- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
November 24 2009 - 10:24AM
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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9/30/09
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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
Third
Quarter Report
September 30,
2009 (unaudited)
|
|
Shares
|
|
Value
(000)
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|
COMMON
STOCKS (94.8%)
|
|
|
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(Unless
Otherwise Noted)
|
|
|
|
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|
Airlines
(1.4%)
|
|
|
|
|
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Thai Airways International PCL (a)
|
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3,556,500
|
|
$
|
2,374
|
|
|
|
|
|
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Beverages
(0.3%)
|
|
|
|
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Serm Suk PCL
|
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1,010,100
|
|
438
|
|
|
|
|
|
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Capital
Markets (2.0%)
|
|
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Kim Eng Securities Thailand PCL
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7,835,800
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|
3,330
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|
|
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Commercial
Banks (21.6%)
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Bangkok Bank PCL
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3,178,850
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11,513
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|
Bank of Ayudhya PCL
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9,953,000
|
|
5,720
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|
Kasikornbank PCL
|
|
3,108,600
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7,676
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|
Siam Commercial Bank PCL
|
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4,756,800
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|
12,102
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|
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|
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|
37,011
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|
Construction &
Engineering (3.1%)
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|
|
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Italian-Thai Development PCL (a)
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47,015,500
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5,207
|
|
|
|
|
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Construction
Materials (3.1%)
|
|
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|
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Siam Cement PCL
|
|
794,600
|
|
5,280
|
|
|
|
|
|
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Food &
Staples Retailing (6.0%)
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|
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CP ALL PCL
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13,487,600
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|
8,114
|
|
Siam Makro PCL
|
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1,001,200
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|
2,218
|
|
|
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10,332
|
|
Hotels,
Restaurants & Leisure (4.9%)
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Minor International PCL
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22,507,070
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8,353
|
|
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Household
Durables (0.5%)
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Golden Land Property Development PCL (a)
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8,610,300
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902
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|
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Insurance
(0.9%)
|
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|
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Bangkok Insurance PCL
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209,965
|
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1,489
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|
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Marine
(3.4%)
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Precious Shipping PCL
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4,145,400
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2,221
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Thoresen Thai Agencies PCL
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4,698,760
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3,657
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5,878
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Media
(6.6%)
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BEC World PCL
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8,059,500
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5,452
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Major Cineplex Group PCL
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9,976,450
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2,508
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MCOT PCL
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4,733,000
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3,400
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11,360
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Multiline
Retail (1.8%)
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|
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Big C Supercenter PCL
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2,398,800
|
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3,141
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|
|
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Oil,
Gas & Consumable Fuels (23.0%)
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Banpu PCL
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495,500
|
|
6,378
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PTT Exploration & Production PCL
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2,870,300
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12,414
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PTT PCL
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2,254,800
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17,682
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Thai Oil PCL
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2,103,000
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2,848
|
|
|
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|
39,322
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Real
Estate Management & Development (9.5%)
|
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Asian Property Development PCL
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30,063,500
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5,849
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Land & Houses PCL
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32,230,100
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|
6,463
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MBK PCL
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863,300
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|
1,628
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Quality Houses PCL
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31,937,000
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2,294
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16,234
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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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Transportation
Infrastructure (1.1%)
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Airports of Thailand PCL
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1,455,400
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1,840
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Wireless Telecommunication Services (5.6%)
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Advanced Info Service PCL
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3,402,200
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9,598
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TOTAL COMMON STOCKS
(Cost $130,089)
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162,089
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SHORT-TERM INVESTMENT (0.9%)
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Investment Company (0.9%)
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Morgan Stanley Institutional Liquidity Funds
Money Market Portfolio Institutional Class (e)
(Cost $1,622)
|
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1,621,626
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1,622
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TOTAL INVESTMENTS
(95.7%) (Cost
$131,711) +
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|
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163,711
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OTHER ASSETS IN EXCESS OF
LIABILITIES
(4.3%)
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7,310
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|
NET ASSETS (100%)
|
|
|
|
$
|
171,021
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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 September 30, 2009.
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(c)
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At
September 30, 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 1933. Acquired 4/89 at a
cost of $49,000. At September 30, 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 September 30, 2009, advisory fees paid were reduced by
approximately $2,000 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 $6,000. For
the period ended September 30, 2009, the approximate cost of purchases
and sales in the Liquidity Fund were $8,737,000 and $8,057,000, respectively.
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+
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At
September 30, 2009, the U.S. Federal income tax cost basis of
investments was approximately $131,711,000 and, accordingly, net unrealized
appreciation for U.S. Federal income tax purposes was $32,000,000 of which
$46,730,000 related to appreciated securities and $14,730,000 related to
depreciated securities.
|
The
Thai Fund, Inc.
Portfolio
of Investments
Third
Quarter Report
September 30,
2009 (unaudited)
Fair Value Measurement Information:
The
following is a summary of the inputs used to value the Funds net assets as of September 30,
2009. (See Notes to Portfolio of Investments for further information regarding
fair value measurement.)
Investment Type
|
|
Level 1
Quoted
prices
(000)
|
|
Level 2
Other
significant
observable
inputs
(000)
|
|
Level 3
Significant
unobservable
inputs
(000)
|
|
Total
(000)
|
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Assets:
|
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|
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Common Stocks
|
|
|
|
|
|
|
|
|
|
Airlines
|
|
|
$
|
2,374
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
2,374
|
|
Beverages
|
|
438
|
|
|
|
|
|
438
|
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Capital Markets
|
|
3,330
|
|
|
|
|
|
3,330
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Commercial Banks
|
|
37,011
|
|
|
|
|
|
37,011
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Construction & Engineering
|
|
5,207
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5,207
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Construction Materials
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|
5,280
|
|
|
|
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5,280
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Food & Staples Retailing
|
|
10,332
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|
|
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10,332
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Hotels, Restaurants & Leisure
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|
8,353
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8,353
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Household Durables
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|
902
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|
|
|
|
|
902
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|
Insurance
|
|
1,489
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|
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|
1,489
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Marine
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5,878
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5,878
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Media
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|
11,360
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|
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11,360
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Multiline Retail
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3,141
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|
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3,141
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Oil, Gas & Consumable Fuels
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39,322
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|
|
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39,322
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Real Estate Management & Development
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16,234
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|
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16,234
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Textiles, Apparel & Luxury Goods
|
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**
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|
**
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Transportation Infrastructure
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1,840
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|
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1,840
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Wireless Telecommunication Services
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9,598
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9,598
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Total Common Stocks
|
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162,089
|
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|
**
|
162,089
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|
Short-Term Investment
|
|
|
|
|
|
|
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|
Investment Company
|
|
1,622
|
|
|
|
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|
1,622
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Total Assets
|
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163,711
|
|
|
|
|
**
|
163,711
|
|
|
|
|
|
|
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Total
|
|
$
|
163,711
|
|
$
|
|
|
$
|
|
**
|
$
|
163,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following is a reconciliation of investments in which significant unobservable
inputs (Level 3) were used in determining value:
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|
Common
Stocks
|
|
Balance as of 12/31/08
|
|
$
|
|
**
|
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 9/30/09
|
|
$
|
|
**
|
The amount of total 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 9/30/09.
|
|
$
|
|
|
** Includes
a security which is valued at zero.
Notes to Portfolio of Investments
(unaudited)
In accordance with FASB
ASC 820 Fair Value Measurements and Disclosure (ASC 820) (formerly known as
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. ASC 820
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 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.
Security
Valuation:
Securities
listed on a foreign exchange are valued at their closing price except as noted
below. 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, unless the Board of Directors
(the Directors) determines such valuation does not reflect the securities
market value, in which case these securities will be valued at their fair value
as determined by the Directors.
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
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)
|
The
Thai Fund, Inc.
|
|
By:
|
/s/
Randy Takian
|
|
Name:
|
Randy
Takian
|
Title:
|
Principal
Executive Officer
|
Date:
|
November 19,
2009
|
|
|
|
|
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/
Randy Takian
|
|
Name:
|
Randy
Takian
|
Title:
|
Principal
Executive Officer
|
Date:
|
November 19,
2009
|
|
|
|
|
By:
|
/s/
James Garrett
|
|
Name:
|
James
Garrett
|
Title:
|
Principal
Financial Officer
|
Date:
|
November 19,
2009
|
|
|
|
|
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