- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
November 29 2010 - 4:32PM
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, New York
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10036
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(Address of principal executive offices)
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(Zip code)
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Sara Furber
522 Fifth Avenue, New York, New York 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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212-296-6963
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Date of
fiscal year end:
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12/31/10
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Date of
reporting period:
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9/30/10
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Item 1. Schedule of
Investments.
The
Funds schedule of investments as of the close of the reporting period prepared
pursuant to Rule 12-12 of Regulation S-X is as follows:
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2010 Third Quarter Report
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September 30, 2010 (unaudited)
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Portfolio of Investments
The Thai Fund, Inc.
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Shares
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Value
(000)
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Common
Stocks (95.1%)
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Airlines
(2.5%)
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Thai
Airways International PCL
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4,505,018
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$
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6,234
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Capital
Markets (1.7%)
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Kim
Eng Securities Thailand PCL
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7,835,800
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4,131
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Commercial
Banks (19.3%)
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Bangkok
Bank PCL
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3,178,850
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16,339
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Bank
of Ayudhya PCL
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5,023,800
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4,180
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Kasikornbank
PCL
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2,740,300
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10,564
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Siam
Commercial Bank PCL
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4,756,800
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16,222
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47,305
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Construction &
Engineering (6.2%)
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Italian-Thai
Development PCL (a)
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47,015,500
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7,823
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Sino
Thai Engineering & Construction PCL
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16,797,300
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7,527
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15,350
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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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8,718
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Food &
Staples Retailing (9.7%)
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CP
ALL PCL
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13,487,600
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18,776
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Siam
Makro PCL
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1,001,200
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4,948
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23,724
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Hotels,
Restaurants & Leisure (2.3%)
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Minor
International PCL
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12,732,770
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5,664
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Insurance
(1.0%)
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Bangkok
Insurance PCL
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314,947
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2,563
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Marine
(3.6%)
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Precious
Shipping PCL
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8,489,300
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5,119
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Thoresen
Thai Agencies PCL
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4,698,760
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3,731
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8,850
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Media
(6.0%)
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BEC
World PCL
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4,029,800
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5,145
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Major
Cineplex Group PCL
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9,976,450
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4,766
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MCOT
PCL
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4,733,000
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4,757
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14,668
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Multiline
Retail (2.1%)
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Big
C Supercenter PCL
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2,398,800
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5,177
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Oil,
Gas & Consumable Fuels (13.8%)
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Banpu
PCL
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349,900
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8,255
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PTT
Exploration & Production PCL
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2,678,500
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13,591
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PTT
PCL
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849,100
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8,309
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Thai
Oil PCL
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2,103,000
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3,655
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33,810
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|
|
2010 Third Quarter Report
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September 30, 2010 (unaudited)
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Portfolio of Investments (contd)
The Thai Fund, Inc.
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Shares
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Value
(000)
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Real
Estate Management & Development (14.5%)
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Asian
Property Development PCL
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39,134,000
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$
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9,735
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Golden
Land Property Development PCL (a)
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8,610,300
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1,163
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Land
and Houses PCL
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32,230,100
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7,859
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MBK
PCL
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863,300
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2,823
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Quality
Houses PCL
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67,196,800
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5,845
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Sansiri
PCL
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41,175,300
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8,276
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35,701
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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 (0.8%)
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Airports
of Thailand PCL
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1,455,400
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1,990
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Wireless
Telecommunication Services (8.1%)
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Advanced
Info Service PCL
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6,331,000
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19,817
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Total
Common Stocks (Cost $138,803)
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233,702
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No. of
Warrants
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Warrants
(0.1%)
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Hotels,
Restaurants & Leisure (0.1%)
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Minor
International PCL, expires 05/18/2013 (Cost $) (a)
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1,273,277
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151
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Shares
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Short-Term
Investment (0.7%)
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Investment
Company (0.7%)
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Morgan
Stanley Institutional Liquidity Funds - Money Market Portfolio -
Institutional Class (e)
(Cost $1,697)
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1,697,343
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1,697
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Total
Investments (95.9%) (Cost $140,500)+
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235,550
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Other
Assets in Excess of Liabilities (4.1%)
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9,960
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Net
Assets (100.0%)
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$
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245,510
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(a)
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Non-income producing
security.
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(b)
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At September 30,
2010, the Fund held a 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.
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(c)
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Security has been deemed
illiquid at September 30, 2010.
|
|
2010 Third Quarter Report
|
|
|
|
September 30, 2010 (unaudited)
|
Portfolio of Investments (contd)
The Thai Fund, Inc.
(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, 2010, this security had a market value of $0,
representing 0% 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 Investment Adviser. Investment advisory
fees paid by the Fund are reduced by an amount equal to the advisory and
administrative service fees paid by the Liquidity Fund with respect to assets
invested by the Fund in the Liquidity Fund.
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+
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At September 30,
2010, the U.S. Federal income tax cost basis of investments was approximately
$140,500,000 and, accordingly, net unrealized appreciation for U.S. Federal
income tax purposes was $95,050,000 of which $99,890,000 related to
appreciated securities and $4,840,000 related to depreciated securities.
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2010 Third Quarter Report
|
|
|
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September 30, 2010 (unaudited)
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Portfolio of Investments
The Thai Fund, Inc.
Fair Value
Measurement Information:
The
following is a summary of the inputs used to value the Portfolios net assets
as of September 30, 2010. (See Notes to the Portfolio of Investments for
further information regarding fair value measurement.)
Investment Type
|
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Level 1
Quoted
prices
(000)
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Level 2
Other
significant
observable
inputs
(000)
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Level 3
Significant
unobservable
inputs
(000)
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Total
(000)
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Assets:
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Common Stocks
|
|
|
|
|
|
|
|
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Airlines
|
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$
|
6,234
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$
|
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$
|
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$
|
6,234
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Capital
Markets
|
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4,131
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|
|
|
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|
4,131
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Commercial
Banks
|
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47,305
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47,305
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Construction &
Engineering
|
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15,350
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|
|
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15,350
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Construction
Materials
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8,718
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8,718
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Food &
Staples Retailing
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23,724
|
|
|
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23,724
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Hotels,
Restaurants & Leisure
|
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5,664
|
|
|
|
|
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5,664
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Insurance
|
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2,563
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|
|
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2,563
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Marine
|
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8,850
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8,850
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Media
|
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14,668
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14,668
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Multiline
Retail
|
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5,177
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5,177
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Oil,
Gas & Consumable Fuels
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33,810
|
|
|
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33,810
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Real
Estate Management & Development
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35,701
|
|
|
|
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35,701
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Textiles,
Apparel & Luxury Goods
|
|
|
|
|
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Transportation
Infrastructure
|
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1,990
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|
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1,990
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Wireless
Telecommunication Services
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19,817
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19,817
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Total
Common Stocks
|
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233,702
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233,702
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Warrant
|
|
|
|
|
|
|
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Hotels,
Restaurants & Leisure
|
|
152
|
|
|
|
|
|
152
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Short-Term
Investments - Investment Company
|
|
1,696
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|
|
|
|
|
1,696
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Total
Assets
|
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$
|
235,550
|
|
$
|
|
|
$
|
|
|
$
|
235,550
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Transfers between investment
levels may occur as the markets fluctuate and/or the availability of data used
in an investments valuation changes. The Portfolio recognizes transfers
between the levels as of the end of the period. As of September 30, 2010,
securities with a total value of approximately $233,702,000 transferred from
Level 2 to Level 1. At September 30, 2010, the fair market value of
certain securities were adjusted due to developments which occurred between the
time of the close of the foreign markets on which they trade and the close of
business on the NYSE which resulted in their Level 1 classification.
Following is a
reconciliation of investments in which significant unobservable inputs (Level
3) were used in determining fair value.
|
2010 Third Quarter Report
|
|
|
|
September 30, 2010 (unaudited)
|
Portfolio of Investments
The Thai Fund, Inc.
|
|
Common
Stocks (000)
|
|
Balance as of 12/31/09
|
|
$
|
|
|
Accrued discounts/premiums
|
|
|
|
Realized gain (loss)
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
Net purchases (sales)
|
|
|
|
Transfers in for Level 3
|
|
|
|
Transfers out of Level 3
|
|
|
|
Balance as of 9/30/10
|
|
$
|
|
|
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 9/30/10.
|
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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 of the Funds
investments. The inputs are summarized in the three broad levels listed below.
·
Level 1 quoted prices in
active markets for identical securities
·
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)
determine 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.
(a) A
separate certification for each principal executive officer and principal
financial officer of the registrant are attached hereto.
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.
The
Thai Fund, Inc.
|
|
|
|
/s/
Sara Furber
|
|
Sara
Furber
|
|
Principal
Executive Officer
|
|
November 16,
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.
/s/
Sara Furber
|
|
Sara
Furber
|
|
Principal
Executive Officer
|
|
November 16,
2010
|
|
|
|
/s/
Francis Smith
|
|
Francis
Smith
|
|
Principal
Financial Officer
|
|
November 16,
2010
|
|
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