UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
|
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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Randy Takian
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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212-296-6990
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Date of fiscal year end:
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December 31,
2010
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|
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Date of reporting period:
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June 30,
2010
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|
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Item
1 - Report to Shareholders
INVESTMENT MANAGEMENT
|
|
The Thai Fund, Inc.
(TTF)
Morgan Stanley
Investment Management Inc.
Investment Adviser
|
Semi-Annual
Report
|
|
|
|
June 30, 2010
|
The Thai Fund, Inc.
Overview (unaudited)
Letter to Stockholders
Performance
For the six months ended
June 30, 2010, The Thai Fund, Inc. (the Fund) had total returns of
7.08%, based on net asset value, and 5.49% based on market value per share
(including reinvestment of distributions), compared to its benchmark, the
Securities Exchange of Thailand (SET) Index (the Index), expressed in U.S.
dollars which returned 11.73%. On June 30, 2010, the closing price of the
Funds shares on the New York Stock Exchange was $9.42, representing a 17.0%
discount to the Funds net asset value per share. Past performance is no
guarantee of future results.
Factors
Affecting Performance
·
After facing
the dual challenges of global recession and domestic political uncertainty in
2009, Thailands economy saw a tumultuous first half of 2010.
·
On the
political front, after a somewhat stable 2009, Thailand saw a relapse into
political uncertainty in the first half of 2010. This time the disruption was
prolonged and bloody. The impact of the disruption is still being felt, with
the tourism industry still suffering. Looking ahead toward the rest of the
year, we believe there are no impending political flashpoints. However, the
underlying issues have still not been resolved and further disruption cannot be
ruled out. Domestic economic revival will continue to depend on the fragile
political environment.
·
On the positive
side, government, corporate and personal balance sheets in Thailand are strong.
In our view, the countrys banking sector is secure and has ample liquidity,
and the Thai baht has been resilient. Furthermore, interest rate cuts and
fiscal stimulus announced in 2009 have been effective in supporting the
domestic economy, while exports have recovered amidst signs of a stabilizing
global economy. That said, going forward, any reduction in fiscal stimulus together
with the recently announced interest rate hike will likely dampen the pace of
any domestic recovery.
·
In our
opinion, Thailands economic managers are doing the best they can under
difficult circumstances. However, the recent political strife has at best
delayed and at worst derailed various structural economic initiatives,
including the issuance of 3G network licenses.
·
The Funds
relative underperformance of the Index for the first half of the year was due
to stock selection and sector allocation.
·
On a sector
allocation basis, the Funds overweight positions in real estate,
transportation and cash detracted from relative performance, as did the Funds
underweight positions in food/beverage and materials.
·
In terms of
stock selection, the Funds active positions in the energy sector contributed
to performance but active stock positions in capital goods, banks and real
estate detracted from performance.
2
The Thai Fund, Inc.
Overview (unaudited)
Letter to Stockholders (contd)
·
While the Fund
underperformed the Index, there were some positive sector and stock calls made
within the portfolio. Overweight positions in consumer discretionary and
underweight positions in energy and telecommunications all contributed
positively to relative performance.
Management
Strategies
·
The Fund is
overweight the industrials, consumer staples, real estate and consumer
discretionary sectors, as we believe the domestic economy should see a better
second half in 2010. The Fund is neutral banks and underweight the oil and gas
sector. The underweight in oil and gas is based on company-specific reasons
such as regulatory risk regarding certain operations.
·
The Fund seeks
long-term capital appreciation and integrates top-down sector allocation and
bottom-up stock selection with a growth bias. The team utilizes a rigorous
fundamental research approach that considers dynamics, valuation, and sentiment
and focuses on companies with strong management and solid earnings.
Sincerely,
Randy Takian
|
|
President and Principal
Executive Officer
|
July 2010
|
3
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Investment Advisory Agreement
Approval
Nature,
Extent and Quality of Services
The Board reviewed and
considered the nature and extent of the investment advisory services provided
by the Adviser (as defined herein) under the advisory agreement, including
portfolio management, investment research and equity and fixed income
securities trading. The Board reviewed similar information and factors
regarding the Sub-Adviser (as defined herein), to the extent applicable. The
Board also reviewed and considered the nature and extent of the non-advisory,
administrative services provided by the Funds Adviser under the administration
agreement, including accounting, clerical, bookkeeping, compliance, business
management and planning, and the provision of supplies, office space and
utilities at the Advisers expense. (The Adviser and Sub-Adviser together are
referred to as the Adviser and the advisory, sub-advisory and administration
agreements together are referred to as the Management Agreement.) The Board
also compared the nature of the services provided by the Adviser with similar
services provided by non-affiliated advisers as reported to the Board by
Lipper, Inc. (Lipper).
The Board reviewed and
considered the qualifications of the portfolio managers, the senior
administrative managers and other key personnel of the Adviser who provide the
administrative and advisory services to the Fund. The Board determined that the
Advisers portfolio managers and key personnel are well qualified by education
and/or training and experience to perform the services in an efficient and
professional manner. The Board concluded that the nature and extent of the
advisory and administrative services provided were necessary and appropriate
for the conduct of the business and investment activities of the Fund and
supported its decision to approve the Management Agreement.
Performance,
Fees and Expenses of the Fund
The Board reviewed the
performance, fees and expenses of the Fund compared to its peers, as determined
by Lipper, and to appropriate benchmarks where applicable. The Board discussed
with the Adviser the performance goals and the actual results achieved in
managing the Fund. When considering a funds performance, the Board and the
Adviser place emphasis on trends and longer-term returns (focusing on one-year,
three-year and five-year performance, as of December 31, 2009, as
applicable). When a fund underperforms its benchmark and/or its peer group
average, the Board and the Adviser discuss the causes of such underperformance
and, where necessary, they discuss specific changes to investment strategy or
investment personnel. The Board noted that the Funds performance was better
than its peer group average for the three-year period but below its peer group
average for the one- and five-year periods. The Board discussed with the
Adviser the level of the advisory and administration fees (together, the
management fee) for this Fund relative to comparable funds advised by the
Adviser and compared to its peers as determined by Lipper. In addition to the
management fee, the Board also reviewed the Funds total expense ratio. The
Board noted that the management fee and total expense ratio were lower than its
peer group average. After discussion, the Board concluded that the Funds
management fee, total expense ratio and performance were competitive with its
peer group average.
Economies
of Scale
The Board considered the
size and growth prospects of the Fund and how that relates to the Funds total
expense ratio and particularly the Funds management fee rate, which includes
breakpoints. In conjunction with its review of the Advisers profitability, the
Board discussed with the Adviser how a change in assets can affect the
efficiency or effectiveness of managing the Fund and whether the management fee
level is appropriate relative to current and projected asset levels and/or
whether the management fee structure reflects
4
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Investment Advisory Agreement
Approval (contd)
economies of scale as asset
levels change. The Board has determined that its review of the actual and
potential economies of scale of the Fund support its decision to approve the
Management Agreement.
Profitability
of the Adviser and Affiliates
The Board considered
information concerning the costs incurred and profits realized by the Adviser
and its affiliates during the last year from their relationship with the Fund
and during the last two years from their relationship with the Morgan Stanley
Fund Complex and reviewed with the Adviser the cost allocation methodology used
to determine the profitability of the Adviser and affiliates. The Board has
determined that its review of the analysis of the Advisers expenses and
profitability supports its decision to approve the Management Agreement.
Other
Benefits of the Relationship
The Board considered other
benefits to the Adviser and its affiliates derived from their relationship with
the Fund and other funds advised by the Adviser. These benefits may include,
among other things, float benefits derived from handling of checks for
purchases and sales, research received by the Adviser generated from commission
dollars spent on funds portfolio trading and fees for distribution and/or
shareholder servicing. The Board reviewed with the Adviser each of these
arrangements and the reasonableness of the Advisers costs relative to the
services performed. The Board has determined that its review of the other
benefits received by the Adviser or its affiliates supports its decision to
approve the Management Agreement.
Resources
of the Adviser and Historical Relationship Between the Fund and the Adviser
The Board considered whether
the Adviser is financially sound and has the resources necessary to perform its
obligations under the Management Agreement. The Board also reviewed and
considered the historical relationship between the Fund and the Adviser,
including the organizational structure of the Adviser, the policies and
procedures formulated and adopted by the Adviser for managing the Funds
operations and the Boards confidence in the competence and integrity of the
senior managers and key personnel of the Adviser. The Board concluded that the
Adviser has the financial resources necessary to fulfill its obligations under
the Management Agreement and that it is beneficial for the Fund to continue its
relationship with the Adviser.
Other
Factors and Current Trends
The Board considered the
controls and procedures adopted and implemented by the Adviser and monitored by
the Funds Chief Compliance Officer and concluded that the conduct of business
by the Adviser indicates a good faith effort on its part to adhere to high
ethical standards in the conduct of the Funds business.
General
Conclusion
After considering and
weighing all of the above factors, the Board concluded that it would be in the
best interest of the Fund and its shareholders to approve renewal of the
Management Agreement for another year. In reaching this conclusion the Board
did not give particular weight to any single factor referenced above. The Board
considered these factors over the course of numerous meetings, some of which
were in executive session with only the Independent Board members and their
counsel present. It is possible that individual Board members may have weighed
these factors differently in reaching their individual decisions to approve the
Management Agreement.
5
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Portfolio of Investments
|
|
|
|
Value
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|
|
|
Shares
|
|
(000)
|
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THAI INVESTMENT PLAN
|
|
|
|
|
|
COMMON STOCKS (93.8%)
|
|
|
|
|
|
Airlines (1.6%)
|
|
|
|
|
|
Thai
Airways International PCL
|
|
3,556,500
|
|
$
|
2,817
|
|
|
|
|
|
|
|
Capital Markets (1.5%)
|
|
|
|
|
|
Kim
Eng Securities Thailand PCL
|
|
7,835,800
|
|
2,708
|
|
|
|
|
|
|
|
Commercial Banks (19.2%)
|
|
|
|
|
|
Bangkok
Bank PCL
|
|
3,178,850
|
|
12,170
|
|
Bank
of Ayudhya PCL
|
|
5,023,800
|
|
3,006
|
|
Kasikornbank
PCL
|
|
2,740,300
|
|
7,614
|
|
Siam
Commercial Bank PCL
|
|
4,756,800
|
|
11,859
|
|
|
|
|
|
34,649
|
|
Construction & Engineering (4.3%)
|
|
|
|
|
|
Italian-Thai
Development PCL (a)
|
|
47,015,500
|
|
4,183
|
|
Sino
Thai Engineering & Construction PCL
|
|
16,797,300
|
|
3,613
|
|
|
|
|
|
7,796
|
|
Construction Materials (3.5%)
|
|
|
|
|
|
Siam
Cement PCL
|
|
794,600
|
|
6,372
|
|
|
|
|
|
|
|
Food & Staples Retailing (8.5%)
|
|
|
|
|
|
CP
ALL PCL
|
|
13,487,600
|
|
11,870
|
|
Siam
Makro PCL
|
|
1,001,200
|
|
3,393
|
|
|
|
|
|
15,263
|
|
Hotels, Restaurants & Leisure (2.2%)
|
|
|
|
|
|
Minor
International PCL
|
|
12,732,770
|
|
3,934
|
|
|
|
|
|
|
|
Insurance (1.1%)
|
|
|
|
|
|
Bangkok
Insurance PCL
|
|
314,947
|
|
2,068
|
|
|
|
|
|
|
|
Marine (4.5%)
|
|
|
|
|
|
Precious
Shipping PCL
|
|
8,489,300
|
|
4,753
|
|
Thoresen
Thai Agencies PCL
|
|
4,698,760
|
|
3,342
|
|
|
|
|
|
8,095
|
|
Media (5.4%)
|
|
|
|
|
|
BEC
World PCL
|
|
4,029,800
|
|
3,401
|
|
Major
Cineplex Group PCL
|
|
9,976,450
|
|
2,881
|
|
MCOT
PCL
|
|
4,733,000
|
|
3,463
|
|
|
|
|
|
9,745
|
|
Multiline Retail (2.3%)
|
|
|
|
|
|
Big
C Supercenter PCL
|
|
2,398,800
|
|
4,074
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels (22.4%)
|
|
|
|
|
|
Banpu
PCL
|
|
699,700
|
|
13,016
|
|
PTT
Exploration & Production PCL
|
|
2,678,500
|
|
11,757
|
|
PTT
PCL
|
|
1,698,100
|
|
12,784
|
|
Thai
Oil PCL
|
|
2,103,000
|
|
2,848
|
|
|
|
|
|
40,405
|
|
Real Estate Management & Development (14.2%)
|
|
|
|
|
|
Asian
Property Development PCL
|
|
39,134,000
|
|
6,659
|
|
Golden
Land Property Development PCL (a)
|
|
8,610,300
|
|
948
|
|
Land
and Houses PCL
|
|
32,230,100
|
|
5,220
|
|
MBK
PCL
|
|
863,300
|
|
2,140
|
|
Quality
Houses PCL
|
|
67,196,800
|
|
4,160
|
|
Sansiri
PCL
|
|
41,175,300
|
|
6,426
|
|
|
|
|
|
25,553
|
|
Textiles, Apparel & Luxury Goods (0.0%)
|
|
|
|
|
|
Thai
Rung Textile Co., Ltd. (a)(b)(c)(d)
|
|
958
|
|
|
|
|
|
|
|
|
|
Transportation Infrastructure (0.8%)
|
|
|
|
|
|
Airports
of Thailand PCL
|
|
1,455,400
|
|
1,512
|
|
|
|
|
|
|
|
Wireless Telecommunication Services (2.3%)
|
|
|
|
|
|
Advanced
Info Service PCL
|
|
1,571,500
|
|
4,193
|
|
TOTAL COMMON STOCKS
(Cost $129,396)
|
|
|
|
169,184
|
|
|
|
|
|
|
|
|
|
No. of
|
|
|
|
|
|
Warrants
|
|
|
|
WARRANTS (0.1%)
|
|
|
|
|
|
Hotels, Restaurants & Leisure (0.1%)
|
|
|
|
|
|
Minor
International PCL, expires 05/18/13
(Cost $) (a)
|
|
1,273,277
|
|
94
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
SHORT-TERM INVESTMENT (1.1%)
|
|
|
|
|
|
Investment Company (1.1%)
|
|
|
|
|
|
Morgan
Stanley Institutional Liquidity Funds Money Market Portfolio
Institutional Class (e)
(Cost $2,050)
|
|
2,049,642
|
|
2,050
|
|
TOTAL INVESTMENTS (95.0%)
(Cost $131,446) (f)
|
|
|
|
171,328
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES (5.0%)
|
|
|
|
9,002
|
|
NET ASSETS (100.0%)
|
|
|
|
$
|
180,330
|
|
(a)
|
Non-income producing
security.
|
(b)
|
Security has been deemed
illiquid at June 30, 2010.
|
6
|
The
accompanying notes are an integral part of the financial statements.
|
|
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Portfolio of Investments (contd)
(c)
|
Restricted security not
registered under the Securities Act of 1933. Acquired 4/89 at a cost of
$49,000. At June 30, 2010, this security had a market value of $0,
representing 0% of net assets.
|
(d)
|
At June 30, 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.
|
(e)
|
See Note F to the
financial statements regarding investment in Morgan Stanley Institutional
Liquidity Funds Money Market Portfolio Institutional Class.
|
(f)
|
The approximate market
value and percentage of total investments, $169,184,000 and 98.7%,
respectively, represent the securities that have been fair valued under the
fair valuation policy for international investments as described in Note A-1
within the Notes to Financial Statements.
|
Fair Value
Measurement Information:
The following is a summary
of the inputs used to value the Funds net assets as of June 30, 2010.
(See Note A-6 to the financial statements for further information regarding
fair value measurement.)
|
|
|
|
Level 2
|
|
|
|
|
|
|
|
|
|
Other
|
|
Level 3
|
|
|
|
|
|
Level 1
|
|
significant
|
|
Significant
|
|
|
|
|
|
Quoted
|
|
observable
|
|
unobservable
|
|
|
|
|
|
prices
|
|
inputs
|
|
inputs
|
|
Total
|
|
Investment
Type
|
|
(000)
|
|
(000)
|
|
(000)
|
|
(000)
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
Airlines
|
|
$
|
|
|
$
|
2,817
|
|
$
|
|
|
$
|
2,817
|
|
Capital
Markets
|
|
|
|
2,708
|
|
|
|
2,708
|
|
Commercial
Banks
|
|
|
|
34,649
|
|
|
|
34,649
|
|
Construction &
Engineering
|
|
|
|
7,796
|
|
|
|
7,796
|
|
Construction
Materials
|
|
|
|
6,372
|
|
|
|
6,372
|
|
Food &
Staples Retailing
|
|
|
|
15,263
|
|
|
|
15,263
|
|
Hotels,
Restaurants & Leisure
|
|
|
|
3,934
|
|
|
|
3,934
|
|
Insurance
|
|
|
|
2,068
|
|
|
|
2,068
|
|
Marine
|
|
|
|
8,095
|
|
|
|
8,095
|
|
Media
|
|
|
|
9,745
|
|
|
|
9,745
|
|
Multiline
Retail
|
|
|
|
4,074
|
|
|
|
4,074
|
|
Oil,
Gas & Consumable Fuels
|
|
|
|
40,405
|
|
|
|
40,405
|
|
Real
Estate Management & Development
|
|
|
|
25,553
|
|
|
|
25,553
|
|
Textiles,
Apparel & Luxury Goods
|
|
|
|
|
|
|
**
|
|
**
|
Transportation
Infrastructure
|
|
|
|
1,512
|
|
|
|
1,512
|
|
Wireless
Telecommunication Services
|
|
|
|
4,193
|
|
|
|
4,193
|
|
Total Common
Stocks
|
|
|
|
169,184
|
|
|
**
|
169,184
|
|
Warrants
|
|
|
|
|
|
|
|
|
|
Hotels,
Restaurants & Leisure
|
|
|
|
94
|
|
|
|
94
|
|
Short-Term
Investment
|
|
|
|
|
|
|
|
|
|
Investment
Company
|
|
2,050
|
|
|
|
|
|
2,050
|
|
Total
|
|
$
|
2,050
|
|
$
|
169,278
|
|
$
|
|
**
|
$
|
171,328
|
|
Transfers between investment
levels may occur as the markets fluctuate and/or the availability of data used
in an investments valuation changes. The Fund recognizes transfers between the
Levels as of the end of the period. As of June 30, 2010, the Fund did not
have any significant investments transfer between valuation levels.
|
The
accompanying notes are an integral part of the financial statements.
|
7
|
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Portfolio of Investments (contd)
The following is a
reconciliation of investments in which significant unobservable inputs (Level
3) were used in determining fair value:
|
|
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 6/30/10
|
|
$
|
|
**
|
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 6/30/10.
|
|
$
|
|
|
**
Includes a security which is valued at zero.
Portfolio
Composition
|
|
Percentage of
|
|
Classification
|
|
Total
Investments
|
|
Oil,
Gas & Consumable Fuels
|
|
23.6
|
%
|
Commercial
Banks
|
|
20.2
|
|
Real
Estate Management & Development
|
|
14.9
|
|
Food &
Staples Retailing
|
|
8.9
|
|
Media
|
|
5.7
|
|
Other*
|
|
26.7
|
|
Total
Investments
|
|
100.0
|
%
|
*
Industries
and/or investment types representing less than 5% of total investments.
8
|
The
accompanying notes are an integral part of the financial statements.
|
|
The
Thai Fund, Inc.
June 30,
2010
Financial
Statements
Statement of Assets and Liabilities
|
|
June 30, 2010
|
|
|
|
(unaudited)
|
|
|
|
(000)
|
|
Assets:
|
|
|
|
Investments
in Securities of Unaffiliated Issuers, at Value (Cost $129,396)
|
|
$
|
169,278
|
|
Investment
in Security of Affiliated Issuer, at Value (Cost $2,050)
|
|
2,050
|
|
Total
Investments in Securities, at Value (Cost $131,446)
|
|
171,328
|
|
Foreign
Currency, at Value (Cost $9,384)
|
|
9,504
|
|
Receivable
from Affiliate
|
|
|
@
|
Other
Assets
|
|
33
|
|
Total Assets
|
|
180,865
|
|
Liabilities:
|
|
|
|
Thai
Repatriation Tax
|
|
303
|
|
U.S.
Investment Advisory Fees
|
|
98
|
|
Thai
Investment Advisory Fees
|
|
56
|
|
Payable
for Professional Fees
|
|
37
|
|
Payable
for Custodian Fees
|
|
21
|
|
Payable
for Administration Fees
|
|
6
|
|
Payable
for Directors Fees and Expenses
|
|
1
|
|
Bank
Overdraft
|
|
|
@
|
Other
Liabilities
|
|
13
|
|
Total Liabilities
|
|
535
|
|
Net Assets
|
|
|
|
Applicable
to 15,890,623 Issued and Outstanding $0.01 Par Value Shares (30,000,000
Shares Authorized)
|
|
$
|
180,330
|
|
Net Asset Value Per Share
|
|
$
|
11.35
|
|
Net Assets Consist of:
|
|
|
|
Common
Stock
|
|
$
|
159
|
|
Paid-in-Capital
|
|
140,592
|
|
Undistributed
Net Investment Income
|
|
3,736
|
|
Accumulated
Net Realized Loss
|
|
(4,231
|
)
|
Unrealized
Appreciation (Depreciation) on:
|
|
|
|
Investments
|
|
39,954
|
|
Foreign
Currency Translations
|
|
120
|
|
Net Assets
|
|
$
|
180,330
|
|
@ Amount is less than $500.
|
The
accompanying notes are an integral part of the financial statements.
|
9
|
The
Thai Fund, Inc.
June 30,
2010
Financial
Statements (contd)
Statement of Operations
|
|
Six Months Ended
|
|
|
|
June 30, 2010
|
|
|
|
(unaudited)
|
|
|
|
(000)
|
|
Investment Income:
|
|
|
|
Dividends
from Securities of Unaffiliated Issuers (Net of $@ of Foreign Taxes
Withheld)
|
|
$
|
5,152
|
|
Dividends
from Security of Affiliated Issuer
|
|
1
|
|
Interest
from Securities of Unaffiliated Issuers
|
|
|
@
|
Total Investment Income
|
|
5,153
|
|
Expenses:
|
|
|
|
U.S.
Investment Advisory Fees (Note B)
|
|
576
|
|
Thai
Repatriation Tax Expense (Note E)
|
|
492
|
|
Custodian
Fees (Note D)
|
|
76
|
|
Thai
Investment Advisory Fees (Note B)
|
|
54
|
|
Administration
Fees (Note C)
|
|
68
|
|
Professional
Fees
|
|
34
|
|
Stockholder
Reporting Expenses
|
|
10
|
|
Stockholder
Servicing Agent Fees
|
|
4
|
|
Directors
Fees and Expenses
|
|
2
|
|
Other
Expenses
|
|
135
|
|
Total Expenses
|
|
1,451
|
|
Waiver
of Administration Fees (Note C)
|
|
(35
|
)
|
Rebate
from Morgan Stanley Affiliate (Note F)
|
|
(1
|
)
|
Net Expenses
|
|
1,415
|
|
Net Investment Income
|
|
3,738
|
|
Realized Gain (Loss):
|
|
|
|
Investments
Sold
|
|
1,939
|
|
Foreign
Currency Exchange Contracts
|
|
98
|
|
Foreign
Currency Transactions
|
|
24
|
|
Net Realized Gain
|
|
2,061
|
|
Change in Unrealized Appreciation (Depreciation):
|
|
|
|
Investments
|
|
6,064
|
|
Foreign
Currency Translations
|
|
(44
|
)
|
Net Change in Unrealized Appreciation (Depreciation)
|
|
6,020
|
|
Net Realized Gain and Change in Unrealized Appreciation
(Depreciation)
|
|
8,081
|
|
Net Increase in Net Assets Resulting from Operations
|
|
$
|
11,819
|
|
@
Amount is less than $500.
10
|
The
accompanying notes are an integral part of the financial statements.
|
|
The
Thai Fund, Inc.
June 30,
2010
Financial
Statements (contd)
Statements of Changes in Net
Assets
|
|
Six Months Ended
|
|
Year Ended
|
|
|
|
June 30, 2010
|
|
December 31,
|
|
|
|
(unaudited)
|
|
2009
|
|
|
|
(000)
|
|
(000)
|
|
Increase (Decrease) in Net Assets:
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
Net
Investment Income
|
|
$
|
3,738
|
|
$
|
2,853
|
|
Net
Realized Gain (Loss)
|
|
2,061
|
|
(6,058
|
)
|
Net
Change in Unrealized Appreciation (Depreciation)
|
|
6,020
|
|
70,081
|
|
Net Increase in Net Assets Resulting from Operations
|
|
11,819
|
|
66,876
|
|
Distributions
from and/or in Excess of:
|
|
|
|
|
|
Net
Investment Income
|
|
|
|
(3,057
|
)
|
Total Increase
|
|
11,819
|
|
63,819
|
|
Net Assets:
|
|
|
|
|
|
Beginning
of Period
|
|
168,511
|
|
104,692
|
|
End of Period (Including Undistributed (Distributions in
Excess of) Net Investment Income
of $3,736 and $(2))
|
|
$
|
180,330
|
|
$
|
168,511
|
|
|
The
accompanying notes are an integral part of the financial statements.
|
11
|
The Thai Fund, Inc.
June 30, 2010
Financial Highlights
Selected Per Share Data and Ratios
|
|
Six Month
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ended June 30,
|
|
Year Ended December 31,
|
|
|
|
2010 (unaudited)
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
2005
|
|
Net
Asset Value, Beginning of Period
|
|
$
|
10.60
|
|
$
|
6.59
|
|
$
|
12.85
|
|
$
|
9.00
|
|
$
|
8.32
|
|
$
|
8.32
|
|
Net Investment Income
|
|
0.24
|
|
0.18
|
|
0.28
|
|
0.19
|
|
0.24
|
|
0.23
|
|
Net Realized and
Unrealized Gain (Loss) on Investments
|
|
0.51
|
|
4.02
|
|
(6.08
|
)
|
3.90
|
|
0.76
|
|
(0.01
|
)
|
Total from Investment
Operations
|
|
0.75
|
|
4.20
|
|
(5.80
|
)
|
4.09
|
|
1.00
|
|
0.22
|
|
Distributions from
and/or in excess of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
|
(0.19
|
)
|
(0.28
|
)
|
(0.24
|
)
|
(0.26
|
)
|
(0.22
|
)
|
Net Realized Gain
|
|
|
|
|
|
(0.18
|
)
|
|
|
|
|
|
|
Total Distributions
|
|
|
|
(0.19
|
)
|
(0.46
|
)
|
(0.24
|
)
|
(0.26
|
)
|
(0.22
|
)
|
Dilutive Effect of
Shares Issued through Rights Offering and Offering Costs
|
|
|
|
|
|
|
|
|
|
(0.06
|
)
|
|
|
Net
Asset Value, End of Period
|
|
$
|
11.35
|
|
$
|
10.60
|
|
$
|
6.59
|
|
$
|
12.85
|
|
$
|
9.00
|
|
$
|
8.32
|
|
Per
Share Market Value, End of Period
|
|
$
|
9.42
|
|
$
|
8.93
|
|
$
|
5.81
|
|
$
|
13.05
|
|
$
|
11.00
|
|
$
|
9.49
|
|
TOTAL
INVESTMENT RETURN:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Value
|
|
5.49
|
%#
|
57.23
|
%
|
(51.95
|
)%
|
21.02
|
%
|
18.97
|
%
|
8.26
|
%
|
Net Asset Value(1)
|
|
7.08
|
%#
|
64.55
|
%
|
(44.65
|
)%
|
45.65
|
%
|
11.03
|
%
|
2.10
|
%
|
RATIOS,
SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (Thousands)
|
|
$
|
180,330
|
|
$
|
168,511
|
|
$
|
104,692
|
|
$
|
204,068
|
|
$
|
142,879
|
|
$
|
110,432
|
|
Ratio of Expenses to
Average Net Assets(2)
|
|
1.66
|
%+*
|
1.77
|
%+
|
1.57
|
%+
|
1.49
|
%+
|
1.74
|
%
|
1.76
|
%
|
Ratio of Net Investment Income to Average Net
Assets(2)
|
|
4.37
|
%+*
|
2.12
|
%+
|
2.55
|
%+
|
1.76
|
%+
|
2.66
|
%
|
2.79
|
%
|
Ratio of Rebate from
Morgan Stanley Affiliates to Average Net Assets
|
|
0.00
|
%§*
|
0.00
|
%§
|
0.00
|
%§
|
0.00
|
%§
|
N/A
|
|
N/A
|
|
Portfolio Turnover Rate
|
|
2
|
%#
|
17
|
%
|
15
|
%
|
24
|
%
|
43
|
%
|
26
|
%
|
(2) Supplemental
Information on the Ratios to Average Net Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios Before Expenses
Waived:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Expenses to
Average Net Assets
|
|
1.70
|
%+*
|
1.81
|
%+
|
1.61
|
%+
|
1.53
|
%+
|
1.78
|
%
|
1.79
|
%
|
Ratio of Net Investment
Income to Average Net Assets
|
|
4.33
|
%+*
|
2.08
|
%+
|
2.51
|
%+
|
1.72
|
%+
|
2.62
|
%
|
2.76
|
%
|
(1)
Total
investment return based on net asset value per share reflects the effects of
the changes in net asset value on the performance of the Fund during each
period, and assumes dividends and distributions, if any, were reinvested. This
percentage is not an indication of the performance of a stockholders
investment in the Fund based on market value due to differences between the
market price of the stock and the net asset value per share of the Fund.
Per share
amount is based on average shares outstanding.
+
The Ratios of Expenses and
Net Investment Income reflect the rebate of certain Fund expenses in connection
with investments in Morgan Stanley affiliates during the period. The effect of
the rebate on the ratios is disclosed in the above table as Ratio of Rebate
from Morgan Stanley Affiliates to Average Net Assets.
§
Amount is less
than 0.005% .
#
Not annualized.
*
Annualized.
12
|
The
accompanying notes are an integral part of the financial statements.
|
|
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Notes to Financial Statements
The Thai Fund, Inc.
(the Fund) was incorporated on June 10, 1987 and is registered as a
non-diversified, closed-end management investment company under the Investment
Company Act of 1940, as amended (the 1940 Act). The Funds investment
objective is long-term capital appreciation through investment primarily in
equity securities of companies organized under the laws of the Kingdom of
Thailand. To the extent that the Fund invests in derivative instruments that
the U.S. Adviser believes have economic characteristics similar to equity
securities of companies organized under the laws of the Kingdom of Thailand,
such investments will be counted for purposes of the Funds policy in the
previous sentence. To the extent the Fund makes such investments, the Fund will
be subject to the risks of such derivative instruments as described herein. The
Fund makes its investments in Thailand through the Thai Investment Plan (the
Plan) established in conformity with Thai law. The Fund is the sole unit
holder of the Plan. The accompanying financial statements are prepared on a
consolidated basis and present the financial position and results of operations
of the Plan and the Fund.
A. Significant Accounting Policies:
The following
significant accounting policies are in conformity with U.S. generally accepted
accounting principles. Such policies are consistently followed by the Fund in
the preparation of its financial statements. U.S. generally accepted accounting
principles may require management to make estimates and assumptions that affect
the reported amounts and disclosures in the financial statements. Actual
results may differ from those estimates.
1.
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.
2. Foreign Currency Translation:
The books and
records of the Fund are maintained in U.S. dollars. Amounts
13
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Notes to Financial Statements
(contd)
denominated in Thai Baht are
translated into U.S. dollars at the mean of the bid and asked prices of such
currency against U.S. dollars last quoted by a major bank as follows:
·
investments,
other assets and liabilities at the prevailing rate of exchange on the
valuation date;
·
investment
transactions and investment income at the prevailing rates of exchange on the
dates of such transactions.
Although the net assets of
the Fund are presented at the foreign exchange rate and market values at the
close of the period, the Fund does not isolate that portion of the results of
operations arising as a result of changes in the foreign exchange rate from the
fluctuations arising from changes in the market prices of the securities held
at period end. Similarly, the Fund does not isolate the effect of changes in
the foreign exchange rate from the fluctuations arising from changes in the
market prices of securities sold during the period. Accordingly, realized and
unrealized foreign currency gains (losses) on investments in securities are
included in the reported net realized and unrealized gains (losses) on
investment transactions and balances.
Net realized gains (losses)
on foreign currency transactions represent net foreign exchange gains (losses)
from sales and maturities of foreign currency exchange contracts, disposition
of foreign currencies, currency gains (losses) realized between the trade and settlement
dates on securities transactions, and the difference between the amount of
investment income recorded on the Funds books and the U.S. dollar equivalent
amounts actually received or paid. Net unrealized currency gains (losses) from
valuing foreign currency denominated assets and liabilities at period end
exchange rates are reflected as a component of unrealized appreciation
(depreciation) on investments and foreign currency translations in the
Statement of Assets and Liabilities. The change in net unrealized currency
gains (losses) on foreign currency translations for the period is reflected in
the Statement of Operations.
A significant portion of the
Funds net assets consist of investments in Thai equity securities, which may
be subject to greater price volatility, lower liquidity and less diversity than
equity securities of companies based in the United States. In addition, Thai
equity securities may be subject to substantial governmental involvement in the
economy and greater social, economic and political uncertainty.
Governmental approval for
foreign investments may be required in advance of making an investment under
certain circumstances in some countries, and the extent of foreign investments
in domestic companies may be subject to limitation in other countries. Foreign
ownership limitations also may be imposed by the charters of individual
companies to prevent, among other concerns, violations of foreign investment
limitations. As a result, an additional class of shares (identified as Foreign
in the Portfolio of Investments) may be created and offered for investment. The
local and foreign shares market values may differ. In the absence of
trading of the foreign shares in such markets, the Fund values the foreign
shares at the closing exchange price of the local shares. Such securities, if
any, are identified as fair valued in the Portfolio of Investments.
3.
Derivatives:
The Fund may use derivative instruments for a
variety of purposes, including hedging, risk management, portfolio management
or to earn income. Derivatives are financial instruments whose value is based
on the value of another underlying asset, interest rate, index or financial
instrument. A derivative instrument often has risks similar to its underlying
instrument and may have additional risks, including imperfect correlation
between the value of the derivative and the underlying instrument, risks of
default by the other party to certain
14
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Notes to Financial Statements
(contd)
transactions, magnification
of losses incurred due to changes in the market value of the securities,
instruments, indices or interest rates to which they relate, and risks that the
transactions may not be liquid. The use of derivatives involves risks that are
different from, and possibly greater than, the risks associated with other
portfolio investments. Derivatives may involve the use of highly specialized
instruments that require investment techniques and risk analyses different from
those associated with other portfolio investments. All of the Funds portfolio
holdings, including derivative instruments, are marked to market each day with
the change in value reflected in unrealized appreciation (depreciation). Upon
disposition, a realized gain or loss is generally recognized.
Certain derivative
transactions may give rise to a form of leverage. Leverage associated with
derivative transactions may cause the Fund to liquidate portfolio positions
when it may not be advantageous to do so to satisfy its obligations or to meet
earmarking or segregation requirements, pursuant to applicable SEC rules and
regulations, or may cause the Fund to be more volatile than if the Fund had not
been leveraged. Although the Investment Adviser and/or Sub-Advisor seek to use
derivatives to further the Funds investment objectives, there is no assurance
that the use of derivatives will achieve this result.
Following is a description
of the derivative instruments and techniques that the Fund may use and their
associated risks:
Foreign
Currency Forward Contracts:
In connection with its
investments in foreign securities, the Fund also may enter into contracts with
banks, brokers or dealers to purchase or sell securities or foreign currencies
at a future date (forward contracts). A foreign currency forward contract is
a negotiated agreement between the contracting parties to exchange a specified
amount of currency at a specified future time at a specified rate. The rate can
be higher or lower than the spot rate between the currencies that are the
subject of the contract. Forward foreign currency contracts may be used to
protect against uncertainty in the level of future foreign currency exchange rates
or to gain or modify exposure to a particular currency. In addition, the Fund
may use cross currency hedging or proxy hedging with respect to currencies in
which the Fund has or expects to have portfolio or currency exposure. Cross
currency hedges involve the sale of one currency against the positive exposure
to a different currency and may be used for hedging purposes or to establish an
active exposure to the exchange rate between any two currencies. A currency
exchange contract is marked-to-market daily and the change in market value is
recorded by the Fund as unrealized gain or loss. The Fund records realized
gains (losses) when the contract is closed equal to the difference between the
value of the contract at the time it was opened and the value at the time it
was closed. Hedging the Funds currency risks involves the risk of mismatching
the Funds objectives under a currency exchange or futures contract with the
value of securities denominated in a particular currency. Furthermore, such
transactions reduce or preclude the opportunity for gain if the value of the
currency should move in the direction opposite to the position taken. There is
an additional risk to the effect that currency contracts create exposure to
currencies in which the Funds securities are not denominated. Unanticipated
changes in currency prices may result in poorer overall performance for the
Fund than if it had not entered into such contracts.
The Fund adopted the
provisions of Financial Accounting Standards Board (FASB) Accounting
Standards Codification
ä
(ASC) Derivatives and Hedging: Overall
(ASC 815). ASC 815 is intended to improve financial reporting about
derivative instruments by requiring enhanced disclosures to enable investors to
better
15
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Notes to Financial Statements
(contd)
understand how and why the
Fund uses derivative instruments, how these derivative instruments are
accounted for and their effects on the Funds financial position and results of
operations.
The following table set
forth by primary risk exposure the Funds realized gains (losses) by type of
derivative contract for the six months ended June 30, 2010 in accordance
with ASC 815.
Realized Gain (Loss)
|
|
|
|
Derivative
|
|
Value
|
|
Primary
Risk Exposure
|
|
Type
|
|
(000)
|
|
Foreign
Currency
|
|
Foreign
Currency
|
|
|
|
Contracts
Risk
|
|
Exchange
Contracts
|
|
$
|
98
|
|
|
|
|
|
|
|
|
All
open derivative positions at period end are reflected on the Funds Portfolio
of Investments and the volume of these open positions relative to the net
assets of the Fund is generally representative of open positions throughout the
reporting period.
4.
Security
Lending:
At a meeting held on September 23-24, 2009, the
Board of Directors authorized the Fund to lend securities to qualified
financial institutions, such as broker-dealers, to earn additional income. As
of June 30, 2010, there were no securities out on loan.
5.
Restricted
Securities:
The Fund may invest in unregistered or otherwise
restricted securities. The term restricted securities refers to securities that
are unregistered or are held by control persons of the issuer and securities that
are subject to contractual restrictions on their resale. As a result,
restricted securities may be more difficult to value and the Fund may have
difficulty disposing of such assets either in a timely manner or for a
reasonable price. In order to dispose of an unregistered security, the Fund, where
it has contractual rights to do so, may have to cause such security to be
registered. A considerable period may elapse between the time the decision is
made to sell the security and the time the security is registered so that the Fund
could sell it. Contractual restrictions on the resale of securities vary in
length and scope and are generally the result of a negotiation between the
issuer and acquirer of the securities. The Fund would, in either case, bear
market risks during that period.
6.
Fair Value
Measurement:
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.)
16
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Notes to Financial Statements
(contd)
·
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.
On January 21, 2010,
the Financial Accounting Standards Board issued Accounting Standards Update
(ASU) 2010-06. The ASU amends Accounting Standards Codification 820 to add
new requirements for disclosures about transfers into and out of Levels 1 and 2
and separate disclosures about purchases, sales, issuances, and settlements
relating to Level 3 measurements. It also clarifies existing fair value
disclosures about the level of disaggregation and about inputs and valuation
techniques in Level 2 and Level 3 fair value measurements. The application of ASU
2010-06 is required for fiscal years and interim periods beginning after
December 15, 2009, except for disclosures about purchases, sales,
issuances, and settlements relating to Level 3 measurements, which are required
for fiscal years beginning after December 15, 2010 and for interim periods
within those fiscal years.
7.
Other:
Security transactions are accounted for on the date
the securities are purchased or sold. Realized gains (losses) on the sale of
investment securities are determined on the specific identified cost basis.
Interest income is recognized on the accrual basis. Dividend income and
distributions are recorded on the ex-dividend date (except certain dividends
which may be recorded as soon as the Fund is informed of such dividends) net of
applicable withholding taxes.
B. Investment Advisory Fees:
Morgan Stanley
Investment Management Inc. (the U.S. Adviser or MS Investment Management)
provides investment advisory services to the Fund under the terms of an
Investment Advisory Agreement (the Agreement). Under the Agreement, the U.S.
Adviser is paid a fee computed weekly and payable monthly at an annual rate of
0.90% of the Funds first $50 million of average weekly net assets, 0.70% of
the Funds next $50 million of average weekly net assets and 0.50% of the
Funds average weekly net assets in excess of $100 million.
MFC Asset Management Public
Company Limited (the Thai Adviser) provides investment advisory services to
the Fund under the terms of a contract. The Thai Adviser is paid a fee computed
weekly and payable monthly at an annual rate of 0.32% of the Funds first $50
million of average weekly net assets, 0.20% of the Funds next $50 million of
average weekly net assets and 0.16% of the Funds average weekly net assets in
excess of $100 million.
The U.S. Adviser has entered
into a Sub-Advisory Agreement with Morgan Stanley Investment Management Company
(the Sub-Adviser), a wholly-owned subsidiary of Morgan Stanley. The
Sub-Adviser provides the Fund with investment advisory services subject to the
overall supervision of the U.S. Adviser and the Funds Officers and Directors.
The U.S. Adviser pays the Sub-Adviser on a monthly basis a portion of the net
advisory fees the U.S. Adviser receives from the Fund.
C. Administration Fees:
MS Investment
Management also serves as Administrator to the Fund pursuant to an
Administration Agreement. Under the Administration Agreement, the
administration fee is 0.08% of the Funds average weekly net assets. MS
Investment Management has agreed to limit the administration fee through a
waiver so that it will be no greater than the previous administration fee of
0.02435% of the Funds average weekly net assets plus $24,000 per annum. This
waiver is voluntary and may be terminated at any time. For the six months ended
June 30, 2010, approximately $35,000 of administration fees were waived
pursuant to this arrangement. Under a sub-administration agreement between the
Administrator and State Street Bank and Trust Company (State Street), State
Street provides certain
17
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Notes to Financial Statements
(contd)
administrative services to
the Fund. For such services, the Administrator pays State Street a portion of
the fee the Administrator receives from the Fund. Administration costs
(including out-of-pocket expenses) incurred in the ordinary course of providing
services under the administration agreement, except pricing services and
extraordinary expenses, are covered under the administration fee. Prior to May 24,
2010, JPMorgan Investor Services Co. (JPMIS) provided certain administrative
services to the Fund. For such services, the Administrator paid JPMIS a portion
of the fee the Administrator received from the Fund.
D. Custodian Fees:
State Street
Bank and Trust Company (the Custodian) and its affiliates serve as Custodian
for the Funds assets held in the United States. The Custodian holds cash,
securities, and other assets of the Fund as required by the 1940 Act. Custody
fees are payable monthly based on assets held in custody, investment purchases
and sales activity and account maintenance fees, plus reimbursement for certain
out-of-pocket expenses. The Plans assets in Thailand are held by Kasikornbank
Public Company Limited. Effective June 1, 2010, Kasikornbank Public
Company Limited reduced the Custodian fees from 0.08% to 0.06% of average
weekly assets. Prior to May 24, 2010, JPMorgan Chase Bank, N.A. served as
custodian for the Fund in accordance with the custodian agreement.
The Fund has entered into an
arrangement with its Custodian whereby credits realized on uninvested cash
balances were used to offset a portion of the Funds expenses. If applicable,
these custodian credits are shown as Expense Offset in the Statement of
Operations.
E. Federal Income Taxes:
It is the
Funds intention to continue to qualify as a regulated investment company and
distribute all of its taxable income. Accordingly, no provision for Federal
income taxes is required in the financial statements. Dividend income and
distributions to stockholders are recorded on the ex-dividend date.
Distributions of income from
the Plan to the Fund are subject to Thai income tax at a rate of 10% of the
distribution amount, which is withheld at the time of distribution. All
distributions from the Plan to the Fund must be approved by The Bank of
Thailand (BOT) pursuant to the laws of The Kingdom of Thailand. For financial
statement purposes, the Fund accrues and allocates the Thai income tax to net
investment income, net realized gains and net unrealized appreciation on the
basis of their relative amounts. For U.S. Federal income tax purposes, the Thai
income tax is deducted, when paid, from net investment income.
FASB ASC 740-10 Income
Taxes Overall (formerly known as FIN 48) sets forth a minimum threshold for
financial statement recognition of the benefit of a tax position taken or
expected to be taken in a tax return. Management has concluded there are no
significant uncertain tax positions that would require recognition in the
financial statements. If applicable, the Fund recognizes interest accrued
related to unrecognized tax benefits in Interest Expense and penalties in
Other expenses on the Statement of Operations. The Fund files tax returns
with the U.S. Internal Revenue Service, New York and various states. Generally,
each of the tax years in the four year period ended December 31, 2009,
remains subject to examination by taxing authorities.
The tax character of
distributions paid may differ from the character of distributions shown on the
Statements of Changes in Net Assets due to short-term capital gains being
treated as ordinary income for tax purposes. The tax character of distributions
paid during fiscal 2009 and 2008 was as follows:
2009 Distributions
|
|
2008 Distributions
|
|
Paid From:
|
|
Paid From:
|
|
|
|
Long-Term
|
|
|
|
Long-Term
|
|
Ordinary
|
|
Capital
|
|
Ordinary
|
|
Capital
|
|
Income
|
|
Gain
|
|
Income
|
|
Gain
|
|
(000)
|
|
(000)
|
|
(000)
|
|
(000)
|
|
$
|
3,057
|
|
$
|
|
|
$
|
4,388
|
|
$
|
2,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The amount and character of
income and capital gain distributions to be paid by the Fund are determined in
18
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Notes to Financial Statements
(contd)
accordance with Federal
income tax regulations, which may differ from U.S. generally accepted
accounting principles. The book/tax differences are considered either temporary
or permanent in nature.
Temporary differences are
attributable to differing book and tax treatments for the timing of the
recognition of gains (losses) on certain investment transactions and the timing
of the deductibility of certain expenses.
Permanent differences,
primarily due to differing treatments of gains (losses) related to foreign
currency transactions and distribution in excess resulted in the following
reclassifications among the components of net assets at December 31, 2009:
Increase (Decrease)
|
|
Undistributed
|
|
|
|
|
|
(Distributions in
|
|
|
|
|
|
Excess of)
|
|
Accumulated
|
|
|
|
Net Investment
|
|
Net Realized
|
|
Paid-in
|
|
Income (Loss)
|
|
Gain (Loss)
|
|
Capital
|
|
(000)
|
|
(000)
|
|
(000)
|
|
$
|
101
|
|
$
|
(87
|
)
|
$
|
(14
|
)
|
|
|
|
|
|
|
|
|
|
At December 31, 2009,
the Fund had no distributable earnings on a tax basis.
At June 30, 2010, the
U.S. Federal income tax cost basis of investments was approximately
$131,446,000 and, accordingly, net unrealized appreciation for U.S. Federal
income tax purposes was $39,882,000 of which $56,151,000 related to appreciated
securities and $16,269,000 related to depreciated securities.
Net capital, currency and passive
foreign investment company (PFIC) losses incurred after October 31, and
within the taxable year are deemed to arise on the first day of the Funds next
taxable year. For the year ended December 31, 2009, the Fund deferred to
January 4, 2010, for U.S. Federal income tax purposes, capital losses of
approximately $115,000.
At December 31, 2009,
the Fund had a capital loss carryforward for U.S. Federal income tax purposes
of approximately $6,029,000 which will expire on December 31, 2017.
To the extent that capital
loss carryforwards are used to offset any future capital gains realized during
the carryforward period as provided by U.S. Federal income tax regulations, no
capital gains tax liability will be incurred by the Fund for gains realized and
not distributed. To the extent that capital gains are offset, such gains will
not be distributed to the stockholders.
F. Security Transactions and Transactions
with Affiliates:
The Fund invests in the
Institutional Class of the Morgan Stanley Institutional Liquidity Funds
Money Market Portfolio (the Liquidity Funds), 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 Fund due to its investment in the Liquidity
Funds. For the six months ended June 30, 2010, advisory fees paid were
reduced by approximately $1,000 relating to the Funds investment in the
Liquidity Funds.
A summary of the Funds transactions
in shares of the Liquidity Funds. during the six months ended June 30,
2010 is as follows:
Market
|
|
|
|
|
|
|
|
Market
|
|
Value
|
|
|
|
|
|
|
|
Value
|
|
December 31,
|
|
Purchases
|
|
Sales
|
|
Dividend
|
|
June 30,
|
|
2009
|
|
at Cost
|
|
Proceeds
|
|
Income
|
|
2010
|
|
(000)
|
|
(000)
|
|
(000)
|
|
(000)
|
|
(000)
|
|
$
|
1,261
|
|
$
|
6,595
|
|
$
|
5,806
|
|
$
|
1
|
|
$
|
2,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the six months ended
June 30, 2010, the Fund made purchases and sales totaling approximately
$2,548,000 and $8,623,000, respectively, of investment securities other than
long-term U.S. Government securities and short-term investments. There were no
purchases and sales of long-term U.S. Government securities for the six months
ended June 30, 2010.
19
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Notes to Financial Statements
(contd)
During the six months ended
June 30, 2010, the Fund incurred no brokerage commissions with Morgan
Stanley & Co. Incorporated, an affiliated broker/dealer.
G. Other:
On June 19, 2007, the
Directors approved a procedure whereby the Fund may, when appropriate, purchase
shares in the open market or in privately negotiated transactions at a price
not above market value or net asset value, whichever is lower at the time of
the purchase. Since the inception of the program, the Fund did not repurchase
any if its shares.
H. Supplemental Proxy Information:
On June 16,
2010 an annual meeting of the Funds stockholders was held for the purpose of
voting on the following matter, the results of which were as follows:
Election of Directors by all
stockholders:
|
|
For
|
|
Withheld
|
|
Frank
L. Bowman
|
|
6,399,447
|
|
4,994,890
|
|
James
F. Higgins
|
|
6,373,489
|
|
5,020,848
|
|
Manuel
H. Johnson
|
|
6,381,946
|
|
5,012,391
|
|
I. Subsequent Events:
In accordance
with the provisions set forth in FASB ASC 855 Subsequent Events (formerly
known as SFAS 165), adopted by the Fund as of June 30, 2009, management
has evaluated the possibility of subsequent events existing in the Funds
financial statements.
J. Indemnifications:
The Fund enters
into contracts that contain a variety of indemnifications. The Funds maximum
exposure under these arrangements is unknown. However, the Fund has not had
prior claims or losses pursuant to these contracts and expects the risk of loss
to be remote.
20
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Notes to Financial Statements
(contd)
For More
Information About Portfolio Holdings
The Fund provides a complete
schedule of portfolio holdings in its semi-annual and annual reports within 60
days of the end of the Funds second and fourth fiscal quarters. The
semi-annual reports and the annual reports are filed electronically with the
Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR,
respectively. Morgan Stanley also delivers the semi-annual and annual reports
to Fund stockholders and makes these reports available on its public website,
www.morganstanley.com/im. Each Morgan Stanley fund also files a complete
schedule of portfolio holdings with the SEC for the Funds first and third fiscal
quarters on Form N-Q. Morgan Stanley does not deliver the reports for the
first and third fiscal quarters to stockholders, nor are the reports posted to
the Morgan Stanley public website. You may, however, obtain the Form N-Q
filings (as well as the Form N-CSR and N-CSRS filings) by accessing the
SECs website, www.sec.gov. You may also review and copy them at the SECs
public reference room in Washington, DC. Information on the operation of the
SECs Public Reference Room may be obtained by calling the SEC toll free
at 1(800) SEC-0330. You can also request copies of these materials, upon
payment of a duplicating fee, by electronic request at the SECs e-mail address
(publicinfo@sec.gov) or by writing the public reference section of the SEC,
Washington, DC 20549-0102.
In addition to filing a
complete schedule of portfolio holdings with the SEC each fiscal quarter, the
Fund makes portfolio holdings information available by periodically providing
the information on its public website, www.morganstanley.com/im.
The Fund provides a complete
schedule of portfolio holdings on the public website on a calendar-quarter
basis approximately 31 calendar days after the close of the calendar quarter.
The Fund also provides Top 10 holdings information on the public website
approximately 15 business days following the end of each month. You may obtain
copies of the Funds monthly or calendar-quarter website postings, by calling
toll free 1(800) 231-2608.
Proxy
Voting Policy and Procedures and Proxy Voting Record
A copy of (1) the
Funds policies and procedures with respect to the voting of proxies relating
to the Funds portfolio securities; and (2) how the Fund voted proxies
relating to portfolio securities during the most recent twelve-month period
ended June 30, is available without charge, upon request, by calling toll
free 1(800) 548-7786 or by visiting our website at www.morganstanley.com/im.
This information is also available on the SECs web site at www.sec.gov.
21
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Portfolio Management
The Fund is managed within the Emerging Markets Equity
team. The team consists of portfolio managers and analysts. Current members of
the team jointly and primarily responsible for the day-to-day management of the
Funds portfolio are James Cheng, a Managing Director of the Sub-Adviser, Munib
Madni, an Executive Director of the Sub-Adviser, and Ruchir Sharma, a Managing
Director of the U.S. Adviser.
Mr. Cheng has been associated with the
Sub-Adviser in an investment management capacity since July 2006 and began
managing the Fund in August 2008. Prior to July 2006, Mr. Cheng
worked in an investment management capacity at Invesco Asia Limited, Asia
Strategic Investment Management Limited and Munich Re Asia Capital Management.
Mr. Munib has been associated with the Sub-Adviser in an investment
management capacity since February 2005 and began managing the Fund in
August 2008. Prior to August 2008, Mr. Munib was associate
director of Australian equities at Aberdeen Asset Management
(December 2000 to January 2005). Previously, he was a portfolio
manager, Australian equities, at Equitilink Investment Management
(December 1994 to December 2000). Mr. Sharma has been associated
with the U.S. Adviser in an investment management capacity since 1996 and began
managing the Fund in August 2008.
22
The Thai Fund, Inc.
June 30, 2010 (unaudited)
Dividend Reinvestment and Cash Purchase Plan
Pursuant to the Dividend Reinvestment and Cash
Purchase Plan (the Plan), each stockholder will be deemed to have elected,
unless Computershare Trust Company, N.A. (the Plan Agent) is otherwise
instructed by the stockholder in writing, to have all distributions automatically
reinvested in Fund shares. Participants in the Plan have the option of making
additional voluntary cash payments to the Plan Agent, annually, in any amount
from $100 to $3,000, for investment in Fund shares.
Dividend and capital gain distributions (Distributions)
will be reinvested on the reinvestment date in full and fractional shares. If
the market price per share equals or exceeds net asset value per share on the
reinvestment date, the Fund will issue shares to participants at net asset
value or, if net asset value is less than 95% of the market price on the
reinvestment date, shares will be issued at 95% of the market price. If net
asset value exceeds the market price on the reinvestment date, participants
will receive shares valued at market price. The Fund may purchase shares of its
Common Stock in the open market in connection with dividend reinvestment
requirements at the discretion of the Board of Directors. Should the Fund
declare a Distribution payable only in cash, the Plan Agent will purchase Fund
shares for participants in the open market as agent for the participants.
The Plan Agents fees for the reinvestment of a
Distribution will be paid by the Fund. However, each participants account will
be charged a pro rata share of brokerage commissions incurred on any open
market purchases effected on such participants behalf. A participant will also
pay brokerage commissions incurred on purchases made by voluntary cash
payments. Although stockholders in the Plan may receive no cash distributions,
participation in the Plan will not relieve participants of any income tax which
may be payable on such dividends or distributions.
In the case of stockholders, such as banks, brokers or
nominees, that hold shares for others who are the beneficial owners, the Plan
Agent will administer the Plan on the basis of the number of shares certified
from time to time by the stockholder as representing the total amount
registered in the stockholders name and held for the account of beneficial
owners who are participating in the Plan.
Stockholders who do not wish to have distributions
automatically reinvested should notify the Plan Agent in writing. There is no
penalty for non-participation or withdrawal from the Plan, and stockholders who
have previously withdrawn from the Plan may rejoin at any time. Requests for
additional information or any correspondence concerning the Plan should be
directed to the Plan Agent at:
The Thai Fund, Inc.
Computershare Trust Company, N.A.
P.O. Box 43078
Providence, Rhode Island 02940-3078
1(800) 231-2608
23
The Thai Fund, Inc.
June 30, 2010 (unaudited)
U.S. Privacy Policy
An Important Notice Concerning Our
U.S. Privacy Policy
We are required by federal law to provide you with a
copy of our privacy policy (Policy) annually.
This Policy applies to current and former individual
clients of certain Morgan Stanley closed-end funds and related companies.
This Policy is not
applicable to partnerships, corporations, trusts or other non-individual
clients or account holders, nor is this Policy applicable to individuals who
are either beneficiaries of a trust for which we serve as trustee or
participants in an employee benefit plan administered or advised by us. This
Policy is, however, applicable to individuals who select us to be a custodian
of securities or assets in individual retirement accounts, 401(k) accounts,
529 Educational Savings Accounts, accounts subject to the Uniform Gifts to
Minors Act, or similar accounts. We may amend this Policy at any time, and will
inform you of any changes to this Policy as required by law.
We Respect
Your Privacy
We appreciate that you have
provided us with your personal financial information and understand your
concerns about safeguarding such information. We strive to maintain the privacy
of such information while we help you achieve your financial objectives. This
Policy describes what non-public personal information we collect about you, how
we collect it, when we may share it with others, and how others may use it. It
discusses the steps you may take to limit our sharing of information about you
with affiliated Morgan Stanley companies (affiliated companies). It also
discloses how you may limit our affiliates use of shared information for marketing
purposes. Throughout this Policy, we refer to the non-public information that
personally identifies you or your accounts as personal information.
1. What Personal Information Do We Collect About
You?
To better serve you and
manage our business, it is important that we collect and maintain accurate
information about you. We obtain this information from applications and other
forms you submit to us, from your dealings with us, from consumer reporting
agencies, from our websites and from third parties and other sources. For
example:
·
We collect
information such as your name, address, e-mail address, telephone/fax numbers,
assets, income and investment objectives through application forms you submit
to us.
·
We may obtain
information about account balances, your use of account(s) and the types
of products and services you prefer to receive from us through your dealings
and transactions with us and other sources.
·
We may obtain
information about your creditworthiness and credit history from consumer
reporting agencies.
·
We may collect
background information from and through third-party vendors to verify representations
you have made and to comply with various regulatory requirements.
24
The Thai Fund, Inc.
June 30, 2010 (unaudited)
U.S. Privacy Policy (contd)
·
If you interact
with us through our public and private Web sites, we may collect information
that you provide directly through online communications (such as an e-mail
address). We may also collect information about your Internet service provider,
your domain name, your computers
operating system and Web browser, your use of our Web sites and your product
and service preferences, through the use of cookies. Cookies recognize your
computer each time you return to one of our sites, and help to improve our
sites content and personalize your experience on our sites by, for example,
suggesting offerings that may interest you.
Please consult the Terms of Use of these sites for more details on our
use of cookies.
2. When Do We Disclose Personal Information We
Collect About You?
To provide you with the
products and services you request, to better serve you, to manage our business
and as otherwise required or permitted by law, we may disclose personal
information we collect about you to other affiliated companies and to
non-affiliated third parties.
A.
Information We Disclose to Our Affiliated Companies.
In order to
manage your account(s) effectively, including servicing and processing your
transactions, to let you know about products and services offered by us and
affiliated companies, to manage our business, and as otherwise required or
permitted by law, we may disclose personal information about you to other
affiliated companies. Offers for products and services from affiliated
companies are developed under conditions designed to safeguard your personal
information.
B.
Information We Disclose to Third Parties.
We do not disclose personal
information that we collect about you to non-affiliated third parties except to
enable them to provide marketing services on our behalf, to perform joint
marketing agreements with other financial institutions, and as otherwise
required or permitted by law. For example, some instances where we may disclose
information about you to third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against fraud,
for institutional risk control, to respond to judicial process or to perform
services on our behalf. When we share personal information with a
non-affiliated third party, they are required to limit their use of personal
information about you to the particular purpose for which it was shared and
they are not allowed to share personal information about you with others except
to fulfill that limited purpose or as may be required by law.
3. How Do We Protect the Security and
Confidentiality of Personal Information We Collect About You?
We maintain physical,
electronic and procedural security measures to help safeguard the personal
information we collect about you. We have internal policies governing the
proper handling of client information. Third parties that provide support or
marketing services on our behalf may also receive personal information about you,
and we require them to adhere to confidentiality standards with respect to such
information.
25
The Thai Fund, Inc.
June 30, 2010 (unaudited)
U.S. Privacy Policy (contd)
4. How Can You Limit Our Sharing of Certain
Personal Information About You With Our Affiliated Companies for Eligibility
Determination?
We respect your privacy and
offer you choices as to whether we share with our affiliated companies personal
information that was collected to determine your eligibility for products and
services such as credit reports and other information that you have provided to
us or that we may obtain from third parties (eligibility information). Please
note that, even if you direct us not to share certain eligibility information
with our affiliated companies, we may still share your personal information,
including eligibility information, with those companies under circumstances
that are permitted under applicable law, such as to process transactions or to
service your account. We may also share certain other types of personal
information with affiliated companies such as your name, address, telephone
number, e-mail address and account number(s), and information about your
transactions and experiences with us.
5. How Can You Limit the Use of Certain Personal
Information About You by Our Affiliated Companies for Marketing?
You may limit our affiliated
companies from using certain personal information about you that we may share
with them for marketing their products or services to you. This information
includes our transactions and other experiences with you such as your assets
and account history. Please note that, even if you choose to limit our
affiliated companies from using certain personal information about you that we
may share with them for marketing their products and services to you, we may
still share such personal information about you with them, including our
transactions and experiences with you, for other purposes as permitted under
applicable law.
6.
How Can You
Send Us an Opt-Out Instruction?
If you wish to limit our
sharing of certain personal information about you with our affiliated companies
for eligibility purposes and for our affiliated companies use in marketing
products and services to you as described in this notice, you may do so by:
·
Calling us at
(800) 231-2608
Monday Friday between 9a.m.
and 6p.m. (EST)
·
Writing to us
at the following address:
Morgan Stanley Closed-End
Privacy Department
Harborside Financial Center,
Plaza Two, 3rd Floor
Jersey City, NJ 07311
If you choose to write to
us, your written request should include: your name, address, telephone number
and account number(s) to which the opt-out applies and should not be sent
with any other correspondence. In order to process your request, we require
that the request be provided by you directly and not through a third party.
Once you have informed us about your privacy preferences, your opt-out
preference will remain in effect with respect to this Policy (as it may be
amended) until you notify us otherwise. If you are a
26
The Thai Fund, Inc.
June 30, 2010 (unaudited)
U.S. Privacy Policy (contd)
joint account owner, we will
accept instructions from any one of you and apply those instructions to the
entire account. Please allow approximately 30 days from our receipt of your
opt-out for your instructions to become effective.
Please understand that if
you opt-out, you and any joint account holders may not receive certain Morgan
Stanley or our affiliated companies products and services that could help you
manage your financial resources and achieve your investment objectives.
If you have more than one
account with us or our affiliates, you may receive multiple privacy policies
from us, and would need to follow the directions stated in each particular
policy for each account you have with us.
SPECIAL
NOTICE TO RESIDENTS OF VERMONT
This
section supplements our Policy with respect to our individual clients who have
a Vermont address and supersedes anything to the contrary in the above Policy
with respect to those clients only.
The State of Vermont
requires financial institutions to obtain your consent prior to sharing
personal information that they collect about you with affiliated companies and
non-affiliated third parties other than in certain limited circumstances.
Except as permitted by law, we will not share personal information we collect
about you with non-affiliated third parties or other affiliated companies unless
you provide us with your written consent to share such information (opt-in).
If you wish to receive
offers for investment products and services offered by or through other
affiliated companies, please notify us in writing at the following address:
Morgan Stanley Closed-End
Privacy Department
Harborside Financial Center,
Plaza Two, 3rd Floor
Jersey City, NJ 07311
Your authorization should
include: your name, address, telephone number and account number(s) to
which the opt-in applies and should not be sent with any other correspondence.
In order to process your authorization, we require that the authorization be
provided by you directly and not through a third-party.
27
The Thai Fund, Inc.
Directors
|
|
|
Michael E. Nugent
|
|
Stefanie V. Chang Yu
|
|
|
Vice
President
|
Frank L. Bowman
|
|
|
|
|
Francis J. Smith
|
Michael Bozic
|
|
Treasurer
and Principal Financial Officer
|
|
|
|
Kathleen A. Dennis
|
|
Mary Ann Picciotto
|
|
|
Chief
Compliance Officer
|
James F. Higgins
|
|
|
|
|
Mary E. Mullin
|
Dr. Manuel H. Johnson
|
|
Secretary
|
|
|
|
Joseph J. Kearns
|
|
|
|
|
|
Michael F. Klein
|
|
|
|
|
|
W. Allen Reed
|
|
|
|
|
|
Fergus Reid
|
|
|
|
|
|
Officers
|
|
|
Michael E. Nugent
|
|
|
Chairman
of the Board and
Director
|
|
|
|
|
|
Randy Takian
|
|
|
President
and Principal
Executive
Officer
|
|
|
|
|
|
Investment
Adviser and Administrator
|
|
|
Morgan Stanley Investment
Management Inc.
|
|
|
522 Fifth Avenue
|
|
|
New York, New York 10036
|
|
|
|
|
|
Custodian
|
|
|
State Street Bank and
Trust Co.
|
|
|
One Lincoln Street
|
|
|
Boston, Massachusetts 02111
|
|
|
|
|
|
Stockholder
Servicing Agent
|
|
|
Computershare Trust
Company, N.A.
|
|
|
250 Royall Street
|
|
|
Canton, Massachusetts
02021
|
|
|
|
|
|
Legal
Counsel
|
|
|
Dechert LLP
|
|
|
1095 Avenue of the
Americas
|
|
|
New York, New York 10036
|
|
|
|
|
|
Independent
Registered Public Accounting Firm
|
|
|
Ernst & Young LLP
|
|
|
200 Clarendon Street
|
|
|
Boston, Massachusetts
02116
|
|
|
For
additional Fund information, including the Funds net asset value per share and
information regarding the investments comprising the Funds portfolio, please
call toll free 1(800) 231-2608 or visit our website at www.morganstanley.com/im.
All investments involve risks, including the possible loss of principal.
©
2010 Morgan Stanley
CETTFANN
IU10-03055P-Y06/10
Item 2. Code
of Ethics.
Not
applicable for semiannual reports.
Item 3. Audit
Committee Financial Expert.
Not
applicable for semiannual reports.
Item
4. Principal Accountant Fees and Services
Not
applicable for semiannual reports.
Item
5. Audit Committee of Listed Registrants.
Not
applicable for semiannual reports.
Item
6.
(a) Refer
to Item 1.
(b) Not
applicable.
Item
7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies.
Not
applicable for semiannual reports.
Item
8. Portfolio Managers of Closed-End Management Investment Companies
Applicable
only to reports filed by closed-end funds.
Item
9. Closed-End Fund Repurchases
REGISTRANT PURCHASE OF EQUITY
SECURITIES
Period
|
|
(a) Total
Number of
Shares (or
Units)
Purchased
|
|
(b) Average
Price Paid per
Share (or Unit)
|
|
(c) Total
Number of
Shares (or
Units)
Purchased as
Part of Publicly
Announced
Plans or
Programs
|
|
(d) Maximum
Number (or
Approximate
Dollar Value)
of Shares (or
Units) that May
Yet Be
Purchased
Under the Plans
or Programs
|
|
mo-da-year
mo-da-year
|
|
|
|
|
|
N/A
|
|
N/A
|
|
mo-da-year
mo-da-year
|
|
|
|
|
|
N/A
|
|
N/A
|
|
mo-da-year
mo-da-year
|
|
|
|
|
|
N/A
|
|
N/A
|
|
mo-da-year
mo-da-year
|
|
|
|
|
|
N/A
|
|
N/A
|
|
mo-da-year
mo-da-year
|
|
|
|
|
|
N/A
|
|
N/A
|
|
mo-da-year
mo-da-year
|
|
|
|
|
|
N/A
|
|
N/A
|
|
Total
|
|
|
|
|
|
N/A
|
|
N/A
|
|
Item
10. Submission of Matters to a Vote of Security Holders
Not
applicable.
Item
11. Controls and Procedures
(a)
The Trusts/Funds principal executive officer and principal financial officer
have concluded that the Trusts/Funds disclosure controls and procedures are
sufficient to ensure that information required to be disclosed by the
Trust/Fund in this Form N-CSR 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 registrants internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrants internal control over financial reporting.
Item
12. Exhibits
(a) Code
of Ethics Not applicable for semiannual reports.
(b) A
separate certification for each principal executive officer and principal
financial officer of the registrant are attached hereto as part of EX-99.CERT.
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/ Randy Takian
|
|
Randy Takian
|
|
Principal Executive Officer
|
|
August 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.
/s/ Randy Takian
|
|
Ronald E. Robison
|
|
Principal Executive Officer
|
|
August 17, 2010
|
|
|
|
/s/ Francis Smith
|
|
Francis Smith
|
|
Principal Financial Officer
|
|
August 17, 2010
|
|
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