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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

Th e Board delegates responsibility for proxy voting to the Management Company. Th e Management Company manages the voting rights of the shares entrusted in a prudent and diligent manner, based exclusively on the reasonable judgment of what will best serve the financial interests of clients. So far as is practicable, the Management Company will vote at all of the meetings called by companies in which the funds are invested.

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

Directors’ and Officers’ Indemnity Insurance

Th e Fund has taken out Directors’ and Officers’ Indemnity Insurance which indemnifies the Directors against certain liabilities arising in the course of their duties and responsibilities but does not cover against any fraudulent or dishonest actions on their part.

Annual General Meeting

Th e next Annual General Meeting of the Company will be held on 14 May 2019 at the Registered Office of the Company to consider matters relating to the year ended on 31 December 2018. At this meeting shareholders will, amongst other matters, be requested to consider the usual matters at such meetings including:

1. Th e adoption of the financial statements and approval of the allocation of the results;

2. Th e approval of Directors’ fees;

3. Th e election of the Directors, all of whom wish to stand for election;

4. Th e election of the Auditor.

Significant events during the Year

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

Board of Directors

Luxembourg, 9 April 2019


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)


Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



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



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




Quantity/ Nominal

Value

Market Value USD

% of Net Assets




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



DERIVATIVES





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 Mapletree Logistics Trust, REIT SGD 276,700 255,742 0.23 Oxley Holdings Ltd. SGD 1,459,400 310,452 0.28 Suntec Real Estate Investment Trust SGD 97,700 127,566 0.11 UOL Group Ltd. SGD 138,200 627,509 0.56

2,995,624 2.68



Other transferable securities and money market instruments not admitted to offi cial exchange listing or dealt in on another regulated market

Equities

MaltaBGP Holdings plc* EUR 33,894,130 38,757 0.04

38,757 0.04

Total Equities 38,757 0.04

Total Other transferable securities and money market instruments not admitted to offi cial exchange listing or dealt in on another regulated market 38,757 0.04



Quantity/ Nominal

Value

Market Value USD

% of Net Assets




Treasury Liquidity Fund – MS Reserve† USD 3,418,431 3,418,431 3.06

3,418,431 3.06


Total Units of authorised UCITS or other collective investment undertakings 3,418,431 3.06


Cash 120,140 0.11



* Security is valued at its fair value under the direction of the Board of Directors.† 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.






Quantity/ Nominal

Value

Market Value USD

% of Net Assets


Equities

ArgentinaBanco Macro SA, ADR USD 563 24,006 0.43Globant SA USD 426 24,367 0.44Grupo Financiero Galicia SA, ADR USD 1,113 30,329 0.54Grupo Supervielle SA, ADR USD 1,002 8,627 0.15Pampa Energia SA, ADR USD 679 20,886 0.37Telecom Argentina SA, ADR USD 1,422 21,302 0.38YPF SA, ADR USD 2,163 28,552 0.51

158,069 2.82

BrazilAmbev SA BRL 24,157 95,848 1.71B3 SA - Brasil Bolsa Balcao BRL 10,587 73,224 1.30Banco Bradesco SA Preference BRL 11,449 114,156 2.03Itau Unibanco Holding SA Preference BRL 12,880 117,958 2.10Lojas Renner SA BRL 5,693 62,272 1.11Petroleo Brasileiro SA BRL 10,007 65,572 1.17Petroleo Brasileiro SA Preference BRL 13,106 76,682 1.37

605,712 10.79

ChileBanco Santander Chile CLP 1,399,239 104,255 1.86SACI Falabella CLP 10,267 75,322 1.34

179,577 3.20

ChinaAlibaba Group Holding Ltd., ADR USD 945 132,423 2.36Baidu, Inc., ADR USD 158 25,723 0.46Brilliance China Automotive Holdings Ltd. HKD 8,000 5,954 0.11China Mengniu Dairy Co. Ltd. HKD 11,000 34,265 0.61CSPC Pharmaceutical Group Ltd. HKD 16,000 23,082 0.41JD.com, Inc., ADR USD 833 18,447 0.33Kweichow Moutai Co. Ltd. ‘A’ CNY 200 17,155 0.31New Oriental Education & Technology Group,

Inc., ADR USD 368 20,424 0.36Shenzhou International Group Holdings Ltd. HKD 4,000 45,321 0.81Sino Biopharmaceutical Ltd. HKD 33,000 21,739 0.39Sinopharm Group Co. Ltd. ‘H’ HKD 2,000 8,400 0.15Sogou, Inc., ADR USD 1,271 7,219 0.13TAL Education Group, ADR USD 1,103 29,505 0.52Tencent Holdings Ltd. HKD 7,600 304,661 5.42Tencent Music Entertainment Group, ADR USD 1 13 0.00

694,331 12.37

EgyptCommercial International Bank Egypt SAE EGP 35,444 146,605 2.61Egyptian Financial Group-Hermes Holding Co. EGP 106,750 90,716 1.61Integrated Diagnostics Holdings plc, Reg. S USD 15,199 63,228 1.13Juhayna Food Industries EGP 62,704 39,387 0.70

339,936 6.05

IndiaHDFC Bank Ltd., ADR USD 923 94,958 1.69ICICI Bank Ltd., ADR USD 12,696 130,896 2.33

225,854 4.02

INVESTMENT AIM

To seek to maximise total return measured in US Dollars primarily through investment in Emerging and Frontier Market Countries.

Breakout Nations Fund



Breakout Nations Fund (continued)



Quantity/ Nominal

Value

Market Value USD

% of Net Assets



IndonesiaAstra International Tbk. PT IDR 168,400 96,321 1.71Bank Central Asia Tbk. PT IDR 35,800 64,729 1.15Bank Mandiri Persero Tbk. PT IDR 152,100 78,007 1.39Bank Rakyat Indonesia Persero Tbk. PT IDR 142,700 36,320 0.65Telekomunikasi Indonesia Persero Tbk. PT IDR 331,500 86,448 1.54Unilever Indonesia Tbk. PT IDR 24,900 78,613 1.40

440,438 7.84

MalaysiaMalayan Banking Bhd. MYR 42,700 98,161 1.75Malaysia Airports Holdings Bhd. MYR 36,800 74,624 1.33Public Bank Bhd. MYR 8,400 50,329 0.90Sime Darby Plantation Bhd. MYR 48,400 55,749 0.99

278,863 4.97

MexicoAlsea SAB de CV MXN 16,214 42,536 0.76Fomento Economico Mexicano SAB de CV,

ADR USD 965 82,479 1.47Grupo Financiero Banorte SAB de CV ‘O’ MXN 23,349 112,044 1.99Infraestructura Energetica Nova SAB de CV MXN 7,123 25,876 0.46Wal-Mart de Mexico SAB de CV MXN 32,315 82,031 1.46

344,966 6.14

PeruCia de Minas Buenaventura SAA, ADR USD 3,867 61,408 1.09Credicorp Ltd. USD 1,014 225,138 4.01

286,546 5.10

PhilippinesAyala Corp. PHP 1,640 28,120 0.50Ayala Land, Inc. PHP 35,200 27,226 0.49SM Investments Corp. PHP 6,150 107,499 1.91

162,845 2.90

PolandCCC SA PLN 1,432 73,532 1.31Jeronimo Martins SGPS SA EUR 3,227 38,155 0.68LPP SA PLN 37 77,157 1.37Powszechna Kasa Oszczednosci

Bank Polski SA PLN 12,218 128,107 2.28Santander Bank Polska SA PLN 1,007 95,821 1.71

412,772 7.35

South AfricaAVI Ltd. ZAR 3,188 22,518 0.40Bidvest Group Ltd. (The) ZAR 1,996 28,683 0.51Capitec Bank Holdings Ltd. ZAR 489 37,981 0.68Clicks Group Ltd. ZAR 1,835 24,407 0.43Nedbank Group Ltd. ZAR 1,707 32,579 0.58Reunert Ltd. ZAR 3,321 16,340 0.29Sanlam Ltd. ZAR 6,984 38,719 0.69

201,227 3.58



Quantity/ Nominal

Value

Market Value USD

% of Net Assets



VietnamSai Gon Cargo Service Corp. VND 1,700 10,552 0.19Saigon Beer Alcohol Beverage Corp. VND 1,990 22,945 0.41Vietjet Aviation JSC VND 2,993 15,481 0.27Vincom Retail JSC VND 19,232 23,128 0.41

72,106 1.28





LuxembourgMorgan Stanley Investment Funds Indian

Equity Fund – Class N† USD 12,988 545,764 9.72

545,764 9.72




Cash 616,401 10.98






Breakout Nations Fund (continued)

Financial Futures Contracts

Security DescriptionNumber

of contracts Currency

Global Exposure

USD


USD

% of Net Assets

SGX NIFTY 50 Index, 31/01/2019 7 USD 152,915 361 0.01

Unrealised Gain on Financial Futures Contracts 361 0.01

Total Unrealised Gain on Financial Futures Contracts 361 0.01

MSCI Emerging Markets Index, 15/03/2019 5 USD 243,800 (3,925) (0.07)

Unrealised Loss on Financial Futures Contracts (3,925) (0.07)

Total Unrealised Loss on Financial Futures Contracts (3,925) (0.07)

Net Unrealised Loss on Financial Futures Contracts (3,564) (0.06)


Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD

% of Net Assets

EUR Hedged Share ClassEUR 563,678 USD 642,339 11/01/2019 J.P. Morgan 2,651 0.04



USD 160,452 ZAR 2,428,992 17/01/2019 UBS (8,008) (0.14)

Unrealised Loss on Forward Currency Exchange Contracts (8,008) (0.14)

EUR Hedged Share ClassEUR 145 USD 166 11/01/2019 J.P. Morgan 0.00 0.00

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

Total Unrealised Loss on Forward Currency Exchange Contracts (8,008) (0.14)

Net Unrealised Loss on Forward Currency Exchange Contracts (5,357) (0.10)

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

Type of Collateral Counterparty Currency Amount received Amount paid

Breakout Nations Fund

Cash Goldman Sachs USD 28,048 –

28,048 –

DERIVATIVES





China A-shares Fund

INVESTMENT AIM

To provide capital appreciation over the long term, measured in US Dollars, by investing primarily in China A-shares of companies listed on the Shanghai Stock Exchange and/or the Shenzhen Stock Exchange via Stock Connect. The Fund may also invest in issuers of other countries including, but not limited to, those that are listed on the Hong Kong Exchange (including China H-shares and red chips) and depositary receipts (including American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs)) of issuers located in any country.



Quantity/ Nominal

Value

Market Value USD

% of Net Assets


Equities

Aerospace & DefenseAECC Aviation Power Co. Ltd. ‘A’ CNY 171,844 542,626 0.90

542,626 0.90

Air Freight & LogisticsSF Holding Co. Ltd. ‘A’ CNY 69,750 332,094 0.55

332,094 0.55

Auto ComponentsZhejiang Yinlun Machinery Co. Ltd. ‘A’ CNY 550,024 594,923 0.98

594,923 0.98

AutomobilesSAIC Motor Corp. Ltd. ‘A’ CNY 355,645 1,378,942 2.28

1,378,942 2.28

BanksChina CITIC Bank Corp. Ltd. ‘H’ HKD 3,675,000 2,233,250 3.69 China Everbright Bank Co. Ltd. ‘H’ HKD 2,272,000 983,289 1.62 Industrial & Commercial Bank of China

Ltd. ‘H’ HKD 3,276,000 2,337,915 3.86 Shanghai Pudong Development Bank

Co. Ltd. ‘A’ CNY 891,285 1,269,840 2.10

6,824,294 11.27

BeveragesKweichow Moutai Co. Ltd. ‘A’ CNY 8,700 746,251 1.23 Tsingtao Brewery Co. Ltd. ‘A’ CNY 206,725 1,047,675 1.73

1,793,926 2.96

Capital MarketsCITIC Securities Co. Ltd. ‘H’ HKD 514,000 885,870 1.46 Huatai Securities Co. Ltd., Reg. S ‘H’ HKD 572,800 906,771 1.50

1,792,641 2.96

ChemicalsTangshan Sanyou Chemical Industries

Co. Ltd. ‘A’ CNY 821,827 683,412 1.13

683,412 1.13

Commercial Services & SuppliesFocused Photonics Hangzhou, Inc. ‘A’ CNY 582,244 2,171,194 3.59

2,171,194 3.59

Electrical EquipmentXJ Electric Co. Ltd. ‘A’ CNY 626,888 810,211 1.34

810,211 1.34



China A-shares Fund (continued)



Quantity/ Nominal

Value

Market Value USD

% of Net Assets



Electronic Equipment, Instruments & ComponentsO-fi lm Tech Co. Ltd. ‘A’ CNY 959,746 1,282,266 2.12

1,282,266 2.12

Food ProductsInner Mongolia Yili Industrial Group

Co. Ltd. ‘A’ CNY 492,739 1,639,001 2.71

1,639,001 2.71

Health Care Providers & ServicesChina National Accord Medicines Corp.

Ltd. ‘B’ CNY 204,576 1,232,482 2.04 Huadong Medicine Co. Ltd. ‘A’ CNY 443,100 1,704,503 2.82 Shanghai Pharmaceuticals Holding

Co. Ltd. ‘A’ CNY 425,641 1,051,959 1.74 Shanghai Pharmaceuticals Holding

Co. Ltd. ‘H’ HKD 930,900 1,891,991 3.13

5,880,935 9.73

Hotels, Restaurants & LeisureChina CYTS Tours Holding Co. Ltd. ‘A’ CNY 1,455,673 2,727,866 4.51 Tsui Wah Holdings Ltd. HKD 5,026,000 468,402 0.78

3,196,268 5.29

Household DurablesQingdao Haier Co. Ltd. ‘A’ CNY 1,396,860 2,812,606 4.65

2,812,606 4.65

InsuranceChina Pacifi c Insurance Group Co. Ltd. ‘H’ HKD 1,106,400 3,580,660 5.92

3,580,660 5.92

Interactive Media & ServicesTencent Holdings Ltd. HKD 11,900 477,034 0.79 Tencent Music Entertainment Group, ADR USD 3 40 –

477,074 0.79

MachineryCRRC Corp. Ltd. ‘H’ HKD 635,000 619,356 1.02

619,356 1.02

MediaBluefocus Intelligent Communications

Group Co. Ltd. ‘A’ CNY 1,008,493 636,310 1.05

636,310 1.05



Quantity/ Nominal

Value

Market Value USD

% of Net Assets



Oil, Gas & Consumable FuelsChina Petroleum & Chemical Corp. ‘A’ CNY 1,026,743 753,806 1.24

753,806 1.24

Personal ProductsShanghai Jahwa United Co. Ltd. ‘A’ CNY 342,585 1,359,682 2.25

1,359,682 2.25

PharmaceuticalsChina Resources Sanjiu Medical &

Pharmaceutical Co. Ltd. ‘A’ CNY 1,595,896 5,767,824 9.53 Yunnan Baiyao Group Co. Ltd. ‘A’ CNY 177,988 1,913,788 3.16

7,681,612 12.69

Real Estate Management & DevelopmentChina Fortune Land Development

Co. Ltd. ‘A’ CNY 251,101 929,057 1.53 China Merchants Shekou Industrial Zone

Holdings Co. Ltd. ‘A’ CNY 737,082 1,859,180 3.07 Huafa Industrial Co. Ltd. Zhuhai ‘A’ CNY 923,812 832,686 1.37

3,620,923 5.97

Road & RailDaqin Railway Co. Ltd. ‘A’ CNY 444,681 532,053 0.88

532,053 0.88

SoftwareBeijing Thunisoft Corp. Ltd. ‘A’ CNY 1,454,852 3,174,722 5.25

3,174,722 5.25

Transportation InfrastructureJiangsu Expressway Co. Ltd. ‘A’ CNY 733,979 1,045,721 1.73 Shenzhen Airport Co. Ltd. ‘A’ CNY 2,538,768 2,875,191 4.75

3,920,912 6.48


Participation Notes

Food & Staples RetailingZhongbai Holdings Group Co. 03/06/2019 USD 607,100 467,467 0.77

467,467 0.77



China A-shares Fund (continued)


Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD

% of Net Assets

EUR Hedged Share ClassEUR 4,092,532 USD 4,663,645 11/01/2019 J.P. Morgan 19,249 0.03



EUR Hedged Share ClassEUR 4,370 USD 5,006 11/01/2019 J.P. Morgan (5) 0.00






Quantity/ Nominal

Value

Market Value USD

% of Net Assets


Participation Notes (continued)

MediaQingdao Citymedia Co., Ltd. 25/02/2019 USD 897,517 879,567 1.45 Southern Publishing and Media Co., Ltd.

06/12/2019 USD 65,405 80,317 0.13 Southern Publishing and Media Co., Ltd.

23/11/2022 USD 501,992 614,438 1.02

1,574,322 2.60

Total Participation Notes 2,041,789 3.37



Cash 1,059,982 1.75



DERIVATIVES







Quantity/ Nominal

Value

Market Value EUR

% of Net Assets


Equities

AustriaErste Group Bank AG EUR 75,333 2,188,424 2.35

2,188,424 2.35

EgyptCommercial International Bank Egypt SAE EGP 585,475 2,117,783 2.28

2,117,783 2.28

HungaryOTP Bank Nyrt. HUF 147,805 5,200,529 5.59Richter Gedeon Nyrt. HUF 105,119 1,778,876 1.91

6,979,405 7.50

PolandCCC SA PLN 57,103 2,564,263 2.75Dino Polska SA, Reg. S PLN 76,228 1,697,378 1.82Grupa Kety SA PLN 26,060 1,991,784 2.14Jeronimo Martins SGPS SA EUR 194,941 2,015,690 2.17KRUK SA PLN 26,184 953,184 1.02LPP SA PLN 1,594 2,906,898 3.12mBank SA PLN 26,528 2,614,250 2.81Powszechna Kasa Oszczednosci

Bank Polski SA PLN 311,260 2,854,055 3.07Santander Bank Polska SA PLN 37,009 3,079,674 3.31

20,677,176 22.21

RussiaLUKOIL PJSC, ADR USD 71,660 4,479,494 4.81MMC Norilsk Nickel PJSC, ADR USD 141,082 2,314,579 2.49Novolipetsk Steel PJSC, Reg. S, GDR USD 108,024 2,161,444 2.32Sberbank of Russia PJSC, ADR USD 484,120 4,640,142 4.98X5 Retail Group NV, Reg. S, GDR USD 129,370 2,803,513 3.01Yandex NV ‘A’ USD 102,865 2,494,509 2.68

18,893,681 20.29

South AfricaAVI Ltd. ZAR 517,626 3,197,364 3.43Bidvest Group Ltd. (The) ZAR 174,581 2,193,995 2.36Capitec Bank Holdings Ltd. ZAR 74,750 5,077,339 5.45Clicks Group Ltd. ZAR 294,156 3,421,497 3.67Discovery Ltd. ZAR 87,136 845,922 0.91Famous Brands Ltd. ZAR 183,143 1,087,541 1.17Imperial Logistics Ltd. ZAR 270,492 1,117,497 1.20Motus Holdings Ltd. ZAR 270,492 1,446,337 1.55Naspers Ltd. ‘N’ ZAR 20,729 3,642,506 3.91Nedbank Group Ltd. ZAR 195,752 3,267,229 3.51Reunert Ltd. ZAR 693,533 2,984,051 3.21Sanlam Ltd. ZAR 751,961 3,645,703 3.92Standard Bank Group Ltd. ZAR 177,762 1,931,141 2.07

33,858,122 36.36

INVESTMENT AIM

To seek long-term capital appreciation, 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.

Emerging Europe, Middle East and Africa Equity Fund



(continued)



Quantity/ Nominal

Value

Market Value EUR

% of Net Assets



TurkeyAkbank Turk A/S TRY 1,442,165 1,636,308 1.76Arcelik A/S TRY 384,074 1,005,397 1.08AvivaSA Emeklilik ve Hayat A/S TRY 320,717 402,559 0.43

3,044,264 3.27

United States of AmericaEPAM Systems, Inc. USD 16,438 1,658,908 1.78

1,658,908 1.78





LuxembourgMorgan Stanley Liquidity Funds Euro Liquidity

Fund – MS Reserve† EUR 1,044 1,044 0.00Morgan Stanley Liquidity Funds US Dollar

Liquidity Fund – MS Reserve† USD 2,960,710 2,960,710 3.18

2,961,754 3.18


Total Units of authorised UCITS or other collective investment undertakings 2,961,754 3.18


Cash 728,501 0.78

Other Assets/(Liabilities) 776 0.00



Emerging Europe, Middle East and Africa Equity Fund (continued)




Emerging Leaders Equity Fund



Quantity/ Nominal

Value

Market Value USD

% of Net Assets


Equities

ArgentinaDespegar.com Corp. USD 443,206 5,438,138 1.71

5,438,138 1.71

ChinaAlibaba Group Holding Ltd., ADR USD 121,339 17,003,234 5.33Tencent Holdings Ltd. HKD 513,300 20,576,613 6.46Tencent Music Entertainment Group, ADR USD 131 1,742 0.00

37,581,589 11.79

Germanyadidas AG EUR 81,137 16,922,953 5.31

16,922,953 5.31

Hong KongAIA Group Ltd. HKD 2,059,800 17,092,728 5.36Samsonite International SA HKD 4,330,200 12,300,166 3.86

29,392,894 9.22

HungaryOTP Bank Nyrt. HUF 79,788 3,210,173 1.01

3,210,173 1.01

IndiaApollo Hospitals Enterprise Ltd. INR 1,586,470 28,609,892 8.98AU Small Finance Bank Ltd., Reg. S INR 1,161,227 10,353,268 3.25Crompton Greaves Consumer Electricals Ltd. INR 3,218,618 10,519,611 3.30IndusInd Bank Ltd. INR 567,359 13,004,332 4.08L&T Finance Holdings Ltd. INR 5,033,539 11,008,499 3.45Marico Ltd. INR 1,811,470 9,694,058 3.04

83,189,660 26.10

IndonesiaBank Mandiri Persero Tbk. PT IDR 22,019,100 11,292,828 3.54Sumber Alfaria Trijaya Tbk. PT IDR 81,623,909 5,307,257 1.67

16,600,085 5.21

MexicoAlsea SAB de CV MXN 2,515,108 6,598,200 2.07

6,598,200 2.07

PeruCredicorp Ltd. USD 42,701 9,480,903 2.97

9,480,903 2.97

PolandEurocash SA PLN 1,488,703 6,960,252 2.18

6,960,252 2.18

South AfricaFamous Brands Ltd. ZAR 1,582,512 10,745,703 3.37

10,745,703 3.37

INVESTMENT AIM

To seek long-term capital appreciation, measured in US Dollars, through investment primarily in a concentrated portfolio of equity securities in emerging and frontier countries.



Emerging Leaders Equity Fund (continued)


Currency Purchased

Amount Purchased

Currency Sold

Amount Sold



USD

% of Net Assets

EUR Hedged Share ClassEUR 31,416,275 USD 35,800,575 11/01/2019 J.P. Morgan 147,610 0.05 USD 162,806 EUR 142,096 11/01/2019 J.P. Morgan 214 0.00

GBP Hedged Share ClassGBP 4,971,896 USD 6,296,010 11/01/2019 J.P. Morgan 71,048 0.02



EUR Hedged Share ClassEUR 2,589 USD 2,967 11/01/2019 J.P. Morgan (4) 0.00USD 23,938 EUR 21,013 11/01/2019 J.P. Morgan (107) 0.00

GBP Hedged Share ClassUSD 3,752 GBP 2,958 11/01/2019 J.P. Morgan (36) 0.00






Quantity/ Nominal

Value

Market Value USD

% of Net Assets



South KoreaOsstem Implant Co. Ltd. KRW 170,842 8,198,454 2.57

8,198,454 2.57

TaiwanKing Slide Works Co. Ltd. TWD 1,092,000 11,436,426 3.59Poya International Co. Ltd. TWD 855,273 8,859,234 2.78Silergy Corp. TWD 494,000 7,323,908 2.30Taiwan Semiconductor Manufacturing

Co. Ltd. TWD 2,468,000 18,214,171 5.71Voltronic Power Technology Corp. TWD 759,552 13,349,024 4.19

59,182,763 18.57

ThailandKasikornbank PCL THB 17,300 98,826 0.03Kasikornbank PCL, NVDR THB 1,751,000 10,002,625 3.14

10,101,451 3.17

United States of AmericaVisa, Inc. ‘A’ USD 45,000 5,889,150 1.85

5,889,150 1.85






Liquidity Fund – MS Reserve† USD 9,584 9,584 0.00

9,584 0.00




Cash 8,760,906 2.75




DERIVATIVES







Quantity/ Nominal

Value

Market Value USD

% of Net Assets


Equities

ArgentinaGrupo Financiero Galicia SA, ADR USD 234,734 6,396,502 0.52

6,396,502 0.52

AustriaErste Group Bank AG EUR 241,705 8,029,049 0.65

8,029,049 0.65

BrazilAmbev SA BRL 4,138,950 16,422,117 1.34B3 SA - Brasil Bolsa Balcao BRL 1,761,831 12,185,509 0.99Banco Bradesco SA Preference BRL 2,071,917 20,658,771 1.68Itau Unibanco Holding SA Preference BRL 2,347,814 21,501,792 1.75Lojas Renner SA BRL 1,118,098 12,230,053 0.99Petroleo Brasileiro SA BRL 1,731,187 11,343,846 0.92Petroleo Brasileiro SA Preference BRL 2,128,215 12,452,059 1.01

106,794,147 8.68

ChileBanco Santander Chile CLP 211,758,026 15,777,690 1.28SACI Falabella CLP 1,936,492 14,206,803 1.16

29,984,493 2.44

ChinaAlibaba Group Holding Ltd., ADR USD 195,349 27,374,255 2.22Anhui Conch Cement Co. Ltd. ‘A’ CNY 1,698,909 7,231,817 0.59Baidu, Inc., ADR USD 39,756 6,472,277 0.53Bank of China Ltd. ‘H’ HKD 55,762,148 24,061,859 1.96China Construction Bank Corp. ‘H’ HKD 41,060,166 33,863,060 2.75China Life Insurance Co. Ltd. ‘H’ HKD 2,054,000 4,363,417 0.35China Mengniu Dairy Co. Ltd. HKD 3,365,618 10,484,015 0.85China Mobile Ltd. HKD 1,627,694 15,657,737 1.27China Overseas Land & Investment Ltd. HKD 1,838,629 6,314,215 0.51China Pacifi c Insurance Group Co. Ltd. ‘H’ HKD 3,064,436 9,917,484 0.81China Resources Land Ltd. HKD 1,012,000 3,888,839 0.32China Resources Power Holdings Co. Ltd. HKD 1,892,000 3,637,635 0.30China Unicom Hong Kong Ltd. HKD 6,224,000 6,642,764 0.54CSPC Pharmaceutical Group Ltd. HKD 3,459,166 4,990,256 0.41Kweichow Moutai Co. Ltd. ‘A’ CNY 39,235 3,365,420 0.27New Oriental Education & Technology Group,

Inc., ADR USD 111,858 6,208,119 0.50PetroChina Co. Ltd. ‘H’ HKD 12,128,000 7,555,827 0.61Shanghai Pharmaceuticals Holding Co. Ltd. ‘H’ HKD 1,462,800 2,973,042 0.24Shenzhou International Group Holdings Ltd. HKD 1,132,000 12,825,898 1.04Sino Biopharmaceutical Ltd. HKD 3,056,000 2,013,150 0.16Sinopharm Group Co. Ltd. ‘H’ HKD 744,400 3,126,621 0.25TAL Education Group, ADR USD 158,908 4,250,789 0.35Tencent Holdings Ltd. HKD 1,162,750 46,611,060 3.79Tencent Music Entertainment Group, ADR USD 298 3,963 0.00

253,833,519 20.62

EgyptCommercial International Bank Egypt SAE EGP 2,046,384 8,464,329 0.69

8,464,329 0.69

INVESTMENT AIM

To seek to maximise total return, measured in US Dollars, through investment prim

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