morgan stanley - donuts · 2019-06-11 · 負債銀行透支 1 - - - 贖回股份應付款 443,698...

[RV/CL/D:/Fund/Morgan Stanley基金/2018年報/4/23/2019] - 1 -

投資管理摩根士丹利

Morgan Stanley Investment Funds

根據盧森堡法律成立之

可變資本投資公司

年度報告

(中文簡譯文)

2018年12月31日


（中文簡譯文）資產與負債表截至2018年12月31日

亞洲股票基金亞洲房地產基金歐洲、中東及非洲

新興股票基金新興領先股票基金

美元美元歐元美元

資產投資證券－按成本計算 75,297,349 107,780,304 88,181,437 313,744,440

未實現增值／(貶值) 2,105,667 4,053,018 4,198,080 (4,242,488)

投資證券 77,403,016 111,833,322 92,379,517 309,501,952

銀行現金 144,608 120,140 728,501 8,760,906

認購股份應收款 5,554 20,026 67,845 760,548

出售投資應收款 14,899 - 151,373 -

總報酬交換合約應收款 - - - -

買進選擇權－按市價計值 - - - -

金融期貨合約未實現利得 - - - -

遠期外匯合約未實現利得 - - - 218,872

信用違約交換合約未實現利得 - - - -

利率交換合約未實現利得 - - - -

總報酬交換合約未實現利得 - - - -

應計收入及其他應收款 160,974 429,055 194,489 150,016

總資產 77,729,051 112,402,543 93,521,725 319,392,294 負債

銀行透支 1 - - -

贖回股份應付款 443,698 435,675 216,518 172,390

購買投資應付款 8,429 113,788 49,813 -

總報酬交換合約應付款 - - - -

賣出選擇權－按市價計值 - - - -

金融期貨合約未實現虧損 - - - -

遠期外匯合約未實現虧損 - - - 147

信用違約交換合約未實現虧損 - - - -

利率交換合約未實現虧損 - - - -

總報酬交換合約未實現虧損 - - - -

其他應付款及應計支出 139,916 126,082 146,600 483,042

總負債 592,044 675,545 412,931 655,579

資產淨值 77,137,007 111,726,998 93,108,794 318,736,715


資產與負債表(續) 截至2018年12月31日歐洲股票Alpha基金環球品牌基金環球機會基金環球房地產基金

歐元美元美元美元

資產投資證券－按成本計算 154,783,382 8,824,918,988 6,722,293,365 915,618,419

未實現增值／(貶值) (7,794,467) 1,366,037,376 (9,456,633) (55,943,833)

投資證券 146,988,915 10,190,956,364 6,712,836,732 859,674,586

銀行現金 607,998 379,107 2,296,863 2,461,407

認購股份應收款 77,131 41,496,042 15,006,909 1,158,174

出售投資應收款 - - 56,871,755 659,772


買進選擇權－按市價計值 - - 4,524,442 -


遠期外匯合約未實現利得 - 13,287,942 5,533,579 461,508




應計收入及其他應收款 815,379 20,228,653 312,045 3,483,933

總資產 148,489,423 10,266,348,108 6,797,382,325 867,899,380 負債

銀行透支 - 2 4,569,764 -

贖回股份應付款 226,350 30,183,717 58,296,901 1,291,815

購買投資應付款 - - 197,724,419 476,593




遠期外匯合約未實現虧損 130,912 14,407 51,357 460




其他應付款及應計支出 165,444 11,995,339 9,722,263 885,618

總負債 522,706 42,193,465 270,364,704 2,654,486

資產淨值 147,966,717 10,224,154,643 6,527,017,621 865,244,894


資產與負債表(續) 截至2018年12月31日印度股票基金拉丁美洲股票基金美國優勢基金美國增長基金

美元美元美元美元

資產投資證券－按成本計算 220,348,913 286,253,659 5,918,180,470 1,868,755,152

未實現增值／(貶值) (33,113,756) (3,827,950) 749,801,627 255,962,637

投資證券 187,235,157 282,425,709 6,667,982,097 2,124,717,789

銀行現金 365,326 496,452 730,867 939,998

認購股份應收款 262,261 107,581 44,362,514 8,483,225

出售投資應收款 7,636,262 1,100,611 - -


買進選擇權－按市價計值 - - 4,661,222 1,662,760


遠期外匯合約未實現利得 - - 5,087,460 2,186,455




應計收入及其他應收款 1,181 1,050,479 1,417,469 821

總資產 195,500,187 285,180,832 6,724,241,629 2,137,991,048 負債

銀行透支 - - 4,663,660 -

贖回股份應付款 141,709 208,588 31,765,463 21,055,134

購買投資應付款 - - - -




遠期外匯合約未實現虧損 - - 57,045 307,990




其他應付款及應計支出 254,138 452,283 7,164,373 2,512,376

總負債 395,847 660,871 43,650,541 23,875,500

資產淨值 195,104,340 284,519,961 6,680,591,088 2,114,115,548


資產與負債表(續) 截至2018年12月31日美國房地產基金新興市場債券基金新興市場國內債券基金

美元美元美元

資產投資證券－按成本計算 190,017,774 175,225,790 188,436,840

未實現增值／(貶值) (7,012,329) (17,737,490) (17,985,465)

投資證券 183,005,445 157,488,300 170,451,375

銀行現金 782,128 363,123 287,662

認購股份應收款 41,668 240,737 404,639

出售投資應收款 - - -

總報酬交換合約應收款 - - -

買進選擇權－按市價計值 - - -

金融期貨合約未實現利得 - - -

遠期外匯合約未實現利得 - 143,226 235,392

信用違約交換合約未實現利得 - - -

利率交換合約未實現利得 - - -

總報酬交換合約未實現利得 - - -

應計收入及其他應收款 1,857,958 2,727,133 2,674,884

總資產 185,687,199 160,962,519 174,053,952 負債

銀行透支 - - 765

贖回股份應付款 518,314 441,178 269,491

購買投資應付款 - - -

總報酬交換合約應付款 - - -

賣出選擇權－按市價計值 - - -

金融期貨合約未實現虧損 - - -

遠期外匯合約未實現虧損 - 21,819 231,547

信用違約交換合約未實現虧損 - - -

利率交換合約未實現虧損 - - -

總報酬交換合約未實現虧損 - - -

其他應付款及應計支出 213,777 221,780 199,539

總負債 732,091 684,777 701,342

資產淨值 184,955,108 160,277,742 173,352,610


資產與負債表(續) 截至2018年12月31日環球可轉換債券基金環球平衡收益基金

美元歐元

資產投資證券－按成本計算 514,331,637 492,491,222

未實現增值／(貶值) (22,917,662) (7,162,706)

投資證券 491,413,975 485,328,516

銀行現金 10,432,318 17,279,654

認購股份應收款 100,327 663,389

出售投資應收款 - 1,095

總報酬交換合約應收款 - -

買進選擇權－按市價計值 1,329,298 1,873,476

金融期貨合約未實現利得 - 171,273

遠期外匯合約未實現利得 1,352,545 468,748

信用違約交換合約未實現利得 - 1,575,573

利率交換合約未實現利得 - -

總報酬交換合約未實現利得 - -

應計收入及其他應收款 1,195,749 2,317,899

總資產 505,824,212 509,679,623

負債

銀行透支 1,927,771 241,747 贖回股份應付款 2,999,093 1,359,170

購買投資應付款 - -

總報酬交換合約應付款 - -

賣出選擇權－按市價計值 248,513 3,331,181

金融期貨合約未實現虧損 - 1,069,745

遠期外匯合約未實現虧損 2,171,047 121,699

信用違約交換合約未實現虧損 - 565,084

利率交換合約未實現虧損 - -

總報酬交換合約未實現虧損 - -

其他應付款及應計支出 342,781 1,279,504

總負債 7,689,205 7,968,130

資產淨值 498,135,007 501,711,493


（中文簡譯文）營運與淨資產變動表截至2018年12月31日為止之年度

亞洲股票基金亞洲房地產基金

歐洲、中東及非洲新興股票基金新興領先股票基金

美元美元歐元美元收入股利(扣除預扣稅) 債券利息(扣除預扣稅) 選擇權權利金收入淨額交換交易利息借券收入銀行利息其他收入

1,984,375

- - -

30,238 420

-

3,815,050

- - - -

2, 105 -

2,635,921

- - - -

4,582 -

5,348,066

- - - -

181,845 -

總收入費用經理費行政管理費經銷費特定額外費用

認購稅新興市場保管費避險開支子公司費用

交換交易利息銀行利息稅項(不含認購稅)

2,015,033

1,008,922 176,968 72,082

- 47,992 59,308

- - - 1

58,254

3,817,155

1,337,430 199,131 40,571

- 54,008

- - - - - -

2,640,503

1,651,685 198,527 163,110

- 46,803 55,605

- - -

1,356 -

5,529,911

4,239,359 597,570 235,099

- 88,896

193,888 23,620

- - 1

118,990 總費用加計費用減免收益淨投資收益／(損失) 出售投資之淨實現利得／(損失) 選擇權之淨實現利得／(損失) 金融期貨合約之淨實現利得／(損失) 信用違約交換合約之淨實現利得／(損失) 總報酬交換合約之淨實現利得／(損失) 利率交換合約之淨實現利得／(損失) 外匯交易之淨實現利得／(損失)

1,423,527

-

591,506

38,621,541 - - - - -

(71,390)

1,631,140

-

2,186,015

3,893,771 - - - - -

(6,659)

2,117,086

-

523,417

8,736,626 - - - - -

(48,304)

5,497,423

-

32,488

11,564,508 - - - - -

(4,337,203)

本年度之淨實現利得／(損失) 投資商品未實現增值／(貶值)之淨變動選擇權未實現增值／(貶值)之淨變動金融期貨合約未實現增值／(貶值)之淨變動信用違約交換合約未實現增值／(貶值)之淨變動總報酬交換合約未實現增值／(貶值)之淨變動利率交換合約未實現增值／(貶值)之淨變動外匯交易未實現增值／(貶值)之淨變動

39,141,657

(54,307,804) - - - - - -

6,073,127

(8,678,218) - - - - - -

9,211,739

(28,190,219) - - - - - -

7,259,793

(65,790,858) - - - - -

(427,748)

營運導致之淨資產淨變動股利分派

(15,166,147)

-

(2,605,091)

(35,215)

(18,978,480)

(285)

(58,958,813)

- 股份認購收益股份贖回支付淨額

61,926,359 (191,592,421)

31,787,949 (36,361,075)

58,323,764 (69,444,633)

97,545,987 (157,441,752)

資本交易導致之淨資產淨變動 (129,666,062) (4,573,126) (11,120,869) (59,895,765)

淨資產增加／減少之總額年初淨資產外幣換算差額

(144,832,209)

221,969,216 -

(7,213,432)

118,940,430 -

(30,099,634)

123,208,428 -

(118,854,578)

437,591,293 -

年末淨資產 77,137,007 111,726,998 93,108,794 318,736,715


營運與淨資產變動表(續) 截至2018年12月31日為止之年度

歐洲股票Alpha基金環球品牌基金環球機會基金環球房地產基金歐元美元美元美元收入股利(扣除預扣稅) 債券利息(扣除預扣稅) 選擇權權利金收入淨額交換交易利息借券收入銀行利息其他收入

9,136,455

- - -

46,685 45

-

197,193,734

- - - -

7,097 3,207

38,503,011

- - -

671,640 519

-

35,291,044

- - - -

9,239 -

總收入費用經理費行政管理費經銷費特定額外費用認購稅新興市場保管費避險開支子公司費用


9,183,185

2,193,839 386,138 218,470

- 79,570

- 13,827

- -

2,241 -

197,204,038

110,495,008 16,666,314

7,793,178 -

3,528,186 -

1,010,510 - -

6,612 -

39,175,170

77,690,605 10,757,626

5,124,781 -

2,132,073 -

512,894 - -

102,306 1,235,171

35,300,283

10,372,539 1,584,514

83,212 -

193,995 -

35,894 - -

29,104 -

總費用加計費用減免收益淨投資收益／(損失) 出售投資之淨實現利得／(損失) 選擇權之淨實現利得／(損失) 金融期貨合約之淨實現利得／(損失) 信用違約交換合約之淨實現利得／(損失) 總報酬交換合約之淨實現利得／(損失) 利率交換合約之淨實現利得／(損失) 外匯交易之淨實現利得／(損失)

2,894,085

-

6,289,100

14,707,869 - - - - -

2,132,726

139,499,808

-

57,704,230

788,472,548 - - - - -

(176,767,520)

97,555,456

-

(58,380,286)

25,766,363 (5,939,577)

- - - -

(119,392,754)

12,299,258

-

23,001,025

26,553,136 - - - - -

(7,193,364)


23,129,695

(52,303,329) - - - - -

238,162

669,409,258

(1,137,886,730) - - - - -

(9,536,642)

(157,946,254)

(803,544,293) (9,507,598)

- - - -

(1,291,761)

42,360,797

(144,223,176) - - - - -

(14,380)


(28,935,472)

(44,917)

(478,014,114)

(4,336,771)

(972,289,906)

-

(101,876,759)

(1,535,715) 股份認購收益股份贖回支付淨額

30,678,371

(205,034,879)

3,546,420,622

(2,820,195,533)

6,551,050,909

(2,861,411,436) 578,040,866

(622,270,925)

資本交易導致之淨資產淨變動 (174,356,508) 726,225,089 3,689,639,473 (44,230,059)


(203,336,897)

351,303,614 -

243,874,204

9,980,280,439 -

2,717,349,567

3,809,668,054 -

(147,642,533)

1,012,887,427 -

年末淨資產 147,966,717 10,224,154,643 6,527,017,621 865,244,894


營運與淨資產變動表(續) 截至2018年12月31日為止之年度印度股票基金拉丁美洲股票基金美國優勢基金美國增長基金美元美元美元美元收入股利(扣除預扣稅) 債券利息(扣除預扣稅) 選擇權權利金收入淨額交換交易利息借券收入銀行利息其他收入

5,546,438

- - - -

1,995 108,531

12,071,972

- - -

70,814 14,765

-

46,030,295

- - -

236,067 4,330

-

8,594,971

- - -

336,254 - -



5,656,964

4,387,932 715,335 343,237

- 118,985 237,333

- 215,612

- 7,600

45,536

12,157,551

6,588,155 829,223 83,806

- 166,798 247,450

- - -

5,220 -

46,270,692

71,071,850 11,281,596

1,865,074 -

2,187,549 -

523,265 - -

117,913 -

8,931,225

25,691,727 4,063,173

751,426 -

836,496 -

175,782 - -

42,679 -


6,071,570

101,749

(312,857)

(54,982,012) -

(73,393) - - -

(4,104,345)

7,920,652

-

4,236,899

(18,536,175) - - - - -

(71,091)

87,047,247

-

(40,776,555)

581,721,440 (10,603,681)

- - - -

(101,598,307)

31,561,283

-

(22,630,058)

218,140,415 (3,636,937)

- - - -

(34,319,999)


(59,472,607)

(82,262,719) - - - - - -

(14,370,367)

(58,037,235) - - - - - -

428,742,897

(510,408,140) (7,459,137)

- - - -

(4,138,192)

157,553,421

(128,986,964) (2,540,211)

- - - -

(1,656,185)


(141,735,326)

-

(72,407,602)

-

(93,262,572)

-

24,370,061

- 股份認購收益股份贖回支付淨額

431,805,872 (817,084,070)

633,383,739 (685,374,711)

5,959,685,144

(4,898,129,212)

3,352,521,308

(2,995,927,788)

資本交易導致之淨資產淨變動 (385,278,198) (51,990,972) 1,061,555,932 356,593,520


(527,013,524)

722,117,864 -

(124,398,574)

408,918,535 -

968,293,360

5,712,297,728 -

380,963,581

1,733,151,967 -

年末淨資產 195,104,340 284,519,961 6,680,591,088 2,114,115,548



美國房地產基金新興市場債券基金新興市場國內債券基金美元美元美元收入股利(扣除預扣稅) 債券利息(扣除預扣稅) 選擇權權利金收入淨額交換交易利息借券收入銀行利息其他收入

5,050,211

- - - -

7,187 127,034

126,086

11,133,960 - -

36,799 8,498

-

206,875

13,924,731 - - -

22,438 -



5,184,432

2,350,998 365,183 53,237

- 92,516

- - - - 5 -

11,305,343

2,277,194 332,577 554,504

- 76,774

- 16,192

- - 4 -

14,154,044

2,058,003 324,118 512,962

- 66,575

- 12,395

- -

552 -


2,861,939

-

2,322,493

6,443,963 - - - - -

480

3,257,245

1,145

8,049,243

(1,100,975) - - - - -

(2,766,315)

2,974,605

1,605

11,181,044

(6,887,714) -

6,957 - - -

(3,709,467)


8,766,936

(33,332,101) - - - - - -

4,181,953

(22,265,432) - - - - -

(302,221)

590,820

(17,493,011) -

(59,762) - - -

(898,462)


(24,565,165)

-

(18,385,700)

(1,903,552)

(17,860,415)


81,407,117

(124,373,311)

79,230,754

(148,438,990)

136,009,699

(175,020,805)

資本交易導致之淨資產淨變動 (42,966,194) (69,208,236) (39,011,106)


(67,531,359)

252,486,467 -

(89,497,488)

249,775,230 -

(58,796,396)

232,149,006 -

年末淨資產 184,955,108 160,277,742 173,352,610



環球可轉換債券基金環球平衡收益基金美元歐元收入股利(扣除預扣稅) 債券利息(扣除預扣稅) 選擇權權利金收入淨額交換交易利息借券收入銀行利息其他收入

570,427

3,943,203 - -

279,084 5,291

-

6,689,958 5,553,255

20,494,279 2,408,768

- 36,258

135,860 總收入費用經理費行政管理費經銷費特定額外費用認購稅新興市場保管費避險開支子公司費用


4,798,005

3,113,720 762,167 242,833

- 115,057

- 115,244

- -

14,550 -

35,318,378

11,514,304 1,124,734 3,705,675

- 278,810

- 25,777

- -

251,851 65,755


4,363,571

-

434,434

2,246,391 (3,464,795)

(17,379) - - -

(6,786,119)

16,966,906

-

18,351,472

(1,140,834) (13,944,434) (19,282,239)

3,593,349 - -

3,295,173


(7,587,468)

(29,091,490) (1,691,061)

- - - -

(1,224,934)

(9,127,513)

(26,692,414) (676,056)

59,641 (7,038,478)

- -

(412,804) 營運導致之淨資產淨變動股利分派

(39,594,953)

(178,666)

(43,887,624)


258,696,812 (178,268,779)

192,228,086 (338,534,214)

資本交易導致之淨資產淨變動 80,428,033 (146,306,128)


40,654,414

457,480,593 -

(219,210,812)

720,922,305 -

年末淨資產 498,135,007 501,711,493


獨立審計師報告

致Morgan Stanley Investment Funds股東

6B, route de Trèves L-2633 Senningerberg Luxembourg

意見

本所已查核Morgan Stanley Investment Funds（「SICAV」）及其旗下各基金之財務報表，包括截至2018年12月31日的資產與負債表、投資明細表，截至當年度

終了時之營運與淨資產變動表，以及財務

報表附註，包括重要會計政策之概要說

明。

依本所之意見，隨附之財務報表係依據盧

森堡編製財務報表之相關法令規定，真實

並公允反映SICAV及其旗下各基金於2018年12月31日的財務狀況，及其截至該年度終了時之營運結果與淨資產變動

情形。

意見之基礎

本所依據關於審計專業之2016年7月23日法律（「2016年7月23日法律」），以及盧森堡金融監管委員會（Commission de Surveillance du Secteur Financier，「CSSF」）就盧森堡所採納之國際審計準則（「ISAs」）執行查核工作。本所基於前開法律與準則所負之責任於本報告

之「企業會計師對於查核財務報表之責

任」一節中有進一步說明。此外，依據

CSSF就盧森堡所採納由國際會計師職業道德委員會所發布之專業會計師道德

守則(IESBA Code)，本所與SICAV保持超然獨立，且本所業已依據該等道德規範

履行本所之其他職業道德責任。本所認

為，本所已獲得充分且適當之查核證據，

可作為本所表示意見之依據。

其他資訊

SICAV董事會必須對其他資訊負責。其他

資訊包括年度報告所含資訊，但不包括財

務報表或本所之「企業會計師」報告。

本所對財務報表之意見並未涵蓋其他資

訊，且本所未對該等其他資訊發表任何形

式之認證結論。

關於本所查核財務報表一事，本所之責任

在於閱讀其他資訊，並在此過程中，考量

其他資訊是否與財務報表或與本所於查

核過程中所瞭解之情況有重大出入或存

有重大不實表達。基於本所已執行之工

作，倘本所認為該其他資訊有重大不實表

達之處，本所應報告此事實。就此而言，

本所無任何報告。

SICAV董事會與負責管理之人員對於財務報表之責任

SICAV董事會負責依據盧森堡編製財務報表之相關法令規定，編製並公正表述財

務報表，此外，SICAV董事會亦須就其認為避免財務報表編製發生重大錯誤表達

（無論係因詐欺或錯誤）所需之內部控制

制度負責。

編製財務報表時，除非SICAV董事會有意清算SICAV或其旗下任一基金或停止營運，或別無其他實際可行之替代方案，

SICAV董事會負責評估SICAV及其旗下基金繼續經營之能力、在適用情況下揭露

與繼續經營相關之事項，以及採用繼續經

營會計基礎。

「企業會計師」對於查核財務報表之責任

本所之目標在於針對財務報表整體是否

存在重大不實表達（無論係因詐欺或錯

誤）取得合理確信，並出具包含本所「企

業會計師」意見在內之報告。合理確信係

高度確信，但不保證依照2016年7月23日法律與CSSF就盧森堡所採納之ISAs規定執行之查核工作必能偵察出財務報表

存在之重大不實表達。不實表達可能肇因

於詐欺或錯誤，倘可合理預期到個別或彙

總之不實表達將影響到使用者依據財務


報表所作之經濟決策，則該等不實表達會

被視為重大。

作為根據2016年7月23日法律與CSSF就盧森堡所採納之ISAs規定所執行查核工作之一部分，本所在查核過程中乃秉持專

業判斷並維持專業質疑。同時，本所亦：

辨識與評估財務報表存有重大不實表達（無論係因詐欺或錯誤）之風

險、設計並執行反映該等風險之查核

程序，並取得足夠並適當提供本所意

見基礎之查核證據。無法偵測因詐欺

所生之重大錯誤表達的風險乃高於

因錯誤所生者，因為詐欺可能涉及共

謀、偽造、故意隱匿、虛假陳述，或

未確實執行內部控制。

取得對相關查核之內部控制之瞭解，以設計適用於該情況之查核程

序，但目的並非為對SICAV之內部控制有效性表達意見。

評估SICAV董事會所採用會計政策之妥適性與所做會計估計及相關揭

露之合理性。

就SICAV董事會採用之繼續經營會計基礎之適當性做出結論，並基於取

得之查核證據，總結是否存有可能導

致對SICAV或其旗下任一基金繼續經營能力產生質疑之重大不確定

性。如本所歸結認為存有重大不確定

性，則有必要於本所之「企業會計師」

報告中提請使用者注意財務報表中

之相關揭露，或倘相關揭露並不充

足，則應修正意見。本所所作結論係

基於截至「企業會計師」報告所載日

期前取得之查核證據。然而，未來事

件與情況仍有可能導致SICAV或其旗下任一基金繼續經營之終止。

評估財務報表之整體表述、架構及內容（包括揭露），以及財務報表是否

以達到公平呈現之方式呈現相關交

易及事件。

本所與該等負責管理之人員溝通有關查

核之預定範圍及時間及重大查核發現等

事項，包括在本所查核過程中發現之任何

內部控制之重大缺失。

ERNST & YOUNG Société Anonyme Cabinet de révision agréé Michael Ferguson

盧森堡，2019年4月9日

Morgan Stanley Investment Funds

INVESTMENT MANAGEMENT

Société d’Investissement à Capital Variable incorporated under the laws of Luxembourg

Annual ReportDecember 31, 2018

R.C.S. Luxembourg: B-29. 192

Morgan Stanley Investment Funds 31 December 2018

Table of contents

1 Shareholders’ information

2 Board of Directors’ Report

SCHEDULE OF INVESTMENTS

Equity Funds

7 Asia Opportunity Fund

9 Asian Equity Fund

11 Asia-Pacifi c Equity Fund

14 Asian Property Fund

16 Breakout Nations Fund

19 China A-shares Fund

22 Emerging Europe, Middle East and Africa Equity Fund

24 Emerging Leaders Equity Fund

26 Emerging Markets Equity Fund

30 European Champions Fund

32 European Equity Alpha Fund

34 European Property Fund

36 Eurozone Equity Alpha Fund

38 Frontier Markets Equity Fund

41 Global Active Factor Equity Fund

43 Global Advantage Fund

45 Global Brands Fund

47 Global Brands Equity Income Fund

50 Global Counterpoint Fund

54 Global Discovery Fund

56 Global Infrastructure Fund

59 Global Infrastructure Unconstrained Fund

61 Global Opportunity Fund

64 Global Property Fund

68 Global Property Unconstrained Fund

70 Global Quality Fund

72 Global Sustain Fund

74 Indian Equity Fund

76 International Equity (ex US) Fund

78 Japanese Equity Fund

81 Latin American Equity Fund

83 US Active Factor Equity Fund

85 US Advantage Fund

88 US Growth Fund

91 US Insight Fund

93 US Property Fund

Bond Funds

95 Absolute Return Fixed Income Fund

103 Asian Fixed Income Opportunities Fund

105 Emerging Markets Corporate Debt Fund

111 Emerging Markets Debt Fund

117 Emerging Markets Domestic Debt Fund

120 Emerging Markets Fixed Income Opportunities Fund

126 Euro Bond Fund

133 Euro Corporate Bond Fund

141 Euro Corporate Bond – Duration Hedged Fund

147 Euro Strategic Bond Fund

157 Euro Strategic Bond – Duration Hedged Fund

163 European Currencies High Yield Bond Fund

168 Global Asset Backed Securities Fund*

181 Global Bond Fund

191 Global Buy and Hold 2020 Bond Fund

196 Global Buy and Maintain Bond Fund

200 Global Convertible Bond Fund

205 Global Credit Fund

211 Global Fixed Income Opportunities Fund

226 Global High Yield Bond Fund

233 Short Maturity Euro Bond Fund

239 US Dollar Corporate Bond Fund

245 US Dollar High Yield Bond Fund

252 US Dollar Short Duration Bond Fund

260 US Dollar Short Duration High Yield Bond Fund

Asset Allocation Funds

266 Global Balanced Defensive Fund

278 Global Balanced Fund

291 Global Balanced Income Fund

305 Global Balanced Risk Control Fund of Funds

308 Global Multi-Asset Income Fund

322 Global Multi-Asset Opportunities Fund

Alternative Investment Funds

329 Liquid Alpha Capture Fund

STATEMENTS AND NOTES

332 Statement of assets and liabilities

346 Statement of operations and changes in net assets

364 Statement of share and net assets statistics

379 Notes to the fi nancial statements

OTHER INFORMATION

402 Independent Auditor’s Report

404 Directors and service providers

406 Paying and information agents

407 Appendix 1: Fund expense ratios

412 Appendix 2: Portfolio turnover rate (unaudited)

413 Appendix 3: Sub-Advisers (unaudited)

415 Appendix 4: Hedged Share Classes (unaudited)

417 Appendix 5: Performance Summary (unaudited)

422 Appendix 6: Risk Measurement and Global Exposure (unaudited)

424 Appendix 7: UCITS Remuneration Disclosure by Morgan Stanley Investment Management (ACD) Limited to Morgan Stanley Investment Funds (unaudited)

428 Appendix 8: Securities Financing Transactions (unaudited)* Formerly known as Global Mortgage Securities Fund prior to 15 January 2018.

1 Morgan Stanley Investment Funds 31 December 2018

The annual general meeting of shareholders of Morgan Stanley Investment Funds (the “Company”) is held at the registered office of the Company and will be held on the second Tuesday of the month of May at 10.30 am. If such day is a legal or a bank holiday in Luxembourg, the annual general meeting shall be held on the next following business day.

Notices of all general meetings are sent by mail to all registered shareholders at their registered address at least 8 days prior to the meeting. Such notices will indicate the time and place of the meeting as well as the conditions of admission thereto. Said notices will also contain the agenda and requirements of Luxembourg law with regard to the necessary quorum and majorities at the meeting. To the extent required by law, further notices will be published in the Mémorial and in one Luxembourg newspaper.

Audited financial statements in respect of the preceding financial period are made available at the registered office of the Company and are available to shareholders upon request. In addition, unaudited semi-annual reports are also made available at the registered office.

Th e annual and semi-annual reports are also available on the Company’s web-site (www.morganstanleyinvestmentfunds.com).

Th e Company’s financial year end is 31 December.

Any other notices relevant to the Company are also published in a Luxembourg newspaper or mailed to affected shareholders.

Th e net asset value per share of each Class of Share is available on each dealing day during Luxembourg business hours at the registered office of the Company. Net asset value per share information is also available from market information providers, such as Bloomberg and Morningstar, as well as being available at www.morganstanleyinvestmentfunds.com.

No subscriptions can be received on the basis of financial reports alone. Subscriptions are only valid if made on the basis of the current prospectus and the latest Key Investor Information Document.

Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva, web: carnegie-fund-services-ch, is the representative in Switzerland and Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva is the paying agent in Switzerland. Th e Prospectus, the latest Key Investor Information Document, the Articles and the annual and semi-annual reports of the Company may be obtained free of charge from the representative in Switzerland.

Th e net asset value per share of each Class of Share is available on www.fundinfo.com.

A list of purchases and sales (securities transactions) carried out by the Company during the reporting period may be obtained free of charge from the representative in Switzerland.

Th e investment objectives set out in this annual report are summaries only. Th e complete investment objectives and policies for each Fund are set out in the Company’s current prospectus.

Shareholders’ information

Morgan Stanley Investment Funds 31 December 2018 2

Activities and outlook

Overall, 2018 was a consolidated year for the Morgan Stanley Investment Funds range. Assets under Management decreased by $5.5Bn (8.54%) from $65.2Bn* on 31 December 2017 to $59.7Bn on 31 December 2018.

Morgan Stanley Investment Funds OverviewA number of important changes to Morgan Stanley Investment Funds occurred during 2018. Th ese changes included:

• In the twelve months to 31 December 2018, fi ve sub-funds were launched:

– On 26 January 2018 the Global Infrastructure Unconstrained Fund commenced operations.

– On 29 June 2018 the Global Sustain Fund commenced operations.

– On 6 July 2018 the Euro Corporate Bond – Duration Hedged Fund commenced operations.

– On 6 July 2018 the Euro Strategic Bond – Duration Hedged Fund commenced operations.

– On 28 September 2018 the Global Counterpoint Fund commenced operations.

• In the twelve months to 31 December 2018, two sub-funds were closed:

– On 29 June 2018 the Global Premier Credit Fund was closed. – On 17 December 2018 the US Dollar Liquidity Fund was

closed.

• In the twelve months to 31 December 2018, 79 share classes were launched. For a complete list, please refer to the Annual Report.

• In the twelve months to 31 December 2018, 72 share classes were closed. For a complete list, please refer to the Annual Report.

Directors

HENRY KELLYIndependent Non-Executive Director and ChairmanHenry Kelly is an independent board member of several investment funds and investment management companies domiciled in Luxembourg and internationally. He is the Managing Director of the Luxembourg-based consultancy firm that he founded in 1999, KellyConsult Sàrl, which provides advisory services to the investment fund sector. He is a member and founding Chairman of the Fund Governance Forum for ALFI (Association of the Luxembourg Fund Industry) since its establishment in 2011

and is a founding member of the Investment Funds Committee of the Luxembourg Institute of Directors (ILA). He is a member of the European Fund and Asset Management Association (EFAMA) Corporate Governance Working Group.

From 1993 – 1999 he was a Managing Director of Flemings Luxembourg (now JP Morgan Asset Management) following 5 years’ experience in the capital markets division of BNP Paribas based in Paris. Prior to these posts he acquired seven years’ experience with Price Waterhouse in Paris, Frankfurt and New York. He has a master’s degree in Modern Languages from Cambridge University, is a Member of the Institute of Chartered Accountants in England & Wales and holds the INSEAD Certificate in Corporate Governance. He obtained the qualification of ILA Certified Director in 2013.

WILLIAM JONESIndependent Non-Executive DirectorMr. Jones is the founder of ManagementPlus Group which was established in 2006 and provides directorship and management company services from Luxembourg, Cayman Islands, Singapore, New York and Geneva. Mr. Jones has 27 years’ experience in the hedge fund industry and has held senior positions with Goldman Sachs Asset Management International and Bank of Bermuda/ HSBC. Mr. Jones completed the first cohort of the INSEAD International Directors Program (“IIDP”) in 2011 and is a member of the IIDP Advisory Board and served as its first President.

Mr. Jones has been certified as a director by IIDP and the Institut Luxembourgeois des Administrateurs (“ILA”). Mr Jones serves the Board of Directors of ILA and its Fund Governance Committee and co-chaired the Alternative Investment Task Force of ILA’s Fund Governance Committee which issued the “ILA Guide for Board Members in the Context of AIF and AIFM” in July 2014.

Mr. Jones serves multiple committees of ALFI, the Luxembourg fund industry association. Mr. Jones was co-vice chair of the Alternative Investment Management Association’s (“AIMA”) working group which issued “AIMA’s Fund Director Guide” in April 2015. Mr. Jones served on the Board of Governors of the International School of Luxembourg from 2011 to 2015 and was its Chairman during the 2014-15 school year.

MICHAEL GRIFFINIndependent Non-Executive DirectorMichael Griffin has over 30 years’ experience in the financial sector. For the past 19 years he has been a non-executive director of fund companies in Dublin & Luxembourg where he has worked with some of the leading sponsors in the sector. Most of his executive experience was with the wholesale arm of the Ulster Bank Group in Dublin where he served on the board and management committee of Ulster Investment Bank Limited for twelve years. In this role, Mr. Griffin managed the Treasury

Board of Directors’ Report

* The effect of cross-investment activity is no longer adjusted for in the ‘Combined totals for all funds’ within the Financial Statements, therefore the Assets under Management total as of 31 December 2017 has been adjusted accordingly for comparative purposes.


Board of Directors’ Report (continued)

trading of the bank which included sovereign debt, money markets and foreign exchange. Mr. Griffin was Chairman of the Irish Bankers’ Federation EMU Capital Markets Committee from 1996 to 1999. Mr. Griffin is a fellow of the Institute of Bankers in Ireland.

ANDREW MACKNon-Executive Director and Chairman of the Board of Directors of Morgan Stanley Investment Management (ACD) LimitedMr. Mack joined Morgan Stanley in 1996 and has 32 years of investment experience. Mr. Mack joined Morgan Stanley as a portfolio manager in the asset management business, where he launched and co-managed a global equity arbitrage fund.

He subsequently headed the global market risk oversight team for all of Morgan Stanley before taking over as market risk manager of the European equities business. Mr. Mack was appointed as European head of multi asset class prime brokerage in 2004 and took over prime brokerage sales for Europe in 2006 before running the European listed derivative business. Mr. Mack rejoined Morgan Stanley Investment Management (MSIM) in 2008 as global chief risk officer, taking over as head of MSIM EMEA at the beginning of 2009. Mr. Mack was an employee of Morgan Stanley until 30 June 2010. Mr. Mack provided services as a consultant and senior adviser to Morgan Stanley between 1 July 2010 and 31 December 2013. Mr. Mack assumed a non-Executive Director role of Morgan Stanley Investment Management (ACD) Limited which became the Management Company on 1st April 2014. Mr. Mack has been involved in taking and managing risk for most of his investment career, his previous experience includes portfolio management, trading and risk management positions at Cargill, Bankers Trust and Black River Asset Management, a Minneapolis based hedge fund.

CARINE FEIPELIndependent Non-Executive DirectorCarine Feipel is a Luxembourg attorney and certified independent director. Ms. Feipel obtained the INSEAD IDP Certificate on Corporate Governance in 2014 and was admitted by ILA (Luxembourg Institute of Directors) as a Certified Director in the same year.

Ms. Feipel serves the Board of Directors of a Luxembourg based bank, several insurance companies, both active in the life insurance and the non-life insurance fields. Ms. Feipel is further a member of the Board of Directors of various Luxembourg companies active in the financial and investment funds sectors.

In 2014, Ms. Feipel was elected to the Board of Directors of ILA and became a member of the Management Committee of such association. Finally, Ms. Feipel is a member of the Board

of Directors of a Foundation which operates under the aegis of Fondation de Luxembourg.

Since January 2014, Ms. Feipel practices as an independent lawyer, notably advising insurance and reinsurance companies as well as other financial institutions. Ms. Feipel has19 years of experience as a lawyer with the Luxembourg law firm Arendt & Medernach where she headed the insurance law practice and was co-head of the employment law practice.

Ms. Feipel was also a member of the Board of Directors of such firm and headed its New York office from 2007 to 2012.

Since 2010, Ms. Feipel has been a member of various committees within the Haut Comité pour la Place Financière, a Government lead think tank coordinating promotion and innovation initiatives for the Luxembourg financial sector.

SUSANNE VAN DOOTINGH Independent Non-Executive Director Susanne van Dootingh is an independent board member of several investment funds and investment management companies domiciled in Luxembourg. Mrs van Dootingh was at State Street Global Advisors from 2002 to 2017 with her fi nal position being Senior Managing Director, Head of European Governance and Regulatory Strategy, EMEA. In addition she was the Chair of the SSGA Luxembourg Sicav and Management Company and has been a member of various ESMA consultative working groups since 2013. Prior to this she held positions within State Street Global Advisors as the Global Head of Institutional Product Development and Research, Head of European Product Development and Management, Head of EMEA Fixed Income Product Engineering, and Senior Fixed Income Product Engineer. Before 2002 Mrs. van Dootingh worked at Fortis Investment Management as Senior Product Manager, European Fixed Income, at Barclays Global Investors as Product Manager, Fixed Income, and at ABN AMRO Asset Management as Portfolio Manager Global Fixed Income.

She graduated from the Vrije Universiteit Amsterdam with a Master’s degree in Financial Sector Management.

DIANE HOSIE Executive Director and Chief Executive Offi cer of Morgan Stanley Investment Management (ACD) Limited Diane Hosie is a Managing Director of Morgan Stanley and Global Head of Client Account Management and Intermediary Due Diligence within the Investment Management division of Morgan Stanley based in London. Ms. Hosie joined Morgan Stanley in 1997 in Investment Management Operations based in London. She has spent her career at Morgan Stanley within the Investment Management division serving in a number of roles



within both operations and distribution. Previously, Ms. Hosie worked for Nomura Capital Management Limited from 1988 until 1997 and started her career with the Clydesdale Bank.

Ms. Hosie is an employee of Morgan Stanley Investment Management and is also Chief Executive Offi cer and a director of Morgan Stanley Investment Management (ACD) Limited.

Structure of the Company

Morgan Stanley Investment Funds (the “Company”) is registered in the Grand Duchy of Luxembourg as an undertaking for collective investment pursuant to Part I of the Law of 17th December 2010 on Undertakings for collective investment, as amended (the “2010 Law”). Such registration however does not imply a positive assessment by the supervisory authority of the quality of the shares of the Company (the “Shares”) offered for sale. Any representation to the contrary is unauthorised and unlawful. Th e Company is an Undertaking for Collective Investment in Transferable Securities (“UCITS”) for the purpose of the Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (the “UCITS Directive” or the “UCITS IV Directive”). Since 1st April 2014, the Company has appointed Morgan Stanley Investment Management (ACD) Limited as management company (the “Management Company”).

Distribution of the Funds

All of the Funds and Share Classes are registered for distribution in the Grand Duchy of Luxembourg and a number of the Funds and Share Classes are registered for distribution in other jurisdictions. For a full list of countries in which Funds and Share Classes are registered for sale, please refer to www.morganstanleyinvestmentfunds.com.

Role and Responsibility of the Board

Th e responsibility of the Board is governed by Luxembourg law. With respect to the financial statements of the Company, the duties of the Directors are governed by the law of 10 December 2010 on, inter alia, the accounting and annual accounts of undertakings for collective investment and by the law of 17 December 2010 relating to undertakings for collective investment.

Th e matters reserved for the Board include determination of each Fund’s investment objective and policies, investment restrictions and powers, amendments to the Prospectus, reviewing and approving key investment and financial data, including the annual accounts, as well as the appointment of the Auditor, the Custodian and the Management Company.

Prior to each Board meeting the Directors receive detailed and timely information allowing them to be prepared for the items under discussion during the meeting. For each quarterly meeting the Board receives reports consolidated by the Management Company on the basis of information received from the Investment Adviser, the Distributor, the Custodian, the Administrator, the Transfer Agent, Risk Management, the Auditor as well as proposals for changes to existing Funds or proposals to launch new ones as appropriate. Senior representatives of the Management Company and other service providers attend Board meetings by invitation to enable the Directors to question the reports presented to them.

Th e Board can take independent professional advice if necessary and at the Company’s expense.

Board evaluation

Th e Board carries out an annual review of its performance.

Board Remuneration

Th e remuneration is reviewed on a periodic basis. Subject to the approval of the Company’s shareholders, the Directors of the Company will be entitled to remuneration from the Company, at a current rate of EUR 55,000 per director, as well as reasonable out of pocket expenses incurred whilst carrying out their duties. In addition the appointed Chairman will receive EUR 10,000 per annum.

Board Composition

Th e Board as a whole has a breadth of investment knowledge, financial skills, as well as legal and other experience relevant to the Company’s business. Directors are elected annually by shareholders at the Annual General Meeting. Th e Board takes into account the nature and requirements of the fund industry and of the Company’s business when making the recommendation to shareholders that Directors be elected.

Tabular summary of board composition

Director Residence Executive Non-ExecutiveIndependent non-executive

Length of service on Board

Henry Kelly Luxembourg X 6 yearsWilliam Jones Luxembourg X 10.5 yearsMichael Griffi n Ireland X 10.5 yearsAndrew Mack United Kingdom X 9.5 yearsCarine Feipel Luxembourg X 3 yearsSusanne Van Dootingh Belgium X 3 monthsDiane Hosie United Kingdom X 3 months



Board Meetings

Th e Board meets at least quarterly and additional meetings are convened as required from time to time by the business of the Company.

At the quarterly board meetings, the agenda includes, amongst other matters, those items highlighted under the section above called ‘Role and Responsibility of the Board’ and the approval of the annual report and accounts.

In certain circumstances, when it may not be appropriate to wait until the next Board meeting to discuss a particular issue, authority may be delegated to one or more Board members to deal with particular business issues.

Th e following table captures the Directors’ attendance of Board Meetings throughout 2018.

Director Number of board meetings attended

Henry Kelly 6 of 6William Jones 6 of 6Michael Griffi n 6 of 6Andrew Mack 6 of 6Carine Feipel 6 of 6Susanne van Dootingh 2 of 2Diane Hosie 2 of 2

Internal Control

All administrative services are provided by the Management Company and custody of assets is provided by J.P. Morgan Bank Luxembourg S.A. Th e Management Company may delegate some of its responsibilities to any other party subject to approval by the Company but the Management Company’s liability to the Company for the performance of collective portfolio management and other delegated services has not been affected by such delegation. In particular, the Management Company has delegated the investment management, distribution, central administration and transfer agency functions. Th e Board is responsible for the oversight of the design, implementation and maintenance of internal controls comprising monitoring the services provided by the Management Company and the Custodian, including the operational and compliance controls established by them to meet the Company’s obligations to shareholders as set out in the Prospectus, Articles of Incorporation as well as all relevant regulations. Th e Management Company formally reports to the Board on a quarterly basis on the various activities it is responsible for and in addition shall inform the Board without delay of any material administrative or accounting matters.

Corporate Governance and ALFI Code of Conduct

Th e Board is responsible for ensuring that a high level of corporate governance is met and considers that the Company has complied with the best practices in the Luxembourg funds industry.

In particular the Board has adopted the ALFI Code of Conduct (the “Code”) which sets out principles of good governance. Th ese principles were last amended in August 2013 and are set out below:

1. Th e Board should ensure that high standards of corporate governance are applied at all times;

2. Th e Board should have good professional standing and appropriate experience and use best efforts to ensure that it is collectively competent to fulfil its responsibilities;

3. Th e Board should act fairly and independently in the best interests of the investors;

4. Th e Board should act with due care and diligence in the performance of their duties;

5. Th e Board should ensure compliance with all applicable laws and regulations and with the Fund’s constitutional documents;

6. Th e Board should ensure that investors are properly informed, are fairly and equitably treated, and receive the benefits and services to which they are entitled;

7. Th e Board should ensure that an effective risk management process and appropriate internal controls are in place;

8. Th e Board should identify and manage fairly and effectively, to the best of its ability, any actual, potential or apparent conflict of interest and ensure appropriate disclosure;

9. Th e Board should ensure that shareholder rights are exercised in a considered way and in the best interests of the Fund;

10. Th e Board should ensure that the remuneration of the Board members is reasonable and fair and adequately disclosed.

Th e Board considers that the Company has been in compliance with the principles of the Code in all material aspects throughout the financial year ended 31 December 2018. Th e Board undertakes an annual review of ongoing compliance with the principles of the Code.



Proxy Voting Policy

The Board delegates responsibility for proxy voting to theManagement Company. The Management Company manages thevoting rights of the shares entrusted in a prudent and diligentmanner, based exclusively on the reasonable judgment of what willbest serve the financial interests of clients. So far as is practicable,the Management Company will vote at all of the meetings calledby companies in which the funds are invested.

A copy of the proxy voting policy is available from the Fund’sregistered office upon request or on the website:http://www.morganstanley.com/im/en—gb/institutional-investor/about-us/proxy—voting-en-gb.htrnl

Directors’ and Officers’ Indemnity Insurance

The Fund has taken out Directors’ and Officers’ IndemnityInsurance which indemnifies the Directors against certainliabilities arising in the course of their duties and responsibilitiesbut does not cover against any fraudulent or dishonest actionson their part.

Annual General Meeting

The next Annual General Meeting of the Company will be heldon 14 May 2019 at the Registered Office of the Company to considermatters relating to the year ended on 31 December 2018. At thismeeting shareholders will, amongst other matters, be requestedto consider the usual matters at such meetings including:

1. The adoption of the financial statements and approval of theallocation of the results;

2. The approval of Directors’ fees;

3. The election of the Directors, all of whom wish to stand forelection;

4. The election of the Auditor.

Significant events during the Year

Please refer to note 1 of the report for details of significant eventsduring the year 2018.

Board of Directors

Luxembourg, 9 April 2019

lift ‘ xi:


The accompanying notes are an integral part of these fi nancial statements.

Please refer to the full prospectus for the Fund’s investment objective and policy.

SCHEDULE OF INVESTMENTSAs at 31 December 2018

Investments Currency

Quantity/ Nominal

Value

Market Value USD

% of Net Assets

Transferable securities and money market instruments admitted to offi cial exchange listing or dealt in on another regulated market

Equities

ChinaAlibaba Group Holding Ltd., ADR USD 160,825 22,536,407 3.17China Resources Beer Holdings Co. Ltd. HKD 8,459,333 29,537,003 4.16Ctrip.com International Ltd., ADR USD 867,258 24,187,826 3.40Foshan Haitian Flavouring & Food Co. Ltd. ‘A’ CNY 4,073,809 40,746,974 5.73Hangzhou Tigermed Consulting Co. Ltd. ‘A’ CNY 2,634,638 16,374,322 2.31Huazhu Group Ltd., ADR USD 824,645 24,360,013 3.43Inner Mongolia Yili Industrial Group Co. Ltd. ‘A’ CNY 5,797,389 19,283,893 2.71Jiangsu Hengrui Medicine Co. Ltd. ‘A’ CNY 1,993,611 15,288,650 2.15Jiangsu Yanghe Brewery Joint-Stock Co.

Ltd. ‘A’ CNY 2,463,958 33,929,796 4.77Kweichow Moutai Co. Ltd. ‘A’ CNY 390,536 33,498,604 4.71Shenzhou International Group Holdings Ltd. HKD 2,503,000 28,359,737 3.99Suofeiya Home Collection Co. Ltd. ‘A’ CNY 5,547,314 13,508,397 1.90TAL Education Group, ADR USD 1,770,438 47,359,217 6.66Tencent Holdings Ltd. HKD 686,200 27,507,641 3.87Tencent Music Entertainment Group, ADR USD 175 2,327 0.00

376,480,807 52.96

Hong KongAIA Group Ltd. HKD 4,064,800 33,730,713 4.75Haidilao International Holding Ltd.* HKD 1,153,000 2,437,513 0.34Haidilao International Holding Ltd., Reg. S HKD 5,921,000 12,971,354 1.83Meituan Dianping, Reg. S ‘B’ HKD 2,465,700 13,819,036 1.94

62,958,616 8.86

IndiaHDFC Bank Ltd. INR 1,947,231 59,210,892 8.33Housing Development Finance Corp. Ltd. INR 891,111 25,138,206 3.54IndusInd Bank Ltd. INR 1,260,982 28,902,738 4.06Kotak Mahindra Bank Ltd. INR 796,784 14,348,393 2.02

127,600,229 17.95

PhilippinesJollibee Foods Corp. PHP 1,430,180 7,950,591 1.12

7,950,591 1.12

South KoreaNAVER Corp. KRW 256,356 28,053,489 3.95

28,053,489 3.95

INVESTMENT AIM

To seek long-term appreciation, measured in US Dollars through investment primarily in equity securities, including depositary receipts (including American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs)), of issuers located in Asia, excluding Japan, and China A-Shares via Stock Connect.

Asia Opportunity Fund



Asia Opportunity Fund (continued)



Quantity/ Nominal

Value

Market Value USD

% of Net Assets


Equities (continued)

TaiwanNien Made Enterprise Co. Ltd. TWD 2,625,000 20,274,914 2.85Silergy Corp. TWD 994,000 14,736,770 2.08Taiwan Semiconductor Manufacturing Co. Ltd. TWD 3,854,000 28,443,037 4.00

63,454,721 8.93

Total Equities 666,498,453 93.77

Total Transferable securities and money market instruments admitted to offi cial exchange listing or dealt in on another regulated market 666,498,453 93.77

Total Investments 666,498,453 93.77

Cash 52,229,664 7.35

Other Assets/(Liabilities) (7,921,091) (1.12)

Total Net Assets 710,807,026 100.00

* Security is valued at its fair value under the direction of the Board of Directors.The country disclosed within the Schedule of Investments refers to the country of risk. The country of incorporation may differ.

Option Purchased Contracts

Quantity Security Description Currency Counterparty

Market Value USD

% of Net Assets

90,762,140 Foreign Exchange USD/CNH, Call, 7.161, 18/01/2019 USD Natwest 16,207 0.00



Total Option Purchased Contracts 457,759 0.06

Forward Currency Exchange Contracts

Currency Purchased

Amount Purchased

Currency Sold

Amount Sold

Maturity Date Counterparty

Unrealised Gain/(Loss)

USD

% of Net Assets

EUR Hedged Share ClassEUR 105,014,342 USD 119,669,375 11/01/2019 J.P. Morgan 493,663 0.07

USD 38,350 EUR 33,444 11/01/2019 J.P. Morgan 82 0.00

GBP Hedged Share ClassGBP 2,951,534 USD 3,737,587 11/01/2019 J.P. Morgan 42,176 0.00

Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts 535,921 0.07

Total Unrealised Gain on Forward Currency Exchange Contracts 535,921 0.07

EUR Hedged Share ClassEUR 3,703,849 USD 4,247,132 11/01/2019 J.P. Morgan (8,990) 0.00USD 199,259 EUR 174,401 11/01/2019 J.P. Morgan (300) 0.00

GBP Hedged Share ClassUSD 14,944 GBP 11,803 11/01/2019 J.P. Morgan (170) 0.00

Unrealised Loss on NAV Hedged Share Classes Forward Currency Exchange Contracts (9,460) 0.00

Total Unrealised Loss on Forward Currency Exchange Contracts (9,460) 0.00

Net Unrealised Gain on Forward Currency Exchange Contracts 526,461 0.07

Collateral received and paid by the Fund in respect of fi nancial derivative instruments:

Type of Collateral Counterparty Currency Amount received Amount paid

Asia Opportunity Fund

Cash Natwest USD 530,000 –

530,000 –

DERIVATIVES

Over-the-counter (OTC) and exchange traded derivatives as at 31 December 2018, expressed in US Dollars.




Asian Equity Fund

INVESTMENT AIM

To seek long-term capital appreciation, measured in US Dollars, through investment primarily in the equity securities of companies domiciled in or exercising the predominant part of their economic activity in Asia, excluding Japan, thereby taking advantage of the dynamic economic growth capabilities of the region.



Quantity/ Nominal

Value

Market Value USD

% of Net Assets


Equities

ChinaAlibaba Group Holding Ltd., ADR USD 16,411 2,299,674 2.98Anhui Conch Cement Co. Ltd. ‘A’ CNY 148,595 632,531 0.82Baidu, Inc., ADR USD 3,600 586,080 0.76Bank of China Ltd. ‘H’ HKD 4,691,000 2,024,208 2.62China Construction Bank Corp. ‘H’ HKD 3,542,400 2,921,481 3.79China Life Insurance Co. Ltd. ‘H’ HKD 162,000 344,145 0.45China Mengniu Dairy Co. Ltd. HKD 295,000 918,935 1.19China Mobile Ltd. HKD 132,500 1,274,595 1.65China Overseas Land & Investment Ltd. HKD 170,000 583,814 0.76China Pacifi c Insurance Group Co. Ltd. ‘H’ HKD 267,600 866,038 1.12China Resources Land Ltd. HKD 100,000 384,273 0.50China Resources Power Holdings Co. Ltd. HKD 134,000 257,634 0.33China Unicom Hong Kong Ltd. HKD 570,000 608,351 0.79CSPC Pharmaceutical Group Ltd. HKD 142,000 204,852 0.27Kweichow Moutai Co. Ltd. ‘A’ CNY 3,297 282,803 0.37New Oriental Education & Technology Group,

Inc., ADR USD 11,260 624,930 0.81PetroChina Co. Ltd. ‘H’ HKD 1,056,000 657,895 0.85Shanghai Pharmaceuticals Holding Co. Ltd. ‘H’ HKD 100,900 205,072 0.27Shenzhou International Group Holdings Ltd. HKD 112,000 1,268,993 1.64Sino Biopharmaceutical Ltd. HKD 292,500 192,685 0.25Sinopharm Group Co. Ltd. ‘H’ HKD 64,000 268,812 0.35TAL Education Group, ADR USD 13,900 371,825 0.48Tencent Holdings Ltd. HKD 102,000 4,088,865 5.30Tencent Music Entertainment Group, ADR USD 26 346 0.00

21,868,837 28.35

Hong KongAIA Group Ltd. HKD 202,200 1,677,905 2.17BOC Hong Kong Holdings Ltd. HKD 377,500 1,402,436 1.82CK Asset Holdings Ltd. HKD 152,684 1,116,918 1.45CK Hutchison Holdings Ltd. HKD 72,184 692,998 0.90HKT Trust & HKT Ltd. HKD 271,600 391,122 0.51Hong Kong Exchanges & Clearing Ltd. HKD 25,500 737,689 0.96Link REIT HKD 34,000 344,211 0.45New World Development Co. Ltd. HKD 114,000 150,778 0.19Power Assets Holdings Ltd. HKD 46,000 320,057 0.41Samsonite International SA HKD 26,100 74,138 0.10Swire Properties Ltd. HKD 102,400 359,505 0.46Wharf Real Estate Investment Co. Ltd. HKD 23,000 137,566 0.18

7,405,323 9.60

IndiaAshok Leyland Ltd. INR 932,040 1,369,174 1.78Eicher Motors Ltd. INR 2,997 994,706 1.29Gateway Distriparks Ltd. INR 83,354 154,702 0.20HDFC Bank Ltd., ADR USD 12,400 1,275,712 1.65ICICI Bank Ltd., ADR USD 27,009 278,463 0.36ICICI Bank Ltd. INR 277,162 1,430,597 1.85IndusInd Bank Ltd. INR 56,233 1,288,906 1.67Inox Leisure Ltd. INR 29,651 105,112 0.14L&T Finance Holdings Ltd. INR 181,797 397,595 0.52Marico Ltd. INR 317,469 1,698,931 2.20Maruti Suzuki India Ltd. INR 14,811 1,584,687 2.05Shree Cement Ltd. INR 6,089 1,504,129 1.95Tata Consultancy Services Ltd. INR 38,746 1,051,209 1.36Zee Entertainment Enterprises Ltd. INR 163,743 1,118,099 1.45

14,252,022 18.47



Asian Equity Fund (continued)



Quantity/ Nominal

Value

Market Value USD

% of Net Assets



IndonesiaAstra International Tbk. PT IDR 1,557,900 891,080 1.16Bank Central Asia Tbk. PT IDR 735,300 1,329,471 1.72Bank Mandiri Persero Tbk. PT IDR 2,007,500 1,029,577 1.33Bank Rakyat Indonesia Persero Tbk. PT IDR 2,576,700 655,822 0.85Telekomunikasi Indonesia Persero Tbk. PT IDR 3,300,400 860,674 1.12Unilever Indonesia Tbk. PT IDR 243,700 769,401 1.00

5,536,025 7.18

MalaysiaGenting Malaysia Bhd. MYR 306,400 223,915 0.29Malayan Banking Bhd. MYR 272,225 625,805 0.81Malaysia Airports Holdings Bhd. MYR 231,900 470,253 0.61Public Bank Bhd. MYR 145,100 869,371 1.13Sime Darby Plantation Bhd. MYR 383,900 442,193 0.57

2,631,537 3.41

PhilippinesAyala Corp. PHP 27,268 467,541 0.61Ayala Land, Inc. PHP 420,600 325,326 0.42SM Investments Corp. PHP 32,220 563,190 0.73

1,356,057 1.76

SingaporeAscendas Real Estate Investment Trust SGD 206,500 389,291 0.50CapitaLand Ltd. SGD 67,600 154,216 0.20City Developments Ltd. SGD 28,100 167,372 0.22DBS Group Holdings Ltd. SGD 61,800 1,073,927 1.39Keppel Corp. Ltd. SGD 36,200 156,934 0.20Singapore Technologies Engineering Ltd. SGD 92,900 237,828 0.31Singapore Telecommunications Ltd. SGD 118,700 255,117 0.33United Overseas Bank Ltd. SGD 29,500 531,678 0.69

2,966,363 3.84

South KoreaBGF retail Co. Ltd. KRW 1,237 226,352 0.29E-MART, Inc. KRW 1,195 195,620 0.25GS Retail Co. Ltd. KRW 6,185 224,687 0.29KB Financial Group, Inc. KRW 7,713 321,707 0.42LG Household & Health Care Ltd. KRW 554 547,118 0.71NAVER Corp. KRW 5,615 614,459 0.80Samsung Electronics Co. Ltd. Preference KRW 9,247 263,347 0.34Samsung Electronics Co. Ltd. KRW 87,932 3,052,400 3.96Shinhan Financial Group Co. Ltd. KRW 10,339 367,246 0.48SK Hynix, Inc. KRW 7,685 417,045 0.54S-Oil Corp. KRW 4,140 362,809 0.47

6,592,790 8.55

TaiwanASE Technology Holding Co. Ltd. TWD 279,755 533,782 0.69Cathay Financial Holding Co. Ltd. TWD 336,000 516,839 0.67CTBC Financial Holding Co. Ltd. TWD 1,079,000 713,330 0.92Hon Hai Precision Industry Co. Ltd. TWD 111,556 258,490 0.34Largan Precision Co. Ltd. TWD 4,000 420,880 0.55MediaTek, Inc. TWD 83,000 623,417 0.81Mega Financial Holding Co. Ltd. TWD 593,000 503,628 0.65President Chain Store Corp. TWD 58,000 590,345 0.77



Quantity/ Nominal

Value

Market Value USD

% of Net Assets



Taiwan (continued)Taiwan Cement Corp. TWD 154,000 179,427 0.23Taiwan Semiconductor Manufacturing Co. Ltd. TWD 752,362 5,552,533 7.20Vanguard International Semiconductor Corp. TWD 92,000 179,152 0.23

10,071,823 13.06

ThailandBangkok Dusit Medical Services PCL ‘F’ THB 691,900 529,848 0.68Central Pattana PCL THB 199,600 460,710 0.60CP ALL PCL THB 207,100 439,652 0.57Kasikornbank PCL THB 80,700 461,000 0.60PTT PCL THB 526,400 747,704 0.97

2,638,914 3.42

United KingdomHSBC Holdings plc HKD 27,200 225,018 0.29

225,018 0.29



Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes – UCITS

LuxembourgMorgan Stanley Liquidity Funds US Dollar

Liquidity Fund – MS Reserve† USD 1,858,307 1,858,307 2.41

1,858,307 2.41

Total Collective Investment Schemes – UCITS 1,858,307 2.41

Total Units of authorised UCITSor other collective investment undertakings 1,858,307 2.41


Cash 144,607 0.19

Other Assets/(Liabilities) (410,616) (0.53)


† Managed by an affi liate of the Investment Adviser.The country disclosed within the Schedule of Investments refers to the country of risk. The country of incorporation may differ.




INVESTMENT AIM

To seek long-term capital appreciation, measured in US Dollars, through investment primarily in the equity securities of companies domiciled in or exercising the predominant part of their economic activity in the Asia-Pacifi c region, excluding Japan, thereby taking advantage of the dynamic economic growth capabilities of the region.



Quantity/ Nominal

Value

Market Value USD

% of Net Assets


Equities

AustraliaAmcor Ltd. AUD 3,555 33,197 0.92ASX Ltd. AUD 654 27,627 0.77Boral Ltd. AUD 8,668 30,178 0.84Cochlear Ltd. AUD 228 27,891 0.77Commonwealth Bank of Australia AUD 724 36,937 1.02CSL Ltd. AUD 510 66,553 1.84LendLease Group AUD 3,602 29,524 0.82Macquarie Group Ltd. AUD 242 18,531 0.51National Australia Bank Ltd. AUD 1,634 27,719 0.77Origin Energy Ltd. AUD 2,875 13,110 0.36Ramsay Health Care Ltd. AUD 359 14,606 0.40Santos Ltd. AUD 7,738 29,885 0.83Tabcorp Holdings Ltd. AUD 11,758 35,550 0.98Woolworths Group Ltd. AUD 2,249 46,631 1.29

437,939 12.12

ChinaAlibaba Group Holding Ltd., ADR USD 509 71,326 1.97Anhui Conch Cement Co. Ltd. ‘A’ CNY 4,097 17,440 0.48Baidu, Inc., ADR USD 100 16,280 0.45Bank of China Ltd. ‘H’ HKD 137,000 59,117 1.64China Construction Bank Corp. ‘H’ HKD 101,000 83,297 2.31China Mengniu Dairy Co. Ltd. HKD 8,000 24,920 0.69China Mobile Ltd. HKD 4,000 38,478 1.07China Overseas Land & Investment Ltd. HKD 4,000 13,737 0.38China Pacifi c Insurance Group Co. Ltd. ‘H’ HKD 9,400 30,421 0.84China Resources Land Ltd. HKD 2,000 7,685 0.21China Resources Power Holdings Co. Ltd. HKD 4,000 7,691 0.21China Unicom Hong Kong Ltd. HKD 16,000 17,077 0.47CSPC Pharmaceutical Group Ltd. HKD 10,000 14,426 0.40Kweichow Moutai Co. Ltd. ‘A’ CNY 97 8,320 0.23New Oriental Education & Technology Group,

Inc., ADR USD 273 15,151 0.42PetroChina Co. Ltd. ‘H’ HKD 30,000 18,690 0.52Shanghai Pharmaceuticals Holding Co. Ltd. ‘H’ HKD 2,800 5,691 0.16Shenzhou International Group Holdings Ltd. HKD 2,000 22,661 0.63Sino Biopharmaceutical Ltd. HKD 15,000 9,881 0.27Sinopharm Group Co. Ltd. ‘H’ HKD 1,600 6,720 0.19TAL Education Group, ADR USD 370 9,898 0.27Tencent Holdings Ltd. HKD 3,200 128,278 3.55Tencent Music Entertainment Group, ADR USD 1 11 0.00

627,196 17.36

Hong KongAIA Group Ltd. HKD 6,000 49,789 1.38BOC Hong Kong Holdings Ltd. HKD 12,000 44,581 1.23CK Asset Holdings Ltd. HKD 5,464 39,970 1.11CK Hutchison Holdings Ltd. HKD 2,964 28,456 0.79HKT Trust & HKT Ltd. HKD 9,000 12,961 0.36Hong Kong Exchanges & Clearing Ltd. HKD 700 20,250 0.56Samsonite International SA HKD 2,700 7,669 0.21Swire Properties Ltd. HKD 3,200 11,235 0.31Wharf Holdings Ltd. (The) HKD 2,000 5,209 0.14Wharf Real Estate Investment Co. Ltd. HKD 1,000 5,981 0.17

226,101 6.26

Asia-Pacifi c Equity Fund



Asia-Pacifi c Equity Fund (continued)



Quantity/ Nominal

Value

Market Value USD

% of Net Assets



IndiaAshok Leyland Ltd. INR 25,447 37,382 1.04Eicher Motors Ltd. INR 83 27,548 0.76Gateway Distriparks Ltd. INR 4,583 8,506 0.24HDFC Bank Ltd., ADR USD 300 30,864 0.85ICICI Bank Ltd., ADR USD 2,696 27,796 0.77ICICI Bank Ltd. INR 9,116 47,053 1.30IndusInd Bank Ltd. INR 1,533 35,138 0.97Inox Leisure Ltd. INR 1,143 4,052 0.11L&T Finance Holdings Ltd. INR 11,116 24,311 0.67Marico Ltd. INR 8,676 46,429 1.29Maruti Suzuki India Ltd. INR 405 43,332 1.20Shree Cement Ltd. INR 167 41,253 1.14Tata Consultancy Services Ltd. INR 1,064 28,867 0.80Zee Entertainment Enterprises Ltd. INR 7,000 47,799 1.32

450,330 12.46

IndonesiaAstra International Tbk. PT IDR 50,400 28,828 0.80Bank Central Asia Tbk. PT IDR 23,100 41,766 1.16Bank Mandiri Persero Tbk. PT IDR 65,000 33,336 0.92Bank Rakyat Indonesia Persero Tbk. PT IDR 84,500 21,507 0.59Telekomunikasi Indonesia Persero Tbk. PT IDR 99,200 25,869 0.72Unilever Indonesia Tbk. PT IDR 7,200 22,732 0.63

174,038 4.82

MalaysiaGenting Malaysia Bhd. MYR 13,400 9,793 0.27Malayan Banking Bhd. MYR 9,932 22,832 0.63Malaysia Airports Holdings Bhd. MYR 10,600 21,495 0.60Public Bank Bhd. MYR 1,200 7,190 0.20Sime Darby Plantation Bhd. MYR 8,800 10,136 0.28

71,446 1.98

PhilippinesAyala Corp. PHP 828 14,197 0.39Ayala Land, Inc. PHP 10,000 7,735 0.21SM Investments Corp. PHP 1,030 18,004 0.50

39,936 1.10

SingaporeAscendas Real Estate Investment Trust SGD 6,200 11,688 0.32CapitaLand Ltd. SGD 2,800 6,388 0.18City Developments Ltd. SGD 800 4,765 0.13DBS Group Holdings Ltd. SGD 1,800 31,279 0.86Keppel Corp. Ltd. SGD 1,900 8,237 0.23Singapore Telecommunications Ltd. SGD 3,500 7,522 0.21United Overseas Bank Ltd. SGD 900 16,221 0.45

86,100 2.38



Quantity/ Nominal

Value

Market Value USD

% of Net Assets



South KoreaBGF retail Co. Ltd. KRW 37 6,771 0.19GS Retail Co. Ltd. KRW 179 6,503 0.18KB Financial Group, Inc. KRW 227 9,468 0.26LG Household & Health Care Ltd. KRW 14 13,826 0.38NAVER Corp. KRW 169 18,494 0.51Samsung Electronics Co. Ltd. Preference KRW 261 7,433 0.21Samsung Electronics Co. Ltd. KRW 2,601 90,289 2.50Shinhan Financial Group Co. Ltd. KRW 308 10,940 0.30SK Hynix, Inc. KRW 207 11,233 0.31S-Oil Corp. KRW 99 8,676 0.24

183,633 5.08

TaiwanASE Technology Holding Co. Ltd. TWD 6,102 11,643 0.32Cathay Financial Holding Co. Ltd. TWD 8,000 12,306 0.34CTBC Financial Holding Co. Ltd. TWD 26,000 17,189 0.47Hon Hai Precision Industry Co. Ltd. TWD 2,900 6,720 0.19MediaTek, Inc. TWD 2,000 15,022 0.41Mega Financial Holding Co. Ltd. TWD 14,000 11,890 0.33President Chain Store Corp. TWD 1,000 10,178 0.28Taiwan Cement Corp. TWD 4,000 4,660 0.13Taiwan Semiconductor Manufacturing Co. Ltd. TWD 18,000 132,842 3.68Vanguard International Semiconductor Corp. TWD 2,000 3,895 0.11

226,345 6.26

ThailandBangkok Dusit Medical Services PCL ‘F’ THB 24,400 18,685 0.52Central Pattana PCL THB 5,500 12,695 0.35CP ALL PCL THB 6,300 13,374 0.37Kasikornbank PCL, NVDR THB 2,600 14,853 0.41PTT PCL THB 17,900 25,425 0.70

85,032 2.35

United KingdomHSBC Holdings plc HKD 1,600 13,236 0.37

13,236 0.37

United States of AmericaResMed, Inc., CDI AUD 2,460 27,601 0.76

27,601 0.76





Asia-Pacifi c Equity Fund (continued)

Forward Currency Exchange Contracts

Currency Purchased

Amount Purchased

Currency Sold

Amount Sold

Maturity Date Counterparty

Unrealised Gain/(Loss)

USD

% of Net Assets

USD Hedged Share ClassEUR 527,850 USD 601,512 11/01/2019 J.P. Morgan 2,483 0.07 USD 13,363 EUR 11,659 11/01/2019 J.P. Morgan 22 0.00

Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts 2,505 0.07

Total Unrealised Gain on Forward Currency Exchange Contracts 2,505 0.07

USD Hedged Share ClassUSD 3,041 EUR 2,669 11/01/2019 J.P. Morgan (14) 0.00

Unrealised Loss on NAV Hedged Share Classes Forward Currency Exchange Contracts (14) 0.00

Total Unrealised Loss on Forward Currency Exchange Contracts (14) 0.00

Net Unrealised Gain on Forward Currency Exchange Contracts 2,491 0.07



Quantity/ Nominal

Value

Market Value USD

% of Net Assets

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes – UCITS

LuxembourgMorgan Stanley Liquidity Funds US Dollar

Liquidity Fund – MS Reserve† USD 17,912 17,912 0.50

17,912 0.50

Total Collective Investment Schemes – UCITS 17,912 0.50

Total Units of authorised UCITS or other collective investment undertakings 17,912 0.50


Cash 937,188 25.93

Other Assets/(Liabilities) 9,664 0.27


† Managed by an affi liate of the Investment Adviser.The country disclosed within the Schedule of Investments refers to the country of risk. The country of incorporation may differ.

DERIVATIVES

Over-the-counter (OTC) and exchange traded derivatives as at 31 December 2018, expressed in US Dollars.




INVESTMENT AIM

To seek long-term capital appreciation, measured in US Dollars, through investment in the equity securities of companies in the Asian and Oceanian real estate industry.



Quantity/ Nominal

Value

Market Value USD

% of Net Assets


Equities

AustraliaDexus, REIT AUD 322,227 2,411,759 2.16 Goodman Group, REIT AUD 289,325 2,167,537 1.94 GPT Group (The), REIT AUD 447,014 1,682,325 1.51 Mirvac Group, REIT AUD 858,312 1,355,004 1.21 Scentre Group, REIT AUD 1,448,433 3,981,167 3.56 Stockland, REIT AUD 660,844 1,639,415 1.47 Vicinity Centres, REIT AUD 1,306,912 2,394,788 2.14

15,631,995 13.99

ChinaChina Overseas Land & Investment Ltd. HKD 352,000 1,208,838 1.08 China Resources Land Ltd. HKD 128,000 491,869 0.44 Country Garden Holdings Co. Ltd. HKD 1,078,000 1,311,549 1.18 Guangzhou R&F Properties Co. Ltd. ‘H’ HKD 538,400 813,823 0.73 Longfor Group Holdings Ltd. HKD 191,000 570,587 0.51

4,396,666 3.94

Hong KongChampion REIT HKD 1,688,000 1,155,075 1.03 CK Asset Holdings Ltd. HKD 408,000 2,984,611 2.67 Henderson Land Development Co. Ltd. HKD 136,682 680,533 0.61 Hongkong Land Holdings Ltd. USD 1,060,700 6,682,410 5.98 Hysan Development Co. Ltd. HKD 490,705 2,333,564 2.09 Link REIT HKD 889,882 9,009,042 8.06 New World Development Co. Ltd. HKD 1,928,153 2,550,200 2.28 Sino Land Co. Ltd. HKD 972,534 1,666,212 1.49 Sun Hung Kai Properties Ltd. HKD 633,823 9,030,362 8.08 Swire Properties Ltd. HKD 1,277,650 4,485,569 4.02 Wharf Holdings Ltd. (The) HKD 564,122 1,469,184 1.32 Wharf Real Estate Investment Co. Ltd. HKD 502,122 3,003,252 2.69

45,050,014 40.32

JapanActivia Properties, Inc., REIT JPY 219 884,838 0.79 Advance Residence Investment Corp., REIT JPY 470 1,292,324 1.16 Frontier Real Estate Investment Corp., REIT JPY 86 340,045 0.30 GLP J-Reit, REIT JPY 1,555 1,581,643 1.42 Hulic Co. Ltd. JPY 133,800 1,197,955 1.07 Hulic Reit, Inc. JPY 222 343,851 0.31 Invincible Investment Corp., REIT JPY 976 400,993 0.36 Japan Hotel REIT Investment Corp. JPY 1,440 1,026,187 0.92 Japan Real Estate Investment Corp., REIT JPY 513 2,872,408 2.57 Japan Retail Fund Investment Corp., REIT JPY 826 1,648,021 1.48 Kenedix Offi ce Investment Corp., REIT JPY 88 559,924 0.50 Mitsubishi Estate Co. Ltd. JPY 442,600 6,957,930 6.23 Mitsui Fudosan Co. Ltd. JPY 268,600 5,969,431 5.34 Mori Trust Sogo Reit, Inc. JPY 266 385,889 0.35 Nippon Building Fund, Inc., REIT JPY 755 4,742,126 4.24 Nippon Prologis REIT, Inc. JPY 516 1,087,674 0.97 Nomura Real Estate Holdings, Inc. JPY 16,400 300,377 0.27 Nomura Real Estate Master Fund, Inc., REIT JPY 1,601 2,101,390 1.88 Orix JREIT, Inc., REIT JPY 318 527,230 0.47 Premier Investment Corp., REIT JPY 595 675,503 0.61 Sumitomo Realty & Development Co. Ltd. JPY 89,500 3,275,253 2.93 Tokyo Tatemono Co. Ltd. JPY 11,100 115,021 0.10 United Urban Investment Corp., REIT JPY 1,303 2,015,822 1.80

40,301,835 36.07

Asian Property Fund



Asian Property Fund (continued)



Quantity/ Nominal

Value

Market Value USD

% of Net Assets



SingaporeAPAC Realty Ltd. SGD 311,400 101,648 0.09 Ascendas Real Estate Investment Trust SGD 284,600 536,524 0.48 CapitaLand Commercial Trust, REIT SGD 603,276 774,418 0.69 CapitaLand Mall Trust, REIT SGD 157,900 261,765 0.24 M

morgan stanley - donuts · 2019-06-11 · 負債 銀行透支 1 - - - 贖回股份應付款 443,698...

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morgan stanley - donuts · 2019-06-11 · 負債銀行透支 1 - - - 贖回股份應付款 443,698...