Item
1: Schedule of Investments
The
Indonesia Fund, Inc.
Schedule
of Investments
September
30, 2009 (unaudited)
Description
|
|
No.
of
Shares
|
|
Value
|
EQUITY
OR EQUITY-LINKED SECURITIES-96.68%
|
Indonesia-88.30%
|
|
|
Automobiles-10.45%
|
|
PT
Astra International Tbk
|
|
2,632,461
|
|
$ 9,028,961
|
|
|
|
|
|
|
Beverages-0.95%
|
|
PT
Multi Bintang Indonesia Tbk
|
|
63,000
|
|
821,314
|
|
|
|
|
|
|
Commercial
Banks-10.71%
|
|
PT
Bank OCBC NISP Tbk
†
|
|
72,918,960
|
|
5,658,481
|
PT
Bank Permata Tbk
†
|
|
36,503,000
|
|
3,597,589
|
|
|
|
|
9,256,070
|
|
|
|
|
|
|
Construction
Materials-5.45%
|
|
PT
Holcim Indonesia Tbk
†
|
|
34,419,000
|
|
4,705,971
|
|
|
|
|
|
|
Containers
& Packaging-0.49%
|
|
|
|
5,145,000
|
|
425,867
|
|
|
|
|
|
|
Distributors-4.47%
|
|
Jardine
Cycle & Carriage Ltd.
|
|
225,000
|
|
3,859,093
|
|
|
|
|
|
|
Diversified
Telecommunication Services-9.54%
|
|
PT
Telekomunikasi Indonesia Tbk
|
|
9,207,560
|
|
8,241,958
|
|
|
|
|
|
|
Food
Products-4.35%
|
|
|
|
702,842
|
|
3,755,663
|
|
|
|
|
|
|
Gas
Utilities-4.50%
|
|
|
|
10,356,000
|
|
3,887,407
|
|
|
|
|
|
|
Household
Products-10.80%
|
|
PT
Unilever Indonesia Tbk
|
|
8,432,000
|
|
9,331,012
|
|
|
|
|
|
|
Machinery-4.88%
|
|
|
|
2,624,700
|
|
4,216,921
|
|
|
|
|
|
|
Metals
& Mining-4.32%
|
|
PT
International Nickel Indonesia Tbk
†
|
|
8,750,000
|
|
3,731,004
|
|
|
|
|
|
|
Multiline
Retail-4.49%
|
|
PT
Ramayana Lestari Sentosa Tbk
|
|
57,887,500
|
|
3,877,789
|
|
|
|
|
|
|
Personal
Products-2.77%
|
|
|
|
3,384,500
|
|
2,393,014
|
|
|
|
|
|
|
Pharmaceuticals-0.38%
|
|
|
|
42,000
|
|
330,264
|
|
|
|
|
|
|
Specialty
Retail-4.57%
|
|
PT
ACE Hardware Indonesia Tbk
|
|
31,000,000
|
|
3,945,348
|
|
|
|
|
|
|
Textiles,
Apparel & Luxury Goods-0.04%
|
|
|
|
9,500
|
|
31,945
|
|
|
|
|
|
|
Tobacco-0.92%
|
|
|
|
1,177,000
|
|
791,568
|
|
|
|
|
|
|
Wireless
Telecommunication Services-4.22%
|
|
|
|
6,500,000
|
|
3,642,455
|
|
|
|
|
|
Total
Indonesia
|
|
|
|
|
76,273,624
|
Singapore-8.38%
|
|
Commercial
Banks-8.38%
|
|
Oversea-Chinese
Banking Corp. Ltd.
|
|
660,000
|
|
3,659,587
|
United
Overseas Bank Ltd.
|
|
302,000
|
|
3,580,602
|
|
|
|
|
7,240,189
|
Total
Singapore
|
|
|
|
|
7,240,189
|
|
TOTAL
EQUITY OR EQUITY-LINKED SECURITIES
|
(Cost $55,218,150)
|
|
83,513,813
|
|
|
Principal
Amount
(000's)
|
|
|
|
SHORT-TERM
INVESTMENT-3.04%
|
|
United
Kingdom-3.04%
|
Citibank
London, overnight deposit, 0.03%, 10/01/09
|
|
|
|
|
|
|
$2,631
|
|
2,631,000
|
TOTAL
INVESTMENTS-99.72%
|
(Cost
$57,849,150)
|
|
86,144,813
|
|
Cash
and Other Assets in Excess of Liabilities-0.28%
|
|
240,138
|
|
NET
ASSETS-100.00%
|
|
$ 86,384,951
|
|
|
†
|
|
Non-income
producing security.
|
|
Security Valuation
- The net
asset value of the Fund is determined daily as of the close of regular trading
on the New York Stock Exchange, Inc. (the “Exchange”) on each day the Exchange
is open for business. Equity investments are valued at market value, which is
generally determined using the closing price on the exchange or market on which
the security is primarily traded at the time of valuation (the “Valuation
Time”). If no sales are reported, equity investments are generally valued at the
most recent bid quotation as of the Valuation Time or at the lowest ask
quotation in the case of a short sale of securities. Debt securities with a
remaining maturity greater than 60 days are valued in accordance with the price
supplied by a pricing service, which may use a matrix, formula or other
objective method that takes into consideration market indices, yield curves and
other specific adjustments. Debt obligations that will mature in 60 days or less
are valued on the basis of amortized cost, which approximates market value,
unless it is determined that using this method would not represent fair value.
Investments in mutual funds are valued at the mutual fund’s closing net asset
value per share on the day of valuation. Securities and other assets for which
market quotations are not readily available, or whose values have been
materially affected by events occurring before the Fund’s Valuation Time, but
after the close of the securities’ primary market, are valued at fair value as
determined in good faith by, or under the direction of, the Board of Directors
under procedures established by the Board of Directors. The Fund may utilize a
service provided by an independent third party which has been approved by the
Board of Directors to fair value certain securities. When fair-value pricing is
employed, the prices of securities used by a fund to calculate its net asset
value may differ from quoted or published prices for the same securities. The
Fund’s estimate of fair value assumes a willing buyer and a willing seller
neither acting under a compulsion to buy or sell.
The Fund
adopted ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), effective
January 1, 2008. In accordance with ASC 820, fair value is defined as the price
that the Fund would receive upon selling an investment in a timely transaction
to an independent buyer in the principal or most advantageous market of the
investment. ASC 820 established a three-tier hierarchy to maximize the use of
observable market data and minimize the use of unobservable inputs and to
establish classification of fair value measurements for disclosure purposes.
Inputs refer broadly to the assumptions that market participants would use in
pricing the asset or liability, including assumptions about risk, for example,
the risk inherent in a particular valuation technique used to measure fair value
including such a pricing model and/or the risk inherent in the inputs to the
valuation technique. Inputs may be observable or unobservable. Observable inputs
are inputs that reflect the assumptions market participants would use in pricing
the asset or liability developed based on market data obtained from sources
independent of the reporting entity. Unobservable inputs are inputs that reflect
the reporting entity’s own assumptions about the assumptions market participants
would use in pricing the asset or liability developed based on the best
information available in the circumstances. The three-tier hierarchy of inputs
is summarized in the three broad Levels listed below.
|
Level
1 – quoted prices in active markets for identical
investments
|
|
Level
2 – other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit risk,
etc.)
|
|
Level
3 – significant unobservable inputs (including the Fund’s own assumptions
in determining the fair value of
investments)
|
The
inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those
securities.
The
following is a summary of the inputs used as of September 30, 2009 in valuing
the Fund’s investments carried at value:
Investments, at
value
|
|
Quoted
Prices in
Active
Markets for Identical Investments (Level 1)
|
|
Other
Significant Observable Inputs (Level 2)
|
|
Significant
Unobservable Inputs (Level 3)
|
|
Balance
as of 09/30/2009
|
Automobiles
|
|
$ -
|
|
$ 9,028,961
|
|
$ -
|
|
$ 9,028,961
|
Beverages
|
|
821,314
|
|
-
|
|
-
|
|
821,314
|
Commercial
Banks
|
|
5,658,481
|
|
10,837,778
|
|
-
|
|
16,496,259
|
Construction
Materials
|
|
-
|
|
4,705,971
|
|
-
|
|
4,705,971
|
Containers
& Packaging
|
|
425,867
|
|
-
|
|
-
|
|
425,867
|
Distributors
|
|
-
|
|
3,859,093
|
|
-
|
|
3,859,093
|
Diversified
Telecommunication Services
|
|
-
|
|
8,241,958
|
|
-
|
|
8,241,958
|
Food
Products
|
|
-
|
|
3,755,663
|
|
-
|
|
3,755,663
|
Gas
Utilities
|
|
-
|
|
3,887,407
|
|
-
|
|
3,887,407
|
Household
Products
|
|
-
|
|
9,331,012
|
|
-
|
|
9,331,012
|
Machinery
|
|
-
|
|
4,216,921
|
|
-
|
|
4,216,921
|
Metals
& Mining
|
|
-
|
|
3,731,004
|
|
-
|
|
3,731,004
|
Multiline
Retail
|
|
-
|
|
3,877,789
|
|
-
|
|
3,877,789
|
Personal
Products
|
|
-
|
|
2,393,014
|
|
-
|
|
2,393,014
|
Pharmaceuticals
|
|
330,264
|
|
-
|
|
-
|
|
330,264
|
Specialty
Retail
|
|
-
|
|
3,945,348
|
|
-
|
|
3,945,348
|
Textiles,
Apparel & Luxury Goods
|
|
31,945
|
|
-
|
|
-
|
|
31,945
|
Tobacco
|
|
791,568
|
|
-
|
|
-
|
|
791,568
|
Wireless
Telecommunication Services
|
|
-
|
|
3,642,455
|
|
-
|
|
3,642,455
|
Short-Term
Investment
|
|
-
|
|
2,631,000
|
|
-
|
|
2,631,000
|
Total
|
|
$ 8,059,439
|
|
$ 78,085,374
|
|
$ -
|
|
$ 86,144,813
|
Short-Term
Investment -
The Fund sweeps available cash into a short-term time
deposit available through Brown Brothers Harriman & Co., the Fund’s
custodian. The short-term time deposit is a variable rate account classified as
a short-term investment.
Federal Income Tax Cost
- At
September 30, 2009, the identified cost for federal income tax purposes, as well
as the gross unrealized appreciation from investments for those securities
having an excess of value over cost, gross unrealized depreciation from
investments for those securities having an excess of cost over value and the net
unrealized appreciation from investments were $57,849,150, $28,795,135,
$(499,472) and $28,295,663, respectively.
Other
information regarding the Fund is available in the Fund’s most recent Report to
Shareholders. This information is also available on the website of the
Securities and Exchange Commission at www.sec.gov.
Item
2: Controls and Procedures
(a) As of
a date within 90 days from the filing date of this report, the principal
executive officer and principal financial officer concluded that the
registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940 (the “Act”)), were effective based on
their evaluation of the disclosure controls and procedures required by Rule
30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities and
Exchange Act of 1934.
(b) There
were no changes in the registrant’s internal control over financial reporting
(as defined in Rule 30a-3(d) under the Act) that occurred during the
registrant’s last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant’s internal control over
financial reporting.
Item
3: Exhibits
1. The
certifications of the registrant as required by Rule 30a-2(a) under the Act are
exhibits to this report.
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
Indonesia Fund, Inc.
By:
/s/
Christian
Pittard
Christian
Pittard,
President
of
The
Indonesia Fund, Inc.
Date:
November 25, 2009
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons
on behalf of the Registrant and in the capacities and on the dates
indicated.
By:
/s/
Christian
Pittard
Christian
Pittard,
President
of
The Indonesia Fund, Inc.
Date:
November 25, 2009
By:
/s/Andrea
Melia
Andrea
Melia,
Treasurer
of
The
Indonesia Fund, Inc.
Date:
November 25, 2009