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Semi-Annual Report 2005 Morgan Stanley SICAV

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Semi-Annual Report 2005 Morgan Stanley SICAV 952347-1-007 x-cat 8/22/05 17:51 Page A Morgan Stanley Investment Management Semi-annual report 2005 Morgan Stanley SICAV Société d’Investissement à Capital Variable 5incorporated under the laws of Luxembourg Table of contents 1 Shareholders’ Information 2 Equity Funds 49 Bond Funds 85 Liquidity Funds 89 Asset Allocation Funds 95 Currency Exchange Contracts and Futures Contracts 98 Financial Statements 125 Other Information Report 952347-1-007 x-cat 8/22/05 17:51 Page i 952347-1-007 x-cat 8/22/05 17:51 Page ii Morgan Stanley SICAV 30 June 2005 Table of contents 1 Shareholders’ information Liquidity Funds 85 Euro Liquidity Fund 87 US Dollar Liquidity Fund STATEMENT OF INVESTMENTS Asset Allocation Funds Equity Funds 89 Global Diversified (Euro) Fund 2 Asian Equity Fund 92 Global Diversified (USD) Fund 4 Asian Property Fund 6 Emerging Europe and Middle East Equity Fund 8 Emerging Markets Equity Fund CURRENCY EXCHANGE CONTRACTS AND FUTURES CONTRACTS 11 European Equity Fund 13 European Property Fund 95 Open forward foreign currency exchange contracts 15 European Small Cap Value Fund 97 Open futures contracts 17 European Value Equity Fund 19 Global Brands Fund FINANCIAL STATEMENTS 20 Global Small Cap Value Fund 98 Statement of assets and liabilities 23 Global Value Equity Fund 103 Statement of changes in number of shares 25 Japanese Equity Growth Fund 109 Statement of operations and changes in net assets 29 Japanese Value Equity Fund 115 Statement of share and net assets statistics 31 Latin American Equity Fund 120 Notes to the financial statements 33 US Equity Fund 36 US Equity Growth Fund OTHER INFORMATION 39 US Property Fund 125 Directors and service providers 41 US Small Cap Growth Fund 126 Paying and information agents 44 US Value Equity Fund 127 Appendix 1: fund expense ratios 47 World Equity Fund Bond Funds 49 Emerging Markets Debt Fund 52 Euro Bond Fund 55 Euro Corporate Bond Fund 58 Euro Strategic Bond Fund 61 European Currencies High Yield Bond Fund 64 Global Bond Fund 68 Global Convertible Bond (Euro) Fund 71 Global Convertible Bond (USD) Fund 74 Short Maturity Euro Bond Fund 76 US Bond Fund 82 US Dollar Short Duration Fund 952347-1-007 x-cat 8/22/05 17:51 Page iii 1 Morgan Stanley SICAV 30 June 2005 Shareholders’ information The annual general meeting of shareholders In Switzerland, the list of the purchases and sales of investments which the Company has undertaken during the financial period of the Company is held at the registered office can be obtained, upon request and free of charge, from the Swiss of the Company and will be held on the second representative, Bank Morgan Stanley A.G., Bahnhofstrasse 92, 8023 Zurich, Switzerland. Tuesday of the month of May at 10.30 am, or if such day is not a bank business day on the The investment aims set out in this annual report are summaries only. The complete investment objectives and policies for each following bank business day. Fund are set out in the Company’s current prospectus. Notices of all general meetings are sent by mail to all registered • SHARE CLASSES OPENED IN THE SIX MONTHS shareholders at their registered address at least 8 days prior to the TO 30 JUNE 2005 meeting. Such notices will indicate the time and place of the meeting as well as the conditions of admission thereto. Said Classes AX and IX of the Global Bond Fund, Euro Strategic Bond notices will also contain the agenda and requirements of Fund, US Property Fund, US Bond Fund, Japanese Value Equity Luxembourg law with regard to the necessary quorum and Fund, US Value Equity Fund, Emerging Markets Equity Fund, majorities at the meeting. To the extent required by law, further European Property Fund, Japanese Equity Growth Fund, notices will be published in the Mémorial C, Recueil Spécial des Emerging Europe and Middle East Equity Fund and European Small Sociétés et Associations du Journal Officiel du Grand-Duchy de Cap Value Fund were opened for subscriptions on 1 June 2005. Luxembourg and in one Luxembourg newspaper. Audited financial statements to the shareholders in respect of the preceding financial year are made available at the registered office of the Company and are sent to holders of registered Shares at their registered address. In addition, unaudited semi-annual reports are also made available at the registered office. The 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. The 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, and is published daily in several leading financial newspapers world-wide. No subscriptions can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus supplemented by the latest annual report and the most recent semi-annual report, if published thereafter. In Switzerland, Bank Morgan Stanley A.G. carries out the functions of Swiss representative of the Company as well as those of paying agent. The prospectus, the articles of association, the annual and semi-annual reports of the Company may be obtained, upon request and free of charge, at the Swiss representative’s registered office, Bank Morgan Stanley A.G., Bahnhofstrasse 92, 8023 Zurich, Switzerland. 952347-1-007 x-cat 8/22/05 17:51 Page 2 Morgan Stanley SICAV 30 June 2005 2 Asian Equity Fund INVESTMENT AIMS* STATEMENT OF INVESTMENTS To seek long term capital appreciation, Transferable securities admitted to official exchange listing or dealt in on another regulated market. As at 30 June 2005, expressed measured in US Dollars, through investment in US dollars. primarily in the equity securities of companies Market % of net Investment Holding value assets domiciled in or exercising the predominant South Korea Samsung Electronics 41,639 19,919,301 5.24 part of their economic activity in Asia, Hyundai Mobis 124,130 8,354,268 2.18 Hankook Tire 664,760 8,046,773 2.10 excluding Japan, thereby taking advantage Samsung SDI 54,170 5,093,601 1.33 Orion 31,690 4,710,613 1.23 of the dynamic economic growth capabilities Samsung Electronics Pfd 11,100 3,649,300 0.95 KT&G 90,640 3,554,854 0.93 of the region. Shinhan Financial Group 132,210 3,444,002 0.90 Hyundai Motor 56,450 3,143,248 0.82 Doosan Heavy Industries and Construction 175,650 2,891,638 0.76 Daishin Securities Pfd 274,150 2,654,820 0.69 SK 43,150 2,289,856 0.60 CHANGE IN NET ASSET VALUE PER SHARE Cheil Industries 139,540 2,256,639 0.59 Samsung Fire & Marine Insurance 25,480 2,070,181 0.54 For the six months ended 30 June 2005 STX Shipbuilding 84,860 2,013,335 0.53 Pusan Bank 225,000 2,004,551 0.52 Hyundai Heavy Industries 39,740 2,001,143 0.52 4.62% 4.24% 3.74% 5.40% GS Engineering & Construction 43,030 1,420,930 0.37 6 Doosan Infracore 144,610 1,271,543 0.33 Handsome 126,380 1,200,589 0.31 Korean Air Lines 63,180 1,073,751 0.28 Hynix Semiconductor 61,550 1,013,267 0.26 S-Oil 12,360 987,459 0.26 5 Kumho Tire GDR 121,420 883,938 0.23 Hyundai Motor Pfd 23,230 832,334 0.22 AB I Samsung Heavy Industries 89,170 812,560 0.21 Daelim Industrial 14,340 769,318 0.20 Daishin Securities 53,880 730,470 0.19 4 Hanmi Pharm 10,740 730,110 0.19 Total for South Korea 23.48 3 Hong Kong Esprit Holdings 1,990,000 14,400,625 3.73 New World Development 10,016,800 12,306,601 3.22 Techtronic Industries 2,826,000 7,143,984 1.87 Great Eagle Holdings 2,374,000 5,940,268 1.55 2 Hysan Development 2,728,000 5,667,906 1.48 China Mobile (Hong Kong) 1,044,000 3,888,256 1.02 Cheung Kong Holdings 371,000 3,615,449 0.95 Li & Fung 1,724,000 3,581,917 0.94 Hutchison Whampoa 396,000 3,578,881 0.94 1 Sun Hung Kai Properties 361,000 3,564,440 0.93 Henderson Land Development 648,000 3,101,157 0.81 Swire Pacific ‘A’ 302,000 2,671,071 0.70 TPV Technology 2,955,000 1,981,515 0.52 Global Bio-Chem Technology Group 2,938,000 1,823,706 0.48 0 Grande Holdings 1,921,000 1,791,724 0.47 I AB Lifestyle International Holdings 1,066,500 1,756,211 0.46 NWS Holdings 1,108,000 1,610,734 0.42 China Travel International Investment 5,132,000 1,551,530 0.41 I Fund (net of expenses) Class I shares Fountain SET Holdings 2,915,000 1,500,045 0.39 A Fund (net of expenses) Class A shares GOME Electrical Appliances Holdings 1,576,000 1,358,428 0.36 Hopewell Highway Infrastructure 1,099,000 791,756 0.21 B Fund (net of expenses) Class B shares Luen Thai Holdings 1,800,000 683,125 0.18 Moulin Global Eyecare Holdings (1) 2,942,000 0 0.00 MSCI Asia Combined Far East Free ex Japan Index (expressed in US dollars) Total for Hong Kong 22.04 Taiwan * Investment objective changed on 17 May 2005.
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