Report 
 
      
Registrant:   MS US Government Securities Trust — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  6/30/15

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      730044
SEC File #:   811-03870

Telephone #:  800-548-7786
 
 2.
Address:      522 Fifth Avenue
              New York, NY  10036
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1
Name:         Morgan Stanley Investment Management Inc.
Role:         Adviser
SEC File #:   801-15757
Location:     New York, NY
 
Administrator 
 
10.1
Name:         Morgan Stanley Investment Management Inc.
SEC File #:   801-15757
Location:     New York, NY
 
Principal Underwriter 
 
11.1
Name:         Morgan Stanley Distribution, Inc.
SEC File #:   008-844766
Location:     New York, NY
 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         Boston Financial Data Services, Inc.
SEC File #:   085-05003
Location:     Quincy, MA
 
Independent Public Accountant 
 
13.1
Name:         Ernst & Young LLP
Location:     Boston, MA
 
Affiliated Broker/Dealer 
 
14.1
Name:         Btmu Capital Corp.
 
14.2
Name:         Btmu Leasing & Finance
 
14.3
Name:         Bank Morgan Stanley AG
 
14.4
Name:         Bank of Tokyo – Mitsubishi Ufj Ltd.
 
14.5
Name:         Better Alternative Trading System
 
14.6
Name:         Block Interest Discovery Service
 
14.7
Name:         Hti Valori Mobiliare S.A.
 
14.8
Name:         Kabu.com Securities
 
14.9
Name:         Mitsubishi Ufj Morgan Stanley Securities Co.
 
14.10
Name:         Mitsubishi Ufj Securities Co. Ltd.
 
14.11
Name:         Mitsubishi Ufj Securities Holdings
 
14.12
Name:         Mitsubishi Ufj Securities International plc
 
14.13
Name:         Mitsubishi Ufj Trust & Banking Corp.
 
14.14
Name:         Mitsubishi Ufj Trust International
 
14.15
Name:         Morgan Stanley & Co. LLC
SEC File #:   008-15869
 
14.16
Name:         Morgan Stanley & Co. International plc
 
14.17
Name:         Morgan Stanley Australia Ltd.
 
14.18
Name:         Morgan Stanley Australia Securities Ltd.
 
14.19
Name:         Morgan Stanley Asia Ltd.
 
14.20
Name:         Morgan Stanley Asia (Singapore) PTE
 
14.21
Name:         Morgan Stanley Asia (Singapore) Securities PT
 
14.22
Name:         Morgan Stanley Canada Ltd.
 
14.23
Name:         Morgan Stanley Capital Services LLC
 
14.24
Name:         Morgan Stanley C.T.V.M.S.A.
 
14.25
Name:         Morgan Stanley Distribution, Inc.
SEC File #:   008-44766
 
14.26
Name:         Morgan Stanley Futures (Hong Kong) Ltd.
 
14.27
Name:         Morgan Stanley Hong Kong Securities Ltd.
 
14.28
Name:         Morgan Stanley Huaxin Securities Co. Limi
 
14.29
Name:         Morgan Stanley India Co. Private Ltd.
 
14.30
Name:         Morgan Stanley India Financial Services Priva
 
14.31
Name:         Morgan Stanley Menkul Degerler A.S.
 
14.32
Name:         Morgan Stanley Mufg Securities
 
14.33
Name:         Morgan Stanley Mufg Securities Co., Ltd.
 
14.34
Name:         Morgan Stanley Securities Ltd.
 
14.35
Name:         Morgan Stanley Smith Barney Australia Pty Ltd.
 
14.36
Name:         Morgan Stanley Smith Barney Financing, LLC
 
14.37
Name:         Morgan Stanley Smith Barney LLC
SEC File #:   008-68191
 
14.38
Name:         Morgan Stanley Taiwan Ltd.
 
14.39
Name:         Morgan Stanley, S.V.S.A.
 
14.40
Name:         Municenter
 
14.41
Name:         Olivetree Securities Ltd.
 
14.42
Name:         Ooo Morgan Stanley Bank
 
14.43
Name:         Prime Dealer Services Corp.
SEC File #:   008-47025
 
14.44
Name:         RMB Morgan Stanley
 
14.45
Name:         Tokyo Credit Services
 
14.46
Name:         Unionbanc Investment Services
SEC File #:   008-30706
 
14.47
Name:         Unionbancal Corp.
 
Custodian 
 
15.1
Name:         State Street Bank & Trust Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  89

The Identification Code of the family for Form N-SAR Filings:  MSINSTLRET
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Goldman Sachs & Co.
IRS #:        13-5108880
Commissions paid ($000s):  19
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  19
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       Morgan Stanley
IRS #:        13-2655998
Registrant’s purchases ($000s):  765,624
Registrant’s sales ($000s):  764,846
 
22.2
Entity:       Wells Fargo Bank
IRS #:        94-1347393
Registrant’s purchases ($000s):  483,458
Registrant’s sales ($000s):  471,547
 
22.3
Entity:       JP Morgan Chase & Co.
IRS #:        13-2624428
Registrant’s purchases ($000s):  370,855
Registrant’s sales ($000s):  376,960
 
22.4
Entity:       Credit Suisse
IRS #:        13-5659485
Registrant’s purchases ($000s):  259,936
Registrant’s sales ($000s):  195,744
 
22.5
Entity:       Citigroup Global Markets, Inc.
IRS #:        11-2418191
Registrant’s purchases ($000s):  178,279
Registrant’s sales ($000s):  162,309
 
22.6
Entity:       Bank of America Corp.
IRS #:        56-0906609
Registrant’s purchases ($000s):  165,051
Registrant’s sales ($000s):  135,033
 
22.7
Entity:       Goldman Sachs & Co.
IRS #:        13-5108880
Registrant’s purchases ($000s):  111,363
Registrant’s sales ($000s):  120,591
 
22.8
Entity:       State Street Bank & Trust Co.
IRS #:        04-1867445
Registrant’s purchases ($000s):  46,226
Registrant’s sales ($000s):  162,553
 
22.9
Entity:       Deutsche Bank AG
IRS #:        13-2944988
Registrant’s purchases ($000s):  92,552
Registrant’s sales ($000s):  77,942
 
22.10
Entity:       Barclays Bank plc
IRS #:        13-4942190
Registrant’s purchases ($000s):  52,502
Registrant’s sales ($000s):  60,530
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  2,531,396
   Aggregate sales ($000s):  2,578,539
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 985
      Reinvestment of dividends and distributions ................
 987
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 8,288
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 997
      Reinvestment of dividends and distributions ................
 1,092
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 8,551
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 754
      Reinvestment of dividends and distributions ................
 1,083
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 9,705
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 715
      Reinvestment of dividends and distributions ................
 1,189
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 10,203
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 1,801
      Reinvestment of dividends and distributions ................
 1,071
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 8,958
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 477
      Reinvestment of dividends and distributions ................
 1,120
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 10,849

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 5,729
      Reinvestment of dividends and distributions ................
 6,542
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 56,554

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  0
 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.
Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s):  0

The maximum sales load rate in effect at period end as a percentage of
the offering price:  4.25%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.
Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s):  0

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s):  0
 
32.
Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s):  0
 
33.
Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s):  0
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  Yes
 
35.
Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s):  63
 
36.
Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period?  No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s):  0
 
37.
Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.
Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
Payment Plan for the Distribution of Fund Shares 
 
40.
During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.
During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
 –
Printing & mailing of prospectuses to other than current shareholders ..
 –
Payments to underwriters ...............................................
 100
Payments to brokers or dealers .........................................
 –
Direct payments to sales personnel .....................................
 –
Payments to banks and savings & loans ..................................
 –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
 –
Unallocated payments made for a combination of such services ...........
 –
 
43.
Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  563
 
44.
If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  0
 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.0%
    Step-fee rates:
      For 1st $000s:  1,000,000
        Annual rate:  0.42%
      Of next $000s:  500,000
        Annual rate:  0.395%
      Of next $000s:  500,000
        Annual rate:  0.37%
      Of next $000s:  500,000
        Annual rate:  0.345%
      Of next $000s:  2,500,000
        Annual rate:  0.32%
      Of next $000s:  2,500,000
        Annual rate:  0.295%
      Of next $000s:  2,500,000
        Annual rate:  0.27%
      Of next $000s:  2,500,000
        Annual rate:  0.245%
      & Above $000s:  12,500,000
        Annual rate:  0.22%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  Yes
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  Yes
Salaries & compensation of Registrant’s interested Directors ...........  No
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  Yes
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  Yes
 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $1,000
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ...............................    18.5%
U.S. Government Agency ......................      0.0
Repurchase agreements .......................      0.0
State and Municipal – tax-free ..............      0.0
Bank certificates of deposit – domestic .....      0.0
Bank certificates of deposit – foreign ......      0.0
Bankers acceptances .........................      0.0
Commercial paper – taxable ..................      0.0
Time deposits ...............................      0.0
Options .....................................      0.0
All other ...................................      1.5

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ...............................      8.3%
U.S. Government Agency ......................    62.3
State and Municipal – tax-free ..............      9.8
Corporate ...................................      0.0
All other ...................................    20.5

Non-Debt
Investments other than debt securities ......      0.0%
 
63.
The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
    Days:     0
    Years:    6.9
 
64.
Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer?  Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           No        –
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        No        –
Writing or investing in interest rate futures?           Yes to both
Writing or investing in stock index futures?             No        –
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  No        –
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            No        –
Currency exchange transactions?                          No        –
Loaning portfolio securities?                            No        –
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        No        –
Short selling?                                           No        –
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  1,599,212
Sales ($000s):      1,632,096

Monthly average Value of portfolio ($000s):  644,395

Percent turnover (lesser of Purchases or Sales, divided by Value):  248%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
 8,407
Net dividend income ..............................................
 11
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 1,348
Administrator fees ...............................................
 257
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 392
Custodian fees ...................................................
 80
Postage ..........................................................
 –
Printing expenses ................................................
 72
Directors’ fees ..................................................
 16
Registration fees ................................................
 27
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 28
Legal fees .......................................................
 28
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 563
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 43
Total expenses ...................................................
 2,854

Expense reimbursements ($000s):   320

Net investment income ($000s):    5,884

Realized capital gains ($000s):   843
Realized capital losses ($000s):  0

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  8,837

Total income dividends for which the record date passed during the
period ($000s):  5,715
Dividends for a second class of shares ($000s):  1,290

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 113
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 123,172
Long-term debt securities, including convertible debt ............
 621,872
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 –
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 43,283
Receivables from affiliated persons ..............................
 585
Other receivables ................................................
 3,159
All other assets .................................................
 122
Total assets .....................................................
 792,306

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 174,200
Amounts owed to affiliated persons ...............................
 551
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 1,456

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 616,099

Number of shares outstanding (000s):   58,108
Number of shares outstanding of a second class of shares (000s):  12,136

Net Asset Value (NAV) per share (to nearest cent):  $0.00

Total number of shareholder accounts:  4,732

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  647,095
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77I:  Terms of New or Amended Securities?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Shu Rong-Chen      
Name:   Shu Rong-Chen
Title:  Supervisor