TAILIEUCHUNG - Morgan Stanley Investment Funds Semi-Annual Report 2012

The high data frequency not only helps to validate our results, but also allows us to advance some analysis. For example, in Chapter 5, the fund weekly data are used to calculate the risk-adjusted abnormal return for each year from 2000-2007. Then, it turns into a panel data allowing us to perform a multidimensional (panel) regression on fund characteristics. Furthermore, this is the first empirical study of an emerging market which includes flexible funds in the sample. In theory, a flexible fund is in some ways similar to equity funds since its main assets are also stocks. However,. | INVESTMENT MANAGEMENT Morgan Stanley Morgan Stanley Investment Funds Société dTnvestissement à Capital Variable incorporated under the laws of Luxembourg 2 rt 012 . Luxembourg Morgan Stanley Investment Funds 30 June 2012 Table of contents 1 Shareholders information STATEMENT OF INVESTMENTS Equity Funds 2 Asian Equity Fund 5 Asia-Pacific Equity Fund 8 Asian Property Fund 10 Emerging Europe Middle East and Africa Equity Fund 12 Emerging Markets Equity Fund 15 European Equity Alpha Fund 17 European Property Fund 19 European Small Cap Value Fund 21 Eurozone Equity Alpha Fund 23 Global Brands Fund 25 Global Equity Allocation Fund 32 Global Infrastructure Fund 34 Global Opportunity Fund 36 Global Property Fund 39 Indian Equity Fund 41 Japanese Equity Fund 43 Latin American Equity Fund 45 US Advantage Fund 47 US Growth Fund 50 US Property Fund Bond Funds 52 Emerging Markets Corporate Debt Fund 55 Emerging Markets Debt Fund 58 Emerging Markets Domestic Debt Fund 61 Euro Bond Fund 66 Euro Corporate Bond ex Financials Fund 70 Euro Corporate Bond Fund 75 Euro Strategic Bond Fund 82 European Currencies High Yield Bond Fund 86 Global Bond Fund 94 Global Convertible Bond Fund 98 Global Fixed Income Opportunities Fund 103 Global High Yield Bond Fund 106 Short Maturity Euro Bond Fund Liquidity Funds 110 Euro Liquidity Fund 112 US Dollar Liquidity Fund Asset Allocation Funds 114 Diversified Alpha Plus Fund 123 Global Balanced Risk Control Fund of Funds Alternative Investment Funds 125 Absolute Return Currency Fund STATEMENTS AND NOTES 127 Statement of assets and liabilities 137 Statement of changes in number of shares 143 Statement of operations and changes in net assets 153 Statement of share and net assets statistics 160 Notes to the financial statements OTHER INFORMATION 170 Directors and service providers 172 Paying and information agents 173 Appendix 1 Fund expense ratios 175 Appendix 2 Portfolio turnover rate 176 Appendix 3 Sub-Advisers 177 Appendix 4 Hedged .

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