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: 811-04692
Emerging Markets Growth Fund, Inc.
(Exact Name of Registrant as specified in charter)
11100 Santa Monica Boulevard, 15th Floor
Los Angeles, California 90025
(Address of principal executive offices)
Registrant's telephone number, including area code: (310) 996-6000
Date of fiscal year end: June 30, 2005
Date of reporting period: March 31, 2005
Vincent P. Corti
Capital International, Inc.
11100 Santa Monica Boulevard, 15th Floor
Los Angeles, California 90025
(name and address of agent for service)
Copies to:
Rob Helm, Esq.
Dechert LLP
1775 I Street, N.W.
Washington, DC 20006-2401
(Counsel for the Registrant)
ITEM 1 - Schedule of Investments
EMERGING MARKETS GROWTH FUND
Investment portfolio
March 31, 2005 unaudited
<TABLE>
<S> <C> <C>
Equity securities Value
(common and preferred stocks) Shares (000)
Argentina - 0.54%
BI SA (acquired 10/21/93, cost: $4,567,000) (1) (2) 4,952,159 $2,010
Grupo Financiero Galicia SA, Class B (2) 5 -
Hidroneuquen SA (acquired 11/11/93, cost: $29,239,000) (1) (2) (3) 28,022,311 891
IRSA Inversiones y Representaciones SA (GDR) (2) 1,175,700 14,755
Nortel Inversora SA, Class B, preferred (ADR) (2) 4,175,100 39,663
Telecom Argentina SA, Class B (ADR) (2) 1,825,046 22,375
79,694
Brazil - 12.26%
ALL - America Latina Logistica, preferred nominative 5,552,100 30,452
ALL - America Latina Logistica, preferred nominative (GDR) 218,900 11,963
Banco Bradesco SA, preferred nominative 233,000 6,757
Banco Bradesco SA, preferred nominative (ADR) 751,849 21,759
Banco Itau Holding Financeira SA, preferred nominative 308,602 50,259
Banco Itau Holding Financeira SA, preferred nominative (ADR) 230,100 18,673
Bradespar SA, preferred nominative 378,350 14,427
Celular CRT SA, ordinary nominative 2,255,641 321
Celular CRT SA, Class A, preferred nominative 101,573,000 19,242
Centrais Eletricas Brasileiras SA - ELETROBRAS, ordinary nominative 268,720,000 3,571
Centrais Eletricas Brasileiras SA - ELETROBRAS, ordinary nominative (ADR) 231,980 1,531
Centrais Eletricas Brasileiras SA - ELETROBRAS, Class B, preferred nominative 2,423,118,300 31,026
Cia. de Bebidas das Americas - AmBev, preferred nominative (ADR) 7,147,010 206,477
Cia. de Saneamento Basico de Estado de Sao Paulo - SABESP (ADR) 2,705,000 33,299
Cia. Energetica de Minas Gerais - CEMIG, preferred nominative 2,615,826,000 60,230
Cia. Energetica de Minas Gerais - CEMIG, preferred nominative (ADR) 255,200 5,824
Cia. Vale do Rio Doce, ordinary nominative (ADR) 424,690 13,424
Cia. Vale do Rio Doce, Class A, preferred nominative (ADR) 5,057,456 134,377
Companhia de Concessoes Rodoviarias, ordinary nominative 2,438,300 48,556
Embratel Participacoes SA, preferred nominative, rights, expire April 7, 2005 (ADR) (2) 61,101 -
Itausa - Investimentos Itau SA, preferred nominative 138,702,722 255,491
LIGHT-Servicos de Eletricidade SA, ordinary nominative (2) 148,424,000 3,084
Natura Cosmeticos SA, ordinary nominative 1,133,000 30,796
New GP Capital Partners, LP, Class B (acquired 1/28/94, cost: $14,762,000) (1) (2) (3) 27,000 7,164
Petroleo Brasileiro SA - Petrobras, ordinary nominative 791,310 34,811
Petroleo Brasileiro SA - Petrobras, preferred nominative 128,600 4,966
Petroleo Brasileiro SA - Petrobras, preferred nominative (ADR) 1,782,286 68,565
Porto Seguro SA, ordinary nominative 2,059,100 18,510
Tele Centro Oeste Celular Participacoes SA, ordinary nominative 14,962,504 80
Tele Centro Oeste Celular Participacoes SA, preferred nominative 5,061,882,438 16,677
Tele Centro Oeste Celular Participacoes SA, preferred nominative (ADR) 7,735,138 76,655
Telecomunicacoes Brasileiras SA, preferred nominative (ADR) 241,000 6,977
Tele Leste Celular Participacoes SA, ordinary nominative (2) 3,858,906,532 564
Tele Leste Celular Participacoes SA, preferred nominative (ADR) (2) 705,223 6,008
Telemar Norte Leste SA, Class A, preferred nominative 1,554,868 36,092
Telemig Celular Participacoes SA, ordinary nominative 3,644,145,317 12,552
Telemig Celular Participacoes SA, preferred nominative (ADR) 1,015,658 29,403
Telemig Celular SA, Class G, preferred nominative 38,529 5,770
Tele Norte Celular Participacoes SA, ordinary nominative (2) (3) 9,214,930,561 2,381
Tele Norte Celular Participacoes SA, preferred nominative (ADR) (3) 453,978 3,042
Telesp Celular Participacoes SA, preferred nominative (ADR) (2) 20,623,097 123,326
TIM Participacoes SA, ordinary nominative 8,376,415,124 12,074
TIM Participacoes SA, preferred nominative (ADR) 4,068,553 61,069
TIM Participacoes SA, ordinary nominative, rights, expire April 8, 2005 (2) 192,747,342 51
Unibanco-Uniao de Bancos Brasileiros SA, units 4,759,100 32,963
Unibanco-Uniao de Bancos Brasileiros SA, units (GDR) 6,025,054 207,141
Usinas Siderurgicas de Minas Gerais SA, Class A, preferred nominative 1,593,298 34,300
1,802,680
Canada - 0.79%
Ivanhoe Mines Ltd. (2) (3) 15,374,100 115,709
Chile - 1.02%
Banco Santander - Chile (ADR) 741,915 24,580
Cia. de Telecomunicaciones de Chile SA (ADR) 2,354,885 26,233
Comercial Siglo XXI SA 1,348,900 2,693
Embotelladora Andina SA, Class A, preferred nominative (ADR) 1,948,400 25,232
Embotelladora Andina SA, Class B, preferred nominative (ADR) 969,073 12,947
Enersis SA (2) 24,828,700 4,153
Enersis SA (ADR) 6,519,200 54,761
150,599
China - 4.22%
Anhui Conch Cement Co. Ltd. (Hong Kong) (3) 40,197,000 38,140
BYD Co. Ltd. (Hong Kong) (2) (3) 9,365,500 27,559
China Life Insurance Co. Ltd. (Hong Kong) (2) 82,662,500 55,114
China Life Insurance Co. Ltd. (ADR) (2) 1,299,400 34,551
China Mengniu Dairy Co. (Hong Kong) (2) 21,559,000 14,650
China Merchants Holdings (International) Co. Ltd. (Hong Kong) 7,791,014 15,284
China Mobile (Hong Kong) Ltd. 9,204,300 30,094
China Netcom Group Corp. (Hong Kong) Ltd. (2) 5,453,000 7,656
China Oilfield Services Ltd. (Hong Kong) 27,123,000 9,390
China Telecom Corp. Ltd. (Hong Kong) 256,547,800 89,636
GOME Electrical Appliances Holding Ltd. (Hong Kong) (2) 19,927,000 21,335
Huaneng Power International, Inc. (Hong Kong) 3,058,400 2,235
Lenovo Group Ltd. (Hong Kong) 99,154,000 33,690
Lianhua Supermarket Holdings Co. Ltd. (Hong Kong) 11,912,000 12,983
NetEase.com, Inc. (ADR) (2) 469,100 22,615
PetroChina Co. Ltd. (Hong Kong) 50,490,100 31,398
PICC Property and Casualty Co. Ltd. (Hong Kong) (2) 70,689,600 22,206
Semiconductor Manufacturing International Corp. (Hong Kong) (2) 192,147,000 37,202
Semiconductor Manufacturing International Corp. (ADR) (2) 642,800 6,267
Tong Ren Tang Technologies Co. Ltd. (Hong Kong) (3) 5,529,900 11,522
Tsingtao Brewery Co. Ltd. (Hong Kong) 27,397,100 28,629
UBS AG Call Warrants on Beijing Yanjing Brewery Co. Ltd., A Shares, expire
June 14, 2005 (acquired 6/15/04, cost: $28,510,000) (1) (2) 19,833,720 28,876
Weiqiao Textile Co. Ltd. (Hong Kong) 3,990,000 5,679
Wumart Stores, Inc. (Hong Kong) (3) 6,735,000 11,226
Zhejiang Expressway Co. Ltd. (Hong Kong) 17,224,000 12,146
ZTE Corp. (Hong Kong) (2) 3,190,200 10,554
620,637
Colombia - 0.23%
Cia. de Cemento Argos, SA 4,010,764 33,225
Croatia - 0.08%
PLIVA DD (GDR) 1,060,768 11,987
Czech Republic - 0.52%
CESKY TELECOM, AS 1,900,470 35,593
Komercni Finance BV 284,500 40,476
76,069
Egypt - 0.61%
Commercial International Bank S.A.E. (2) 2,142,733 17,208
Commercial International Bank S.A.E. (GDR) (2) 255,700 1,961
Egyptian Company for Mobile Services S.A.E. 2,149,109 64,956
Vodafone Egypt Telecommunications S.A.E. 393,000 5,142
89,267
Hong Kong - 1.25%
China.com Corp., Class A (2) 1,718,800 5,397
Clear Media Ltd. (2) 22,774,000 20,002
Hopewell Holdings Ltd. 20,166,000 47,576
Kingway Brewery Holdings Ltd. 30,631,300 11,095
Shangri-La Asia Ltd. 25,893,246 37,848
SINA Corp. (2) 1,944,100 60,384
Texwinca Holdings Ltd. 2,188,700 1,838
184,140
Hungary - 0.97%
Gedeon Richter Ltd. 5,300 729
Magyar Tavkozlesi Rt. 8,039,318 37,822
Magyar Tavkozlesi Rt. (ADR) 1,054,000 24,822
MOL Magyar Olaj- es Gazipari Rt., Class A 448,802 36,173
National Savings and Commercial Bank Ltd. 1,278,290 43,762
143,308
India - 9.28%
Apollo Hospitals Enterprise Ltd. 1,372,566 11,076
Bharat Electronics Ltd. 1,414,966 21,675
Bharat Heavy Electricals Ltd. 2,505,145 44,015
Bharat Petroleum Corp. Ltd. 194,702 1,578
Bharti Tele-Ventures Ltd. (2) 27,691,720 131,666
Cummins India Ltd. 8,019,150 20,553
Dr. Reddy's Laboratories Ltd. 222,333 3,767
Grasim Industries Ltd. 39 1
HDFC Bank Ltd. 4,500,452 56,214
HDFC Bank Ltd. (ADR) 196,800 8,272
Hindustan Lever Ltd. 15,565,594 47,086
Housing Development Finance Corp. Ltd. 11,394,706 190,434
I.T.C. Ltd. 906,531 27,891
ICICI Bank Ltd. 3,454,900 31,111
ICICI Bank Ltd. (ADR) 3,606,595 74,729
Indian Petrochemicals Corp. Ltd. 1,514,731 5,626
Infosys Technologies Ltd. 5,521,653 285,728
Jet Airways (India) Ltd. (2) 1,552,722 43,127
Larsen & Toubro Ltd. 4,768 109
Maruti Udyog Ltd. 3,367,800 32,527
National Thermal Power Corp. Ltd. 18,716,100 36,600
Oil & Natural Gas Corp. Ltd. 1,340,174 27,200
Ranbaxy Laboratories Ltd. 4,686,461 108,384
Reliance Energy Ltd. 4,525,300 54,974
Reliance Energy Ltd. (GDR) 574,400 20,822
Reliance Industries Ltd. 1,267,705 15,870
SET India Ltd. (acquired 5/15/00, cost: $34,131,000) (1) (2) 106,250 5,450
SET Satellite (Singapore) Pte. Ltd. (acquired 5/15/00, cost: $73,162,000) (1) (2) 2,847,112 11,631
State Bank of India 175,328 2,632
Sun Pharmaceutical Industries Ltd. 90,060 963
Tata Power Co. Ltd. 1,367,400 11,241
Wipro Ltd. 1,264,651 19,452
Zee Telefilms Ltd. 4,164,647 13,262
1,365,666
Indonesia - 2.27%
PT Astra International Tbk 18,511,384 20,536
PT Bank Mandiri (Persero) Tbk 209,642,500 37,875
PT Bank Rakyat Indonesia 27,513,000 8,284
PT Hanjaya Mandala Sampoerna Tbk 56,395,300 61,668
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk, Class B 419,550,202 198,361
PT Ramayana Lestari Sentosa Tbk 86,587,500 7,136
333,860
Israel - 2.57%
Bank Hapoalim Ltd. 15,724,600 52,969
Bank Leumi le-Israel B.M. 21,227,297 59,473
"Bezeq" The Israel Telecommunication Corp. Ltd. (2) 41,352,700 48,583
Check Point Software Technologies Ltd. (2) 72,900 1,585
Orbotech Ltd. (2) (3) 1,720,725 37,684
Partner Communications Co. Ltd. (2) 1,965,467 18,139
Partner Communications Co. Ltd. (ADR) (2) 2,308,600 21,031
Teva Pharmaceutical Industries Ltd. (ADR) 4,472,700 138,654
378,118
Kazakhstan - 0.02%
OJSC Kazkommertsbank (ADR) (acquired 9/10/97, cost: $1,466,000) (1) (2) 72,877 3,590
Malaysia - 5.06%
AMMB Holdings Bhd. 19,069,700 14,102
AMMB Holdings Bhd., rights, expire April 26, 2005 (2) 4,371,506 301
Astro All Asia Networks PLC (2) 38,013,500 51,518
CIMB Bhd. 4,905,300 6,648
Commerce Asset-Holding Bhd. 36,415,300 43,890
EON Capital Bhd. 11,273,000 16,761
Genting Bhd. 8,344,500 37,989
Hong Leong Bank Bhd. 21,863,400 29,918
IJM Corp. Bhd. 17,073,314 21,566
IOI Corp. Bhd. 10,920,900 25,722
Malakoff Bhd. 9,168,900 18,217
Malayan Banking Bhd. 36,893,750 109,710
Malaysian Pacific Industries Bhd. 473,800 1,559
Maxis Communications Bhd. 48,392,000 120,344
MK Land Holdings Bhd. 21,297,600 8,687
Public Bank Bhd. 25,403,400 51,810
Resorts World Bhd. 7,804,300 19,203
Road Builder (M) Holdings Bhd. 13,833,700 9,829
S P Setia Berhad Group (3) 34,837,100 36,671
Tanjong PLC 5,284,400 18,356
Telekom Malaysia Bhd. 16,250,200 41,695
Tenaga Nasional Bhd. 8,894,700 23,875
Transmile Group Bhd. 6,041,200 15,103
UMW Holdings Bhd. 16,421,596 21,521
744,995
Mexico - 7.88%
America Movil SA de CV, Series A 16,275,000 41,987
America Movil SA de CV, Series L 21,921,840 56,515
America Movil SA de CV, Series L (ADR) 6,970,900 359,698
Cemex, SA de CV, ordinary participation certificates, units 2,319,659 16,860
Cemex, SA de CV, ordinary participation certificates, units (ADR) 609,595 22,098
Coca-Cola FEMSA, SA de CV, Series L (ADR) 1,074,200 25,963
Consorcio International Hospital, SA de CV, convertible preferred, units
(acquired 9/25/97, cost: $4,827,000) (1) (2) 23,970 -
Desarrolladora Homex, SA de CV (ADR) (2) 120,850 2,970
Empresas ICA Sociedad Controladora, SA de CV (2) 78,185,100 30,256
Fomento Economico Mexicano, SA de CV (ADR) 2,643,395 141,554
Grupo IMSA, SA de CV, Series UBC, units 1,446,700 3,376
Grupo Industrial Saltillo, SA de CV 2,827,600 5,572
Grupo Modelo, SA de CV, Series C 4,692,000 13,828
Grupo Televisa, SA, ordinary participation certificates (ADR) 1,945,532 114,397
Kimberly-Clark de Mexico, SA de CV, Class A, ordinary participation certificates 21,582,500 64,747
Organizacion Soriana, SA de CV, Series B 3,384,300 12,808
Wal-Mart de Mexico, SA de CV, Series V 68,574,660 240,796
Wal-Mart de Mexico, SA de CV, Series V (ADR) 157,232 5,519
1,158,944
Morocco - 0.05%
Holcim (Maroc) SA 46,585 5,996
Societe des Brasseries du Maroc 12,332 2,085
8,081
Peru - 0.14%
Credicorp Ltd. 1,229,762 21,177
Philippines - 0.42%
ABS-CBN Holdings Corp. (Philippine Deposit Receipts) 6,229,500 1,736
Ayala Corp. 114,253,700 15,863
Ayala Land, Inc. 82,485,230 12,507
Bayan Telecommunications Holdings Corp., Class A (acquired 2/12/98, cost: $1,850,000) (1) (2) 724,790 -
Bayan Telecommunications Holdings Corp., Class B (acquired 2/12/98, cost: $616,000) (1) (2) 241,431 -
GLOBE TELECOM, Inc. 632,845 10,174
International Container Terminal Services, Inc. (2) 19,533,588 2,676
SM Investments Corp. (2) 2,794,600 11,640
SM Prime Holdings, Inc. 55,082,000 7,849
62,445
Poland - 0.55%
Telekomunikacja Polska SA 11,909,020 80,354
Russia - 2.51%
Baring Vostok Private Equity Fund (acquired 12/15/00, cost: $7,599,000) (1) (3) 8,530,144 11,251
Baring Vostok Private Equity Fund III (acquired 3/30/05, cost: $841,000) (1) (2) (3) 841,300 548
JSC MMC "Norilsk Nickel" (ADR) 1,992,070 116,536
LUKoil Holding (ADR) 520,559 70,536
New Century Capital Partners, LP (acquired 12/7/95, cost: $5,484,000) (1) (2) 5,247,900 2,253
OAO Gazprom (ADR) 617,904 20,823
OAO Gazprom (ADR) (acquired 10/21/96, cost: $5,646,000) (1) 363,900 12,263
OAO Moscow City Telephone Network 3,007,500 43,910
Sberbank (Savings Bank of the Russian Federation) 121,320 71,943
YUKOS Oil Co. (ADR) (2) 8,403,622 18,488
368,551
Singapore - 0.06%
Noble Group Ltd. 9,527,000 8,369
South Africa - 5.95%
Anglo American Platinum Corp. Ltd. 1,621,472 60,922
Anglo American Platinum Corp. Ltd. 6.38% convertible preferred May 31, 2009 119,068 2,294
AngloGold Ashanti Ltd. 19,700 683
AngloGold Ashanti Ltd. (ADR) 35,700 1,230
AVI Ltd. 2,990,800 6,507
Barloworld Ltd. 4,653,500 74,719
Consol Ltd. (2) 2,990,800 4,922
Gold Fields Ltd. 3,447,909 40,137
Gold Fields Ltd. (ADR) 880,700 10,119
Harmony Gold Mining Co. Ltd. 8,870,612 70,788
Harmony Gold Mining Co. Ltd. (ADR) 4,146,392 32,342
Impala Platinum Holdings Ltd. 535,005 45,099
Massmart Holdings Ltd. 1,867,900 12,597
Mvelaphanda Resources Ltd. (2) (3) 11,141,377 26,834
Nasionale Pers Beperk, Class N 1,426,200 16,307
Nedcor Ltd. 1,028,211 12,415
Sappi Ltd. 188,945 2,318
Sasol Ltd. 11,999,593 279,836
South Africa Capital Growth Fund, LP, Class A (acquired 8/25/95, cost: $893,000) (1) (2) 2,180 270
South Africa Capital Growth Fund, LP, Class D (acquired 8/25/95, cost: $5,387,000) (1) (2) 13,650 1,689
South African Private Equity Fund III, LP (acquired 9/23/98, cost: $24,896,000) (1) (3) 28,847 48,047
South African Private Equity Fund III, Ltd. (acquired 10/6/00, cost: $82,000) (1) 1,325 -
SPAR Group Ltd. (2) 3,415,000 13,160
Standard Bank Group Ltd. 8,822,814 89,078
Tiger Brands Ltd. 1,185,925 18,832
Truworths International Ltd. 1,574,400 4,121
875,266
South Korea - 19.18%
Baiksan OPC Co., Ltd. 560,100 3,521
Cheil Communications Inc. 82,970 14,060
CJ Home Shopping Co., Ltd. 52,679 3,830
Daewoo Heavy Industries & Machinery Co., Ltd. 3,541,130 31,609
Daewoo Securities Co., Ltd. (2) 1,144,180 7,158
Hankook Tire Co., Ltd. 3,523,300 39,398
Hynix Semiconductor Inc. (2) 2,400,180 30,859
Hyundai Development Co. 1,280,374 23,337
Hyundai Marine & Fire Insurance Co., Ltd. 1,634,250 7,616
Hyundai Motor Co. 2,926,074 158,556
Hyundai Motor Co., nonvoting preferred 500,730 15,466
INI Steel Co. 475,930 7,643
INI Steel Co. (GDS) 1,302,990 20,925
Kia Motors Corp. 4,223,220 58,251
Kook Soon Dang Brewery Co., Ltd. 782,100 12,290
Kookmin Bank 5,603,675 250,371
Kookmin Bank (ADR) 1,135,144 50,684
Korea Electric Power Corp. 4,972,760 127,871
Korea Gas Corp. 1,289,360 39,824
KT Corp. 798,860 31,010
KT Corp. (ADR) 125,400 2,672
KT&G Corp. 1,186,980 38,591
LG Cable Ltd. (3) 1,629,160 39,646
LG Engineering & Construction Co., Ltd. 1,327,560 36,622
LG.Philips LCD Co., Ltd. (2) 308,510 13,435
LG.Philips LCD Co., Ltd. (ADR) (2) 6,489,900 139,857
Nong Shim Co., Ltd. 185,204 52,915
Pulmuone Co., Ltd. 182,920 6,821
Pusan Bank 994,330 7,876
Samsung Electronics Co., Ltd. 1,406,808 695,781
Samsung Electronics Co., Ltd. (GDS) 1,565,854 387,549
Samsung Fire & Marine Insurance Co., Ltd. 907,311 68,741
Samsung SDI Co., Ltd. 498,466 51,320
Samsung Securities Co., Ltd. 386,200 9,703
Shinhan Financial Group Co., Ltd. 8,068,090 216,209
Shinhan Financial Group Co., Ltd. (ADR) 169,810 9,122
SK Telecom Co., Ltd. 74,582 12,565
Woori Finance Holdings Co., Ltd. 9,967,910 98,206
2,821,910
Sweden - 0.09%
Oriflame Cosmetics SA (2) 641,200 13,384
Taiwan - 11.15%
Advanced Semiconductor Engineering Inc. (2) 136,545,964 100,902
Asia Corporate Partners Fund, Class B (acquired 3/12/96, cost: $5,019,000) (1) (2) 39,360 3,917
ASUSTeK Computer Inc. 21,763,237 60,179
AU Optronics Corp. 36,471,000 53,438
AU Optronics Corp. (ADR) 2,029,900 29,758
Cathay Financial Holding Co., Ltd. 28,906,000 54,940
Chi Mei Optoelectronics Corp. 9,759,000 14,346
Chinatrust Financial Holding Co., Ltd. 95,756,169 108,195
Chunghwa Telecom Co., Ltd. 14,478,000 30,002
Delta Electronics, Inc. 18,249,787 29,640
Fubon Financial Holding Co., Ltd. 175,406,000 166,414
High Tech Computer Corp. 5,601,888 40,595
Hon Hai Precision Industry Co., Ltd. 53,039,994 236,011
Hon Hai Precision Industry Co., Ltd. (GDR) 2,487,322 21,939
Hotai Motor Co., Ltd. 4,717,000 9,850
MediaTek Incorporation 14,716,673 104,775
Mega Financial Holding Co., Ltd. 84,247,000 54,356
Optimax Technology Corp. 5,939,000 16,724
President Chain Store Corp. 21,518,517 36,727
Quanta Computer Inc. 12,843,899 21,595
Seres Capital (Cayman) (acquired 3/12/96, cost: $12,000) (1) (3) 2 15
Seres Capital (Cayman) nonvoting (acquired 3/12/96, cost: $63,000) (1) (3) 8 76
Siliconware Precision Industries Co., Ltd. 41,825,000 36,357
Taiwan Cement Corp. 52,845,000 30,737
Taiwan Hon Chuan Enterprise Co., Ltd. 5,794,150 5,304
Taiwan Semiconductor Manufacturing Co., Ltd. 157,895,533 258,450
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 2,194,100 18,606
Test-Rite International Co., Ltd. 14,736,642 10,258
Tong Yang Industry Co., Ltd. (3) 22,244,243 29,694
Unimicron Technology Corp. 24,632,000 20,747
Vanguard International Semiconductor Corp. (2) 21,579,350 16,255
VIA Technologies Inc. (2) 37,305,402 19,505
1,640,307
Thailand - 1.02%
Advanced Info Service PCL 6,988,000 17,868
BEC World PCL 26,480,000 9,953
Electricity Generating PCL 17,865,147 31,975
KASIKORNBANK PCL 13,497,600 20,189
Krung Thai Bank PCL 50,673,000 11,467
Siam Cement PCL 1,185,400 8,002
Siam Cement PCL, nonvoting depositary receipts 2,666,290 17,044
Siam City Bank PCL, nonvoting depositary receipts 9,972,600 6,375
Siam City Cement PCL 3,901,924 27,735
150,608
Turkey - 2.24%
Akbank Turk A? 6,133,711 29,804
Aktas Elektrik Ticaret A? (2) 4,273 -
Anadolu Efes Biracilik ve Malt Sanayii A? 3,816,381 74,318
Koc Holding A? 845,136 3,699
Koc Holding A? New March 2005 (2) 262,848 1,111
Migros Turk TA? 5,744,676 40,059
Tansas Perakende Magazacilik Ticaret A? (2) 7,948,176 10,672
TUPRAS-Turkiye Petrol Rafinerileri A? 1,107,909 15,698
Turkcell Iletism Hizmetleri A? 737,812 5,063
Turkiye Garanti Bankasi A? (2) 13,506,200 51,300
Turkiye ?? Bankasi A?, Class C 7,387,675 42,748
Yapi ve Kredi Bankasi A? (2) 13,595,393 54,462
328,934
United Kingdom - 0.75%
Anglo American PLC 4,271,593 100,970
Oxus Gold PLC (2) 7,720,000 8,671
109,641
United States of America - 0.19%
AsiaInfo Holdings, Inc. (2) 936,540 4,701
iShares MSCI Emerging Markets Index Fund 90,000 18,246
Sohu.com Inc. (2) 297,400 5,228
28,175
Venezuela - 0.18%
Cia. An?nima Nacional Telefonos de Venezuela (CANTV), Class D (ADR) 1,400,189 26,492
Vietnam - 0.07%
Vietnam Enterprise Investments Ltd., Redeemable (acquired 9/20/01, cost:
$8,432,000) (1) (2) (3) 7,888,071 10,254
Multinational - 0.39%
Capital International Global Emerging Markets Private Equity Fund, LP (acquired
6/30/99, cost: $29,064,000) (1) (3) 52,476 38,173
Capital International Private Equity Fund IV, LP (acquired 3/29/05, cost:
$11,194,000) (1) (2) (3) 10,820 9,682
New Asia East Investment Fund Ltd., Class A (acquired 5/23/96, cost: $733,000) (1) (3) 279,240 373
New Asia East Investment Fund Ltd., Class B (acquired 5/23/96, cost: $10,008,000) (1) (3) 3,810,369 5,091
New Europe East Investment Fund Ltd., Class B (acquired 6/4/93, cost: $2,494,000) (1) (2) (3) 436 1,790
Pan Asia Special Opportunities Fund (Cayman) (acquired 10/18/00, cost: $2,314,000) (1) (3) 240,000 1,547
56,656
Miscellaneous - 1.54%
Equity securities in initial period of acquisition 226,189
Total equity securities (cost: $8,657,136,000) 14,129,281
Units or
Bonds and notes principal Value
amount (000) (000)
Argentina - 0.46%
Multicanal SA:
9.25% February 1, 2002 (4) $2,609 $1,161
10.50% February 1, 2007 (5) 1,244 554
10.50% April 15, 2018 (5) 2,289 1,019
13.125% April 15, 2009 (5) 1,122 499
Republic of Argentina:
0.63% December 31, 2038 (6) (7) ARS 92,942 11,080
3.01% August 3, 2012 (6) $1,424 1,202
5.83% December 31, 2033 (7) ARS 69,510 21,032
Telecom Argentina SA:
0% July 7, 2003 Agent - Bank of Tokyo-Mitsubishi Trust Company/Loan
Participation Agreements (participation - Credit Suisse First Boston
International) (4) (8) $12,100 11,677
0% August 18, 2003 Agent - Bayerische Landesbank Girozentrale/Loan
Participation Agreements (participation - Credit Suisse First Boston
International) (4) (8) JPY 440,908 3,970
0% September 25, 2003 Agent - Bank of America, N.A./Loan Participation
Agreements (participation - Credit Suisse First Boston International) (4)(8) $3,965 3,826
0% October 7, 2003 Agent - Bank of America, N.A./Loan Participation
Agreements (participation - Credit Suisse First Boston International) (4)(8) 3,965 3,826
Series K, 7.25% July 1, 2002 (4) EUR 3,205 4,009
Series 1, 8.375% April 8, 2004 (4) 1,145 1,432
Series 2, 9.50% July 2, 2004 (4) 1,480 1,851
67,138
Brazil - 0.14%
Banco Bradesco SA 17.50% December 10, 2007 BRL 5,850 2,252
Federal Republic of Brazil:
11.00% August 17, 2040 $3,785 4,218
Capitalization of Payment-in-Kind Bond, 8.00% April 15, 2014 318 315
Debt Conversion Bond, Series L, 3.125% April 15, 2012 (6) 5,559 5,239
Unibanco-Uniao de Bancos Brasileiros SA 8.70% February 11, 2010 BRL 23,880 8,783
20,807
Bulgaria - 0.01%
Republic of Bulgaria 7.50% January 15, 2013 EUR 750 1,205
Colombia - 0.11%
Republic of Colombia:
10.00% January 23, 2012 $4,270 4,633
10.375% January 28, 2033 1,755 1,869
10.75% January 15, 2013 2,285 2,565
11.75% February 25, 2020 760 908
12.00% October 22, 2015 COP 15,641 6,319
16,294
Dominican Republic - 0.02%
Dominican Republic:
3.50% August 30, 2024 (6) $500 424
9.50% September 27, 2006 820 763
9.50% September 27, 2006 (acquired 9/20/01, cost: $1,280,000) (1) 1,280 1,190
2,377
Ecuador - 0.01%
Republic of Ecuador 8.00% August 15, 2030 (6) 2,320 2,076
Malaysia - 0.03%
Tenaga Nasional Bhd. 2.625% convertible debenture November 20, 2007 3,979 4,317
Mexico - 0.05%
United Mexican States Government:
Series MI10, 8.00% December 19, 2013 MXN 494 3,851
Series M20, 8.00% December 7, 2023 471 3,298
7,149
Nigeria - 0.00%
Central Bank of Nigeria, Warrants, 0% November 15, 2020 1,000 units -
Peru - 0.02%
Republic of Peru 9.875% February 6, 2015 $2,035 2,361
Philippines - 0.05%
Republic of Philippines 10.625% March 16, 2025 6,176 6,639
Russia - 0.06%
Russian Federation:
5.00% March 31, 2030 (6) 1,150 1,187
5.00% March 31, 2030 (acquired 8/25/00, cost: $3,501,000) (1) (6) 7,540 7,785
8,972
Turkey - 0.05%
Republic of Turkey 20.00% October 17, 2007 TRY 9,775 7,605
Venezuela - 0.15%
Petrozuata Finance, Inc., Series B, 8.22% April 1, 2017 (acquired 4/12/02, cost:
$1,185,000) (1) $1,520 1,436
Republic of Venezuela:
9.25% September 15, 2027 17,995 17,914
10.75% September 19, 2013 2,625 2,927
22,277
Total bonds and notes (cost: $144,116,000) 169,217
Units or
Short-term securities principal Value
amount (000) (000)
Corporate short-term notes - 0.74%
Alcon Capital Corp. 2.77% due 4/14/05 $10,000 $9,989
Allied Irish Banks N.A. Inc. 2.77% due 4/8/05 5,300 5,297
Avon Capital Corp. 2.76% due 4/11/05 25,000 24,979
Clipper Receivables Corp. 2.85% due 4/1/05 8,900 8,899
SLM Corp. 2.76%-2.80% 4/6/05 32,900 32,885
Societe Generale N.A. Inc. 2.77% due 4/12-4/19/05 26,500 26,473
108,522
U.S. government short-term obligations - 0.73%
U.S. Treasury Bills 2.65% due 4/14-4/21/05 106,900 106,764
Non-U.S. currency - 0.05%
Taiwan New Dollar TWD 247,707 7,873
Total short-term securities (cost: $222,595,000) 223,159
Total investment securities (cost: $9,023,847,000) 14,521,657
Net unrealized depreciation on foreign currency contracts (9) (720)
Excess of cash and receivables over payables 188,326
Net assets $14,709,263
</TABLE>
(1) Purchased in a private placement transaction (not including purchases of
securities that were publicly offered in the primary local market but were
not registered under U.S. securites laws); resale to the public may require
registration in the country where the primary market is located, and no
right to demand registration exists. As of March 31, 2005, the total value
and cost of such securities were $217,262,000 and $319,257,000,
respectively, and the value represented 1.48% of net assets.
(2) Non-income-producing securities.
(3) This issuer represents investment in an affiliate as defined in the
Investment Company Act of 1940. This definition includes, but is not
limited to, issuers in which the fund owns more than 5% of the outstanding
voting securities. New Asia East Investment Fund Ltd., New Europe East
Investment Fund Ltd., Capital International Global Emerging Markets Private
Equity Fund, LP, and Capital International Private Equity Fund IV, LP are
also considered affiliates since these issuers have the same investment
adviser as the fund.
(4) Security is currently in default pending restructuring; no principal or
interest payments received on the scheduled dates.
(5) Security is currently in default; no interest payments received on the
scheduled payment dates.
(6) Coupon rate may change periodically.
(7) Security received as a result of a debt restructure. This security has been
authorized but has not yet been issued.
(8) Participation interests were acquired through the financial institution
indicated parenthetically.
(9) As of March 31, 2005, the net unrealized foreign currency contracts payable
consists of the following:
Abbreviations
Securities:
ADR - American Depositary Receipts
GDR - Global Depositary Receipts
GDS - Global Depositary Shares
Non-U.S. currency:
ARS - Argentine Peso
BRL - Brazilian Real
COP - Colombian Peso
CZK - Czech Koruna
EUR - Euro
JPY - Japanese Yen
MXN - Mexican Peso
TRY - New Turkish Lira
TWD - Taiwan New Dollar
ZAR - South African Rand
FEDERAL INCOME TAX INFORMATION
As of March 31, 2005, the cost of investment securities, excluding forward
currency contracts, and cash denominated in non-U.S. currencies for federal
income tax reporting purposes was $9,172,843,000. Net unrealized appreciation
on investments, excluding forward currency contracts, aggregated $5,348,814,000,
of which $6,051,563,000 related to appreciated securities and $702,749,000
related to depreciated securities.
<TABLE>
<S> <C> <C> <C> <C>
Contract amount U.S. valuation
---------------------------------------------------------------------
Unrealized
appreciation
Non-U.S. U.S. Amount (depreciation)
(000) (000) (000) (000)
--------------------------------------------------------------------------------------------------------------------------------
Sales:
Czech Koruna to Euro expiring 8/31/05 CZK365,270/EUR12,210 $15,907 $15,858 $49
South African Rand to U.S. Dollar expiring 4/15-8/17/05 ZAR1,509,869 239,769 240,538 (769)
-------------
Foreign currency contracts --- net $(720)
=============
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Dividend
and interest
Beginning Purchases/ Sales/ Ending income Value
Issuer shares additions reductions shares (000) (000)
----------------------------------------------------------------------------------------------------------------------------------
Affiliated issuers:
Anhui Conch Cement 40,197,000 - - 40,197,000 $ - $38,140
BYD 12,432,000 - 3,066,500 9,365,500 - 27,559
Ivanhoe Mines 17,189,000 - 1,814,900 15,374,100 - 115,709
LS Cable 1,629,160 - - 1,629,160 - 39,646
Mvelaphanda Resources 11,141,377 - - 11,141,377 - 26,834
Orbotech 1,547,325 173,400 - 1,720,725 - 37,684
S P Setia Berhad 34,837,100 - - 34,837,100 924 36,671
Tele Norte Celular Participacoes 9,215,384,539 - - 9,215,384,539 - 5,423
Tong Ren Tang Technologies 5,529,900 - - 5,529,900 - 11,522
Tong Yang Industry 21,933,243 311,000 - 22,244,243 - 29,694
Wumart Stores 6,735,000 - - 6,735,000 146 11,226
Affiliated private equity funds/private placements:
Baring Vostok Private Equity Fund 13,087,057 4,556,913 8,530,144 - 11,251
Baring Vostok Private Equity Fund III - 841,300 - 841,300 - 548
Capital International Global Emerging
Markets Private Equity Fund 56,000 667 4,191 52,476 71 38,173
Capital International Private Equity Fund IV - 10,820 - 10,820 - 9,682
Hidroneuquen 28,022,311 - - 28,022,311 - 891
New Asia East Investment Fund 4,089,609 - - 4,089,609 - 5,464
New Europe East Investment Fund 436 - - 436 - 1,790
New GP Capital Partners 27,000 - - 27,000 - 7,164
Pan Asia Special Opportunities Fund 600,000 - 360,000 240,000 300 1,547
Seres Capital 10 - - 10 - 91
South African Private Equity Fund III, LP 29,008 - 161 28,847 - 48,047
Vietnam Enterprise Investments 7,888,071 - - 7,888,071 - 10,254
Unaffiliated issuers:(1)
Cummins India 10,446,937 - 2,427,787 8,019,150 396 -
----------------------------
$1,837 $515,010
============================
(1)Affiliated during the period but no longer affiliated at March 31, 2005.
</TABLE>
ITEM 2 - Controls and Procedures
The Registrant's Principal Executive Officer and Principal Financial Officer
have concluded, based on their evaluation of the Registrant's disclosure
controls and procedures (as such term is defined in Rule 30a-3 under the
Investment Company Act of 1940), that such controls and procedures are adequate
and reasonably designed to achieve the purposes described in paragraph (c) of
such rule.
There were no changes in the Registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
that occurred during the Registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting.
ITEM 3 - Exhibits
The certifications required by Rule 30a-2 of the Investment Company Act of 1940,
as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as
exhibits 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.
EMERGING MARKETS GROWTH FUND, INC.
By /s/ Shaw B. Wagener
----------------------------------
Shaw B. Wagener, President and PEO
Date: May 27, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By /s/ Shaw B. Wagener
----------------------------------
Shaw B. Wagener, President and PEO
Date: May 27, 2005
By /s/ Michael A. Felix
-----------------------------------
Michael A. Felix, Treasurer and PFO
Date: May 27, 2005
Emerging Markets Growth Fund, Inc.
11100 Santa Monica Boulevard, 15th Floor
Los Angeles, California 90025
Phone (310) 996-6000
CERTIFICATION
I, Shaw B. Wagener, certify that:
1. I have reviewed this report on Form N-Q of Emerging Markets Growth Fund,
Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
3. Based on my knowledge, the schedules of investments included in this report
fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which this report is filed;
4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;
c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and
d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the registrant's most recent
fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's Board of
Directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and
b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control
over financial reporting.
Date: May 27, 2005
/s/ Shaw B. Wagener
----------------------------------
Shaw B. Wagener, President and
Principal Executive Officer
Emerging Markets Growth Fund, Inc.
Emerging Markets Growth Fund, Inc.
11100 Santa Monica Boulevard, 15th Floor
Los Angeles, California 90025
Phone (310) 996-6000
CERTIFICATION
I, Michael A. Felix, certify that:
1. I have reviewed this report on Form N-Q of Emerging Markets Growth Fund,
Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
3. Based on my knowledge, the schedules of investments included in this report
fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which this report is filed;
4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined
in rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;
c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and
d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the registrant's most recent
fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's Board of
Directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and
b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control
over financial reporting.
Date: May 27, 2005
/s/ Michael A. Felix
----------------------------------
Michael A. Felix, Treasurer and
Principal Financial Officer
Emerging Markets Growth Fund, Inc.