[Annotated Form N-Q]
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UNITED STATES |
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FORM N-Q |
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-06403 |
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MORGAN STANLEY EMERGING MARKETS FUND, INC. |
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(Exact name of registrant as specified in charter) |
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1221 AVENUE OF THE AMERICAS 5th FLOOR NEW YORK, NY |
10020 |
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(Address of principal executive offices) |
(Zip code) |
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RONALD E. ROBISON |
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(Name and address of agent for service) |
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Registrant’s telephone number, including area code: |
1-800-221-6726 |
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Date of fiscal year end: |
12/31 |
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Date of reporting period: |
9/30/06 |
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Item 1. Schedule of Investments.
The Fund’s schedule of investment as of the close of the reporting period prepared pursuant to Rule 12-12 Regulation S-X is as follows:
Morgan Stanley Emerging Markets Fund, Inc.
Third Quarter Report
September 30, 2006 (unaudited)
Portfolio of Investments
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Value |
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Shares |
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(000) |
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COMMON STOCKS (96.0%) |
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(Unless Otherwise Noted) |
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Argentina (0.2%) |
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Energy Equipment & Services |
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Tenaris SA ADR |
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27,200 |
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$ |
962 |
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Austria (0.9%) |
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Commercial Banks |
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Raiffeisen International Bank Holding AG |
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41,294 |
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4,398 |
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Brazil (10.9%) |
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Airlines |
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Tam SA ADR |
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(a) |
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125,910 |
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4,016 |
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Commercial Banks |
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Banco Itau Holding Financeira SA (Preference) |
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85,141 |
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2,549 |
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Banco Itau Holding Financeira SA ADR |
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149,302 |
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4,479 |
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Banco Nacional SA (Preference) |
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(a)(d) |
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61,598,720 |
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@— |
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Investimentos Itau SA (Preference) |
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524,316 |
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2,153 |
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Unibanco - Uniao de Bancos Brasileiros SA |
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102,862 |
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763 |
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Unibanco - Uniao de Bancos Brasileiros SA ADR |
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79,330 |
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5,871 |
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15,815 |
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Electric Utilities |
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CPFL Energia SA |
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75,610 |
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974 |
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CPFL Energia SA ADR |
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8,210 |
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315 |
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1,289 |
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Independent Power Producers & Energy Traders |
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Tractebel Energia SA |
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200,300 |
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1,621 |
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Metals & Mining |
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CVRD ADR |
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407,934 |
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7,581 |
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CVRD, ‘A’ (Preference) |
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8,626 |
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160 |
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Gerdau SA (Preference) |
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106,150 |
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1,435 |
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Gerdau SA ADR |
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90,640 |
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1,228 |
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10,404 |
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Multiline Retail |
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Lojas Americanas SA (Preference) |
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42,688,300 |
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1,728 |
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Oil, Gas & Consumable Fuels |
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Petroleo Brasileiro SA (Preference) |
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140,216 |
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2,614 |
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Petroleo Brasileiro SA ADR (Preference) |
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151,128 |
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11,572 |
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14,186 |
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Paper & Forest Products |
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Votorantim Celulose e Papel SA ADR |
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22,240 |
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377 |
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Personal Products |
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Natura Cosmeticos SA |
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152,300 |
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1,870 |
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Road & Rail |
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All America Latina Logistica SA |
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259,200 |
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2,027 |
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53,333 |
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Chile (0.6%) |
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Electric Utilities |
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Enersis SA ADR |
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234,820 |
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3,100 |
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China (8.1%) |
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Airlines |
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Air China Ltd., ‘H’ |
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5,240,000 |
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2,260 |
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Commercial Banks |
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Bank of China Ltd. |
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(a) |
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3,550,000 |
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1,527 |
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China Construction Bank, ‘H’ |
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(b) |
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6,739,000 |
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2,915 |
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China Merchants Bank Co., Ltd. |
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(a) |
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171,900 |
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242 |
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4,684 |
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Computers & Peripherals |
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TPV Technology Ltd. |
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1,803,000 |
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1,713 |
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Food Products |
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Global Bio-Chem Technology Group Co., Ltd. |
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3,847,000 |
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1,076 |
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Health Care Equipment & Supplies |
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Moulin Global Eyecare Holdings |
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(a)(c)(d) |
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568,000 |
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@— |
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Household Durables |
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Grande Holdings Ltd. |
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536,000 |
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215 |
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Independent Power Producers & Energy Traders |
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China Resources Power Holdings Co. |
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1,887,000 |
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1,996 |
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Insurance |
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China Life Insurance Co., Ltd. |
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1,803,000 |
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3,527 |
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PICC Property & Casualty Co., Ltd. |
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(a) |
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5,400,000 |
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1,976 |
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Ping An Insurance Group Co. of China Ltd., ‘H’ |
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869,000 |
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3,123 |
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8,626 |
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Marine |
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China Shipping Development Co., Ltd., ‘H’ |
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981,000 |
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937 |
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Oil, Gas & Consumable Fuels |
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China Petroleum & Chemical Corp., ‘H’ |
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4,688,000 |
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2,912 |
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PetroChina Co., Ltd., ‘H’ |
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3,312,000 |
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3,563 |
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6,475 |
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Real Estate |
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Shenzhen Investment Ltd. |
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4,521,000 |
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1,596 |
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Specialty Retail |
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GOME Electrical Appliances Holdings Ltd. |
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3,065,000 |
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2,486 |
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Textiles, Apparel & Luxury Goods |
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Victory City International Holdings Ltd. |
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1,051,000 |
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341 |
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Wireless Telecommunication Services |
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China Mobile Hong Kong Ltd. |
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1,036,000 |
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7,320 |
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39,725 |
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Colombia (0.5%) |
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Commercial Banks |
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BanColombia SA ADR |
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92,270 |
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2,639 |
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Czech Republic (2.8%) |
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Commercial Banks |
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Komercni Banka AS |
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26,000 |
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3,854 |
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Electric Utilities |
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CEZ |
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148,100 |
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5,245 |
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Media |
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Central European Media Enterprises Ltd. |
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(a) |
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68,200 |
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4,573 |
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13,672 |
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Hungary (0.7%) |
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Pharmaceuticals |
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Gedeon Richter Rt. |
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16,063 |
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3,317 |
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India (6.8%) |
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Automobiles |
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Mahindra & Mahindra Ltd. |
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135,400 |
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2,005 |
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Commercial Banks |
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HDFC Bank Ltd. |
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83,500 |
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1,682 |
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ICICI Bank Ltd. ADR |
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32,000 |
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983 |
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Punjab National Bank Ltd. |
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(c) |
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124,500 |
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1,498 |
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UTI Bank Ltd. |
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174,000 |
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1,437 |
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5,600 |
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Construction Materials |
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Gujarat Ambuja Cements Ltd. |
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411,500 |
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1,047 |
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Electrical Equipment |
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ABB Ltd. |
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33,381 |
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2,124 |
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Bharat Heavy Electricals |
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112,800 |
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5,892 |
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8,016 |
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Hotels, Restaurants & Leisure |
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Hotel Leela Venture Ltd. |
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16,982 |
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25 |
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Household Products |
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Hindustan Lever Ltd. |
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430,300 |
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2,410 |
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Industrial Conglomerates |
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Siemens India Ltd. |
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62,900 |
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1,471 |
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IT Services |
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HCL Technologies Ltd. |
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108,000 |
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1,294 |
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Infosys Technologies Ltd. |
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73,316 |
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2,953 |
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4,247 |
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Pharmaceuticals |
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Cipla Ltd. |
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246,950 |
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1,411 |
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Glenmark Pharmaceuticals Ltd. |
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152,000 |
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1,041 |
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2,452 |
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Road & Rail |
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Container Corp. of India |
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31,635 |
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1,163 |
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Thrifts & Mortgage Finance |
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Housing Development Finance Corp. |
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50,000 |
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1,669 |
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Tobacco |
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ITC Limited GDR (Registered) |
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140,500 |
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560 |
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ITC Ltd. |
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180,000 |
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736 |
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1,296 |
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Wireless Telecommunication Services |
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Bharti Airtel Ltd. |
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(a) |
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149,500 |
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1,614 |
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33,015 |
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Indonesia (3.2%) |
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Automobiles |
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PT Astra International Tbk |
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1,485,600 |
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2,005 |
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Commercial Banks |
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Bank Central Asia Tbk PT |
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3,497,000 |
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1,829 |
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Bank Mandiri Persero Tbk PT |
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5,292,000 |
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1,334 |
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Bank Rakyat Indonesia Tbk PT |
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3,116,500 |
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1,655 |
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4,818 |
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Diversified Telecommunication Services |
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Telekomunikasi Indonesia Tbk PT |
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6,850,500 |
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6,275 |
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Gas Utilities |
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Perusahaan Gas Negara Tbk PT |
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1,055,000 |
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1,378 |
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Machinery |
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United Tractors Tbk PT |
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2,124,500 |
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1,393 |
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15,869 |
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Israel (0.0%) |
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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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Malaysia (0.2%) |
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Electric Utilities |
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Tenaga Nasional Bhd |
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342,750 |
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901 |
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Real Estate |
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Bandar Raya Developments Bhd |
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729,000 |
|
206 |
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1,107 |
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Mexico (10.7%) |
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Commercial Banks |
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Grupo Financiero Banorte SA de CV, ‘O’ |
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1,063,700 |
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3,329 |
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Food & Staples Retailing |
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Wal-Mart de Mexico SA de CV, ‘V’ |
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3,873,918 |
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13,179 |
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Wal-Mart de Mexico SA de CV, ADR |
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101,077 |
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3,437 |
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16,616 |
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Household Durables |
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Corp. GEO SA de CV, ‘B’ |
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(a) |
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545,900 |
|
2,296 |
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Media |
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Grupo Televisa SA, ADR |
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618,760 |
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13,155 |
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Wireless Telecommunication Services |
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America Movil SA de CV, ‘L’ ADR |
|
|
|
434,131 |
|
17,092 |
|
|
|
|
|
|
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|
52,488 |
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|
Morocco (0.9%) |
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|
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Commercial Banks |
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|
|
|
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Banque Marocaine du Commerce Exterieur |
|
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|
18,240 |
|
2,258 |
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Industrial Conglomerates |
|
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|
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ONA SA |
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|
12,454 |
|
1,899 |
|
|
|
|
|
|
|
|
4,157 |
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Pakistan (1.1%) |
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Chemicals |
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|
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Fauji Fertilizer Co., Ltd. |
|
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|
347,400 |
|
671 |
|
|
Commercial Banks |
|
|
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|
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National Bank of Pakistan |
|
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279,120 |
|
1,167 |
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Diversified Telecommunication Services |
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Pakistan Telecommunication Co., Ltd. |
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1,180,800 |
|
802 |
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Independent Power Producers & Energy Traders |
|
|
|
|
|
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HUB Power Co. |
|
|
|
1,044,700 |
|
449 |
|
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Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
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Oil and Gas Development Co., Ltd. |
|
|
|
476,000 |
|
1,005 |
|
|
Pakistan Petroleum Ltd. |
|
|
|
175,900 |
|
683 |
|
|
Pakistan State Oil Co., Ltd. |
|
|
|
92,900 |
|
479 |
|
|
|
|
|
|
|
|
2,167 |
|
|
|
|
|
|
|
|
5,256 |
|
|
Peru (0.5%) |
|
|
|
|
|
|
|
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Commercial Banks |
|
|
|
|
|
|
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|
Credicorp Ltd. |
|
|
|
58,410 |
|
2,452 |
|
|
Philippines (0.4%) |
|
|
|
|
|
|
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Diversified Financial Services |
|
|
|
|
|
|
|
|
Ayala Corp. |
|
|
|
92,170 |
|
872 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
Philippines Long Distance Telephone Co. |
|
|
|
21,040 |
|
952 |
|
|
|
|
|
|
|
|
1,824 |
|
|
Poland (3.3%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Bank Millennium SA |
|
|
|
957,740 |
|
1,957 |
|
|
Bank Pekao SA |
|
|
|
75,089 |
|
4,678 |
|
|
Powszechna Kasa Oszczednosci Bank Polski SA |
|
|
|
325,316 |
|
3,793 |
|
|
|
|
|
|
|
|
10,428 |
|
|
Media |
|
|
|
|
|
|
|
|
TVN SA |
|
(a) |
|
131,953 |
|
4,445 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
Polski Koncern Naftowy Orlen S.A. |
|
|
|
81,843 |
|
1,281 |
|
|
|
|
|
|
|
|
16,154 |
|
|
Russia (12.8%) |
|
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
|
Efes Breweries International N.V. GDR |
|
(a) |
|
42,366 |
|
1,382 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Sberbank RF |
|
|
|
900 |
|
1,960 |
|
|
Sberbank RF GDR |
|
(a) |
|
42,850 |
|
9,898 |
|
|
|
|
|
|
|
|
11,858 |
|
|
Electric Utilities |
|
|
|
|
|
|
|
|
Unified Energy System GDR |
|
|
|
84,707 |
|
6,184 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Wimm-Bill-Dann Foods OJSC ADR |
|
|
|
103,100 |
|
4,590 |
|
|
Media |
|
|
|
|
|
|
|
|
CTC Media Inc. |
|
(a) |
|
162,700 |
|
3,628 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
MMC Norilsk Nickel ADR |
|
|
|
8,940 |
|
1,162 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
LUKOIL ADR |
|
|
|
145,396 |
|
10,977 |
|
|
Novatek OAO GDR |
|
|
|
145,065 |
|
7,217 |
|
|
OAO Gazprom ADR |
|
|
|
43,400 |
|
1,897 |
|
|
OAO Gazprom ADR (Registered) |
|
|
|
243,200 |
|
10,531 |
|
|
Surgutneftegaz OJSC ADR |
|
|
|
45,631 |
|
2,961 |
|
|
|
|
|
|
|
|
33,583 |
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
|
Alliance Cellulose Ltd., ‘B’ |
|
(c)(d) |
|
156,075 |
|
@— |
|
|
|
|
|
|
|
|
62,387 |
|
|
South Africa (7.3%) |
|
|
|
|
|
|
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
Aveng Ltd. |
|
|
|
551,200 |
|
1,946 |
|
|
Group Five Ltd. |
|
|
|
348,800 |
|
1,567 |
|
|
|
|
|
|
|
|
3,513 |
|
|
Construction Materials |
|
|
|
|
|
|
|
|
Pretoria Portland Cement Co., Ltd. |
|
|
|
33,000 |
|
1,474 |
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
African Bank Investments Ltd. |
|
|
|
115,800 |
|
329 |
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
|
Reunert Ltd. |
|
|
|
263,410 |
|
2,304 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
Massmart Holdings Ltd. |
|
|
|
82,600 |
|
604 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Tiger Brands Ltd. |
|
|
|
155,970 |
|
2,834 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|
African Oxygen Ltd. |
|
|
|
6,300 |
|
24 |
|
|
Murray & Roberts Holdings Ltd. |
|
|
|
460,080 |
|
1,890 |
|
|
|
|
|
|
|
|
1,914 |
|
|
Media |
|
|
|
|
|
|
|
|
Naspers Ltd., ‘N’ |
|
|
|
323,960 |
|
4,975 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
Gold Fields Ltd. |
|
|
|
133,400 |
|
2,355 |
|
|
Gold Fields Ltd. ADR |
|
|
|
191,193 |
|
3,411 |
|
|
Harmony Gold Mining Co., Ltd. |
|
(a) |
|
99,929 |
|
1,291 |
|
|
Impala Platinum Holdings Ltd. |
|
|
|
13,695 |
|
2,259 |
|
|
|
|
|
|
|
|
9,316 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
Sasol Ltd. |
|
|
|
145,750 |
|
4,790 |
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
|
Aspen Pharmacare Holdings Ltd. |
|
(a) |
|
792,420 |
|
3,540 |
|
|
|
|
|
|
|
|
35,593 |
|
|
South Korea (11.6%) |
|
|
|
|
|
|
|
|
Automobiles |
|
|
|
|
|
|
|
|
Hyundai Motor Co. (2nd Preference) |
|
|
|
31,610 |
|
1,650 |
|
|
Beverages |
|
|
|
|
|
|
|
|
Hite Brewery Co., Ltd. |
|
|
|
13,962 |
|
1,726 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Kookmin Bank |
|
|
|
42,990 |
|
3,389 |
|
|
Shinhan Financial Group Co., Ltd. |
|
|
|
89,240 |
|
4,023 |
|
|
|
|
|
|
|
|
7,412 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
Doosan Heavy Industries & Construction Co., Ltd. |
|
|
|
18,810 |
|
782 |
|
|
GS Engineering & Construction Corp. |
|
|
|
37,360 |
|
2,614 |
|
|
|
|
|
|
|
|
3,396 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Orion Corp. |
|
|
|
9,823 |
|
2,263 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Woongjin Coway Co., Ltd. |
|
|
|
72,730 |
|
1,776 |
|
|
Household Products |
|
|
|
|
|
|
|
|
Shinsegae Co., Ltd. |
|
|
|
2,092 |
|
1,083 |
|
|
Insurance |
|
|
|
|
|
|
|
|
Samsung Fire & Marine Insurance Co., Ltd. |
|
|
|
19,935 |
|
3,065 |
|
|
Internet Software & Services |
|
|
|
|
|
|
|
|
CDNetworks Co., Ltd. |
|
(a) |
|
15,830 |
|
549 |
|
|
NHN Corp. |
|
(a) |
|
18,180 |
|
1,908 |
|
|
|
|
|
|
|
|
2,457 |
|
|
Machinery |
|
|
|
|
|
|
|
|
Doosan Infracore Co., Ltd. |
|
|
|
49,380 |
|
978 |
|
|
Hyundai Heavy Industries Co., Ltd. |
|
|
|
3,219 |
|
446 |
|
|
Hyundai Mipo Dockyard Co. |
|
|
|
13,357 |
|
1,666 |
|
|
|
|
|
|
|
|
3,090 |
|
|
Media |
|
|
|
|
|
|
|
|
Cheil Communications, Inc. |
|
|
|
4,152 |
|
930 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
Korea Zinc Co., Ltd. |
|
|
|
18,410 |
|
1,663 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
GS Holdings Corp. |
|
|
|
38,010 |
|
1,329 |
|
|
SK Corp. |
|
|
|
41,880 |
|
2,784 |
|
|
|
|
|
|
|
|
4,113 |
|
|
Personal Products |
|
|
|
|
|
|
|
|
Amorepacific Corp. |
|
(a) |
|
3,402 |
|
1,582 |
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
Hynix Semiconductor, Inc. |
|
(a) |
|
34,370 |
|
1,355 |
|
|
Samsung Electronics Co., Ltd. |
|
|
|
14,604 |
|
10,248 |
|
|
Samsung Electronics Co., Ltd. (Preference) |
|
|
|
5,268 |
|
2,767 |
|
|
|
|
|
|
|
|
14,370 |
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
|
Cheil Industries, Inc. |
|
|
|
42,610 |
|
1,849 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
LG Telecom Ltd. |
|
(a) |
|
157,213 |
|
1,836 |
|
|
SK Telecom Co., Ltd. |
|
|
|
11,496 |
|
2,448 |
|
|
|
|
|
|
|
|
4,284 |
|
|
|
|
|
|
|
|
56,709 |
|
|
Taiwan (8.0%) |
|
|
|
|
|
|
|
|
Airlines |
|
|
|
|
|
|
|
|
Eva Airways Corp. |
|
|
|
294 |
|
@— |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Chang Hwa Commercial Bank |
|
(a) |
|
3,072,000 |
|
1,852 |
|
|
Chinatrust Financial Holding Co., Ltd. |
|
|
|
422,080 |
|
315 |
|
|
Taishin Financial Holdings Co., Ltd. |
|
(a) |
|
1,312,139 |
|
664 |
|
|
|
|
|
|
|
|
2,831 |
|
|
Computers & Peripherals |
|
|
|
|
|
|
|
|
Acer, Inc. |
|
|
|
949,000 |
|
1,609 |
|
|
Catcher Technology Co., Ltd. |
|
|
|
209,554 |
|
1,798 |
|
|
High Tech Computer Corp. |
|
|
|
124,800 |
|
3,303 |
|
|
Wistron Corp. |
|
|
|
1,093,560 |
|
1,241 |
|
|
|
|
|
|
|
|
7,951 |
|
|
Electrical Equipment |
|
|
|
|
|
|
|
|
Silitech Technology Corp. |
|
|
|
1,158 |
|
6 |
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
|
Delta Electronics, Inc. |
|
|
|
1,850,602 |
|
5,312 |
|
|
Delta Electronics, Inc. GDR |
|
|
|
7,710 |
|
111 |
|
|
Everlight Electronics Co., Ltd. |
|
|
|
717,060 |
|
1,980 |
|
|
Hon Hai Precision Industry Co., Ltd. |
|
|
|
221,585 |
|
1,349 |
|
|
Tripod Technology Corp. |
|
|
|
442,890 |
|
1,351 |
|
|
Unimicron Technology Corp. |
|
|
|
267,220 |
|
330 |
|
|
|
|
|
|
|
|
10,433 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Tsann Kuen Enterprise Co. |
|
|
|
649,780 |
|
585 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|
Far Eastern Textilie Ltd. |
|
|
|
1,243,960 |
|
923 |
|
|
Insurance |
|
|
|
|
|
|
|
|
Cathay Financial Holding Co., Ltd. |
|
|
|
485,641 |
|
973 |
|
|
Shin Kong Financial Holding Co., Ltd. |
|
|
|
1,664,043 |
|
1,531 |
|
|
|
|
|
|
|
|
2,504 |
|
|
Leisure Equipment & Products |
|
|
|
|
|
|
|
|
Largan Precision Co., Ltd. |
|
|
|
116,337 |
|
2,383 |
|
|
Machinery |
|
|
|
|
|
|
|
|
King Slide Works Co., Ltd. |
|
|
|
86,400 |
|
449 |
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
Epistar Corp. |
|
|
|
467,140 |
|
1,531 |
|
|
MediaTek, Inc. |
|
|
|
410,300 |
|
3,893 |
|
|
Powerchip Semiconductor Corp. |
|
|
|
1,461,295 |
|
934 |
|
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
|
|
1,795,000 |
|
3,238 |
|
|
Transced Information, Inc. |
|
|
|
588,961 |
|
1,521 |
|
|
|
|
|
|
|
|
11,117 |
|
|
|
|
|
|
|
|
39,182 |
|
|
Thailand (1.2%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Bangkok Bank PCL (Foreign) |
|
(c) |
|
356,700 |
|
1,044 |
|
|
Kasikornbank PCL (Foreign) |
|
(c) |
|
445,100 |
|
818 |
|
|
Siam Commercial Bank PCL (Foreign) |
|
(c) |
|
489,600 |
|
782 |
|
|
|
|
|
|
|
|
2,644 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
Italian-Thai Development PCL (Foreign) |
|
(c) |
|
1,255,400 |
|
189 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
CP Seven Eleven PCL (Foreign) |
|
(c) |
|
4,864,200 |
|
777 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Lalin Property PCL (Foreign) |
|
(c) |
|
1,145,300 |
|
144 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
PTT Exploration & Production PCL |
|
|
|
205,100 |
|
579 |
|
|
PTT PCL (Foreign) |
|
(c) |
|
179,400 |
|
1,031 |
|
|
|
|
|
|
|
|
1,610 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
Advanced Info Service PCL (Foreign) |
|
(c) |
|
157,000 |
|
376 |
|
|
|
|
|
|
|
|
5,740 |
|
|
Turkey (3.3%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Turkiye Garanti Bankasi AS |
|
|
|
1,156,611 |
|
3,421 |
|
|
Turkiye Is Bankasi AS |
|
|
|
474,900 |
|
2,524 |
|
|
Turkiye Vakiflar Bankasi Tao AS |
|
|
|
430,200 |
|
1,903 |
|
|
Yapi ve Kredi Bankasi AS |
|
(a) |
|
1,132,686 |
|
1,960 |
|
|
|
|
|
|
|
|
9,808 |
|
|
Construction Materials |
|
|
|
|
|
|
|
|
Akcansa Cimento AS |
|
|
|
228,606 |
|
1,087 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
BIM Birlesik Magazalar AS |
|
|
|
67,430 |
|
2,538 |
|
|
Media |
|
|
|
|
|
|
|
|
Dogan Yayin Holding |
|
(a) |
|
846,843 |
|
2,639 |
|
|
|
|
|
|
|
|
16,072 |
|
|
TOTAL COMMON STOCKS |
|
|
|
|
|
469,151 |
|
|
INVESTMENT COMPANIES (1.4%) |
|
|
|
|
|
|
|
|
India (0.8%) |
|
|
|
|
|
|
|
|
Morgan Stanley Growth Fund |
|
(a)(e) |
|
4,567,400 |
|
4,013 |
|
|
Poland (0.6%) |
|
|
|
|
|
|
|
|
NFI Empik Media & Fashion SA |
|
(a) |
|
762,586 |
|
2,849 |
|
|
TOTAL INVESTMENT COMPANIES |
|
|
|
|
|
6,862 |
|
|
|
|
|
|
Face |
|
|
|
||
|
|
|
|
|
Amount |
|
|
|
||
|
|
|
|
|
(000) |
|
|
|
||
|
DEBT INSTRUMENTS (0.0%) |
|
|
|
|
|
|
|
||
|
India (0.0%) |
|
|
|
|
|
|
|
||
|
Metals & Mining |
|
|
|
|
|
|
|
||
|
Shri Ishar Alloy Steels Ltd. |
|
|
|
|
|
|
|
||
|
15.00%, (expired maturity) |
|
(a)(c)(d) |
|
INR |
581 |
|
@— |
|
|
|
SHORT-TERM INVESTMENT (1.8%) |
|
|
|
|
|
|
|
||
|
United States (1.8%) |
|
|
|
|
|
|
|
||
|
Repurchase Agreement |
|
|
|
|
|
|
|
||
|
J.P. Morgan Securities,
Inc., 5.25%, |
|
(f) |
|
$ |
8,737 |
|
8,737 |
|
|
|
TOTAL INVESTMENTS + (99.2%) |
|
|
|
|
|
484,750 |
|
||
|
OTHER ASSETS IN EXCESS OF LIABILITIES (0.8%) |
|
|
|
|
|
3,796 |
|
||
|
NET ASSETS (100%) |
|
|
|
|
|
$ |
488,546 |
|
|
(a) Non-income producing security.
(b) 144A Security — Certain conditions for public sale must exist. Unless otherwise noted, these securities are deemed to be liquid.
(c) Security was valued at fair value — At September 30, 2006, the Fund held $6,659,000 of fair valued securities, representing 1.4% of net assets.
(d) Security has been deemed illiquid at September 30, 2006.
(e) Investment in Security of Affiliated Issuer — The Morgan Stanley Growth Fund, acquired at a cost of $869,540 is advised by an affiliate of the Adviser. During the period ended September 30, 2006, there were no purchases and sold 127,000 shares of this security for a gain of $70,765. The Fund derived no income from this security during the period ended September 30, 2006.
(f) Represents the Fund’s undivided interest in a joint repurchase agreement which has a total value of $1,401,259,000. The repurchase agreement was fully collateralized by U.S. government agency securities at the date of this Portfolio of Investments as follows: Federal Farm Credit Bank, 0.00% to 7.43%, due 10/2/06 to 10/23/35; Federal Home Loan Bank, 0.00% to 6.94%, due 10/2/06 to 7/15/36; Federal Home Loan Mortgage Corporation, 0.00% to 6.94%, due 10/10/06 to 9/7/21; Federal National Mortgage Association, 0.00% to 10.35%, due 10/5/06 to 3/11/19; Tennessee Valley Authority, 5.38% to 7.13%, due 11/13/08 to 4/1/36 which had a total value of $1,429,288,878. 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, 2006, the U.S. Federal income tax cost basis of investments was approximately $350,353,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $134,397,000 of which $151,274,000 related to appreciated securities and $16,877,000 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 Contract Information:
The Fund had the following foreign currency exchange contract(s) open at period end:
|
Currency
to Deliver |
|
Value |
|
Settlement |
|
In
Exchange For |
|
Value |
|
Net |
|
||||||
|
BRL |
31,181 |
|
$ |
14,132 |
|
12/13/06 |
|
USD |
|
14,066 |
|
$ |
14,066 |
|
$ |
(66 |
) |
|
USD |
262 |
|
262 |
|
10/2/06 |
|
TRY |
|
395 |
|
261 |
|
(1 |
) |
|||
|
USD |
563 |
|
563 |
|
10/3/06 |
|
TRY |
|
853 |
|
563 |
|
@— |
|
|||
|
ZAR |
2,038 |
|
261 |
|
10/2/06 |
|
USD |
|
267 |
|
267 |
|
6 |
|
|||
|
ZAR |
3,567 |
|
458 |
|
10/3/06 |
|
USD |
|
465 |
|
465 |
|
7 |
|
|||
|
ZAR |
2,455 |
|
315 |
|
10/4/06 |
|
USD |
|
320 |
|
320 |
|
5 |
|
|||
|
ZAR |
1,455 |
|
186 |
|
10/5/06 |
|
USD |
|
189 |
|
189 |
|
3 |
|
|||
|
ZAR |
834 |
|
107 |
|
10/6/06 |
|
USD |
|
107 |
|
107 |
|
@— |
|
|||
|
ZAR |
106,593 |
|
13,635 |
|
11/14/06 |
|
USD |
|
15,574 |
|
15,574 |
|
1,939 |
|
|||
|
|
|
|
$ |
29,919 |
|
|
|
|
|
|
|
$ |
31,812 |
|
$ |
1,893 |
|
|
|
- Brazilian Real |
|
|
USD |
|
- United States Dollar |
|
TRY |
|
- New Turkish Lira |
|
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: |
November 21, 2006 |
|
||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By: |
/s/ Ronald E. Robison |
|
||
|
Name: |
Ronald E. Robison |
|
||
|
Title: |
Principal Executive Officer |
|
||
|
Date: |
November 21, 2006 |
|
||
|
|
|
|
||
|
By: |
/s/ James Garrett |
|
||
|
Name: |
James Garrett |
|
||
|
Title: |
Principal Financial Officer |
|
||
|
Date: |
November 21, 2006 |
|
||