UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-06044
Morgan
Stanley European Equity Fund Inc.
(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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John H. Gernon
522
Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrants telephone number, including area code: 212-296-0289
Date of fiscal year end: October 31, 2014
Date of reporting period: January 31, 2014
Item 1. Schedule of Investments.
The Funds
schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
Morgan Stanley European Equity Fund Inc.
Portfolio of Investments
n
January 31, 2014 (unaudited)
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NUMBER OF
SHARES
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VALUE
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Common Stocks (99.2%)
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Belgium (1.3%)
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Chemicals
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55,953
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Umicore SA (a)
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$
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2,394,329
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Finland (1.5%)
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Machinery
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64,243
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Kone Oyj, Class B (a)
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2,613,260
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France (18.6%)
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Aerospace & Defense
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41,770
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Airbus Group N.V.
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2,960,542
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Commercial Banks
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66,171
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BNP Paribas SA
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5,108,743
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226,515
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Credit Agricole SA (b)
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3,045,888
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71,227
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Societe Generale SA
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4,027,570
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12,182,201
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Electrical Equipment
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46,881
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Schneider Electric SA
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3,780,125
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Hotels, Restaurants & Leisure
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70,932
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Accor SA
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3,380,783
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Insurance
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188,997
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AXA SA
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4,960,339
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Media
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93,901
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SES SA
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3,014,220
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Multi-Utilities
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151,267
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Suez Environnement Co.
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2,710,379
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Total France
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32,988,589
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Germany (14.8%)
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Automobiles
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57,298
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Daimler AG (Registered)
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4,796,813
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16,820
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Volkswagen AG (Preference)
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4,262,769
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9,059,582
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Health Care Providers & Services
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20,738
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Fresenius SE & Co., KGaA
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3,233,547
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Industrial Conglomerates
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43,218
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Siemens AG (Registered) (a)
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5,476,634
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Insurance
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16,323
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Muenchener Rueckversicherungs AG (Registered)
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3,369,685
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Pharmaceuticals
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39,708
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Bayer AG (Registered)
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5,227,869
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Total Germany
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26,367,317
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Netherlands (2.0%)
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Media
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169,438
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Reed Elsevier N.V.
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3,491,007
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Portugal (1.0%)
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Oil, Gas & Consumable Fuels
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111,674
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Galp Energia SGPS SA
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1,727,388
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Spain (4.2%)
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Commercial Banks
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301,940
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Banco Bilbao Vizcaya Argentaria SA
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3,607,253
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Information Technology Services
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96,579
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Amadeus IT Holding SA, Class A (a)
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3,819,192
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Total Spain
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7,426,445
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Morgan Stanley European Equity Fund Inc.
Portfolio of Investments
n
January 31, 2014 (unaudited)
continued
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Sweden (3.2%)
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Household Products
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106,502
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Svenska Cellulosa AB SCA, Class B
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3,029,218
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Wireless Telecommunication Services
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28,047
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Millicom International Cellular SA SDR (a)
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2,724,503
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Total Sweden
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5,753,721
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Switzerland (15.0%)
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Food Products
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112,665
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Nestle SA (Registered)
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8,168,953
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Insurance
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13,638
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Zurich Insurance Group AG (b)
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3,954,271
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Pharmaceuticals
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90,434
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Novartis AG (Registered)
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7,151,852
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26,690
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Roche Holding AG (Genusschein)
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7,334,522
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14,486,374
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Total Switzerland
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26,609,598
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United Kingdom (37.6%)
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Aerospace & Defense
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203,127
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Rolls-Royce Holdings PLC (b)
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3,959,110
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Commercial Banks
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1,048,456
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Barclays PLC
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4,686,966
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614,694
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HSBC Holdings PLC
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6,324,105
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11,011,071
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Household Products
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55,099
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Reckitt Benckiser Group PLC
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4,127,543
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Insurance
|
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|
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|
226,966
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Prudential PLC
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4,573,441
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Media
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181,970
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British Sky Broadcasting Group PLC
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2,618,042
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Metals & Mining
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655,520
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Glencore Xstrata PLC (b)
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3,470,922
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Oil, Gas & Consumable Fuels
|
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205,293
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BG Group PLC
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|
3,444,974
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|
695,548
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BP PLC
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|
5,450,455
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|
153,055
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Royal Dutch Shell PLC, Class A
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5,286,586
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53,513
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Tullow Oil PLC
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694,602
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|
14,876,617
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Pharmaceuticals
|
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|
203,225
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GlaxoSmithKline PLC
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5,232,388
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Professional Services
|
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|
144,189
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Experian PLC
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|
2,463,995
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Tobacco
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|
87,842
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British American Tobacco PLC
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|
4,205,972
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|
84,069
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Imperial Tobacco Group PLC
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|
3,070,271
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7,276,243
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Wireless Telecommunication Services
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1,906,193
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Vodafone Group PLC
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|
7,083,561
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Total United Kingdom
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|
66,692,933
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Total Common Stocks
(Cost $129,049,220)
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176,064,587
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Morgan Stanley European Equity Fund Inc.
Portfolio of Investments
n
January 31, 2014 (unaudited)
continued
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NUMBER OF
SHARES
(000)
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VALUE
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Short-Term Investments (9.0%)
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|
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Securities held as Collateral on Loaned Securities (8.0%)
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Investment Company (5.9%)
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10,406
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Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (c)
(Cost $10,406,298)
|
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|
|
|
$
|
10,406,298
|
|
|
|
|
|
|
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|
|
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|
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|
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PRINCIPAL
AMOUNT
(000)
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VALUE
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Repurchase Agreements (2.1%)
|
|
|
|
|
|
|
|
|
|
$ 1,317
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|
Barclays Capital, Inc. (0.03%, dated 01/31/14, due 02/03/14; proceeds $1,316,871; fully collateralized by a U.S. Government
Obligation; 1.50% due 01/31/19; valued at $1,343,213)
|
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|
|
|
|
|
1,316,868
|
|
|
2,195
|
|
|
BNP Paribas Securities Corp. (0.03%, dated 01/31/14, due 02/03/14; proceeds $2,194,785; fully collateralized by various U.S.
Government Agencies; 0.50% - 6.25% due 04/17/15 - 07/15/32; valued at $2,238,675)
|
|
|
|
|
|
|
2,194,780
|
|
|
167
|
|
|
Merrill Lynch & Co., Inc. (0.20%, dated 01/31/14, due 02/03/14; proceeds $167,245; fully collateralized by various Common Stocks
and Exchange Traded Funds; valued at $183,558)
|
|
|
|
|
|
|
167,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Repurchase Agreements
(Cost $3,678,890)
|
|
|
|
|
|
|
3,678,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Securities held as Collateral on Loaned Securities
(Cost $14,085,188)
|
|
|
|
|
|
|
14,085,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF
SHARES
(000)
|
|
|
|
|
|
|
|
VALUE
|
|
|
|
|
|
Investment Company (1.0%)
|
|
|
|
|
|
|
|
|
|
1,750
|
|
|
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (c)
(Cost $1,749,892)
|
|
|
|
|
|
|
1,749,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
(Cost $15,835,080)
|
|
|
|
|
|
|
15,835,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
(Cost $144,884,300)
(d)(e)
|
|
|
108.2
|
%
|
|
|
191,899,667
|
|
|
|
|
|
Liabilities in Excess of Other Assets
|
|
|
(8.2
|
)
|
|
|
(14,476,982
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
100.0
|
%
|
|
$
|
177,422,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SDR
|
Swedish Depositary Receipt.
|
(a)
|
All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at January 31, 2014 were $13,219,994 and $14,086,147, respectively. The Fund received cash
collateral of $14,085,188 which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class as reported in the Portfolio of Investments. At January 31, 2014,
there was uninvested cash collateral of $959, which is not reflected in the Portfolio of Investments. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.
|
(b)
|
Non-income producing security.
|
(c)
|
The Fund invests in the Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (the Liquidity Funds), an open-end management investment company managed by the Adviser.
Advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by the Liquidity Funds with respect to assets invested by the Fund in the Liquidity Funds.
|
(d)
|
The fair value and percentage of net assets, $176,064,587 and 99.2%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the
Notes to the Portfolio of Investments.
|
(e)
|
The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes.
|
Morgan Stanley European Equity Fund Inc.
Summary of Investments
n
January 31, 2014 (unaudited)
|
|
|
|
|
|
|
|
|
INDUSTRY
|
|
VALUE
|
|
|
PERCENT OF
TOTAL
INVESTMENTS
|
|
Commercial Banks
|
|
$
|
26,800,525
|
|
|
|
15.1
|
%
|
Pharmaceuticals
|
|
|
24,946,631
|
|
|
|
14.0
|
|
Insurance
|
|
|
16,857,736
|
|
|
|
9.5
|
|
Oil, Gas & Consumable Fuels
|
|
|
16,604,005
|
|
|
|
9.3
|
|
Wireless Telecommunication Services
|
|
|
9,808,064
|
|
|
|
5.5
|
|
Media
|
|
|
9,123,269
|
|
|
|
5.1
|
|
Automobiles
|
|
|
9,059,582
|
|
|
|
5.1
|
|
Food Products
|
|
|
8,168,953
|
|
|
|
4.6
|
|
Tobacco
|
|
|
7,276,243
|
|
|
|
4.1
|
|
Household Products
|
|
|
7,156,761
|
|
|
|
4.0
|
|
Aerospace & Defense
|
|
|
6,919,652
|
|
|
|
3.9
|
|
Industrial Conglomerates
|
|
|
5,476,634
|
|
|
|
3.1
|
|
Information Technology Services
|
|
|
3,819,192
|
|
|
|
2.2
|
|
Electrical Equipment
|
|
|
3,780,125
|
|
|
|
2.1
|
|
Metals & Mining
|
|
|
3,470,922
|
|
|
|
2.0
|
|
Hotels, Restaurants & Leisure
|
|
|
3,380,783
|
|
|
|
1.9
|
|
Health Care Providers & Services
|
|
|
3,233,547
|
|
|
|
1.8
|
|
Multi-Utilities
|
|
|
2,710,379
|
|
|
|
1.5
|
|
Machinery
|
|
|
2,613,260
|
|
|
|
1.5
|
|
Professional Services
|
|
|
2,463,995
|
|
|
|
1.4
|
|
Chemicals
|
|
|
2,394,329
|
|
|
|
1.3
|
|
Investment Company
|
|
|
1,749,892
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
177,814,479
|
+
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
+
|
Does not reflect the value of securities held as collateral on loaned securities.
|
Morgan Stanley European Equity Fund Inc.
Notes to Portfolio of Investments
n
January 31, 2014 (unaudited)
Valuation of Investments
- (1) An equity portfolio security listed or traded on an
exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), if there were no sales on a given day, the security is valued at the mean between the last reported
bid and asked prices; (2) all other equity portfolio securities for which over-the-counter market quotations are readily available are valued at its latest reported sales price. In cases where a security is traded on more than one exchange, the
security is valued on the exchange designated as the primary market; (3) when market quotations are not readily available, including circumstances under which Morgan Stanley Investment Management Inc. (the Adviser) or Morgan Stanley
Investment Management Limited (the Sub-Adviser), each a wholly owned subsidiary of Morgan Stanley, determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a
securitys market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Funds Board of Directors (the Directors).
Occasionally, developments affecting 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 New York Stock Exchange (NYSE). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value
of such securities as of the close of the NYSE, as determined in good faith by the Directors or by the Adviser using a pricing service and/or procedures approved by the Directors; (4) certain portfolio securities may be valued by an outside
pricing service approved by the Directors; (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; (6) short-term debt securities
with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such valuation does not reflect the securities market value, in which case these securities will be valued at
their fair market value determined by the Adviser; and (7) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing
market rates prior to the close of the NYSE.
Under procedures approved by the Directors, the Funds Adviser has formed a Valuation Committee. The
Valuation Committee provides administration and oversight of the Funds valuation policies and procedures, which are reviewed at least annually by the Directors. These procedures allow the Fund to utilize independent pricing services,
quotations from securities and financial instrument dealers, and other market sources to determine fair value.
The Fund has procedures to determine the
fair value of securities and other financial instruments for which market prices are not readily available. Under these procedures, the Valuation Committee convenes on a regular and ad hoc basis to review such securities and considers a number of
factors, including valuation methodologies and significant unobservable valuation inputs, when arriving at fair value. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent
transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the
investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair
values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies,
key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.
Fair Valuation Measurements
Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820,
Fair Value Measurements and Disclosures
(ASC 820), defines fair value as the value 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 unadjusted 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 Funds own assumptions in determining the fair value of investments. 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
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the
determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
The following is a summary of the inputs used to value the Funds investments as of January 31, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Type
|
|
Level 1
Unadjusted
quoted
prices
|
|
|
Level 2
Other
significant
observable
inputs
|
|
|
Level 3
Significant
unobservable
inputs
|
|
|
Total
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense
|
|
$
|
|
|
|
$
|
6,919,652
|
|
|
$
|
|
|
|
$
|
6,919,652
|
|
Automobiles
|
|
|
|
|
|
|
9,059,582
|
|
|
|
|
|
|
|
9,059,582
|
|
Chemicals
|
|
|
|
|
|
|
2,394,329
|
|
|
|
|
|
|
|
2,394,329
|
|
Commercial Banks
|
|
|
|
|
|
|
26,800,525
|
|
|
|
|
|
|
|
26,800,525
|
|
Electrical Equipment
|
|
|
|
|
|
|
3,780,125
|
|
|
|
|
|
|
|
3,780,125
|
|
Food Products
|
|
|
|
|
|
|
8,168,953
|
|
|
|
|
|
|
|
8,168,953
|
|
Health Care Providers & Services
|
|
|
|
|
|
|
3,233,547
|
|
|
|
|
|
|
|
3,233,547
|
|
Hotels, Restaurants & Leisure
|
|
|
|
|
|
|
3,380,783
|
|
|
|
|
|
|
|
3,380,783
|
|
Household Products
|
|
|
|
|
|
|
7,156,761
|
|
|
|
|
|
|
|
7,156,761
|
|
Industrial Conglomerates
|
|
|
|
|
|
|
5,476,634
|
|
|
|
|
|
|
|
5,476,634
|
|
Information Technology Services
|
|
|
|
|
|
|
3,819,192
|
|
|
|
|
|
|
|
3,819,192
|
|
Insurance
|
|
|
|
|
|
|
16,857,736
|
|
|
|
|
|
|
|
16,857,736
|
|
Machinery
|
|
|
|
|
|
|
2,613,260
|
|
|
|
|
|
|
|
2,613,260
|
|
Media
|
|
|
|
|
|
|
9,123,269
|
|
|
|
|
|
|
|
9,123,269
|
|
Metals & Mining
|
|
|
|
|
|
|
3,470,922
|
|
|
|
|
|
|
|
3,470,922
|
|
Multi-Utilities
|
|
|
|
|
|
|
2,710,379
|
|
|
|
|
|
|
|
2,710,379
|
|
Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
16,604,005
|
|
|
|
|
|
|
|
16,604,005
|
|
Pharmaceuticals
|
|
|
|
|
|
|
24,946,631
|
|
|
|
|
|
|
|
24,946,631
|
|
Professional Services
|
|
|
|
|
|
|
2,463,995
|
|
|
|
|
|
|
|
2,463,995
|
|
Tobacco
|
|
|
|
|
|
|
7,276,243
|
|
|
|
|
|
|
|
7,276,243
|
|
Wireless Telecommunication Services
|
|
|
|
|
|
|
9,808,064
|
|
|
|
|
|
|
|
9,808,064
|
|
Total Common Stocks
|
|
|
|
|
|
|
176,064,587
|
|
|
|
|
|
|
|
176,064,587
|
|
Short-Term Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Company
|
|
|
12,156,190
|
|
|
|
|
|
|
|
|
|
|
|
12,156,190
|
|
Repurchase Agreements
|
|
|
|
|
|
|
3,678,890
|
|
|
|
|
|
|
|
3,678,890
|
|
Total Short-Term Investments
|
|
|
12,156,190
|
|
|
|
3,678,890
|
|
|
|
|
|
|
|
15,835,080
|
|
Total Assets
|
|
$
|
12,156,190
|
|
|
$
|
179,743,477
|
|
|
$
|
|
|
|
$
|
191,899,667
|
|
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 January 31, 2014, securities with a total value of $176,064,587 transferred from Level 1 to Level 2. At January 31,
2014, the fair value of certain securities were adjusted due to developments which occurred between the time of the close of the foreign markets on which they trade and the close of business on the NYSE which resulted in their Level 2
classification.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
|
Common
Stock
|
|
Beginning Balance
|
|
$
|
28,042
|
|
Purchases
|
|
|
|
|
Sales
|
|
|
(28,389
|
)
|
Amortization of discount
|
|
|
|
|
Transfers in
|
|
|
|
|
Transfers out
|
|
|
|
|
Change in unrealized appreciation/depreciation
|
|
|
347
|
|
Realized gains (losses)
|
|
|
|
|
|
|
|
|
|
Ending Balance
|
|
$
|
|
|
|
|
|
|
|
Net change in unrealized appreciation/depreciation from investments still held as of January 31, 2014.
|
|
$
|
|
|
|
|
|
|
|
Item 2. Controls and Procedures.
(a) The Funds principal executive officer and principal financial officer have concluded that the Funds disclosure controls and procedures are
sufficient to ensure that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commissions rules and forms, based
upon such officers evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.
(b) There were no
changes in the Funds internal control over financial reporting that occurred during the registrants fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Funds internal control over
financial reporting.
Item 3. Exhibits.
(a) A
separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Morgan Stanley European Equity Fund Inc.
/s/ John H. Gernon
John H. Gernon
Principal Executive Officer
March 20, 2014
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/ John H. Gernon
John H. Gernon
Principal Executive Officer
March 20, 2014
/s/ Francis Smith
Francis Smith
Principal Financial Officer
March 20, 2014
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