[Annotated Form N-Q]

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

 

 

 

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-05348

 

THE THAI FUND, INC.

(Exact name of registrant as specified in charter)

522 FIFTH AVENUE, NEW YORK, NY

10036

(Address of principal executive offices)

(Zip code)

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

(Name and address of agent for service)

 

 

 

Registrant’s telephone number, including area code:

1-800-231-2608

 

 

Date of fiscal year end:

12/31

 

 

Date of reporting period:

3/31/08

 

 


 

Item 1.   Schedule of Investments.

 

The Fund’s schedule of investment as of the close of the reporting period prepared pursuant to Rule 12-12 Regulation S-X is as follows:

 


 

Morgan Stanley Thai Fund, Inc.
Portfolio of Investments

First Quarter Report

March 31, 2008 (unaudited)

 

 

 

Shares

 

Value
(000)

 

THAI INVESTMENT PLAN (96.7%)

 

 

 

 

 

THAI COMMON STOCKS (96.7%)

 

 

 

 

 

(Unless Otherwise Noted)

 

 

 

 

 

Airlines (1.6%)

 

 

 

 

 

Thai Airways International PCL

 

3,863,300

 

$

3,569

 

Beverages (0.6%)

 

 

 

 

 

Serm Suk PCL

 

(a)2,252,600

 

1,318

 

Building Products (0.6%)

 

 

 

 

 

Dynasty Ceramic PCL

 

2,335,500

 

1,210

 

Capital Markets (3.0%)

 

 

 

 

 

Kim Eng Securities Thailand PCL

 

8,511,600

 

6,466

 

Commercial Banks (22.5%)

 

 

 

 

 

Bangkok Bank PCL

 

3,453,050

 

14,854

 

Bank of Ayudhya PCL

 

(a)10,811,500

 

7,959

 

Kasikornbank PCL

 

3,376,700

 

9,699

 

Krung Thai Bank PCL

 

4,235,700

 

1,365

 

Siam Commercial Bank PCL

 

5,167,100

 

14,908

 

 

 

 

 

48,785

 

Construction Materials (2.7%)

 

 

 

 

 

Siam Cement PCL

 

863,100

 

5,880

 

Consumer Finance (0.3%)

 

 

 

 

 

Krungthai Card PCL

 

742,200

 

549

 

Diversified Telecommunication Services (1.2%)

 

 

 

 

 

Shin Satellite PCL

 

(a)7,737,800

 

2,537

 

Food & Staples Retailing (3.3%)

 

 

 

 

 

CP ALL PCL

 

11,126,200

 

3,675

 

Siam Makro PCL

 

1,087,600

 

3,460

 

 

 

 

 

7,135

 

Hotels, Restaurants & Leisure (5.5%)

 

 

 

 

 

Minor International PCL

 

22,225,700

 

11,968

 

Household Durables (11.2%)

 

 

 

   

 

Asian Property Development PCL

 

52,706,100

 

12,675

 

Golden Land Property PCL

 

(a)9,352,900

 

2,302

 

Lalin Property PCL

 

6,141,800

 

656

 

Land & Houses PCL

 

25,872,700

 

8,083

 

Quality House PCL

 

6,852,000

 

598

 

 

 

 

 

24,314

 

Insurance (0.9%)

 

 

 

 

 

Bangkok Insurance PCL

 

228,065

 

2,028

 

Marine (4.5%)

 

 

 

 

 

Precious Shipping PCL

 

4,502,900

 

3,494

 

Thoresen Thai Agencies PCL

 

4,640,000

 

6,296

 

 

 

 

 

9,790

 

Media (8.3%)

 

 

 

 

 

BEC World PCL

 

8,175,100

 

7,410

 

Major Cineplex Group PCL

 

10,836,900

 

6,279

 

MCOT PCL

 

4,729,800

 

4,216

 

 

 

 

 

17,905

 

Multiline Retail (1.9%)

 

 

 

 

 

Big C Supercenter PCL

 

2,605,700

 

4,012

 

Oil, Gas & Consumable Fuels (23.1%)

 

 

 

 

 

Banpu PCL

 

727,300

 

9,664

 

PTT Exploration & Production PCL

 

3,241,600

 

15,608

 

PTT PCL

 

2,449,300

 

24,734

 

 

 

 

 

50,006

 

 


 

Real Estate (1.6%)

 

 

 

 

 

Amata Corp. PCL

 

2,353,800

 

1,267

 

MBK PCL

 

937,800

 

2,133

 

 

 

 

 

3,400

 

Textiles, Apparel & Luxury Goods (0.0%)

 

 

 

 

 

Thai Rung Textile Co., Ltd.

 

(a)(b)(c)(d)958

 

—

 

Wireless Telecommunication Services (3.9%)

 

 

 

 

 

Advanced Info Service PCL

 

2,657,400

 

8,471

 

TOTAL COMMON STOCKS (Cost $132,300)

 

 

 

209,343

 

 

 

 

No. of

 

 

 

 

 

Rights

 

 

 

RIGHTS (0.0%)

 

 

 

 

 

Diversified Telecommunications Services (0.0%)

 

 

 

 

 

True Corp. PCL (Cost $—)

 

(a)(c)(d)721,421

 

—

 

TOTAL THAI INVESTMENT PLAN (96.7%) (Cost $132,300)

 

 

 

209,343

 

 

 

 

Shares

 

 

 

SHORT-TERM INVESTMENT (0.9%)

 

 

 

 

 

Investment Company (0.9%)

 

 

 

 

 

Morgan Stanley Institutional Liquidity Money Market Portfolio — Institutional Class (Cost $2,012)

 

(e)2,012,361

 

2,012

 

TOTAL INVESTMENTS + (97.6%) (Cost $134,312)

 

 

 

(f)211,355

 

OTHER ASSETS IN EXCESS OF LIABILITIES (2.4%)

 

 

 

5,073

 

NET ASSETS (100%)

 

 

 

$

216,428

 

 

(a)

Non-income producing security.

(b)

Restricted security not registered under the Securities Act of 1933. Acquired 4/89 at a cost of $49,000. At March 31, 2008, this security had a market value of less than $500, representing less than 0.05% of net assets.

(c)

Security has been deemed illiquid at March 31, 2008.

(d)

Security was valued at fair value — At March 31, 2008, the Fund held fair valued securites, each valued at less than $500, representing less than 0.05% of net assets.

(e)

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Money Market Portfolio (the “Liquidity Fund”), an open-end management investment company managed by the Adviser. Investment Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Liquidity Fund. For the three months ended March 31, 2008, advisory fees paid were reduced by less than $500 relating to the Fund’s investment in the Liquidity Fund. For the same period, income distributions earned by the Fund are recorded as dividends from affiliates and totaled approximately $18,000. During the three months ended March 31, 2008, the approximate cost of purchases and sales in the Liquidity Fund were $5,781,000 and $4,044,000, respectively.

(f)

The approximate market value and percentage of the investments, $209,342,000 and 99.0%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments.

+

At March 31, 2008, the U.S. Federal income tax cost basis of investments was approximately $134,312,000 and, accordingly, net unrealized appreciation for U.S. Federal income tax purposes was $77,043,000 of which $82,428,000 related to appreciated securities and $5,385,000 related to depreciated securities.

 


 

Notes to Portfolio of Investments (unaudited)

 

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

 

Level 1 –

quoted prices in active markets for identical investments

Level 2 –

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

Level 3 –

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

 

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

 

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

 

 

 

Investments in

 

Other Financial

 

 

 

Securities

 

Instruments*

 

Valuation Inputs

 

(000)

 

(000)

 

Level 1 - Quoted Prices

 

$

—

 

$

—

 

Level 2 - Other Significant Observable Inputs

 

211,355

 

—

 

Level 3 - Significant Unobservable Inputs

 

—

 

—

 

Total

 

$

211,355

 

$

—

 

 

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

 

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

 

 

 

Investments in

 

Other Financial

 

 

 

Securities

 

Instruments

 

 

 

(000)

 

(000)

 

Balance as of 12/31/07

 

$

—

 

$

—

 

Accrued discounts/premiums

 

—

 

—

 

Realized gain (loss)

 

—

 

—

 

Change in unrealized appreciation (depreciation)

 

—

 

—

 

Net purchases (sales)

 

—

 

—

 

Net transfers in and/or out of Level 3

 

—

 

—

 

Balance as of 3/31/08

 

$

—

 

$

—

 

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

 

$

—

 

$

—

 

 

Security Valuation — Securities listed on a foreign exchange are valued at their closing price. Unlisted securities and listed securities not traded on the valuation date for which market quotations are readily available are valued at the mean between the current bid and asked prices obtained from reputable brokers. Equity securities listed on a U.S. exchange are valued at the latest quoted sales price on the valuation date. Equity securities listed or traded on NASDAQ, for which market quotations are available, are valued at the NASDAQ Official Closing Price. Debt securities purchased with remaining maturities of 60 days or less are valued at amortized cost, if it approximates market value.

 


 

All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board of Directors (the “Directors”), although the actual calculations may be done by others. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

 

Most foreign markets close before the New York Stock Exchange (“NYSE”). Occasionally, developments that could affect the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the NYSE. If these developments are expected to materially affect the value of the securities, the valuations may be adjusted to reflect the estimated fair value as of the close of the NYSE, as determined in good faith under procedures established by the Directors.

 


 

Item 2.   Controls and Procedures.

 

(a) The Fund’s principal executive officer and principal financial officer have concluded that the Fund’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, based upon such officers’ evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

 

(b)  There were no changes in the Fund’s internal control over financial reporting that occurred during the registrant’s fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

 

Item 3.   Exhibits.

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)

The Thai Fund, Inc.

 

By:

/s/ Ronald E. Robison

 

Name:

Ronald E. Robison

 

Title:

Principal Executive Officer

 

Date:

May 20, 2008

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:

/s/ Ronald E. Robison

 

Name:

Ronald E. Robison

 

Title:

Principal Executive Officer

 

Date:

May 20, 2008

 

 

 

 

By:

/s/ James Garrett

 

Name:

James Garrett

 

Title:

Principal Financial Officer

 

Date:

May 20, 2008

 

 

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