- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
November 26 2008 - 3:35PM
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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9/30/08
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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:
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Third Quarter Report
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September 30, 2008 (unaudited)
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Portfolio
of Investments
The Thai Fund, Inc.
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Value
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Shares
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(000)
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Common Stocks (97.2%)
(Unless Otherwise Noted)
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Airlines (0.9%)
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Thai Airways International PCL
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3,863,300
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$
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1,384
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Beverages (0.6%)
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Serm Suk PCL
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2,252,600
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857
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Building Products (0.7%)
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Dynasty Ceramic PCL
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2,335,500
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1,081
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Capital Markets (2.1%)
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Kim Eng Securities Thailand PCL
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8,511,600
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3,120
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Commercial Banks (22.3%)
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Bangkok Bank PCL
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3,453,050
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10,604
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Bank of Ayudhya PCL
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10,811,500
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5,272
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Kasikornbank PCL
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3,376,700
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6,307
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Krung Thai Bank PCL
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4,235,700
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766
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Siam Commercial Bank PCL
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5,167,100
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10,666
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33,615
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Construction & Engineering (3.9%)
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Italian-Thai Development PCL
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51,070,600
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5,816
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Construction Materials (2.2%)
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Siam Cement PCL
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863,100
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3,294
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Consumer Finance (0.2%)
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Krungthai Card PCL
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742,200
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325
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Diversified Telecommunication Services
(0.7%)
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Thaicom PCL (a)
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7,737,800
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984
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Food & Staples Retailing (4.9%)
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CP ALL PCL
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14,650,900
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4,718
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Siam Makro PCL
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1,087,600
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2,646
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7,364
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Hotels, Restaurants & Leisure
(5.4%)
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Minor International PCL
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24,448,270
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8,131
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Household Durables (8.6%)
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Asian Property Development PCL
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32,656,500
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4,761
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Golden Land Property PCL
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9,352,900
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1,243
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Lalin Property PCL
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3,970,000
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142
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Land & Houses PCL
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35,009,900
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6,452
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Quality House PCL
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6,852,000
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362
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12,960
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Insurance (1.0%)
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Bangkok Insurance PCL
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228,065
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1,542
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Marine (3.7%)
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Precious Shipping PCL
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4,502,900
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2,042
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Thoresen Thai Agencies PCL
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4,640,000
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3,607
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5,649
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Media (8.2%)
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BEC World PCL
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9,714,400
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6,181
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Major Cineplex Group PCL
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10,836,900
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3,103
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MCOT PCL
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5,141,200
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3,022
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12,306
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Multiline Retail (2.2%)
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Big C Supercenter PCL
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2,605,700
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3,265
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Oil, Gas & Consumable Fuels
(22.2%)
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Banpu plc
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538,200
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4,794
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PTT Exploration & Production PCL
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3,117,900
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11,878
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PTT PCL
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2,449,300
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16,810
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33,482
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Real Estate (1.5%)
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Amata Corp. PCL
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2,353,800
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587
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MBK PCL
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937,800
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1,707
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2,294
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Textiles, Apparel & Luxury Goods
(0.0%)
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Thai Rung Textile Co., Ltd. (a)(b)(c)
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958
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Wireless Telecommunication Services (5.9%)
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Advanced Info Service PCL
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3,695,600
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8,876
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Total Common Stocks (Cost $143,673)
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146,345
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Short-Term Investment (0.8%)
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Investment Company (0.8%)
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Morgan Stanley Institutional Liquidity
Money Market Portfolio Institutional Class
(Cost $1,240)
(d)
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1,240,217
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1,240
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Total Investments (98.0%) (Cost $144,913)
+(e)
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147,585
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Other Assets in Excess of Liabilities
(2.0%)
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2,998
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Net Assets (100%)
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$
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150,583
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(a)
Non-income producing security.
(b)
Security has been deemed illiquid at September 30,
2008
(c)
Securities were valued at fair value At September 30,
2008, the Fund held less than $500 of fair valued securities, representing less
than 0.05% of net assets.
(d)
The Fund invests in the Morgan Stanley
Institutional Liquidity 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, 2008, advisory fees paid were
reduced by approximately $1,000 relating to the Funds investment in the
Liquidity Fund. For the same period, income distributions earned by the Fund
are recorded as dividends from affiliates and totaled approximately $40,000.
For the period ended September 30, 2008, the approximate cost of purchases
and sales in the Liquidity Fund were $5,807,000 and $4,842,000, respectively.
(e)
The approximate market value and percentage of
total investments, $146,345,000 and 99.2%, respectively, represent the
securities that have been fair valued under the fair valuation policy for
international investments.
+
At September 30, 2008, the U.S. Federal
income tax cost basis of investments was approximately $144,913,000 and,
accordingly, net unrealized appreciation for U.S. Federal income tax purposes
was $2,672,000 of which $30,436,000 related to appreciated securities and
$27,764,000 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 entitys 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 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 September 30, 2008 in
valuing the Funds investments carried at value:
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Investments in
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Other Financial
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Securities
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Instruments*
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Valuation Inputs
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(000)
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(000)
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Level 1 - Quoted Prices
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$
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1,240
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$
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Level 2 - Other Significant Observable
Inputs
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146,345
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Level 3 - Significant Unobservable Inputs
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Total
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$
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147,585
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$
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*Other
financial instruments include futures, forwards and swap contracts.
At
September 30, 2008 there were no Level 3 Portfolio investments for which
significant unobservable inputs were used to determine fair value.
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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November 18,
2008
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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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November 18,
2008
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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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November 18,
2008
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