- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
May 27 2010 - 4:19PM
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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3/31/10
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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, 2010 (unaudited)
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Value
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Shares
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(000)
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COMMON STOCKS (96.8%)
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Airlines (1.7%)
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Thai Airways International PCL
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3,556,500
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$
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3,107
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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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2,859
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Commercial Banks (21.3%)
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Bangkok Bank PCL
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3,178,850
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12,928
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Bank of Ayudhya PCL
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5,023,800
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3,294
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Kasikornbank PCL
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3,108,600
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9,277
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Siam Commercial Bank PCL
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4,756,800
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13,534
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39,033
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Construction & Engineering (3.6%)
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Italian-Thai Development PCL (a)
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47,015,500
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3,664
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Sino Thai Engineering &
Construction
PCL
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16,797,300
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2,987
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6,651
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Construction Materials (3.5%)
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Siam Cement PCL
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794,600
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6,315
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Food & Staples Retailing (7.9%)
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CP ALL PCL (a)
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13,487,600
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11,471
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Siam Makro PCL
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1,001,200
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3,003
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14,474
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Hotels, Restaurants & Leisure (2.4%)
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Minor International PCL
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12,732,770
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4,332
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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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905
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Insurance (1.1%)
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Bangkok Insurance PCL
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314,947
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1,948
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Marine (4.6%)
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Precious Shipping PCL
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8,489,300
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4,962
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Thoresen Thai Agencies PCL
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4,698,760
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3,531
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8,493
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Media (5.1%)
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BEC World PCL
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4,029,800
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3,091
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Major Cineplex Group PCL
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9,976,450
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2,792
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MCOT PCL
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4,733,000
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3,440
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9,323
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Multiline Retail (2.0%)
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Big C Supercenter PCL (a)
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2,398,800
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3,672
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Oil, Gas & Consumable Fuels (24.2%)
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Banpu PCL
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699,700
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13,200
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PTT Exploration & Production PCL
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2,870,300
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13,182
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PTT PCL
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1,810,400
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14,669
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Thai Oil PCL
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2,103,000
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3,252
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44,303
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Real Estate Management & Development (14.1%)
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Asian Property Development PCL
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39,134,000
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6,354
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Land & Houses PCL
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32,230,100
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6,031
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MBK PCL
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863,300
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2,029
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Quality Houses PCL
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67,196,800
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5,029
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Sansiri PCL
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41,175,300
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6,265
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25,708
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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 (0.9%)
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Airports of Thailand PCL
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1,455,400
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1,722
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Wireless Telecommunication Services (2.3%)
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Advanced Info Service PCL
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1,571,500
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4,192
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TOTAL COMMON STOCKS
(Cost $130,795)
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177,037
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SHORT-TERM INVESTMENT (1.3%)
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Investment Company (1.3%)
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Morgan Stanley Institutional
Liquidity
Funds Money Market
Portfolio Institutional
Class (e)
(Cost $2,405)
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2,404,665
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2,405
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TOTAL INVESTMENTS
(98.1%) (Cost $133,200) +
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179,442
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OTHER ASSETS IN EXCESS OF LIABILITIES
(1.9%)
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3,422
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NET ASSETS (100%)
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$
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182,864
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(a)
Non-income producing
security.
(b)
Security has been deemed
illiquid at March 31, 2010.
(c)
At March 31, 2010, the
Fund held a fair valued security, valued at $0, representing 0% of net assets.
This security has been fair valued as determined in good faith under procedures
established by and under the general supervision of the Funds Directors.
(d)
Restricted security not
registered under the Securities Act of 1933. Acquired 4/89 at a cost of
$49,000. At March 31, 2010, this security had a market value of $0,
representing less than 0% of net assets.
(e)
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,
2010, 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 $1,000. For the period ended March 31, 2010, the
approximate cost of purchases and sales in the Liquidity Fund were $4,411,000
and $3,267,000, respectively.
+
At March 31,
2010, the U.S. Federal income tax cost basis of investments was approximately
$133,200,000 and, accordingly, net unrealized appreciation for U.S. Federal
income tax purposes was $46,242,000 of which $61,450,000 related to appreciated
securities and $15,208,000 related to depreciated securities.
The Thai Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2010 (unaudited)
Fair Value
Measurement Information:
The following is a summary of
the inputs used to value the Funds net assets as of March 31, 2010. (See
Notes to Portfolio of Investments for further information regarding fair value
measurement.)
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Level 2
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Other
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Level 3
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Level 1
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significant
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Significant
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Quoted
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observable
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unobservable
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prices
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inputs
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inputs
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Total
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Investment
Type
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(000)
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(000)
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(000)
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(000)
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Assets:
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Common Stocks
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Airlines
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$
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3,107
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$
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$
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$
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3,107
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Capital Markets
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2,859
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2,859
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Commercial
Banks
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39,033
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39,033
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Construction &
Engineering
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6,651
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6,651
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Construction
Materials
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6,315
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6,315
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Food & Staples
Retailing
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14,474
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14,474
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Hotels,
Restaurants &
Leisure
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4,332
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4,332
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Household
Durables
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905
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905
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Insurance
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1,948
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1,948
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Marine
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8,493
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8,493
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Media
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9,323
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9,323
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Multiline Retail
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3,672
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3,672
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Oil, Gas &
Consumable Fuels
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44,303
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44,303
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Real Estate
Management &
Development
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25,708
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25,708
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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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1,722
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1,722
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Wireless
Telecommunication Services
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4,192
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4,192
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Total Common
Stocks
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177,037
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**
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177,037
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Short-Term Investments
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Investment
Company
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2,405
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2,405
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Total Assets
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179,442
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**
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179,442
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Total
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$
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179,442
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$
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$
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|
**
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$
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179,442
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The following is a
reconciliation of investments in which significant unobservable inputs (Level
3) were used in determining value:
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Common
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Stocks
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Balance as of 12/31/09
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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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|
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Transfers in for Level 3
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Transfers out of Level 3
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Balance as of 3/31/10
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$
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|
**
|
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
3/31/10.
|
|
$
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|
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** 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:
|
May 17,
2010
|
|
|
|
|
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:
|
May 17,
2010
|
|
|
|
|
By:
|
/s/
Frank Smith
|
|
Name:
|
Frank
Smith
|
Title:
|
Principal
Financial Officer
|
Date:
|
May 17,
2010
|
|
|
|
|
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