- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
May 29 2009 - 10:37AM
Edgar (US Regulatory)
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
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811-05348
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THE
THAI FUND, INC.
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(Exact name of registrant as specified in charter)
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522 FIFTH AVENUE NEW YORK, NY
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10036
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(Address of principal executive offices)
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(Zip code)
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RANDY TAKIAN
522 FIFTH AVENUE NEW YORK, NY, 10036
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(Name and address of agent for service)
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Registrants
telephone number, including area code:
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1-800-231-2608
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Date of
fiscal year end:
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12/31
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Date of
reporting period:
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3/31/09
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Item 1. Schedule of Investments.
The
Funds schedule of investment as of the close of the reporting period prepared
pursuant to Rule 12-12 Regulation S-X is as follows:
The Thai Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2009 (unaudited)
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Shares
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Value
(000)
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THAI INVESTMENT PLAN (93.0%)
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COMMON STOCKS (93.0%)
(Unless Otherwise Noted)
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Airlines (1.0%)
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Thai Airways International PCL
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3,556,500
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$
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963
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Beverages (0.5%)
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Serm Suk PCL
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2,073,700
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503
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Building Products (0.8%)
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Dynasty Ceramic PCL
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2,150,100
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782
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Capital Markets (1.6%)
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Kim Eng Securities Thailand PCL
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7,835,800
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1,565
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Commercial Banks (21.4%)
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Bangkok Bank PCL
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3,178,850
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6,738
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Bank of Ayudhya PCL
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9,953,000
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2,457
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Kasikornbank PCL
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3,108,600
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3,957
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Krung Thai Bank PCL
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3,899,400
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502
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Siam Commercial Bank PCL
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4,756,800
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7,294
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20,948
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Construction & Engineering (2.7%)
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Italian-Thai Development PCL
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47,015,500
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2,650
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Construction Materials (2.3%)
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Siam Cement PCL
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794,600
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2,219
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Consumer Finance (0.1%)
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Krungthai Card PCL
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683,300
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125
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Diversified Telecommunication Services (0.7%)
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Thaicom PCL (a)
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7,123,400
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625
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Food & Staples Retailing (6.8%)
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CP ALL PCL
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13,487,600
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4,779
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Siam Makro PCL
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1,001,200
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1,892
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6,671
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Hotels, Restaurants & Leisure (4.2%)
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Minor International PCL
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22,507,070
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4,129
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Household Durables (5.4%)
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Asian Property Development PCL
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30,063,500
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1,952
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Golden Land Property PCL
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8,610,300
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351
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Lalin Property PCL
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3,654,800
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107
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Land & Houses PCL
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32,230,100
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2,711
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Quality House PCL
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6,307,900
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145
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5,266
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Insurance (1.1%)
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Bangkok Insurance PCL
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209,965
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1,113
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Marine (2.9%)
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Precious Shipping PCL
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4,145,400
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1,203
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Thoresen Thai Agencies PCL
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4,698,760
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1,666
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2,869
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Media (7.8%)
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BEC World PCL
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8,059,500
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4,220
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Major Cineplex Group PCL
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9,976,450
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1,859
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MCOT PCL
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4,733,000
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1,586
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7,665
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Multiline Retail (2.9%)
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Big C Supercenter PCL
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2,398,800
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2,805
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Oil, Gas & Consumable Fuels (21.2%)
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Banpu plc
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495,500
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3,039
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PTT Exploration & Production PCL
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2,870,300
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7,956
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PTT PCL
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2,254,800
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9,794
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20,789
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Real Estate (1.5%)
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Amata Corp. PCL
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2,166,900
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189
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MBK PCL
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863,300
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1,230
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1,419
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Textiles, Apparel & Luxury Goods (0.0%)
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Thai Rung Textile Co., Ltd. (a)(b)(c)(d)
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958
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Wireless Telecommunication Services (8.1%)
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Advanced Info Service PCL
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3,402,200
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7,931
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TOTAL
COMMON STOCKS (Cost $133,134)
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91,037
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No. of
Rights
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RIGHTS
(
0.0%
)
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Consumer Finance (0.0%)
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Krungthai Card PCL, expires 12/31/50
(Cost $)
(a)
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2,049,900
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TOTAL THAI INVESTMENT PLAN
(Cost $133,134)
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91,037
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Shares
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SHORT-TERM INVESTMENT (2.3%)
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Investment Company (2.3%)
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Morgan Stanley Institutional Liquidity
Funds Money Market Portfolio Institutional Class
(Cost $2,269)
(e)
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2,269,036
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2,269
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TOTAL INVESTMENTS (95.3%) (Cost $135,403)
+(f)
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93,306
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OTHER ASSETS IN EXCESS OF LIABILITIES (4.7%)
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4,653
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NET ASSETS (100%)
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$
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97,959
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(a)
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Non-income producing security.
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(b)
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Security has been deemed illiquid at March 31, 2009.
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(c)
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At March 31, 2009, the Fund held less than $500 of fair valued
securities, representing less than 0.05% of net assets. These securities have
been fair valued as determined in good faith under procedures established by
and under the general supervision of the Funds Directors.
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(d)
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Restricted security not registered under the Securities Act of 1993.
Acquired 4/89 at a cost of $49,000. At March 31, 2009, this security had
a market value of less than $500, representing less than 0.05% of net assets.
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(e)
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The Fund invests in the Morgan Stanley Institutional Liquidity Funds
Money Market Portfolio Institutional Class (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 period ended March 31, 2009, advisory fees paid were reduced by
approximately $1,000 relating to the Funds investments in the Liquidity
Fund. For the same period, income distributions earned by the Fund are
recorded as dividends from affiliates and totaled approximately $3,000. For
the period ended March 31, 2009, the approximate cost of purchases and
sales in the Liquidity Fund were $8,734,000 and $7,407,000, respectively.
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(f)
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The approximate market value and percentage of total investments,
$91,037,000 and 97.6%, respectively, represent the securities that have been
fair valued under the fair valuation policy for international investments as
described in the Notes to Portfolio of Investments.
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The Thai Fund, Inc.
Portfolio of Investments
Third Quarter Report
March 31, 2009 (unaudited)
+
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At March 31, 2009, the U.S. Federal income tax cost basis of
investments was approximately $135,403,000 and, accordingly, net unrealized
depreciation for U.S. Federal income tax purposes was $42,097,000 of which
$9,078,000 related to appreciated securities and $51,175,000 related to
depreciated securities.
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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 valuing 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 entitys own assumptions about the assumptions market
participants would use in valuing 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 Funds 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 Funds 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,
2009 in valuing the Funds investments carried at value:
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Investments in
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Securities
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Valuation Inputs
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(000)
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Level 1 - Quoted Prices
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$
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2,269
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Level 2 - Other Significant Observable Inputs
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91,037
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Level 3 - Significant Unobservable Inputs
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*
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Total
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$
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93,306
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The following is a reconciliation of investments in
which significant unobservable inputs (Level 3) were used to determine fair
value.
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Investments in
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Securities
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(000)
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Balance as of 12/31/08
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$
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*
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Accrued discounts/premiums
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Realized gain (loss)
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Change in unrealized appreciation (depreciation)
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Net purchases (sales)
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Net transfers in and/or out of Level 3
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Balance as of 3/31/09
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$
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*
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The amount of total realized gains (losses) for the period included in
earnings attributable to the change in unrealized gains (losses) relating to
assets and liabilities still held at Level 3 at 3/31/09
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* Includes a security which is valued at zero.
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 issuers 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
Funds principal executive officer and principal financial officer have
concluded that the Funds 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 Commissions 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 Funds internal control over financial reporting that
occurred during the registrants fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the Funds 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)
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The
Thai Fund, Inc.
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By:
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/s/
Randy Takian
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Name:
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Randy
Takian
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Title:
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Principal
Executive Officer
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Date:
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May 19,
2009
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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:
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/s/
Randy Takian
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Name:
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Randy
Takian
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Title:
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Principal
Executive Officer
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Date:
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May 19,
2009
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By:
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/s/
James Garrett
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Name:
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James
Garrett
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Title:
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Principal
Financial Officer
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Date:
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May 19,
2009
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