Morgan Stanley Investment Funds Semi-Annual Report 2012 potx

Asian Equity FundSTATEMENT OF INVESTMENTS continued Transferable securities and money market instruments admitted to oﬃ cial exchange listing or dealt in on another regulated market...

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Morgan Stanley

Investment Funds

Société d’Investissement

à Capital Variable incorporated under the laws of Luxembourg

Semi-Annual Report

June 30, 2012

R.C.S Luxembourg: B-29.192

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1 Shareholders’ information

STATEMENT OF INVESTMENTS

Equity Funds

2 Asian Equity Fund

5 Asia-Paciﬁ c Equity Fund

8 Asian Property Fund

10 Emerging Europe, Middle East and Africa Equity Fund

12 Emerging Markets Equity Fund

15 European Equity Alpha Fund

17 European Property Fund

19 European Small Cap Value Fund

21 Eurozone Equity Alpha Fund

23 Global Brands Fund

25 Global Equity Allocation Fund

32 Global Infrastructure Fund

34 Global Opportunity Fund

36 Global Property Fund

39 Indian Equity Fund

41 Japanese Equity Fund

43 Latin American Equity Fund

45 US Advantage Fund

47 US Growth Fund

50 US Property Fund

Bond Funds

52 Emerging Markets Corporate Debt Fund

55 Emerging Markets Debt Fund

58 Emerging Markets Domestic Debt Fund

61 Euro Bond Fund

66 Euro Corporate Bond (ex Financials) Fund

70 Euro Corporate Bond Fund

75 Euro Strategic Bond Fund

82 European Currencies High Yield Bond Fund

86 Global Bond Fund

94 Global Convertible Bond Fund

98 Global Fixed Income Opportunities Fund

103 Global High Yield Bond Fund

106 Short Maturity Euro Bond Fund

Liquidity Funds

110 Euro Liquidity Fund

112 US Dollar Liquidity Fund

Asset Allocation Funds

114 Diversiﬁ ed Alpha Plus Fund

123 Global Balanced Risk Control Fund of Funds

Alternative Investment Funds

125 Absolute Return Currency Fund

STATEMENTS AND NOTES

127 Statement of assets and liabilities

137 Statement of changes in number of shares

143 Statement of operations and changes in net assets

153 Statement of share and net assets statistics

160 Notes to the ﬁ nancial statements

OTHER INFORMATION

170 Directors and service providers

172 Paying and information agents

173 Appendix 1: Fund expense ratios

175 Appendix 2: Portfolio turnover rate

176 Appendix 3: Sub-Advisers

177 Appendix 4: Hedged Share Classes Table of contents

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The annual general meeting of shareholders

of the Company is held at the registered ofﬁ ce

of the Company and will be held on the second

Tuesday of the month of May at 10.30 am,

or if such day is not a bank business day

on the following bank 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 C, Recueil

des Sociétés et Associations du Journal Oﬃ ciel du Grand-Duché

de Luxembourg and in one Luxembourg newspaper.

Audited ﬁ nancial statements in respect of the preceding ﬁ nancial

period are made available at the registered oﬃ ce of the Company

and are available to shareholders upon request In addition,

unaudited semi-annual reports are also made available

at the registered oﬃ ce.

Th e Company’s ﬁ nancial year end is 31 December.

Any other notices relevant to the Company are also published

in a Luxembourg newspaper or mailed to aﬀ ected 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 oﬃ ce 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 ﬁ nancial reports

alone Subscriptions are only valid if made on the basis

of the current prospectus and the latest Key Investor Information

Document if applicable, the latest annual report and the most

recent semi-annual report, if published thereafter.

Morgan Stanley & Co International plc, London, Zurich Branch,

Bahnhofstrasse 92, 8001 Zurich, is the representative in Switzerland

and RBC Dexia Investor Services Bank S.A., Esch-sur-Alzette,

Zurich Branch, Badenerstrasse 567, 8048 Zurich, 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.

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 aims 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

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Asian Equity Fund

Equities

South Korea

Samsung Electronics 13,152 13,810,922 6.69 Hyundai Motor 32,041 6,513,537 3.16 Nexon (Japan) (1) 212,700 4,144,896 2.01 Samsung Electronics Pfd 4,421 2,895,278 1.40

Hyundai Heavy Industries 10,758 2,422,126 1.17 Shinhan Financial Group 65,563 2,275,816 1.10

SK Hynix 101,470 2,115,992 1.02 Woongjin Coway 66,594 2,072,874 1.00 Samsung Fire & Marine Insurance 10,408 2,056,665 1.00

Korea Kumho Petrochemical 9,106 955,425 0.46 Amorepaciﬁ c 1,023 951,711 0.46 Korean Air Lines 21,434 942,669 0.46 Korea Aerospace Industries (2) 31,130 800,229 0.39

(Cayman Islands) (1) 444,000 1,134,584 0.55 Trinity (Bermuda) (1) 1,408,000 884,059 0.43 Chow Tai Fook Jewellery Group

(Cayman Islands) (1) (2) 617,600 764,414 0.37 Ajisen China Holdings (Cayman Islands) (1) (2) 1,013,000 696,124 0.34

Taiwan

Taiwan Semiconductor Manufacturing 1,635,362 4,460,078 2.16 Uni-President Enterprises 2,240,206 3,577,115 1.73 Hon Hai Precision Industry 1,048,641 3,144,868 1.52 Asustek Computer 249,355 2,271,046 1.10 Fubon Financial Holding 2,081,054 2,080,356 1.01 Taiwan Cement 1,277,000 1,514,322 0.73

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.

Transferable securities and money market instruments admitted

to oﬃ cial exchange listing or dealt in on another regulated market

As at 30 June 2012, expressed in US dollars.

Market value

% of net assets

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Asian Equity Fund

STATEMENT OF INVESTMENTS (continued)

Market value

% of net assets

Market value

% of net assets

MStar Semiconductor (Cayman Islands) (1) 213,000 1,421,905 0.69

Formosa Plastics 522,000 1,397,370 0.68

Taiwan Fertilizer 584,000 1,338,048 0.65

Catcher Technology 138,000 918,920 0.44

Lung Yen Life Service 303,000 869,054 0.42

Chailease Holding (Cayman Islands) (1) 519,000 755,605 0.37

PT Bank Tabungan Negara 12,726,000 1,748,300 0.85

PT Indofood Sukses Makmur 3,200,000 1,652,822 0.80

PT Indosat 3,406,500 1,569,022 0.76

Indofood Agri Resources (Singapore) (1) 1,095,000 1,240,095 0.60

PT Tempo Scan Paciﬁ c 3,225,000 978,834 0.47

PT Delta Dunia Makmur 18,998,400 799,187 0.39

PT Bank Central Asia 662,500 515,043 0.25

PT Ace Hardware Indonesia 144,000 77,444 0.04

Hong Kong

Wharf Holdings 516,323 2,832,507 1.37

Hutchison Whampoa 277,000 2,374,933 1.15

Samsonite International (Luxembourg) (1) 1,399,200 2,337,947 1.13

Lifestyle International Holdings

(Cayman Islands) (1) 750,000 1,636,106 0.79

BOC Hong Kong Holdings (2) 500,500 1,522,881 0.74

Hongkong Land Holdings (Bermuda) (1) (2) 266,000 1,518,860 0.74

Cheung Kong Holdings 123,000 1,500,190 0.73

Kerry Properties (Bermuda) (1) 266,070 1,133,750 0.55

Hong Kong Exchanges & Clearing (2) 74,000 1,049,480 0.51

Cathay Paciﬁ c Airways 482,000 774,310 0.37

SmarTone Telecommunications Holdings

(Bermuda) (1) 287,500 552,299 0.27

Philippines

Metro Paciﬁ c Investments 20,301,000 2,016,560 0.98

Puregold Price Club 2,935,200 1,898,301 0.92

Metropolitan Bank & Trust 809,180 1,782,972 0.86

International Container Terminal Services 655,000 1,146,796 0.56

Thailand

Kasikornbank ‘NVDR’ 335,700 1,720,449 0.83 Land & Houses ‘NVDR’ 6,039,700 1,490,340 0.72 Thai Airways International (Foreign) 1,921,600 1,313,083 0.65 Siam Cement ‘NVDR’ 99,800 997,684 0.48 Bangkok Bank Public ‘NVDR’ 163,600 991,123 0.48 Banpu (Foreign) Regd 65,971 934,989 0.45 Kasikornbank (Foreign) 141,600 739,133 0.36 Bank of Ayudhya ‘NVDR’ 216,400 201,955 0.10 Minor International ‘NVDR’ 378,700 167,725 0.08 Supalai ‘NVDR’ 78,600 42,520 0.02 Minor International ‘NVDR’ 32,000 14,173 0.01 Supalai (Foreign) 13,400 7,376 0.00

Malaysia

CIMB Group Holdings 525,100 1,253,748 0.61 AMMB Holdings 492,900 977,871 0.48 Sime Darby 312,800 975,743 0.47

UEM Land Holdings 783,000 513,686 0.25

Mah Sing Group BHD 55,500 35,886 0.02

United States of America

Li & Fung (Bermuda) (1) (2) 434,000 829,254 0.40

Total for United States of America 0.40

Mutual Fund

Morgan Stanley Funds - US Dollar Liquidity Fund (Ireland) (1) (4) 3,330,000 3,330,000 1.62

Total Investment Securities 206,588,760 100.07

Equities (continued)

Taiwan (continued)

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Asian Equity Fund

Amount sold

Net unrealised (loss) as at

30 June 2012

% of net assets

12/07/2012 2,576,815 USD 205,062,948 JPY (1,623) 0.00

Net Unrealised Loss on Forward Foreign Currency

Other Assets less Liabilities (140,152) (0.07)

Total Net Asset Value 206,446,985 100.00

(1) The country in brackets represents the country of incorporation of this security

(2) All or part of this position is out on loan

(4) Managed by an afﬁ liate of the Investment Adviser

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Asia-Paciﬁ c Equity Fund

Equities

Australia

Commonwealth Bank of Australia 63,078 3,428,421 3.58 Australia & New Zealand Banking Group 135,562 3,056,851 3.19 BHP Billiton 70,317 2,263,616 2.36 UGL (2) 156,400 1,986,691 2.07 WorleyParsons 69,688 1,790,414 1.87 Suncorp Group 171,245 1,418,039 1.48

AGL Energy 73,852 1,116,515 1.16 Telstra 270,982 1,023,502 1.07

YG Entertainment 4,703 215,474 0.23

GS Retail 9,800 204,791 0.21 Samsung Fire & Marine Insurance 874 172,706 0.18

(Cayman Islands) (1) (2) 136,000 347,530 0.36

INVESTMENT AIM

To seek long term capital appreciation,

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.

Market value

% of net assets

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Market value

% of net assets

Market value

% of net assets

Thailand

Land & Houses ‘NVDR’ 1,916,700 472,960 0.49 Kasikornbank ‘NVDR’ 88,900 455,609 0.47 Kasikornbank (Foreign) 61,900 323,110 0.34 Bangkok Bank Public ‘NVDR’ 51,900 314,421 0.33 Siam Cement ‘NVDR’ (2) 30,300 302,904 0.32 Banpu (Foreign) Regd 20,950 296,919 0.31 Thai Airways International (Foreign) 368,000 251,465 0.26 Bank of Ayudhya ‘NVDR’ 68,700 64,114 0.07 Minor International ‘NVDR’ 120,300 53,281 0.06 Supalai ‘NVDR’ 25,000 13,524 0.01 Minor International ‘NVDR’ 10,100 4,473 0.00 Supalai (Foreign) 4,300 2,367 0.00

Malaysia

CIMB Group Holdings 184,200 439,803 0.46 AMMB Holdings 166,900 331,115 0.34 Sime Darby 105,900 330,343 0.34

UEM Land Holdings 262,100 171,950 0.18

Mah Sing Group 18,900 12,220 0.01

Li & Fung (Bermuda) (1) (2) 178,000 340,109 0.36

Chow Tai Fook Jewellery Group

(Cayman Islands) (1) (2) 189,800 234,919 0.24

Ajisen China Holdings (Cayman Islands) (1) (2) 311,000 213,716 0.22

Taiwan

Uni-President Enterprises 1,017,540 1,624,787 1.70

Taiwan Semiconductor Manufacturing 553,000 1,508,182 1.57

Hon Hai Precision Industry 372,100 1,115,926 1.16

Fubon Financial Holding 770,176 769,918 0.80

PT Bank Tabungan Negara 4,132,500 567,724 0.59

PT Indofood Sukses Makmur 1,086,500 561,185 0.59

PT Bank Central Asia 557,000 433,024 0.45

PT Tempo Scan Paciﬁ c 1,116,500 338,874 0.35

Indofood Agri Resources (Singapore) (1) 289,000 327,295 0.34

PT Delta Dunia Makmur 6,240,600 262,517 0.27

PT Ace Hardware Indonesia 49,000 26,352 0.03

Hong Kong

Wharf Holdings 216,000 1,184,959 1.24

Hutchison Whampoa 122,000 1,045,999 1.09

Samsonite International (Luxembourg) (1) 430,200 718,828 0.75

Cheung Kong Holdings 56,000 683,013 0.71

Lifestyle International Holdings

(Cayman Islands) (1) 305,000 665,350 0.69

BOC Hong Kong Holdings (2) 210,500 640,492 0.67

Hongkong Land Holdings (Bermuda) (1) (2) 106,000 605,260 0.63

SmarTone Telecommunications (Bermuda) (1) 302,500 581,114 0.61

Hong Kong Exchanges & Clearing (2) 30,700 435,392 0.45

Kerry Properties (Bermuda) (1) 96,500 411,196 0.43

China (continued)

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Mutual Fund

Morgan Stanley Funds - US Dollar

Liquidity Fund (Ireland) (1) (4) 1,150,000 1,150,000 1.20

Amount sold

Net unrealised gain/(loss) as at

30 June 2012

% of net assets

(3) These securities are valued at their fair value See note 2(a) within the Notes to the Financial Statements

Market value

% of net assets

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

Asian Property Fund

Equities

Hong Kong

Sun Hung Kai Properties 4,068,798 47,815,938 9.54 Kerry Properties (Bermuda) (1) 5,226,713 22,271,527 4.44 Hongkong Land Holdings (Bermuda) (1) 3,892,000 22,223,320 4.43 Hysan Development 5,649,959 21,343,360 4.26 Hang Lung Properties 4,670,000 15,774,952 3.15 Link REIT 3,154,000 12,870,200 2.57 Sino Land 7,825,242 11,723,406 2.34 Henderson Land Development 1,893,695 10,413,074 2.08 New World Development 7,909,872 9,188,490 1.83 Wharf Holdings 1,246,122 6,836,125 1.36 Swire Properties 659,450 1,972,512 0.39 Midland Holdings (Bermuda) (1) 2,512,000 1,208,032 0.24

Australia

Westﬁ eld 4,063,880 39,517,208 7.88 Westﬁ eld Retail Trust 5,579,491 16,276,507 3.25 GPT Group 4,802,491 16,172,763 3.23

Dexus Property 12,296,023 11,704,945 2.33 Mirvac Group 7,585,084 9,899,023 1.97 Goodman Group 1,896,809 7,125,436 1.42 CFS Retail Property Trust 2,814,679 5,589,235 1.11 Centro Retail Australia REIT 1,913,245 3,877,551 0.77 Investa Ofﬁ ce Fund 375,228 1,040,846 0.21 Commonwealth Property Ofﬁ ce Fund 997,477 1,036,312 0.21

Japan

Mitsubishi Estate 2,441,000 43,516,947 8.68 Mitsui Fudosan 1,853,000 35,643,576 7.11 Sumitomo Realty & Development 1,008,000 24,598,039 4.90 Nippon Building Fund 981 9,509,065 1.89 Japan Real Estate Investment 937 8,611,353 1.72 Tokyo Tatemono 161,000 601,169 0.12 NTT Urban Development 343 275,987 0.06

Singapore

CapitaMall Trust 4,474,000 6,744,014 1.34 City Developments 577,000 5,100,150 1.02 Global Logistic Properties 1,871,000 3,086,094 0.62

Ascendas Real Estate Investment Trust 182,000 308,815 0.06 Suntec Real Estate Investment Trust 235,000 250,375 0.05 Wheelock Properties Singapore 68,000 92,305 0.02

China

China Resources Land (Cayman Islands) (1) 2,631,000 5,359,544 1.07 Country Garden Holdings (Cayman Islands) (1) 10,604,433 4,142,666 0.83 Agile Property Holdings (Cayman Islands) (1) 3,162,000 4,048,191 0.81 Shimao Property Holdings (Cayman Islands) (1) 1,741,500 2,658,429 0.53 China Overseas Land & Investment

(Hong Kong) (1) 954,080 2,211,691 0.44 Evergrande Real Estate Group

(Cayman Islands) (1) 3,023,000 1,531,724 0.30

INVESTMENT AIM

in the equity securities of companies in the

Asian and Oceanian real estate industry.

Market value

% of net assets

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Asian Property Fund

Mutual Fund

Morgan Stanley Funds - US Dollar Treasury

Total transferable securities and money market

instruments admitted to ofﬁ cial exchange listing

or dealt in on another regulated market 495,551,525 98.84

Other transferable securities and money market instruments not admitted to oﬃ cial exchange listing or dealt in on another regulated market As at 30 June 2012, expressed in US dollars.

Malta

BGP Holdings (Australia) (1) (3) 33,894,130 0 0.00

Total other transferable securities and money market

instruments not admitted to ofﬁ cial exchange listing

or dealt in on another regulated market 0 0.00 Total Investment Securities 495,551,525 98.84 Other Assets less Liabilities 5,818,583 1.16 Total Net Asset Value 501,370,108 100.00

Market value

% of net assets

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Clicks Group 789,452 4,057,256 1.97 Life Healthcare Group 1,083,700 3,233,933 1.57 Harmony Gold Mining 400,400 2,927,266 1.42 Impala Platinum Holdings 208,984 2,667,007 1.30 Northam Platinum 606,555 1,355,063 0.66

Russia

Lukoil ADR 311,160 13,606,113 6.61 Gazprom ADR 1,158,396 8,586,641 4.17

Eurasia Drilling GDR Regd (Cayman Islands) (1) 259,847 5,170,483 2.51 EPAM Systems (United States of America) (1) 332,200 4,444,367 2.16 O’Key Group GDR Regd (Luxembourg) (1) 705,063 4,390,818 2.13 Mail.ru Group GDR Regd

(British Virgin Islands) (1) 156,100 4,152,153 2.02 TNK-BP Holding 1,432,200 2,587,923 1.26 Novolipetsk Steel GDR Regd 154,000 1,971,570 0.96 Rosneft Oil GDR Regd 318,230 1,582,422 0.77

measured in Euro, by investing primarily in

equity securities of issuers in Central, Eastern

and Southern Europe (including the Russian

Federation), the Middle East and Africa.

As at 30 June 2012, expressed in Euro.

Market value

% of net assets

Emerging Europe, Middle East

and Africa Equity Fund

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Market value

% of net assets

Lebanon

Banque Audi sal- Audi Saradar GDR ‘B’ Regd 530,881 2,556,039 1.24

Romania

Fondul Proprietatea 15,415,698 1,581,801 0.76

Mutual Fund

Morgan Stanley Funds - US Dollar

Total Investment Securities 202,519,203 98.38 Other Assets less Liabilities 3,324,906 1.62 Total Net Asset Value 205,844,109 100.00

Emerging Europe, Middle East and Africa Equity Fund

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Emerging Markets Equity Fund

Equities

South Korea

Samsung Electronics 45,576 47,859,383 4.06 Hyundai Motor 104,661 21,276,281 1.80 Nexon (Japan) (1) 590,100 11,499,309 0.98 Samsung Electronics Pfd 15,624 10,232,033 0.87

LG Household & Health Care 10,159 5,480,548 0.46

SK C&C 58,705 5,466,541 0.46 Samsung Fire & Marine Insurance 26,801 5,295,992 0.45 Cheil Industries 58,639 5,122,004 0.43 Korean Air Lines 111,594 4,907,911 0.42

KB Financial Group 148,033 4,776,093 0.40 Korea Aerospace Industries (2) 174,830 4,494,187 0.38

SM Entertainment 101,688 4,298,868 0.36

Samsung Life Insurance 36,117 2,940,013 0.25 Cheil Worldwide 175,193 2,787,892 0.24 Hyundai Steel 6,064 445,376 0.04

China

Tencent Holdings (Cayman Islands) (1) 666,700 19,426,241 1.65 China Mengniu Dairy (Cayman Islands) (1) (2) 5,388,000 14,136,499 1.20 PetroChina ‘H’ 9,860,000 12,648,816 1.07 Ping An Insurance Group ‘H’ 1,457,500 11,594,275 0.98 China Construction Bank ‘H’ 16,372,910 11,166,869 0.95 China Paciﬁ c Insurance Group ‘H’ 3,145,000 10,096,477 0.86 China Telecom ‘H’ 21,870,000 9,502,296 0.81 Hengan International Group

(Cayman Islands) (1) (2) 863,500 8,344,184 0.71 Belle International Holdings

(Cayman Islands) (1) 3,139,000 5,309,762 0.45 China Resources Enterprises (Hong Kong) (1) (2) 1,656,000 4,899,964 0.41 Tsingtao Brewery ‘H’ (2) 848,000 4,816,057 0.41 Shanghai Pharmaceuticals Holding ‘H’ (2) 3,551,300 4,427,552 0.37 Tingyi Cayman Islands Holding

(Cayman Islands) (1) (2) 1,224,000 3,127,771 0.26 Ajisen China Holdings (Cayman Islands) (1) (2) 3,869,000 2,658,740 0.23 Chow Tai Fook Jewellery Group

(Cayman Islands) (1) (2) 1,814,600 2,245,960 0.19 China ZhengTong Auto Services Holdings

Petroleo Brasileiro Pfd 912,632 8,190,983 0.69 Ultrapar Participacoes 352,520 7,873,960 0.67 Petroleo Brasileiro ADR 381,100 7,069,405 0.60 Vale ADR 325,100 6,414,223 0.54 Vale Pfd ‘A’ 205,732 3,974,345 0.34 PDG Realty - Empreendimentos e Participacoes 1,912,200 3,354,737 0.28 Companhia de Bebidas das Americas Pfd 80,200 3,058,872 0.26 Petroleo Brasileiro 277,123 2,570,989 0.22

Market value

% of net assets

INVESTMENT AIM

To seek to maximise total return, measured

in US dollars, through investment primarily

in emerging country equity securities

The Fund will invest in those emerging market

countries in which the Company believes

that economies are developing strongly

and in which the markets are becoming more

sophisticated.

Trang 16

Market value

% of net assets

Vale ADR Pfd 118,312 2,284,605 0.19

Raia Drogasil 180,000 1,784,121 0.15

Petroleo Brasileiro ADR Pfd 75,762 1,358,413 0.12

Cia de Bebidas das Americas 195 7,437 0.00

Jindal Steel & Power 34,788 295,060 0.02

Taiwan

Taiwan Semiconductor Manufacturing 7,878,673 21,487,290 1.82

Hon Hai Precision Industry 3,403,513 10,207,114 0.86

Chailease Holding (Cayman Islands) (1) 2,349,000 3,419,879 0.29

Lung Yen Life Service 821,000 2,354,764 0.20

AngloGold Ashanti ADR 29,970 1,018,680 0.09

Philippines

Metropolitan Bank & Trust 6,058,419 13,349,303 1.13

Philippine Long Distance Telephone 209,590 13,230,431 1.12

SM Investments 708,780 12,325,141 1.04 Metro Paciﬁ c Investments 117,166,000 11,638,452 0.99

Bloomberry Resorts 9,150,000 2,072,808 0.18 DMCI Holdings 316,640 429,176 0.04

PT Bank Central Asia 2,454,500 1,908,184 0.16

Mexico

Wal-Mart de Mexico ‘V’ 6,648,900 17,513,159 1.48 Fomento Economico Mexicano ADR 195,700 17,317,493 1.47 Grupo Televisa ADR ‘CPO’ 341,100 7,323,417 0.62

Thailand

Land & Houses ‘NVDR’ 40,814,000 10,071,155 0.85 Kasikornbank ‘NVDR’ (2) 1,487,816 7,624,998 0.65 Banpu (Foreign) Regd 490,550 6,952,433 0.59 PTT (Foreign) 451,400 4,612,534 0.39 Siam Cement ‘NVDR’ (2) 456,947 4,568,024 0.39 Kasikornbank (Foreign) 856,747 4,472,106 0.38 Thai Airways International (Foreign) 5,599,900 3,826,569 0.33 Bank of Ayudhya ‘NVDR’ 1,059,700 988,964 0.08 Supalai ‘NVDR’ 385,200 208,381 0.02 Supalai (Foreign) 65,500 36,055 0.00

Poland

Jeronimo Martins SGPS (Portugal) (1) (2) 775,954 13,227,542 1.12 Telekomunikacja Polska (2) 2,320,892 10,758,872 0.91 Powszechny Zaklad Ubezpieczen 100,248 9,896,561 0.84 Polskie Gornictwo Naftowe i Gazownictwo (2) 5,190,069 6,468,584 0.55

Russia

Lukoil ADR 347,753 19,265,516 1.63 Rosneft Oil GDR Regd 1,369,559 8,628,222 0.73 Gazprom ADR 821,718 7,717,000 0.66 Eurasia Drilling GDR Regd

(Cayman Islands) (1) (2) 155,028 3,908,256 0.33

Market value

% of net assets

Trang 17

Investments Holdings

Market value

% of net assets

Market value

% of net assets

Sociedad Quimica y Minera de Chile ADR 125,300 6,964,174 0.59

Banco Santander Chile ADR 79,600 6,127,608 0.52

Empresa Nacional de Electricidad 3,235,793 5,420,845 0.46

Cencosud Rights 21/07/2012 114,667 37,734 0.00

Mead Johnson Nutrition 151,415 12,356,978 1.05

Yum! Brands 193,875 12,121,065 1.03

Peru

Credicorp (Bermuda) (1) 90,210 11,296,998 0.96

Cia de Minas Buenaventura ADR 205,217 7,798,246 0.66

Hungary

Richter Gedeon (2) 59,925 9,850,903 0.84

Hong Kong

Samsonite International (Luxembourg) (1) 4,913,100 8,209,382 0.70

Qatar

Industries Qatar 172,900 5,935,543 0.50

Switzerland

Swatch Group ‘Bearer’ 14,372 5,662,775 0.48

Mutual Funds

Morgan Stanley Funds - US Dollar Liquidity Fund (Ireland) (1) (4) 35,610,000 35,610,000 3.02 Morgan Stanley Growth Fund (India) (1) (4) 5,372,744 5,244,372 0.44

Total transferable securities and money market instruments admitted to ofﬁ cial exchange listing

or dealt in on another regulated market 1,163,729,605 98.67

Brazil

Lojas Arapua Pfd (3) 11,491,000 0 0.00 Banco Nacional Pfd (3) 30,754,160 0 0.00

Russia

Alliance Celluose (United States of America) (1) (3) 50,000 0 0.00

Total other transferable securities and money market instruments not admitted to ofﬁ cial exchange listing

or dealt in on another regulated market 0 0.00 Total Investment Securities 1,163,729,605 98.67

Amount bought

Amount sold

Net unrealised gain as at

30 June 2012

% of net assets

Emerging Markets Equity Fund

Trang 18

European Equity Alpha Fund

Equities

United Kingdom

HSBC Holdings 2,838,048 19,887,266 4.42 Vodafone Group 8,583,007 19,058,107 4.24 Royal Dutch Shell ‘A’ 697,895 18,641,455 4.14 British American Tobacco 426,181 17,269,469 3.84

BG Group 915,503 14,757,394 3.28 Rolls-Royce Holdings 1,216,666 13,031,146 2.90 Imperial Tobacco Group 422,180 12,899,763 2.87 Reckitt Benckiser Group 260,361 10,885,438 2.42

Anglo American 373,816 9,746,645 2.17 Experian (Jersey) (1) 798,516 8,917,211 1.98 Tullow Oil 468,136 8,577,736 1.91

Germany

Siemens Regd 184,293 12,157,809 2.70 Bayer Regd 197,101 11,114,525 2.47 Fresenius & Co 126,931 10,377,878 2.31 Daimler Regd 274,195 9,642,067 2.15 Muenchener Rueckversicherungs Regd 75,724 8,382,647 1.86

France

Schneider Electric 190,500 8,232,457 1.83 BNP Paribas 275,418 8,174,406 1.82 SES (Luxembourg) (1) 370,497 6,872,719 1.53

INVESTMENT AIM

To seek long-term capital growth, measured

in Euro, through investment primarily in

a concentrated portfolio of equity securities

of European companies listed on European

Stock Exchanges

Market value

% of net assets

Trang 19

European Equity Alpha Fund

Market value

% of net assets

Millicom International Cellular SDR (Luxembourg) (1) 83,478 6,152,923 1.37

Portugal

Galp Energia SGPS ‘B’ 561,633 5,546,126 1.23

Mutual Fund

Morgan Stanley Funds -

Euro Liquidity Fund (Ireland) (1) (4) 11,300,000 11,300,000 2.51

Other transferable securities and money market instruments

not admitted to oﬃ cial exchange listing or dealt in on another

regulated market As at 30 June 2012, expressed in Euro.

United Kingdom

Rolls-Royce Holdings Pfd ‘C’ (3) 126,490,330 156,602 0.03

or dealt in on another regulated market 156,602 0.03

Amount bought

Amount sold

Net unrealised (loss) as at

30 June 2012

% of net assets

06/07/2012 64,790,891 GBP 81,053,253 EUR (840,805) (0.19)13/07/2012 43,319,721 EUR 35,070,000 GBP (94,716) (0.02)

Net Unrealised Loss on Forward Foreign Currency

Other Assets less Liabilities 1,404,950 0.31 Total Net Asset Value 449,792,952 100.00

Trang 20

European Property Fund

United Kingdom

Land Securities Group 1,178,743 10,868,473 5.86

British Land 1,311,306 8,304,024 4.48 Unite Group (2) 2,142,241 5,039,191 2.72 LXB Retail Properties (Jersey) (1) 3,361,559 4,577,964 2.47 Capital Shopping Centres Group 1,040,862 4,168,755 2.25

ST Modwen Properties 1,850,382 3,682,572 1.99 Safestore Holdings 2,875,128 3,586,255 1.93 Derwent London (2) 147,901 3,380,195 1.82 Big Yellow Group 866,342 3,013,940 1.63 Segro 1,045,473 2,789,324 1.50 Great Portland Estates 517,211 2,515,232 1.36

SILIC (Société Immobilière de Location pour l’Industrie et le Commerce) 21,504 1,598,822 0.86 Société de la Tour Eiffel 20,397 771,007 0.42

Switzerland

PSP Swiss Property Regd 122,028 8,449,693 4.55 Swiss Prime Site Regd 36,770 2,411,529 1.30 Mobimo Holding Regd 9,676 1,756,899 0.95

Sweden

Hufvudstaden ‘A’ 569,938 4,766,598 2.57 Atrium Ljungberg ‘B’ 471,628 4,404,486 2.37 Castellum (2) 205,635 1,947,386 1.05

INVESTMENT AIM

measured in Euro, through investment

in the equity securities of companies

in the European real estate industry.

Market value

% of net assets

Trang 21

European Property Fund

Market value

% of net assets

Austria

Atrium European Real Estate (Jersey) (1) 1,428,345 5,099,192 2.75

Conwert Immobilien Invest 76,935 664,564 0.36

Other Assets less Liabilities 5,726,689 3.09

Trang 22

European Small Cap Value Fund

Dairy Crest Group 30,295 124,973 0.96 Premier Oil 24,818 103,731 0.80 Keller Group 19,718 88,029 0.67

Aegis Group 33,569 67,120 0.51 Hiscox (Bermuda) (1) 12,180 64,254 0.49

Fred Olsen Energy 447 12,554 0.10

France

Euroﬁ ns Scientiﬁ c 3,004 293,461 2.25 Euler Hermes 4,583 231,121 1.77

Denmark

Jyske Bank Regd 14,292 304,186 2.33 D/S Norden 12,193 254,590 1.95

INVESTMENT AIM

To provide an attractive rate of return,

measured in Euro, by investing primarily

in the common stocks of small sized

European corporations with a market

capitalisation of up to US $5 billion

(or equivalent) that the Company believes

to be undervalued relative to the stock

market in general at the time of purchase.

Market value

% of net assets

Trang 23

European Small Cap Value Fund

Market value

% of net assets

Kerry Group ‘A’ 9,089 313,434 2.40

Sweden

Clas Ohlson ‘B’ 12,308 135,516 1.04

Austria

Atrium European Real Estate (Jersey) (1) 35,994 128,499 0.99

Other Assets less Liabilities 452,387 3.47

Denmark (continued)

Trang 24

Eurozone Equity Alpha Fund

Equities

Germany

Siemens Regd 70,461 4,648,312 5.03 Bayer Regd 71,203 4,015,137 4.34 Allianz Regd 43,032 3,393,934 3.67 Daimler Regd 92,085 3,238,169 3.50 Muenchener Rueckversicherungs Regd 27,745 3,071,371 3.32 Fresenius & Co 35,697 2,918,587 3.16 Henkel & Co Pfd 48,378 2,522,913 2.73

Hamburger Hafen und Logistik (2) 74,444 1,493,719 1.62

France

Pernod-Ricard (2) 39,276 3,287,401 3.56 BNP Paribas 102,880 3,053,478 3.30 Schneider Electric 65,981 2,851,369 3.08

Spain

Banco Bilbao Vizcaya Argentaria (2) 573,099 3,151,471 3.41 Telefonica 284,855 2,912,642 3.15 Amadeus IT Holding ‘A’ (2) 139,380 2,295,589 2.48

Italy

Azimut Holding (2) 265,048 2,096,530 2.27 Ansaldo STS (2) 261,593 1,474,077 1.59

To seek attractive long-term capital growth,

measured in Euro, through investment primarily

in a concentrated portfolio of equity securities

of companies domiciled or exercising the

predominant part of their economic activity

in the Eurozone (being those member states

of the European Union which have adopted

the Euro as their national currency)

Market value

% of net assets

Trang 25

Eurozone Equity Alpha Fund

Market value

% of net assets

Mutual Fund

Morgan Stanley Funds -

Euro Liquidity Fund (Ireland) (1) (4) 1,700,000 1,700,000 1.84

Other Assets less Liabilities 822,878 0.89

Trang 26

Global Brands Fund

Equities

Philip Morris International 5,341,527 465,514,078 6.04 Accenture ‘A’ (Ireland) (1) 6,204,473 364,450,744 4.73

Procter & Gamble 5,760,621 351,109,850 4.56

Dr Pepper Snapple Group 6,886,774 300,952,024 3.90 Kraft Foods ‘A’ 5,726,335 217,543,467 2.82 Herbalife (Cayman Islands) (1) 4,045,371 191,669,678 2.49 Mead Johnson Nutrition 2,085,584 170,204,510 2.21 Visa ‘A’ 1,311,537 159,496,015 2.07 Moody’s 2,741,273 98,658,415 1.28

Hillshire Brands 2,586,621 74,261,889 0.96 Scotts Miracle-Gro ‘A’ 652,833 26,746,568 0.35

United Kingdom

British American Tobacco 14,233,608 730,734,096 9.48 Reckitt Benckiser Group 9,327,286 494,065,718 6.41 Imperial Tobacco Group 11,119,259 430,446,685 5.59

Admiral Group 7,043,502 132,245,578 1.72 Experian (Jersey) (1) 8,248,945 116,708,721 1.51

Switzerland

Nestlé Regd 12,498,252 744,139,563 9.66 Novartis Regd 234,821 13,115,036 0.17

To seek an attractive long-term rate of return,

principally in equity securities of companies

in the world’s developed countries,

by investing in a concentrated portfolio

of companies whose success the Company

believes depends on intangible assets

(for example, but not limited to, brand names,

copyrights or methods of distribution)

underpinning a strong business franchise.

Market value

% of net assets

Trang 27

Global Brands Fund

Mutual Fund

Total Investment Securities 7,700,090,379 99.93

Amount sold

30 June 2012

% of net assets

Other Assets less Liabilities (9,560,241) (0.12)

Total Net Asset Value 7,705,347,499 100.00

Market value

% of net assets

Trang 28

Global Equity Allocation Fund

Cisco Systems 3,000 50,580 0.41 Procter & Gamble 795 48,455 0.39 General Electric 2,200 45,188 0.36

Bristol-Myers Squibb 1,200 42,684 0.34

Occidental Petroleum 485 40,599 0.33 American Express 700 40,537 0.33

Wal-Mart Stores 537 37,134 0.30 Merck & Co 900 36,990 0.30

in US dollars, by investing primarily in equity

securities issued by companies located

throughout the world.

The portfolio is constructed on the basis

of the belief that the most important factors

to global equity investing are choice

of region, country and industry sector

The investment decisions are implemented

through optimised stock baskets that are

constructed to broadly track the local

MSCl lndices.

Market value

% of net assets

Trang 29

Laboratory Corp of America Holdings 200 18,718 0.15

Express Scripts Holding 324 17,985 0.15

Market value

% of net assets

Market value

% of net assets

TE Connectivity (Switzerland) (1) 400 12,628 0.10 Liberty Interactive ‘A’ 700 12,320 0.10 Equity Residential 200 12,312 0.10

Trang 30

Discover Financial Services 200 6,840 0.06

Cooper Industries (Ireland) (1) 100 6,742 0.05

Annaly Capital Management 300 5,028 0.04

Weatherford International (Switzerland) (1) 400 5,016 0.04

Market value

% of net assets

Market value

% of net assets

Kinder Morgan Management 41 2,960 0.02 Hillshire Brands 100 2,871 0.02 Nabors Industries (Bermuda) (1) 200 2,856 0.02

Robert Half International 100 2,802 0.02

Texas Instruments 100 2,770 0.02 Pinnacle West Capital 50 2,600 0.02 Afﬁ liated Managers Group 23 2,532 0.02

Charter Communications ‘A’ 19 1,347 0.01 First Republic Bank 37 1,233 0.01 Delphi Automotive (Jersey) (1) 44 1,128 0.01 Sensata Technologies Holdings (Netherlands) (1) 40 1,087 0.01

Reckitt Benckiser Group 641 33,954 0.27 British American Tobacco 642 32,959 0.27 Royal Dutch Shell ‘B’ 929 32,604 0.26

Trang 31

Imperial Tobacco Group 565 21,872 0.18

Smith & Nephew 2,152 21,570 0.17

Legal & General Group 10,708 21,398 0.17

Aberdeen Asset Management 301 1,227 0.01

Market value

% of net assets

Market value

% of net assets

Sumitomo Realty & Development 1,000 24,403 0.20 Sumitomo Metal Mining 2,000 22,404 0.18 Mitsui Fudosan 1,000 19,236 0.16

Mitsubishi Estate 1,000 17,828 0.14 Sumitomo Mitsui Trust Holdings 6,000 17,802 0.14

Bank of Yokohama 1,000 4,715 0.04 Nippon Telegraph & Telephone 100 4,652 0.04

Benesse Holdings 100 4,482 0.04 Sumitomo Heavy Industries 1,000 4,463 0.04 Nomura Research Institute 200 4,393 0.04

Trang 32

Nippon Paper Group 100 1,589 0.01

Market value

% of net assets

Market value

% of net assets

Sonova Holding Regd 64 6,154 0.05 Lindt & Spruengli 2 6,118 0.05

Lonza Group Regd 120 5,061 0.04 Credit Suisse Group Regd 264 4,844 0.04 Kuehne & Nagel International Regd 34 3,569 0.03

Canadian Paciﬁ c Railway 100 7,337 0.06 National Bank of Canada 100 7,128 0.06 Canadian Imperial Bank of Commerce 100 7,015 0.06 Canadian Tire ‘A’ 100 6,764 0.05

Manulife Financial 600 6,512 0.05 Great-West Lifeco 300 6,465 0.05

Shaw Communications ‘B’ 200 3,784 0.03 SNC-Lavalin Group 100 3,749 0.03 Crescent Point Energy 100 3,716 0.03

Trang 33

Germany

Deutsche Bank Regd 280 10,085 0.08

Hannover Rueckversicherung Regd 167 9,938 0.08

Deutsche Post Regd 528 9,278 0.07

Bayerische Motoren Werke 119 8,533 0.07

ProSiebenSat.1 Media Pfd 357 7,915 0.06

Porsche Automobil Holding Pfd 52 2,583 0.02

Kabel Deutschland Holding 31 1,926 0.02

United Internet Regd 38 651 0.01

Fraport Frankfurt Airport Services Worldwide 12 637 0.01

Centro Retail Australia (Australia) (1) 648 1,313 0.01

James Hardie Industries (Ireland) (1) 82 668 0.01

Veripos (Cayman Islands) (1) (3) 10 27 0.00

Market value

% of net assets

DE Master Blenders 1753 500 5,204 0.04 Koninklijke Ahold 380 4,716 0.04 Core Laboratories 27 3,084 0.03

South Africa

SABMiller (United Kingdom) (1) 1,247 50,367 0.41

France

European Aeronautic Defence and Space (Netherlands) (1) 138 4,848 0.04 Compagnie Generale des Etablissements Michelin 60 3,880 0.03

% of net assets

Trang 34

MGM China Holdings (Cayman Islands) (1) 800 1,209 0.01

Russia

Evraz (United Kingdom) (1) 235 949 0.01

Mutual Fund

Other transferable securities and money market instruments

not admitted to oﬃ cial exchange listing or dealt in on another

regulated market As at 30 June 2012, expressed in US dollars.

United Kingdom

Rolls-Royce Holdings Pfd ‘C’ (3) 72,610 114 0.00

or dealt in on another regulated market 114 0.00

Market value

% of net assets

Notional commitments

30 June 2012

% of net assets

CAC40 10 Euro Future 07/2012 5 200,622 7,754 0.06

DJ Euro Stoxx 50 Index Future 09/2012 7 198,569 8,527 0.07 MINI MSCI Emerging

Markets Index Future 09/2012 8 374,000 9,749 0.08 MSCI Singapore

Index Future 07/2012 2 104,838 2,241 0.02 OMX Index Future 07/2012 9 131,824 4,551 0.04 S&P 500 EMINI Future 09/2012 24 1,614,000 39,520 0.32

Unrealised Gain on Futures Contracts 72,342 0.59

Topix Index Future 09/2012 (1) (96,681) (9,379) (0.08)

Unrealised Loss on Futures Contracts (9,379) (0.08) Net Unrealised Gain

on Futures Contracts 2,527,172 1 62,963 0.51

1 Cash of USD 187,698 held as collateral by the counterparties

Forward Foreign Currency Exchange Contracts

Maturity date

Amount bought

Amount sold

30 June 2012

% of net assets

19/07/2012 60,191 AUD 61,127 USD 389 0.0019/07/2012 200,141 USD 157,855 EUR 122 0.0019/07/2012 82,968 USD 52,806 GBP 143 0.00

Unrealised Gain on Forward Foreign Currency

19/07/2012 678,530 EUR 860,342 USD (576) (0.01)19/07/2012 83,950 GBP 131,900 USD (226) 0.0019/07/2012 6,904,523 JPY 87,394 USD (569) 0.00

Unrealised Loss on Forward Foreign Currency

Trang 35

Global Infrastructure Fund

Equities

American Tower 149,740 10,502,764 5.65 Northeast Utilities 177,793 6,932,149 3.73 Sempra Energy 99,390 6,872,819 3.70 SBA Communications ‘A’ 117,820 6,722,809 3.62 Spectra Energy 223,640 6,545,943 3.52 Crown Castle International 85,880 5,023,980 2.71 Enbridge Energy Management 150,191 4,800,104 2.58

Williams 131,930 3,769,240 2.03 ITC Holdings 49,350 3,428,345 1.85 Centerpoint Energy 147,260 3,070,371 1.65 American Water Works 83,276 2,866,360 1.54

Kinder Morgan Management 28,547 2,061,093 1.11 New Jersey Resources 38,430 1,665,556 0.90 AGL Resources 30,070 1,169,422 0.63 Kinder Morgan 33,400 1,060,116 0.57 Pepco Holdings 39,170 764,207 0.41 WGL Holdings 17,940 718,497 0.39 Atmos Energy 19,450 686,196 0.37

China

Beijing Enterprises Holdings (Hong Kong) (1) 1,899,000 11,384,863 6.13 China Gas Holdings (Bermuda) (1) 7,900,000 3,931,554 2.12 Jiangsu Expressway ‘H’ 2,546,000 2,376,549 1.28 ENN Energy Holdings (Cayman Islands) (1) 591,000 2,064,936 1.11 Sichuan Expressway ‘H’ 3,552,000 1,195,263 0.64 China Merchants Holdings International

(Hong Kong) (1) 349,909 1,057,908 0.57

United Kingdom

National Grid 1,499,890 15,974,510 8.60 Severn Trent 93,800 2,420,288 1.30 United Utilities Group 198,049 2,095,333 1.13

To seek to provide long term capital

appreciation, measured in US dollars, by

investing primarily in equity securities issued

by companies located throughout the world

that are engaged in the infrastructure

business.

Market value

% of net assets

Trang 36

Global Infrastructure Fund

Market value

% of net assets

Amount bought

Amount sold

30 June 2012

% of net assets

Italy

Societa Iniziative Autostradali e Servizi 438,146 3,050,324 1.64

Snam Rete Gas 578,460 2,557,751 1.38

Terna Rete Elettrica Nazionale 536,300 1,907,938 1.03

Flughafen Zuerich Regd 5,999 2,101,973 1.13

Japan

Tokyo Gas 405,000 2,072,354 1.12

Brazil

Cia de Saneamento Basico do Estado

de Sao Paulo ADR 20,202 1,543,433 0.83

Netherlands

Koninklijke Vopak 21,930 1,405,325 0.76

Germany

Fraport Frankfurt Airport Services Worldwide 6,855 363,943 0.20

Mutual Fund

Trang 37

Global Opportunity Fund

Equities

Google ‘A’ 2,898 1,665,046 5.25 Facebook ‘A’ 51,258 1,598,737 5.04

Ultra Petroleum (Canada) (1) 10,521 238,301 0.75

China

New Oriental Education & Technology Group ADR (Cayman Islands) (1) 59,390 1,496,628 4.72 Baidu ADR (Cayman Islands) (1) 12,760 1,419,422 4.48 Kweichow Moutai Wts exp 04/03/2021 30,360 1,142,681 3.60 Xueda Education ADR (Cayman Islands) (1) 278,157 1,056,997 3.33 Kweichow Moutai, equity linked note, issued by

UBS (Switzerland) (1) 26,600 1,001,211 3.16 Golden Eagle Retail Group (Cayman Islands) (1) 356,000 722,445 2.28 China Merchants Holdings International

(Hong Kong) (1) 214,515 648,560 2.04 Youku ADR (Cayman Islands) (1) 24,969 532,089 1.68

Denmark

INVESTMENT AIM

To seek long term capital appreciation

measured in US dollars through investment

primarily in growth oriented equity securities

on a global basis The investment process

will emphasize a bottom-up stock selection

process seeking attractive investments

on an individual company basis.

Market value

% of net assets

Trang 38

Global Opportunity Fund

Kuehne & Nagel International Regd 3,453 362,420 1.14

Panalpina Welttransport Holding Regd 3,705 329,329 1.04

Sun Art Retail Group 168,000 183,894 0.58

Mutual Fund

Market value

% of net assets

Amount bought

Amount sold

30 June 2012

% of net assets

03/07/2012 313,562 ZAR 36,979 USD 1,226 0.0006/07/2012 1,639,422 EUR 2,049,650 USD 27,451 0.09

Unrealised Gain on Forward Foreign Currency

Trang 39

Global Property Fund

Equities

Simon Property Group 114,008 17,647,298 3.29 Equity Residential 200,601 12,348,998 2.30 Vornado Realty Trust 113,524 9,433,844 1.76 Host Hotels & Resorts 464,564 7,242,553 1.35

Regency Centers 131,163 6,194,828 1.15 Boston Properties 55,652 5,933,616 1.11 Starwood Hotels & Resorts Worldwide 111,137 5,770,233 1.08 General Growth Properties 310,505 5,573,565 1.04 Public Storage 36,183 5,154,268 0.96 Apartment Investment & Management ‘A’ 185,653 5,007,061 0.93 Brookﬁ eld Ofﬁ ce Properties (Canada) (1) 273,182 4,728,780 0.88 Forest City Enterprises ‘A’ 316,660 4,553,571 0.85 AvalonBay Communities 30,477 4,278,971 0.80 Healthcare Realty Trust 150,444 3,576,054 0.67 Mack-Cali Realty 110,424 3,145,980 0.59 Senior Housing Properties Trust 132,029 2,929,723 0.55 ProLogis 87,346 2,871,936 0.54 Equity Lifestyle Properties 38,076 2,595,260 0.48 Federal Realty Investment Trust 20,907 2,160,320 0.40 DCT Industrial Trust 339,143 2,156,949 0.40 Camden Property Trust 30,396 2,038,964 0.38 BRE Properties 33,360 1,655,323 0.31 Cousins Properties 208,136 1,590,159 0.30 Digital Realty Trust 17,080 1,267,678 0.24 Starwood Property Trust 53,230 1,130,073 0.22 Health Care REIT 17,350 1,008,555 0.19 Acadia Realty Trust 42,806 989,247 0.18

Assisted Living Concepts ‘A’ 53,508 736,805 0.14 Hudson Paciﬁ c Properties 37,100 632,555 0.12 Ashford Hospitality Trust 73,530 612,505 0.11

PS Business Parks 8,962 603,949 0.11 Winthrop Realty Trust 45,430 554,700 0.10 Omega Healthcare Investors 22,030 505,809 0.09 Retail Opportunity Investments 35,181 423,931 0.08 Douglas Emmett 15,800 360,714 0.07 Sovran Self Storage 5,781 290,206 0.05 CommonWealth REIT 13,702 259,516 0.05 STAG Industrial 12,556 179,551 0.03 BioMed Realty Trust 7,985 147,563 0.03 Parkway Properties 1,540 17,494 0.00

Hong Kong

Sun Hung Kai Properties 2,842,574 33,405,527 6.23 Hongkong Land Holdings (Bermuda) (1) 2,777,000 15,856,670 2.96 Kerry Properties (Bermuda) (1) 1,917,911 8,172,403 1.52 Hysan Development 1,718,753 6,492,784 1.21 Sino Land 3,131,396 4,691,309 0.87 Hang Lung Properties 1,325,000 4,475,763 0.83 Link REIT 941,000 3,839,841 0.72 Henderson Land Development 664,129 3,651,921 0.68 Wharf Holdings 530,777 2,911,800 0.54 New World Development 1,712,811 1,989,684 0.37 Swire Properties 281,150 840,961 0.16

To seek to provide current income and long

term capital appreciation, measured in

US dollars, primarily through investment in

the equity securities of companies in the real

estate industry located throughout the world.

Market value

% of net assets

Trang 40

Global Property Fund

LXB Retail Properties (Jersey) (1) 2,505,152 4,322,402 0.81

Capital Shopping Centres Group 815,424 4,137,673 0.77

Capital & Counties Properties 585,905 1,933,621 0.36

Metric Property Investments 1,305,618 1,699,779 0.32

Capital & Regional 3,258,029 1,308,258 0.24

Quintain Estates & Development 2,157,615 1,254,299 0.23

CFS Retail Property Trust 1,177,063 2,337,347 0.43

Centro Retail Australia REIT (Australia) (1) 813,558 1,648,828 0.31

Commonwealth Property Ofﬁ ce Fund 420,564 436,938 0.08

Investa Ofﬁ ce Fund 153,210 424,989 0.08

Japan

Mitsubishi Estate 1,057,000 18,843,676 3.51

Mitsui Fudosan 815,000 15,677,018 2.92

Sumitomo Realty & Development 434,000 10,590,822 1.97

Nippon Building Fund 306 2,966,130 0.55

Japan Real Estate Investment 312 2,867,387 0.54

SILIC (Société Immobilière de Location

pour l’Industrie et le Commerce) 13,897 1,309,066 0.24

Société de la Tour Eiffel 12,677 607,110 0.11

Switzerland

PSP Swiss Property Regd 109,857 9,637,594 1.80

Swiss Prime Site Regd 30,321 2,519,428 0.47

Mobimo Holding Regd 3,808 876,007 0.16

Market value

% of net assets

Market value

% of net assets

Netherlands

Eurocommercial Properties ‘CVA’ 115,755 3,996,370 0.74 Wereldhave 13,963 894,074 0.17 Vastned Retail 1,557 59,406 0.01

Germany

Alstria Ofﬁ ce REIT 304,368 3,219,919 0.60 Prime Ofﬁ ce REIT 297,185 1,187,916 0.22 Deutsche Euroshop 26,106 911,216 0.17 GSW Immobilien 20,301 692,006 0.13

Tiêu đề	Morgan Stanley Investment Funds Semi-Annual Report 2012
Trường học	Luxembourg School of Finance
Chuyên ngành	Investment Management
Thể loại	semi-annual report
Năm xuất bản	2012
Thành phố	Luxembourg

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Số trang	184
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