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Morgan Stanley Investment Funds 31 December 2016

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Morgan Stanley Investment Funds 31 December 2016 INVESTMENT MANAGEMENT Société d’Investissement Morgan Stanley à Capital Variable incorporated under Investment Funds the laws of Luxembourg Annual Report December 31, 2016 R.C.S. Luxembourg: B-29. 192 Morgan Stanley Investment Funds 31 December 2016 Table of contents 1 Shareholders’ information 146 Global Bond Fund 2 Board of Directors’ Report 155 Global Buy and Hold 2020 Bond Fund 157 Global Convertible Bond Fund SCHEDULE OF INVESTMENTS 162 Global Credit Fund Equity Funds 170 Global Fixed Income Opportunities Fund 6 Asia Opportunity Fund 182 Global High Yield Bond Fund 8 Asian Equity Fund 189 Global Mortgage Securities Fund 11 Asia-Pacifi c Equity Fund 197 Global Premier Credit Fund 14 Asian Property Fund 201 Short Maturity Euro Bond Fund 16 Breakout Nations Fund 207 US Dollar Corporate Bond Fund 19 Emerging Europe, Middle East and Africa Equity Fund 213 US Dollar High Yield Bond Fund 21 Emerging Leaders Equity Fund 219 US Dollar Short Duration Bond Fund 24 Emerging Markets Equity Fund 224 US Dollar Short Duration High Yield Bond Fund 28 European Champions Fund Liquidity Funds 30 European Equity Alpha Fund 229 US Dollar Liquidity Fund 32 European Property Fund Asset Allocation Funds 35 Eurozone Equity Alpha Fund 230 Diversifi ed Alpha Plus Fund 37 Frontier Emerging Markets Equity Fund 237 Diversifi ed Alpha Plus Low Volatility Fund 40 Global Active Factor Equity Fund 243 Global Balanced Defensive Fund 42 Global Advantage Fund 250 Global Balanced Fund 44 Global Brands Fund 259 Global Balanced Income Fund 46 Global Brands Equity Income Fund 268 Global Balanced Risk Control Fund of Funds 49 Global Discovery Fund 270 Global Multi-Asset Income Fund 52 Global Infrastructure Fund Alternative Investment Funds 55 Global Opportunity Fund 284 Liquid Alpha Capture Fund 58 Global Property Fund 62 Global Quality Fund STATEMENTS AND NOTES 64 Indian Equity Fund 287 Statement of assets and liabilities 66 International Equity (ex US) Fund 303 Statement of changes in number of shares 69 Japanese Equity Fund 314 Statement of operations and changes in net assets 72 Latin American Equity Fund 336 Statement of share and net assets statistics 74 US Active Factor Equity Fund 350 Notes to the fi nancial statements 77 US Advantage Fund 80 US Growth Fund OTHER INFORMATION 83 US Insight Fund 374 Independent Auditor’s Report 85 US Property Fund 375 Directors and service providers Bond Funds 377 Paying and information agents 87 Absolute Return Fixed Income Fund 378 Appendix 1: Fund expense ratios (audited) 94 Asian Fixed Income Opportunities Fund 383 Appendix 2: Portfolio turnover rate (unaudited) 97 Emerging Markets Corporate Debt Fund 384 Appendix 3: Sub-Advisers 102 Emerging Markets Debt Fund 386 Appendix 4: Hedged Share Classes 107 Emerging Markets Domestic Debt Fund 388 Appendix 5: Performance Summary (unaudited) 110 Emerging Markets Fixed Income Opportunities Fund 393 Appendix 6: Risk Measurement and Global Exposure (unaudited) 115 Euro Bond Fund 394 Appendix 7: Remuneration Policy of the Management 122 Euro Corporate Bond Fund Company (unaudited) 130 Euro Strategic Bond Fund 395 Appendix 8: Securities Financing Transactions (unaudited) 141 European Currencies High Yield Bond Fund 1 Morgan Stanley Investment Funds 31 December 2016 Shareholders’ information The annual general meeting of shareholders Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204 Geneva, web: carnegie-fund-services-ch, is the representative in of Morgan Stanley Investment Funds Switzerland and Banque Cantonale de Genève, 17, quai de l’Ile, (the “Company”) is held at the registered offi ce 1204 Geneva is the paying agent in Switzerland. Th e Prospectus, the latest Key Investor Information Document, the Articles and of the Company and will be held on the second the annual and semi-annual reports of the Company may be Tuesday of the month of May at 10.30 am, obtained free of charge from the representative in Switzerland. or if such day is not a bank business day Th e net asset value per share of each Class of Share is available on on the following bank business day. www.fundinfo.com. A list of purchases and sales (securities transactions) carried out by Notices of all general meetings are sent by mail to all registered the Company during the reporting period may be obtained free of shareholders at their registered address at least 8 days prior charge from the representative in Switzerland. to the meeting. Such notices will indicate the time and place of the meeting as well as the conditions of admission thereto. Th e investment objectives set out in this annual report are Said notices will also contain the agenda and requirements summaries only. Th e complete investment objectives and policies of Luxembourg law with regard to the necessary quorum for each Fund are set out in the Company’s current prospectus. 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 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 annual and semi-annual reports are also available on the Company’s web-site (www.morganstanleyinvestmentfunds.com). 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. Morgan Stanley Investment Funds 31 December 2016 2 Board of Directors’ Report Directors MICHAEL GRIFFIN Non-Executive Director HENRY KELLY Michael Griffin has over 30 years’ experience in the financial Non-Executive Director and Chairman sector. For the past 17 years he has been a non-executive director Henry Kelly is an independent board member of several of fund companies in Dublin & Luxembourg where he has investment funds and investment management companies worked with some of the leading sponsors in the sector. Most of domiciled in Luxembourg and internationally. He is the his executive experience was with the wholesale arm of the Ulster Managing Director of the Luxembourg-based consultancy firm Bank Group in Dublin where he served on the board and that he founded in 1999, KellyConsult Sàrl, which provides management committee of Ulster Investment Bank Limited for advisory services to the investment fund sector. He is Chairman twelve years. In this role, Mr. Griffin managed the Treasury of the Fund Governance Forum for ALFI (Association of the trading of the bank which included sovereign debt, money Luxembourg Fund Industry) since its establishment in 2011 and markets and foreign exchange. Mr. Griffin was Chairman of the is a founding member of the Investment Funds Committee Irish Bankers’ Federation EMU Capital Markets Committee of the Luxembourg Institute of Directors (ILA). He is a member from 1996 to 1999. Mr. Griffin is a fellow of the Institute of of the European Fund and Asset Management Association Bankers in Ireland. (EFAMA) Corporate Governance Working Group. ANDREW MACK From 1993 – 1999 he was a Managing Director of Flemings Non-Executive Director and Director of Morgan Stanley Luxembourg (now JP Morgan Asset Management) following Investment Management (ACD) Limited 5 years’ experience in the capital markets division of BNP Mr. Mack joined Morgan Stanley in 1996 and has 30 years Paribas based in Paris. Prior to these posts he acquired seven of investment experience. Mr. Mack joined Morgan Stanley as years’ experience with Price Waterhouse in Paris, Frankfurt and a portfolio manager in the asset management business, where he New York. He has a master’s degree in Modern Languages from launched and co-managed a global equity arbitrage fund. Cambridge University, is a Member of the Institute of Chartered He subsequently headed the global market risk oversight team for Accountants in England & Wales and holds the INSEAD all of Morgan Stanley before taking over as market risk manager Certificate in Corporate Governance. He obtained the of the European equities business. Mr. Mack was appointed as qualification of ILA certified director in 2013. European head of multi asset class prime brokerage in 2004 and WILLIAM JONES took over prime brokerage sales for Europe in 2006 before Non-Executive Director running the European listed derivative business. Mr. Mack Mr. Jones is the founder of ManagementPlus Group which was rejoined Morgan Stanley Investment Management (MSIM) established in 2006 and provides directorship and management in 2008 as global chief risk officer, taking over as head of MSIM company services from Luxembourg, Cayman Islands, EMEA at the beginning of 2009. Mr. Mack was an employee Singapore, New York and Geneva. Mr. Jones has 25 years’ of Morgan Stanley until 30 June 2010. Mr. Mack provided experience in the hedge fund industry and has held senior services as a consultant and senior adviser to Morgan Stanley positions with Goldman Sachs Asset Management International between 1 July 2010 and 31 December 2013. Mr. Mack assumed and Bank of Bermuda/HSBC. Mr. Jones completed the first a non-Executive Director role of Morgan Stanley Investment cohort of the INSEAD International Directors Program (“IIDP”) Management (ACD) Limited which became the Management st in 2011 and is a member of the IIDP Advisory Board and served Company on 1 April 2014.
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