INVESTMENT MANAGEMENT
Société d’Investissement Morgan Stanley à Capital Variable incorporated under Investment Funds the laws of Luxembourg
Annual Report December 31, 2015
R.C.S. Luxembourg: B-29. 192 Morgan Stanley Investment Funds Addendum to Annual Report for the period ended 31 December 2015
The following funds have not been authorised by the Hong Kong Securities and Futures Commission and are not available for subscription by Hong Kong investors: Morgan Stanley Investment Funds Absolute Return Fixed Income Fund Morgan Stanley Investment Funds Asian Fixed Income Opportunities Fund Morgan Stanley Investment Funds Asia-Pacific Equity Fund Morgan Stanley Investment Funds Breakout Nations Fund Morgan Stanley Investment Funds Diversified Alpha Plus Low Volatility Fund Morgan Stanley Investment Funds Emerging Leaders Equity Fund Morgan Stanley Investment Funds Emerging Markets Corporate Debt Fund Morgan Stanley Investment Funds Emerging Markets Fixed Income Opportunities Fund Morgan Stanley Investment Funds Euro Bond Fund Morgan Stanley Investment Funds Euro Corporate Bond Fund Morgan Stanley Investment Funds Euro Corporate Bond (ex Financials) Fund Morgan Stanley Investment Funds Euro Strategic Bond Fund Morgan Stanley Investment Funds European Currencies High Yield Bond Fund Morgan Stanley Investment Funds Eurozone Equity Alpha Fund Morgan Stanley Investment Funds Frontier Emerging Markets Equity Fund Morgan Stanley Investment Funds Global Advantage Fund Morgan Stanley Investment Funds Global Balanced Income Fund Morgan Stanley Investment Funds Global Balanced Risk Control Fund of Funds Morgan Stanley Investment Funds Global Credit Fund Morgan Stanley Investment Funds Global Discovery Fund Morgan Stanley Investment Funds Global Fixed Income Opportunities Fund Morgan Stanley Investment Funds Global High Yield Bond Fund Morgan Stanley Investment Funds Global Mortgage Securities Fund Morgan Stanley Investment Funds Global Multi-Asset Income Fund Morgan Stanley Investment Funds Global Premier Credit Fund Morgan Stanley Investment Funds Global Quality Fund Morgan Stanley Investment Funds Indian Equity Fund Morgan Stanley Investment Funds International Equity (ex US) Fund Morgan Stanley Investment Funds Japanese Equity Fund Morgan Stanley Investment Funds Liquid Alpha Capture Fund Morgan Stanley Investment Funds Liquid Alternatives Fund Morgan Stanley Investment Funds Short Maturity Euro Bond Fund Morgan Stanley Investment Funds US Dollar High Yield Bond Fund Morgan Stanley Investment Funds US Dollar Liquidity Fund Morgan Stanley Investment Funds US Dollar Short Duration High Yield Bond Fund Morgan Stanley Investment Funds US Insight Fund
CN FRM ADD 0416
Job No.: 25843 Proof Event: 1 Park Communications Ltd Alpine Way London E6 6LA
Customer: Morgan Stanley Project Title: Addendum to Annual Report T: 020 7055 6500 F: 020 7055 6600 Morgan Stanley Investment Funds 31 December 2015
Table of contents
1 Shareholders’ information 126 Euro Strategic Bond Fund
2 Board of Directors’ Report 138 European Currencies High Yield Bond Fund
144 Global Bond Fund
154 Global Convertible Bond Fund SCHEDULE OF INVESTMENTS 160 Global Credit Fund Equity Funds 168 Global Fixed Income Opportunities Fund 6 Asian Equity Fund 181 Global High Yield Bond Fund 9 Asia-Pacifi c Equity Fund 188 Global Mortgage Securities Fund 12 Asian Property Fund 196 Global Premier Credit Fund 14 Breakout Nations Fund 200 Short Maturity Euro Bond Fund 17 Emerging Europe, Middle East and Africa Equity Fund 206 US Dollar High Yield Bond Fund 19 Emerging Leaders Equity Fund 211 US Dollar Short Duration High Yield Bond Fund 22 Emerging Markets Equity Fund Liquidity Funds 26 European Equity Alpha Fund 216 US Dollar Liquidity Fund 28 European Property Fund Asset Allocation Funds 31 Eurozone Equity Alpha Fund 217 Diversifi ed Alpha Plus Fund 33 Frontier Emerging Markets Equity Fund 226 Diversifi ed Alpha Plus Low Volatility Fund 36 Global Advantage Fund 234 Global Balanced Income Fund 39 Global B