Malaysia Fund Inc - Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
May 28 2008 - 5:03PM
Edgar (US Regulatory)
[Annotated Form N-Q]
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM N-Q
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment
Company Act file number
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811-05082
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THE MALAYSIA FUND, INC.
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(Exact name of registrant as specified in
charter)
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522 FIFTH AVENUE, NEW YORK, NY
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10036
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(Address of principal executive offices)
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(Zip code)
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RONALD E. ROBISON
522 FIFTH AVENUE, NEW YORK, NY 10036
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(Name and address of agent for service)
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Registrants
telephone number, including area code:
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1-800-231-2608
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Date of
fiscal year end:
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12/31
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Date of
reporting period:
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3/31/08
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Item 1. Schedule of
Investments.
The
Funds schedule of investment as of the close of the reporting period
prepared pursuant to Rule 12-12 Regulation S-X is as follows:
The Malaysia Fund, Inc.
Portfolio of Investments
First Quarter Report
March 31, 2008 (unaudited)
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Shares
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Value
(000)
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COMMON STOCKS (95.7%)
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(Unless Otherwise Noted)
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Automobiles (1.3%)
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Proton Holdings Bhd
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(a)512,000
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$
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622
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TAN Chong Motor Holdings Bhd
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1,309,000
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742
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1,364
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Commercial Banks (15.4%)
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Bumiputra-Commerce Holdings Bhd
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1,972,496
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6,163
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Malayan Banking Bhd
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1,841,875
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4,887
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Public Bank Bhd
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1,591,390
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5,239
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16,289
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Construction & Engineering (4.5%)
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Gamuda Bhd
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882,200
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914
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IJM Corp. Bhd
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1,985,500
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3,795
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4,709
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Construction Materials (0.7%)
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Lafarge Malayan Cement Bhd
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548,100
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729
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Diversified Telecommunication Services
(5.1%)
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Telekom Malaysia Bhd
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1,636,000
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5,440
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Electric Utilities (2.1%)
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Tenaga Nasional Bhd
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945,750
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2,181
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Food Products (25.1%)
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IOI Corp. Bhd
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5,296,250
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11,812
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Kuala Lumpur Kepong Bhd
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1,225,500
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6,227
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Wilmar International Ltd.
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(a)2,794,500
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8,553
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26,592
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Hotels Restaurants & Leisure
(6.7%)
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Genting Bhd
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2,019,000
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4,151
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Resorts World Bhd
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2,793,500
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3,015
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7,166
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Independent Power Producers &
Energy Traders (1.6%)
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Tanjong plc
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314,000
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1,652
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Industrial Conglomerates (9.9%)
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MMC Corp. Bhd
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1,334,000
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1,356
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Sime Darby Bhd
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(a)3,092,910
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9,076
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10,432
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Insurance (0.4%)
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MAA Holdings Bhd
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1,174,000
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453
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Marine (3.5%)
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Malaysia International Shipping Corp. Bhd
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1,271,000
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3,683
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Multi-Utilities (4.3%)
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YTL Corp. Bhd
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1,955,733
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4,554
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Real Estate (9.5%)
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Bandar Raya Developments Bhd
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1,050,000
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664
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Glomac Bhd
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1,763,000
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630
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IGB Corp. Bhd
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3,024,000
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1,490
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IOI Properties Bhd
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415,000
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1,552
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Naim Cendera Holdings Bhd
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789,000
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929
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SP Setia Bhd
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3,350,248
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3,920
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YNH Property Bhd
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1,338,200
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893
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10,078
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Wireless Telecommunication Services (5.6%)
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Digi.com Bhd
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777,000
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5,938
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TOTAL COMMON STOCKS (Cost $50,940)
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101,260
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No. of
Rights
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RIGHTS (0.0%)
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Real Estate (0.0%)
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Genting International plc, expiring 4/11/08
(Cost $@)
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279,350
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45
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No. of
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Warrants
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WARRANTS (0.2%)
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Construction & Engineering (0.1%)
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IJM Corp. Bhd, expiring 7/7/10
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(a)148,600
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85
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Real Estate (0.1%)
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SP Setia Bhd, expiring 1/21/13
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(a)558,425
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118
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TOTAL WARRANTS (Cost $53)
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203
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Shares
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SHORT-TERM INVESTMENT (1.2%)
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Investment Company (1.2%)
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Morgan Stanley Institutional Liquidity Money
Market Portfolio Institutional Class (Cost $1,235)
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(b)1,234,960
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1,235
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TOTAL INVESTMENTS + (97.1%) (Cost $52,228)
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(c)102,743
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OTHER ASSETS IN EXCESS OF LIABILITIES
(2.9%)
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3,098
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NET ASSETS (100%)
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$
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105,841
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(a)
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Non-income
producing security.
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(b)
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The
Fund invests in the Institutional Class of the Morgan Stanley
Institutional Liquidity Money Market Portfolio (the Liquidity Fund), an
open-end management investment company managed by the Adviser. Investment
Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata
share of the advisory and administration fees paid by the Liquidity Fund. For
the three months ended March 31, 2008, advisory fees paid were reduced
by less than $500 relating to the Funds investment in the Liquidity Fund.
For the same period, income distributions earned by the Fund are recorded as
dividends from affiliates and totaled approximately $8,000. During the three
months ended March 31, 2008, the approximate cost of purchases and sales
in the Liquidity Fund were $1,004,000 and $2,038,000, respectively.
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(c)
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The
approximate market value and percentage of the investments, $101,463,000 and
98.8%, respectively, represent the securities that have been fair valued
under the fair valuation policy for international investments.
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@
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Value
is less than $500.
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+
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At
March 31, 2008, the U.S. Federal income tax cost basis of investments
was approximately $52,228,000 and, accordingly, net unrealized appreciation
for U.S. Federal income tax purposes was $50,515,000 of which $52,069,000
related to appreciated securities and $1,554,000 related to depreciated
securities.
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Notes to Portfolio of Investments (unaudited)
The
Fund adopted Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 157, Fair Value Measurements (SFAS 157),
effective January 1, 2008. In accordance with SFAS 157, fair value is
defined as the price that the Fund would receive to sell an investment or pay
to transfer a liability in a timely transaction with an independent buyer in
the principal market, or in the absence of a principal market the most
advantageous market for the investment or liability. SFAS 157 establishes a
three-tier hierarchy to distinguish between (1) inputs that reflect the
assumptions market participants would use in pricing an asset or liability
developed based on market data obtained from sources independent of the
reporting entity (observable inputs) and (2) inputs that reflect the
reporting entitys own assumptions about the assumptions market participants
would use in pricing an asset or liability developed based on the best
information available in the circumstances (unobservable inputs) and to
establish classification of fair value measurements for disclosure purposes.
Various inputs are used in determining the value of the Funds investments. The
inputs are summarized in the three broad levels listed below.
Level
1
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quoted
prices in active markets for identical investments
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Level
2
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other
significant observable inputs (including quoted prices for similar
investments, interest rates, prepayment speeds, credit risk, etc.)
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Level
3
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significant
unobservable inputs (including the Funds own assumptions in determining the
fair value of investments)
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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 March 31, 2008 in valuing
the Funds investments carried at value:
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Investments in
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Other Financial
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Securities
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Instruments*
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Valuation Inputs
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(000)
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(000)
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Level 1 - Quoted Prices
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$
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$
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Level 2 - Other Significant Observable
Inputs
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102,743
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Level 3 - Significant Unobservable Inputs
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Total
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$
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102,743
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$
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*Other
financial instruments include futures, forwards and swap contracts.
At
March 31, 2008 there were no Level 3 Portfolio investments for which
significant unobservable inputs were used to determine fair value.
Security Valuation
Securities listed on a foreign exchange are valued at their closing
price. Unlisted securities and listed securities not traded on the valuation
date for which market quotations are readily available are valued at the mean
between the current bid and asked prices obtained from reputable brokers.
Equity securities listed on a U.S. exchange are valued at the latest quoted
sales price on the valuation date. Equity securities listed or traded on
NASDAQ, for which market quotations are available, are valued at the NASDAQ
Official Closing Price. Debt securities purchased with remaining maturities of
60 days or less are valued at amortized cost, if it approximates market value.
All
other securities and investments for which market values are not readily
available, including restricted securities, and those securities for which it
is inappropriate to determine prices in accordance with the aforementioned
procedures, are valued at fair value as determined in good faith under
procedures adopted by the Board of Directors (the Directors), although the
actual calculations may be done by others. Factors considered in making this
determination may include, but are not limited to, information obtained by
contacting the issuer, analysts, or the appropriate stock exchange (for
exchange-traded securities), analysis of the issuers financial statements or
other available documents and, if necessary, available information concerning
other
securities in similar circumstances.
Most
foreign markets close before the New York Stock Exchange (NYSE).
Occasionally, developments that could affect the closing prices of securities
and other assets may occur between the times at which valuations of such
securities are determined (that is, close of the foreign market on which the
securities trade) and the close of business on the NYSE. If these developments
are expected to materially affect the value of the securities, the valuations
may be adjusted to reflect the estimated fair value as of the close of the NYSE,
as determined in good faith under procedures established by the Directors.
Item
2. Controls and Procedures.
(a) The Funds principal
executive officer and principal financial officer have concluded that the Funds
disclosure controls and procedures are sufficient to ensure that information
required to be disclosed by the Fund in this Form N-Q was recorded, processed,
summarized and reported within the time periods specified in the Securities and
Exchange Commissions rules and forms, based upon such officers evaluation of
these controls and procedures as of a date within 90 days of the filing date of
the report.
(b) There were no changes in the Funds internal
control over financial reporting that occurred during the registrants fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, the Funds internal control over financial reporting.
Item
3. Exhibits.
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
(Registrant)
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The
Malaysia Fund, Inc.
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By:
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/s/ Ronald E. Robison
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Name:
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Ronald E.
Robison
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Title:
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Principal
Executive Officer
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Date:
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May 20, 2008
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Pursuant to
the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
By:
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/s/ Ronald E. Robison
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Name:
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Ronald E.
Robison
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Title:
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Principal
Executive Officer
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Date:
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May 20, 2008
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By:
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/s/ James Garrett
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Name:
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James
Garrett
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Title:
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Principal
Financial Officer
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Date:
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May 20, 2008
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