<PAGE>
MORGAN STANLEY
DEAN WITTER
EMERGING MARKETS
FUND, INC.
FIRST QUARTER REPORT
MARCH 31, 2000
MORGAN STANLEY DEAN WITTER
INVESTMENT MANAGEMENT INC.
INVESTMENT ADVISER
MORGAN STANLEY DEAN WITTER
EMERGING MARKETS FUND, INC.
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DIRECTORS AND OFFICERS
Barton M. Biggs
CHAIRMAN OF THE BOARD
OF DIRECTORS
Harold J. Schaaff, Jr.
PRESIDENT AND DIRECTOR
Peter J. Chase
DIRECTOR
John W. Croghan
DIRECTOR
Graham E. Jones
DIRECTOR
John A. Levin
DIRECTOR
William G. Morton, Jr.
DIRECTOR
Stefanie V. Chang
VICE PRESIDENT
Joseph P. Stadler
VICE PRESIDENT
Mary E. Mullin
SECRETARY
Belinda A. Brady
TREASURER
Robin L. Conkey
ASSISTANT TREASURER
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INVESTMENT ADVISER
Morgan Stanley Dean Witter Investment Management Inc.
1221 Avenue of the Americas
New York, New York 10020
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ADMINISTRATOR
The Chase Manhattan Bank
73 Tremont Street
Boston, Massachusetts 02108
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CUSTODIAN
The Chase Manhattan Bank
3 Chase MetroTech Center
Brooklyn, New York 11245
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SHAREHOLDER SERVICING AGENT
Boston Equiserve
Investor Relations Department
P.O. Box 644
Boston, Massachusetts 02102-0644
(800) 730-6001
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LEGAL COUNSEL
Rogers & Wells LLP
200 Park Avenue
New York, New York 10166
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INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
For additional Fund information, including the Fund's net asset value per share
and information regarding the investments comprising the Fund's portfolio,
please call 1-800-221-6726 or visit our website at
www.msdw.com/institutional/investmentmanagement.
<PAGE>
LETTER TO SHAREHOLDERS
---------
For the three months ended March 31, 2000, the Morgan Stanley Dean Witter
Emerging Markets Fund, Inc. (the "Fund") had a total return, based on net asset
value per share, of 8.18% compared with 2.42% for the Morgan Stanley Capital
International (MSCI) Emerging Markets Free Index (the "MSCI Index") and 3.04%
for the IFC Global Total Return Composite Index. For the period from
commencement of operations on November 1, 1991 through March 31, 2000, the
Fund's total return, based on net asset value per share, was 272.06% compared
with 123.70% for the MSCI Index and 88.25% for the IFC Global Total Return
Composite Index. On March 31, 2000, the closing price of the Fund's shares on
the New York Stock Exchange was $17 3/8, representing a 24.4% discount to the
Fund's net asset value per share.
Outperformance compared to the MSCI Index was attributable to both strong stock
selection and country allocation. Stock selection in Brazil and Taiwan
contributed markedly to performance. Other notable contributors were equity
selections in Greece, Israel and Turkey. Our overweight stance in capital
equipment stocks, including Samsung Electronics and Hon Hai Precision, added to
performance. Telecommunications services holdings, including China Telecom, CRT
Cellular, Amdocs and Orckit Communications, also enhanced the Fund's return. Our
overweight position in Israel (+15.7%), Malaysia (+22.3%) and Taiwan (+15.7%)
coupled with our underweight stance in Greece (-14.0%), the Philippines (-24.0%)
and South Africa (-10.0%) contributed positively to performance. Poor stock
selection in India, Russia and South Africa and country allocation in South
Korea (-2.4%) detracted from performance.
First quarter gains by the emerging markets reflected varying performances
within the regions, with notably strong advances made by some Asian markets
(India, Malaysia and Taiwan) and within the Emerging Europe and the Middle East
(Czech Republic, Israel, Poland and Russia). Amidst a backdrop of interest rate
hikes and increased volatility in the U.S., the emerging markets continue to
recover economically and show signs of increasing political stability. Aggregate
GDP growth in the emerging markets is estimated to have reached 5.4% during the
first quarter of 2000, versus a 3.8% growth rate for 1999. Strong demand in the
developed world, leading to higher export volumes for the emerging markets,
should continue to boost growth. Asia is particularly benefiting from these
export trends, and remains the growth leader with estimates of 7.2% thus far
this year. Meanwhile, elections in Chile, Taiwan and Russia yielded
market-friendly results. Consolidations in the telecommunications and banking
arenas boosted sentiment towards the Latin American markets. Emerging Europe
benefited from progress on privatization and the economic recovery in Western
Europe, and Asian markets were reinforced by robust exports, current accounts
and outsourcing.
Signs of macroeconomic improvements and steps towards increasing fiscal
responsibility lifted Latin American markets by 3.9% for the quarter. Latin
American telecoms were boosted early in the first quarter when Telefonica de
Espana (TISA) announced intentions to buyout minority shareholders of their
Latin American telecommunications affiliates at a premium. Brazilian equities
advanced 3.7%, buoyed by a better-than-anticipated primary surplus for January,
a deceleration in the rate of inflation, and continuing foreign direct
investment. During the first quarter, we added to Brazilian telecommunications
services providers Embratel and Telesp and we trimmed our holdings in Brazilian
mining and natural resource conglomerate CVRD, based on less compelling
valuations in comparison with global peers.
Mexican equities advanced 4.5%, as sentiment was buoyed by better than
anticipated inflation and GDP figures and improved 1999 fiscal deficit results
combined with Moody's March upgrade of Mexico to investment grade status. During
the first quarter, we added to Mexico's leading industrial corporation Alfa,
based on the upside potential from improving margins in their chemical business
and undervalued participation in their telecom assets. We also added to Wal-Mart
de Mexico (formerly Cifra), Mexico's largest retail chain of food and general
merchandise, based on expectations for consumer recovery and a strong balance
sheet. Although we believe the economic recovery currently underway should
continue through 2000, supported by improving fiscal discipline, a narrowing of
risk premia and sustainable high commodity prices, we find investment
opportunities in other areas of the world more enticing and remain underweight
Latin America. We are likely to add marginally to Brazil and Mexico, notably
those positions which we feel are most leveraged to consumer recovery (retail)
or improving operating efficiencies and higher growth and return segments (media
and telecoms).
Asian markets advanced 4.4%, as strong current accounts, export growth and
positive secular trends in semiconductors and global outsourcing continue to
bolster the non-Japan Asian markets. Our emphasis on this region is backed by
current account surpluses and higher savings finally translating into increased
consumption. In addition, continued corporate restructuring in Japan enhances
the trend in outsourcing to emerging Asian countries of components and
sub-assemblies businesses. South Korean equities declined 2.4% during the first
quarter, due to initial market consolidation after strong performance last year
and investor concern over U.S. interest rate hikes. South Korean equities
rebounded towards the end of the quarter, supported by Moody's upgrade to a
positive outlook for banks, record high customer deposit levels, and strong DRAM
prices. We added some new names to our overweight stance in South Korea, such as
39 Shopping, South Korea's largest home shopping network.
Equities advanced 15.7% in Taiwan, where voters elected Democratic Progressive
Party candidate Chen Shui-bian as their new president on March 19, ending more
than half a century of Nationalist (KMT) rule. Chen's victory should be positive
for the market over the longer term, and recent conciliatory remarks directed at
China have helped to reduce political uncertainty in the near term. We maintain
our overweight stance in Taiwan and during the first quarter we added companies
which we believe represent exciting opportunities leveraged to trends in
technology and outsourcing. Purchases included Advantech (computer peripherals)
and Macronix
2
<PAGE>
(designer/manufacturer of integrated microcircuits and memory chips).
During the first quarter, Chinese equities declined 20.1%. However, the MSCI
China Free Index presently does not include companies listed in Hong Kong and
not incorporated in China, but whose major shareholders (directly or indirectly)
are organizations or enterprises owned by the state, provinces or municipalities
of the People's Republic of China. Many of these companies advanced during the
first quarter, supported by improving export growth, increasing foreign direct
investment and supportive macroeconomic policies. MSCI recently announced
revisions in the construction of the MSCI China Free Index to better represent
the investment opportunities available to foreign investors, such as using share
ownership in determining the country classification of a company. Consequently,
China's weight in the MSCI Emerging Markets Free Index should increase
considerably. We added to our significant overweight in China during the first
quarter, and purchases included China Merchants, which owns and operates
container terminals and toll roads in China and TCL International, a home
electronics manufacturer.
Indian equities gained 17.6% during the first quarter, on the back of strong
demand for telecommunications and technology-related stocks and on expectations
for a reform oriented 2000 Budget. However, equities were volatile after the
budget was announced on February 29, as investors viewed the budget as somewhat
disappointing. The government failed to address India's fiscal problems and was
not seen as aggressive enough on the pace of reforms or privatization program.
During the first quarter, we reduced our holdings in auto manufacturer TELCO,
based on disappointing earnings and a lackluster outlook for the near-term.
We are underweight Emerging Europe, the Middle East and Africa regions. Emerging
Europe and the Middle East advanced 3.1% during the first quarter, although
posting mixed returns. We maintain our underweight stance in Greek equities,
which declined 14.0% as the market has already discounted most of the good news
surrounding European Monetary Union convergence. During the first quarter, we
reduced our underweight in the Greek telecommunications sector by adding to OTE
and Panafon, based on attractive valuations and recent underperformance. Israeli
equities advanced 15.7%, buoyed by a positive macroeconomic environment coupled
with stories of companies with strong management and great earnings growth
potential. We continued to add to our overweight stance in Israel, notably
through companies in the communications and software related industries.
Purchases included software and solutions services providers including
Technomatix and TTI Industries.
Russian equities advanced 22.9%, bolstered by Vladamir Putin's election as
President, which should lend stability and additional support to the economic
upturn underway. We believe Russia's economic recovery, which has benefited from
oil price strength, debt restructuring and forgiveness, current account
surpluses and improving international reserves, should continue. We added to
electric utilities (Unified Energy Systems) and oil and gas stocks (Lukoil and
Surgutneftegaz). Despite continued indications that inflation and interest rates
should trend down, Turkish equities fell 6.3% during the first quarter, due to
the market currently reflecting most of the positive news for the near-term and
heightened political tensions toward quarter-end surrounding the vote not to let
President Demirel run for re-election. We reduced our overweight in Turkey and
took the opportunity to lock in some gains by trimming positions in the banking
and energy sectors. The Czech Republic (+29.9%), Hungary (+13.2%) and Poland
(+19.0%) gained on the back of signs of economic recovery, movement towards
privatization and rallies in technology-related stocks.
South African equities declined 10.0% during the first quarter, reflecting
investor skittishness over a less friendly interest rate environment, lagging
commodity stocks, and lack of near- term market catalysts. South Africa
continues to be one of our largest underweights. We find the market attractively
valued yet believe the equity prospects are less enticing than in other emerging
markets. During the first quarter, we trimmed positions in financial companies
Bidvest and BOE, as we do not anticipate additional interest rate cuts in the
near-term. We sold banking and insurance company ABSA, based on our
disappointment with management and our view the company will continue to lose
market share and underperform its sector.
We continue to like the long term prospects within the emerging markets. We
believe the economic recovery underway in Latin America should be supported by
improving fiscal discipline, a narrowing of risk premia and sustainable high
commodity prices. Within Asia, we anticipate markets should benefit from strong
current accounts, continued export growth, earnings upgrades and outsourcing.
Given progress on privatization and fiscal and current account restraint, we
anticipate continued economic turnaround in Emerging Europe, bolstered by the
economic recovery in Western Europe and progress towards European Union
convergence.
Sincerely,
/s/ Harold J. Schaaff, Jr.*
Harold J. Schaaff, Jr.*
PRESIDENT AND DIRECTOR
April 2000
The information contained in this overview regarding specific securities is for
informational purposes only and should not be construed as a recommendation to
purchase or sell the securities mentioned.
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DAILY NET ASSET AND MARKET VALUES, AS WELL AS MONTHLY PORTFOLIO INFORMATION FOR
THE FUND, ARE AVAILABLE ON OUR WEBSITE AT
WWW.MSDW.COM/INSTITUTIONAL/INVESTMENTMANAGEMENT.
HAROLD J. SCHAAFF, JR. WAS ELECTED PRESIDENT AND DIRECTOR OF THE FUND ON MARCH
20, 2000. MR. SCHAAFF JOINED MORGAN STANLEY DEAN WITTER IN 1989 AND IS A
MANAGING DIRECTOR OF MORGAN STANLEY & CO. INCORPORATED AND MORGAN STANLEY DEAN
WITTER INVESTMENT MANAGEMENT INC. HE FORMERLY SERVED AS GENERAL COUNSEL AND
SECRETARY OF MORGAN STANLEY DEAN WITTER INVESTMENT MANAGEMENT INC.
3
<PAGE>
Morgan Stanley Dean Witter Emerging Markets Fund, Inc.
Invesment Summary as of March 31, 2000 (Unaudited)
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<TABLE>
<CAPTION>
HISTORICAL TOTAL RETURN (%)
INFORMATION --------------------------------------------------------------------------------------
MARKET VALUE (1) NET ASSET VALUE (2) MSCI INDEX (3) IFC INDEX (4)
-------------------- -------------------- ------------------- --------------------
AVERAGE AVERAGE AVERAGE AVERAGE
CUMULATIVE ANNUAL CUMULATIVE ANNUAL CUMULATIVE ANNUAL CUMULATIVE ANNUAL
---------- ------- ---------- ------- ---------- ------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fiscal Year to Date 6.51% -- 8.18% -- 2.42% -- 3.04% --
One Year 81.70 81.70% 97.42 97.42% 51.59% 51.59% 53.98 53.98%
Five Year 45.93 7.85 110.75 16.08 29.05 5.23 22.69 4.17
Since Inception* 181.07 13.07 272.06 16.90 123.70 10.04 88.25 7.81
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
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RETURNS AND PER SHARE INFORMATION
[GRAPH]
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, THREE MONTHS
ENDED
MARCH 31,
1991* 1992 1993 1994 1995 1996 1997 1998 1999 2000
------ ------ ------ ------ ------ ------ ------ ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value Per Share .... $14.71 $16.74 $28.20 $20.30 $14.69 $15.69 $15.52 $10.33 $21.26 $23.00
Market Value Per Share ....... $14.25 $18.13 $31.63 $21.50 $15.50 $13.88 $13.06 $8.13 $16.31 $17.38
Premium/(Discount) ........... -3.1% 8.3% 12.2% 5.9% 5.5% -11.5% -15.9% -21.3% -23.3% -24.4%
Income Dividends ............. $0.04 $0.01 -- -- -- $0.05 $0.01 $0.11 -- --
Capital Gains
Distributions .............. -- $0.01 $1.49 $6.50 $1.29 $0.98 $0.01 $2.18 -- --
Fund Total Return (2) ........ 4.61% 13.94% 95.22%+ -5.33% -16.30%+ 13.84% -0.97% -19.61% 105.81% 8.18%
MSCI Index Total Return (3) .. 9.58% 11.40% 74.84% -7.32% -5.21% 6.03% -11.59% -25.34% 66.41% 2.42%
IFC Index Total Return (4) ... 5.29% 0.33% 67.50% -0.53% -12.32% 7.88% -14.54% -21.09% 62.69% 3.04%
</TABLE>
(1) Assumes dividends and distributions, if any, were reinvested.
(2) Total investment return based on net asset value per share reflects the
effects of changes in net asset value on the performance of the Fund during
each period, and assumes dividends and distributions, if any, were
reinvested. These percentages are not an indication of the performance of a
shareholder's 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.
(3) The Morgan Stanley Capital International Emerging Markets Free Index (the
"MSCI Index") is a market capitalization weighted index composed of
companies that are representative of the market structure of developing
countries in Latin America, Asia, Eastern Europe, the Middle East and
Africa.
(4) The IFC Global Total Return Composite Index (the "IFC Index") is an
unmanaged index of common stocks of developing countries in Latin America,
East and South Asia, Europe, the Middle East and Africa.
* The Fund commenced operations on November 1, 1991.
+ This return does not include the effect of the rights issued in connection
with the Rights Offering.
4
<PAGE>
Morgan Stanley Dean Witter Emerging Markets Fund, Inc.
Portfolio Summary as of March 31, 2000 (Unaudited)
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DIVERSIFICATION OF TOTAL INVESTMENTS
[CHART]
<TABLE>
<S> <C>
Equity Securities (98.5%)
Debt Instruments (0.1%)
Short-Term Investments (1.4%)
</TABLE>
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INDUSTRIES
[CHART]
<TABLE>
<S> <C>
Banks (5.4%)
Communications Equipment (8.1%)
Computers & Periherals (5.7%)
Diversified Financials (3.2%)
Diversified Telecommunication Services (15.1%)
Electronic Equipment & Instruments (4.8%)
IT Consulting & Services (4.5%)
Media (3.7%)
Semiconductor Equipment & Products (17.1%)
Wireless Telecommunication Services (10.6%)
Other (21.8%)
</TABLE>
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COUNTRY WEIGHTINGS
[CHART]
<TABLE>
<S> <C>
Korea (17.7%)
Taiwan (16.4%)
Mexico (9.5%)
India (8.7%)
Brazil (8.4%)
Israel (7.6%)
Hong Kong (5.5%)
Turkey (4.7%)
South Africa (4.2%)
Russia (3.6%)
Other (13.7%)
</TABLE>
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TEN LARGEST HOLDINGS*
<TABLE>
<CAPTION>
PERCENT
OF
NET
ASSETS
<S> <C>
1. Samsung Electronics Co. (Korea) 9.4%
2. Telmex (Mexico) 4.5
3. Taiwan Semiconductor Co. (Taiwan) 3.4
4. SK Telecom Co., Ltd. (Korea) 2.6
5. Infosys Technology Ltd. (India) 2.6
6. China Telecom Ltd. (China) 2.6
7. United Microelectronics Corp. Ltd. (Taiwan) 1.9
8. ECI Telecommications Ltd. (Israel) 1.8
9. Acer, Inc. (Taiwan) 1.7
10. Yapi Ve Kredi Bankasi (Turkey) 1.5
-----
32.0%
-----
-----
</TABLE>
* Excludes short-term investments.
5
<PAGE>
FINANCIAL STATEMENTS
------
STATEMENTS OF NET ASSETS (Unaudited)
------
MARCH 31, 2000
<TABLE>
<CAPTION>
VALUE
SHARES (000)
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<S> <C> <C>
COMMON STOCKS(99.0%)
(Unless otherwise noted)
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ARGENTINA(0.6%)
AUTOMOBILES
Renault Argentina 1 U.S.$ -- @
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Telecom Argentina ADR 58,395 2,029
Telefonica Argentina ADR 19,410 762
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2,791
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BRAZIL(8.4%)
BANKS
Banco Nacional (Preferred) 61,598,720 2
Unibanco (Preferred) GDR 121,355 3,853
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3,855
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DIVERSIFIED TELECOMMUNICATION SERVICES
CRT (Preferred) 'A' 8,235,976 3,736
Embratel (Preferred) 14,074,000 359
Embratel ADR 46,900 1,202
Tele Celular Sul (Preferred) 137,409,345 702
Tele Celular Sul ADR 18,707 935
Tele Centro-Sul (Preferred) 80,113,445 1,306
Tele Centro-Sul ADR 8,912 722
Tele Norte-Leste (Preferred) 20,936,945 561
Tele Norte-Leste (Preferred) ADR 69,537 1,851
Telepar (Preferred) 46,200 1,372
Telesp (Preferred) 38,193,945 1,123
Telesp ADR 29,000 861
---------------
14,730
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ELECTRIC UTILITIES
Cemig (Preferred) 9,789,127 169
Cemig (Preferred) ADR 42,671 746
---------------
915
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METALS & MINING
CVRD (Preferred) 'A' 38,503 1,050
CVRD (Preferred) ADR 74,769 2,048
---------------
3,098
---------------
MULTILINE RETAIL
Lojas Arapua (Preferred) 30,412,000 -- @
Lojas Arapua (Preferred) ADR 31,540 -- @
---------------
-- @
---------------
OIL & GAS
Petrobras (Preferred) 12,058,763 3,268
Petrobras (Preferred) ADR 7,470 204
---------------
3,472
---------------
TEXTILES & APPAREL
Coteminas 2,200,500 158
Coteminas ADR 23,460 84
---------------
242
---------------
WIRELESS TELECOMMUNICATION SERVICES
Celular CRT (Preferred) 11,587,625 5,323
Tele Centro Oeste Celular
Participacoes SA 5,994,678 23
Tele Nordeste Celular (Preferred) 76,067,945 280
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WIRELESS TELECOMMUNICATION SERVICES (CONTINUED)
Tele Nordeste Celular ADR 2,340 U.S.$ 168
Tele Sudeste Celular (Preferred) 118,991,055 1,201
Tele Sudeste Celular ADR 12,972 648
Telemig Celular (Preferred) 193,414,795 845
Telemig Celular ADR 5,343 473
Telesp Celular (Preferred) "B" 127,155,934 2,884
Telesp Celular ADR 28,682 1,626
---------------
13,471
---------------
39,783
---------------
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CHILE(0.3%)
DIVERSIFIED TELECOMMUNICATION SERVICES
CTC ADR 23,700 539
---------------
ELECTRIC UTILITIES
Endesa ADR 26,945 293
Enersis ADR 22,550 458
---------------
751
---------------
1,290
---------------
-------------------------------------------------------------------------------
CHINA(0.1%)
HOUSEHOLD DURABLES
Guangdong Kelon Electrical
Holdings Co. Ltd. 'H' 297,000 161
---------------
METALS & MINING
Yanzhou Coal Mining Co.,
Ltd. ADR 28,730 242
---------------
OIL & GAS
Zhenhai Refining & Chemical Co.,
Ltd. 'H' 1,151,400 129
---------------
532
---------------
-------------------------------------------------------------------------------
COLOMBIA(0.0%)
BANKS
Bancolombia (Preferred) 6,249 4
---------------
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CZECH REPUBLIC(0.5%)
DIVERSIFIED TELECOMMUNICATION SERVICES
SPT Telecom 78,954 1,718
SPT Telecom GDR 23,830 521
---------------
2,239
---------------
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EGYPT(1.2%)
BEVERAGES
Al-Ahram Beverages Co. GDR 24,118 438
---------------
GAS UTILITIES
Egypt Gas Co. 6,100 222
---------------
TOBACCO
Eastern Tobacco 12,767 288
---------------
WIRELESS TELECOMMUNICATION SERVICES
Egyptian Company for
Mobile Services 98,309 4,756
---------------
5,704
---------------
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6
<PAGE>
<CAPTION>
VALUE
SHARES (000)
-------------------------------------------------------------------------------
<S> <C> <C>
GREECE(1.5%)
DIVERSIFIED TELECOMMUNICATION SERVICES
Hellenic Telecommunication
Organization (OTE) 153,631 U.S.$ 4,378
Hellenic Telecommunication
Organization (OTE) ADR 122,589 1,777
---------------
6,155
---------------
WIRELESS TELECOMMUNICATION SERVICES
Panafon Hellenic Telecom Co. 10,671 157
Panafon Hellenic Telecom
Co. GDR 30,520 450
Panafon Hellenic Telecom S.A. 19,000 276
---------------
883
---------------
7,038
---------------
-------------------------------------------------------------------------------
HONG KONG(5.5%)
BUSINESS & PUBLIC SERVICES
Cosco Pacific Ltd., 1,180,000 686
---------------
COMPUTERS & PERIPHERALS
Legend Holdings Limited 2,050,000 3,199
---------------
DIVERSIFIED FINANCIALS
China Merchants Holdings
International Co. Ltd. 1,027,000 666
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS
Great Wall Technology Co., Ltd. 3,360,500 3,388
TCL International Holdings Ltd. 3,530,000 2,652
---------------
6,040
---------------
INDUSTRIAL CONGLOMERATES
Citic Pacific Ltd. 90,000 546
---------------
IT CONSULTING & SERVICES
Timeless Software Ltd. 448,000 286
---------------
MEDIA
Asia Satellite Telecom Holdings 139,000 544
---------------
SOFTWARE
Founder Hong Kong 1,128,000 1,116
---------------
TEXTILES & APPAREL
YUE Yuen Industrial Holdings 267,000 598
---------------
WIRELESS TELECOMMUNICATION SERVICES
China Telecom Ltd. 827,000 7,249
China Telecom Ltd.ADR 27,200 4,821
---------------
12,070
---------------
25,751
---------------
-------------------------------------------------------------------------------
HUNGARY(0.9%)
DIVERSIFIED TELECOMMUNICATION SERVICES
Matav Rt. 122,014 1,072
Matav Rt. ADR 69,002 3,079
---------------
4,151
---------------
-------------------------------------------------------------------------------
INDIA(8.7%)
AUTO COMPONENTS
Apollo Tyres Ltd. 8,450 23
---------------
AUTOMOBILES
Hero Honda Motors Ltd. 30,350 675
-------------------------------------------------------------------------------
AUTOMOBILES (CONTINUED)
Tata Engineering &
Locomotive Co. Ltd. 140,529 U.S.$ 437
---------------
1,112
---------------
BANKS
State Bank of India Ltd.GDR 3,350 15
---------------
CHEMICALS
Indo Gulf Corp., Ltd. 140,000 134
Reliance Industries Ltd. 216,849 1,564
---------------
1,698
---------------
CONSTRUCTION & ENGINEERING
Larsen & Toubro Ltd. 116,500 768
---------------
CONSTRUCTION MATERIALS
Gujarat Ambuja Cements Ltd. 152,800 747
---------------
DIVERSIFIED FINANCIALS
Housing Development Finance
Corp., Ltd. 97,600 901
(a)Morgan Stanley Growth Fund 6,881,800 2,399
---------------
3,300
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Mahanagar Telephone Nigam Ltd. 427,430 2,304
Mahanagar Telephone Nigam Ltd.
GDR 55,050 784
Videsh Sanchar Nigam Ltd. 23,500 992
Videsh Sanchar Nigam Ltd. GDR 15,700 420
---------------
4,500
---------------
ELECTRIC UTILITIES
BSES Ltd. 57,500 314
BSES Ltd. GDR 7,000 128
---------------
442
---------------
ELECTRICAL EQUIPMENT
Bharat Heavy Electricals Ltd. 251,700 721
Sterlite Industries 44,000 788
---------------
1,509
---------------
FOOD PRODUCTS
Tata Tea Ltd. 47,850 421
---------------
HOUSEHOLD PRODUCTS
Hindustan Lever Ltd. 27,300 1,528
---------------
INTERNET SOFTWARE & SERVICES
India Info.com Private Ltd., 116,052 511
---------------
IT CONSULTING & SERVICES
Infosys Technologies Ltd. 59,300 12,107
NIIT Ltd. 500 24
---------------
12,131
---------------
MACHINERY
Larsen & Toubro Ltd. 630 4
---------------
MEDIA
Zee Telefilms Ltd. 93,500 2,192
---------------
PHARMACEUTICALS
Dabur India Ltd. 13,000 244
Lupin Laboratories Ltd. 36,000 320
Strides Arcolab Ltd. 31,000 264
---------------
828
---------------
-------------------------------------------------------------------------------
7
<PAGE>
<CAPTION>
VALUE
SHARES (000)
-------------------------------------------------------------------------------
<S> <C> <C>
INDIA(CONTINUED)
ROAD & RAIL
Container Corp. of India Ltd. 262,600 U.S.$ 921
---------------
SOFTWARE
Aptech Ltd. 6,500 277
HCL Technologies Ltd. 18,200 726
NIIT Ltd. 17,000 800
Satyam Computer Services Ltd. 62,670 6,461
---------------
8,264
---------------
TOBACCO
ITC Ltd. 650 11
---------------
40,925
---------------
-------------------------------------------------------------------------------
INDONESIA(0.9%)
CONSTRUCTION MATERIALS
Semen Gresik 604,700 691
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Telekomunikasi Indonesia ADR 65,064 618
---------------
FOOD PRODUCTS
Indofood Sukses Makmur 777,000 590
---------------
PAPER & FOREST PRODUCTS
Indah Kait Pulp & Paper 1,460,805 482
---------------
TOBACCO
Gudang Garam 903,960 1,726
---------------
4,107
---------------
-------------------------------------------------------------------------------
ISRAEL(7.6%)
AEROSPACE & DEFENSE
Elbit Systems Ltd. 1 -- @
---------------
BANKS
First International Bank Of Israel 1 -- @
---------------
COMMUNICATIONS EQUIPMENT
BATM Advanced
Communications Ltd. 21,792 2,011
BreezeCom Ltd. 7,200 269
ECI Telecommunications Ltd. 264,012 8,283
Gilat Satellite Networks Ltd. 51,356 6,022
Nice Systems Ltd. 6,363 477
Nice Systems Ltd. ADR 21,272 1,516
Optibase Ltd. 50,800 1,207
Vcon Telecommunications Ltd. 16,830 322
---------------
20,107
---------------
COMPUTERS & PERIPHERALS
M-Systems Flash Disk Pioneers 4,800 254
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Orckit Communications Ltd. 31,280 2,086
TTI Team Telecom
International Ltd. 59,340 1,958
---------------
4,044
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS
Orbotech Ltd. 2,233 190
---------------
-------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES
Aladdin Knowledge Systems 35,140 U.S.$ 843
RADVision Limited 3,200 168
RADWARE Ltd. 18,560 719
---------------
1,730
---------------
IT CONSULTING & SERVICES
Check Point Software Technologies 30,750 5,260
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS
Galileo Technology Ltd. 107,620 1,964
---------------
SOFTWARE
e-SIM Ltd. 10,700 241
Point of Sale Ltd. 10,200 225
Point of Sale Ltd., ADR 4,900 103
Tecnomatix Technologies Ltd. 43,586 1,890
---------------
2,459
---------------
36,008
---------------
-------------------------------------------------------------------------------
KOREA(17.7%)
BANKS
Hana Bank 30,850 188
Hanvit Bank 95,050 297
Hanvit Bank 248,100 388
Housing & Commercial Bank 38,654 752
Kookmin Bank 94,692 960
---------------
2,585
---------------
COMMERCIAL SERVICES & SUPPLIES
Digital Chosun Co. Ltd. 2,170 295
---------------
COMMUNICATIONS EQUIPMENT
Insung Information Ltd. 22,768 581
Korealink Co Ltd. 8,320 557
LG Information &
Communication Ltd. 13,830 1,739
Opicom Co Ltd. 5,430 423
Pantech Co. Ltd. 54,243 1,070
Sewon Telecom Ltd. 54,150 757
Standard Telecom
Corporation Ltd. 103,594 1,097
Telson Electronics Co. Ltd. 82,714 1,242
---------------
7,466
---------------
COMPUTERS & PERIPHERALS
Daou Technology, Inc. 30,198 623
Trigem Computer, Inc. 16,192 1,253
---------------
1,876
---------------
DIVERSIFIED FINANCIALS
Good Morning Securities Co. 54,680 165
Hyundai Securities Co. 13,386 171
Korea Technology Banking Co. 52,900 663
L.G. Securities Co. 15,600 203
Samsung Securities Co., Ltd. 18,880 452
---------------
1,654
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Korea Telecom Corp. ADR 55,100 2,411
---------------
ELECTRIC UTILITIES
Korea Electric Power Corp.ADR 69,404 1,097
---------------
-------------------------------------------------------------------------------
8
<PAGE>
<CAPTION>
VALUE
SHARES (000)
-------------------------------------------------------------------------------
<S> <C> <C>
KOREA(CONTINUED)
ELECTRONIC EQUIPMENT & INSTRUMENTS
Communication Network
Interface Inc. 82,350 U.S.$ 1,196
Humax Co. Ltd. 49,430 733
Samsung Electro-Mechanics Co. 25,397 1,774
---------------
3,703
---------------
FOOD PRODUCTS
Cheil Jedang Corp. 4,548 299
Tongyang Confectionery CO. 16,790 471
---------------
770
---------------
HOUSEHOLD DURABLES
L.G. Electronics 46,900 1,366
---------------
INTERNET & CATALOG RETAIL
LG Home Shopping Inc. 3,800 406
---------------
INTERNET SOFTWARE & SERVICES
Dreamline Co., Ltd. 7,180 461
Serome Technology Inc. 6,366 325
---------------
786
---------------
MEDIA
Cheil Communications Inc. 11,100 1,376
---------------
METALS & MINING
Pohang Iron & Steel Co., Ltd. 5,650 546
---------------
RETAIL (GENERAL MERCHANDISE)
39 Shopping 16,150 1,037
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS
Hyundai Electronics Industries Co. 50,600 1,126
Mirae Co. Ltd. 97,840 549
Samsung Electronics Co. 139,502 42,283
---------------
43,958
---------------
WIRELESS TELECOMMUNICATION SERVICES
SK Telecom Co., Ltd. 3,227 10,511
SK Telecom Co., Ltd. ADR 41,735 1,628
---------------
12,139
---------------
83,471
---------------
-------------------------------------------------------------------------------
MALAYSIA(1.5%)
BANKS
Commerce Asset Holding Bhd 19,000 54
Malayan Banking Bhd 350,600 1,541
Public Bank Bhd 718,000 756
---------------
2,351
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Telekom Malaysia Bhd 503,000 2,065
---------------
ELECTRIC UTILITIES
Tenaga Nasional Bhd 214,000 721
---------------
FOOD PRODUCTS
Nestle Bhd 109,000 519
---------------
HOTELS RESTAURANTS & LEISURE
Resorts World Bhd 82,000 272
---------------
INDUSTRIAL CONGLOMERATES
Sime Darby Bhd 176,000 230
---------------
TOBACCO
British American Tobacco Bhd 139,200 1,062
---------------
7,220
---------------
-------------------------------------------------------------------------------
MEXICO(9.5%)
BANKS
Banacci 'L' 45,447 U.S.$ 195
Banamex 'O' 508,097 2,352
Bancomer 'B' ADR 64,825 729
Bancomer 'O' 1,462,481 822
---------------
4,098
---------------
BEVERAGES
FEMSA 718,875 3,228
FEMSA ADR 15,348 690
---------------
3,918
---------------
CONSTRUCTION MATERIALS
Cemex SA 277,214 1,257
Cemex SA ADR 83,665 1,893
---------------
3,150
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Telmex 'L' ADR 316,303 21,192
---------------
INDUSTRIAL CONGLOMERATES
Alfa Alfa Holdings 301,955 1,144
Grupo Carso 'A1' 311,974 1,176
---------------
2,320
---------------
MEDIA
Grupo Televisa GDR 100,023 6,802
---------------
MULTILINE RETAIL
Cifra 'C' 442,133 1,019
Cifra 'V' 197,559 468
Cifra 'V' ADR 28,162 704
Grupo Sanborns 35,550 80
---------------
2,271
---------------
PAPER & FOREST PRODUCTS
Kimberly 'A' 315,458 1,085
---------------
44,836
---------------
-------------------------------------------------------------------------------
POLAND(1.1%)
BANKS
Wielkopolski Bank Kredytowy 6,100 40
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Telekomunikacja Polska GDR 256,870 2,421
---------------
MULTILINE RETAIL
Eastbridge 33,600 2,259
---------------
OIL & GAS
Polski Koncern Naftowy SA GDR 23,480 262
---------------
TRADING COMPANIES & DISTRIBUTORS
Elektrim 27,237 396
---------------
5,378
---------------
RUSSIA(3.6%)
DIVERSIFIED TELECOMMUNICATION SERVICES
Rostelecom ADR 57,730 1,371
---------------
ELECTRIC UTILITIES
Unified Energy Systems ADR 11,000 213
Unified Energy Systems GDR 188,846 3,664
---------------
3,877
---------------
MEDIA
Storyfirst Communications, Inc. 'C'
(Preferred) 270 115
---------------
-------------------------------------------------------------------------------
9
<PAGE>
<CAPTION>
VALUE
SHARES (000)
-------------------------------------------------------------------------------
<S> <C> <C>
RUSSIA(CONTINUED)
MEDIA (CONTINUED)
Storyfirst Communications, Inc. 'D'
(Preferred) 720 U.S.$ 307
Storyfirst Communications, Inc. 'E'
(Preferred) 780 332
Storyfirst Communications, Inc. 'F'
(Preferred) 139 119
Storyfirst Communications, Inc.,
First Section, First Section,
Tranche 1 (Convertible) 604 257
Storyfirst Communications, Inc.,
First Section, First Section,
Tranche I (Convertible) 35 15
Storyfirst Communications, Inc.,
Second Section, Second Section,
Tranche II (Convertible) 152 65
Storyfirst Communications, Inc.,
Tranche IVT Tranche IV
(Convertible) 207 88
---------------
1,298
---------------
OIL & GAS
LUKoil Holdings ADR 77,474 4,834
Surgutneftegaz 295,647 4,257
---------------
9,091
---------------
PAPER & FOREST PRODUCTS
Alliance Cellulose Ltd. 'B' 156,075 431
---------------
WIRELESS TELECOMMUNICATION SERVICES
Russian Telecom
Development Corp. 176,000 352
Vimpel-Communications ADR 12,190 516
---------------
868
---------------
16,936
---------------
-------------------------------------------------------------------------------
SINGAPORE(0.4%)
COMPUTERS & PERIPHERALS
Natsteel Electronics Ltd. 154,000 1,007
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS
Venture Manufacturing Ltd. 66,000 906
---------------
1,913
---------------
-------------------------------------------------------------------------------
SOUTH AFRICA(4.2%)
BANKS
AMB Holdings Ltd. 3,679 6
Nedcor Ltd. 66,721 1,359
---------------
1,365
---------------
COMMERCIAL SERVICES & SUPPLIES
Educor 337,834 196
---------------
COMMUNICATIONS EQUIPMENT
DataTec Ltd. 22,100 392
---------------
DIVERSIFIED FINANCIALS
African Bank Investments Ltd. 18,627 39
B.O.E Corp. Ltd. 'N' 1,741,536 1,257
Bidvest Group Ltd. 190,282 1,455
New Africa Investments Ltd.
(Preferred) 'N' 977,910 233
-------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS (CONTINUED)
Rembrandt Group Ltd. 216,735 U.S.$ 1,923
---------------
4,907
---------------
HOUSEHOLD DURABLES
Ellerine Holdings Limited 152,380 641
---------------
INTERNET SOFTWARE & SERVICES
MIH Holdings Limited 8,600 87
---------------
IT CONSULTING & SERVICES
Dimensions Data Holdings Ltd. 398,438 3,668
---------------
MEDIA
Nasionale Pers Beperk 'N' 68,300 835
---------------
METALS & MINING
Anglo American plc, ADR 50,170 1,335
De Beers 85,520 2,001
De Beers ADR 11,900 273
Impala Platinum Holdings Ltd. 10,200 354
---------------
3,963
---------------
OIL & GAS
Sasol Ltd. 115,700 722
---------------
WIRELESS TELECOMMUNICATION SERVICES
M-Cell Ltd. 537,460 2,959
---------------
19,735
---------------
-------------------------------------------------------------------------------
TAIWAN(16.4%)
BANKS
Chinatrust Commercial Bank 666,240 651
International Commercial
Bank of China 654,700 641
Taishin International Bank 324,120 198
---------------
1,490
---------------
COMMUNICATIONS EQUIPMENT
Accton Technology Corp. 721,000 2,820
D-Link Corp. 794,000 3,444
Microelectronics Technology 84,000 411
Zinwell Corporation 56,000 469
---------------
7,144
---------------
COMPUTERS & PERIPHERALS
Acer Peripherals, Inc. 775,248 3,898
Acer, Inc. 1,459,300 4,100
Advantech Co Ltd. 63,000 551
Asustek Computer, Inc. 460,679 5,768
Compeq Manufacturing Co., Ltd. 343,000 2,254
Ritek Corp. GDR 51,600 931
Wyse Technology Taiwan Ltd. 666,000 2,342
---------------
19,844
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS
Ambit Microsystems Corp. 95,000 1,121
Delta Electronic Industrial 278,000 1,526
Hon Hai Precision Industry 399,720 4,637
Hon Hai Precision Industry GDR 35,600 1,233
Universal Scientific Industrial
Co., Ltd. 290,000 1,449
---------------
9,966
---------------
FOOD & DRUG RETAILING
President Chain Store Corp. 407,000 1,899
---------------
-------------------------------------------------------------------------------
10
<PAGE>
<CAPTION>
VALUE
SHARES (000)
-------------------------------------------------------------------------------
<S> <C> <C>
TAIWAN(CONTINUED)
HOUSEHOLD DURABLES
Dialer and Business 1,013,000 U.S.$ 3,928
---------------
INTERNET SOFTWARE & SERVICES
GigaMedia Ltd. 9,100 494
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS
Advanced Semiconductor 446,257 1,686
Engineering, Inc.
ASE Test Ltd. 30,400 882
Faraday Technology Corp 26,000 308
Macronix International 195,000 557
Siliconware Precision
Industries Co. 591,874 1,323
Taiwan Semiconductor Co. 2,381,430 16,043
United Microelectronics Corp. Ltd. 2,346,000 9,097
---------------
29,896
---------------
TEXTILES & APPAREL
Far Eastern Textile Ltd. 1,038,600 2,150
Far Eastern Textile Ltd. GDR 20,100 525
---------------
2,675
---------------
77,336
---------------
-------------------------------------------------------------------------------
THAILAND(1.4%)
COMPUTERS & PERIPHERALS
Shinawatra Computer Public Co.,
Ltd. (Foreign) 127,000 927
---------------
CONSTRUCTION MATERIALS
Siam City Cement Public Co., Ltd.
(Foreign) 162,733 546
---------------
ELECTRONIC EQUIPMENT & INSTRUMENTS
Delta Electronics Public Co., Ltd.
(Foreign) 129,840 1,641
---------------
MEDIA
BEC World Public Co., Ltd.
(Foreign) 109,800 819
---------------
WIRELESS TELECOMMUNICATION SERVICES
Advanced Info. Services Public
Co., Ltd. (Foreign) 173,900 2,621
---------------
6,554
---------------
-------------------------------------------------------------------------------
TURKEY(4.7%)
BANKS
Turkiye Garanti Bankasi 159,110,000 2,027
Yapi Ve Kredi Bankasi 271,489,661 7,261
Yapi Ve Kredi Bankasi GDR 10,000 263
---------------
9,551
---------------
BEVERAGES
Ege Biracilik Ve Malt Sanayii 24,520,000 1,707
Erciyas Biracilik 4,524,000 215
---------------
1,922
---------------
COMMUNICATIONS EQUIPMENT
Netas Northern Electric 3,241,000 407
---------------
Telekomunikasyon AS
DIVERSIFIED FINANCIALS
Dogan Sirketler Grubu Holdings 118,043,000 4,310
---------------
-------------------------------------------------------------------------------
HOUSEHOLD DURABLES
Vestel Elektronik Sanayi Ve
Ticaret AS 11,713,428 U.S.$ 3,929
---------------
MEDIA
Dogan Yayin Holdings 79,434,000 1,922
---------------
22,041
---------------
-------------------------------------------------------------------------------
UNITED STATES(2.3%)
COMMUNICATIONS EQUIPMENT
Comverse Technology, Inc. 13,597 2,570
---------------
DIVERSIFIED FINANCIALS
Morgan Stanley Dean Witter
Africa Investment Fund, Inc. 9,670 88
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES
Amdocs Ltd. 28,990 2,136
---------------
INTERNET SOFTWARE & SERVICES
Asiainfo Holdings Inc. 7,080 428
VocalTec Communications Ltd. 8,900 259
---------------
687
---------------
MEDIA
MIH Ltd. 12,800 781
---------------
SEMICONDUCTOR EQUIPMENT & PRODUCTS
DSP Group, Inc. 51,740 3,415
Zoran Corp. 24,840 1,399
---------------
4,814
---------------
11,076
---------------
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost U.S.$319,195) 466,819
---------------
-------------------------------------------------------------------------------
NO. OF
RIGHTS
-------------------------------------------------------------------------------
RIGHTS(0.0%)
-------------------------------------------------------------------------------
SOUTH KOREA(0.0%)
Trigem Computer
(Cost U.S.$@) 16,192 53
---------------
-------------------------------------------------------------------------------
FACE
AMOUNT
(000)
-------------------------------------------------------------------------------
DEBT INSTRUMENTS(0.1%)
-------------------------------------------------------------------------------
INDIA(0.1%)
MULTI-INDUSTRY
DCM Shriram Industries Ltd.
0.00%, 2/21/02 U.S.$ 335 234
DCM Shriram Industries Ltd.
(Convertible) 0.00%, 2/21/02 330 174
-------------------------------------------------------------------------------
11
<PAGE>
<CAPTION>
FACE
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
<S> <C> <C>
INDIA(CONTINUED)
MULTI-INDUSTRY (CONTINUED)
Shri Ishar Alloy Steels Ltd.
15.00%, 4/21/01 U.S.$ 581 U.S.$ 103
---------------
511
---------------
-------------------------------------------------------------------------------
TOTAL DEBT INSTRUMENTS
(Cost U.S.$1,495) 511
---------------
-------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS(0.7%)
-------------------------------------------------------------------------------
UNITED STATES(0.7%)
REPURCHASE AGREEMENT
Chase Securities, Inc., 5.90%, dated
3/31/00, due 4/03/00, to be
repurchased at U.S.$3,344
collateralized by U.S.$3,375
United States Federal Home
Loan Note, 5.75%, due 7/15/03
(Cost U.S.$3,342) 3,342 3,342
---------------
-------------------------------------------------------------------------------
FOREIGN CURRENCY ON DEPOSIT WITH
CUSTODIAN(0.7%)
Brazilian Real BRL 1,015 583
Hungarian Forint HUF 267 1
Indian Rupee INR 22,406 514
Mexican Peso MXP 127 14
Pakistani Rupee PKR 98,091 1,814
South African Rand ZAR 2 -- @
South Korean Won KRW 256,231 232
Taiwan Dollar TWD 669 22
---------------
(Cost U.S.$3,186) 3,180
---------------
-------------------------------------------------------------------------------
TOTAL INVESTMENTS(100.5%)
(Cost U.S.$327,218) U.S.$ 473,905
---------------
-------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES (0.5%)
Other Assets U.S.$ 5,411
Liabilities (7,975) (2,564)
----------------- ----------------
-------------------------------------------------------------------------------
NET ASSETS (100%)
Applicable to 20,494,744 issued and
outstanding U.S.$0.01 par value shares
(100,000,000 shares authorized) U.S.$ 471,341
---------------
-------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE U.S.$ 23.00
-------------------------------------------------------------------------------
</TABLE>
@ -- Value is less than U.S.$500.
(a) -- The Fund is advised by an affiliate.
ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
GDS -- Global Depositary Shares
NOTE: Prior government approval for foreign investments may be required under
certain circumstances in some emerging markets, and foreign ownership
limitations may also be imposed by the charters of individual companies in
emerging markets. As a result, an additional class of shares designated as
"foreign" may be created and offered for investment. The "local" and "foreign"
shares' market values may vary.
12
