[Annotated Form N-Q]
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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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: |
3/31/07 |
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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, 2007 (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 (97.7%) |
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(Unless Otherwise Noted) |
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Argentina (0.5%) |
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Commercial Banks |
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Banco Macro SA ADR |
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64,900 |
|
2,203 |
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Energy Equipment & Services |
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Tenaris SA ADR |
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4,300 |
|
197 |
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2,400 |
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Austria (1.3%) |
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Commercial Banks |
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Erste Bank der Oesterreichischen Sparkassen AG |
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31,929 |
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2,487 |
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Raiffeisen International Bank Holding AG |
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28,535 |
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4,017 |
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6,504 |
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Brazil (11.4%) |
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Airlines |
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Tam SA ADR (Preference) |
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125,020 |
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3,320 |
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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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2,971 |
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Banco Itau Holding Financeira SA ADR (Preference) |
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89,708 |
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3,124 |
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Banco Nacional SA (Preference) |
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(a)(c) |
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61,598,720 |
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@— |
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Investimentos Itau SA (Preference) |
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454,504 |
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2,537 |
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Unibanco - Uniao de Bancos Brasileiros SA |
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102,862 |
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908 |
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Unibanco - Uniao de Bancos Brasileiros SA GDR |
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58,727 |
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5,136 |
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14,676 |
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Electric Utilities |
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Cia Energetica de Minas Gerais SA ADR |
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89,049 |
|
4,332 |
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Household Durables |
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Cyrela Brazil Realty SA |
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22,700 |
|
211 |
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Gafisa SA ADR |
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(a) |
|
43,800 |
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1,117 |
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|
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1,328 |
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Media |
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NET Servicos de Comunicacao SA |
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(a) |
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131,447 |
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1,779 |
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Metals & Mining |
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CVRD ADR |
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416,452 |
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13,027 |
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CVRD, ‘A’ (Preference) |
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8,626 |
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270 |
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Gerdau SA (Preference) |
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106,150 |
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1,945 |
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Gerdau SA ADR |
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63,240 |
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1,146 |
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16,388 |
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Multiline Retail |
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Lojas Americanas SA (Preference) |
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26,275,527 |
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1,658 |
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Oil, Gas & Consumable Fuels |
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Petrobras SA (Preference) |
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140,216 |
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3,140 |
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Petrobras SA ADR |
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5,563 |
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554 |
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Petrobras SA ADR (Preference) |
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85,845 |
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7,670 |
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11,364 |
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Personal Products |
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Natura Cosmeticos SA |
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109,200 |
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1,230 |
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Road & Rail |
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All America Latina Logistica SA |
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223,300 |
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2,707 |
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58,782 |
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China/Hong Kong (13.2%) |
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Airlines |
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Air China Ltd., ‘H’ |
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4,380,000 |
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3,033 |
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Automobiles |
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Dongfeng Motor Group Co., Ltd., ‘H’ |
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(a) |
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4,128,000 |
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2,250 |
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5,283 |
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Commercial Banks |
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Bank of China Ltd., ‘H’ |
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(a) |
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4,213,000 |
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2,098 |
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China Construction Bank, ‘H’ |
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15,620,000 |
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8,936 |
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Industrial & Commercial Bank of China Ltd., ‘H’ |
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(a) |
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7,736,000 |
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4,337 |
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15,371 |
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Construction & Engineering |
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China Communications Construction Co., Ltd., ‘H’ |
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(a) |
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2,631,000 |
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3,172 |
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Diversified Telecommunication Services |
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China Netcom Group Corp. Hong Kong Ltd. |
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1,351,000 |
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3,527 |
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Food Products |
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Global Bio-Chem Technology Group Co., Ltd. |
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1,091,000 |
|
279 |
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Electrical Equipment |
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Harbin Power Equipment, ‘H’ |
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1,528,000 |
|
1,721 |
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Health Care Equipment & Supplies |
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Moulin Global Eyecare Holdings Ltd. |
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(a)(b)(c) |
|
568,000 |
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@— |
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Independent Power Producers & Energy Traders |
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China Power International Development Ltd. |
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3,933,000 |
|
1,908 |
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China Resources Power Holdings Co. |
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1,631,000 |
|
2,501 |
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|
4,409 |
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Insurance |
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China Life Insurance Co., Ltd. |
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|
803,000 |
|
2,307 |
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PICC Property & Casualty Co., Ltd. |
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(a) |
|
4,664,000 |
|
2,674 |
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Ping An Insurance Group Co. of China Ltd., ‘H’ |
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505,000 |
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2,476 |
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7,457 |
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Marine |
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China Shipping Development Co., Ltd., ‘H’ |
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1,922,000 |
|
2,932 |
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Metals & Mining |
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Maanshan Iron & Steel Co., Ltd. ‘H’ |
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4,410,000 |
|
2,895 |
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Oil, Gas & Consumable Fuels |
|
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China Coal Energy Co. |
|
(a) |
|
5,137,000 |
|
5,490 |
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Petrochina Co., Ltd., ‘H’ |
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|
3,332,000 |
|
3,953 |
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|
9,443 |
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Real Estate |
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Shenzhen Investment Ltd. |
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3,739,000 |
|
1,909 |
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|
Specialty Retail |
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GOME Electrical Appliances Holdings Ltd. |
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2,562,000 |
|
2,849 |
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Transportation Infrastructure |
|
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Cosco Pacific Ltd. |
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|
870,000 |
|
2,156 |
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Wireless Telecommunication Services |
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China Mobile Ltd. |
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|
518,000 |
|
4,710 |
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|
68,113 |
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Colombia (0.4%) |
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Commercial Banks |
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BanColombia SA ADR |
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|
79,470 |
|
2,200 |
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Czech Republic (2.0%) |
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Electric Utilities |
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Ceske Energeticke Zavody AS |
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|
53,545 |
|
2,403 |
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|
Media |
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Central European Media Enterprises Ltd. |
|
(a) |
|
65,200 |
|
5,770 |
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|
Pharmaceuticals |
|
|
|
|
|
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Zentiva N.V. |
|
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|
30,064 |
|
2,070 |
|
|
|
|
|
|
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|
10,243 |
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|
Egypt (0.8%) |
|
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Wireless Telecommunication Services |
|
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|
Orascom Telecom Holding SAE |
|
|
|
8,880 |
|
616 |
|
|
Orascom Telecom Holding SAE GDR |
|
|
|
52,992 |
|
3,675 |
|
|
|
|
|
|
|
|
4,291 |
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|
Hungary (0.8%) |
|
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|
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|
Commercial Banks |
|
|
|
|
|
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|
OTP Bank Nyrt. |
|
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|
90,199 |
|
4,133 |
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India (6.4%) |
|
|
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Automobiles |
|
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Mahindra & Mahindra Ltd. |
|
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|
59,300 |
|
1,065 |
|
|
Maruti Udyog Ltd. |
|
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|
80,000 |
|
1,509 |
|
|
|
|
|
|
|
|
2,574 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
HDFC Bank Ltd. |
|
|
|
78,400 |
|
1,721 |
|
|
ICICI Bank Ltd. |
|
(b) |
|
64,000 |
|
1,267 |
|
|
ICICI Bank Ltd. ADR |
|
|
|
41,050 |
|
1,509 |
|
|
UTI Bank Ltd. |
|
|
|
153,000 |
|
1,726 |
|
|
|
|
|
|
|
|
6,223 |
|
|
Construction Materials |
|
|
|
|
|
|
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|
Gujarat Ambuja Cements Ltd. |
|
|
|
460,500 |
|
1,131 |
|
|
Electrical Equipment |
|
|
|
|
|
|
|
|
ABB Ltd. |
|
|
|
26,181 |
|
2,138 |
|
|
Bharat Heavy Electricals Ltd. |
|
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|
47,000 |
|
2,445 |
|
|
|
|
|
|
|
|
4,583 |
|
|
Energy Equipment & Services |
|
|
|
|
|
|
|
|
Aban Offshore Ltd. |
|
|
|
24,000 |
|
1,118 |
|
|
Information Technology Services |
|
|
|
|
|
|
|
|
HCL Technologies Ltd. |
|
|
|
246,200 |
|
1,651 |
|
|
Infosys Technologies Ltd. |
|
|
|
97,416 |
|
4,524 |
|
|
Infosys Technologies Ltd. ADR |
|
|
|
25,000 |
|
1,256 |
|
|
|
|
|
|
|
|
7,431 |
|
|
Media |
|
|
|
|
|
|
|
|
Deccan Chronicle Holdings Ltd. |
|
|
|
278,000 |
|
1,009 |
|
|
Pharmaceuticals |
|
|
|
|
|
|
|
|
Cipla Ltd. |
|
|
|
225,450 |
|
1,228 |
|
|
Glenmark Pharmaceuticals Ltd. |
|
|
|
113,600 |
|
1,598 |
|
|
|
|
|
|
|
|
2,826 |
|
|
Road & Rail |
|
|
|
|
|
|
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|
Container Corp. of India Ltd. |
|
|
|
27,235 |
|
1,221 |
|
|
Tobacco |
|
|
|
|
|
|
|
|
ITC Ltd. |
|
|
|
180,000 |
|
626 |
|
|
ITC Ltd. GDR (Registered) |
|
|
|
96,500 |
|
331 |
|
|
|
|
|
|
|
|
957 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
Bharti Airtel Ltd. |
|
(a)(b) |
|
229,000 |
|
4,053 |
|
|
|
|
|
|
|
|
33,126 |
|
|
Indonesia (3.1%) |
|
|
|
|
|
|
|
|
Automobiles |
|
|
|
|
|
|
|
|
PT Astra International Tbk |
|
|
|
1,485,600 |
|
2,149 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Bank Central Asia Tbk PT |
|
|
|
3,000,000 |
|
1,677 |
|
|
Bank Mandiri Persero Tbk PT |
|
|
|
2,726,000 |
|
747 |
|
|
Bank Rakyat Indonesia PT |
|
|
|
3,056,500 |
|
1,691 |
|
|
|
|
|
|
|
|
4,115 |
|
|
Construction Materials |
|
|
|
|
|
|
|
|
Indocement Tunggal Prakarsa Tbk PT |
|
|
|
9,000 |
|
5 |
|
|
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
Telekomunikasi Indonesia Tbk PT |
|
|
|
5,784,000 |
|
6,244 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Indofood Sukses Makmur Tbk PT |
|
|
|
4,450,500 |
|
741 |
|
|
Machinery |
|
|
|
|
|
|
|
|
United Tractors Tbk PT |
|
|
|
1,835,500 |
|
1,489 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
International Nickel Indonesia Tbk PT |
|
|
|
178,500 |
|
1,063 |
|
|
|
|
|
|
|
|
15,806 |
|
|
Israel (0.0%) |
|
|
|
|
|
|
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
|
Elbit Systems Ltd. |
|
|
|
1 |
|
@— |
|
|
Malaysia (0.5%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Public Bank Bhd |
|
|
|
366,500 |
|
954 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Kuala Lumpur Kepong Bhd |
|
|
|
357,000 |
|
1,239 |
|
|
Multi-Utilities |
|
|
|
|
|
|
|
|
YTL Corp. Bhd |
|
|
|
332,000 |
|
658 |
|
|
|
|
|
|
|
|
2,851 |
|
|
Mexico (10.0%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Grupo Financiero Banorte SAB de CV, ‘O’ |
|
|
|
916,200 |
|
4,341 |
|
|
Construction Materials |
|
|
|
|
|
|
|
|
Cemex SAB de CV ADR |
|
(a) |
|
86,500 |
|
2,833 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
Wal-Mart de Mexico SA de CV, ‘V’ |
|
|
|
1,505,326 |
|
6,427 |
|
|
Wal-Mart de Mexico SA de CV ADR |
|
|
|
101,077 |
|
4,326 |
|
|
|
|
|
|
|
|
10,753 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Corporacion GEO SAB de CV |
|
(a) |
|
457,911 |
|
2,655 |
|
|
Urbi Desarrollos Urbanos SA de CV |
|
(a) |
|
385,700 |
|
1,595 |
|
|
|
|
|
|
|
|
4,250 |
|
|
Media |
|
|
|
|
|
|
|
|
Grupo Televisa SA ADR |
|
|
|
401,602 |
|
11,968 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
America Movil SA de CV, ‘L’ ADR |
|
|
|
365,131 |
|
17,450 |
|
|
|
|
|
|
|
|
51,595 |
|
|
Morocco (1.2%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Banque Marocaine du Commerce Exterieur |
|
|
|
15,740 |
|
4,085 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Douja Promotion Groupe Addoha SA |
|
(a) |
|
6,000 |
|
2,087 |
|
|
|
|
|
|
|
|
6,172 |
|
|
Pakistan (0.3%) |
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
Oil and Gas Development Co., Ltd. |
|
|
|
788,440 |
|
1,542 |
|
|
Peru (0.4%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Credicorp Ltd. |
|
|
|
39,711 |
|
1,935 |
|
|
Philippines (0.4%) |
|
|
|
|
|
|
|
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
Ayala Corp. |
|
|
|
98,000 |
|
1,137 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
Philippine Long Distance Telephone Co. |
|
|
|
21,010 |
|
1,100 |
|
|
|
|
|
|
|
|
2,237 |
|
|
Poland (4.9%) |
|
|
|
|
|
|
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Bank Handlowy w Warszawie SA |
|
|
|
93,983 |
|
3,140 |
|
|
Bank Millennium SA |
|
|
|
1,110,516 |
|
4,293 |
|
|
Bank Pekao SA |
|
|
|
71,558 |
|
6,365 |
|
|
Bank Zachodni WBK SA |
|
|
|
10,928 |
|
1,020 |
|
|
Powszechna Kasa Oszczednosci Bank Polski SA |
|
|
|
103,466 |
|
1,723 |
|
|
|
|
|
|
|
|
16,541 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
Budimex SA |
|
(a) |
|
22,296 |
|
782 |
|
|
PBG SA |
|
(a) |
|
6,677 |
|
841 |
|
|
Polimex Mostostal SA |
|
|
|
4,037 |
|
302 |
|
|
|
|
|
|
|
|
1,925 |
|
|
Media |
|
|
|
|
|
|
|
|
Multimedia Polska SA |
|
(a) |
|
375,462 |
|
1,699 |
|
|
TVN SA |
|
(a) |
|
552,836 |
|
5,027 |
|
|
|
|
|
|
|
|
6,726 |
|
|
|
|
|
|
|
|
25,192 |
|
|
Russia (12.9%) |
|
|
|
|
|
|
|
|
Beverages |
|
|
|
|
|
|
|
|
Efes Breweries International N.V. GDR |
|
(a) |
|
37,240 |
|
992 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Sberbank |
|
|
|
200 |
|
712 |
|
|
Sberbank GDR |
|
(a) |
|
22,620 |
|
9,239 |
|
|
|
|
|
|
|
|
9,951 |
|
|
Electric Utilities |
|
|
|
|
|
|
|
|
Unified Energy System GDR |
|
|
|
77,571 |
|
10,569 |
|
|
Energy Equipment & Services |
|
|
|
|
|
|
|
|
TMK OAO GDR |
|
(a)(d) |
|
94,078 |
|
3,161 |
|
|
TMK OAO GDR (Registered) |
|
(a) |
|
37,900 |
|
1,272 |
|
|
|
|
|
|
|
|
4,433 |
|
|
Food Products |
|
|
|
|
|
|
|
|
Wimm-Bill-Dann Foods OJSC ADR |
|
|
|
81,040 |
|
6,472 |
|
|
Media |
|
|
|
|
|
|
|
|
CTC Media, Inc. |
|
(a) |
|
186,479 |
|
4,789 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
Evraz Group SA (GDR) |
|
|
|
81,456 |
|
2,582 |
|
|
Mechel ADR |
|
|
|
47,239 |
|
1,571 |
|
|
MMC Norilsk Nickel ADR |
|
|
|
23,956 |
|
4,551 |
|
|
|
|
|
|
|
|
8,704 |
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
LUKOIL ADR |
|
|
|
58,596 |
|
5,069 |
|
|
NovaTek OAO GDR |
|
|
|
98,624 |
|
5,700 |
|
|
OAO Gazprom ADR |
|
|
|
234,357 |
|
9,814 |
|
|
|
|
|
|
|
|
20,583 |
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
|
Alliance Cellulose Ltd., ‘B’ |
|
(b)(c) |
|
156,075 |
|
@— |
|
|
|
|
|
|
|
|
66,493 |
|
|
South Africa (6.5%) |
|
|
|
|
|
|
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
Aveng Ltd. |
|
|
|
275,600 |
|
1,747 |
|
|
Group Five Ltd. |
|
|
|
300,400 |
|
2,344 |
|
|
|
|
|
|
|
|
4,091 |
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
|
Allied Electronics Corp. Ltd. (Preference) |
|
(a) |
|
263,019 |
|
1,592 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
Massmart Holdings Ltd. |
|
|
|
293,700 |
|
3,415 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|
Barloworld Ltd. |
|
|
|
94,238 |
|
2,351 |
|
|
Murray & Roberts Holdings Ltd. |
|
|
|
320,580 |
|
2,473 |
|
|
|
|
|
|
|
|
4,824 |
|
|
Media |
|
|
|
|
|
|
|
|
Naspers Ltd., ‘N’ |
|
|
|
178,660 |
|
4,322 |
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
Mittal Steel South Africa Ltd. |
|
|
|
154,300 |
|
2,510 |
|
|
Specialty Retail |
|
|
|
|
|
|
|
|
Mr. Price Group Ltd. |
|
|
|
689,800 |
|
2,833 |
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
MTN Group Ltd. |
|
|
|
748,700 |
|
10,166 |
|
|
|
|
|
|
|
|
33,753 |
|
|
South Korea (10.4%) |
|
|
|
|
|
|
|
|
Chemicals |
|
|
|
|
|
|
|
|
Honam Petrochemical Corp. |
|
|
|
8,654 |
|
750 |
|
|
LG Petrochemical Co., Ltd. |
|
|
|
35,176 |
|
1,038 |
|
|
SSCP Co., Ltd. |
|
(a) |
|
23,858 |
|
683 |
|
|
|
|
|
|
|
|
2,471 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Kookmin Bank |
|
|
|
80,740 |
|
7,243 |
|
|
Shinhan Financial Group Co., Ltd. |
|
|
|
99,820 |
|
5,730 |
|
|
|
|
|
|
|
|
12,973 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
GS Engineering & Construction Corp. |
|
|
|
37,600 |
|
3,365 |
|
|
Hyundai Engineering & Construction Co., Ltd. |
|
(a) |
|
29,700 |
|
1,601 |
|
|
|
|
|
|
|
|
4,966 |
|
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
Shinsegae Co., Ltd. |
|
|
|
4,545 |
|
2,609 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
Woongjin Coway Co., Ltd. |
|
|
|
107,650 |
|
3,021 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|
LG Corp. |
|
|
|
61,690 |
|
2,088 |
|
|
Orion Corp. |
|
|
|
7,608 |
|
1,884 |
|
|
|
|
|
|
|
|
3,972 |
|
|
Insurance |
|
|
|
|
|
|
|
|
Samsung Fire & Marine Insurance Co., Ltd. |
|
(a) |
|
16,625 |
|
2,783 |
|
|
Internet Software & Services |
|
|
|
|
|
|
|
|
NHN Corp. |
|
(a) |
|
23,990 |
|
3,519 |
|
|
Machinery |
|
|
|
|
|
|
|
|
Doosan Infracore Co., Ltd. |
|
|
|
70,060 |
|
1,787 |
|
|
Hyundai Heavy Industries Co., Ltd. |
|
|
|
2,779 |
|
555 |
|
|
Hyundai Mipo Dockyard Co., Ltd. |
|
|
|
14,650 |
|
2,702 |
|
|
|
|
|
|
|
|
5,044 |
|
|
Media |
|
|
|
|
|
|
|
|
Cheil Communications, Inc. |
|
|
|
6,101 |
|
1,524 |
|
|
Personal Products |
|
|
|
|
|
|
|
|
Amorepacific Corp. |
|
|
|
3,363 |
|
1,852 |
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
Samsung Electronics Co., Ltd. |
|
|
|
8,036 |
|
4,809 |
|
|
Samsung Electronics Co., Ltd. (Preference) |
|
|
|
4,551 |
|
2,140 |
|
|
|
|
|
|
|
|
6,949 |
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
|
Cheil Industries, Inc. |
|
|
|
47,860 |
|
1,920 |
|
|
|
|
|
|
|
|
53,603 |
|
|
Taiwan (6.9%) |
|
|
|
|
|
|
|
|
Chemicals |
|
|
|
|
|
|
|
|
Eternal Chemical Co., Ltd. |
|
|
|
1,010,000 |
|
1,703 |
|
|
Formosa Chemicals & Fibre Corp. |
|
|
|
673,000 |
|
1,291 |
|
|
|
|
|
|
|
|
2,994 |
|
|
Commercial Banks |
|
|
|
|
|
|
|
|
Chang Hwa Commercial Bank |
|
(a) |
|
1,371,000 |
|
826 |
|
|
Computers & Peripherals |
|
|
|
|
|
|
|
|
Foxconn Technology Co., Ltd. |
|
|
|
107,000 |
|
1,214 |
|
|
High Tech Computer Corp. |
|
|
|
104,800 |
|
1,615 |
|
|
Wistron Corp. |
|
|
|
460,560 |
|
699 |
|
|
|
|
|
|
|
|
3,528 |
|
|
Electronic Equipment & Instruments |
|
|
|
|
|
|
|
|
Delta Electronics, Inc. |
|
|
|
1,607,602 |
|
5,198 |
|
|
Everlight Electronics Co., Ltd. |
|
|
|
619,060 |
|
2,413 |
|
|
Hon Hai Precision Industry Co., Ltd. |
|
|
|
582,585 |
|
3,909 |
|
|
Tripod Technology Corp. |
|
|
|
369,890 |
|
1,520 |
|
|
TXC Corp. |
|
|
|
456,000 |
|
850 |
|
|
|
|
|
|
|
|
13,890 |
|
|
Industrial Conglomerates |
|
|
|
|
|
|
|
|
Far Eastern Textile Co., Ltd. |
|
|
|
1,456,960 |
|
1,255 |
|
|
Insurance |
|
|
|
|
|
|
|
|
Cathay Financial Holding Co., Ltd. |
|
|
|
1,035,641 |
|
2,150 |
|
|
Shin Kong Financial Holding Co., Ltd. |
|
|
|
162,043 |
|
144 |
|
||
|
|
|
|
|
|
|
2,294 |
|
||
|
Marine |
|
|
|
|
|
|
|
||
|
Evergreen Marine Corp Taiwan Ltd. |
|
|
|
1,977,000 |
|
1,261 |
|
||
|
Yang Ming Marine Transport Corp. |
|
|
|
2,601,000 |
|
1,792 |
|
||
|
|
|
|
|
|
|
3,053 |
|
||
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
||
|
MediaTek, Inc. |
|
|
|
349,300 |
|
4,011 |
|
||
|
Siliconware Precision Industries Co. |
|
|
|
875,000 |
|
1,639 |
|
||
|
Transced Information, Inc. |
|
|
|
508,961 |
|
1,923 |
|
||
|
|
|
|
|
|
|
7,573 |
|
||
|
|
|
|
|
|
|
35,413 |
|
||
|
Thailand (0.3%) |
|
|
|
|
|
|
|
||
|
Commercial Banks |
|
|
|
|
|
|
|
||
|
Bangkok Bank PCL (Foreign) |
|
|
|
308,100 |
|
994 |
|
||
|
Kasikornbank PCL (Foreign) |
|
|
|
384,500 |
|
736 |
|
||
|
|
|
|
|
|
|
1,730 |
|
||
|
Turkey (3.1%) |
|
|
|
|
|
|
|
||
|
Beverages |
|
|
|
|
|
|
|
||
|
Coca-Cola Icecek Uretim AS |
|
(a) |
|
307,279 |
|
2,472 |
|
||
|
Commercial Banks |
|
|
|
|
|
|
|
||
|
Turkiye Garanti Bankasi AS |
|
|
|
996,211 |
|
4,473 |
|
||
|
Turkiye Is Bankasi AS, Class C |
|
|
|
484,859 |
|
2,333 |
|
||
|
Yapi ve Kredi Bankasi AS |
|
(a) |
|
1,421,586 |
|
3,023 |
|
||
|
|
|
|
|
|
|
9,829 |
|
||
|
Food & Staples Retailing |
|
|
|
|
|
|
|
||
|
BIM Birlesik Magazalar AS |
|
|
|
48,630 |
|
2,865 |
|
||
|
Insurance |
|
|
|
|
|
|
|
||
|
Aksigorta AS |
|
|
|
205,000 |
|
1,009 |
|
||
|
|
|
|
|
|
|
16,175 |
|
||
|
TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
||
|
(Cost $341,150) |
|
|
|
|
|
504,289 |
|
||
|
INVESTMENT COMPANY (0.7%) |
|
|
|
|
|
|
|
||
|
India (0.7%) |
|
|
|
|
|
|
|
||
|
Morgan Stanley Growth Fund |
|
|
|
|
|
|
|
||
|
(Cost $729) |
|
(e) |
|
3,892,400 |
|
3,824 |
|
||
|
|
|
|
|
Face |
|
|
|
||
|
|
|
|
|
Amount |
|
|
|
||
|
|
|
|
|
(000) |
|
|
|
||
|
DEBT INSTRUMENTS (0.0%) |
|
|
|
|
|
|
|
|
|
|
India (0.0%) |
|
|
|
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
|
|
Shri Ishar Alloy Steels Ltd. |
|
|
|
|
|
|
|
|
|
|
15.00%, (expired maturity) (Cost $408) |
|
|
|
|
|
|
|
|
|
|
|
|
INR |
(a)(b)(c) |
|
581 |
|
@— |
|
|
|
SHORT-TERM INVESTMENT (1.2%) |
|
|
|
|
|
|
|
|
|
|
United States (1.2%) |
|
|
|
|
|
|
|
|
|
|
Repurchase Agreement |
|
|
|
|
|
|
|
|
|
|
J.P.
Morgan Securities, Inc., 5.28%, |
|
$ |
(f) |
|
6,333 |
|
6,333 |
|
|
|
TOTAL
INVESTMENTS + (99.6%) |
|
|
|
|
|
|
|
514,446 |
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES (0.4%) |
|
|
|
|
|
|
|
1,813 |
|
|
NET ASSETS (100%) |
|
|
|
|
|
|
|
$ 516,259 |
|
|
(a) |
|
Non-income producing security. |
|
(b) |
|
Security was valued at fair value — At March 31, 2007, the Fund held $5,320,000 of fair valued securities, representing 1.0% of net assets. |
|
(c) |
|
Security has been deemed illiquid at March 31, 2007. |
|
(d) |
|
144A Security — Certain conditions for public sale must exist. Unless otherwise noted, these securities are deemed to be liquid. |
|
(e) |
|
Investment in Security of Affiliated Issuer — The Morgan Stanley Growth Fund, acquired at a cost of $729,025 is advised by an affiliate of the Adviser. During the period ended March 31, 2007, there were no purchases or sales of this security. The Fund derived no income from this security during the period ended March 31, 2007. |
|
(f) |
|
Represents the Fund’s undivided interest in a joint repurchase agreement which has a total value of $1,580,364,000. 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 5/7/07 to 3/2/21; Federal Home Loan Bank, 0.00% to 6.42%, due 4/2/07 to 3/9/26; Federal Home Loan Mortgage Corp., 0.00% to 7.00%, due 4/2/07 to 3/15/31; Federal National Mortgage Association, 0.00% to 7.13%, due 4/5/07 to 3/17/31; Tennessee Valley Authority, 4.88%, due 12/15/16, which had a total value of $1,661,974,119. 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, 2007, the U.S. Federal income tax cost basis of investments was approximately $348,620,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $165,826,000 of which $172,966,000 related to appreciated securities and $7,140,000 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:
|
|
|
|
|
|
|
|
|
|
|
Net |
|
|||||||||||
|
Currency |
|
|
|
|
|
In |
|
|
|
Unrealized |
|
|||||||||||
|
to |
|
|
|
|
|
Exchange |
|
|
|
Appreciation |
|
|||||||||||
|
Deliver |
|
Value |
|
Settlement |
|
For |
|
Value |
|
(Depreciation) |
|
|||||||||||
|
(000) |
|
(000) |
|
Date |
|
(000) |
|
(000) |
|
(000) |
|
|||||||||||
|
BRL |
|
209 |
|
$ |
101 |
|
|
4/4/07 |
|
USD |
|
|
102 |
|
|
$ |
102 |
|
|
$ |
1 |
|
|
EUR |
|
282 |
|
377 |
|
|
4/2/07 |
|
USD |
|
|
376 |
|
|
376 |
|
|
(1 |
) |
|||
|
MAD |
|
387 |
|
46 |
|
|
4/3/07 |
|
USD |
|
|
46 |
|
|
46 |
|
|
@— |
|
|||
|
MAD |
|
2,493 |
|
298 |
|
|
4/5/07 |
|
USD |
|
|
298 |
|
|
298 |
|
|
@— |
|
|||
|
PLN |
|
488 |
|
168 |
|
|
4/2/07 |
|
USD |
|
|
167 |
|
|
167 |
|
|
(1 |
) |
|||
|
PLN |
|
121 |
|
42 |
|
|
4/3/07 |
|
USD |
|
|
42 |
|
|
42 |
|
|
@— |
|
|||
|
USD |
|
45 |
|
45 |
|
|
4/2/07 |
|
BRL |
|
|
92 |
|
|
45 |
|
|
@— |
|
|||
|
USD |
|
116 |
|
116 |
|
|
4/2/07 |
|
HKD |
|
|
903 |
|
|
116 |
|
|
@— |
|
|||
|
USD |
|
9 |
|
9 |
|
|
4/3/07 |
|
INR |
|
|
400 |
|
|
9 |
|
|
@— |
|
|||
|
USD |
|
51 |
|
51 |
|
|
4/4/07 |
|
MAD |
|
|
430 |
|
|
51 |
|
|
@— |
|
|||
|
USD |
|
22 |
|
22 |
|
|
4/2/07 |
|
MXN |
|
|
246 |
|
|
22 |
|
|
@— |
|
|||
|
USD |
|
182 |
|
182 |
|
|
4/3/07 |
|
MXN |
|
|
2,004 |
|
|
181 |
|
|
(1 |
) |
|||
|
USD |
|
772 |
|
772 |
|
|
4/4/07 |
|
MXN |
|
|
8,527 |
|
|
772 |
|
|
@— |
|
|||
|
USD |
|
71 |
|
71 |
|
|
4/2/07 |
|
TRY |
|
|
99 |
|
|
71 |
|
|
@— |
|
|||
|
USD |
|
165 |
|
165 |
|
|
4/4/07 |
|
PLN |
|
|
477 |
|
|
165 |
|
|
@— |
|
|||
|
USD |
|
24 |
|
24 |
|
|
4/2/07 |
|
ZAR |
|
|
173 |
|
|
24 |
|
|
@— |
|
|||
|
USD |
|
17 |
|
17 |
|
|
4/3/07 |
|
TRY |
|
|
23 |
|
|
17 |
|
|
@— |
|
|||
|
USD |
|
43 |
|
43 |
|
|
4/3/07 |
|
ZAR |
|
|
314 |
|
|
43 |
|
|
@— |
|
|||
|
ZAR |
|
79,086 |
|
10,851 |
|
|
5/16/07 |
|
USD |
|
|
10,786 |
|
|
10,786 |
|
|
(65 |
) |
|||
|
|
|
|
|
$ |
13,400 |
|
|
|
|
|
|
|
|
$ |
13,333 |
|
|
$ |
(67 |
) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
BRL |
— Brazilian Real |
|
EUR |
— Euro |
|
HKD |
— Hong Kong Dollar |
|
MAD |
— Morrocan Dirham |
|
MXN |
— Mexican Peso |
|
PLN |
— Polish Zloty |
|
TRY |
— New Turkish Lira |
|
USD |
— United States 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: |
5/22/07 |
|
||
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: |
5/22/07 |
|
||
|
|
|
|
||
|
By: |
/s/ James Garrett |
|
||
|
Name: |
James Garrett |
|
||
|
Title: |
Principal Financial Officer |
|
||
|
Date: |
5/22/07 |
|
||