S.A. ADR |
|
|
|
49,133 |
|
1,722 |
|
|
|
Wal-Mart de Mexico S.A. de C.V., ‘V’ |
|
|
|
2,010,219 |
|
7,054 |
|
|
|
|
|
|
|
|
|
8,776 |
|
|
|
Household Products |
|
|
|
|
|
|
|
|
|
Kimberly-Clark de Mexico S.A. de CV, ‘A’ |
|
|
|
416,990 |
|
1,250 |
|
|
|
Media |
|
|
|
|
|
|
|
|
|
Grupo Televisa S.A. ADR |
|
|
|
119,000 |
|
6,997 |
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
America Movil S.A. de CV, ‘L’ ADR |
|
|
|
200,277 |
|
10,335 |
|
|
|
|
|
|
|
|
|
30,856 |
|
|
|
Morocco (0.3%) |
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
|
Banque Marocaine du Commerce Exterieur |
|
|
|
17,800 |
|
1,120 |
|
|
|
Poland (2.9%) |
|
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
|
Powszechna Kasa Oszczednosci Bank Polski S.A. |
|
(a) |
|
322,466 |
|
2,836 |
|
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
|
Telekomunikacja Polska S.A. |
|
|
|
160,878 |
|
1,084 |
|
|
|
Telekomunikacja Polska S.A. GDR |
|
|
|
657,500 |
|
4,438 |
|
|
|
|
|
|
|
|
|
5,522 |
|
|
|
Media |
|
|
|
|
|
|
|
|
|
Agora S.A. |
|
(a) |
|
95,328 |
|
1,782 |
|
|
|
|
|
|
|
|
|
10,140 |
|
|
|
Russia (7.8%) |
|
|
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
|
|
Efes Breweries International N.V. GDR |
|
(a) |
|
36,645 |
|
1,114 |
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
|
Sberbank RF GDR |
|
(a) |
|
66,200 |
|
4,033 |
|
|
|
Food Products |
|
|
|
|
|
|
|
|
|
Wimm-Bill-Dann Foods OJSC ADR |
|
(a) |
|
74,300 |
|
1,436 |
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
|
Highland Gold Mining Ltd. |
|
|
|
412,400 |
|
1,598 |
|
|
|
Peter Hambro Mining plc |
|
(a) |
|
88,458 |
|
1,057 |
|
|
|
|
|
|
|
|
|
2,655 |
|
|
|
Oil & Gas |
|
|
|
|
|
|
|
|
|
LUKOIL ADR |
|
|
|
63,519 |
|
8,600 |
|
|
|
OAO Gazprom (Registered) ADR |
|
|
|
130,700 |
|
4,405 |
|
|
|
|
|
|
|
|
|
13,005 |
|
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
|
Alliance Cellulose Ltd., ‘B’ |
|
(a)(b) |
|
156,075 |
|
— |
@ |
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
Mobile Telesystems ADR |
|
|
|
26,900 |
|
947 |
|
|
Mobile Telesystems GDR |
|
(d) |
|
69,600 |
|
2,438 |
|
|
Vimpel-Communications ADR |
|
(a) |
|
30,900 |
|
1,063 |
|
|
VolgaTelecom ADR |
|
|
|
132,000 |
|
937 |
|
|
|
|
|
|
|
|
5,385 |
|
|
|
|
|
|
|
|
27,628 |
|
|
South Africa (12.2%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Standard Bank Group Ltd. |
|
|
|
627,117 |
|
6,313 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
Aveng Ltd. |
|
|
|
929,800 |
|
1,682 |
|
|
Containers & Packaging |
|
|
|
|
|
|
|
|
Consol, Ltd. |
|
(a |
) |
260,400 |
|
427 |
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
African Bank Investments Ltd. |
|
|
|
1,038,900 |
|
2,778 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
Telkom S.A. Ltd. |
|
|
|
154,870 |
|
2,664 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
Massmart Holdings Ltd. |
|
|
|
398,026 |
|
2,676 |
|
|
Shoprite Holdings Ltd. |
|
|
|
731,000 |
|
1,621 |
|
|
|
|
|
|
|
|
4,297 |
|
|
Food Products |
|
|
|
|
|
|
|
|
AVI Ltd. |
|
|
|
284,000 |
|
616 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Steinhoff International Holdings Ltd. |
|
|
|
1,118,700 |
|
2,382 |
|
|
Household Products |
|
|
|
|
|
|
|
|
Lewis Group Ltd. |
|
(a) |
|
211,000 |
|
1,132 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|
Barloworld Ltd. |
|
|
|
134,500 |
|
2,153 |
|
|
Insurance |
|
|
|
|
|
|
|
|
Sanlam Ltd. |
|
|
|
1,443,800 |
|
2,806 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
BidBEE Ltd. |
|
(a) |
|
— |
@ |
— |
@ |
|
Harmony Gold Mining Co., Ltd. |
|
|
|
290,929 |
|
2,315 |
|
|
Harmony Gold Mining Co., Ltd. ADR |
|
|
|
126,737 |
|
988 |
|
|
Impala Platinum Holdings Ltd. |
|
|
|
19,235 |
|
1,617 |
|
|
Kumba Resources Ltd. |
|
|
|
246,300 |
|
2,661 |
|
|
|
|
|
|
|
|
7,581 |
|
|
Specialty Retail |
|
|
|
|
|
|
|
|
Edgars Consolidated Stores Ltd. |
|
|
|
60,600 |
|
2,668 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
MTN Group Ltd. |
|
|
|
799,440 |
|
5,631 |
|
|
|
|
|
|
|
|
43,130 |
|
|
South Korea (13.1%) |
|
|
|
|
|
|
|
|
Airlines |
|
|
|
|
|
|
|
|
Korean Air Lines Co., Ltd. |
|
|
|
111,900 |
|
2,177 |
|
|
Auto Components |
|
|
|
|
|
|
|
|
Hankook Tire Co., Ltd. |
|
|
|
242,660 |
|
2,707 |
|
|
Hyundai Mobis |
|
|
|
52,930 |
|
3,444 |
|
|
Kumho Tire Co., Ltd. GDR |
|
(a)(d) |
|
61,930 |
|
451 |
|
|
|
|
|
|
|
|
6,602 |
|
|
Automobiles |
|
|
|
|
|
|
|
|
Hyundai Motor Co. |
|
|
|
31,750 |
|
1,716 |
|
|
Hyundai Motor Co. (2nd Preference) |
|
|
|
15,850 |
|
555 |
|
|
|
|
|
|
|
|
2,271 |
|
|
Capital Markets |
|
|
|
|
|
|
|
|
Daishin Securities Co., Ltd. |
|
(a) |
|
29,310 |
|
422 |
|
|
Daishin Securities Co., Ltd. (Preference) |
|
(a) |
|
49,260 |
|
489 |
|
|
LG Investment & Securities Co., Ltd. |
|
(a) |
|
38,990 |
|
366 |
|
|
|
|
|
|
|
|
1,277 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Pusan Bank |
|
|
|
128,930 |
|
1,019 |
|
|
Shinhan Financial Group Co., Ltd. |
|
|
|
98,010 |
|
2,620 |
|
|
|
|
|
|
|
|
3,639 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
Doosan Heavy Industries and Construction Co., Ltd. |
|
|
|
97,660 |
|
1,358 |
|
|
GS Engineering & Construction Corp. |
|
|
|
72,710 |
|
2,001 |
|
|
|
|
|
|
|
|
3,359 |
|
|
Electric Utilities |
|
|
|
|
|
|
|
|
Korea Electric Power Corp. |
|
|
|
26,940 |
|
691 |
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
|
Samsung SDI Co., Ltd. |
|
|
|
35,060 |
|
3,601 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Orion Corp. |
|
|
|
15,680 |
|
1,865 |
|
|
Insurance |
|
|
|
|
|
|
|
|
Samsung Fire & Marine Insurance Co., Ltd. |
|
(a) |
|
8,980 |
|
679 |
|
|
Machinery |
|
|
|
|
|
|
|
|
Hyundai Heavy Industries Co., Ltd. |
|
|
|
16,800 |
|
840 |
|
|
STX Shipbuilding Co., Ltd. |
|
|
|
57,440 |
|
1,318 |
|
|
|
|
|
|
|
|
2,158 |
|
|
Oil & Gas |
|
|
|
|
|
|
|
|
SK Corp. |
|
|
|
15,650 |
|
923 |
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
|
GlaxoSmithkline Pharmaceuticals Ltd. |
|
|
|
42,000 |
|
692 |
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
|
|
20,672 |
|
10,199 |
|
|
Samsung Electronics Co., Ltd. (Preference) |
|
|
|
7,060 |
|
2,314 |
|
|
|
|
|
|
|
|
12,513 |
|
|
Specialty Retail |
|
|
|
|
|
|
|
|
Handsome Co., Ltd. |
|
|
|
68,600 |
|
731 |
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
|
Cheil Industries, Inc. |
|
|
|
79,660 |
|
1,292 |
|
|
Tobacco |
|
|
|
|
|
|
|
|
KT&G Corp. |
|
|
|
62,340 |
|
2,022 |
|
|
|
|
|
|
|
|
46,492 |
|
|
Taiwan (10.5%) |
|
|
|
|
|
|
|
|
Airlines |
|
|
|
|
|
|
|
|
Eva Airways Corp. |
|
(a) |
|
1,448,866 |
|
678 |
|
|
Auto Components |
|
|
|
|
|
|
|
|
Cheng Shin Rubber Industry Co., Ltd. |
|
|
|
540,984 |
|
652 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Chinatrust Financial Holding Co. |
|
|
|
1,472,091 |
|
1,661 |
|
|
Mega Financial Holding Co., Ltd. |
|
|
|
2,844,000 |
|
1,833 |
|
|
Taishin Financial Holdings Co., Ltd. |
|
|
|
1,139,450 |
|
1,020 |
|
|
|
|
|
|
|
|
4,514 |
|
|
Computers & Peripherals |
|
|
|
|
|
|
|
|
Acer, Inc. |
|
|
|
641,842 |
|
1,008 |
|
|
Infortrend Technology, Inc. |
|
|
|
402,225 |
|
885 |
|
|
|
|
|
|
|
|
1,893 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
CTCI Corp. |
|
|
|
1,171,543 |
|
710 |
|
|
Construction Materials |
|
|
|
|
|
|
|
|
Taiwan Cement Corp. |
|
|
|
1,248,802 |
|
725 |
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
Fubon Financial Holding Co., Ltd. |
|
|
|
995,000 |
|
943 |
|
|
Polaris Securities Co., Ltd. |
|
|
|
971,505 |
|
476 |
|
|
|
|
|
|
|
|
1,419 |
|
|
Electrical Equipment |
|
|
|
|
|
|
|
|
Catcher Technology Co., Ltd. |
|
|
|
349,600 |
|
1,421 |
|
|
Phoenixtec Power Co., Ltd. |
|
|
|
577,730 |
|
638 |
|
|
Richtek Technology Corp. |
|
|
|
166,800 |
|
453 |
|
|
|
|
|
|
|
|
2,512 |
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
|
Delta Electronics, Inc. |
|
|
|
966,000 |
|
1,567 |
|
|
Delta Electronics, Inc. GDR |
|
(a) |
|
78,100 |
|
625 |
|
|
HON HAI Precision Industry Co., Ltd. |
|
|
|
715,893 |
|
3,181 |
|
|
HON HAI Precision Industry Co., Ltd. GDR |
|
|
|
26,500 |
|
234 |
|
|
Ya Hsin Industrial Co., Ltd. |
|
|
|
1,832,925 |
|
1,835 |
|
|
|
|
|
|
|
|
7,442 |
|
|
Insurance |
|
|
|
|
|
|
|
|
Cathay Financial Holding Co., Ltd. |
|
|
|
906,000 |
|
1,719 |
|
|
Shin Kong Financial Holding Co., Ltd. |
|
|
|
2,999,163 |
|
3,056 |
|
|
|
|
|
|
|
|
4,775 |
|
|
Leisure Equipment & Products |
|
|
|
|
|
|
|
|
Asia Optical Co., Inc. |
|
|
|
379,504 |
|
2,433 |
|
|
Largan Precision Co., Ltd. |
|
|
|
124,713 |
|
693 |
|
|
|
|
|
|
|
|
3,126 |
|
|
Machinery |
|
|
|
|
|
|
|
|
Kaulin Manufacturing Co., Ltd. |
|
|
|
351,050 |
|
364 |
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
Faraday Technology Corp. |
|
|
|
230,051 |
|
445 |
|
|
MediaTek, Inc. |
|
|
|
253,270 |
|
1,801 |
|
|
Sunplus Technology Co., Ltd. |
|
|
|
248,300 |
|
373 |
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
|
|
1,106,000 |
|
1,808 |
|
|
|
|
|
|
|
|
4,427 |
|
|
Software |
|
|
|
|
|
|
|
|
Cyberlink Corp. |
|
|
|
136,417 |
|
364 |
|
|
Springsoft, Inc. |
|
|
|
423,984 |
|
924 |
|
|
|
|
|
|
|
|
1,288 |
|
|
Specialty Retail |
|
|
|
|
|
|
|
|
Tsann Kuen Enterprise Co., Ltd. |
|
|
|
629,025 |
|
851 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
Far EasTone Telecommunications Co., Ltd. |
|
|
|
744,000 |
|
942 |
|
|
Taiwan Cellular Corp. |
|
|
|
958,000 |
|
973 |
|
|
|
|
|
|
|
|
1,915 |
|
|
|
|
|
|
|
|
37,291 |
|
|
Thailand (5.1%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Bangkok Bank PCL (Foreign) |
|
|
|
1,049,000 |
|
3,003 |
|
|
Kasikornbank PCL (Foreign) |
|
|
|
1,559,700 |
|
2,332 |
|
|
Siam City Bank PCL (Foreign) |
|
|
|
1,092,300 |
|
698 |
|
|
Siam Commercial Bank PCL (Foreign) |
|
|
|
586,000 |
|
757 |
|
|
|
|
|
|
|
|
6,790 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
Ch. Karnchang PCL (Foreign) |
|
(b) |
|
993,700 |
|
333 |
|
|
Italian-Thai Development PCL (Foreign) |
|
|
|
4,962,000 |
|
1,306 |
|
|
Sino Thai Engineering & Construction PCL (Foreign) |
|
(b) |
|
1,010,000 |
|
292 |
|
|
|
|
|
|
|
|
1,931 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
True Corp. PCL (Foreign) |
|
(a) |
|
2,558,900 |
|
592 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
CP Seven Eleven PCL (Foreign) |
|
(b) |
|
512,200 |
|
746 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Asian Property Development PCL (Foreign) |
|
(b) |
|
3,878,600 |
|
405 |
|
|
Land & Houses PCL (Foreign) |
|
|
|
3,565,700 |
|
793 |
|
|
|
|
|
|
|
|
1,198 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
Banpu PCL (Foreign) |
|
(b) |
|
200,100 |
|
829 |
|
|
Multiline Retail |
|
|
|
|
|
|
|
|
Siam Makro PCL (Foreign) |
|
(b) |
|
100,700 |
|
144 |
|
|
Oil & Gas |
|
|
|
|
|
|
|
|
PTT PCL (Foreign) |
|
(b) |
|
408,800 |
|
2,017 |
|
|
Thai Oil PCL (Foreign) |
|
(b) |
|
177,100 |
|
285 |
|
|
|
|
|
|
|
|
2,302 |
|
|
Real Estate |
|
|
|
|
|
|
|
|
Lalin Property PCL (Foreign) |
|
(b) |
|
1,145,300 |
|
192 |
|
|
MBK PCL (Foreign) |
|
(b) |
|
207,300 |
|
267 |
|
|
|
|
|
|
|
|
459 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
Advanced Info Service PCL (Foreign) |
|
(b) |
|
791,900 |
|
2,024 |
|
|
Total Access Communication PCL |
|
(a) |
|
350,000 |
|
1,008 |
|
|
|
|
|
|
|
|
3,032 |
|
|
|
|
|
|
|
|
18,023 |
|
|
Turkey (4.5%) |
|
|
|
|
|
|
|
|
Building Products |
|
|
|
|
|
|
|
|
Trakya Cam Sanayi AS |
|
|
|
408,885 |
|
1,360 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Akbank TAS |
|
|
|
357,613 |
|
1,732 |
|
|
Turkiye Garanti Bankasi AS |
|
(a) |
|
619,858 |
|
2,346 |
|
|
Yapi ve Kredi Bankasi AS GDR |
|
(a) |
|
825,963 |
|
3,298 |
|
|
|
|
|
|
|
|
7,376 |
|
|
Construction Materials |
|
|
|
|
|
|
|
|||
|
Akcansa Cimento AS |
|
|
|
443,899 |
|
1,608 |
|
|||
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|||
|
Enka Insaat ve Sanayi AS |
|
|
|
86,692 |
|
1,244 |
|
|||
|
Media |
|
|
|
|
|
|
|
|||
|
Dogan Yayin Holding |
|
(a) |
|
383,600 |
|
1,049 |
|
|||
|
Hurriyet Gazetecilik AS |
|
|
|
740,892 |
|
1,611 |
|
|||
|
|
|
|
|
|
|
2,660 |
|
|||
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|||
|
Turkcell Iletisim Hizmetleri AS |
|
|
|
234,454 |
|
1,604 |
|
|||
|
|
|
|
|
|
|
15,852 |
|
|||
|
TOTAL COMMON
STOCKS |
|
|
|
|
|
339,481 |
|
|||
|
INVESTMENT COMPANIES (1.1%) |
|
|
|
|
|
|
|
|||
|
India (0.7%) |
|
|
|
|
|
|
|
|||
|
Morgan Stanley Growth Fund |
|
(c) |
|
4,694,400 |
|
2,358 |
|
|||
|
Poland (0.4%) |
|
|
|
|
|
|
|
|||
|
NFI Empik Media & Fashion S.A. |
|
(a) |
|
762,586 |
|
1,520 |
|
|||
|
TOTAL
INVESTMENT COMPANIES |
|
|
|
|
|
3,878 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
No. of |
|
|
|
|||
|
|
|
|
|
Warrants |
|
|
|
|||
|
WARRANTS (0.0%) |
|
|
|
|
|
|
|
|||
|
Thailand (0.0%) |
|
|
|
|
|
|
|
|||
|
Sino Thai
Engineering & Construction PCL, expiring 5/31/07 |
|
(a) |
|
168,333 |
|
6 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
Face |
|
|
|
|||
|
|
|
|
|
Amount |
|
|
|
|||
|
|
|
|
|
(000) |
|
|
|
|||
|
DEBT INSTRUMENTS (0.0%) |
|
|
|
|
|
|
|
|||
|
India (0.0%) |
|
|
|
|
|
|
|
|||
|
Metals & Mining |
|
|
|
|
|
|
|
|||
|
Shri Ishar Alloy Steels Ltd. 15.00%, (expired maturity) |
|
|
|
|
|
|
|
|||
|
(Cost $408) |
|
(b) |
|
INR |
581 |
|
$ |
— |
@ |
|
|
SHORT-TERM INVESTMENT (1.9%) |
|
|
|
|
|
|
|
|||
|
United States (1.9%) |
|
|
|
|
|
|
|
|||
|
Repurchase Agreement |
|
|
|
|
|
|
|
|||
|
J.P. Morgan Securities, Inc., 2.78%, dated 3/31/05, due 4/1/05, repurchase price $6,809 (Cost $6,808) |
|
(e) |
|
$ |
6,808 |
|
6,808 |
|
||
|
TOTAL INVESTMENTS + (98.9%)(Cost $259,972) |
|
|
|
|
|
350,173 |
|
|||
|
OTHER ASSETS IN EXCESS OF LIABILITIES (1.1%) |
|
|
|
|
|
3,863 |
|
|||
|
NET ASSETS (100%) |
|
|
|
|
|
$ |
354,036 |
|
||
(a) Non-income producing.
(b) Security was valued at fair value — At March 31, 2005, the Fund held $7,534,000 of fair valued securities, representing 2.1% 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 ended March 31, 2005, there were no purchases or sales of this security. The Fund did not derived any income from this security during the period ended March 31, 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 $955,894,000. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Home Loan Mortgage Corp., Gold Pools: 4.00% to 7.50%, due 1/1/07 to 1/1/35; Federal National Mortgage Association, Conventional Pools: 4.00% to 8.50%, due 1/1/09 to 3/1/35; and Federal National Mortgage Association, Adjustable Rate Mortgages: 4.091% to 5.327%, due 3/1/34 to 5/1/38, which had a total value of $975,016,856. 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 March 31, 2005, the U.S. Federal income tax cost basis of investments was approximately $259,972,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $90,201,000 of which $101,696,000 related to appreciated securities and $11,495,000 related to depreciated securities.
@ Face Amount/Value is less than $500
ADR American Depositary Receipt
GDR Global Depositary Receipt
INR Indian Rupee
Foreign Currency Exchange Contracts Information:
The Fund had the following foreign currency exchange contract(s) open at period end:
|
|
|
|
|
|
|
|
|
|
|
Net |
|
|||||
|
Currency to Deliver |
|
Value |
|
Settlement |
|
In Exchange For |
|
Value |
|
Unrealized |
|
|||||
|
BRL |
709 |
|
$ |
265 |
|
4/4/2005 |
|
USD |
264 |
|
$ |
264 |
|
$ |
(1 |
) |
|
BRL |
580 |
|
217 |
|
4/5/2005 |
|
USD |
217 |
|
217 |
|
— |
@ |
|||
|
ZAR |
33,810 |
|
5,355 |
|
6/27/2005 |
|
USD |
4,980 |
|
4,980 |
|
(375 |
) |
|||
|
ZAR |
24,545 |
|
3,877 |
|
7/22/2005 |
|
USD |
3,745 |
|
3,745 |
|
(132 |
) |
|||
|
ZAR |
9,544 |
|
1,528 |
|
4/1/2005 |
|
USD |
1,539 |
|
1,539 |
|
11 |
|
|||
|
USD |
296 |
|
296 |
|
4/1/2005 |
|
MXN |
3,305 |
|
296 |
|
— |
@ |
|||
|
|
|
$ |
11,538 |
|
|
|
|
|
$ |
11,041 |
|
$ |
(497 |
) |
||
BRL - Brazilian Real
MXN - Mexican Peso
USD - U.S. Dollar
ZAR - South African Rand
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 19, 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: |
May 19, 2005 |
|
||
|
|
|
|
||
|
By: |
/s/ James Garrett |
|
||
|
Name: |
James Garrett |
|
||
|
Title: |
Principal Financial Officer |
|
||
|
Date: |
May 19, 2005 |
|
||