Morgan Stanley Investment Funds - stockselection

INVESTMENT MANAGEMENT
Morgan Stanley
Investment Funds
R.C.S. Luxembourg: B-29.192
Société d’Investissement
à Capital Variable
incorporated under
the laws of Luxembourg
Semi-Annual
Report
June 30, 2009

Table of contents
1 Shareholders’ information
STATEMENT OF INVESTMENTS
Equity Funds
2 American Franchise Fund
4 Asian Equity Fund
6 Asian Property Fund
7 Emerging Europe, Middle East and Africa Equity Fund
9 Emerging Markets Equity Fund
12 European Equity Alpha Fund
14 European Property Fund
16 European Small Cap Value Fund
18 Eurozone Equity Alpha Fund
20 Global Brands Fund
22 Global Property Fund
24 Global Small Cap Value Fund
27 Global Value Equity Fund
29 Indian Equity Fund
31 Japanese Equity Advantage Fund
33 Japanese Value Equity Fund
35 Latin American Equity Fund
37 US Equity Growth Fund
39 US Property Fund
41 US Small Cap Growth Fund
45 US Value Equity Fund
Bond Funds
48 Alpha Advantage European Fixed Income Fund
50 Emerging Markets Debt Fund
53 Emerging Markets Domestic Debt Fund
55 Euro Bond Fund
59 Euro Corporate Bond Fund
65 Euro Strategic Bond Fund
70 European Currencies High Yield Bond Fund
74 Global Bond Fund
80 Short Maturity Euro Bond Fund
83 US Bond Fund
88 Global Convertible Bond Fund
Morgan Stanley Investment Funds 30 June 2009
Liquidity Funds
92 Euro Liquidity Fund
94 US Dollar Liquidity Fund
Asset Allocation Funds
95 Diversified Alpha Plus VaR 400 (Euro) Fund
98 Diversified Alpha Plus VaR 800 (Euro) Fund
Alternative Investment Funds
101 Commodities Active GSLE Fund
102 FX Alpha Plus RC 200 (Euro) Fund
104 FX Alpha Plus RC 400 (Euro) Fund
106 FX Alpha Plus RC 400 (Sterling) Fund
107 FX Alpha Plus RC 400 (US Dollar) Fund
108 FX Alpha Plus RC 800 (Euro) Fund
110 FX Alpha Plus RC 800 (Sterling) Fund
STATEMENTS AND NOTES
111 Statement of assets and liabilities
120 Statement of changes in number of shares
144 Statement of operations and changes in net assets
155 Statement of share and net assets statistics
176 Notes to the financial statements
OTHER INFORMATION
183 Directors and service providers
185 Paying and information agents
186 Appendix 1: Fund expense ratios
188 Appendix 2: Portfolio turnover rate
189 Appendix 3: Sub-Advisers
190 Appendix 4: Hedged Share Classes

1 Morgan Stanley Investment Funds 30 June 2009
Shareholders’ information
The annual general meeting of shareholders of
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, or
if such day is not a bank business day on the
following bank 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 C, Recueil des Sociétés
et Associations du Journal Officiel du Grand-Duché de
Luxembourg and in one Luxembourg newspaper.
Audited financial statements to the shareholders in respect of the
preceding financial year are made available at the registered office
of the Company and are available to holders upon request.
In addition, unaudited semi-annual reports are also made available
at the registered office.
The Company’s financial year end is 31 December.
Any other notices relevant to the Company are also published in a
Luxembourg newspaper or mailed to affected shareholders.
The net asset value per share of each Class of Share is available on
each dealing day during Luxembourg business hours at the
registered office of the Company. Net asset value per share
information is also available from market information provider,
such as Bloomberg and Morningstar.
No subscriptions can be received on the basis of financial reports.
Subscriptions are only valid if made on the basis of the current
prospectus supplemented by the latest annual report and the most
recent semi-annual report, if published thereafter.
In Switzerland, Bank Morgan Stanley A.G. carries out the
functions of Swiss representative of the Company as well as those
of paying agent. The prospectus, simplified prospectus, the articles
of association, the annual and semi-annual reports of the
Company may be obtained, upon request and free of charge, at
the Swiss representative’s registered office, Bank Morgan
Stanley A.G., Bahnhofstrasse 92, 8023 Zurich, Switzerland.
In Switzerland, the list of the purchases and sales of investments
which the Company has undertaken during the financial period
can be obtained, upon request and free of charge, from the Swiss
representative, Bank Morgan Stanley A.G., Bahnhofstrasse 92,
8023 Zurich, Switzerland.
The investment aims set out in this semi-annual report are
summaries only. The complete investment objectives and policies
for each Fund are set out in the Company’s current prospectus.

American Franchise Fund
INVESTMENT AIMS
To seek long-term capital appreciation,
measured in US Dollars, through investment
primarily in equity securities of companies
domiciled or exercising the predominant part
of their economic activity in the US.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Morgan Stanley Investment Funds 30 June 2009 2
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Tobacco
Philip Morris International 356,424 15,386,824 7.23
Reynolds American 149,128 5,726,515 2.69
British American Tobacco ADR 49,249 2,732,827 1.28
Total for Tobacco 11.20
Household Products
Procter & Gamble 279,572 14,509,787 6.82
Kimberly-Clark 74,950 3,940,871 1.85
Total for Household Products 8.67
Food Products
Nestlé Regd 274,840 10,411,144 4.89
Cadbury 395,968 3,402,965 1.60
Kellogg 73,092 3,392,931 1.59
Total for Food Products 8.08
Pharmaceuticals
Mead Johnson Nutrition ‘A’ 399,807 12,298,063 5.77
Johnson & Johnson 85,218 4,849,756 2.28
Total for Pharmaceuticals 8.05
Internet Software & Services
eBay 554,089 9,585,739 4.50
Google ‘A’ 7,421 3,150,882 1.48
Total for Internet Software & Services 5.98
IT Services
Mastercard ‘A’ 30,435 5,097,558 2.39
Accenture ‘A’ 115,524 3,853,881 1.81
Redecard 142,100 2,232,166 1.05
Total for IT Services 5.25
Hotels, Restaurants & Leisure
Starbucks 589,603 8,336,986 3.92
McDonald’s 48,382 2,807,124 1.32
Total for Hotels, Restaurants & Leisure 5.24
Beverages
Diageo ADR 55,602 3,219,912 1.51
PepsiCo 45,749 2,524,887 1.18
Dr Pepper Snapple Group 116,437 2,473,122 1.16
Brown-Forman ‘B’ non-vtg 38,221 1,672,169 0.79
Total for Beverages 4.64
Diversified Financial Services
Moody’s 113,991 2,996,823 1.41
Leucadia National 136,526 2,895,716 1.36
BM&FBOVESPA 334,238 2,046,950 0.96
Total for Diversified Financial Services 3.73
Insurance
Berkshire Hathaway ‘B’ 1,689 4,872,765 2.29
Loews 102,111 2,768,229 1.30
Total for Insurance 3.59

3 Morgan Stanley Investment Funds 30 June 2009
American Franchise Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Life Sciences Tools & Services
Thermo Fisher Scientific 76,697 3,173,722 1.49
Millipore 43,327 3,062,785 1.44
Total for Life Sciences Tools & Services 2.93
Road & Rail
Canadian National Railway 69,064 3,000,831 1.41
Burlington Northern Santa Fe 39,764 2,974,745 1.40
Total for Road & Rail 2.81
Health Care Equipment & Supplies
Alcon 31,708 3,704,763 1.74
Dentsply International 56,690 1,747,753 0.82
Total for Health Care Equipment & Supplies 2.56
Food & Staples Retailing
Tesco 500,278 2,923,598 1.37
Costco Wholesale 47,018 2,169,411 1.02
Total for Food & Staples Retailing 2.39
Computers & Peripherals
Apple 32,522 4,645,442 2.18
Total for Computers & Peripherals 2.18
Communications Equipment
Cisco Systems 218,316 4,132,722 1.94
Total for Communications Equipment 1.94
Internet & Catalog Retail
Amazon.Com 48,417 4,077,680 1.92
Total for Internet & Catalog Retail 1.92
Oil, Gas & Consumable Fuels
Ultra Petroleum 93,326 3,735,840 1.75
Total for Oil, Gas & Consumable Fuels 1.75
Real Estate Management and Development
Brookfield Asset Management vtg ‘A’ 210,394 3,660,856 1.72
Total for Real Estate Management and Development 1.72
Construction Materials
Martin Marietta Materials 28,963 2,303,138 1.08
Cemex ADR ‘CPO’ ‘A & B’ 121,529 1,175,185 0.55
Total for Construction Materials 1.63
Consumer Finance
American Express 132,924 3,220,748 1.51
Total for Consumer Finance 1.51
Investments Holdings
Software
Nintendo 11,300 3,127,894 1.47
Total for Software 1.47
Media
McGraw-Hill Companies 99,242 2,987,184 1.40
Total for Media 1.40
Diversified Consumer Services
Weight Watchers International 111,126 2,889,276 1.36
Total for Diversified Consumer Services 1.36
Personal Products
Estee Lauder Companies ‘A’ 76,363 2,514,634 1.18
Total for Personal Products 1.18
Household Durables
Fortune Brands 67,541 2,399,056 1.13
Total for Household Durables 1.13
Capital Markets
Franklin Resources 28,903 2,078,126 0.98
Total for Capital Markets 0.98
Textiles, Apparel & Luxury Goods
Nike ‘B’ 35,862 1,864,824 0.88
Total for Textiles, Apparel & Luxury Goods 0.88
Automobiles
Harley-Davidson 102,803 1,698,306 0.80
Total for Automobiles 0.80
Gas Utilities
Questar 46,059 1,446,253 0.68
Total for Gas Utilities 0.68
Specialty Retail
Abercrombie & Fitch ‘A’ 41,451 1,099,281 0.52
Total for Specialty Retail 0.52
Total Investment Securities 209,000,645 98.17
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Amount
sold
Market
value
Net unrealised
gain as at
30 June 2009
% of net
assets
% of net
assets
03/07/2009 6,230,201 EUR 8,703,819 USD 65,509 0.03
Total Forward Foreign Currency Exchange Contracts 65,509 0.03
Other Assets less Liabilities 3,825,149 1.80
Total Net Asset Value 212,891,304 100.00

Asian Equity Fund
INVESTMENT AIMS
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.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Morgan Stanley Investment Funds 30 June 2009 4
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
China
China Construction Bank ‘H’ 24,568,000 19,051,842 3.64
China Mobile (Hong Kong) (4) 1,848,000 18,503,606 3.54
Industrial & Commercial Bank of China ‘H’ 23,588,000 16,435,298 3.15
PetroChina ‘H’ 13,660,000 15,157,998 2.91
Bank of China ‘H’ 29,054,000 13,833,274 2.65
China Life Insurance ‘H’ 3,472,000 12,767,835 2.45
Dongfeng Motor Group ‘H’ 13,056,000 11,017,437 2.11
Shangai Industrial Holdings (Hong Kong) (4) 2,535,000 10,205,288 1.96
Ping An Insurance Group Co of China ‘H’ 1,475,500 9,985,674 1.91
China Zhongwang Holdings (Cayman Islands) (4) 6,486,800 8,905,634 1.71
GOME Electrical Appliances Holdings
(Bermuda) (4) 31,971,144 7,961,743 1.53
China Communications Services ‘H’ 12,552,000 7,757,846 1.49
China Citic Bank ‘H’ 10,491,000 6,808,910 1.31
Anhui Conch Cement ‘H’ 845,000 5,287,996 1.01
Belle International Holdings (Cayman Islands) (4) 5,724,000 5,037,055 0.97
Beijing Enterprises Holdings (Hong Kong) (4) 922,500 4,606,489 0.88
China Resources Power Holdings
(Hong Kong) (4) 1,862,000 4,141,996 0.79
China Overseas Land & Investment
(Hong Kong) (4) 1,613,456 3,747,333 0.72
China Oilfield Services ‘H’ 3,392,000 3,680,820 0.71
Yanzhou Coal Mining ‘H’ 2,424,000 3,334,130 0.64
Sino-Ocean Land Holdings (Hong Kong) (4) 2,873,500 3,288,725 0.63
Datang International Power Generation ‘H’ 4,858,000 2,958,641 0.57
China Dongxiang Group (Cayman Islands) (4) 4,011,500 2,696,728 0.52
Fushan International Energy Group
(Hong Kong) (4) 3,644,000 2,012,402 0.39
BYD Electronic International (Hong Kong) (4) 2,572,000 1,579,685 0.30
361 Degrees International (Cayman Islands) (4) 937,000 471,517 0.09
China Resources Power Holdings Rts exp.
10/07/2009 (Hong Kong) (4) 186,200 79,284 0.02
Total for China 38.60
South Korea
Samsung Electronics 37,060 17,257,547 3.32
Shinhan Financial Group 297,581 7,548,956 1.45
NHN 54,236 7,529,815 1.44
Woongjin Coway 299,984 7,314,956 1.40
LG Chem 60,379 6,625,400 1.27
KB Financial Group 174,480 5,874,101 1.13
Samsung Electronics Pfd 14,243 4,369,362 0.84
Shinsegae 10,395 4,129,218 0.79
LG Electronics 42,185 3,882,361 0.74
Hyundai Engineering & Construction 81,130 3,407,805 0.65
Amorepacific 6,038 3,243,887 0.62
Hana Financial Group 147,770 3,184,849 0.61
Cheil Worldwide 15,470 2,847,463 0.55
KT&G 46,350 2,625,030 0.50
Samsung Fire & Marine Insurance 16,661 2,463,831 0.47
Cheil Industries 63,384 2,288,465 0.44
SK Telecom 13,602 1,861,675 0.36
LG Telecom 230,760 1,455,750 0.28
SSCP 111,569 682,771 0.13
LG.Philips LCD 1,748 43,724 0.01
Total for South Korea 17.00
Taiwan
Taiwan Semiconductor Manufacturing 9,655,461 16,097,340 3.09
Hon Hai Precision Industry 4,409,157 13,640,032 2.62
HTC 651,300 9,210,704 1.77
Cathay Financial Holding 5,608,800 8,299,520 1.59
Acer 3,032,320 5,277,216 1.01
Wistron 2,497,000 4,147,714 0.80
Fubon Financial Holding 3,906,000 3,654,806 0.70
Chunghwa Telecom 1,580,242 3,154,704 0.60

5 Morgan Stanley Investment Funds 30 June 2009
Asian Equity Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Taiwan (continued)
Taishin Financial Holdings 8,303,000 3,112,676 0.60
Yuanta Financial Holding 4,617,000 3,109,896 0.60
Siliconware Precision Industries 2,525,000 2,928,261 0.56
Taiwan Fertilizer 918,000 2,725,181 0.52
First Financial Holding 4,019,940 2,401,427 0.46
MediaTek 88,000 1,051,387 0.20
Wistron GDR RegS 56,350 901,600 0.17
Total for Taiwan 15.29
Hong Kong
Wharf Holdings 2,030,749 8,607,644 1.64
New World Development 2,845,800 5,148,078 0.98
Cheung Kong Holdings 421,000 4,840,079 0.93
Sun Hung Kai Properties 368,000 4,596,379 0.88
Kerry Properties (Bermuda) (4) 1,017,070 4,461,927 0.86
Hutchison Whampoa 627,000 4,097,696 0.79
Hang Seng Bank 257,900 3,627,192 0.70
BOC Hong Kong Holdings 2,027,500 3,552,657 0.68
Li & Fung (Bermuda) (4) 1,224,000 3,285,016 0.63
Lifestyle International Holdings
(Cayman Islands) (4) 1,743,000 2,419,927 0.46
Hong Kong Land Holdings (Bermuda) (4) 586,000 2,074,440 0.40
Pacific Basin Shipping (Bermuda) (4) 3,228,000 2,061,728 0.40
Hopewell Holdings 638,000 2,000,413 0.38
Swire Pacific ‘A’ 150,500 1,518,574 0.29
NWS Holdings (Bermuda) (4) 827,000 1,496,050 0.29
Total for Hong Kong 10.31
Indonesia
PT Telekomunikasi Indonesia 8,103,000 5,953,711 1.14
PT Bank Central Asia 12,544,000 4,331,874 0.83
PT Astra International 1,776,000 4,140,955 0.79
PT Bank Mandiri Persero 11,490,000 3,573,916 0.69
Bank Rakyat Indonesia 5,129,000 3,165,584 0.61
PT Indocement Tunggal Prakarsa 3,101,000 2,354,421 0.45
PT Bumi Resources 11,732,000 2,137,793 0.41
PT Perusahaan Gas Negara 5,590,000 1,725,055 0.33
Total for Indonesia 5.25
Singapore
Singapore Telecommunications 2,905,000 6,020,933 1.15
Oversea-Chinese Banking 887,300 4,094,901 0.79
Singapore Exchange 742,000 3,639,642 0.70
DBS Group Holdings 415,500 3,387,267 0.65
United Overseas Bank 314,000 3,184,580 0.61
Keppel 436,000 2,078,414 0.40
CapitaLand 458,000 1,173,913 0.23
City Developments 158,000 936,571 0.18
Singapore Press Holdings 380,000 829,597 0.16
CWT Distribution 1,950,000 646,654 0.12
Total for Singapore 4.99
India
Bharat Heavy Electricals 46,200 2,132,505 0.40
HDFC Bank 62,600 1,957,512 0.37
State Bank Of India (1) 50,800 1,856,780 0.36
Jaiprakash Associates 378,900 1,623,914 0.31
Hero Honda Motors 54,809 1,604,211 0.31
Unitech 954,215 1,591,691 0.31
Bharti Airtel 93,400 1,569,022 0.30
Hindustan Unilever 259,500 1,453,743 0.28
Total for India 2.64
Investments Holdings
Market
value
% of net
assets
Thailand
Advanced Info Service (Foreign) 1,051,700 2,791,987 0.53
PTT (Foreign) (1) 324,400 2,226,741 0.43
Kasikornbank (Foreign) (1) 1,026,200 2,182,444 0.42
Bangkok Bank Public ‘NVDR’ (1) 658,900 2,087,451 0.40
Siam Commercial Bank (Foreign) (1) 735,000 1,617,043 0.31
Banpu (Foreign) Regd 87,800 870,531 0.17
Total for Thailand 2.26
Malaysia
Bumiputra-Commerce Holdings 670,200 1,725,551 0.33
Tenaga Nasional 665,500 1,448,385 0.28
IJM 665,000 1,097,297 0.21
AMMB Holdings 1,078,500 1,037,078 0.20
Digi.Com 77,000 486,316 0.09
Total for Malaysia 1.11
Germany
Esprit Holdings (Bermuda) (4) 849,800 4,742,371 0.91
Total for Germany 0.91
Philippines
Ayala 227,820 1,253,578 0.24
Total for Philippines 0.24
Total Investment Securities 514,184,348 98.60
Other Assets less Liabilities 7,311,409 1.40
Total Net Asset Value 521,495,757 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(4) The country in brackets represents the country of incorporation of this security.

Asian Property Fund
INVESTMENT AIMS
To seek long-term capital appreciation,
measured in US Dollars, through investment
in the equity securities of companies in the
Asian real estate industry.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Morgan Stanley Investment Funds 30 June 2009 6
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
Hong Kong
Sun Hung Kai Properties 6,019,300 75,182,029 9.62
Hong Kong Land Holdings (Bermuda) (4) 10,745,000 38,037,300 4.86
Kerry Properties (Bermuda) (4) 8,066,213 35,386,800 4.52
Hang Lung Properties 7,613,000 25,196,249 3.22
Henderson Land Development 3,630,300 20,821,258 2.66
Hysan Development 5,910,206 15,175,688 1.94
Swire Pacific ‘A’ 1,444,500 14,575,283 1.86
Cheung Kong Holdings 994,000 11,427,646 1.46
Agile Property Holdings (Cayman Islands) (4) 4,418,000 6,350,437 0.81
Sino Land 3,016,000 4,996,766 0.64
Total for Hong Kong 31.59
Japan
Mitsui Fudosan 4,354,000 76,168,411 9.73
Mitsubishi Estate 4,449,000 74,500,691 9.52
Sumitomo Realty & Development 2,025,000 37,277,428 4.76
NTT Urban Development 23,440 22,780,937 2.91
Nippon Building Fund 1,923 16,510,556 2.11
Japan Real Estate Investment 1,753 14,595,426 1.87
Total for Japan 30.90
Australia
Westfield Group 8,058,387 74,253,088 9.49
Stockland 6,096,842 15,846,528 2.03
GPT 29,178,751 11,576,757 1.48
CFS Retail Property Trust 8,187,479 10,938,513 1.40
Commonwealth Property Office Fund 4,654,103 3,127,795 0.40
Mirvac Group 1,797,110 1,571,530 0.20
Stockland ‘New’ 173,621 451,265 0.06
Total for Australia 15.06
China
China Overseas Land & Investment
(Hong Kong) (4) 16,234,080 37,704,473 4.82
China Resources Land (Cayman Islands) (4) 16,281,000 36,090,835 4.61
Guangzhou R&F Properties ‘H’ 10,471,900 23,510,801 3.00
Shimao Property Holdings
(Cayman Islands) (4) 5,346,500 10,389,323 1.33
Total for China 13.76
Singapore
CapitaLand 11,412,000 29,250,420 3.74
CWT Distribution 18,468,000 6,124,315 0.78
CapitaMall Trust 4,279,000 4,138,727 0.53
CapitaCommercial Trust 3,899,000 2,208,836 0.28
Suntec Real Estate Investment Trust 3,068,000 1,822,847 0.23
Total for Singapore 5.56
Total Investment Securities 757,988,958 96.87
Other Assets less Liabilities 24,529,678 3.13
Total Net Asset Value 782,518,636 100.00
(4) The country in brackets represents the country of incorporation of this security.
% of net
assets

7 Morgan Stanley Investment Funds 30 June 2009
Emerging Europe, Middle East
and Africa Equity Fund
INVESTMENT AIMS
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.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments Holdings
Market
value
% of net
assets
South Africa
MTN Group 1,192,199 13,100,429 7.44
AngloGold Ashanti 266,455 7,162,726 4.07
Naspers ‘N’ 350,174 6,508,285 3.70
Impala Platinum Holdings 411,900 6,488,311 3.69
Harmony Gold Mining 422,700 3,234,008 1.84
Mr Price Group 1,152,360 3,071,183 1.74
Clicks Group 1,773,800 2,998,540 1.70
African Bank Investments 1,088,512 2,777,680 1.58
Anglo Platinum 54,800 2,750,948 1.56
SABMiller (United Kingdom) (4) 180,443 2,632,085 1.50
Tiger Brands 175,102 2,310,599 1.31
AngloGold Ashanti ADR 29,860 801,896 0.46
Harmony Gold Mining ADR 75,600 576,849 0.33
Sasol 19,760 496,793 0.28
Total for South Africa 31.20
Russia
Rosneft Oil GDR 2,447,132 9,840,337 5.59
LUKOIL ADR 275,369 8,995,393 5.11
Sberbank 8,714,071 7,924,415 4.50
Wimm-Bill-Dann Foods ADR 157,281 6,289,899 3.57
Polyus Gold ADR 261,409 3,835,101 2.18
Vimpel-Communications ADR 428,105 3,637,623 2.07
Gazprom ADR 218,399 3,239,986 1.84
RusHydro GDR 965,390 2,599,430 1.48
X5 Retail Group GDR RegS (Netherlands) (4) 225,383 2,457,908 1.40
Magnit GDR RegS 383,470 2,397,454 1.36
Mobile Telesystems ADR 84,379 2,255,222 1.28
RusHydro ‘CLS’ 30,173,000 814,601 0.46
KamAZ (1) 261,278 132,272 0.08
Total for Russia 30.92
Turkey
Turkiye Garanti Bankasi 2,041,969 3,939,307 2.24
Anadolu Efes Biracilik Ve Malt Sanayii 417,493 2,691,172 1.53
Akbank 821,584 2,628,927 1.49
BIM Birlesik Magazalar 76,331 1,929,189 1.10
Turkiye Is Bankasi ‘C’ 639,974 1,347,397 0.77
Turk Telekomunikasyon 551,398 1,217,165 0.69
Akcansa Cimento 548,404 885,029 0.50
Total for Turkey 8.32
Poland
Bank Pekao 152,805 4,003,701 2.27
Powszechna Kasa Oszczednosci Bank Polski 483,329 2,837,447 1.61
Bank Handlowy w Warszawie 202,257 2,224,120 1.26
Eurocash 858,717 1,984,123 1.13
Bank Zachodni WBK 49,740 1,014,822 0.58
Cyfrowy Polsat 242,067 852,543 0.48
Multimedia Polska 478,179 729,425 0.41
LPP 2,722 717,476 0.41
Total for Poland 8.15
Israel
Teva Pharmaceutical Industries 278,156 9,719,083 5.52
Check Point Software Technologies 214,343 3,592,307 2.04
Total for Israel 7.56

Emerging Europe, Middle East
and Africa Equity Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments Holdings
Market
value
% of net
assets
Czech Republic
CEZ 172,862 5,614,121 3.19
Komercni Banka 32,600 3,234,265 1.84
Telefonica O2 Czech Republic 42,024 687,279 0.39
Total for Czech Republic 5.42
Hungary
Gedeon Richter 31,670 4,070,520 2.31
Total for Hungary 2.31
Morocco
ONA 21,909 2,893,331 1.64
Total for Morocco 1.64
Kuwait
Mobile Telecommunications 986,600 2,878,280 1.64
Total for Kuwait 1.64
United Arab Emirates
Damas International 10,266,064 1,783,278 1.01
Total for United Arab Emirates 1.01
Kazakhstan
KazakhGold Group GDR RegS (Jersey) (4) 299,222 1,243,615 0.71
Total for Kazakhstan 0.71
Total Investment Securities 174,047,895 98.88
Other Assets less Liabilities 1,972,597 1.12
Total Net Asset Value 176,020,492 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(4) The country in brackets represents the country of incorporation of this security.
Morgan Stanley Investment Funds 30 June 2009 8

9 Morgan Stanley Investment Funds 30 June 2009
Emerging Markets Equity Fund
INVESTMENT AIMS
To seek to maximise total return, measured
in US Dollars, through investment primarily
in emerging country equity securities.
The Fund will invest in those emerging market
countries in which the Company believes
that economies are developing strongly
and in which the markets are becoming more
sophisticated.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
China
Industrial & Commercial Bank of China ‘H’ 21,702,000 15,121,199 1.84
China Construction Bank ‘H’ 19,047,000 14,770,451 1.81
China Mobile (Hong Kong) (4) 1,450,500 14,523,529 1.78
PetroChina ‘H’ 12,334,000 13,686,585 1.67
Bank of China ‘H’ 24,121,000 11,484,560 1.40
China Life Insurance ‘H’ 2,852,000 10,487,865 1.28
Dongfeng Motor Group ‘H’ 10,723,000 9,048,712 1.11
Shangai Industrial Holdings (Hong Kong) (4) 2,101,000 8,458,110 1.03
China Zhongwang Holdings
(Cayman Islands) (4) 5,984,400 8,215,896 1.01
GOME Electrical Appliances Holdings
(Bermuda) (4) 29,230,000 7,279,119 0.89
Ping An Insurance Group Co of China ‘H’ 936,500 6,337,909 0.78
Anhui Conch Cement ‘H’ 887,000 5,550,832 0.68
China Citic Bank ‘H’ 8,513,000 5,525,140 0.68
Beijing Enterprises Holdings (Hong Kong) (4) 984,500 4,916,085 0.60
Yanzhou Coal Mining ‘H’ 3,480,000 4,786,622 0.59
China Resources Power Holdings
(Hong Kong) (4) 1,839,000 4,090,832 0.50
Belle International Holdings
(Cayman Islands) (4) 4,238,000 3,729,392 0.46
China Oilfield Services ‘H’ 3,204,000 3,476,812 0.43
Datang International Power Generation ‘H’ 4,409,000 2,685,189 0.33
China Communications Services ‘H’ 3,854,000 2,381,990 0.29
BYD Electronic International (Hong Kong) (4) 3,142,000 1,929,771 0.24
China Dongxiang Group (Cayman Islands) (4) 2,852,100 1,917,322 0.23
Fushan International Energy Group
(Hong Kong) (4) 3,118,000 1,721,918 0.21
China Railway Construction ‘H’ 1,001,900 1,546,138 0.19
China Resources Power Holdings
Rts exp. 10/07/2009 (Hong Kong) (4) 183,900 78,305 0.01
Total for China 20.04
Brazil
Itau Unibanco Holding ADR Pfd 885,011 14,390,279 1.75
Vale ADR Pfd ‘A’ 908,812 14,268,349 1.74
Petroleo Brasileiro ADR Pfd 345,862 11,814,646 1.45
Petroleo Brasileiro Pfd 492,832 8,409,515 1.03
BM&FBOVESPA 1,146,500 7,021,430 0.86
Companhia de Bebidas das Americas ADR Pfd 99,400 6,478,892 0.79
Perdigao 332,828 6,342,184 0.78
NET Servicos de Comunicacao Pfd 626,486 6,094,410 0.75
Itau Unibanco Holding Pfd 206,063 3,349,050 0.41
Banco Bradesco ADR Pfd 196,800 2,965,776 0.36
Ultrapar Participacoes Pfd 92,580 2,961,324 0.36
MRV Engenharia e Participacoes 206,000 2,868,984 0.35
PDG Realty - Empreendimentos e Participacoes 260,700 2,837,187 0.35
Companhia Brasileira de Meios de Pagamento 241,600 2,100,977 0.26
Banco Bradesco Pfd 128,700 1,937,107 0.24
Vale Pfd ‘A’ 98,632 1,548,340 0.19
Lojas Renner 85,400 967,545 0.12
Total for Brazil 11.79
South Korea
Samsung Electronics 42,331 19,712,068 2.41
NHN 60,873 8,451,258 1.03
Woongjin Coway 300,980 7,339,243 0.90
Shinhan Financial Group 286,268 7,261,970 0.89
LG Chem 63,898 7,011,540 0.86
KB Financial Group 148,850 5,011,233 0.61
Samsung Electronics Pfd 15,909 4,880,445 0.60
Samsung Fire & Marine Insurance 27,889 4,124,229 0.50
LG Electronics 43,935 4,043,416 0.49
SK Telecom 25,378 3,473,430 0.42

Emerging Markets Equity Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
South Korea (continued)
Cheil Worldwide 18,051 3,322,531 0.41
Shinsegae 8,186 3,251,734 0.40
KT&G 55,190 3,125,682 0.38
Amorepacific 5,786 3,108,502 0.38
Cheil Industries 80,715 2,914,197 0.36
Hyundai Engineering & Construction 64,095 2,692,262 0.33
Hana Financial Group 117,910 2,541,284 0.31
LG Telecom 204,460 1,289,837 0.16
Hyundai Motor 18,330 1,068,397 0.13
SSCP 105,196 643,770 0.08
Total for South Korea 11.65
Taiwan
Taiwan Semiconductor Manufacturing 9,091,254 15,156,708 1.86
Hon Hai Precision Industry 4,486,322 13,878,747 1.70
HTC 654,400 9,254,544 1.13
Cathay Financial Holding 5,881,900 8,703,634 1.06
Yuanta Financial Holding 8,380,000 5,644,560 0.69
Wistron 3,329,000 5,529,732 0.68
Taishin Financial Holdings 12,402,000 4,649,333 0.57
Acer 2,547,075 4,432,733 0.54
Fubon Financial Holding 4,659,000 4,359,381 0.53
Siliconware Precision Industries 3,486,000 4,042,740 0.49
Taiwan Fertilizer 1,177,000 3,494,051 0.43
Chunghwa Telecom 1,572,991 3,140,229 0.38
First Financial Holding 3,825,448 2,285,242 0.28
Wistron GDR RegS 33,950 543,200 0.07
Total for Taiwan 10.41
India
HDFC Bank 373,855 11,690,505 1.43
Bharat Heavy Electricals 193,747 8,942,996 1.09
State Bank Of India (1) 174,285 6,370,254 0.78
Hero Honda Motors 213,928 6,261,482 0.77
Jaiprakash Associates 1,290,577 5,531,237 0.68
Infosys Technologies 147,740 5,496,547 0.67
Morgan Stanley Growth Fund 5,372,744 5,374,207 0.66
Axis Bank 290,400 5,061,474 0.62
Unitech 2,878,694 4,801,842 0.59
Hindustan Unilever 843,491 4,725,316 0.58
Union Bank Of India 676,087 3,427,867 0.42
Hindustan Petroleum 445,036 2,786,718 0.34
ITC 516,800 2,064,494 0.25
Maruti Suzuki India 81,325 1,820,573 0.22
Deccan Chronicle Holdings 752,820 1,172,192 0.14
Total for India 9.24
South Africa
MTN Group 836,241 12,933,976 1.58
Naspers ‘N’ 314,400 8,224,870 1.01
Impala Platinum Holdings 298,800 6,624,976 0.81
AngloGold Ashanti 141,620 5,358,495 0.66
SABMiller (United Kingdom) (4) 226,927 4,659,183 0.57
Tiger Brands 249,973 4,642,911 0.57
African Bank Investments 1,081,624 3,884,982 0.48
Anglo Platinum 53,551 3,783,845 0.46
Harmony Gold Mining 253,200 2,726,693 0.33
Mr Price Group 723,246 2,713,110 0.33
Sasol 40,027 1,416,464 0.17
AngloGold Ashanti ADR 7,960 300,888 0.04
Total for South Africa 7.01
Morgan Stanley Investment Funds 30 June 2009 10
Investments Holdings
Market
value
% of net
assets
Russia
LUKOIL ADR 203,592 9,361,160 1.14
Rosneft Oil GDR 1,294,088 7,324,538 0.89
Gazprom ADR 256,303 5,356,733 0.66
Vimpel-Communications ADR 354,469 4,239,449 0.52
X5 Retail Group GDR RegS (Netherlands) (4) 219,947 3,376,186 0.41
Sberbank 2,531,626 3,240,481 0.40
Wimm-Bill-Dann Foods ADR 54,490 3,067,242 0.38
Polyus Gold ADR 141,284 2,917,515 0.36
RusHydro GDR 558,125 2,115,294 0.26
RusHydro ‘CLS’ 19,676,476 747,717 0.09
Total for Russia 5.11
Mexico
America Movil ADR ‘L’ 355,841 13,970,318 1.70
Grupo Televisa ADR ‘CPO’ 381,900 6,606,870 0.81
Grupo Financiero Banorte ‘O’ 2,614,583 6,422,522 0.79
Wal-Mart de Mexico ‘V’ 1,386,109 4,110,090 0.50
Desarrolladora Homex ADR 114,743 3,263,291 0.40
Total for Mexico 4.20
Indonesia
PT Bank Central Asia 17,410,000 6,012,270 0.74
PT Bank Mandiri Persero 14,784,500 4,598,657 0.56
Bank Rakyat Indonesia 7,418,500 4,578,648 0.56
PT Astra International 1,902,600 4,436,138 0.54
PT Telekomunikasi Indonesia 4,845,500 3,560,250 0.44
PT Perusahaan Gas Negara 11,327,500 3,495,628 0.43
PT Bumi Resources 8,706,000 1,586,398 0.19
PT Indocement Tunggal Prakarsa 1,918,000 1,456,233 0.18
Total for Indonesia 3.64
Turkey
Turkiye Garanti Bankasi 3,191,058 8,665,014 1.07
Akbank 1,150,978 5,183,909 0.63
Anadolu Efes Biracilik Ve Malt Sanayii 358,407 3,251,865 0.40
Turkiye Is Bankasi ‘C’ 1,088,345 3,225,252 0.39
Turkiye Halk Bankasi 707,165 2,792,656 0.34
Turkcell Iletisim Hizmet 493,981 2,789,122 0.34
Turk Telekomunikasyon 552,885 1,717,841 0.21
Haci Omer Sabanci Holding 608,118 1,643,348 0.20
Total for Turkey 3.58
Poland
Bank Pekao 191,019 7,044,732 0.85
Powszechna Kasa Oszczednosci Bank Polski 698,447 5,771,414 0.71
Telekomunikacja Polska 553,850 2,745,598 0.34
Bank Zachodni WBK 80,089 2,299,962 0.28
Bank Handlowy w Warszawie 134,956 2,088,866 0.26
Polskie Gornictwo Naftowe I Gazownictwo 1,567,895 2,024,815 0.25
KGHM Polska Miedz 54,152 1,415,761 0.17
Total for Poland 2.86
Czech Republic
CEZ 165,258 7,554,549 0.92
Komercni Banka 39,551 5,523,054 0.68
Telefonica O2 Czech Republic 162,767 3,746,849 0.46
Total for Czech Republic 2.06
Thailand
Bangkok Bank Public ‘NVDR’ (1) 1,387,200 4,394,767 0.53
Kasikornbank (Foreign) (1) 1,754,586 3,731,519 0.46
Siam Commercial Bank (Foreign) 1,077,800 2,371,223 0.29
PTT Exploration & Production (Foreign) (1) 533,500 2,128,366 0.26
PTT (Foreign) (1) 244,300 1,676,920 0.21
Kasikornbank ‘NVDR’ (1) 862,077 1,675,348 0.20
Total for Thailand 1.95

11 Morgan Stanley Investment Funds 30 June 2009
Emerging Markets Equity Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Israel
Teva Pharmaceutical Industries ADR 164,927 8,129,252 0.99
Check Point Software Technologies 140,954 3,325,105 0.41
Elbit Systems 1 40 0.00
Total for Israel 1.40
Malaysia
Bumiputra-Commerce Holdings 1,167,500 3,005,939 0.37
Tenaga Nasional 1,073,800 2,337,004 0.29
Digi.Com 326,800 2,064,000 0.25
Total for Malaysia 0.91
Panama
Copa Holdings ‘A’ 97,097 3,956,703 0.48
Total for Panama 0.48
Hungary
Gedeon Richter 19,367 3,503,709 0.43
Total for Hungary 0.43
Total transferable securities and money market
instruments admitted to official exchange listing
or dealt in on another regulated market 790,914,367 96.76
Other transferable securities and money market instruments
not admitted to official exchange listing or dealt in on another
regulated market. As at 30 June 2009, expressed in US dollars.
Brazil
Lojas Arapua GDR 144A Pfd (1) 12,659 0 0.00
Lojas Arapua Pfd (1) 11,491,000 0 0.00
Banco Nacional Pfd (1) 30,754,160 0 0.00
Total for Brazil 0.00
Russia
Alliance Celluose ‘B’
(United States of America) (1) (4) 50,000 0 0.00
Total for Russia 0.00
Total other transferable securities and money market
instruments not admitted to official exchange listing
or dealt in on another regulated market 0 0.00
Total Investment Securities 790,914,367 96.76
Other Assets less Liabilities 26,522,939 3.24
Total Net Asset Value 817,437,306 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(4) The country in brackets represents the country of incorporation of this security.

European Equity Alpha Fund*
INVESTMENT AIMS
To seek long-term capital growth, measured
in Euro, through investment primarily in the
equity securities of European companies
listed on European Stock Exchanges.
* Name changed from European Equity Fund on 6 March 2009.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Morgan Stanley Investment Funds 30 June 2009 12
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments Holdings
Market
value
% of net
assets
United Kingdom
HSBC Holdings 1,116,698 6,616,925 4.36
Royal Dutch Shell ‘A’ 359,812 6,497,738 4.27
Vodafone Group 3,770,380 5,206,222 3.42
BG Group 406,814 4,919,980 3.24
GlaxoSmithkline 362,671 4,590,519 3.02
Anglo American 189,383 4,012,620 2.64
Tesco 945,887 3,927,188 2.58
British American Tobacco 188,928 3,711,269 2.44
Imperial Tobacco Group 174,149 3,210,339 2.11
BAE Systems 771,261 3,083,534 2.03
Rolls-Royce Group 722,546 3,062,689 2.01
Morrison WM Supermarkets 955,779 2,662,526 1.75
Prudential 492,079 2,431,023 1.60
Man Group 681,250 2,259,723 1.49
Reed Elsevier 379,123 2,016,548 1.33
Carphone Warehouse Group 888,797 1,656,710 1.09
SSL International 258,106 1,566,819 1.03
Kingfisher 621,590 1,299,135 0.85
Rolls-Royce Group ‘C’ (1) 55,732,934 65,440 0.04
Total for United Kingdom 41.30
Switzerland
Nestlé Regd 263,609 7,094,388 4.66
Roche Holding ‘Genusschein’ 57,758 5,651,039 3.72
Novartis Regd 164,534 4,781,925 3.15
UBS Regd 325,729 2,900,705 1.91
Zurich Financial Services 19,738 2,505,854 1.65
Total for Switzerland 15.09
France
BNP Paribas 104,878 4,971,217 3.27
GDF Suez 133,124 3,581,701 2.36
Société Générale ‘Ser A’ 82,185 3,237,678 2.13
ArcelorMittal (Luxembourg) (4) 120,231 2,895,162 1.90
Schneider Electric 51,875 2,875,431 1.89
Electricité de France 54,422 1,898,511 1.25
Total for France 12.80
Germany
Siemens Regd 76,274 3,822,853 2.52
Bayer 95,002 3,693,678 2.43
MAN 70,522 3,135,408 2.06
Muenchener Rueckversicherungs Regd 32,181 3,119,948 2.05
Allianz Regd 43,645 2,890,608 1.90
Fresenius Pfd 55,853 2,153,692 1.42
Total for Germany 12.38
Spain
Telefonica 288,556 4,642,866 3.06
Banco Bilbao Vizcaya Argentaria 417,330 3,776,837 2.48
Total for Spain 5.54
Netherlands
Koninklijke KPN 329,078 3,238,128 2.13
Wolters Kluwer 158,441 1,978,136 1.30
Total for Netherlands 3.43

13 Morgan Stanley Investment Funds 30 June 2009
European Equity Alpha Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments Holdings
Market
value
% of net
assets
Italy
ENI 293,356 4,998,786 3.29
Total for Italy 3.29
Belgium
Umicore 149,593 2,457,813 1.62
Total for Belgium 1.62
Austria
Telekom Austria 197,461 2,195,766 1.44
Total for Austria 1.44
Sweden
Autoliv SDR (United States of America) (4) 91,885 1,877,180 1.23
Total for Sweden 1.23
Total Investment Securities 149,172,257 98.12
Other Assets less Liabilities 2,861,425 1.88
Total Net Asset Value 152,033,682 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(4) The country in brackets represents the country of incorporation of this security.

European Property Fund
INVESTMENT AIMS
To seek long-term capital appreciation,
measured in Euro, through investment
in the equity securities of companies
in the European real estate industry.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Morgan Stanley Investment Funds 30 June 2009 14
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments Holdings
Market
value
% of net
assets
France
Unibail-Rodamco 108,884 11,732,795 9.89
ICADE 136,059 7,983,942 6.73
Klepierre 275,062 5,026,758 4.24
SILIC (Société Immobilière de Location
pour l’Industrie et le Commerce) 72,183 4,536,702 3.82
Mercialys 168,705 3,708,136 3.13
Gecina 79,110 3,421,903 2.88
Fonciere des Regions 41,956 2,246,534 1.89
Total for France 32.58
United Kingdom
Land Securities Group 1,100,769 6,107,004 5.15
Segro 20,379,371 6,042,022 5.09
Hammerson 1,512,661 5,505,966 4.64
British Land 1,024,684 4,620,100 3.89
Derwent London 193,115 2,135,980 1.80
Big Yellow Group 522,709 2,111,294 1.78
Safestore Holdings 1,789,082 1,927,376 1.62
Liberty International 356,074 1,655,639 1.40
Unite Group 988,420 1,581,278 1.33
Grainger 859,560 1,481,100 1.25
Great Portland Estates 552,073 1,442,304 1.22
Brixton 1,650,002 808,856 0.68
Quintain Estates & Development 1,332,016 782,005 0.66
Capital & Regional 1,100,515 423,192 0.36
Minerva 2,097,449 326,315 0.28
Shaftesbury 84,654 299,685 0.25
Total for United Kingdom 31.40
Netherlands
Corio 238,394 8,272,272 6.98
Eurocommercial Properties ‘CVA’ 135,831 2,962,474 2.50
Wereldhave 54,717 2,929,275 2.47
ProLogis European Properties (Luxembourg) (4) 697,656 1,939,484 1.63
Vastned Retail 53,019 1,867,859 1.57
Total for Netherlands 15.15
Sweden
Hufvudstaden ‘A’ 1,194,889 5,234,904 4.41
Castellum 111,903 505,738 0.43
Total for Sweden 4.84
Switzerland
PSP Swiss Property Regd 146,159 4,964,810 4.18
Total for Switzerland 4.18
Italy
Beni Stabili 4,336,239 2,428,294 2.05
Total for Italy 2.05
Finland
Sponda 555,490 1,160,974 0.98
Citycon 407,581 749,949 0.63
Total for Finland 1.61

15 Morgan Stanley Investment Funds 30 June 2009
European Property Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments Holdings
Market
value
Germany
Alstria Office 317,278 1,792,621 1.51
Total for Germany 1.51
Austria
Conwert Immobilien Invest 173,791 1,027,105 0.86
CA Immobilien Anlagen 85,405 504,744 0.43
Total for Austria 1.29
Belgium
Cofinimmo 5,455 456,774 0.39
Befimmo S.C.A. Sicafi 900 48,915 0.04
Total for Belgium 0.43
Total Investment Securities 112,753,078 95.04
Other Assets less Liabilities 5,881,535 4.96
Total Net Asset Value 118,634,613 100.00
(4) The country in brackets represents the country of incorporation of this security.
% of net
assets

European Small Cap Value Fund
INVESTMENT AIMS
To provide an attractive rate of return,
measured in Euro, by investing primarily
in the common stocks of small to medium
sized European corporations with a market
capitalisation of up to US $5 billion
(or equivalent) that the Company believes
to be undervalued relative to the stock
market in general at the time of purchase.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Morgan Stanley Investment Funds 30 June 2009 16
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments Holdings
Market
value
% of net
assets
United Kingdom
Premier Foods 640,959 276,579 2.71
Britvic 78,914 263,381 2.58
Wincanton 110,442 250,277 2.46
CVS Group 125,728 212,581 2.09
Spirax-Sarco Engineering 19,568 196,216 1.93
Luminar Group Holdings 143,812 192,500 1.89
Dignity 26,604 187,738 1.85
Wolseley 13,001 176,010 1.73
Catlin Group (Bermuda) (4) 35,606 134,933 1.33
Interserve 61,899 133,367 1.31
Spectris 18,407 121,897 1.20
Home Retail Group 38,144 116,447 1.14
Chemring Group 4,437 113,573 1.12
SIG 95,990 109,609 1.08
Filtrona 72,981 106,044 1.04
Informa (Jersey) (4) 39,760 102,940 1.01
Keller Group 15,094 99,514 0.98
Bodycote 62,866 97,990 0.96
IMI 20,865 77,662 0.76
Smurfit Kappa Group (Ireland) (4) 19,444 75,297 0.74
Devro 68,183 73,253 0.72
Wellstream Holdings 11,257 68,930 0.68
FirstGroup 12,737 53,503 0.53
Tate & Lyle 14,102 53,483 0.53
Ark Therapeutics Group 91,746 47,668 0.47
De La Rue 3,927 41,867 0.41
Rotork 2,626 25,792 0.25
Numis 7,277 11,706 0.12
Meggitt 5,575 10,408 0.10
Total for United Kingdom 33.72
France
Euler Hermes 5,502 238,677 2.34
Teleperformance 9,744 211,250 2.08
Virbac 2,801 162,346 1.60
Stallergenes 2,944 138,132 1.36
Bull 63,379 122,321 1.20
Beneteau 6,862 52,357 0.51
ICADE 826 48,470 0.48
Neopost 173 11,089 0.11
Rubis 210 11,088 0.11
Total for France 9.79
Italy
Interpump Group 62,473 219,905 2.16
Buzzi Unicem 15,626 161,417 1.59
Prysmian 10,893 117,100 1.15
Brembo 24,805 105,173 1.03
Davide Campari-Milano 18,054 103,811 1.02
SAES Getters 10,461 66,689 0.66
Total for Italy 7.61
Sweden
Unibet Group SDR (Malta) (4) 10,853 195,697 1.91
Saab ‘B’ 27,121 150,087 1.47
Getinge ‘B’ 11,206 105,682 1.04
Intrum Justitia 14,539 99,568 0.98
SKF ‘B’ 9,668 85,381 0.84
G&L Beijer ‘B’ 5,059 72,791 0.72
Swedish Match 4,270 49,525 0.49
Autoliv SDR (United States of America) (4) 534 10,909 0.11
Total for Sweden 7.56

17 Morgan Stanley Investment Funds 30 June 2009
European Small Cap Value Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments Holdings
Market
value
% of net
assets
Ireland
FBD Holdings 30,557 219,511 2.16
Glanbia 83,543 191,580 1.88
Kerry Group ‘A’ 9,025 146,205 1.44
Smurfit Kappa Group 19,556 75,486 0.74
Total for Ireland 6.22
Norway
Pronova BioPharma 62,468 122,179 1.20
Fred Olsen Energy 4,397 107,256 1.05
Schibsted 16,110 105,564 1.04
ProSafe (Cyprus) (4) 27,766 101,250 1.00
TGS Nopec Geophysical 10,012 71,801 0.71
Schibsted Rts exp. 2/07/2009 16,110 26,703 0.26
Hafslund ‘B’ 2,991 24,458 0.24
Total for Norway 5.50
Germany
GFK 13,582 202,643 1.99
Alstria Office 19,235 108,678 1.07
MTU Aero Engines Holding 3,774 100,388 0.99
Sartorius Pfd 6,064 56,395 0.55
Symrise 4,700 49,773 0.49
Total for Germany 5.09
Finland
Konecranes 12,177 207,740 2.05
Uponor 11,088 94,913 0.93
Rautaruukki 3,415 50,269 0.49
Ponsse 12,826 48,739 0.48
UPM-Kymmene 7,042 44,646 0.44
Jaakko Poyry Group 712 7,270 0.07
Total for Finland 4.46
Greece
Eurobank Properties Real Estate Investment 27,465 197,748 1.94
Hellenic Exchanges 16,030 129,362 1.27
Fourlis Holdings 7,557 69,827 0.69
Total for Greece 3.90
Austria
Vienna Insurance Group 4,582 139,430 1.38
Semperit Holding 5,569 107,148 1.05
Oesterreichische Post 3,010 61,524 0.60
A-TEC Industries 6,527 58,221 0.57
Total for Austria 3.60
Denmark
Topdanmark 1,462 123,485 1.21
NKT Holding 4,092 98,494 0.97
Sydbank 4,947 80,379 0.79
FLSmidth & Co 1,858 47,965 0.47
Total for Denmark 3.44
Investments Holdings
Market
value
Spain
Viscofan 9,302 141,576 1.39
Red Electrica de Espana 2,876 93,614 0.92
Sociedad General de Aguas de Barcelona ‘A’ 5,250 84,000 0.83
Total for Spain 3.14
Netherlands
Grontmij ‘CVA’ 6,293 103,205 1.02
Smartrac 7,814 101,973 1.00
Nutreco Holding 825 22,886 0.22
Total for Netherlands 2.24
Switzerland
Bucher Industries Regd 1,024 74,201 0.73
Oridion Systems Regd (Israel) (4) 16,095 51,928 0.51
Kuoni Reisen Holding Regd ‘B’ 232 51,727 0.51
LEM Holding ‘Bearer’ Regd 174 28,868 0.28
Total for Switzerland 2.03
Belgium
Elia System Operator 32 831 0.01
Total for Belgium 0.01
Total transferable securities and money market
instruments admitted to official exchange listing
or dealt in on another regulated market 10,002,469 98.31
Other transferable securities and money market instruments
not admitted to official exchange listing or dealt in on another
regulated market. As at 30 June 2009, expressed in Euro.
% of net
assets
United Kingdom
Torex Retail (1) 1,306,646 0 0.00
Total for United Kingdom 0.00
Total other transferable securities and money market
instruments not admitted to official exchange listing
or dealt in on another regulated market 0 0.00
Total Investment Securities 10,002,469 98.31
Other Assets less Liabilities 171,980 1.69
Total Net Asset Value 10,174,449 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(4) The country in brackets represents the country of incorporation of this security.

Eurozone Equity Alpha Fund*
INVESTMENT AIMS
To seek attractive long-term capital growth,
measured in Euro, through investment primarily
in a concentrated portfolio of equity securities
of companies domiciled or exercising the
predominant part of their economic activity
in the Eurozone (being those member states
of the European Union which have adopted
the Euro as their national currency).
* Name changed from Eurozone Equity Opportunities Fund on 6 March 2009.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Morgan Stanley Investment Funds 30 June 2009 18
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments Holdings
Market
value
% of net
assets
Germany
Siemens Regd 50,560 2,534,068 4.91
Bayer 55,041 2,139,994 4.15
Muenchener Rueckversicherungs Regd 16,329 1,583,097 3.07
Allianz Regd 23,215 1,537,529 2.98
RWE 25,447 1,450,733 2.81
MAN 31,141 1,384,529 2.68
Henkel & Co Pfd 54,763 1,222,310 2.37
Fresenius Pfd 25,299 975,529 1.89
Total for Germany 24.86
France
BNP Paribas 47,031 2,229,269 4.33
Axa 113,241 1,553,100 3.01
GDF Suez 55,350 1,489,192 2.89
Société Générale ‘Ser A’ 36,680 1,445,009 2.80
ArcelorMittal (Luxembourg) (4) 59,237 1,426,427 2.76
Schneider Electric 21,425 1,187,588 2.30
Pernod-Ricard 23,659 1,062,762 2.06
Electricité de France 27,417 956,442 1.85
Total for France 22.00
Netherlands
Unilever ‘CVA’ 107,136 1,850,774 3.59
Koninklijke KPN 162,421 1,598,223 3.10
Koninklijke Ahold 168,986 1,388,727 2.69
Wolters Kluwer 57,691 720,272 1.40
Total for Netherlands 10.78
Spain
Telefonica 171,091 2,752,854 5.33
Banco Bilbao Vizcaya Argentaria 242,852 2,197,811 4.26
Total for Spain 9.59
Italy
ENI 150,295 2,561,027 4.97
Azimut Holding 176,185 1,214,796 2.35
Ansaldo STS 86,695 1,142,640 2.21
Total for Italy 9.53
Finland
Kone ‘B’ 69,993 1,560,844 3.02
Fortum 75,933 1,253,654 2.43
Nokia 117,708 1,252,413 2.43
Total for Finland 7.88
United Kingdom
Royal Dutch Shell ‘A’ 63,639 1,152,502 2.24
Imperial Tobacco Group 56,055 1,033,342 2.00
Total for United Kingdom 4.24
Belgium
Umicore 64,783 1,064,385 2.06
UCB 23,759 546,457 1.06
Total for Belgium 3.12

19 Morgan Stanley Investment Funds 30 June 2009
Eurozone Equity Alpha Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments Holdings
Market
value
% of net
assets
Ireland
CRH 69,429 1,132,929 2.20
Total for Ireland 2.20
Austria
Telekom Austria 79,045 878,980 1.70
Total for Austria 1.70
Total Investment Securities 49,480,208 95.90
Other Assets less Liabilities 2,116,298 4.10
Total Net Asset Value 51,596,506 100.00
(4) The country in brackets represents the country of incorporation of this security.

Global Brands Fund
INVESTMENT AIMS
To seek an attractive long-term rate of return,
measured in US Dollars, through investment
principally in equity securities of companies
in the world’s developed countries,
by investing in a concentrated portfolio
of companies whose success the Company
believes depends on intangible assets
(for example, but not limited to, brand names,
copyrights or methods of distribution)
underpinning a strong business franchise.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Morgan Stanley Investment Funds 30 June 2009 20
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
United States of America
Philip Morris International 1,195,942 51,628,815 5.40
Procter & Gamble 599,870 31,133,253 3.26
McGraw-Hill Companies 1,020,318 30,711,572 3.21
Moody’s 1,088,321 28,611,959 2.99
eBay 1,600,382 27,686,609 2.90
Kellogg 487,131 22,612,621 2.37
Harley-Davidson 1,338,056 22,104,685 2.31
Starbucks 1,428,657 20,201,210 2.11
Fortune Brands 533,057 18,934,185 1.98
Weight Watchers International 719,745 18,713,370 1.96
Career Education 710,837 17,984,176 1.88
Estee Lauder Companies ‘A’ 533,348 17,563,150 1.84
Scotts Miracle-Gro ‘A’ 483,866 17,022,406 1.78
Brown-Forman ‘B’ non-vtg 333,829 14,605,019 1.53
Total for United States of America 35.52
United Kingdom
British American Tobacco 3,102,859 85,793,030 8.97
Imperial Tobacco Group 2,323,869 60,298,334 6.31
Experian (Jersey) (4) 5,362,509 40,369,228 4.22
Unilever 1,683,564 39,844,344 4.17
Cadbury 3,811,425 32,755,539 3.43
Reckitt Benckiser Group 617,839 28,417,283 2.97
Diageo 1,672,148 24,153,506 2.53
Total for United Kingdom 32.60
Switzerland
Novartis Regd 791,813 32,391,686 3.39
Nestlé Regd 853,329 32,324,739 3.38
Total for Switzerland 6.77
Netherlands
Wolters Kluwer 1,966,969 34,566,061 3.62
Reed Elsevier 2,664,616 29,573,325 3.09
Total for Netherlands 6.71
Sweden
Swedish Match 2,891,846 47,210,058 4.94
Total for Sweden 4.94
France
Danone 641,465 32,016,623 3.35
Total for France 3.35
Finland
Kone ‘B’ 905,006 28,406,658 2.97
Total for Finland 2.97
Japan
Kao 1,206,000 26,387,714 2.76
Total for Japan 2.76

21 Morgan Stanley Investment Funds 30 June 2009
Global Brands Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Ireland
C&C Group 3,894,845 13,157,254 1.38
Total for Ireland 1.38
Total Investment Securities 927,178,412 97.00
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Amount
sold
Market
value
Net unrealised
gain/(loss)
as at
30 June 2009
03/07/2009 11,279,751 EUR 15,757,813 USD 119,015 0.01
29/07/2009 31,080,093 USD 19,100,000 GBP (485,746) (0.05)
29/07/2009 31,080,475 USD 19,100,000 GBP (485,364) (0.05)
29/07/2009 31,080,074 USD 19,100,000 GBP (485,766) (0.05)
29/07/2009 31,063,094 USD 19,100,000 GBP (502,746) (0.05)
Total Forward Foreign Currency Exchange Contracts (1,840,607) (0.19)
Other Assets less Liabilities 30,548,030 3.19
Total Net Asset Value 955,885,835 100.00
(4) The country in brackets represents the country of incorporation of this security.
% of net
assets
% of net
assets

Global Property Fund
INVESTMENT AIMS
To seek to provide current income and long
term capital appreciation, measured in
US Dollars, primarily through investment in
the equity securities of companies in the real
estate industry located throughout the world’s
developed countries and emerging markets.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Morgan Stanley Investment Funds 30 June 2009 22
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
United States of America
Simon Property Group 117,934 6,146,720 2.95
Equity Residential 197,761 4,421,936 2.12
AvalonBay Communities 68,987 3,866,721 1.86
Public Storage 58,013 3,751,121 1.80
Vornado Realty Trust 73,362 3,324,032 1.59
Boston Properties 67,062 3,169,350 1.52
Brookfield Properties (Canada) (4) 360,585 2,845,016 1.37
Starwood Hotels & Resorts Worldwide 116,573 2,590,252 1.24
Federal Realty Investment Trust 48,609 2,516,488 1.21
Regency Centers 70,795 2,484,197 1.19
HCP 104,042 2,195,286 1.05
Host Hotels & Resorts 231,790 1,914,585 0.92
Senior Housing Properties Trust 112,128 1,850,112 0.89
Ventas 60,850 1,817,590 0.87
Healthcare Realty Trust 99,384 1,682,571 0.81
Forest City Enterprises ‘A’ 216,840 1,413,797 0.68
Equity Lifestyle Properties 36,336 1,342,615 0.64
Camden Property Trust 47,246 1,311,549 0.63
Liberty Property Trust 52,474 1,207,951 0.58
Post Properties 87,906 1,206,949 0.58
Mack-Cali Realty 47,918 1,097,322 0.53
Acadia Realty Trust 64,400 848,792 0.41
AMB Property 36,746 697,439 0.33
Taubman Centers 25,240 689,052 0.33
PS Business Parks 12,272 602,310 0.29
Sovran Self Storage 23,211 563,795 0.27
Kilroy Realty 23,320 481,325 0.23
Duke Realty 51,350 446,745 0.21
DCT Industrial Trust 67,373 282,293 0.14
Assisted Living Concepts ‘A’ 15,869 232,163 0.11
Digital Realty Trust 6,520 230,873 0.11
Nationwide Health Properties 8,510 220,324 0.11
DiamondRock Hospitality 19,720 124,039 0.06
Morgans Hotel Group 30,347 113,194 0.05
Weingarten Realty Investors 7,640 111,620 0.05
Capital Senior Living 22,300 100,796 0.05
Highwoods Properties 4,398 98,691 0.05
Kite Realty Group Trust 32,730 90,335 0.04
LTC Properties 2,360 49,890 0.02
Care Investment Trust 9,479 49,480 0.02
Ramco-Gershenson Properties Trust 3,224 32,240 0.02
Essex Property Trust 240 14,995 0.01
LaSalle Hotel Properties 980 11,966 0.01
Total for United States of America 27.95
Japan
Mitsubishi Estate 562,000 9,410,966 4.52
Mitsui Fudosan 504,000 8,816,922 4.23
Sumitomo Realty & Development 315,000 5,798,711 2.78
Nippon Building Fund 187 1,605,551 0.77
NTT Urban Development 1,310 1,273,167 0.61
Japan Real Estate Investment 111 924,183 0.44
Total for Japan 13.35
Hong Kong
Sun Hung Kai Properties 853,700 10,662,851 5.12
Hong Kong Land Holdings (Bermuda) (4) 1,512,000 5,352,480 2.57
Kerry Properties (Bermuda) (4) 659,411 2,892,863 1.39
Hang Lung Properties 822,000 2,720,520 1.31
Henderson Land Development 315,000 1,806,654 0.87
Hysan Development 400,145 1,027,456 0.49
Sino Land 326,000 540,101 0.26
Agile Property Holdings (Cayman Islands) (4) 306,000 439,845 0.21
Swire Pacific ‘A’ 41,500 418,743 0.20
Total for Hong Kong 12.42

23 Morgan Stanley Investment Funds 30 June 2009
Global Property Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
United Kingdom
Land Securities Group 622,344 4,859,889 2.33
Segro 9,389,707 3,918,388 1.88
British Land 580,149 3,681,839 1.77
Hammerson 647,610 3,317,946 1.59
Liberty International 280,428 1,835,315 0.88
Derwent London 96,088 1,495,940 0.72
Big Yellow Group 208,055 1,182,853 0.57
Safestore Holdings 666,423 1,010,532 0.48
Unite Group 335,009 754,375 0.36
Great Portland Estates 198,920 731,480 0.35
Grainger 199,185 483,091 0.23
Shaftesbury 78,699 392,149 0.19
Brixton 457,748 315,847 0.15
Quintain Estates & Development 261,171 215,819 0.10
Capital & Regional 214,355 116,022 0.06
Minerva 473,625 103,716 0.05
Total for United Kingdom 11.71
France
Unibail-Rodamco 81,938 12,427,581 5.97
ICADE 36,428 3,008,772 1.44
SILIC (Société Immobilière de Location
pour l’Industrie et le Commerce) 25,783 2,280,881 1.09
Klepierre 67,688 1,741,137 0.84
Mercialys 25,136 777,656 0.37
Gecina 8,955 545,212 0.26
Fonciere des Regions 7,067 532,620 0.26
Total for France 10.23
Australia
Westfield Group 828,876 7,637,583 3.66
Stockland 655,683 1,704,210 0.82
CFS Retail Property Trust 717,540 958,637 0.46
GPT 2,029,270 805,119 0.39
Commonwealth Property Office Fund 323,857 217,648 0.10
Mirvac 190,733 166,791 0.08
Stockland ‘New’ 12,454 32,370 0.02
Total for Australia 5.53
China
China Overseas Land & Investment
(Hong Kong) (4) 2,137,280 4,963,941 2.38
China Resources Land (Cayman Islands) (4) 1,407,000 3,118,961 1.50
Guangzhou R&F Properties ‘H’ 886,600 1,990,534 0.96
Shimao Property Holdings (Cayman Islands) (4) 357,000 693,723 0.33
Total for China 5.17
Netherlands
Corio 95,014 4,640,672 2.23
Wereldhave 22,890 1,724,834 0.83
Eurocommercial Properties ‘CVA’ 43,662 1,340,365 0.64
Vastned Retail 15,883 787,606 0.38
ProLogis European Properties (Luxembourg) (4) 156,985 614,281 0.29
Total for Netherlands 4.37
Singapore
CapitaLand 1,232,000 3,157,774 1.52
CapitaMall Trust 460,000 444,920 0.21
CapitaCommercial Trust 403,000 228,305 0.11
Suntec Real Estate Investment Trust 317,000 188,345 0.09
Total for Singapore 1.93
Investments Holdings
Market
value
Switzerland
PSP Swiss Property Regd 58,081 2,776,994 1.33
Total for Switzerland 1.33
Sweden
Hufvudstaden ‘A’ 303,962 1,874,409 0.90
Castellum 79,956 508,626 0.24
Total for Sweden 1.14
Austria
Conwert Immobilien Invest 85,997 715,376 0.34
CA Immobilien Anlagen 25,107 208,856 0.10
Total for Austria 0.44
Brazil
BR Malls Participaçoes 113,700 905,281 0.43
Total for Brazil 0.43
Finland
Sponda 158,845 467,287 0.23
Citycon 121,601 314,933 0.15
Total for Finland 0.38
Canada
RioCan Real Estate Investment Trust 50,165 659,878 0.31
Extendicare Real Estate Investment Trust 22,680 119,766 0.06
Total for Canada 0.37
Italy
Beni Stabili 852,431 671,910 0.32
Total for Italy 0.32
Germany
Alstria Office 62,765 499,149 0.24
Total for Germany 0.24
Total Investment Securities 202,807,674 97.31
Other Assets less Liabilities 5,609,879 2.69
Total Net Asset Value 208,417,553 100.00
(4) The country in brackets represents the country of incorporation of this security.
% of net
assets

Global Small Cap Value Fund
INVESTMENT AIMS
To provide an attractive rate of return,
measured in US Dollars, by investing
in the common stocks of small to medium
sized corporations that the Company believes
to be undervalued relative to the stock
market in general at the time of purchase.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Morgan Stanley Investment Funds 30 June 2009 24
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
United States of America
MAXIMUS 41,140 1,691,676 2.06
AAR 89,250 1,435,140 1.75
Healthsouth 90,600 1,322,760 1.61
PharMerica 65,000 1,275,950 1.55
Corn Products International 41,000 1,125,860 1.37
AerCap Holdings (Netherlands) (4) 134,000 984,900 1.20
Perrigo 35,046 981,638 1.20
ProAssurance 21,303 980,364 1.19
Syniverse Holdings 58,011 937,458 1.14
NBTY 32,700 929,661 1.13
Zep 66,861 852,478 1.04
Platinum Underwriters Holdings (Bermuda) (4) 29,000 817,800 1.00
Checkpoint Systems 50,400 791,784 0.96
Tekelec 47,000 791,010 0.96
Argo Group International Holdings (Bermuda) (4) 26,300 739,030 0.90
Brink’s Home Security Holdings 25,800 721,884 0.88
Bio-Rad Laboratories ‘A’ 9,170 697,745 0.85
Employers Holdings 49,900 678,141 0.83
Rock-Tenn ‘A’ 16,800 645,624 0.79
Reinsurance Group of America 18,100 626,984 0.76
Brink’s 20,000 581,600 0.71
UGI 22,200 570,984 0.70
Zebra Technologies ‘A’ 23,400 557,622 0.68
Moog ‘A’ (Ltd vtg Rights) 21,450 554,697 0.68
Conseco 232,425 541,550 0.66
Potlatch 21,500 523,525 0.64
Allete 18,048 517,256 0.63
Amtrust Financial Services 44,100 509,355 0.62
Forward Air 23,600 508,580 0.62
Gartner 33,000 503,910 0.61
Informatica 28,000 484,400 0.59
Avista 26,700 476,862 0.58
Pactiv 22,100 474,266 0.58
Forestar Group 40,112 474,124 0.58
Microsemi 33,900 468,498 0.57
MSC.Software 68,930 461,831 0.56
Epicor Software sr unsecur CV 2.375% /2027 668,000 456,745 0.56
Allscripts-Misys Healthcare Solutions 28,200 456,276 0.56
Central Garden and Pet 40,685 454,045 0.55
Denny’s 201,490 447,308 0.55
Aecom Technology 13,500 430,920 0.53
Orion Marine Group 21,460 424,050 0.52
Dolan Media 32,000 420,800 0.51
Polypore International 37,200 416,268 0.51
Silgan Holdings 8,300 407,613 0.50
UTi Worldwide (British Virgin Islands) (4) 35,800 405,972 0.49
Stage Stores 34,125 395,509 0.48
Acxiom 42,500 381,650 0.47
Provident New York Bancorp 45,271 370,769 0.45
Validus Holdings (Bermuda) (4) 16,600 360,552 0.44
Maidenform Brands 30,190 356,544 0.43
Copart 9,400 329,658 0.40
Exterran Holdings 19,852 322,198 0.39
AFC Enterprises 46,400 319,232 0.39
Broadridge Financial Solutions 19,400 318,548 0.39
Central Garden and Pet ‘A’ non-vtg 31,364 313,326 0.38
Hill-Rom Holdings 19,210 312,739 0.38
Adtran 13,900 298,155 0.36
Scotts Miracle-Gro ‘A’ 8,100 284,958 0.35
Portland General Electric 14,500 282,750 0.34
John Bean Technologies 19,053 246,165 0.30
Cytec Industries 13,300 241,395 0.29
Ness Technologies 59,945 234,385 0.29
Superior Energy Services 13,090 230,515 0.28
Rogers 11,485 226,025 0.28
Snap-On 7,700 224,224 0.27
MB Financial 20,996 212,480 0.26
Greenhill & Co 2,900 209,844 0.26
First Niagara Financial Group 16,000 184,800 0.23
Spirit Aerosystems Holdings ‘A’ 12,200 171,410 0.21
Quanex Building Products 13,000 147,680 0.18

25 Morgan Stanley Investment Funds 30 June 2009
Global Small Cap Value Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
United States of America (continued)
Cognex 9,900 141,669 0.17
HEICO ‘A’ 4,200 126,168 0.15
Albany International ‘A’ 5,755 65,895 0.08
Total for United States of America 47.36
Japan
Japan Securities Finance 165,408 1,399,532 1.71
Fuyo General Lease 41,900 936,386 1.14
Tokyo Tomin Bank 46,319 889,741 1.08
Yachiyo Bank 26,700 849,249 1.03
Fuji Machine Manufacturing 65,100 788,332 0.96
Shinkawa 55,300 744,384 0.91
Jaccs 301,000 672,678 0.82
Ohara 44,000 624,292 0.76
Taiheiyo Cement 339,000 584,938 0.71
Leopalace21 63,900 572,546 0.70
TOC 127,500 557,949 0.68
Daibiru 64,500 557,138 0.68
Toei Animation 31,800 548,703 0.67
Miraial 25,900 538,434 0.66
THK 32,000 479,975 0.58
Union Tool 17,400 456,681 0.56
Nakanishi 6,014 443,838 0.54
Hikari Tsushin 19,381 438,165 0.53
Sumitomo Osaka Cement 194,030 421,519 0.51
Axell 108 385,053 0.47
Mori Seiki 36,500 381,295 0.46
Sawada Holdings 71,200 299,735 0.37
Sun Frontier Fudousan 987 295,366 0.36
Vantec Group Holdings 277 258,846 0.32
Disco 5,400 230,134 0.28
St Marc Holdings 7,300 227,639 0.28
Maxvalu Tokai 17,800 217,400 0.26
CKD 39,100 199,961 0.24
Okinawa Cellular Telephone 111 191,529 0.23
Harmonic Drive Systems 75 174,471 0.21
Nihon Trim 8,450 168,728 0.21
Ozeki 4,500 126,527 0.15
Osaki Engineering 104 121,075 0.15
Nihon Micro Coating 46,800 115,778 0.14
Alpha Systems 4,700 104,059 0.13
Fujimi 500 8,144 0.01
Total for Japan 19.50
United Kingdom
Britvic 179,606 843,753 1.03
Wincanton 258,967 826,030 1.01
Premier Foods 1,235,688 750,516 0.91
Spectris 48,474 451,837 0.55
Wolseley 23,397 445,845 0.54
SIG 267,427 429,822 0.52
Informa (Jersey) (4) 116,778 425,563 0.52
CVS Group 171,852 408,989 0.50
Chemring Group 11,036 397,615 0.48
Bodycote 165,640 363,407 0.44
Home Retail Group 83,707 359,691 0.44
Luminar Group Holdings 189,841 357,675 0.44
Filtrona 137,590 281,401 0.34
Spirax-Sarco Engineering 19,916 281,096 0.34
IMI 48,315 253,125 0.31
Tate & Lyle 38,803 207,139 0.25
Dignity 20,058 199,231 0.24
Catlin Group (Bermuda) (4) 31,952 170,435 0.21
Smurfit Kappa Group (Ireland) (4) 19,053 103,853 0.13
Ark Therapeutics Group 137,608 100,635 0.12
Rotork 6,869 94,963 0.12
Total for United Kingdom 9.44
Investments Holdings
Market
value
% of net
assets
Ireland
Glanbia 218,509 705,240 0.85
Kerry Group ‘A’ 23,990 547,027 0.67
Icon ADR 24,500 538,510 0.66
FBD Holdings 33,132 337,461 0.41
Smurfit Kappa Group 59,829 325,060 0.40
Glanbia 15,298 50,171 0.06
Total for Ireland 3.05
Italy
Prysmian 27,941 422,780 0.52
Buzzi Unicem 28,666 416,803 0.51
Davide Campari-Milano 44,077 356,733 0.43
Interpump Group 59,142 293,024 0.36
Brembo 42,395 253,014 0.31
SAES Getters 17,584 157,784 0.19
Total for Italy 2.32
Norway
Schibsted 43,992 405,749 0.49
Fred Olsen Energy 11,668 400,615 0.49
Pronova BioPharma 114,691 315,742 0.38
TGS Nopec Geophysical 27,275 275,321 0.34
ProSafe (Cyprus) (4) 37,476 192,352 0.23
Schibsted Rts exp. 2/07/2009 41,114 95,920 0.12
Total for Norway 2.05
Finland
Rautaruukki 20,812 431,207 0.53
Konecranes 17,423 418,375 0.51
Uponor 29,464 355,001 0.43
UPM-Kymmene 35,800 319,474 0.39
Total for Finland 1.86
Sweden
Saab ‘B’ 75,967 591,735 0.73
Getinge ‘B’ 23,012 305,470 0.37
SKF ‘B’ 23,428 291,223 0.35
Intrum Justitia 21,555 207,776 0.25
Total for Sweden 1.70
Australia
Boral 128,205 422,497 0.51
Goodman Fielder 299,854 316,843 0.39
Pacific Brands 457,240 316,544 0.39
Infomedia 799,642 191,004 0.23
Total for Australia 1.52
France
Euler Hermes 6,849 418,197 0.52
Teleperformance 11,611 354,318 0.43
Bull 94,839 257,637 0.31
ICADE 2,186 180,553 0.22
Total for France 1.48
Germany
GFK 21,486 451,220 0.55
MTU Aero Engines Holding 10,860 406,607 0.50
Sartorius Pfd 15,654 204,914 0.25
Alstria Office 16,545 131,577 0.16
Total for Germany 1.46

Global Small Cap Value Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
Denmark
NKT Holding 12,356 418,616 0.51
Topdanmark 3,044 361,888 0.44
Sydbank 9,184 210,037 0.26
Total for Denmark 1.21
Bermuda
Max Capital Group 39,700 732,068 0.89
Total for Bermuda 0.89
Switzerland
Bucher Industries Regd 2,666 271,915 0.34
LEM Holding ‘Bearer’ Regd 926 216,243 0.26
Kuoni Reisen Holding Regd ‘B’ 584 183,275 0.22
Total for Switzerland 0.82
Canada
Stantec 24,500 584,484 0.71
Total for Canada 0.71
Hong Kong
Techtronic Industries 445,500 308,684 0.38
Midland Holdings (Bermuda) (4) 446,000 271,625 0.33
Total for Hong Kong 0.71
China
Yip’s Chemical Holdings (Cayman Islands) (4) 606,000 308,079 0.38
Total for China 0.38
Netherlands
Smartrac 15,142 278,136 0.34
Total for Netherlands 0.34
New Zealand
Fisher & Paykel Healthcare 95,523 181,623 0.22
Total for New Zealand 0.22
Singapore
Singapore Post 290,000 179,315 0.22
Total for Singapore 0.22
Austria
Semperit Holding 5,710 154,634 0.19
Total for Austria 0.19
Spain
Miquel y Costas & Miquel 5,033 99,179 0.12
Total for Spain 0.12
Total transferable securities and money market
instruments admitted to official exchange listing
or dealt in on another regulated market 80,050,307 97.55
Morgan Stanley Investment Funds 30 June 2009 26
Other transferable securities and money market instruments
not admitted to official exchange listing or dealt in on another
regulated market. As at 30 June 2009, expressed in US dollars.
% of net
assets Investments Holdings
Market
value
% of net
assets
Germany
SCS Standard Computersysteme (1) 1,795 0 0.00
Total for Germany 0.00
Total other transferable securities and money market
instruments not admitted to official exchange listing
or dealt in on another regulated market 0 0.00
Total Investment Securities 80,050,307 97.55
Other Assets less Liabilities 2,009,790 2.45
Total Net Asset Value 82,060,097 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(4) The country in brackets represents the country of incorporation of this security.

27 Morgan Stanley Investment Funds 30 June 2009
Global Value Equity Fund
INVESTMENT AIMS
To seek an attractive long-term rate of return,
measured in US Dollars, through investment
principally in equity securities of companies
listed on the world’s stock exchanges.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
United States of America
Philip Morris International 287,446 12,409,045 4.22
Reynolds American 237,748 9,129,523 3.11
Bristol-Myers Squibb 404,846 8,287,198 2.82
Verizon Communications 227,003 7,071,143 2.41
Kimberly-Clark 129,258 6,796,386 2.32
AT&T 241,107 6,051,786 2.06
McGraw-Hill Companies 198,110 5,963,111 2.03
Intel 272,025 4,518,335 1.54
Willis Group Holdings (Bermuda) (4) 168,390 4,339,410 1.48
Eli Lilly & Co 119,856 4,200,953 1.43
Portland General Electric 185,066 3,608,787 1.23
Pfizer 217,899 3,301,170 1.13
Diebold 115,697 3,072,912 1.05
Potlatch 121,383 2,955,676 1.01
Avery Dennison 105,339 2,715,639 0.93
Du Pont (E.I.) de Nemours 104,132 2,714,721 0.93
Allete 86,128 2,468,428 0.84
Bank of New York Mellon 80,286 2,373,254 0.81
Total for United States of America 31.35
United Kingdom
Vodafone Group 5,583,928 10,852,785 3.71
British American Tobacco 319,583 8,836,365 3.01
BP ADS 722,998 5,764,789 1.96
Royal Dutch Shell ‘A’ 220,856 5,613,834 1.91
Britvic 781,322 3,670,494 1.25
GlaxoSmithKline 177,756 3,166,920 1.08
Scottish & Southern Energy 153,634 2,907,280 0.99
Diageo 175,356 2,532,947 0.86
IMI 465,318 2,437,828 0.83
BHP Billiton 75,989 1,750,055 0.60
Meggitt 626,129 1,645,337 0.56
Total for United Kingdom 16.76
France
France Telecom 216,934 4,961,864 1.69
Total 79,275 4,359,010 1.49
GDF Suez 106,887 4,047,825 1.38
Vallourec 24,789 3,062,973 1.04
Unibail-Rodamco 19,093 2,895,846 0.99
BNP Paribas 33,709 2,248,993 0.77
ICADE 26,909 2,222,550 0.76
Neopost 24,545 2,214,547 0.75
Euler Hermes 35,105 2,143,494 0.73
Total for France 9.60
Japan
Hoya 237,200 4,773,341 1.62
Daifuku 546,000 3,898,987 1.33
TDK 66,600 3,142,914 1.07
Tokyo Tomin Bank 162,800 3,127,222 1.07
Mori Seiki 283,100 2,957,388 1.01
Takeda Pharmaceutical 75,200 2,939,057 1.00
Yamaha 219,900 2,756,607 0.94
Nintendo 9,200 2,546,604 0.87
Amada 314,000 1,955,054 0.67
Total for Japan 9.58

Global Value Equity Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Netherlands
Wolters Kluwer 562,802 9,890,267 3.37
Reed Elsevier 547,575 6,077,278 2.07
Koninklijke KPN 287,600 3,983,344 1.36
Unilever ‘CVA’ 136,804 3,326,448 1.13
Akzo Nobel 46,578 2,085,491 0.71
Total for Netherlands 8.64
Germany
Muenchener Rueckversicherungs Regd 50,601 6,905,112 2.34
E.ON 124,988 4,542,431 1.55
RWE 45,566 3,656,417 1.25
Siemens Regd 42,216 2,978,187 1.02
Total for Germany 6.16
Italy
ENI 356,184 8,542,949 2.91
Total for Italy 2.91
Spain
Telefonica 237,855 5,386,816 1.83
Banco Bilbao Vizcaya Argentaria 121,107 1,542,701 0.53
Total for Spain 2.36
Switzerland
Novartis Regd 131,165 5,365,731 1.83
Kuoni Reisen Holding Regd ‘B’ 4,689 1,471,534 0.50
Total for Switzerland 2.33
Singapore
ComfortDelgro 3,547,000 3,136,661 1.07
Singapore Post 4,917,000 3,040,323 1.04
Total for Singapore 2.11
Finland
Rautaruukki 119,235 2,470,446 0.85
Konecranes 69,608 1,671,483 0.57
Nokia 88,849 1,330,632 0.45
Total for Finland 1.87
Ireland
CRH 219,669 5,043,834 1.72
Total for Ireland 1.72
Greece
OPAP 123,110 3,327,043 1.13
Total for Greece 1.13
Norway
Schibsted 438,038 2,531,046 0.86
Total for Norway 0.86
Morgan Stanley Investment Funds 30 June 2009 28
Investments Holdings
Austria
Telekom Austria 152,754 2,390,899 0.81
Total for Austria 0.81
Total Investment Securities 288,107,460 98.19
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Amount
sold
Market
value
Net unrealised
gain/(loss)
as at
30 June 2009
30/07/2009 3,152,418 CHF 2,060,000 EUR 11,155 0.00
30/07/2009 273,728,175 JPY 1,750,000 GBP (45,926) (0.02)
30/07/2009 45,950,850 USD 33,000,000 EUR (499,532) (0.17)
Total Forward Foreign Currency Exchange Contracts (534,303) (0.19)
Other Assets less Liabilities 5,839,099 2.00
Total Net Asset Value 293,412,256 100.00
(4) The country in brackets represents the country of incorporation of this security.
% of net
assets
% of net
assets

29 Morgan Stanley Investment Funds 30 June 2009
Indian Equity Fund
INVESTMENT AIMS
To seek long-term capital appreciation,
measured in US Dollars, by investment
through Morgan Stanley (SICAV) Mauritius
Limited (the “Subsidiary”), primarily in the
equity securities of companies domiciled or
exercising the predominant part of their
economic activity in India.
* Please refer to Significant Accounting Policies note 2(k).
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
The investments listed are those of the Subsidiary.*
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Commercial Banks
HDFC Bank 152,921 4,781,864 8.81
Axis Bank 142,400 2,481,935 4.58
ICICI Bank 116,120 1,756,269 3.24
State Bank Of India 30,199 1,103,797 2.03
Union Bank Of India 142,010 720,013 1.33
Total for Commercial Banks 19.99
Electrical Equipment
Bharat Heavy Electricals 82,913 3,827,108 7.05
Jyoti Structures 344,069 981,407 1.81
ABB 57,100 930,820 1.72
Total for Electrical Equipment 10.58
Oil, Gas & Consumable Fuels
Reliance Industries 106,724 4,522,416 8.34
Total for Oil, Gas & Consumable Fuels 8.34
Construction & Engineering
Larsen & Toubro 83,516 2,742,123 5.05
Hindustan Construction 810,100 1,761,013 3.25
Total for Construction & Engineering 8.30
Food Products
Nestle India 50,693 2,124,966 3.91
McLeod Russel India 723,400 1,724,798 3.18
Balrampur Chini Mills 171,500 378,198 0.70
Total for Food Products 7.79
Automobiles
Hero Honda Motors 110,524 3,234,939 5.96
Total for Automobiles 5.96
Industrial Conglomerates
Jaiprakash Associates 715,300 3,065,678 5.65
Total for Industrial Conglomerates 5.65
Real Estate Management and Development
Unitech 1,508,598 2,516,436 4.64
Phoenix Mills 219,720 461,297 0.85
Total for Real Estate Management and Development 5.49
Media
Deccan Chronicle Holdings 841,600 1,310,428 2.42
Sun TV Network 216,000 1,059,192 1.95
Total for Media 4.37
IT Services
Infosys Technologies 61,405 2,284,523 4.21
Total for IT Services 4.21

Indian Equity Fund
STATEMENT OF INVESTMENTS (continued)
The investments listed are these of the Subsidiary.
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
Electric Utilities
BSES 81,300 2,037,523 3.76
Total for Electric Utilities 3.76
Independent Power Producers & Energy Traders
GVK Power & Infrastructure 1,663,116 1,410,601 2.60
Total for Independent Power Producers & Energy Traders 2.60
Software
Geodesic 567,314 1,088,886 2.01
Total for Software 2.01
Household Products
Hindustan Unilever 186,400 1,044,230 1.92
Total for Household Products 1.92
Chemicals
Castrol India 107,568 839,594 1.55
United Phosphorus 30,900 92,376 0.17
Total for Chemicals 1.72
Total transferable securities and money market
instruments admitted to official exchange listing
or dealt in on another regulated market 50,282,430 92.69
Other transferable securities and money market instruments
not admitted to official exchange listing or dealt in on another
regulated market. As at 30 June 2009, expressed in US dollars.
% of net
assets
Commercial Banks
Bank of Baroda (1) 155,147 1,467,839 2.70
Total for Commercial Banks 2.70
Media
Television Eighteen (1) 79,643 205,154 0.38
Total for Media 0.38
Total other transferable securities and money market
instruments not admitted to official exchange listing
or dealt in on another regulated market 1,672,993 3.08
Total Investment Securities 51,955,423 95.77
Other Assets less Liabilities 2,293,525 4.23
Total Net Asset Value 54,248,948 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
Morgan Stanley Investment Funds 30 June 2009 30

31 Morgan Stanley Investment Funds 30 June 2009
Japanese Equity Advantage Fund
INVESTMENT AIMS
To seek long-term capital appreciation,
measured in Japanese yen, through investment
primarily in the equity securities of companies
domiciled in or exercising the predominant
part of their economic activity in Japan
and which are listed on any exchanges or
over-the-counter markets.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Yen.
Investments Holdings
Market
value
% of net
assets
Commercial Banks
Keyence 6,690 131,793,000 3.17
Sumitomo Mitsui Financial Group 31,300 123,009,000 2.96
Fukuoka Financial Group 259,000 111,888,000 2.69
Mizuho Financial Group 469,900 106,197,400 2.56
Total for Commercial Banks 11.38
Software
Square Enix Holdings 77,200 174,858,000 4.21
Works Applications 1,512 88,300,800 2.13
Tecmo Koei Holdings 91,100 65,409,800 1.57
Total for Software 7.91
Trading Companies & Distributors
Marubeni 338,000 144,664,000 3.48
Toyota Tsusho 97,700 140,101,800 3.37
Total for Trading Companies & Distributors 6.85
Electronic Equipment, Instruments & Components
Hoya 61,000 118,096,000 2.84
Hamamatsu Photonics 47,800 88,286,600 2.13
Optex 52,100 49,442,900 1.19
Total for Electronic Equipment, Instruments & Components 6.16
Office Electronics
Ricoh 111,000 138,195,000 3.32
Canon 34,800 109,968,000 2.65
Total for Office Electronics 5.97
Pharmaceuticals
Tsumura & Co 44,200 133,042,000 3.20
Hisamitsu Pharmaceutical 37,600 112,800,000 2.72
Total for Pharmaceuticals 5.92
Chemicals
Shin-Etsu Chemical 25,500 114,240,000 2.75
Taiyo Nippon Sanso 110,000 101,640,000 2.45
Total for Chemicals 5.20
Computers & Peripherals
Wacom 845 165,366,500 3.98
Roland DG 37,900 49,270,000 1.19
Total for Computers & Peripherals 5.17
Media
Yoshimoto Kogyo 109,900 105,394,100 2.54
Dentsu 29,900 60,697,000 1.46
CHINTAI 1,569 46,520,850 1.12
Total for Media 5.12
Road & Rail
East Japan Railway 18,300 106,323,000 2.56
Art 72,600 93,944,400 2.26
Total for Road & Rail 4.82

Japanese Equity Advantage Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Yen.
Investments Holdings
Market
value
% of net
assets
IT Services
Hitachi Systems & Services 78,300 103,356,000 2.49
Zuken 111,900 88,065,300 2.12
Total for IT Services 4.61
Specialty Retail
Culture Convenience Club 148,900 122,991,400 2.96
Nishimatsuya Chain 70,200 59,599,800 1.43
Total for Specialty Retail 4.39
Machinery
SMC 10,200 105,978,000 2.55
Hitachi Construction Machinery 38,400 60,480,000 1.46
Total for Machinery 4.01
Internet & Catalog Retail
Rakuten 1,726 100,280,600 2.41
ASKUL 18,900 29,597,400 0.71
Total for Internet & Catalog Retail 3.12
Food Products
Unicharm Petcare 43,500 125,497,500 3.02
Total for Food Products 3.02
Metals & Mining
Nippon Steel 288,000 106,560,000 2.57
JFE Holdings 4,000 13,000,000 0.31
Total for Metals & Mining 2.88
Semiconductors & Semiconductor Equipment
Axell 332 113,876,000 2.74
Total for Semiconductors & Semiconductor Equipment 2.74
Textiles, Apparel & Luxury Goods
Descente 178,000 82,414,000 1.99
Levi Strauss Japan 27,000 12,150,000 0.29
Total for Textiles, Apparel & Luxury Goods 2.28
Beverages
Ito En 59,300 81,300,300 1.96
Total for Beverages 1.96
Commercial & Professional Services
Secom Techno Service 21,000 52,500,000 1.27
Daiseki 28 59,500 0.00
Total for Commercial & Professional Services 1.27
Hotels, Restaurants & Leisure
Ichibanya 25,600 52,480,000 1.26
Total for Hotels, Restaurants & Leisure 1.26
Morgan Stanley Investment Funds 30 June 2009 32
Investments Holdings
Health Care Technology
So-net M3 119 36,295,000 0.87
Total for Health Care Technology 0.87
Real Estate Management and Development
Airport Facilities 53,700 27,225,900 0.66
Total for Real Estate Management and Development 0.66
Containers & Packaging
Pack 17,500 25,025,000 0.60
Total for Containers & Packaging 0.60
Total Investment Securities 4,078,179,850 98.17
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Yen.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Amount
sold
Market
value
Net unrealised
gain as at
30 June 2009
% of net
assets
% of net
assets
03/07/2009 199,180 EUR 26,574,136 JPY 397,151 0.01
Total Forward Foreign Currency Exchange Contracts 397,151 0.01
Other Assets less Liabilities 75,444,349 1.82
Total Net Asset Value 4,154,021,350 100.00

33 Morgan Stanley Investment Funds 30 June 2009
Japanese Value Equity Fund
INVESTMENT AIMS
To seek long-term capital appreciation,
measured in Japanese yen, through investment
in the securities of companies listed on the
exchanges and over-the-counter markets
in Japan.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Yen.
Investments Holdings
Market
value
% of net
assets
Electric Appliances
Canon 717,000 2,265,720,000 2.98
Fujitsu 3,373,000 1,774,198,000 2.33
Panasonic 1,288,700 1,677,887,400 2.21
Toshiba 4,673,000 1,635,550,000 2.15
Ricoh 1,281,000 1,594,845,000 2.10
Kyocera 212,100 1,541,967,000 2.03
NEC 3,414,000 1,293,906,000 1.70
Rohm 175,300 1,232,359,000 1.62
Mitsumi Electric 556,900 1,149,998,500 1.51
TDK 224,700 1,020,138,000 1.34
Sony 390,400 985,760,000 1.30
Hitachi 2,918,000 878,318,000 1.16
Casio Computer 1,015,900 876,721,700 1.15
Minebea 1,537,000 631,707,000 0.83
Total for Electric Appliances 24.41
Chemicals
FUJIFILM Holdings 608,700 1,862,622,000 2.45
Sekisui Chemical 2,424,000 1,468,944,000 1.93
Daicel Chemical Industries 2,117,000 1,238,445,000 1.63
Kaneka 1,716,000 1,178,892,000 1.55
Denki Kagaku Kogyo 3,182,000 855,958,000 1.13
NIFCO 532,500 796,620,000 1.05
Mitsubishi Chemical Holdings 1,793,000 733,337,000 0.97
Shin-Etsu Polymer 927,300 482,196,000 0.63
Toyo INK Manufacturing 1,315,000 462,880,000 0.61
Total for Chemicals 11.95
Machinery
Mitsubishi Heavy Industries 5,392,000 2,156,800,000 2.84
Daikin Industries 560,500 1,743,155,000 2.29
Kurita Water Industries 445,500 1,389,960,000 1.83
Amada 1,675,000 1,003,325,000 1.32
Daifuku 1,283,500 881,764,500 1.16
Tsubakimoto Chain 1,904,000 643,552,000 0.85
Fuji Machine Manufacturing 260,700 303,715,500 0.40
Total for Machinery 10.69
Transportation Equipment
Toyota Motor 679,700 2,494,499,000 3.28
Suzuki Motor 720,700 1,563,919,000 2.06
Nissan Motor 2,089,800 1,224,622,800 1.61
Toyoda Gosei 308,300 804,663,000 1.06
Yamaha Motor 649,300 696,698,900 0.92
Total for Transportation Equipment 8.93
Other Products
Nintendo 85,100 2,266,213,000 2.98
Dai Nippon Printing 805,000 1,065,820,000 1.40
Lintec 558,600 936,213,600 1.23
Yamaha 651,100 785,226,600 1.03
Nissha Printing 135,800 630,112,000 0.83
Total for Other Products 7.47

Japanese Value Equity Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Yen.
Investments Holdings
Market
value
% of net
assets
Wholesale Trade
Mitsubishi 1,366,000 2,442,408,000 3.21
Marubeni 2,622,000 1,122,216,000 1.48
Hitachi High-Technologies 395,100 650,729,700 0.86
Ryosan 221,800 503,486,000 0.66
Nagase & Co 400,000 387,600,000 0.51
Total for Wholesale Trade 6.72
Pharmaceuticals
Astellas Pharma 532,500 1,821,150,000 2.40
Daiichi Sankyo 849,300 1,467,590,400 1.93
Ono Pharmaceutical 320,100 1,366,827,000 1.80
Total for Pharmaceuticals 6.13
Construction
Obayashi 3,016,000 1,426,568,000 1.88
Sekisui House 1,435,000 1,406,300,000 1.85
Maeda Road Construction 487,000 480,182,000 0.63
Sanki Engineering 595,000 440,895,000 0.58
Kyudenko 502,000 335,336,000 0.44
Total for Construction 5.38
Nonferrous Metals
Furukawa Electric 3,282,000 1,430,952,000 1.88
Mitsui Mining & Smelting 3,825,000 956,250,000 1.26
Total for Nonferrous Metals 3.14
Textiles & Apparels
Teijin 3,059,000 951,349,000 1.25
Nisshinbo Industries 762,000 832,104,000 1.10
Total for Textiles & Apparels 2.35
Land Transportation
East Japan Railway 227,200 1,320,032,000 1.74
Total for Land Transportation 1.74
Other Financing Business
Hitachi Capital 950,300 1,242,042,100 1.63
Total for Other Financing Business 1.63
Communication
Nippon Telegraph & Telephone 284,100 1,113,672,000 1.47
Total for Communication 1.47
Retail Trade
FamilyMart 332,300 1,006,869,000 1.33
Total for Retail Trade 1.33
Food
Nippon Meat Packers 528,000 643,632,000 0.85
House Foods 254,700 356,834,700 0.47
Total for Food 1.32
Morgan Stanley Investment Funds 30 June 2009 34
Investments Holdings
Glass & Ceramics Products
Nippon Sheet Glass 3,139,000 885,198,000 1.16
Total for Glass & Ceramics Products 1.16
Metal Products
Sanwa Holdings 1,847,000 637,215,000 0.84
Total for Metal Products 0.84
Electric Power & Gas
Tokyo Electric Power 247,600 614,048,000 0.81
Total for Electric Power & Gas 0.81
Iron & Steel
Nippon Steel 1,314,000 486,180,000 0.64
Total for Iron & Steel 0.64
Services
Toho 269,500 424,462,500 0.56
Total for Services 0.56
Total Investment Securities 74,981,357,900 98.67
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Yen.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Amount
sold
Market
value
Net unrealised
gain as at
30 June 2009
% of net
assets
% of net
assets
03/07/2009 7,463,308 EUR 995,568,010 JPY 15,052,108 0.02
Total Forward Foreign Currency Exchange Contracts 15,052,108 0.02
Other Assets less Liabilities 993,394,049 1.31
Total Net Asset Value 75,989,804,057 100.00

35 Morgan Stanley Investment Funds 30 June 2009
Latin American Equity Fund
INVESTMENT AIMS
To seek to maximise total return, measured
in US Dollars, through investment primarily
in the common shares of companies
incorporated in Latin American countries.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Brazil
Petroleo Brasileiro ADR Pfd 2,093,102 71,500,365 9.13
Itau Unibanco Holding ADR Pfd 3,447,913 56,063,065 7.16
Vale ADR Pfd ‘A’ 3,425,298 53,777,179 6.87
Companhia de Bebidas das Americas ADR Pfd 426,600 27,805,788 3.55
Bradespar Pfd 1,715,272 23,008,243 2.94
Usinas Siderurgicas de Minas Gerais 1,007,735 21,779,078 2.78
Itau Unibanco Holding Pfd 1,283,042 20,852,726 2.66
BM&FBOVESPA 3,317,100 20,314,683 2.60
Itausa - Investimentos Itau Pfd 4,004,348 17,966,120 2.30
OGX Petroleo e Gas Participacoes 33,700 17,559,292 2.24
Perdigao 920,338 17,537,447 2.24
NET Servicos de Comunicacao Pfd 1,792,531 17,437,609 2.23
Banco Bradesco ADR Pfd 1,098,500 16,554,395 2.12
Ultrapar Participacoes Pfd 387,950 12,409,222 1.59
Localiza Rent A CAR 2,007,757 12,265,045 1.57
PDG Realty - Empreendimentos e Participacoes 1,077,761 11,729,226 1.50
Gerdau ADR Pfd 1,042,200 11,214,072 1.43
Vivo Participaçoes ADR 550,970 10,429,862 1.33
Vale Pfd ‘A’ 546,988 8,586,701 1.10
MRV Engenharia e Participacoes 600,600 8,364,619 1.07
Global Village Telecom Holding 473,100 7,927,097 1.01
Companhia Brasileira de Meios de Pagamento 899,000 7,817,793 1.00
Banco Bradesco Pfd 516,950 7,780,787 0.99
Petroleo Brasileiro Pfd 395,400 6,746,969 0.86
Amil Participaçoes 1,368,317 6,658,955 0.85
Cyrela Brazil Realty 789,662 6,084,613 0.78
Usinas Siderurgicas de Minas Gerais Pfd ‘A’ 175,992 3,891,158 0.50
Lojas Renner 218,600 2,476,644 0.32
Vale ADR 89,905 1,614,694 0.21
Total for Brazil 64.93
Mexico
America Movil ADR ‘L’ 1,623,929 63,755,453 8.15
Grupo Televisa ADR ‘CPO’ 1,734,000 29,998,200 3.83
Grupo Financiero Banorte ‘O’ 9,569,534 23,506,825 3.00
Wal-Mart de Mexico ‘V’ 7,487,656 22,202,393 2.83
Fomento Economico Mexicano
ADR ‘SerB’ & ‘SerD’ 608,300 19,812,331 2.53
Corp GEO ‘B’ 5,350,901 10,376,903 1.33
Desarrolladora Homex ADR 216,261 6,150,463 0.79
Empresas ICA SAB 3,065,553 5,408,757 0.69
Megacable Holdings ‘CPO’ 3,321,200 4,647,437 0.59
America Movil ‘L’ 938,800 1,845,586 0.24
Total for Mexico 23.98
Peru
Companhia de Minas Buenaventura ADR 422,600 10,425,542 1.33
Credicorp (Bermuda) (4) 114,500 6,757,790 0.87
Total for Peru 2.20
Panama
Copa Holdings ‘A’ 311,703 12,701,897 1.62
Total for Panama 1.62
Guatemala
Millicom International Cellular (Luxembourg) (4) 169,674 9,610,335 1.23
Total for Guatemala 1.23

Latin American Equity Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
Chile
Lan Airlines ADR 769,762 9,368,004 1.20
Total for Chile 1.20
Colombia
Almacenes Exito GDR 144A 1,190,898 7,863,319 1.00
Total for Colombia 1.00
Argentina
Telecom Argentina ADR ‘B’ 377,343 4,871,498 0.62
Total for Argentina 0.62
Total transferable securities and money market
instruments admitted to official exchange listing
or dealt in on another regulated market 757,456,180 96.78
Other transferable securities and money market instruments
not admitted to official exchange listing or dealt in on another
regulated market. As at 30 June 2009, expressed in US dollars.
% of net
assets
Brazil
Banco Nacional Pfd (1) 2,698,000 0 0.00
Lojas Arapua GDR 144A Pfd (1) 10,180 0 0.00
Lojas Arapua Pfd (1) 58,205,100 0 0.00
Lupatech Rts exp. 6/07/2009 (1) 2,436 0 0.00
Total for Brazil 0.00
Total other transferable securities and money market
instruments not admitted to official exchange listing
or dealt in on another regulated market 0 0.00
Total Investment Securities 757,456,180 96.78
Other Assets less Liabilities 25,166,709 3.22
Total Net Asset Value 782,622,889 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(4) The country in brackets represents the country of incorporation of this security.
Morgan Stanley Investment Funds 30 June 2009 36

37 Morgan Stanley Investment Funds 30 June 2009
US Equity Growth Fund
INVESTMENT AIMS
To seek long-term capital appreciation,
measured in US Dollars, through investment
principally in growth oriented equity securities
of large capitalisation companies domiciled or
exercising the predominant part of their
economic activity in the US.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Computer Services Software & Support
Google ‘A’ 46,286 19,652,572 6.75
Tencent Holdings 738,800 8,622,400 2.96
Baidu ADR 21,622 6,458,275 2.22
Salesforce.com 130,400 5,081,688 1.75
VMware ‘A’ 71,427 1,993,528 0.69
Total for Computer Services Software & Support 14.37
Financial Miscellaneous
Redecard 519,128 8,154,680 2.81
Mastercard ‘A’ 47,378 7,935,341 2.73
CME Group 21,133 6,679,507 2.30
Berkshire Hathaway ‘B’ 2,051 5,917,135 2.03
American Express 203,360 4,927,413 1.69
Visa ‘A’ 51,135 3,240,936 1.11
Total for Financial Miscellaneous 12.67
Communications Technology
Research In Motion 110,154 7,807,716 2.68
Cisco Systems 361,178 6,837,100 2.35
America Movil ADR ‘L’ 124,919 4,904,320 1.69
Qualcomm 103,761 4,738,765 1.63
Total for Communications Technology 8.35
Retail
Amazon.Com 240,020 20,214,484 6.95
Sears Holdings 43,781 2,940,770 1.01
Total for Retail 7.96
Energy Miscellaneous
Ultra Petroleum 299,491 11,988,625 4.12
Southwestern Energy 240,942 9,570,216 3.29
Total for Energy Miscellaneous 7.41
Computer Technology
Apple 116,872 16,693,996 5.74
Total for Computer Technology 5.74
Services: Commercial
Leucadia National 341,056 7,233,798 2.49
eBay 249,056 4,308,669 1.48
Corporate Executive Board 89,947 1,872,697 0.64
Monster Worldwide 123,074 1,470,734 0.51
China Merchants Holdings International 456,000 1,315,028 0.45
Total for Services: Commercial 5.57
Chemicals
Monsanto 201,851 15,195,343 5.22
Total for Chemicals 5.22
Real Estate Investment Trusts
Brookfield Asset Management vtg ‘A’ 601,947 10,473,878 3.60
Total for Real Estate Investment Trusts 3.60

US Equity Growth Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Building: Cement
Martin Marietta Materials 54,619 4,343,303 1.49
Cemex ADR ‘CPO’ ‘A & B’ 308,983 2,987,865 1.03
Total for Building: Cement 2.52
Finance Companies
BM&FBOVESPA 1,168,134 7,153,921 2.46
Total for Finance Companies 2.46
Restaurants
Starbucks 489,814 6,925,970 2.38
Total for Restaurants 2.38
Biotechnology Research & Products
Illumina 172,968 6,780,346 2.33
Total for Biotechnology Research & Products 2.33
Air Transport
Expeditors International of Washington 200,928 6,727,069 2.31
Total for Air Transport 2.31
Wholesalers
Li & Fung 2,504,044 6,720,444 2.31
Total for Wholesalers 2.31
Casinos & Gambling
Wynn Resorts 164,899 5,990,781 2.06
Total for Casinos & Gambling 2.06
Drugs & Pharmaceuticals
Allergan 80,667 3,869,596 1.33
Gen-Probe 45,479 1,964,693 0.68
Total for Drugs & Pharmaceuticals 2.01
Shipping
C.H. Robinson Worldwide 89,429 4,713,803 1.62
Total for Shipping 1.62
Insurance: Multi-Line
Loews 155,979 4,228,591 1.45
Total for Insurance: Multi-Line 1.45
Electronics: Medical Systems
Intuitive Surgical 18,449 3,046,114 1.05
Total for Electronics: Medical Systems 1.05
Communications & Media
McGraw-Hill Companies 91,734 2,761,193 0.95
Total for Communications & Media 0.95
Morgan Stanley Investment Funds 30 June 2009 38
Investments Holdings
Electronics: Semi-Conductors/Components
First Solar 15,820 2,505,572 0.86
Total for Electronics: Semi-Conductors/Components 0.86
Consumer Electronics
Yahoo! 82,588 1,299,935 0.45
Total for Consumer Electronics 0.45
Total transferable securities and money market
instruments admitted to official exchange listing
or dealt in on another regulated market 278,248,810 95.65
Other transferable securities and money market instruments
not admitted to official exchange listing or dealt in on another
regulated market. As at 30 June 2009, expressed in US dollars.
Computer Technology
Seagate Technology Regd (1) 169,100 0 0.00
Total for Computer Technology 0.00
Total other transferable securities and money market
instruments not admitted to official exchange listing
or dealt in on another regulated market 0 0.00
Total Investment Securities 278,248,810 95.65
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Amount
sold
Market
value
Net unrealised
gain as at
30 June 2009
% of net
assets
% of net
assets
03/07/2009 3,812,260 EUR 5,326,173 USD 39,778 0.01
Total Forward Foreign Currency Exchange Contracts 39,778 0.01
Other Assets less Liabilities 12,604,869 4.34
Total Net Asset Value 290,893,456 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.

39 Morgan Stanley Investment Funds 30 June 2009
US Property Fund
INVESTMENT AIMS
To seek to provide above average current
income and long-term capital appreciation,
measured in US Dollars, by investing in equity
securities of companies in the US real
estate industry.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Residential Apartments
Equity Residential 143,044 3,198,464 6.97
AvalonBay Communities 55,940 3,135,437 6.84
Camden Property Trust Pfd 39,083 1,084,944 2.37
Post Properties 68,530 940,917 2.05
Total for Residential Apartments 18.23
Health Care
Senior Housing Properties Trust 115,435 1,904,678 4.16
HCP 80,490 1,698,339 3.70
Ventas 43,750 1,306,813 2.85
Healthcare Realty Trust 54,270 918,791 2.00
Assisted Living Concepts ‘A’ 23,976 350,769 0.76
Nationwide Health Properties 5,320 137,735 0.30
Care Investment Trust 9,285 48,468 0.11
Total for Health Care 13.88
Office
Boston Properties 50,413 2,382,519 5.19
Brookfield Properties 217,451 1,715,688 3.74
Mack-Cali Realty 43,028 985,341 2.15
Kilroy Realty 8,310 171,518 0.37
Total for Office 11.45
Regional Malls
Simon Property Group 87,369 4,553,672 9.93
Taubman Centers 15,045 410,729 0.90
Total for Regional Malls 10.83
Shopping Centers
Federal Realty Investment Trust 33,861 1,752,984 3.82
Regency Centers 49,440 1,734,850 3.78
Acadia Realty Trust 52,797 695,864 1.52
Ramco-Gershenson Properties Trust 9,000 90,000 0.20
Weingarten Realty Investors 5,670 82,839 0.18
Kite Realty Group Trust 26,370 72,781 0.16
Total for Shopping Centers 9.66
Lodging/Resorts
Host Hotels & Resorts 232,187 1,917,865 4.18
Starwood Hotels & Resorts Worldwide 75,767 1,683,543 3.67
Morgans Hotel Group 66,803 249,175 0.54
DiamondRock Hospitality 9,160 57,616 0.13
Total for Lodging/Resorts 8.52
Diversified
Vornado Realty Trust 49,213 2,229,841 4.86
Forest City Enterprises ‘A’ 152,145 991,985 2.16
Total for Diversified 7.02
Self Storage
Public Storage 42,455 2,745,140 5.99
Sovran Self Storage 4,125 100,196 0.22
Total for Self Storage 6.21

US Property Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Land
Plum Creek Timber 53,963 1,624,826 3.54
Rayonier 3,110 113,639 0.25
Total for Land 3.79
Office/Industrial Mixed
Liberty Property Trust 38,315 882,011 1.92
PS Business Parks 4,950 242,946 0.53
Duke Realty 9,080 78,996 0.17
Total for Office/Industrial Mixed 2.62
Residential Manufactured Homes
Equity Lifestyle Properties 25,964 959,370 2.09
Total for Residential Manufactured Homes 2.09
Industrial
AMB Property 25,654 486,913 1.06
ProLogis 30,170 256,143 0.56
DCT Industrial Trust 10,880 45,587 0.10
Total for Industrial 1.72
Specialty
Digital Realty Trust 1,970 69,758 0.15
Total for Specialty 0.15
Total Investment Securities 44,109,690 96.17
Other Assets less Liabilities 1,755,958 3.83
Total Net Asset Value 45,865,648 100.00
Morgan Stanley Investment Funds 30 June 2009 40

41 Morgan Stanley Investment Funds 30 June 2009
US Small Cap Growth Fund
INVESTMENT AIMS
To seek long-term capital appreciation,
measured in US Dollars, by investing primarily
in the common shares of small sized (with
a market capitalisation of up to US $5 billion)
US companies and, on an ancillary basis,
non-US corporations that are early in their life
cycle, but which have potential to become
major enterprises (emerging growth
companies).
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Computer Services Software & Support
Macrovision Solutions 13,400 296,408 1.19
Solera Holdings 7,900 204,926 0.82
Cybersource 13,500 203,850 0.82
Informatica 11,600 200,680 0.81
Brocade Communications Systems 25,400 195,326 0.79
AsiaInfo Holdings 10,700 190,995 0.77
Nuance Communications 14,900 182,227 0.73
Longtop Financial Technologies ADR 7,200 178,056 0.72
Equinix 2,500 176,973 0.71
TeleCommunication Systems ‘A’ 23,268 167,530 0.67
Sybase 5,200 164,476 0.66
NCI 4,500 139,815 0.56
Omniture 10,100 130,694 0.53
Tibco Software 16,900 122,863 0.49
Broadridge Financial Solutions 6,700 110,014 0.44
Total for Computer Services Software & Support 10.71
Electronics: Semi-Conductors/Components
Monolithic Power Systems 8,900 202,653 0.81
Atheros Communications 10,300 200,644 0.81
SunPower ‘B’ 7,500 179,325 0.72
Microsemi 12,800 176,896 0.71
Silicon Laboratories 3,400 131,342 0.53
Tessera Technologies 5,050 128,422 0.52
Netlogic Microsystems 3,400 126,514 0.51
Hittite Microwave 3,400 117,776 0.47
Verigy 9,400 110,920 0.45
Formfactor 6,200 108,314 0.44
ARM Holdings 9,400 56,400 0.23
Total for Electronics: Semi-Conductors/Components 6.20
Biotechnology Research & Products
Alexion Pharmaceuticals 6,300 252,378 1.02
Illumina 4,800 188,160 0.76
Myriad Genetics 5,200 185,016 0.74
AMAG Pharmaceuticals 2,500 137,275 0.55
Acorda Therapeutics 4,700 133,292 0.54
Alnylam Pharmaceuticals 5,600 126,336 0.51
Exelixis 25,200 126,252 0.51
Dendreon 4,900 123,774 0.50
Emergent Biosolutions 8,300 122,176 0.49
United Therapeutics 1,425 119,985 0.48
Total for Biotechnology Research & Products 6.10
Medical & Dental Instruments
Steris 7,400 193,510 0.78
NuVasive 4,300 192,339 0.77
PSS World Medical 10,300 192,095 0.77
American Medical Systems Holdings 11,900 189,329 0.76
Haemonetics 3,300 188,925 0.76
Thoratec 6,600 178,398 0.72
Volcano 9,800 139,650 0.56
Edwards Lifesciences 1,900 127,509 0.51
Masimo 3,500 84,595 0.34
Total for Medical & Dental Instruments 5.97
Drugs & Pharmaceuticals
Onyx Pharmaceuticals 7,200 205,848 0.83
Chattem 2,800 189,840 0.76
Regeneron Pharmaceutical 10,400 187,512 0.75
Medicis Pharmaceutical ‘A’ 11,200 185,360 0.75
Perrigo 4,800 134,448 0.54

US Small Cap Growth Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Drugs & Pharmaceuticals (continued)
Valeant Pharmaceuticals International 5,100 130,866 0.53
Impax Laboratories 15,086 114,050 0.46
MAP Pharmaceuticals 5,600 67,592 0.27
Savient Pharmaceuticals 4,600 65,872 0.27
Noven Pharmaceuticals 4,200 60,270 0.24
Total for Drugs & Pharmaceuticals 5.40
Communications Technology
Syniverse Holdings 12,200 197,152 0.79
Aruba Networks 22,600 196,846 0.79
j2 Global Communications 8,400 188,664 0.77
Neutral Tandem 5,100 153,816 0.62
F5 Networks 3,700 130,277 0.52
Premiere Global Services 11,700 127,179 0.51
Starent Networks 5,100 124,236 0.50
Perfect World ADR 4,000 117,360 0.47
Total for Communications Technology 4.97
Services: Commercial
Geo Group 13,300 251,902 1.01
Net 1 UEPS Technologies 17,737 244,238 0.98
FTI Consulting 3,600 182,808 0.74
Brink’s Home Security Holdings 6,300 176,274 0.71
Resources Connection 9,800 169,050 0.68
Tetra Tech 4,200 122,388 0.49
Total for Services: Commercial 4.61
Retail
Central Garden and Pet ‘A’ non-vtg 19,300 192,807 0.77
Aeropostale 5,400 188,136 0.76
World Fuel Services 4,100 168,141 0.68
Shutterfly 9,400 134,138 0.54
Gymboree 3,700 132,090 0.53
Big Lots 5,700 121,068 0.49
Total for Retail 3.77
Financial Miscellaneous
Lender Processing Services 7,900 213,063 0.87
Aspen Insurance Holdings 7,600 166,744 0.67
Global Cash Access Holdings 16,100 127,673 0.51
TNS 6,600 125,070 0.50
Wright Express 4,700 119,662 0.48
Total for Financial Miscellaneous 3.03
Energy Miscellaneous
Arena Resources 5,900 191,455 0.77
Encore Acquisition 5,300 165,678 0.67
Cabot Oil & Gas 4,500 139,905 0.56
Whiting Petroleum 3,931 138,961 0.56
Clean Energy Fuels 9,500 82,650 0.33
Total for Energy Miscellaneous 2.89
Shoes
Iconix Brand Group 13,200 203,808 0.82
Wolverine World Wide 9,000 200,700 0.81
Steven Madden 4,100 106,477 0.43
Total for Shoes 2.06
Morgan Stanley Investment Funds 30 June 2009 42
Investments Holdings
Market
value
% of net
assets
Health Care Management Service
HMS Holdings 6,400 261,376 1.05
Eclipsys 7,400 135,198 0.55
Phase Forward 7,365 112,095 0.45
Total for Health Care Management Service 2.05
Computer Technology
STEC 11,000 260,370 1.05
Synaptics 5,000 191,950 0.77
Total for Computer Technology 1.82
Health Care Facilities
Psychiatric Solutions 9,500 216,505 0.87
Community Health Systems 7,200 189,144 0.76
Total for Health Care Facilities 1.63
Health Care Services
Athenahealth 4,100 149,199 0.60
AMERIGROUP 4,700 129,438 0.52
Mednax 3,000 125,130 0.50
Total for Health Care Services 1.62
Textiles Apparel Manufacturers
Carter’s 8,200 202,212 0.81
Warnaco Group 5,500 182,325 0.73
Total for Textiles Apparel Manufacturers 1.54
Insurance: Property - Casualty
Tower Group 7,900 196,236 0.79
ProAssurance 4,000 184,080 0.74
Total for Insurance: Property - Casualty 1.53
Investment Management Companies
Stifel Financial 4,000 191,200 0.77
Affiliated Managers Group 3,100 177,723 0.71
Total for Investment Management Companies 1.48
Machinery: Oil Well Equipment & Services
Dril-Quip 4,900 190,218 0.77
Dresser-Rand Group 6,700 175,540 0.70
Total for Machinery: Oil Well Equipment & Services 1.47
Restaurants
P.F. Chang’s China Bistro 5,900 185,673 0.75
Panera Bread ‘A’ 3,400 170,918 0.68
Total for Restaurants 1.43
Foods
Ralcorp Holdings 3,200 192,128 0.77
Chiquita Brands International 12,700 127,508 0.52
Total for Foods 1.29
Electrical Equipment & Components
General Cable 4,800 182,352 0.73
GrafTech International 11,100 127,872 0.52
Total for Electrical Equipment & Components 1.25

43 Morgan Stanley Investment Funds 30 June 2009
US Small Cap Growth Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Education Services
Capella Education 3,500 209,650 0.85
K12 4,073 85,411 0.34
Total for Education Services 1.19
Medical Services
Parexel International 14,500 214,672 0.86
Medidata Solutions 3,800 66,082 0.27
IPC The Hospitalist 334 8,818 0.04
Total for Medical Services 1.17
Miscellaneous Health Care
MedAssets 10,400 198,224 0.80
Allos Therapeutics 7,900 66,518 0.27
Total for Miscellaneous Health Care 1.07
Banks: Outside New York City
First Horizon National 20,642 247,704 1.00
Total for Banks: Outside New York City 1.00
Construction
Dycom Industries 11,100 127,761 0.51
KHD Humboldt Wedag International 14,068 119,578 0.49
Total for Construction 1.00
Office Furniture & Business Equipment
Micros Systems 9,500 241,205 0.97
Total for Office Furniture & Business Equipment 0.97
Aerospace
TransDigm Group 3,200 116,320 0.47
Teledyne Technologies 3,400 113,118 0.45
Total for Aerospace 0.92
Casinos & Gambling
Bally Technologies 6,800 204,000 0.82
Total for Casinos & Gambling 0.82
Jewelry Watches & Gemstones
Fossil 8,200 200,408 0.81
Total for Jewelry Watches & Gemstones 0.81
Telecommunications Equipment
SBA Communications ‘A’ 8,000 196,800 0.79
Total for Telecommunications Equipment 0.79
Toys
Marvel Entertainment ‘A’ 5,500 196,680 0.79
Total for Toys 0.79
Investments Holdings
Market
value
% of net
assets
Printing and Copying Services
VistaPrint 4,500 194,310 0.78
Total for Printing and Copying Services 0.78
Utilities: Telecommunications
Leap Wireless International 5,700 192,831 0.78
Total for Utilities: Telecommunications 0.78
Electronics: Technology
Cogent 17,820 191,565 0.77
Total for Electronics: Technology 0.77
Utilities: Electrical
ITC Holdings 4,200 191,226 0.77
Total for Utilities: Electrical 0.77
Diversified Financial Services
Huron Consulting Group 4,000 190,680 0.77
Total for Diversified Financial Services 0.77
Machinery: Industrial/Specialty
Middleby 2,600 115,986 0.47
Chart Industries 4,000 74,200 0.30
Total for Machinery: Industrial/Specialty 0.77
Truckers
Landstar System 5,200 186,836 0.75
Total for Truckers 0.75
Banks: New York City
Signature Bank 6,700 182,441 0.73
Total for Banks: New York City 0.73
Beverage: Soft Drinks
Hansen Natural 5,700 176,814 0.71
Total for Beverage: Soft Drinks 0.71
Containers & Packaging: Paper
Pactiv 7,500 160,950 0.65
Total for Containers & Packaging: Paper 0.65
Energy Equipment
Key Energy Services 27,400 159,468 0.64
Total for Energy Equipment 0.64
Automobiles
Force Protection 16,600 153,882 0.62
Total for Automobiles 0.62
Chemicals
Calgon Carbon 10,500 151,620 0.61
Total for Chemicals 0.61

US Small Cap Growth Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Building: Miscellaneous
Owens Corning 11,400 146,604 0.59
Total for Building: Miscellaneous 0.59
Advertising Agencies
National CineMedia 9,150 129,290 0.52
Total for Advertising Agencies 0.52
Metal Fabricating
American Superconductor 4,700 127,417 0.51
Total for Metal Fabricating 0.51
Radio & TV Broadcasters
TiVo 11,800 125,552 0.51
Total for Radio & TV Broadcasters 0.51
Consumer Electronics
Concur Technologies 4,000 124,600 0.50
Total for Consumer Electronics 0.50
Publishing: Newspapers
Dolan Media 9,000 118,350 0.48
Total for Publishing: Newspapers 0.48
Containers & Packaging: Metal
Greif ‘A’ 2,500 113,500 0.46
Total for Containers & Packaging: Metal 0.46
Manufacturing
Barnes Group 8,600 103,544 0.42
Total for Manufacturing 0.42
Total Investment Securities 24,028,112 96.69
Other Assets less Liabilities 823,299 3.31
Total Net Asset Value 24,851,411 100.00
Morgan Stanley Investment Funds 30 June 2009 44

45 Morgan Stanley Investment Funds 30 June 2009
US Value Equity Fund
INVESTMENT AIMS
To provide reasonable long-term capital growth,
measured in US Dollars. Investments will be
sought in equity securities that the Company
believes to be undervalued relative to the stock
market in general at the time of purchase.
The Fund will invest primarily in the common
or preferred stocks of companies which are
located in the US.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Media
Viacom ‘B’ 494,600 11,395,584 4.08
Comcast ‘A’ vtg shs 682,672 9,769,036 3.50
Time Warner 274,166 6,928,175 2.48
News ‘B’ vtg 422,200 4,521,762 1.62
Liberty Media Corp - Entertainment ‘A’
tracking stock 163,660 4,412,274 1.58
Time Warner Cable 88,883 2,834,479 1.02
Total for Media 14.28
Pharmaceuticals
Schering-Plough 316,500 7,940,985 2.85
Bristol-Myers Squibb 274,200 5,612,874 2.01
Pfizer 348,100 5,273,715 1.89
Wyeth 92,700 4,195,602 1.50
Eli Lilly & Co 83,800 2,937,190 1.05
Abbott Laboratories 45,300 2,150,391 0.77
GlaxoSmithKline ADR 40,900 1,458,903 0.52
Total for Pharmaceuticals 10.59
Insurance
Chubb 326,880 12,996,749 4.66
Travelers Companies 135,318 5,520,974 1.98
Berkshire Hathaway ‘B’ 1,560 4,500,600 1.61
MetLife 122,500 3,619,875 1.30
Torchmark 52,000 1,908,920 0.68
Aflac 31,300 976,247 0.35
Total for Insurance 10.58
Food Products
Cadbury ADR 218,040 7,555,086 2.70
Kraft Foods ‘A’ 256,083 6,524,995 2.34
Unilever ‘NY’ 237,200 5,771,076 2.07
Total for Food Products 7.11
Computers & Peripherals
Dell 457,906 6,273,312 2.25
International Business Machines 32,500 3,426,800 1.23
Hewlett-Packard 87,100 3,385,577 1.21
Total for Computers & Peripherals 4.69
Diversified Telecommunication Services
Verizon Communications 219,400 6,834,310 2.45
AT&T 157,330 3,948,983 1.41
Total for Diversified Telecommunication Services 3.86
Diversified Financial Services
J.P. Morgan Chase & Co 217,100 7,520,344 2.69
Bank of America 201,301 2,697,433 0.97
Total for Diversified Financial Services 3.66
Food & Staples Retailing
Wal-Mart Stores 123,800 6,053,820 2.17
CVS Caremark 117,100 3,796,382 1.36
Total for Food & Staples Retailing 3.53

US Value Equity Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments Holdings
Market
value
% of net
assets
Paper & Forest Products
International Paper 600,172 9,248,651 3.31
Total for Paper & Forest Products 3.31
Internet Software & Services
eBay 456,400 7,895,720 2.83
Yahoo! 73,800 1,161,612 0.42
Total for Internet Software & Services 3.25
Health Care Providers & Services
Cardinal Health 165,800 5,101,666 1.83
WellPoint 38,000 1,949,020 0.70
UnitedHealth Group 66,400 1,681,912 0.60
Total for Health Care Providers & Services 3.13
Capital Markets
Bank of New York Mellon 219,358 6,484,222 2.32
Goldman Sachs Group 14,100 2,096,247 0.75
Total for Capital Markets 3.07
Oil, Gas & Consumable Fuels
Total ADR 42,300 2,327,346 0.84
ConocoPhillips 40,900 1,730,479 0.62
BP ADR 35,600 1,711,292 0.61
Chevron 20,100 1,349,715 0.48
Total for Oil, Gas & Consumable Fuels 2.55
Tobacco
Philip Morris International 92,300 3,984,591 1.43
Altria Group 157,700 2,605,204 0.93
Total for Tobacco 2.36
Commercial Banks
PNC Financial Services Group 67,800 2,694,372 0.96
Wells Fargo & Co 87,600 2,175,108 0.78
U.S. Bancorp 91,200 1,640,688 0.59
Total for Commercial Banks 2.33
Beverages
Coca-Cola 91,900 4,423,147 1.58
Dr Pepper Snapple Group 91,580 1,945,159 0.70
Total for Beverages 2.28
Specialty Retail
Lowe's Companies 168,900 3,301,995 1.19
Home Depot 126,300 3,023,622 1.08
Total for Specialty Retail 2.27
Semiconductors & Semiconductor Equipment
Intel 212,200 3,524,642 1.26
KLA - Tencor 87,500 2,192,750 0.79
Total for Semiconductors & Semiconductor Equipment 2.05
Morgan Stanley Investment Funds 30 June 2009 46
Investments Holdings
Market
value
% of net
assets
Multiline Retail
J.C. Penney 87,600 2,554,416 0.92
Macy’s 165,094 1,982,779 0.71
Target 23,800 949,144 0.34
Total for Multiline Retail 1.97
Metals & Mining
Alcoa 350,300 3,699,168 1.33
Total for Metals & Mining 1.33
Energy Equipment & Services
Halliburton 174,800 3,686,532 1.32
Total for Energy Equipment & Services 1.32
Communications Equipment
Cisco Systems 187,600 3,551,268 1.27
Total for Communications Equipment 1.27
Health Care Equipment & Supplies
Boston Scientific 312,500 3,300,000 1.18
Total for Health Care Equipment & Supplies 1.18
Industrial Conglomerates
General Electric 250,900 2,978,183 1.07
Total for Industrial Conglomerates 1.07
Chemicals
Du Pont (E.I.) de Nemours 109,493 2,854,483 1.02
Total for Chemicals 1.02
IT Services
Accenture ‘A’ 40,800 1,361,088 0.48
Western Union 41,500 691,805 0.25
Computer Sciences 11,100 492,840 0.18
Total for IT Services 0.91
Software
Microsoft 94,200 2,281,524 0.82
Total for Software 0.82
Household Products
Kimberly-Clark 23,100 1,214,598 0.43
Procter & Gamble 16,100 835,590 0.30
Total for Household Products 0.73
Internet & Catalog Retail
Liberty Media - Interactive ‘A’ 288,675 1,434,715 0.51
Total for Internet & Catalog Retail 0.51
Electrical Equipment
Emerson Electric 43,000 1,429,750 0.51
Total for Electrical Equipment 0.51
Total Investment Securities 272,289,496 97.54

47 Morgan Stanley Investment Funds 30 June 2009
US Value Equity Fund
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Amount
sold
Net unrealised
gain as at
30 June 2009
% of net
assets
03/07/2009 130,697 EUR 182,596 USD 1,366 0.00
Total Forward Foreign Currency Exchange Contracts 1,366 0.00
Other Assets less Liabilities 6,870,978 2.46
Total Net Asset Value 279,161,840 100.00

Alpha Advantage European Fixed Income Fund
INVESTMENT AIMS
To generate a total return in excess of the
Barclays Capital Euro-Aggregate Total Return
Index (EUR) TM . The index represents fixed-rate
investment grade Euro denominated securities
in the treasury, corporate, government related
and securitised sectors. The Fund will pursue
its investment objective by using one or more
derivatives instruments to gain exposure to
the Index and a quantitative selection process
within a disciplined risk controlled framework
whereby the Fund seeks to capture value
opportunities in fixed income markets and
global currency markets where the Fund
seeks to profit from changes in the relative
valuations of currency pairs.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Commercial Paper
Morgan Stanley Investment Funds 30 June 2009 48
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Santander Ser‘733’ 0% 16/07/2009 500,000 499,873 6.62
Nordea Bank 0% 24/07/2009 500,000 499,667 6.62
Lloyds TSB Bank 0% 20/07/2009 500,000 499,663 6.62
Total for Commercial Paper 19.86
Corporate Bond
United Kingdom
Royal Bank of Scotland sr unsecur SerEMTN
1.46% 8/09/2009 (3) 500,000 501,250 6.64
Total for United Kingdom 6.64
Total for Corporate Bond 6.64
Exchange Traded Funds
Ireland
ishares III Barclays EURO Corporate Bond 3,280 352,272 4.67
ishares EURO Corporate Bond 1,175 137,945 1.83
Total for Ireland 6.50
Total for Exchange Traded Funds 6.50
Total Investment Securities 2,490,670 33.00
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Holdings/
Nominal in
Euro unless
specified
Amount
sold
Market
value
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of net
assets
03/07/2009 27,817 AUD 21,841 USD 460 0.01
03/07/2009 824,508 BRL 409,736 USD 7,768 0.10
03/07/2009 88,238,505 CLP 165,395 USD 505 0.01
03/07/2009 838,639,158 COP 405,777 USD (11,007) (0.15)
03/07/2009 5,114,665 CZK 273,358 USD 1,731 0.02
03/07/2009 214,451 GBP 350,603 USD 1,829 0.02
03/07/2009 76,258,127 HUF 376,238 USD 11,579 0.15
03/07/2009 1,529,211,269 IDR 145,702 USD 2,909 0.04
03/07/2009 44,882,230 JPY 472,803 USD (5,436) (0.07)
03/07/2009 492,228 MXN 37,168 USD 143 0.00
03/07/2009 512,784 NZD 325,640 USD 4,651 0.06
03/07/2009 37,977,955 PHP 780,358 USD 6,218 0.08
03/07/2009 9,322,271 RUB 295,166 USD 2,757 0.04
03/07/2009 542,656 SGD 372,741 USD 1,559 0.02
03/07/2009 842,034 TRY 533,068 USD 10,641 0.14
03/07/2009 89,709 USD 114,339 AUD (1,940) (0.03)
03/07/2009 145,643 USD 167,178 CAD 1,206 0.02
03/07/2009 162,202 USD 187,044 CAD 815 0.01
03/07/2009 19,991 USD 26,393 CHF (3,050) (0.04)
03/07/2009 189,073 USD 100,190,028 CLP 337 0.00
03/07/2009 369,649 USD 250,012 EUR 13,521 0.18

49 Morgan Stanley Investment Funds 30 June 2009
Alpha Advantage European Fixed Income Fund
DERIVATIVES (continued)
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Forward Foreign Currency Exchange Contracts (continued)
Maturity
date
03/07/2009 310,824 USD 223,169 EUR (1,573) (0.02)
03/07/2009 404,720 USD 248,953 GBP (3,755) (0.05)
03/07/2009 138,063 USD 546,875 ILS (992) (0.01)
03/07/2009 269,335 USD 346,158,533 KRW (1,712) (0.02)
03/07/2009 207,164 USD 2,756,319 MXN (1,488) (0.02)
03/07/2009 133,686 USD 867,603 NOK (787) (0.01)
03/07/2009 57,542 USD 376,097 NOK (633) (0.01)
03/07/2009 120,701 USD 391,149 PLN (1,550) (0.02)
03/07/2009 104,134 USD 339,946 PLN (1,894) (0.03)
03/07/2009 552,724 USD 4,396,113 SEK (10,460) (0.14)
03/07/2009 1,250,248 USD 1,822,986 SGD (6,611) (0.09)
03/07/2009 168,219 USD 265,334 TRY (3,179) (0.04)
03/07/2009 1,936,825 USD 63,742,945 TWD (4,949) (0.07)
03/07/2009 3,068,729 ZAR 372,703 USD 17,529 0.23
Total Forward Foreign Currency Exchange Contracts 25,142 0.31
Futures Contracts
Description
Maturity
date
Amount
bought
Euro BOBL Future 09/2009 15 1,731,600 16,310 0.22
Euro Bund Future 09/2009 18 2,179,260 43,760 0.58
Euro SCHATZ Future 09/2009 23 2,481,700 1,635 0.02
Total Futures Contracts 6,392,560 1 61,705 0.82
1 Cash of EUR 470,174 held as collateral.
Amount
sold
Number of Notional
contracts commitments
Total Derivatives 86,847 1.13
Other Assets less Liabilities 4,970,041 65.87
Total Net Asset Value 7,547,558 100.00
(3) Variable coupon rates are those quoted as of 30 June 2009.
Net unrealised
gain/(loss)
as at
30 June 2009
Net unrealised
gain as at
30 June 2009
% of net
assets
% of net
assets

Emerging Markets Debt Fund
INVESTMENT AIMS
To seek to maximise total return, measured in
US Dollars, through investment in the debt
securities of government and governmentrelated
issuers located in emerging countries.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Morgan Stanley Investment Funds 30 June 2009 50
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Brazil
Republic of Brazil unsubord 11% /2040 6,410,000 8,373,062 4.25
Republic of Brazil unsubord SerA 8% /2018 7,322,000 8,273,860 4.20
Republic of Brazil sr unsecur 8.875% /2019 3,730,000 4,567,385 2.32
Republic of Brazil sr nts 5.875% /2019 3,250,000 3,315,000 1.68
Banco Nacional de Desenvolvimento
Economico e Social sr unsecur SerRegS
6.369% /2018 2,100,000 2,073,750 1.05
Republic of Brazil sr unsecur 10.5% /2014 1,300,000 1,625,000 0.82
Republic of Brazil unsubord SerB
8.875% /2024 1,165,000 1,450,425 0.74
Republic of Brazil unsubord 7.125% /2037 430,000 471,925 0.24
Total for Brazil 15.30
Russia
Russia Foreign Bonds sr unsecured
SerRegS step cpn 7.5% /2030 14,235,027 14,154,883 7.18
Russia Foreign Bonds unsubord SerRegS
12.75% /2028 2,940,000 4,218,900 2.14
TNK-BP Finance co gtd SerRegS
7.875% /2018 (Luxembourg) (4) 3,294,000 2,750,490 1.40
RSHB Capital for OJSC (Russian
Agricultural Bank) sr secured SerRegS LPN
7.175% /2013 (Luxembourg) (4) 2,340,000 2,258,100 1.15
RSHB Capital for OJSC (Russian
Agricultural Bank) sr secured SerRegS LPN
6.299% /2017 (Luxembourg) (4) 1,462,000 1,279,250 0.65
Russia Foreign Bonds unsubord SerRegS
8.25% /2010 27,641 28,478 0.01
Russian Federation unsubord Ser144A
priv plmt step cpn 7.5% /2030 9,600 9,504 0.00
Total for Russia 12.53
Mexico
United Mexican States nts SerEMTN
5.95% /2019 10,756,000 10,863,560 5.51
United Mexican States sr unsecur SerMTNA
6.75% /2034 3,453,000 3,530,692 1.79
Pemex Project Funding Master Trust co gtd
9.125% /2010 (United States of America) (4) 2,444,000 2,642,697 1.34
United Mexican States sr unsecur
5.625% /2017 2,500,000 2,538,750 1.29
Pemex Project Funding Master Trust co gtd
SerRegS 1.929% /2010
(United States of America) (3) (4) 1,390,000 1,375,622 0.70
Pemex Project Funding Master Trust co gtd
8.625% /2023 (United States of America) (4) 1,000,000 1,085,000 0.55
Total for Mexico 11.18
Turkey
Republic of Turkey nts 11% /2013 7,210,000 8,453,725 4.29
Republic of Turkey unsecur 6.75% /2018 6,171,000 6,171,000 3.13
Republic of Turkey unsecur 6.875% /2036 2,901,000 2,696,189 1.37
Republic of Turkey sr unsecur 7.5% /2019 2,010,000 2,088,893 1.06
Republic of Turkey unsecur 8% /2034 755,000 794,638 0.40
Republic of Turkey unsecur 11.5% /2012 200,000 231,000 0.12
Total for Turkey 10.37

51 Morgan Stanley Investment Funds 30 June 2009
Emerging Markets Debt Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Indonesia
Indonesia Government International Bond
sr unsecur SerRegS 11.625% /2019 6,503,000 8,242,871 4.18
Republic of Indonesia sr unsecur SerRegS
7.75% /2038 4,807,000 4,494,545 2.28
Indonesia Government International Bond
sr unsecur SerRegS 6.875% /2018 (1) 3,108,000 2,975,910 1.51
Tjiwi Kimia Finance secured SerRegS
3.05% /2015 (Netherlands) (3) (4) 378,851 113,655 0.06
Total for Indonesia 8.03
Peru
Republic of Peru sr unsecur 8.75% /2033 7,312,000 8,884,080 4.51
Republic of Peru sr unsecur 7.125 /2019 2,870,000 3,082,380 1.56
Republic of Peru sr unsecur 7.35% /2025 440,000 474,100 0.24
Total for Peru 6.31
Venezuela
Republic of Venezuela unsecur 10.75% /2013 4,960,000 4,067,200 2.07
Bolivarian Republic of Venezuela SerRegS
9.25% /2028 5,076,000 3,114,126 1.58
Bolivarian Republic of Venezuela SerRegS
9% /2023 4,519,000 2,756,590 1.40
Republic of Venezuela unsecur SerRegS
5.75% /2016 2,210,000 1,281,800 0.65
Republic of Venezuela unsecur SerRegS
7% /2038 1,412,000 684,820 0.35
Republic of Venezuela sr unsecur 9.25% /2027 470,000 317,250 0.16
Republic of Venezuela ‘Units’ 0% /2020 (3) 245 8,078 0.00
Total for Venezuela 6.21
Philippines
Republic of Philippines unsecur 9% /2013 3,370,000 3,833,375 1.94
Republic of Philippines unsecur 8.875% /2015 2,624,000 3,024,160 1.53
Republic of Philippines unsecur 9.5% /2030 1,000,000 1,236,250 0.63
Republic of Philippines sr unsecur 8.375% /2019 1,017,000 1,173,364 0.60
Total for Philippines 4.70
Colombia
Republic of Colombia sr nts 7.375% /2019 4,290,000 4,611,750 2.34
Republic of Colombia sr unsecur 11.75% /2020 1,890,000 2,570,400 1.30
Total for Colombia 3.64
Kazakhstan
KazMunaiGaz Finance co gtd SerRegS
9.125% /2018 (Netherlands) (4) 5,380,000 4,949,600 2.51
Intergas Finance SerRegS
6.375% /2017 (Netherlands) (4) 560,000 429,795 0.22
Total for Kazakhstan 2.73
Argentina
Republic of Argentina sr unsecur
1.683% /2012 (3) 8,863,000 2,164,788 1.10
Argentina Bonos sr unsecur SerSTRP
1.683% 03/08/2009 (1) (3) 5,973,000 755,585 0.38
Republic of Argentina sr unsecur 8.28% /2033 1,341,604 711,050 0.36
Total for Argentina 1.84
Investments
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Ukraine
Government of Ukraine sr unsubord SerRegS
6.58% /2016 2,516,000 1,687,229 0.86
Ukraine Government sr unsecur SerRegs
7.65% /2013 1,886,000 1,461,650 0.74
Government of Ukraine sr unsecur SerRegS
6.75% /2017 620,000 437,100 0.22
Total for Ukraine 1.82
Panama
Republic of Panama sr unsecur 9.375% /2029 1,738,000 2,181,190 1.11
Republic of Panama unsecur 7.125% /2026 580,000 601,750 0.31
Republic of Panama sr unsecur 8.875% /2027 365,000 439,825 0.22
Total for Panama 1.64
South Korea
Republic of Korea sr unsecur 5.75% /2014 1,670,000 1,717,034 0.87
Korea Development Bank/Republic of Korea
sr nts 8% /2014 660,000 702,602 0.36
Total for South Korea 1.23
Trinidad & Tobago
National Gas nts SerRegS 6.05% /2036 2,472,000 1,885,392 0.96
Total for Trinidad & Tobago 0.96
Chile
Empresa Nacional del Petroleo nts SerRegS
6.75% /2012 1,530,000 1,642,247 0.83
Empresa Nacional del Petroleo nts Ser144A
priv plmt 6.75% /2012 90,000 96,411 0.05
Total for Chile 0.88
Ghana
Republic of Ghana unsecur SerRegS
8.5% /2017 1,744,000 1,426,343 0.72
Total for Ghana 0.72
Qatar
State of Qatar sr unsecur SerRegS
9.75% /2030 1,000,000 1,310,000 0.66
Total for Qatar 0.66
Ecuador
Republic of Ecuador nts SerRegS
9.375% /2015 1,681,000 1,190,736 0.60
Total for Ecuador 0.60
Pakistan
Islamic Republic of Pakistan unsecur SerRegS
6.875% /2017 500,000 327,500 0.17
Islamic Republic of Pakistan unsecur SerRegS
7.125% /2016 420,000 282,241 0.14
Islamic Republic of Pakistan nts Ser144A
priv plmt 7.125% /2016 190,000 128,250 0.07
Total for Pakistan 0.38
Bulgaria
Republic of Bulgaria unsubord SerRegS
8.25% /2015 633,000 667,815 0.34
Total for Bulgaria 0.34

Emerging Markets Debt Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Côte d’Ivoire
Ivory Coast Government secured Ser20YR
defaulted 4% /2018 (3) 2,240,000 604,800 0.31
Total for Côte d’Ivoire 0.31
Uruguay
Republic of Uruguay unsecur 8% /2022 453,000 468,855 0.24
Total for Uruguay 0.24
Nigeria
Central Bank of Nigeria ‘Units’ SerWRNT
0% /2020 (3) 4,000 420,000 0.21
Total for Nigeria 0.21
Sri Lanka
Republic of Srilanka sr unsecur SerRegS
8.25% /2012 300,000 278,230 0.14
Total for Sri Lanka 0.14
Belize
Government of Belize unsubord SerRegS
step cpn 4.25% /2029 420,000 186,900 0.09
Total for Belize 0.09
Georgia (Republic of)
Republic of Georgia unsecur 7.5% /2013 210,000 179,928 0.09
Total for Georgia (Republic of) 0.09
Total transferable securities and money market
instruments admitted to official exchange listing
or dealt in on another regulated market 183,603,328 93.15
Morgan Stanley Investment Funds 30 June 2009 52
Other transferable securities and money market instruments
not admitted to official exchange listing or dealt in on another
regulated market. As at 30 June 2009, expressed in US dollars.
Investments
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Indonesia
Tjiwi Kimia Finance secured Ser144A
priv plmt 3.094% /2018 (Netherlands) (3) (4) 1,191,444 268,075 0.14
Pindo Deli Finance co gtd Ser144A priv plmt
3.05% /2018 (Netherlands) (3) (4) 1,437,565 222,823 0.11
Pindo Deli Finance co gtd Ser144A priv plmt
0% /2025 (Netherlands) (3) (4) 4,512,234 112,806 0.06
Tjiwi Kimia Finance secured Ser144A
priv plmt 3.094% /2015 (Netherlands) (3) (4) 328,601 98,580 0.05
Pindo Deli Finance co gtd Ser144A priv plmt
3.05% /2015 (Netherlands) (3) (4) 315,719 94,716 0.05
Tjiwi Kimia Finance secured Ser144A
priv plmt 0% /2027 (Netherlands) (3) (4) 3,375,330 84,383 0.04
Total for Indonesia 0.45
Total other transferable securities and money market
instruments not admitted to official exchange listing
or dealt in on another regulated market 881,383 0.45
Total Investment Securities 184,484,711 93.60
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Forward Foreign Currency Exchange Contracts
Maturity
date
03/07/2009 9,718,590 EUR 13,579,369 USD 100,045 0.05
Total Forward Foreign Currency Exchange Contracts 100,045 0.05
Futures Contracts
Description
Maturity
date
Amount
bought
US 10yr T-note Future 09/2009 (24) 2,782,500 20,883 0.01
Total Futures Contracts 2,782,500 1 20,883 0.01
1 Cash of USD 286,449 held as collateral.
Number of
contracts
Amount
sold
Net unrealised
gain as at
30 June 2009
Net unrealised
Notional gain as at
commitments 30 June 2009
% of net
assets
% of net
assets
Total Derivatives 120,928 0.06
Other Assets less Liabilities 12,487,250 6.34
Total Net Asset Value 197,092,889 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(3) Variable coupon rates are those quoted as of 30 June 2009.
(4) The country in brackets represents the country of incorporation of this security.

53 Morgan Stanley Investment Funds 30 June 2009
Emerging Markets Domestic Debt Fund
INVESTMENT AIMS
To seek to maximize total return, primarily
through investment in a portfolio of emerging
market bonds and other emerging market
debt securities, denominated in the local
currency of issue. The Fund intends to invest
its assets in emerging market debt securities
that provide a high level of current income,
while at the same time holding the potential
for capital appreciation.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Indonesia
Barclays Bank sr unsecur SerRegS
9% /2018 (United Kingdom) (1) (4) (IDR) 74,000,000,000 6,379,623 8.90
UBS sr unsecur Ser EMTN
11.5% /2019 (Switzerland) (4) (IDR) 33,874,500,000 3,409,850 4.76
Total for Indonesia 13.66
Malaysia
Government of Malaysia 3.833% /2011 (MYR) 21,640,000 6,325,412 8.84
Government of Malaysia 3.814% /2017 (MYR) 3,700,000 1,034,308 1.44
Government of Malaysia 2.509% /2012 (MYR) 3,560,000 999,048 1.39
Government of Malaysia 3.756% /2011 (MYR) 915,000 266,575 0.37
Total for Malaysia 12.04
Mexico
Mexican Bonos 10% /2024 (MXN) 84,601,000 7,294,787 10.18
Total for Mexico 10.18
Poland
Government of Poland 4.25% /2011 (PLN) 10,777,000 3,346,296 4.67
Government of Poland 5.5% /2019 (PLN) 8,737,000 2,579,598 3.60
Government of Poland 6.25% /2015 (PLN) 4,020,000 1,284,558 1.79
Total for Poland 10.06
Turkey
Republic of Turkey 16% /2012 (TRY) 5,088,070 3,573,606 5.00
Republic of Turkey 0% /2011 (TRY) 5,276,500 2,875,899 4.01
Republic pf Turkey 10% /2012 (TRY) 860,000 697,452 0.97
Total for Turkey 9.98
South Africa
Republic of South Africa 7.25% /2020 (ZAR) 61,972,800 7,097,935 9.91
Total for South Africa 9.91
Brazil
Republic of Brazil unsubord
10% /2014 (1) (BRL) 6,178,000 3,089,969 4.31
Brazil Notas do Tesouro Nacional
‘Serie F’ nts 10% /2017 (BRL) 6,480,000 3,063,826 4.28
Total for Brazil 8.59
Hungary
Government of Hungary 6.75% /2017 (HUF) 666,570,000 2,822,210 3.94
Government of Hungary 6.75% /2010 (HUF) 262,670,000 1,329,029 1.86
Government of Hungary 6.25% /2010 (HUF) 88,240,000 439,577 0.61
Total for Hungary 6.41
Thailand
Thailand Government Bond
5.25% /2013 (THB) 101,190,000 3,239,837 4.52
Total for Thailand 4.52

Emerging Markets Domestic Debt Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Russia
Russia Foreign Bonds sr unsecured
SerRegS step cpn 7.5% /2030 2,297,280 2,284,346 3.19
Total for Russia 3.19
Venezuela
Bolivarian Republic of Venezuela SerRegS
9.25% /2028 2,240,000 1,374,240 1.92
Total for Venezuela 1.92
Peru
Republic of Peru 12.25%/ 2011 (PEN) 3,255,000 1,274,235 1.78
Total for Peru 1.78
Colombia
Republic of Colombia unsubord
12% /2015 (COP) 2,031,000,000 1,089,033 1.52
Total for Colombia 1.52
Total Investment Securities 67,171,249 93.76
DERIVATIVES
Morgan Stanley Investment Funds 30 June 2009 54
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Forward Foreign Currency Exchange Contracts
Maturity
date
02/07/2009 21,535,085 MXN 1,629,347 USD 8,401 0.01
02/07/2009 3,035,072 TRY 1,974,544 USD 6,573 0.01
14/08/2009 43,670,600 RUB 1,340,000 USD 47,605 0.07
Total Forward Foreign Currency Exchange Contracts 62,579 0.09
Futures Contracts
Description
Maturity
date
Amount
bought
US 10yr T-note Future 09/2009 (13) 1,507,188 9,492 0.01
Total Futures Contracts 1,507,188 1 9,492 0.01
1 Cash of USD 355,383 held as collateral.
Number of
contracts
Amount
sold
Net unrealised
gain as at
30 June 2009
Net unrealised
Notional gain as at
commitments 30 June 2009
% of net
assets
% of net
assets
Total Derivatives 72,071 0.10
Other Assets less Liabilities 4,400,641 6.14
Total Net Asset Value 71,643,961 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(4) The country in brackets represents the country of incorporation of this security.

55 Morgan Stanley Investment Funds 30 June 2009
Euro Bond Fund
INVESTMENT AIMS
To provide an attractive rate of return,
measured in Euro, through investment in
Euro-denominated fixed income securities of
high quality issued by governments, agencies
and corporations.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Corporate Bonds
Nominal in
Euro unless
specified
Market
value
% of net
assets
United Kingdom
BA Covered Bond Issuer SerEMTN
4.25% /2017 (United States of America) (4) 13,000,000 11,439,713 1.85
Nationwide Building Society covered SerEMTN
4.125% /2012 8,550,000 8,599,136 1.39
Bank of Scotland covered 4.5% /2013 8,450,000 8,403,056 1.36
Nationwide Building Society covered SerEMTN
3.5% /2015 9,150,000 8,264,372 1.34
Bank of Scotland covered SerEMTN
4.625% /2017 8,500,000 8,012,325 1.30
Lloyds TSB Bank govt liquid gtd SerEMTN
3.75% /2011 5,000,000 5,183,755 0.84
Standard Chartered sr unsecur 4.875% /2011 3,600,000 3,675,602 0.60
Standard Chartered sr unsecur SerEMTN
5.75% /2014 3,500,000 3,628,053 0.59
Alliance & Leicester sr unsecur SerEMTN
3.5% /2011 2,700,000 2,699,460 0.44
Barclays Bank subord nts SerEMTN
5.75% /2011 2,625,000 2,686,665 0.44
Nationwide Building Society sr unsecur SerEMTN
3.125% /2010 2,500,000 2,471,458 0.40
Vodafone Group sr unsecur SerEMTN
1.61% /2014 (3) 2,575,000 2,410,527 0.39
Royal Bank of Scotland unsecur subord
SerEMTN 4.5% /2016 (3) 2,900,000 2,394,487 0.39
Northern Rock covered SerEMTN
3.875% /2011 2,430,000 2,376,555 0.39
National Grid sr unsecur SerEMTN
4.125% /2013 2,300,000 2,311,472 0.37
Lloyds TSB Bank sr unsecur SerEMTN
4.375% /2011 2,169,000 2,184,644 0.35
Tesco sr unsecur SerEMTN 5.875% /2016 2,000,000 2,166,538 0.35
HSBC Holdings subord 3.625% /2020 (3) 2,430,000 2,109,925 0.34
British Telecommunications sr unsecur
7.375% /2011 1,800,000 1,911,860 0.31
HSBC Holdings subord SerEMTN
6.25% /2018 1,500,000 1,580,639 0.26
Lloyds TSB Bank sr subord SerEMTN
5.625% /2018 (3) 1,600,000 1,448,854 0.23
HBOS sr subord SerEMTN 4.5% /2030 (3) 2,500,000 1,383,786 0.22
BAT International Finance unsecur sr
unsubord co gtd SerEMTN 5.125% /2013 1,300,000 1,364,353 0.22
National Grid Gas sr unsecur SerEMTN
5.125% /2013 1,250,000 1,299,685 0.21
HSBC Holdings subord SerEMTN 6% /2019 1,250,000 1,265,813 0.21
GlaxoSmithKline Capital co gtd SerEMTN
3.875% /2015 1,100,000 1,097,017 0.18
Scottish & Southern Energy sr unsecur
SerEMTN 6.125% /2013 900,000 963,630 0.16
Anglo American Capital co gtd SerEMTN
5.875% /2015 900,000 903,155 0.15
BAA Funding co gtd Ser144A priv plmt
4.6% /2020 (Jersey) (3) (4) 1,400,000 901,068 0.15
Royal Bank of Scotland Group jr subord
7.092% perpetual (3) 2,150,000 741,750 0.12
Diageo Finance co gtd SerEMTN
1.484% /2012 (3) 750,000 732,151 0.12
BAT International Finance co gtd SerEMTN
5.375% /2017 550,000 560,344 0.09
Credit Suisse unsecur subord
5.75% /2010 (Switzerland) (4) 950,000 482,424 0.08
Royal Bank of Scotland sr unsecur SerEMTN
5.75% /2014 250,000 256,450 0.04
Total for United Kingdom 15.88

Euro Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Corporate Bonds (continued)
Nominal in
Euro unless
specified
Market
value
% of net
assets
United States of America
WM Covered Bond Program SerEMTN
4% /2016 9,000,000 7,700,116 1.24
New York Life Global Funding nts SerGMTN
3.75% 19/10/2009 7,100,000 7,032,556 1.13
Goldman Sachs Group sr unsecur SerEMTN
5.375% /2013 4,350,000 4,431,495 0.72
JPMorgan Chase & Co sr unsecur SerEMTN
5.25% /2015 3,850,000 3,981,220 0.65
General Electric Capital FDIC gtd SerEMTN
4% /2012 3,700,000 3,846,167 0.62
Bank of America sr unsecur SerEMTN
5.125% /2014 3,550,000 3,437,106 0.56
ITW Finance Europe co gtd
5.25% /2014 (Luxembourg) (4) 3,400,000 3,251,692 0.53
Citigroup subord SerEMTN 3.625% /2017 (3) 3,950,000 2,673,660 0.43
Wachovia sr unsecur SerEMTN
1.449% /2014 (3) 2,900,000 2,510,182 0.41
BMW US Capital co gtd SerEMTN 5% /2015 2,200,000 2,176,016 0.35
Verizon Wireless Capital sr unsecur
8.75% /2015 1,800,000 2,163,669 0.35
Schering-Plough sr unsecur 5.375% /2014 2,000,000 2,112,212 0.34
Merrill Lynch & Co sr unsecur SerEMTN
1.57% /2014 (3) 2,500,000 2,065,400 0.33
Philip Morris International sr unsecur SerGMTN
5.875% /2015 1,900,000 2,032,833 0.33
Merrill Lynch & Co sr unsecur SerEMTN
6.75% /2013 1,950,000 1,969,663 0.32
Pfizer sr unsecur 4.75% /2016 1,800,000 1,852,596 0.30
Daimler Finance North America co gtd SerEMTN
5% /2012 1,800,000 1,837,499 0.30
Goldman Sachs Group sr unsecur SerEMTN
6.375% /2018 1,800,000 1,833,968 0.30
Countrywide Financial co gtd SerEMTN
1.659% /2010 (3) 1,650,000 1,578,885 0.26
Toyota Motor Credit nts SerEMTN
5.25% /2012 1,350,000 1,417,242 0.23
Roche Holdings co gtd SerEMTN
5.625% /2016 1,000,000 1,085,106 0.18
CIT Group sr unsecur SerGMTN
4.25% /2011 1,550,000 1,085,000 0.18
Zurich Finance USA co gtd SerEMTN
6.5% /2015 1,000,000 1,070,221 0.17
AT&T sr unsecur 4.375% /2013 950,000 977,177 0.16
Philip Morris International sr unsecur SerEMTN
5.75% /2016 700,000 741,272 0.12
Swiss Re Treasury US co gtd SerEMTN
6% /2012 600,000 627,545 0.10
Total for United States of America 10.61
Netherlands
ABN Amro Bank covered SerEMTN
3.25% /2013 6,500,000 6,420,008 1.04
ABN Amro Bank covered SerEMTN
4.25% /2017 6,500,000 6,327,094 1.02
NIBC Bank govt liquid gtd SerEMTN
3.625% /2011 6,000,000 6,183,126 1.00
ING Bank covered SerEMTN
5.25% /2018 5,500,000 5,764,006 0.93
SNS Bank sr unsubord SerEMTN
1.454% /2012 (3) 3,685,000 3,489,949 0.57
ING Groep sr unsecur SerEMTN
5.625% /2013 2,900,000 3,046,679 0.49
Investments
Corporate Bonds (continued)
Morgan Stanley Investment Funds 30 June 2009 56
Nominal in
Euro unless
specified
Market
value
% of net
assets
Netherlands (continued)
ING Bank govt liquid gtd SerEMTN
3.375% /2014 3,000,000 3,018,641 0.49
Paccar Financial Europe keepwell agrmnt
SerEMTN 5.125% /2011 2,250,000 2,128,797 0.34
Shell International Finance co gtd SerEMTN
4.375% /2018 2,000,000 2,026,101 0.33
Telecom Italia Finance co gtd SerEMTN
7.75% /2033 (Luxembourg) (4) 1,900,000 1,942,597 0.31
Rabobank Nederland sr unsecur SerEMTN
4.375% /2014 1,800,000 1,863,897 0.30
Deutsche Telekom International Finance
co gtd SerEMTN 5.75% /2015 1,450,000 1,543,413 0.25
Deutsche Telekom International Finance
unsecur co gtd 8.125% /2012 1,350,000 1,520,367 0.25
Rabobank Nederland subord SerEMTN
5.875% /2019 1,300,000 1,357,478 0.22
Unilever co gtd SerEMTN 4.875% /2013 1,200,000 1,277,378 0.21
Bayer Capital co gtd SerEMTN 4.625% /2014 1,200,000 1,245,146 0.20
E.ON International Finance co gtd SerEMTN
5.75% /2020 1,000,000 1,083,204 0.18
Koninklijke DSM sr unsecur SerEMTN
5.25% /2017 950,000 974,175 0.16
Volkswagen International Finance
co gtd SerEMTN 7% /2016 600,000 650,600 0.11
Total for Netherlands 8.40
France
Compagnie de Financement Foncier
covered SerEMTN 4.625% /2017 6,500,000 6,595,799 1.06
BNP Paribas subord nts SerEMTN
5.431% /2017 2,450,000 2,541,768 0.41
Banque Federative du Credit Mutuel
sr unsubord SerEMTN 1.414% /2014 (3) 2,350,000 2,207,856 0.36
Electricite de France sr unsecur SerEMTN
5.375% /2020 2,000,000 2,113,054 0.34
RTE EDF Transport sr unsecur SerEMTN
5.125% /2018 1,500,000 1,566,752 0.25
BNP Paribas Home Loan Covered Bonds SerEMTN
4.5% /2014 1,500,000 1,558,107 0.25
Thales nts SerEMTN 4.375% /2013 1,500,000 1,527,367 0.25
Credit Agricole sr unsecur SerEMTN
6% /2013 1,300,000 1,426,023 0.23
Veolia Environnement unsubord SerEMTN
5.125% /2022 1,550,000 1,389,387 0.23
France Telecom sr unsecur SerEMTN
7.25% /2013 1,160,000 1,308,651 0.21
Credit Agricole subord SerEMTN
5.875% /2019 1,250,000 1,293,119 0.21
Societe Generale sr unsecur SerEMTN
4.2% /2012 1,200,000 1,232,783 0.20
Banque PSA Finance sr unsecur SerEMTN
8.5% /2012 1,150,000 1,205,087 0.20
France Telecom sr unsecur SerEMTN
8.125% /2033 900,000 1,175,018 0.19
Societe Generale jr subord 6.999% perpetual (3) 1,650,000 1,127,159 0.18
AXA sr unsecur SerEMTN 4.5% /2015 1,100,000 1,115,318 0.18
Groupe Auchan sr unsecur SerEMTN
6% /2019 1,000,000 1,088,277 0.18
BNP Paribas subord SerEMTN 3.125% /2015 (3) 1,100,000 1,082,624 0.18
Societe Generale subord nts SerEMTN
6.125% /2018 1,000,000 1,046,720 0.17
Danone Finance co gtd SerEMTN 6.375% /2014 900,000 999,081 0.16
GDF Suez sr unsecur SerEMTN 5.625% /2016 900,000 978,219 0.16
Groupe Auchan sr unsecur SerEMTN
4.75% /2015 600,000 619,582 0.10
TPSA Eurofinance France co gtd SerEMTN
6% /2014 400,000 418,139 0.07
Veolia Environnement nts SerEMTN 5.25% /2014 350,000 365,873 0.06
Banque PSA Finance sr unsecur SerEMTN
6.375% /2010 250,000 256,735 0.04
Total for France 5.87

57 Morgan Stanley Investment Funds 30 June 2009
Euro Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Corporate Bonds (continued)
Nominal in
Euro unless
specified
Market
value
% of net
assets
Ireland
AIB Mortgage Bank govt liquid gtd SerEMTN
3.75% /2010 5,500,000 5,508,882 0.89
Depfa ACS Bank covered SerEMTN
3.875% /2016 6,500,000 5,269,092 0.85
Bank of Ireland Mortgage Bank covered
govt gtd SerEMTN 4% /2013 5,500,000 5,100,409 0.83
GE Capital European Funding co gtd SerEMTN
4.125% /2016 3,850,000 3,617,529 0.59
GE Capital European Funding co gtd SerEMTN
5.25% /2015 3,150,000 3,175,529 0.51
Caterpillar International Finance co gtd SerEMTN
5.25% /2011 2,300,000 2,387,262 0.39
Total for Ireland 4.06
Germany
KfW - Kreditanstalt fuer Wiederaufbau govt gtd
3.875% /2019 12,000,000 11,878,157 1.92
Hypothekenbank in Essen Jumbo Pfandbrief
SerRegS 3.875% /2013 6,000,000 6,169,800 1.00
Commerzbank sr unsecur SerEMTN
4.75% /2015 1,450,000 1,458,077 0.24
Muenchener Rueckversicherungs subord
5.767% perpetual (3) 750,000 567,386 0.09
Total for Germany 3.25
Spain
Banco Bilbao Vizcaya Argentaria covered
3.75% /2013 7,500,000 7,532,384 1.22
La Caja de Ahorros y Pensiones de Barcelona
govt liquid gtd 3.375% /2012 2,500,000 2,545,395 0.41
Santander Issuances bnk gtd SerEMTN
5.435% /2017 (3) 2,450,000 2,361,823 0.38
Telefonica Emisiones co gtd SerEMTN
5.496% /2016 1,500,000 1,576,676 0.26
Santander International Debt bnk gtd SerEMTN
5.625% /2012 1,150,000 1,215,027 0.20
Total for Spain 2.47
Australia
Australia & New Zealand Banking Group
sr unsecur SerEMTN 5.25% /2013 3,100,000 3,259,810 0.52
Commonwealth Bank of Australia
sr unsecur SerEMTN 3.625% /2011 2,120,000 2,158,696 0.35
Westpac Banking sr unsubord SerEMTN
4.25% /2012 1,850,000 1,891,759 0.31
BHP Billiton Finance co gtd SerEMTN
6.375% /2016 500,000 548,727 0.09
Total for Australia 1.27
Sweden
Svenska Handelsbanken sr unsecur SerEMTN
4.875% /2014 3,000,000 3,097,277 0.50
Vattenfall sr unsecur SerEMTN 5.25% /2016 1,500,000 1,587,338 0.26
Svensk Exportkredit sr nts SerEMTN
3.625% /2014 1,300,000 1,294,787 0.21
Skandinaviska Enskilda Banken subord SerEMTN
4.125% /2015 (3) 1,200,000 1,132,487 0.18
Total for Sweden 1.15
Investments
Corporate Bonds (continued)
Nominal in
Euro unless
specified
Market
value
% of net
assets
Italy
Intesa Sanpaolo sr unsecur SerGMTN
4.75% /2017 1,500,000 1,527,932 0.25
UniCredit sr unsecur SerEMTN
1.533% /2010 (3) 1,400,000 1,388,904 0.23
Banca Monte dei Paschi di Siena
sr unsecur SerEMTN 5% /2012 1,000,000 1,040,869 0.17
UniCredit subord SerEMTN 5.75% /2017 880,000 873,893 0.14
Banca Monte dei Paschi di Siena
sr unsecur SerEMTN 4.75% /2014 500,000 509,621 0.08
Total for Italy 0.87
Switzerland
UBS sr nts SerEMTN 6% /2018 2,800,000 2,894,223 0.47
Credit Suisse sr unsecur SerEMTN
5.125% /2017 1,750,000 1,795,655 0.29
UBS bnk gtd SerEMTN 7.152% perpetual (3) 350,000 215,833 0.03
Total for Switzerland 0.79
Denmark
Danske Bank govt liquid gtd SerEMTN
4.75% /2012 1,600,000 1,654,226 0.27
Danske Bank sr unsecur SerEMTN
5.875% /2011 1,200,000 1,262,869 0.20
Danske Bank subord SerEMTN
5.375% /2014 (3) 450,000 411,995 0.07
Danske Bank sr unsecur SerEMTN
4.75% /2014 250,000 250,253 0.04
Total for Denmark 0.58
Canada
Royal Bank of Canada sr unsecur SerEMTN
5.75% /2011 3,050,000 3,251,947 0.53
Total for Canada 0.53
Norway
DnB NOR Bank sr unsecur SerEMTN
5.875% /2013 2,150,000 2,285,723 0.37
DnB NOR Bank sr unsecur SerEMTN
4.5% /2014 250,000 251,383 0.04
Total for Norway 0.41
Jersey
ASIF III Jersey sr secured SerEMTN 4.75% /2013 3,000,000 2,192,454 0.36
Total for Jersey 0.36
Luxembourg
Gaz Capital secured SerEMTN LPN 6.605% /2018 2,200,000 1,801,250 0.29
Total for Luxembourg 0.29
Cayman Islands
Norinchukin Finance bnk gtd SerEMTN
4.25% /2016 (3) 1,450,000 1,349,390 0.22
Total for Cayman Islands 0.22
Singapore
Singapore Telecommunications sr unsecur
Ser144A priv plmt 6% /2011 700,000 751,424 0.12
Total for Singapore 0.12
Total for Corporate Bonds 57.13

Euro Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Government Bonds
Nominal in
Euro unless
specified
Italy
Italy Buoni Poliennali Del Tesoro 3.5% /2011 29,000,000 29,937,584 4.85
Italy Buoni Poliennali Del Tesoro 4.25% /2013 11,000,000 11,528,120 1.87
Italy Buoni Poliennali Del Tesoro 4% /2017 10,500,000 10,666,373 1.73
Italy Buoni Poliennali Del Tesoro 4.25% /2014 10,000,000 10,455,630 1.69
Italy Buoni Poliennali Del Tesoro 6% /2031 2,500,000 2,722,524 0.44
Total for Italy 10.58
France
Government of France OAT 5.5% /2029 19,000,000 21,754,914 3.52
French Treasury Note BTAN nts 3.5% /2011 20,000,000 20,790,109 3.37
Government of France OAT 4% /2013 18,000,000 19,046,556 3.09
Total for France 9.98
Germany
Bundesrepublik 6.5% /2027 18,300,001 23,344,239 3.78
Bundesrepublik 3.25% /2015 12,000,000 12,257,579 1.99
Bundesrepublik 4.75% /2034 11,000,000 11,675,593 1.89
Total for Germany 7.66
Netherlands
Government of Netherlands 4% /2037 21,000,000 19,854,607 3.22
Government of Netherlands 3.25% /2015 5,000,000 5,035,760 0.82
Total for Netherlands 4.04
Greece
Hellenic Republic 4.6% /2013 11,900,000 12,480,101 2.02
Total for Greece 2.02
Total for Government Bonds 34.28
Mortgage and Asset Backed Securities
Market
value
% of net
assets
United Kingdom
Leek Finance 18 X A2C 1.365% /2038 (3) 2,546,145 1,924,315 0.31
Gracechurch Mortgage Financing 2006-1 A5
1.344% /2056 (3) 2,000,000 1,898,012 0.31
Holmes Master Issuer 2006-1X 3A2
1.535% /2040 (3) 1,500,000 1,453,086 0.24
Holmes Master Issuer 2007-2X 3A2
1.525% /2021 (3) 1,500,000 1,425,404 0.23
Granite Master Issuer 2006-4 A7
1.058% /2054 (3) 1,915,736 1,357,734 0.22
Leek Finance 17 X A2C 1.375% /2037 (3) 1,667,952 1,332,936 0.22
Granite Master Issuer 2006-2 A5
1.048% /2054 (3) 766,294 543,078 0.08
Total for United Kingdom 1.61
Australia
Resimac MBS Trust 2004-1E 1A
1.625% /2035 (1) (3) 1,443,922 1,442,502 0.23
Resimac MBS Trust 2005-1E 1A
1.545% /2037 (3) 1,255,253 1,177,985 0.19
Medallion Trust 2004-1G A3
1.399% /2035 (3) 850,545 758,346 0.13
Total for Australia 0.55
Investments
Morgan Stanley Investment Funds 30 June 2009 58
Mortgage and Asset Backed Securities (continued)
Netherlands
Storm 2006-1 A2 1.515% /2048 (3) 1,972,215 1,801,985 0.29
Total for Netherlands 0.29
Total for Mortgage and Asset Backed Securities 2.45
Total Investment Securities 579,211,599 93.86
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Futures Contracts
Description
Euro BOBL Future 09/2009 (20) 2,305,800 (19,595) 0.00
Euro Bund Future 09/2009 (35) 4,230,100 (101,200) (0.02)
Euro SCHATZ Future 09/2009 450 48,534,750 4,396 0.00
Total Futures Contracts 55,070,650 1 (116,399) (0.02)
1 Cash of EUR 5,912,204 held as collateral.
Credit Default Swap Contracts
Risk
position
Maturity
date
Description Currency
Nominal in
Euro unless
specified
Number of Notional
contracts commitments
Notional
amount
Buy Accor 7.5% 04/02/14
(spread 1.95%) EUR 3,300,000 20/03/2014 (84,495) (0.01)
Buy Accor 7.5% 04/02/14
(spread 2.05%) EUR 2,700,000 20/03/2014 (80,837) (0.01)
Buy Goldman Sachs Group
6.6% 15/01/12 EUR 2,000,000 20/06/2013 52,785 0.01
Buy Koninklijke DSM
4.0% 10/11/15 EUR 3,200,000 20/12/2013 (64,876) (0.01)
Buy Merrill Lynch & Co
5% 15/01/15 EUR 1,850,000 20/06/2013 78,047 0.01
Sell Itraxx Europe Senior
Financials Series 9 EUR 13,700,000 20/06/2013 279,572 0.05
Total Credit Default Swap Contracts 180,196 0.04
Cash of EUR 380,000 paid as collateral to different parties.
Maturity
date
Market
value
Net unrealised
gain/(loss)
as at
30 June 2009
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of net
assets
% of
net
assets
Total Derivatives 63,797 0.02
Other Assets less Liabilities 37,853,566 6.12
Total Net Asset Value 617,128,962 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(3) Variable coupon rates are those quoted as of 30 June 2009.
(4) The country in brackets represents the country of incorporation of this security.

59 Morgan Stanley Investment Funds 30 June 2009
Euro Corporate Bond Fund
INVESTMENT AIMS
To provide an attractive rate of return,
measured in Euro, primarily through investment
in Euro-denominated fixed income securities
of high quality issued by corporations
and non-government related issuers.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Nominal in
Euro unless
specified
Market
value
% of net
assets
France
Credit Agricole subord SerEMTN
5.875% /2019 12,500,000 12,931,187 1.31
BNP Paribas Public Sector nts
3.625% /2014 10,000,000 10,022,899 1.01
Caisse d’Amortissement de la Dette Sociale
sr unsecur SerEMTN 4.25% /2020 8,500,000 8,503,229 0.86
Pernod-Ricard sr unsecur SerEMTN
7% /2015 6,700,000 6,829,511 0.69
Societe Generale Societe de Credit Fonciere
covered SerEMTN 4% /2016 6,500,000 6,477,555 0.65
Banque PSA Finance sr unsecur SerEMTN
8.5% /2012 6,000,000 6,287,409 0.63
Societe Des Autoroutes Paris-Rhin-Rhone
nts SerEMTN 7.5% /2015 5,250,000 5,604,113 0.57
France Telecom sr unsecur
4.375% /2014 (USD) 7,500,000 5,371,728 0.54
WPP Finance co gtd 5.25% /2015 5,500,000 5,197,775 0.52
BNP Paribas sr unsecur SerEMTN
3.25% /2012 4,750,000 4,809,408 0.49
Lafarge sr unsecur SerEMTN 7.625% /2016 4,500,000 4,628,070 0.47
Autoroutes du Sud de la France sr
unsecur SerEMTN 7.375% /2019 4,200,000 4,604,223 0.46
Danone Finance co gtd SerEMTN
6.375% /2014 4,000,000 4,440,358 0.45
AXA sr unsecur SerEMTN 4.5% /2015 4,250,000 4,309,181 0.43
Electricité de France sr unsecur
SerEMTN 5.125% /2015 3,200,000 3,399,379 0.34
Cie de Saint-Gobain sr unsecur
SerEMTN 8.25% /2014 3,000,000 3,358,704 0.34
France Telecom sr unsecur SerEMTN
5% /2014 3,000,000 3,159,321 0.32
Total Capital co gtd SerEMTN 4.875% /2019 3,000,000 3,133,046 0.32
RCI Banque unsubord SerEMTN
8.125% /2012 3,000,000 3,125,243 0.32
Veolia Environnement unsubord
SerEMTN 5.125% /2022 3,250,000 2,913,230 0.29
Suez Environnement sr unsecur
SerEMTN 4.875% /2014 2,750,000 2,860,114 0.29
GDF Suez sr unsecur SerEMTN
5.625% /2016 2,600,000 2,825,966 0.29
Thales nts SerEMTN 4.375% /2013 2,700,000 2,749,260 0.28
Groupe Auchan sr unsecur SerEMNT
6% /2019 2,500,000 2,720,693 0.27
Credit Agricole subord 9.75% perpetual (USD) 4,000,000 2,719,334 0.27
Lafarge sr unsecur SerEMTN
5.375% /2017 3,000,000 2,650,584 0.27
Accor sr unsecur 6.5% /2013 2,500,000 2,625,868 0.27
Lafarge sr unsecur SerEMTN
7.625% /2014 2,400,000 2,508,470 0.25
TPSA Eurofinance France co gtd
SerEMTN 6% /2014 2,350,000 2,456,564 0.25
Carrefour sr unsecur SerEMTN
5.125% /2014 2,250,000 2,377,058 0.24
Carrefour sr unsecur SerEMTN
6.625% /2013 2,000,000 2,244,906 0.23
GDF Suez sr unsecur SerEMTN
5.625% /2016 1,900,000 2,065,129 0.21
Banque Federative du Credit Mutuel sr
unsubord SerEMTN 1.414% /2014 (3) 2,150,000 2,019,953 0.20
France Telecom sr unsecur SerEMTN
8.125% /2033 1,500,000 1,958,363 0.20
Credit Mutuel Arkea sr unsecur SerEMTN
5.375% /2014 1,750,000 1,832,967 0.18
Schneider Electric sr unsecur SerEMTN
6.75% /2013 1,600,000 1,761,185 0.18
Societe Generale jr subord
6.999% perpetual (3) 2,550,000 1,741,973 0.18

Euro Corporate Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Nominal in
Euro unless
specified
Market
value
% of net
assets
France (continued)
Veolia Environnement nts SerEMTN
5.25% /2014 1,500,000 1,568,029 0.16
Credit Agricole jr subord Ser144A priv
plmt 6.637% perpetual (3) (USD) 3,455,000 1,503,455 0.15
Societe Generale subord nts SerEMTN
6.125% /2018 1,300,000 1,360,735 0.14
Lafarge sr unsecur SerEMTN
6.125% /2015 1,400,000 1,354,374 0.14
BNP Paribas subord 8.667% perpetual (3) 1,500,000 1,336,497 0.13
Credit Agricole subord nts
4.13% perpetual (3) 2,000,000 1,307,141 0.13
Lafarge sr unsecur SerEMTN
1.603% /2010 (3) 1,150,000 1,094,475 0.11
Unibail-Rodamco CV 3.5% /2015 712,900 1,087,885 0.11
Groupe Auchan sr unsecur SerEMTN
4.75% /2015 1,000,000 1,032,636 0.10
Banque PSA Finance sr unsecur
SerEMTN 6.375% /2010 900,000 924,244 0.09
Suez Environnement sr unsecur
SerMAY 4.875% /2014 750,000 776,723 0.08
Crown European Holdings sr secured
6.25% /2011 440,000 433,400 0.04
Europcar Groupe sr secured SerRegS
4.781% /2013 (3) 350,000 204,750 0.02
Total for France 16.47
United States of America
Pfizer sr unsecur 4.75% /2016 8,250,000 8,491,064 0.86
Citigroup sr unsecur SerEMTN
7.375% /2014 7,000,000 7,014,517 0.71
Verizon Wireless Capital sr unsecur
8.75% /2015 5,200,000 6,250,600 0.63
Citigroup sr unsecur SerEMTN 6.4% /2013 6,000,000 5,937,732 0.60
Xerox sr nts 8.25% /2014 (USD) 7,920,000 5,847,389 0.59
Goldman Sachs Group sr unsecur
SerEMTN 5.375% /2013 5,500,000 5,603,040 0.57
ELM (Elsevier Finance) secured co gtd
6.5% /2013 (Netherlands) (4) 4,600,000 4,868,364 0.49
Roche Holdings co gtd SerEMTN
5.625% /2016 4,200,000 4,557,445 0.46
Toyota Motor Credit nts SerEMTN
5.25% /2012 4,250,000 4,461,688 0.45
Schering-Plough sr unsecur
5.375% /2014 4,200,000 4,435,645 0.45
Whirlpool nts 8.6% /2014 (USD) 5,935,000 4,356,777 0.44
JPMorgan Chase & Co sr unsecur
SerEMTN 6.125% /2014 4,000,000 4,258,884 0.43
CBS co gtd 8.875% /2019 (USD) 5,920,000 4,113,612 0.42
CRH America co gtd 6% /2016 (USD) 6,500,000 4,112,966 0.42
Goldman Sachs Group sr unsecur
SerEMTN 6.375% /2018 4,000,000 4,075,484 0.41
Kraft Foods sr unsecur 6.25% /2015 3,600,000 3,878,330 0.39
Merck & Co sr unsecur 5% /2019 (USD) 5,331,000 3,819,629 0.39
Zurich Finance USA co gtd SerEMTN
6.5% /2015 3,500,000 3,745,774 0.38
Bank of America sr nts SerEMTN
7% /2016 3,500,000 3,617,320 0.37
Bank of America sr unsecur SerEMTN
5.125% /2014 3,700,000 3,582,336 0.36
BMW US Capital co gtd SerEMTN
5% /2015 3,450,000 3,412,388 0.34
JPMorgan Chase & Co sr unsecur
SerEMTN 5.25% /2015 3,200,000 3,309,066 0.33
General Electric Capital FDIC gtd
SerEMTN 4% /2012 3,000,000 3,118,514 0.31
Investments
Morgan Stanley Investment Funds 30 June 2009 60
Nominal in
Euro unless
specified
Market
value
% of net
assets
United States of America (continued)
AT&T sr unsecur 4.375% /2013 3,000,000 3,085,821 0.31
Philip Morris International sr unsecur
SerEMTN 5.75% /2016 2,850,000 3,018,037 0.30
Philip Morris International sr unsecur
SerGMTN 5.875% /2015 2,800,000 2,995,754 0.30
Daimler Finance North America co gtd
SerEMTN 5% /2012 2,650,000 2,705,207 0.27
Anheuser-Busch InBev Worldwide co gtd
Ser144A priv plmt 5.375% /2014 (USD) 3,670,000 2,595,573 0.26
JPMorgan Chase Bank jr subord
4.375% /2021 (3) 3,000,000 2,565,431 0.26
ITW Finance Europe co gtd
5.25% /2014 (Luxembourg) (4) 2,560,000 2,448,333 0.25
New York Life Global Funding nts
SerGMTN 3.75% 19/10/2009 2,300,000 2,278,152 0.23
Citigroup subord SerEMTN 3.625% /2017 (3) 3,275,000 2,216,769 0.22
AT&T sr unsecur SerGLOB 6.125% /2015 2,000,000 2,176,772 0.22
Merrill Lynch & Co sr unsubord SerEMTN
4.875% /2014 2,200,000 2,040,303 0.21
SLM sr unsecur SerEMTN 3.125% /2012 2,850,000 2,024,844 0.20
Merrill Lynch & Co sr unsecur SerEMTN
6.75% /2013 2,000,000 2,020,167 0.20
General Electric Capital subord SerRegS
5.5% /2067 (3) 3,370,000 1,912,472 0.19
Wachovia sr unsecur SerEMTN
1.449% /2014 (3) 2,200,000 1,904,276 0.19
Countrywide Financial co gtd SerEMTN
1.659% /2010 (3) 1,900,000 1,818,110 0.18
Bank of America subord SerEMTN
4.75% /2017 (3) 2,500,000 1,787,160 0.18
Citicorp subord SerEMTN 5.5% /2010 3,500,000 1,747,196 0.18
WM Covered Bond Program SerEMTN
4% /2016 2,000,000 1,711,137 0.17
Pfizer 5.75% /2021 1,500,000 1,607,010 0.16
Swiss Re Treasury US co gtd SerEMTN
6% /2012 1,500,000 1,568,864 0.16
CIT Group sr unsecur SerGMTN
4.25% /2011 1,700,000 1,190,000 0.12
Roche Holdings co gtd SerEMTN
6.5% /2021 1,000,000 1,144,810 0.12
Merrill Lynch & Co sr unsecur SerEMTN
6% /2013 1,150,000 1,143,967 0.12
Goldman Sachs Group sr unsecur
SerRegS 1.609% /2016 (3) 900,000 752,849 0.08
Cadbury Schweppes US Finance co gtd
Ser144A priv plmt 5.125% /2013 (USD) 1,000,000 708,844 0.07
Pemex Project Funding Master Trust co gtd
SerRegS 6.375% /2016 550,000 552,049 0.06
Daimler Finance North America co gtd
7.3% /2012 (USD) 600,000 442,679 0.04
Total for United States of America 16.05
United Kingdom
Lloyds TSB Bank nts SerEMTN
6.375% /2016 10,000,000 10,228,849 1.02
HSBC Holdings sr unsecur SerEMTN
4.5% /2014 8,700,000 8,844,793 0.89
GlaxoSmithKline Capital co gtd SerEMTN
3.875% /2015 8,500,000 8,476,950 0.86
Vodafone Group nts SerEMTN 6.25% /2013 7,000,000 7,599,801 0.77
Royal Bank of Scotland unsecur subord
SerEMTN 4.5% /2016 (3) 8,000,000 6,605,480 0.67
Standard Chartered sr unsecur SerEMTN
5.75% /2014 6,000,000 6,219,519 0.63
Royal Bank of Scotland sr unsecur
SerEMTN 5.75% /2014 5,750,000 5,898,353 0.60
HSBC Holdings subord SerEMTN 6% /2019 5,600,000 5,670,840 0.57
BAT International Finance co gtd SerEMTN
5.375% /2017 5,000,000 5,094,035 0.51
Anglo American Capital co gtd
Ser144A priv plmt 9.375% /2014 (USD) 5,700,000 4,398,045 0.44
Imperial Tobacco Finance co gtd
SerEMTN 8.375% /2016 3,600,000 3,918,434 0.40
Aviva subord 5.25% /2023 (3) 5,000,000 3,607,255 0.36

61 Morgan Stanley Investment Funds 30 June 2009
Euro Corporate Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Nominal in
Euro unless
specified
Market
value
% of net
assets
United Kingdom (continued)
Barclays Bank sr unsecur SerEMTN
5.25% /2014 3,400,000 3,501,471 0.35
Imperial Tobacco Finance co gtd
SerEMTN 5% /2012 3,400,000 3,425,908 0.35
Imperial Tobacco Finance co gtd
SerEMTN 4.375% /2013 3,250,000 3,145,989 0.32
Alliance & Leicester sr unsecur
SerEMTN 3.5% /2011 3,100,000 3,099,380 0.31
Tesco sr unsecur SerEMTN 5.875% /2016 2,850,000 3,087,317 0.31
Tesco sr unsecur SerEMTN 5.125% /2015 2,850,000 2,990,243 0.30
Barclays Bank sr subord SerEMTN
4.5% /2019 (3) 3,500,000 2,963,098 0.30
Nationwide Building Society sr unsecur
SerEMTN 3.125% /2010 2,900,000 2,866,891 0.29
Vodafone Group sr unsecur SerEMTN
1.61% /2014 (3) 3,000,000 2,808,381 0.28
HSBC Holdings subord 3.625% /2020 (3) 3,220,000 2,795,868 0.28
Northern Rock covered SerEMTN
3.875% /2011 2,820,000 2,757,977 0.28
BA Covered Bond Issuer SerEMTN
4.25% /2017 (United States of America) (4) 3,000,000 2,639,934 0.27
Barclays Bank sr unsecur sr bnk nts
5.45% /2012 (USD) 3,500,000 2,600,434 0.26
Ladbrokes Group Finance unsecur sr
unsubord co gtd SerEMTN
6.5% 17/07/2009 2,215,000 2,214,712 0.22
National Grid Gas sr unsecur SerEMTN
5.125% /2013 2,000,000 2,079,496 0.21
WPP co gtd SerEMTN
6.625% /2016 (Jersey) (4) 2,100,000 2,038,470 0.21
JTI UK Finance co gtd SerEMTN
4.5% /2014 2,000,000 2,035,389 0.21
Standard Chartered Capital Trust I jr
subord 8.16% perpetual
(United States of America) (3) (4) 2,000,000 1,929,286 0.19
Imperial Tobacco Finance co gtd
SerEMTN 7.75% /2019 (GBP) 1,500,000 1,762,268 0.18
Lloyds TSB Bank sr subord SerEMTN
5.625% /2018 (3) 1,940,000 1,756,736 0.18
Standard Chartered Bank subord nts
SerEMTN 5.875% /2017 1,900,000 1,747,876 0.18
Anglo American Capital co gtd SerEMTN
5.875% /2015 1,700,000 1,705,959 0.17
Lloyds TSB Bank subord SerEMTN
13% perpetual (3) 2,000,000 1,640,000 0.17
HBOS sr subord SerEMTN 4.5% /2030 (3) 2,830,000 1,566,446 0.16
HSBC Holdings subord SerEMTN
6.25% /2018 1,450,000 1,527,951 0.15
Diageo Finance co gtd SerEMTN
1.484% /2012 (3) 1,550,000 1,513,112 0.15
Centrica sr unsecur SerEMTN 7.125% /2013 1,200,000 1,342,717 0.14
Scottish & Southern Energy sr unsecur
SerEMTN 6.125% /2013 1,200,000 1,284,839 0.13
Barclays Bank subord SerRCI
14% perpetual (3) (GBP) 900,000 1,207,609 0.12
Aviva subord SerEMTN 6.875% /2038 (3) 1,700,000 1,172,165 0.12
BAA Funding co gtd Ser144A priv plmt
4.6% /2020 (Jersey) (3) (4) 1,750,000 1,126,335 0.11
Royal Bank of Scotland Group jr subord
7.092% perpetual (3) 3,100,000 1,069,500 0.11
Anglian Water Services Financing co gtd
SerEMTN 6.25% /2016 1,000,000 1,064,372 0.11
Hanson co gtd 7.875% /2010 (USD) 1,500,000 1,030,064 0.10
Royal Bank of Scotland Group sr
unsecur SerEMTN 5.25% /2013 1,000,000 1,007,091 0.10
Standard Chartered Bank subord
9.5% perpetual (3) (USD) 1,300,000 942,293 0.10
Investments
Nominal in
Euro unless
specified
Market
value
% of net
assets
United Kingdom (continued)
Rexam jr subord 6.75% /2067 (3) 1,150,000 816,500 0.08
FCE Bank sr nts SerEMTN 7.125% /2013 700,000 569,188 0.06
National Grid sr unsecur SerEMTN
4.125% /2013 500,000 502,494 0.05
Tesco sr unsecur SerEMTN 3.875% /2011 400,000 410,335 0.04
Bank of Scotland bnk gtd SerEMTN
5.625% /2013 360,000 359,930 0.04
Imperial Tobacco Finance co gtd SerEMTN
7.25% /2014 150,000 160,138 0.02
J Sainsbury unsubord CV 4.25% /2014 (GBP) 100,000 124,227 0.01
Total for United Kingdom 15.44
Netherlands
Deutsche Telekom International Finance co gtd
SerEMTN 6% /2017 11,000,000 11,695,243 1.18
RWE Finance co gtd SerEMTN 2.5% /2011 9,300,000 9,312,880 0.94
Koninklijke KPN nts SerGMTN 6.25% /2014 7,000,000 7,569,517 0.76
Rabobank Nederland subord SerEMTN
5.875% /2019 7,000,000 7,309,498 0.74
Shell International Finance co gtd SerEMTN
4.375% /2018 7,000,000 7,091,354 0.72
Rabobank Nederland sr unsecur
Ser144A priv plmt 4.2% /2014 (USD) 10,000,000 7,082,496 0.71
Rabobank Nederland unsecur
SerEMTN 4.375% /2016 6,000,000 6,109,422 0.62
ING Bank govt liquid gtd
Ser144A priv plmt 3.9% /2014 (USD) 8,300,000 6,031,855 0.61
Akzo Nobel co gtd 7.25% /2015 5,000,000 5,459,680 0.55
Volkswagen International Finance co gtd
SerEMTN 5.375% /2013 5,000,000 5,166,678 0.52
Telecom Italia Finance co gtd SerEMTN
7.75% /2033 (Luxembourg) (4) 4,200,000 4,294,162 0.43
Deutsche Telekom International Finance
unsecur co gtd 8.125% /2012 3,400,000 3,829,072 0.39
EDP Finance sr unsecur SerEMTN
5.5% /2014 3,400,000 3,615,941 0.36
Schlumberger Finance co gtd SerEMTN
4.5% /2014 3,300,000 3,391,763 0.34
RWE Finance co gtd SerEMTN 5% /2015 3,000,000 3,164,403 0.32
BASF Finance Europe co gtd SerMAY
5.125% /2015 3,000,000 3,151,170 0.32
Paccar Financial Europe keepwell agrmnt
SerEMTN 5.125% /2011 3,250,000 3,074,929 0.31
Nederlandse Gasunie nts SerEMTN
5.125% /2017 2,500,000 2,639,104 0.27
Unilever co gtd SerEMTN 3.125% /2013 (USD) 3,500,000 2,507,486 0.25
Linde Finance co gtd SerEMTN
4.75% /2017 2,500,000 2,506,759 0.25
Muenchener Rueckversicherungs sr unsecur
subord 6.75% /2023 (Germany) (3) (4) 2,400,000 2,384,008 0.24
Bayer Capital co gtd SerEMTN
4.625% /2014 2,200,000 2,282,767 0.23
Koninklijke KPN sr unsecur SerGMTN
6.25% /2013 2,000,000 2,168,870 0.22
E.ON International Finance co gtd
SerEMTN 5.5% /2016 2,000,000 2,143,176 0.22
Rabobank Nederland subord nts
Ser144A priv plmt 11% perpetual (3) (USD) 2,675,000 2,119,625 0.21
ING Bank subord SerEMTN
6.125% /2023 (3) 2,500,000 2,100,698 0.21
E.ON International Finance co gtd
SerEMTN 4.125% /2013 2,000,000 2,065,922 0.21
Deutsche Telekom International Finance co gtd
SerEMTN 4.375% /2014 2,000,000 2,038,610 0.21
Telecom Italia Finance unsecur unsubord co gtd
SerEMTN 7.25% /2012 (Luxembourg) (4) 1,800,000 1,934,162 0.20
Alliander Finance co gtd SerEMTN 4% /2012 1,500,000 1,531,083 0.15
CRH Finance co gtd SerEMTN 7.375% /2014 1,500,000 1,529,600 0.15
Allianz Finance II co gtd 6.5% /2025 (3) 1,500,000 1,449,377 0.15
Generali Finance co gtd 5.479% perpetual (3) 1,800,000 1,330,913 0.13
ING Groep sr unsecur SerEMTN
5.625% /2013 1,000,000 1,050,579 0.11
Daimler International Finance co gtd
SerEMTN 7.875% /2014 900,000 996,554 0.10

Euro Corporate Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Nominal in
Euro unless
specified
Market
value
% of net
assets
Netherlands (continued)
Cemex Finance Europe co gtd
4.75% /2014 1,500,000 980,505 0.10
Volkswagen International Finance co gtd
SerEMTN 7% /2016 850,000 921,683 0.09
Rabobank Nederland sr unsecur
SerEMTN 4.75% /2018 700,000 714,635 0.07
ABN Amro Bank sr unsecur SerFORB CV
1.875% /2010 700,000 684,014 0.07
OI European Group co gtd SerRegS
6.875% /2017 300,000 262,500 0.03
Total for Netherlands 13.69
Spain
Gas Natural Capital Markets co gtd
SerEMTN 5.25% /2014 10,500,000 10,611,141 1.07
Telefonica Emisiones co gtd
4.949% /2015 (USD) 10,000,000 7,236,534 0.73
Telefonica Emisiones co gtd SerEMTN
5.431% /2014 3,500,000 3,704,685 0.37
Iberdrola Finanzas co gtd SerEMTN
7.5% /2015 3,000,000 3,512,243 0.35
Banco Bilbao Vizcaya Argentaria sr subord
4.375% /2019 (3) 3,500,000 3,270,271 0.33
Telefonica Emisiones nts SerEMTN
5.496% /2016 3,000,000 3,155,040 0.32
Telefonica Emisiones co gtd SerEMTN
4.674% /2014 2,650,000 2,724,179 0.27
Santander Issuances bnk gtd SerEMTN
5.435% /2017 (3) 2,800,000 2,699,227 0.27
Santander Issuances bnk gtd
4.5% /2019 (3) 3,000,000 2,663,312 0.27
Telefonica Emisiones co gtd SerEMTN
5.496% /2016 1,750,000 1,839,455 0.19
Iberdrola Finanzas co gtd SerEMTN
4.875% /2014 1,500,000 1,563,950 0.16
Enagas nts SerEMTN 4.375% /2015 1,250,000 1,273,011 0.13
Enagas 3.25% /2012 1,250,000 1,261,781 0.13
Telefonica Emisiones co gtd SerEMTN
5.58% /2013 900,000 959,488 0.10
Total for Spain 4.69
Italy
Banca Monte dei Paschi di Siena sr unsecur
SerEMTN 4.75% /2014 5,600,000 5,707,750 0.57
Telecom Italia sr unsecur SerEMTN
8.25% /2016 4,500,000 5,075,329 0.51
Atlantia co gtd SerEMTN 5.625% /2016 4,150,000 4,341,047 0.44
UniCredit sr unsecur SerEMTN
5.25% /2014 4,000,000 4,183,828 0.42
Intesa Sanpaolo subord SerEMTN
5.75% /2018 (3) 4,000,000 4,057,474 0.41
Finmeccanica Finance co gtd SerEMTN
8.125% /2013 (Luxembourg) (4) 2,817,000 3,163,256 0.32
Enel Finance International co gtd Ser144A
priv plmt 6.25% /2017 (Luxembourg) (4) (USD) 2,955,000 2,199,615 0.22
Intesa Sanpaolo sr unsecur SerEMTN
5.375% 2013 2,000,000 2,132,901 0.22
Telecom Italia sr unsecur SerEMTN
6.75% /2013 1,950,000 2,076,114 0.21
Assicurazioni Generali sr unsecur
SerEMTN 4.875% /2014 2,000,000 2,074,840 0.21
Intesa Sanpaolo sr unsecur SerGMTN
4.75% /2017 1,950,000 1,986,312 0.20
Investments
Morgan Stanley Investment Funds 30 June 2009 62
Nominal in
Euro unless
specified
Market
value
% of net
assets
Italy (continued)
UniCredit subord SerEMTN 5.75% /2017 1,760,000 1,747,786 0.18
Enel Finance International co gtd Ser144A
priv plmt 5.7% /2013 (Luxembourg) (4) (USD) 2,200,000 1,634,943 0.17
Total for Italy 4.08
Sweden
Nordea Bank sr unsecur SerEMTN
4.5% /2014 9,500,000 9,667,636 0.97
Svenska Handelsbanken sr unsecur
SerEMTN 4.875% /2014 6,500,000 6,710,766 0.67
Svenska Handelsbanken subord SerEMTN
4% /2016 (3) 6,000,000 5,550,135 0.56
Vattenfall Treasury co gtd SerEMTN
4.25% /2014 5,000,000 5,105,298 0.52
Akzo Nobel Sweden Finance co gtd
7.75% /2014 2,300,000 2,554,562 0.26
Vattenfall sr unsecur SerEMTN
5.25% /2016 2,400,000 2,539,740 0.26
Vattenfall Treasury co gtd SerEMTN
6.75% /2019 1,200,000 1,366,573 0.14
Total for Sweden 3.38
Switzerland
UBS sr unsecur SerEMTN 5.625% /2014 9,000,000 9,205,910 0.92
Credit Suisse Group Finance US bnk gtd
3.625% /2020 (United States of America) (3) 7,500,000 6,046,534 0.61
Credit Suisse sr unsecur SerEMTN
5.125% /2012 3,300,000 3,444,000 0.35
Roche Holdings co gtd Ser144A priv plmt
6% /2019 (United States of America) (4) (USD) 3,500,000 2,642,264 0.27
Credit Suisse sr unsecur SerEMTN
6.125% /2014 2,400,000 2,604,260 0.26
UBS sr nts SerEMTN 6% /2018 1,375,000 1,421,270 0.14
Credit Suisse sr unsecur SerEMTN
6.125% /2013 1,100,000 1,182,534 0.12
Adecco Financial Service Bermuda co gtd CV
0% /2013 (Bermuda) (4) (CHF) 965,000 679,640 0.07
UBS bnk gtd SerEMTN 7.152% perpetual (3) 250,000 154,167 0.02
Total for Switzerland 2.76
Germany
Commerzbank sr unsecur SerEMTN
4.75% /2015 10,000,000 10,055,699 1.01
ThyssenKrupp sr unsecur SerEMTN
8% /2014 6,000,000 6,130,680 0.62
Deutsche Bank jumbo pfandbrief
SerEMTN 3.75% /2016 4,250,000 4,286,189 0.43
KfW - Kreditanstalt fuer Wiederaufbau govt gtd
3.125% /2014 1,000,000 1,006,512 0.10
Muenchener Rueckversicherungs subord
5.767% perpetual (3) 1,200,000 907,817 0.09
Grohe Holding sr secured SerRegS
4.31% /2014 (3) 400,000 268,000 0.03
Total for Germany 2.28
Ireland
GE Capital European Funding co gtd
SerEMTN 5.25% /2015 9,500,000 9,576,993 0.96
Caterpillar International Finance co gtd
SerEMTN 5.25% /2011 7,500,000 7,784,550 0.79
GE Capital European Funding co gtd
SerEMTN 5.25% /2013 4,000,000 4,121,682 0.42
Caterpillar International Finance nts
SerEMNT 5.125% /2012 1,500,000 1,556,303 0.16
Smurfit Kappa Funding sr subord
7.75% /2015 230,000 198,950 0.02
Total for Ireland 2.35

63 Morgan Stanley Investment Funds 30 June 2009
Euro Corporate Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Nominal in
Euro unless
specified
Market
value
% of net
assets
Denmark
Danske Bank sr unsecur SerEMTN
4.75% /2014 8,500,000 8,508,585 0.86
Carlsberg Breweries sr nts SerEMTN
6% /2014 4,500,000 4,695,696 0.47
Danske Bank sr unsecur SerEMTN
5.875% /2011 2,000,000 2,104,782 0.21
Dong Energy nts SerEMTN 6.5% /2019 1,500,000 1,586,842 0.16
Danske Bank subord SerEMTN
5.375% /2014 (3) 500,000 457,773 0.05
Total for Denmark 1.75
Luxembourg
ArcelorMittal sr unsecur 9.375% /2016 4,500,000 4,707,877 0.47
Novartis Finance co gtd SerEMTN
4.25% /2016 4,000,000 4,068,160 0.41
Gaz Capital secured SerEMTN LPN
6.605% /2018 2,680,000 2,194,250 0.22
ArcelorMittal sr unsecur CV 7.25% /2014 5,507,800 1,577,985 0.16
Unicredit Luxembourg Finance subord
Ser144A priv plmt 6% /2017 (USD) 2,275,000 1,314,661 0.13
Michelin Luxembourg co gtd SerEMTN
8.625% /2014 700,000 770,607 0.08
Coca-Cola Enterprises Finance LT 1
Commandite co gtd 4.75% /2010 550,000 562,728 0.06
Wind Acquisition Finance sr secured co gtd
SerRegS 9.75% /2015 300,000 295,500 0.03
Hellas Telecommunications Luxembourg V
sr secured SerRegS 4.935% /2012 (3) 250,000 170,208 0.02
Total for Luxembourg 1.58
Norway
DnB NOR Bank sr unsecur SerEMTN
4.5% /2014 7,800,000 7,843,133 0.79
Statkraft sr unsecur 6.625% /2019 2,000,000 2,112,108 0.21
StatoilHydro nts SerEMTN 4.375% /2015 2,000,000 2,057,235 0.21
Statkraft nts SerEMTN 5.5% /2015 1,500,000 1,554,123 0.16
DnB NOR Bank sr unsecur SerEMTN
5.875% /2013 1,300,000 1,382,065 0.14
Total for Norway 1.51
Belgium
Anheuser-Busch InBev co gtd SerEMTN
7.375% /2013 5,000,000 5,451,355 0.55
Delhaize Group sr unsecur 5.625% /2014 2,650,000 2,742,750 0.28
Elia System Operator 4.5% /2013 2,250,000 2,315,080 0.23
Fortis Bank sr subord SerEMTN
5.757% /2017 1,500,000 1,499,695 0.15
Total for Belgium 1.21
Australia
BHP Billiton Finance co gtd SerEMTN
6.375% /2016 3,500,000 3,841,091 0.40
Australia & New Zealand Banking Group
sr unsecur SerEMTN 5.25% /2013 2,300,000 2,418,570 0.24
Westpac Banking sr unsecur SerEMTN
5.875% /2013 1,700,000 1,823,544 0.18
Total for Australia 0.82
Investments
Nominal in
Euro unless
specified
Market
value
% of net
assets
Canada
Toronto-Dominion Bank sr unsecur
SerEMTN 5.375% /2015 3,000,000 3,192,474 0.32
VW Credit Canada co gtd SerEMTN
5% /2011 1,400,000 1,422,151 0.14
Royal Bank of Canada sr unsecur
SerEMTN 5.75% /2011 1,300,000 1,386,076 0.14
Bombardier sr unsecur SerRegS
7.25% /2016 300,000 253,025 0.03
Total for Canada 0.63
Jersey
ASIF III Jersey sr secured SerEMTN
4.75% /2013 3,000,000 2,192,454 0.23
UBS sr subord SerEMTN 1.416% /2015
(Switzerland) (3) (4) 2,000,000 1,621,792 0.16
WPP co gtd SerWPP CV 5.75% /2014 (GBP) 1,300,000 1,599,252 0.16
UBS bnk gtd 4.28% perpetual
(Switzerland) (3) (4) 1,100,000 485,183 0.05
Total for Jersey 0.60
Portugal
Caixa Geral de Depositos sr unsecur
SerEMTN 4.375% /2013 5,000,000 5,022,145 0.51
Total for Portugal 0.51
Bermuda
Bacardi co gtd 7.75% /2014 4,000,000 4,319,366 0.44
Total for Bermuda 0.44
South Korea
Export-Import Bank of Korea sr unsecur
SerEMTN 5.75% /2013 1,750,000 1,746,990 0.17
Korea Electric Power sr unsecur CV
0% /2011 700,000 744,436 0.08
Total for South Korea 0.25
Cayman Islands
Thames Water Utilities Cayman Finance co gtd
SerEMTN 6.125% /2013 1,400,000 1,469,775 0.15
Norinchukin Finance bnk gtd SerEMTN
4.25% /2016 (3) 1,050,000 977,144 0.10
Total for Cayman Islands 0.25
Finland
Nokia sr unsecur SerEMTN 5.5% /2014 2,000,000 2,129,540 0.21
Total for Finland 0.21
Singapore
Singapore Telecommunications sr unsecur
Ser144A priv plmt 6% /2011 160,000 171,754 0.02
Total for Singapore 0.02
Total Investment Securities 901,299,022 90.97

Euro Corporate Bond Fund
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Forward Foreign Currency Exchange Contracts
Maturity
date
06/07/2009 51,868 EUR 37,415 GBP 7,937 0.00
06/07/2009 8,000,000 USD 5,744,444 EUR (60,831) (0.01)
13/07/2009 547,978 EUR 830,000 CHF 3,623 0.00
16/07/2009 2,830,746 EUR 3,925,000 USD 42,249 0.00
16/07/2009 4,954,392 EUR 6,900,000 USD 52,322 0.01
16/07/2009 60,719,987 EUR 85,470,000 USD (1,740) 0.00
16/07/2009 100,000 GBP 118,094 EUR (680) 0.00
22/07/2009 4,249,376 EUR 3,630,000 GBP (12,700) 0.00
22/07/2009 118,092 EUR 100,000 GBP 680 0.00
22/07/2009 40,000 GBP 54,994 EUR (8,029) 0.00
Total Forward Foreign Currency Exchange Contracts 22,831 0.00
Cash of EUR 400,000 paid as collateral to different parties.
Futures Contracts
Description
Maturity
date
Amount
bought
Number of
contracts
Euro BOBL Future 09/2009 239 27,554,310 244,920 0.02
Euro Bund Future 09/2009 176 21,271,360 422,400 0.04
Euro SCHATZ Future 09/2009 (15) 1,617,825 (10,050) 0.00
Long Gilt Future 09/2009 (21) 2,907,615 (13,280) 0.00
US 10yr T-note Future 09/2009 (253) 20,839,180 100,385 0.01
US 5yr T-note Future 09/2009 (662) 53,877,449 736,764 0.07
US Long Bond Future 09/2009 (31) 2,592,992 (19,615) 0.00
Total Futures Contracts 130,660,731 1 1,461,524 0.14
1 Cash of EUR 1,200,269 held as collateral.
Amount
sold
Notional
commitments
Net unrealised
gain/(loss)
as at
30 June 2009
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of net
assets
Credit Default Swap Contracts
Risk
position
Morgan Stanley Investment Funds 30 June 2009 64
Description Currency
Notional
amount
Buy Accor 7.5% 04/02/14
(spread 1.95%) EUR 4,500,000 20/03/2014 (115,221) (0.02)
Buy Accor 7.5% 04/02/14
(spread 2.05%) EUR 4,500,000 20/03/2014 (134,728) (0.02)
Buy Akzo Nobel 4.25% 06/18 EUR 5,000,000 20/06/2014 (162,892) (0.03)
Buy Carnival 6.65% 15/01/28 USD 900,000 20/06/2015 29,618 0.00
Buy Goldman Sachs Group
6.6% 15/01/12 EUR 800,000 20/06/2013 21,114 0.00
Buy Koninklijke DSM
4.0% 10/11/15 EUR 2,200,000 20/12/2013 (44,602) (0.01)
Buy Merrill Lynch & Co
5% 15/01/15 EUR 550,000 20/06/2013 23,203 0.00
Buy Whirlpool 7.75% 07/16 USD 5,935,000 20/06/2014 283,926 0.05
Buy WPP 2005 6% 04/04/17 EUR 2,000,000 20/06/2015 108,050 0.02
Sell Arcelormittal
6.125% 01/06/18 EUR 3,500,000 20/03/2014 28,537 0.00
Sell Itraxx Europe Senior
Financials Series 9 EUR 9,000,000 20/06/2013 183,660 0.03
Sell Itraxx Europe Senior
Financials Series 9 EUR 15,000,000 20/06/2013 306,101 0.05
Sell Itraxx Europe Senior
Financials Series 10 EUR 7,500,000 20/12/2013 22,476 0.00
Sell Itraxx Europe Series 11 EUR 9,000,000 20/06/2014 296,157 0.05
Sell Itraxx Europe Series 11 EUR 5,000,000 20/06/2014 164,532 0.03
Sell Itraxx Europe Series 11 EUR 30,000,000 20/06/2014 987,189 0.16
Sell Itraxx Europe Series 11 EUR 10,000,000 20/06/2014 442,429 0.07
Total Credit Default Swap Contracts 2,439,549 0.38
Cash of EUR 1,260,000 paid as collateral to different parties.
Maturity
date
Net unrealised
gain/(loss)
as at
30 June 2009
Total Derivatives 3,923,904 0.52
Other Assets less Liabilities 85,581,205 8.51
Total Net Asset Value 990,804,131 100.00
(3) Variable coupon rates are those quoted as of 30 June 2009.
(4) The country in brackets represents the country of incorporation of this security.
% of
net
assets

65 Morgan Stanley Investment Funds 30 June 2009
Euro Strategic Bond Fund
INVESTMENT AIMS
To provide an attractive rate of return,
measured in Euro, through market, instrument
and currency selection.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Corporate Bonds
Nominal in
Euro unless
specified
Market
value
% of net
assets
United Kingdom
Northern Rock covered SerEMTN
3.875% /2011 2,160,000 2,112,493 1.96
BA Covered Bond Issuer SerEMTN
4.25% /2017 (United States of America) (4) 1,600,000 1,407,965 1.31
Nationwide Building Society covered
SerEMTN 3.5% /2015 1,200,000 1,083,852 1.01
HSBC Holdings subord 3.625% /2020 (3) 800,000 694,625 0.64
Diageo Finance co gtd SerEMTN
1.484% /2012 (3) 610,000 595,483 0.55
Standard Chartered sr unsecur SerEMTN
5.75% /2014 550,000 570,123 0.53
National Grid sr unsecur SerEMTN
4.125% /2013 500,000 502,494 0.46
HBOS sr subord SerEMTN 4.5% /2030 (3) 900,000 498,163 0.46
Tesco sr unsecur SerEMTN 5.875% /2016 450,000 487,471 0.45
Vodafone Group sr unsecur SerEMTN
1.61% /2014 (3) 500,000 468,064 0.43
Rexam jr subord 6.75% /2067 (3) 650,000 461,500 0.43
JTI UK Finance co gtd SerEMTN 4.5% /2014 450,000 457,963 0.42
Royal Bank of Scotland unsecur subord
SerEMTN 4.5% /2016 (3) 500,000 412,843 0.38
BAA Funding co gtd Ser144A priv plmt
4.6% /2020 (Jersey) (3) (4) 600,000 386,172 0.36
FCE Bank sr nts SerEMTN 7.125% /2013 450,000 365,906 0.34
Hanson co gtd 7.875% /2010 (USD) 525,000 360,523 0.33
Imperial Tobacco Finance co gtd SerEMTN
4.375% /2013 350,000 338,799 0.31
Lloyds TSB Bank nts SerEMTN
6.375% /2016 300,000 306,866 0.28
BAT International Finance co gtd SerEMTN
5.375% /2017 300,000 305,642 0.28
Bank of Scotland covered SerEMTN
4.625% /2017 300,000 282,788 0.26
British Telecommunications sr unsecur
7.375% /2011 250,000 265,536 0.25
Royal Bank of Scotland Group jr subord
7.092% perpetual (3) 700,000 241,500 0.22
Barclays Bank sr unsecur SerEMTN
5.25% /2014 200,000 205,969 0.19
HSBC Holdings subord SerEMTN 6% /2019 200,000 202,530 0.19
Barclays Bank subord SerRCI
14% perpetual (3) (GBP) 150,000 201,268 0.19
GlaxoSmithKline Capital co gtd SerEMTN
3.875% /2015 200,000 199,458 0.18
Imperial Tobacco Finance co gtd SerEMTN
7.25% /2014 150,000 160,138 0.15
National Grid Gas sr unsecur SerEMTN
5.125% /2013 150,000 155,962 0.14
J Sainsbury unsubord CV 4.25% /2014 (GBP) 100,000 124,227 0.11
Imperial Tobacco Finance co gtd SerEMTN
8.375% /2016 100,000 108,845 0.10
Anglo American Capital co gtd Ser144A
priv plmt 9.375% /2014 (USD) 100,000 77,159 0.07
Total for United Kingdom 12.98
United States of America
New York Life Global Funding nts SerGMTN
3.75% 19/10/2009 1,200,000 1,188,601 1.11
Goldman Sachs Group sr unsecur SerEMTN
5.375% /2013 1,000,000 1,018,734 0.94
WM Covered Bond Program SerEMTN
4% /2016 1,150,000 983,904 0.91
Citigroup subord SerEMTN 3.625% /2017 (3) 1,200,000 812,251 0.75

Euro Strategic Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Corporate Bonds (continued)
Nominal in
Euro unless
specified
Market
value
% of net
assets
United States of America (continued)
General Electric Capital FDIC gtd SerEMTN
4% /2012 700,000 727,653 0.67
Bank of America sr unsecur SerEMTN
5.125% /2014 650,000 629,329 0.58
General Electric Capital subord SerRegS
5.5% /2067 (3) 1,000,000 567,499 0.52
Merrill Lynch & Co sr unsubord SerEMTN
4.875% /2014 600,000 556,446 0.51
Countrywide Financial co gtd SerEMTN
1.659% /2010 (3) 550,000 526,295 0.49
JPMorgan Chase & Co sr unsecur SerEMTN
5.25% /2015 500,000 517,041 0.48
CIT Group sr unsecur SerGMTN 4.25% /2011 700,000 490,000 0.45
Wachovia sr unsecur SerEMTN
1.449% /2014 (3) 550,000 476,069 0.44
Verizon Wireless Capital sr unsecur
8.75% /2015 350,000 420,713 0.39
Goldman Sachs Group sr unsecur SerEMTN
6.375% /2018 400,000 407,548 0.38
Schering-Plough sr unsecur 5.375% /2014 300,000 316,832 0.29
Pfizer sr unsecur 4.75% /2016 300,000 308,766 0.29
AT&T sr unsecur 4.375% /2013 300,000 308,582 0.29
Daimler Finance North America co gtd
SerEMTN 5% /2012 300,000 306,250 0.28
BMW US Capital co gtd SerEMTN 5% /2015 300,000 296,729 0.27
Sealed Air sr nts Ser144A priv plmt
7.875% /2017 (USD) 415,000 293,126 0.27
Citigroup sr unsecur SerEMTN 3.95% /2013 300,000 267,581 0.25
Philip Morris International sr unsecur
SerGMTN 5.875% /2015 250,000 267,478 0.25
CRH America co gtd 6% /2016 (USD) 400,000 253,106 0.23
Chesapeake Energy co gtd 6.25% /2017 275,000 236,500 0.22
Roche Holdings co gtd SerEMTN
5.625% /2016 200,000 217,021 0.20
Zurich Finance USA co gtd SerEMTN
6.5% /2015 200,000 214,044 0.20
Toyota Motor Credit nts SerEMTN
5.25% /2012 200,000 209,962 0.19
Philip Morris International sr unsecur
SerEMTN 5.75% /2016 150,000 158,844 0.15
HCA sr unsecur 6.25% /2013 (USD) 250,000 154,872 0.14
SLM sr unsecur SerEMTN 3.125% /2012 200,000 142,094 0.13
Swiss Re Treasury US co gtd SerEMTN
6% /2012 100,000 104,591 0.10
Washington Mutual Preferred Funding IV jr
subord Ser144A priv plmt
9.75% perpetual (3) (USD) 200,000 2,487 0.00
Total for United States of America 12.37
France
WPP Finance co gtd 5.25% /2015 1,250,000 1,181,312 1.09
Lafarge sr unsecur SerEMTN
1.603% /2010 (3) 650,000 618,616 0.57
Veolia Environnement unsubord SerEMTN
5.125% /2022 650,000 582,646 0.54
Societe Generale jr subord 6.999%
perpetual (3) 850,000 580,658 0.54
BNP Paribas subord nts SerEMTN
5.431% /2017 550,000 570,601 0.53
France Telecom sr unsecur SerEMTN
7.25% /2013 500,000 564,074 0.52
Banque Federative du Credit Mutuel sr
unsubord SerEMTN 1.414% /2014 (3) 500,000 469,756 0.43
Investments
Corporate Bonds (continued)
Morgan Stanley Investment Funds 30 June 2009 66
Nominal in
Euro unless
specified
Market
value
% of net
assets
France (continued)
Lafarge sr unsecur SerEMTN 6.125% /2015 400,000 386,964 0.36
Credit Agricole jr subord Ser144A priv plmt
6.637% perpetual (3) (USD) 630,000 274,147 0.25
Pernod-Ricard sr unsecur SerEMTN 7% /2015 250,000 254,833 0.24
Groupe Auchan sr unsecur SerEMNT 6% /2019 200,000 217,655 0.20
GDF Suez sr unsecur SerEMTN 5.625% /2016 200,000 217,382 0.20
Accor sr unsecur 6.5% /2013 200,000 210,069 0.19
Banque PSA Finance sr unsecur SerEMTN
8.5% /2012 200,000 209,580 0.19
Societe Generale subord nts SerEMTN
6.125% /2018 200,000 209,344 0.19
Credit Agricole subord SerEMTN 5.875% /2019 200,000 206,899 0.19
Societe Generale sr unsecur SerEMTN
4.2% /2012 200,000 205,464 0.19
AXA sr unsecur SerEMTN 4.5% /2015 200,000 202,785 0.19
Crown European Holdings sr secured
6.25% /2011 200,000 197,000 0.18
Europcar Groupe sr secured SerRegS
4.781% /2013 (3) 300,000 175,500 0.16
Autoroutes du Sud de la France sr unsecur
SerEMTN 7.375% /2019 150,000 164,437 0.15
Rhodia sr unsecur SerRegS 4.185% /2013 (3) 150,000 106,875 0.10
RTE EDF Transport sr unsecur SerEMTN
5.125% /2018 100,000 104,450 0.10
Groupe Auchan sr unsecur SerEMTN
4.75% /2015 100,000 103,264 0.10
Unibail-Rodamco CV 3.5% /2015 41,600 63,482 0.06
TPSA Eurofinance France co gtd SerEMTN
6% /2014 50,000 52,267 0.05
Banque PSA Finance sr unsecur SerEMTN
6.375% /2010 50,000 51,347 0.05
Total for France 7.56
Netherlands
NIBC Bank govt liquid gtd SerEMTN
3.625% /2011 1,000,000 1,030,521 0.96
ING Bank covered SerEMTN 5.25% /2018 750,000 786,001 0.73
Telecom Italia Finance co gtd SerEMTN
7.75% /2033 (Luxembourg) (4) 550,000 562,331 0.52
Cemex Finance Europe co gtd 4.75% /2014 500,000 326,835 0.30
Impress Holdings sr secured SerRegS
4.56% /2013 (3) 350,000 305,375 0.28
ABN Amro Bank sr unsecur SerFORB CV
1.875% /2010 300,000 293,149 0.27
E.ON International Finance co gtd SerEMTN
5.75% /2020 250,000 270,801 0.25
Linde Finance co gtd SerEMTN 4.75% /2017 250,000 250,676 0.23
Deutsche Telekom International Finance
unsecur co gtd 8.125% /2012 200,000 225,240 0.21
Koninklijke KPN sr unsecur SerGMTN
6.25% /2013 200,000 216,887 0.20
Rabobank Nederland subord SerEMTN
5.875% /2019 200,000 208,843 0.19
Paccar Financial Europe keepwell agrmnt
SerEMTN 5.125% /2011 150,000 141,920 0.13
OI European Group co gtd SerRegS
6.875% /2017 150,000 131,250 0.12
Volkswagen International Finance co gtd
SerEMTN 7% /2016 100,000 108,433 0.10
Rabobank Nederland subord nts
Ser144A priv plmt 11% perpetual (3) (USD) 105,000 83,200 0.08
Total for Netherlands 4.57
Spain
Banco Bilbao Vizcaya Argentaria covered
3.75% /2013 1,000,000 1,004,318 0.92
Telefonica Emisiones co gtd SerEMTN
4.674% /2014 550,000 565,396 0.52
Santander Issuances bnk gtd SerEMTN
5.435% /2017 (3) 500,000 482,005 0.45

67 Morgan Stanley Investment Funds 30 June 2009
Euro Strategic Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Corporate Bonds (continued)
Nominal in
Euro unless
specified
Market
value
% of net
assets
Spain (continued)
Gas Natural Capital Markets co gtd SerEMTN
5.25% /2014 200,000 202,117 0.19
Santander International Debt bnk gtd
SerEMTN 5.625% /2012 150,000 158,482 0.15
Total for Spain 2.23
Italy
UniCredit sr unsecur SerEMTN
1.533% /2010 (3) 500,000 496,037 0.45
Intesa Sanpaolo sr unsecur SerGMTN
4.75% /2017 400,000 407,449 0.38
Fiat Finance & Trade co gtd
6.625% /2013 (Luxembourg) (4) 450,000 384,750 0.36
Banca Monte dei Paschi di Siena sr
unsecur SerEMTN 4.75% /2014 300,000 305,772 0.28
UniCredit subord SerEMTN 5.75% /2017 300,000 297,918 0.28
Total for Italy 1.75
Ireland
GE Capital European Funding co gtd
SerEMTN 4.125% /2016 1,000,000 939,618 0.86
Caterpillar International Finance co gtd
SerEMTN 5.25% /2011 350,000 363,279 0.34
Smurfit Kappa Funding sr subord 7.75% /2015 250,000 216,250 0.20
Total for Ireland 1.40
Germany
Muenchener Rueckversicherungs subord
5.767% perpetual (3) 500,000 378,257 0.36
KfW - Kreditanstalt fuer Wiederaufbau govt gtd
SerDTE CV 3.25% /2013 300,000 305,190 0.28
Commerzbank sr unsecur SerEMTN
4.75% /2015 250,000 251,392 0.23
ThyssenKrupp sr unsecur SerEMTN 8% /2014 200,000 204,356 0.19
Grohe Holding sr secured SerRegS
4.31% /2014 (3) 250,000 167,500 0.15
Deutsche Bank sr unsecur SerEMTN
5.125% /2017 150,000 153,126 0.14
Total for Germany 1.35
Switzerland
Credit Suisse sr unsecur SerEMTN
5.125% /2017 600,000 615,653 0.58
UBS sr nts SerEMTN 6% /2018 400,000 413,460 0.38
Adecco Financial Service Bermuda co gtd CV
0% /2013 (Bermuda) (4) (CHF) 415,000 292,280 0.27
UBS bnk gtd SerEMTN 7.152% perpetual (3) 200,000 123,333 0.11
Total for Switzerland 1.34
Luxembourg
Gaz Capital secured SerEMTN LPN
6.605% /2018 550,000 450,313 0.42
Wind Acquisition Finance sr secured co gtd
SerRegS 9.75% /2015 250,000 246,250 0.23
Coca-Cola Enterprises Finance LT 1
Commandite co gtd 4.75% /2010 200,000 204,628 0.19
Hellas Telecommunications Luxembourg V
sr secured SerRegS 4.935% /2012 (3) 300,000 204,250 0.19
Investments
Corporate Bonds (continued)
Nominal in
Euro unless
specified
Market
value
% of net
assets
Luxembourg (continued)
ArcelorMittal sr unsecur CV 7.25% /2014 571,900 163,849 0.15
ArcelorMittal sr unsecur 9.375% /2016 100,000 104,620 0.10
Total for Luxembourg 1.28
Sweden
Svenska Handelsbanken sr unsecur SerEMTN
4.875% /2014 500,000 516,213 0.49
Telefonaktiebolaget LM Ericsson sr unsecur
SerEMTN 6.75% /2010 300,000 303,924 0.28
Vattenfall sr unsecur SerEMTN 5.25% /2016 250,000 264,556 0.24
Rodamco Sverige co gtd SerEMTN
4.125% /2011 220,000 221,177 0.20
Total for Sweden 1.21
South Korea
Export-Import Bank of Korea sr unsecur
SerEMTN 5.75% /2013 800,000 798,624 0.74
Korea Electric Power sr unsecur CV 0% /2011 300,000 319,044 0.29
Total for South Korea 1.03
Australia
Westpac Banking sr unsubord SerEMTN
4.25% /2012 500,000 511,286 0.47
Australia & New Zealand Banking Group
sr unsecur SerEMTN 5.25% /2013 450,000 473,198 0.44
BHP Billiton Finance co gtd SerEMTN
6.375% /2016 100,000 109,745 0.10
Total for Australia 1.01
Belgium
Delhaize Group sr unsecur 5.625% /2014 650,000 672,750 0.62
Anheuser-Busch InBev co gtd SerEMTN
7.375% /2013 350,000 381,595 0.35
Total for Belgium 0.97
Cayman Islands
Norinchukin Finance bnk gtd SerEMTN
4.25% /2016 (3) 1,000,000 930,614 0.86
Total for Cayman Islands 0.86
Canada
Royal Bank of Canada sr unsecur SerEMTN
5.75% /2011 540,000 575,754 0.53
Bombardier sr unsecur SerRegS 7.25% /2016 400,000 337,366 0.31
Total for Canada 0.84
Jersey
ASIF III Jersey sr secured SerEMTN
4.75% /2013 1,050,000 767,359 0.71
WPP co gtd SerWPP CV 5.75% /2014
(United Kingdom) (4) (GBP) 100,000 123,019 0.11
Total for Jersey 0.82
Denmark
Danske Bank govt liquid gtd SerEMTN
4.75% /2012 400,000 413,556 0.38
TDC sr unsecur unsubord SerEMTN 6.5% /2012 150,000 150,500 0.14
Danske Bank sr unsecur SerEMTN 4.75% /2014 150,000 150,152 0.14
Danske Bank subord SerEMTN 5.375% /2014 (3) 160,000 146,487 0.14
Total for Denmark 0.80

Euro Strategic Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Corporate Bonds (continued)
Norway
DnB NOR Bank sr unsecur SerEMTN
5.875% /2013 350,000 372,094 0.34
Statkraft nts SerEMTN 5.5% /2015 100,000 103,608 0.10
Statkraft sr unsecur 6.625% /2019 50,000 52,803 0.05
DnB NOR Bank sr unsecur SerEMTN
4.5% /2014 50,000 50,277 0.05
Total for Norway 0.54
Bermuda
Bacardi co gtd 7.75% /2014 150,000 161,976 0.15
Total for Bermuda 0.15
British Virgin Islands
C10 - EUR Capital SPV co gtd
6.277% perpetual (3) 200,000 80,500 0.07
Total for British Virgin Islands 0.07
Total for Corporate Bonds 55.13
Government Bonds
Nominal in
Euro unless
specified
Market
value
% of net
assets
France
Government of France OAT 3.75% /2017 5,300,000 5,411,944 5.00
French Treasury Note BTAN nts 3.5% /2011 2,950,000 3,066,541 2.84
Government of France OAT 4% /2013 2,800,000 2,962,798 2.74
Government of France OAT 5.5% /2029 2,300,000 2,633,490 2.43
Total for France 13.01
Italy
Italy Buoni Poliennali Del Tesoro 3.5% /2011 4,500,000 4,645,487 4.30
Italy Buoni Poliennali Del Tesoro 4.25% /2014 2,000,000 2,091,126 1.93
Italy Buoni Poliennali Del Tesoro 4% /2017 1,500,000 1,523,768 1.41
Total for Italy 7.64
Netherlands
Government of Netherlands 4% /2037 5,400,000 5,105,471 4.72
Government of Netherlands 3.25% /2015 1,500,000 1,510,728 1.40
Total for Netherlands 6.12
Germany
Bundesrepublik 4.75% /2034 2,600,000 2,759,686 2.55
Bundesrepublik 6.5% /2027 1,500,000 1,913,462 1.77
Bundesrepublik 3.25% /2015 400,000 408,586 0.38
Total for Germany 4.70
Greece
Hellenic Republic Government Bond
4.6% /2013 2,400,000 2,516,995 2.33
Total for Greece 2.33
Investments
Government Bonds (continued)
Morgan Stanley Investment Funds 30 June 2009 68
Nominal in
Euro unless
specified
Brazil
Republic of Brazil unsubord
10% /2014 (1) (BRL) 3,100,000 1,101,550 1.02
Federal Republic of Brazil sr unsecur
7.375% /2015 250,000 278,925 0.26
Total for Brazil 1.28
Mexico
Mexican Bonos 10% /2024 (MXN) 15,600,000 955,648 0.88
Total for Mexico 0.88
South Africa
Republic of South Africa 7.25% /2020 (ZAR) 6,700,000 543,880 0.50
Total for South Africa 0.50
Hungary
Republic of Hungary 5.75% /2018 350,000 322,632 0.30
Total for Hungary 0.30
Total for Government Bonds 36.76
Mortgage and Asset Backed Securities
Market
value
% of net
assets
Australia
Resimac MBS Trust 2005-1E 1A
1.545% /2037 (3) 812,223 762,225 0.71
Resimac MBS Trust 2004-1E 1A
1.625% /2035 (1) (3) 462,055 461,601 0.43
Medallion Trust 2004-1G A3 1.399% /2035 (3) 510,327 455,008 0.42
Rams Mortgage Securities 2003-1E 2A
1.522% /2034 (1) (3) 116,822 98,131 0.09
Total for Australia 1.65
United Kingdom
Leek Finance 18X A2C 1.365% /2038 (3) 436,482 329,882 0.30
Leek Finance 17 X A2C 1.375% /2037 (3) 404,352 323,136 0.30
Permanent Master Issuer 2007-1 3A
1.525% /2033 (3) 300,000 267,670 0.25
Granite Master Issuer 2006-4 A7
1.058% /2054 (3) 306,518 217,237 0.20
Granite Master Issuer 2007-2 3A2
1.059% /2054 (3) 229,888 162,830 0.15
Total for United Kingdom 1.20
United States of America
Countrywide Alternative Loan Trust
2006-OA18 A3 0.584% /2046 (1) (3) (USD) 1,266,171 112,163 0.10
American Home Mortgage Investment
Trust 2004-41A1 0.654% /2045 (3) (USD) 101,207 55,183 0.05
Mastr Adjustable Rate Mortgages Trust
2006-OA1 3A3 2.379% /2046 (1) (3) (USD) 284,716 20,987 0.02
Total for United States of America 0.17
Total for Mortgage and Asset Backed Securities 3.02
Total Investment Securities 102,654,939 94.91

69 Morgan Stanley Investment Funds 30 June 2009
Euro Strategic Bond Fund
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Forward Foreign Currency Exchange Contracts
Maturity
date
09/07/2009 835,000 EUR 1,187,938 USD (8,970) (0.01)
13/07/2009 1,366,643 EUR 2,070,000 CHF 9,035 0.01
13/07/2009 6,950,000 NOK 775,556 EUR (7,817) (0.01)
13/07/2009 2,400,000 NOK 370,478 USD 1,914 0.00
16/07/2009 150,000 AUD 86,929 EUR (739) 0.00
16/07/2009 580,000 AUD 473,164 USD (2,892) 0.00
16/07/2009 85,790 EUR 150,000 AUD (399) 0.00
16/07/2009 2,647,581 EUR 3,725,000 USD 1,174 0.00
16/07/2009 209,037 EUR 290,000 USD 3,008 0.00
16/07/2009 35,881 EUR 50,000 USD 359 0.00
16/07/2009 100,000 GBP 118,094 EUR (680) 0.00
16/07/2009 466,216 USD 580,000 AUD (2,045) 0.00
22/07/2009 316,834 EUR 270,000 GBP (179) 0.00
22/07/2009 118,092 EUR 100,000 GBP 680 0.00
22/07/2009 503,202 EUR 5,700,000 ZAR (19,600) (0.02)
22/07/2009 846,229 USD 1,640,000 BRL 5,190 0.00
Total Forward Foreign Currency Exchange Contracts (21,961) (0.03)
Futures Contracts
Description
Maturity
date
Amount
bought
Number of
contracts
Euro BOBL Future 09/2009 8 922,320 5,475 0.01
Euro SCHATZ Future 09/2009 95 10,246,225 429 0.00
Total Futures Contracts 11,168,545 1 5,904 0.01
1 Cash of EUR 1,792,943 held as collateral.
Amount
sold
Net unrealised
gain/(loss)
as at
30 June 2009
Net unrealised
Notional gain as at
commitments 30 June 2009
% of net
assets
% of net
assets
Credit Default Swap Contracts
Risk
position
Description Currency
Notional
amount
Buy ABB International Finance
6.5% 30/11/11 EUR 2,000,000 20/09/2012 29,564 0.03
Buy Accor 7.5% 04/02/14
(spread 1.95%) EUR 500,000 20/03/2014 (12,802) (0.01)
Buy Accor 7.5% 04/02/14
(spread 2.05%) EUR 500,000 20/03/2014 (14,970) (0.01)
Buy Carnival 6.65% 15/01/28 USD 500,000 20/06/2015 16,454 0.02
Buy Goldman Sachs Group
6.6% 15/01/12 EUR 500,000 20/06/2013 13,196 0.01
Buy Koninklijke DSM
4.0% 10/11/15 EUR 500,000 20/12/2013 (10,137) (0.01)
Buy Merrill Lynch & Co
5% 15/01/15 EUR 400,000 20/06/2013 16,875 0.02
Buy Sealed Air
5.625% 15/07/13 USD 415,000 20/03/2018 2,554 0.00
Buy WPP 2005 6% 04/04/17 EUR 1,000,000 20/06/2015 54,025 0.05
Sell Arcelormittal
6.125% 01/06/18 EUR 500,000 20/03/2014 4,077 0.00
Sell Itraxx Europe Senior
Financials Series 9 EUR 2,400,000 20/06/2013 48,976 0.05
Total Credit Default Swap Contracts 147,812 0.15
Cash of EUR 160,000 paid as collateral to different parties.
Maturity
date
Net unrealised
gain/(loss)
as at
30 June 2009
% of
net
assets
Total Derivatives 131,755 0.13
Other Assets less Liabilities 5,379,230 4.96
Total Net Asset Value 108,165,924 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(3) Variable coupon rates are those quoted as of 30 June 2009.
(4) The country in brackets represents the country of incorporation of this security.

European Currencies High Yield Bond Fund
INVESTMENT AIMS
To provide an attractive rate of return,
measured in Euro, through investments
worldwide primarily in lower rated and
unrated fixed income securities issued by
governments, agencies and corporations
that offer a yield above that generally
available on debt securities in the four
highest rating categories of S&P or Moody’s
denominated in European currencies.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Corporate Bonds
Morgan Stanley Investment Funds 30 June 2009 70
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Holdings/
Nominal in
Euro unless
specified
Market
value
% of net
assets
United States of America
GMAC nts SerRegS 5.375% /2011 (USD) 4,356,000 2,615,054 3.03
Fiat Finance North America co gtd
SerEMTN 5.625% /2017 3,000,000 2,085,000 2.41
Fresenius US Finance II sr nts SerRegS
8.75% /2015 1,500,000 1,612,500 1.87
CIT Group sr unsecur SerEMTN
4.65% /2016 3,000,000 1,530,000 1.77
Chesapeake Energy co gtd 6.25% /2017 1,190,000 1,023,400 1.19
Huntsman International co gtd SerRegS
6.875% /2013 1,315,000 956,663 1.11
Nalco co gtd 7.75% /2011 850,000 841,500 0.97
Owens-Brockway Glass Container co gtd
6.75% /2014 830,000 755,300 0.87
Johnsondiversey co gtd SerEURO
9.625% /2012 740,000 677,100 0.78
Iron Mountain co gtd SerEMTN
6.75% /2018 800,000 676,000 0.78
Xerox sr nts 8.25% /2014 (USD) 825,000 610,876 0.71
Iron Mountain co gtd Ser144A priv plmt
7.25% /2014 (GBP) 550,000 594,129 0.69
Qwest Capital Funding unsecur co gtd
6.5% /2018 (USD) 1,000,000 543,498 0.63
Nalco co gtd 9% /2013 545,000 536,825 0.62
Whirlpool nts 8.6% /2014 (USD) 725,000 532,288 0.62
Travelport co gtd 10.875% /2016 1,100,000 489,500 0.57
AES sr unsecur 8.375% /2011 (GBP) 431,000 483,293 0.56
HCA sr unsecur 6.25% /2013 (USD) 750,000 466,236 0.54
Momentive Performance Materials co gtd
9% /2014 1,000,000 395,000 0.46
HCA sr secured 9.125% /2014 (USD) 500,000 352,563 0.41
Community Health Systems co gtd
8.875% /2015 (USD) 500,000 349,011 0.40
Supervalu sr unsecur 8% /2016 (USD) 500,000 346,346 0.40
Huntsman International co gtd 7.5% /2015 500,000 335,000 0.39
Pilgrim’s Pride sr unsecur defaulted
7.625% /2015 (USD) 440,000 273,525 0.32
Truvo Subsidiary sr secured SerRegS
8.5% /2014 1,000,000 270,000 0.31
Travelport co gtd SerEXCH
5.895% /2014 (3) 500,000 245,000 0.28
Texas Competitive Electric Holdings co gtd
SerA 10.25% /2015 (USD) 500,000 219,353 0.25
General Motors sr unsecur defaulted
8.375% /2033 1,450,000 166,025 0.19
Oxford Industries co gtd 8.875% /2011 (USD) 130,000 92,821 0.11
Total for United States of America 23.24
France
Pernod-Ricard sr unsecur SerEMTN
7% /2015 1,750,000 1,783,827 2.07
Europcar Groupe sr secured SerRegS
4.781% /2013 (3) 2,700,000 1,579,500 1.83
Banque PSA Finance sr unsecur
SerEMTN 8.5% /2012 1,500,000 1,566,151 1.81
Crown European Holdings sr secured
6.25% /2011 1,500,000 1,440,000 1.67
RCI Banque unsubord SerEMTN
8.125% /2012 1,000,000 1,041,092 1.21
Renault sr unsecur SerEMTN
4.375% /2013 1,000,000 928,230 1.07
Lafarge sr unsecur SerEMTN
5.375% /2017 1,000,000 884,173 1.02

71 Morgan Stanley Investment Funds 30 June 2009
European Currencies High Yield Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated market.
As at 30 June 2009, expressed in Euro.
Investments
Corporate Bonds (continued)
Holdings/
Nominal in
Euro unless
specified
Market
value
% of net
assets
France (continued)
Nexans nts SerEMTN 5.75% /2017 1,000,000 870,000 1.01
Rhodia sr unsecur SerRegS 4.185% /2013 (3) 1,150,000 819,375 0.95
Accor sr unsecur 6.5% /2013 400,000 420,521 0.49
Unibail-Rodamco CV 3.5% /2015 81,800 125,119 0.14
Total for France 13.27
United Kingdom
FCE Bank sr nts SerEMTN 7.125% /2013 3,000,000 2,430,000 2.81
Rexam jr subord 6.75% /2067 (3) 2,000,000 1,420,000 1.64
Hanson co gtd 7.875% /2010 (USD) 1,600,000 1,098,735 1.27
Standard Chartered Capital Trust I jr subord
8.16% perpetual
(United States of America) (3) (4) 1,000,000 965,000 1.12
Virgin Media Finance co gtd
9.75% /2014 (GBP) 725,000 804,452 0.93
Anglo American Capital co gtd
Ser144A priv plmt 9.375% /2014 (USD) 1,000,000 771,587 0.89
Virgin Media Finance co gtd 8.75% /2014 750,000 705,000 0.82
CEVA Group co gtd SerRegS 8.5% /2014 1,000,000 420,000 0.49
Royal Bank of Scotland Group jr subord
7.092% perpetual (3) 1,000,000 345,000 0.40
Barclays Bank subord SerRCI
14% perpetual (3) (GBP) 250,000 335,087 0.39
Ineos Group Holdings co gtd SerRegS
7.875% /2016 1,000,000 307,500 0.36
Virgin Media Finance co gtd 9.5% /2016 250,000 240,000 0.28
BAA Funding co gtd Ser144A priv plmt
4.6% /2020 (Jersey) (3) (4) 230,000 148,033 0.17
J Sainsbury unsubord CV 4.25% /2014 (GBP) 100,000 123,728 0.14
Total for United Kingdom 11.71
Netherlands
UPC Holding sr secured SerRegS
7.75% /2014 1,700,000 1,530,000 1.77
Impress Holdings sr secured SerRegS
4.56% /2013 (3) 1,500,000 1,308,750 1.52
Clondalkin Industries sr secured SerRegS
8% /2014 1,750,000 1,015,000 1.18
Nielsen sr unsecur step cpn 0% to
1/08/2011 / 11.125% to 1/08/2016 1,500,000 945,000 1.09
Kazkommerts International sr unsecur
SerEMTN 6.875% /2017 1,500,000 839,100 0.97
HeidelbergCement Finance debentures co gtd
SerEMTN 7.625% /2012 1,000,000 835,000 0.97
Intergen sr secured SerRegS 8.5% /2017 500,000 485,000 0.56
Fresenius Finance co gtd SerRegS
5.5% /2016 500,000 460,000 0.53
UPC Holding sr nts SerMAY 9.75% /2018 500,000 452,500 0.52
OI European Group co gtd SerRegS
6.875% /2017 500,000 445,000 0.52
Telecom Italia Finance co gtd SerEMTN
7.75% /2033 (Luxembourg) (4) 350,000 356,633 0.41
Pfleiderer Finance co gtd 7.125% perpetual (3) 750,000 222,825 0.26
TuranAlem Finance bnk gtd SerEMTN5
6.25% /2011 1,000,000 215,000 0.25
CRH Finance co gtd SerEMTN 7.375% /2014 200,000 203,836 0.24
Rabobank Nederland subord nts
Ser144A priv plmt 11% perpetual (3) (USD) 240,000 190,172 0.22
Cemex Finance Europe co gtd 4.75% /2014 250,000 163,418 0.19
Total for Netherlands 11.20
Investments
Corporate Bonds (continued)
Holdings/
Nominal in
Euro unless
specified
Market
value
% of net
assets
Luxembourg
Wind Acquisition Finance sr secured co gtd
SerRegS 9.75% /2015 2,200,000 2,167,000 2.50
Cirsa Finance Luxembourg co gtd
SerRegS 8.75% /2014 1,300,000 968,500 1.12
Codere Finance Luxembourg sr secured
SerRegS 8.25% /2015 1,500,000 915,000 1.06
Hellas Telecommunications Luxembourg V
sr secured SerRegS 4.935% /2012 (3) 1,000,000 680,000 0.79
ArcelorMittal sr unsecur 9.375% /2016 450,000 469,137 0.54
Wind Acquisition Finance sr secured co gtd
Ser144A priv plmt 9.75% /2015 400,000 394,000 0.46
Lighthouse International sr secured
Ser144A priv plmt 8% /2014 700,000 328,417 0.38
Michelin Luxembourg co gtd SerEMTN
8.625% /2014 250,000 275,283 0.32
Hellas Telecommunications II subord nts
SerRegS 7.435% /2015 (3) 1,000,000 265,000 0.31
ArcelorMittal sr unsecur CV 7.25% /2014 749,700 213,797 0.25
Total for Luxembourg 7.73
Germany
Unitymedia sr secured SerRegS 8.75% /2015 1,400,000 1,379,000 1.61
Grohe Holding sr secured SerRegS
4.31% /2014 (3) 1,500,000 1,005,000 1.16
Cognis sr nts secured SerRegS 9.5% /2014 1,000,000 780,000 0.90
Kabel Deutschland secured 10.75% /2014 650,000 669,500 0.78
ThyssenKrupp sr unsecur SerEMTN 8% /2014 600,000 623,100 0.72
Gerresheimer Holdings secured SerRegS
7.875% /2015 570,000 578,550 0.67
Cognis sr secured SerRegS 3.277% /2013 (3) 500,000 392,750 0.45
Grohe Holding co gtd SerRegS 8.625% /2014 500,000 287,500 0.33
Total for Germany 6.62
Denmark
Nordic Telephone Co Holdings sr secured
SerRegS 8.25% /2016 1,950,000 1,911,000 2.22
TDC sr unsecur unsubord SerEMTN
6.5% /2012 1,050,000 1,060,500 1.23
ISS Holdings secured SerRegS 8.875% /2016 1,000,000 815,000 0.94
Total for Denmark 4.39
Ireland
Ardagh Glass Finance co gtd SerRegS
7.125% /2017 1,970,000 1,477,500 1.71
Smurfit Kappa Funding sr subord
7.75% /2015 1,330,000 1,150,450 1.33
CRH America co gtd 8.125% /2018
(United States of America) (4) (USD) 1,000,000 671,472 0.78
Total for Ireland 3.82
South Africa
Consol Glass co gtd SerRegS
7.625% /2014 1,805,000 1,344,725 1.56
Edcon Proprietary sr secured SerRegS
4.527% /2014 (3) 750,000 423,750 0.49
Edcon Holdings Proprietary sr secured
SerRegS 6.777% /2015 (3) 51,000 20,655 0.02
Total for South Africa 2.07
Canada
Bombardier sr unsecur SerRegS 7.25% /2016 1,900,000 1,596,000 1.85
Mecachrome International co gtd SerRegS
defaulted 9% /2014 950,000 80,750 0.09
Total for Canada 1.94

European Currencies High Yield Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Corporate Bonds (continued)
Liberia
Royal Caribbean Cruises sr unsecur SerRegS
5.625% /2014 1,400,000 994,000 1.15
Total for Liberia 1.15
British Virgin Islands
C10 - EUR Capital SPV co gtd
6.277% perpetual (3) 2,365,000 975,562 1.13
Total for British Virgin Islands 1.13
Bermuda
Bacardi co gtd 7.75% /2014 800,000 862,961 1.00
Total for Bermuda 1.00
Italy
Telecom Italia sr unsecur SerEMTN
7.375% /2017 (GBP) 500,000 592,291 0.69
Total for Italy 0.69
Sweden
Stena sr unsecur SerRegS 6.125% /2017 800,000 580,000 0.67
Total for Sweden 0.67
Belgium
Barry Callebaut Services co gtd 6% /2017 350,000 316,750 0.37
Total for Belgium 0.37
Switzerland
Credit Suisse Group Finance US bnk gtd
3.625% /2020 (United States of America) (3) (4) 250,000 200,319 0.23
Total for Switzerland 0.23
Total for Corporate Bonds 91.23
Equities
Holdings/
Nominal in
Euro unless
specified
Market
value
% of net
assets
United States of America
XO Holdings (USD) 1,023 222 0.00
Total for United States of America 0.00
United Kingdom
Viatel Holding Bermuda (Bermuda) (4) (USD) 16 6 0.00
Total for United Kingdom 0.00
Total for Equities 0.00
Investments
Warrants
Morgan Stanley Investment Funds 30 June 2009 72
United States of America
XO Holdings ‘A’ Wts exp. 16/01/2010 (USD) 2,047 15 0.00
XO Holdings ‘B’ Wts exp. 16/01/2010 (USD) 1,535 12 0.00
XO Holdings ‘C’ Wts exp. 16/01/2010 (USD) 1,535 3 0.00
Total for United States of America 0.00
Total for Warrants 0.00
Total transferable securities and money market
instruments admitted to official exchange listing
or dealt in on another regulated market 78,778,627 91.23
Other transferable securities and money market instruments
not admitted to official exchange listing or dealt in on another
regulated market. As at 30 June 2009, expressed in Euro.
Warrants
Holdings/
Nominal in
Euro unless
specified
United Kingdom
Jazztel Wts exp. 15/07/2010 (1) 1,500 614 0.00
Total for United Kingdom 0.00
Total for Warrants 0.00
Mortgage and Asset Backed Securities
Market
value
% of net
assets
United States of America
Rhythms Netconnections sr disc nts SerB
defaulted 13.5% 15/05/2008 (1)* (USD) 4,404,838 0 0.00
Rhythms Netconnections unsecur sr nts
SerB defaulted 14% /2010 (1)* (USD) 2,727,274 0 0.00
Total for United States of America 0.00
Total for Mortgage and Asset Backed Securities 0.00
Total other transferable securities and money market
instruments not admitted to official exchange listing
or dealt in on another regulated market 614 0.00
Total Investment Securities 78,779,241 91.23

73 Morgan Stanley Investment Funds 30 June 2009
European Currencies High Yield Bond Fund
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Forward Foreign Currency Exchange Contracts
Maturity
date
09/07/2009 1,850,000 EUR 2,638,494 USD (24,517) (0.03)
16/07/2009 7,786,253 EUR 10,960,000 USD (223) 0.00
16/07/2009 100,000 GBP 118,094 EUR (680) 0.00
16/07/2009 1,000,000 USD 717,464 EUR (7,019) (0.01)
16/07/2009 315,000 USD 226,050 EUR (2,259) 0.00
22/07/2009 592,269 EUR 500,000 GBP 5,206 0.01
22/07/2009 2,528,808 EUR 2,155,000 GBP (1,432) 0.00
22/07/2009 118,092 EUR 100,000 GBP 680 0.00
22/07/2009 245,000 GBP 288,649 EUR (988) 0.00
Total Forward Foreign Currency Exchange Contracts (31,232) (0.03)
Credit Default Swap Contracts
Risk
position
Amount
bought
Description Currency
Notional
amount
Amount
sold
Net unrealised
gain/(loss)
as at
30 June 2009
Maturity
date
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of
net
assets
Buy Accor 7.5% 04/02/14
(spread 1.95%) EUR 850,000 20/03/2014 (21,764) 0.00
Buy Accor 7.5% 04/02/14
(spread 2.05%) EUR 750,000 20/03/2014 (22,455) 0.00
Buy Carnival 6.65% 15/01/28 USD 900,000 20/06/2015 29,619 0.00
Buy Whirlpool 7.75% 07/16 USD 725,000 20/06/2014 34,683 0.01
Sell Arcelormittal
6.125% 01/06/18 EUR 1,000,000 20/03/2014 8,153 0.00
Sell Pernod Ricard Senior
4.625% 06/12/13 EUR 500,000 20/12/2013 (16,467) 0.00
Total Credit Default Swap Contracts 11,769 0.01
Total Derivatives (19,463) (0.02)
Other Assets less Liabilities 7,587,922 8.79
Total Net Asset Value 86,347,700 100.00
* Company is in liquidation since 2005.
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(3) Variable coupon rates are those quoted as of 30 June 2009.
(4) The country in brackets represents the country of incorporation of this security.

Global Bond Fund
INVESTMENT AIMS
To provide an attractive rate of return,
measured in US Dollars, through market,
instrument and currency selection.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Morgan Stanley Investment Funds 30 June 2009 74
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Government Bonds
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Japan
Development Bank of Japan unsecur
govt gtd SerINTL 1.4% /2012 (JPY) 780,000,000 8,251,071 5.41
Japan Finance Organization for
Municipalities govt gtd SerINTL
1.55% /2012 (JPY) 590,000,000 6,281,750 4.13
Japan Finance Organization for
Municipalities govt gtd SerINTL
1.35% /2013 (JPY) 540,000,000 5,746,418 3.77
Development Bank of Japan govt
gtd SerINTL 1.75% /2017 (JPY) 120,000,000 1,286,386 0.84
Total for Japan 14.15
United States of America
US Treasury 4.5% /2017 5,400,000 5,810,906 3.82
US Treasury 4.25% /2013 4,500,000 4,859,297 3.19
US Treasury 4.5% /2036 2,300,000 2,351,390 1.54
US Treasury 2% /2013 250,000 245,938 0.16
Total for United States of America 8.71
United Kingdom
UK Treasury 4.25% /2032 (GBP) 3,050,000 4,954,432 3.25
UK Treasury 4.25% /2011 (GBP) 1,500,000 2,598,503 1.71
UK Treasury 4.5% /2013 (GBP) 1,000,000 1,751,548 1.15
Total for United Kingdom 6.11
Germany
Bundesrepublik 4.25% /2014 (EUR) 2,950,000 4,471,966 2.94
Bundesrepublik 6.5% /2027 (EUR) 2,000,000 3,591,058 2.36
Total for Germany 5.30
France
Government of France OAT 5.5% /2029 (EUR) 2,600,000 4,190,260 2.75
Government of France OAT 3.75% /2017 (EUR) 1,350,000 1,940,327 1.28
Total for France 4.03
Italy
Italy Buoni Poliennali Del Tesoro 4% /2017 (EUR) 2,600,000 3,717,617 2.44
Total for Italy 2.44
Netherlands
Government of Netherlands 4% /2037 (EUR) 2,600,000 3,460,025 2.27
Total for Netherlands 2.27
Canada
Government of Canada nts 4% /2017 (CAD) 2,900,000 2,657,408 1.75
Total for Canada 1.75
Greece
Hellenic Republic 5.25% /2012 (EUR) 1,400,000 2,104,244 1.38
Total for Greece 1.38

75 Morgan Stanley Investment Funds 30 June 2009
Global Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Government Bonds (continued)
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Brazil
Republic of Brazil unsubord
10% /2014 (1) (BRL) 3,300,000 1,650,518 1.08
Total for Brazil 1.08
Mexico
Mexican Bonos 10% /2024 (MXN) 11,400,000 982,974 0.65
Total for Mexico 0.65
Denmark
Kingdom of Denmark 4% /2017 (DKK) 5,000,000 968,993 0.64
Total for Denmark 0.64
Norway
Government of Norway 6.5% /2013 (NOK) 5,500,000 963,916 0.63
Total for Norway 0.63
South Africa
Republic of South Africa 7.25% /2020 (ZAR) 7,400,000 845,519 0.56
Total for South Africa 0.56
Sweden
Swedish Government 4.5% /2015 (SEK) 5,900,000 830,219 0.55
Total for Sweden 0.55
Poland
Government of Poland 5.25% /2017 (PLN) 2,500,000 748,528 0.49
Total for Poland 0.49
Australia
Queensland Treasury local govt gtd
6% /2015 (AUD) 750,000 609,016 0.40
Total for Australia 0.40
Hungary
Republic of Hungary 5.75% /2018 (EUR) 400,000 518,995 0.34
Total for Hungary 0.34
South Korea
Republic of Korea sr unsecur 7.125% /2019 165,000 178,674 0.12
Total for South Korea 0.12
Peru
Republic of Peru sr unsecur 7.125 /2019 150,000 160,613 0.11
Total for Peru 0.11
Total for Government Bonds 51.71
Investments
Corporate Bonds
Nominal in
US dollars
unless specified
Market
value
% of net
assets
United States of America
Toyota Motor Credit sr unsecur
SerEMTN 0.55% /2010 (JPY) 200,000,000 2,056,980 1.34
General Electric Capital FDIC gtd
SerEMTN 4% /2012 (EUR) 700,000 1,024,208 0.66
Philip Morris International sr unsecur
5.65% /2018 595,000 620,000 0.41
ITW Finance Europe co gtd
5.25% /2014 (Luxembourg) (4) (EUR) 420,000 565,384 0.37
Wyeth sr unsecur CV 0.965% /2024 (3) 563,000 564,408 0.37
AT&T sr unsecur 5.6% /2018 535,000 540,381 0.35
JPMorgan Chase & Co sr unsecur 6% /2018 500,000 498,945 0.33
Merrill Lynch & Co sr unsecur SerEMTN
6.75% /2013 (EUR) 350,000 497,610 0.33
Viacom sr unsecur 5.75% /2011 470,000 481,091 0.32
Omnicom Group sr unsecur CV 0% /2032 453,000 451,303 0.30
Xerox sr unsecur 6.35% /2018 480,000 426,207 0.28
Goldman Sachs Group sr unsecur
SerRegS 1.609% /2016 (3) (EUR) 350,000 412,095 0.27
SLM sr unsecur SerMTNA 4% /2010 410,000 396,933 0.26
Countrywide Financial co gtd SerEMTN
1.659% /2010 (3) (EUR) 280,000 377,128 0.25
Pfizer sr unsecur 4.75% /2016 (EUR) 250,000 362,170 0.24
Schering-Plough sr unsecur
5.375% /2014 (EUR) 240,000 356,765 0.23
Bank of America sr unsecur 5.75% /2017 385,000 344,961 0.23
Roche Holdings co gtd SerEMTN
5.625% /2016 (EUR) 200,000 305,468 0.20
Chevron sr unsecur 4.95% /2019 290,000 300,494 0.20
Goldman Sachs Group sr unsecur
SerEMTN 5.375% /2013 (EUR) 200,000 286,784 0.19
General Electric Capital subord SerRegS
5.5% /2067 (3) (EUR) 350,000 279,574 0.18
Comcast co gtd 5.7% /2018 275,000 275,081 0.18
Anheuser-Busch InBev Worldwide co gtd
Ser144A priv plmt 5.375% /2014 265,000 263,801 0.17
ConocoPhillips co gtd 5.75% /2019 250,000 262,918 0.17
General Mills sr unsecur 5.65% /2019 245,000 256,376 0.17
AT&T sr unsecur 5.8% /2019 250,000 254,456 0.17
CVS Pass-Through Trust pass through certs
Ser144A priv plmt 8.353% /2031 250,000 249,828 0.16
MetLife sr unsecur SerA 6.817% /2018 245,000 247,610 0.16
Time Warner Cable co gtd 6.75% /2018 235,000 242,211 0.16
Fiserv co gtd 6.8% /2017 230,000 233,420 0.15
Home Depot sr unsecur 5.4% /2016 235,000 232,757 0.15
CRH America co gtd 6% /2016 250,000 222,662 0.15
Farmers Exchange Capital debentures
Ser144A priv plmt 7.05% /2028 320,000 221,991 0.15
World Financial Properties pass thru certs
Ser144A priv plmt 6.95% /2013 240,701 217,862 0.14
HCA sr unsecur 5.75% /2014 270,000 216,843 0.14
Oracle sr unsecur 5.75% /2018 195,000 207,488 0.14
Bank of America sr unsecur 5.65% /2018 220,000 194,474 0.13
Archer-Daniels-Midland sr unsecur
5.45% /2018 185,000 193,500 0.13
Anheuser-Busch InBev Worldwide co gtd
Ser144A priv plmt 7.2% /2014 180,000 192,487 0.13
CSC Holdings sr unsecur 7.625% /2018 195,000 179,938 0.12
El Paso sr unsecur 8.25% /2016 175,000 169,928 0.11
Sealed Air sr nts Ser144A priv plmt
7.875% /2017 170,000 169,013 0.11
WellPoint sr unsecur 4.25% 15/12/2009 165,000 167,021 0.11
Union Electric sr secured 6.7% /2019 160,000 165,967 0.11
Boeing sr unsecur 6% /2019 150,000 161,765 0.11
Microsoft sr unsecur 4.2% /2019 165,000 161,201 0.11
Chesapeake Energy co gtd 6.25% /2017 (EUR) 130,000 157,364 0.10
Simon Property Group sr unsecur
6.75% /2014 155,000 157,296 0.10
Medco Health Solutions sr unsecur
7.125% /2018 140,000 147,965 0.10
Daimler Finance North America co gtd
SerEMTN 5% /2012 (EUR) 100,000 143,687 0.09
World Financial Properties pass thru certs
Ser144A priv plmt 6.91% /2013 151,413 136,940 0.09

Global Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Corporate Bonds (continued)
Nominal in
US dollars
unless specified
Market
value
% of net
assets
United States of America (continued)
Corning sr unsecur 6.625% /2019 135,000 136,038 0.09
Verizon Communications sr unsecur
5.5% /2018 130,000 130,298 0.09
Transcontinental Gas Pipe Line sr unsecur
6.05% /2018 120,000 120,679 0.08
Verizon Communications sr unsecur
6.1% /2018 115,000 119,889 0.08
Aetna sr unsecur 6.5% /2018 115,000 116,104 0.08
Novartis Capital co gtd 4.125% /2014 110,000 113,436 0.07
Time Warner Cable co gtd 8.25% /2019 90,000 102,249 0.07
Merck & Co sr unsecur 5% /2019 100,000 100,850 0.07
Time Warner Cable co gtd 8.75% /2019 75,000 87,138 0.06
Emerson Electric sr unsecur 5% /2019 85,000 85,879 0.06
SLM sr unsecur SerMTNA 5% /2013 75,000 59,823 0.04
State Street sr unsecur 4.3% /2014 55,000 55,452 0.04
CVS Caremark nts 6.6% /2019 50,000 52,919 0.03
Southwestern Electric Power sr unsecur
6.45% /2019 45,000 46,851 0.03
Chubb sr unsecur 5.75% /2018 40,000 41,505 0.03
Qwest sr unsecur 6.5% /2017 35,000 30,602 0.02
Capital One Financial sr nts 7.375% /2014 25,000 25,743 0.02
Total for United States of America 12.28
Germany
KfW - Kreditanstalt fuer Wiederaufbau
govt gtd 2.05% /2026 (JPY) 480,000,000 4,758,209 3.13
KfW - Kreditanstalt fuer Wiederaufbau
govt gtd 1.35% /2014 (JPY) 300,000,000 3,130,661 2.06
KfW - Kreditanstalt fuer Wiederaufbau
govt gtd SerDTE CV 3.25% /2013 (EUR) 400,000 572,760 0.38
E.ON International Finance co gtd
Ser144A priv plmt
5.8% /2018 (Netherlands) (4) 315,000 327,964 0.22
Commerzbank sr unsecur SerEMTN
4.75% /2015 (EUR) 100,000 141,539 0.09
Grohe Holding sr secured SerRegS
4.31% /2014 (3) (EUR) 150,000 141,459 0.09
Total for Germany 5.97
United Kingdom
Vodafone Group sr unsecur SerEMTN
1.61% /2014 (3) (EUR) 600,000 790,587 0.53
BA Covered Bond Issuer SerEMTN
4.125% /2012 (United States
of America) (4) (EUR) 500,000 688,715 0.46
Standard Chartered sr unsecur
SerEMTN 5.75% /2014 (EUR) 350,000 510,667 0.34
Barclays Bank subord SerRCI
14% perpetual (3) (GBP) 250,000 472,158 0.31
Bank of Scotland covered
Ser144A priv plmt 5.25% /2017 500,000 443,713 0.29
FCE Bank sr nts SerEMTN 7.125% /2013 (EUR) 350,000 400,580 0.26
Rexam jr subord 6.75% /2067 (3) (EUR) 400,000 399,744 0.26
Royal Bank of Scotland sr unsecur
SerEMTN 5.75% /2014 (EUR) 250,000 360,966 0.24
HSBC Holdings subord SerEMTN
6% /2019 (EUR) 250,000 356,339 0.23
Bank of Scotland covered SerRegS
5% /2011 300,000 300,885 0.20
HSBC Holdings subord SerEMTN
6.25% /2018 (EUR) 200,000 296,644 0.19
Investments
Corporate Bonds (continued)
Morgan Stanley Investment Funds 30 June 2009 76
Nominal in
US dollars
unless specified
Market
value
% of net
assets
United Kingdom (continued)
BAT International Finance co gtd SerEMTN
5.375% /2017 (EUR) 200,000 286,804 0.19
Imperial Tobacco Finance co gtd SerEMTN
4.375% /2013 (EUR) 200,000 272,501 0.18
BP Capital Markets co gtd 4.75% /2019 230,000 229,268 0.15
JTI UK Finance co gtd SerEMTN
4.5% /2014 (EUR) 160,000 229,193 0.15
Diageo Finance co gtd SerEMTN
1.484% /2012 (3) (EUR) 160,000 219,848 0.14
Anglo American Capital co gtd
Ser144A priv plmt 9.375% /2014 200,000 217,209 0.14
Lloyds TSB Bank sr subord SerEMTN
5.625% /2018 (3) (EUR) 150,000 191,188 0.13
J Sainsbury unsubord CV 4.25% /2014 (GBP) 100,000 174,856 0.11
Nationwide Building Society sr unsecur
Ser144A priv plmt 4.25% /2010 175,000 173,215 0.11
Imperial Tobacco Finance co gtd SerEMTN
7.75% /2019 (GBP) 100,000 165,365 0.11
Tesco sr unsecur SerEMTN
5.875% /2016 (EUR) 100,000 152,476 0.10
Tesco sr unsecur SerEMTN
5.125% /2015 (EUR) 100,000 147,681 0.10
Systems 2001 Asset Trust ‘G’ co gtd
Ser144A priv plmt 6.664% /2013
(Cayman Islands) (4) 142,960 142,960 0.09
BAA Funding co gtd Ser144A priv plmt
4.6% /2020 (Jersey) (3) (4) (EUR) 150,000 135,889 0.09
Catlin Insurance sr nts Ser144A priv plmt
7.249% perpetual (Bermuda) (3) (4) 230,000 128,957 0.08
GlaxoSmithKline Capital co gtd 5.65% /2018
(United States of America) (4) 115,000 121,633 0.08
BP Capital Markets co gtd 3.875% /2015 95,000 96,195 0.06
Barclays Bank sr unsecur 6.75% /2019 60,000 59,483 0.04
Total for United Kingdom 5.36
France
Banque Federative du Credit Mutuel
sr unsubord SerEMTN 0.685% /2011 (3) 1,000,000 1,001,200 0.66
Banque Federative du Credit Mutuel
sr unsubord SerEMTN 0.68375% /2011 (3) 800,000 776,844 0.50
BNP Paribas subord nts SerEMTN
5.431% /2017 (EUR) 325,000 474,588 0.31
Accor sr unsecur 6.5% /2013 (EUR) 300,000 443,525 0.29
Credit Agricole jr subord
Ser144A priv plmt 6.637% perpetual (3) 585,000 358,313 0.24
Credit Agricole subord SerEMTN
5.875% /2019 (EUR) 200,000 291,221 0.19
Pernod-Ricard sr unsecur SerEMTN
7% /2015 (EUR) 200,000 286,952 0.19
Crown European Holdings sr secured
6.25% /2011 (EUR) 200,000 277,287 0.18
Societe Generale jr subord
6.999% perpetual (3) (EUR) 250,000 240,384 0.16
Banque PSA Finance sr unsecur SerEMTN
8.5% /2012 (EUR) 150,000 221,246 0.15
Veolia Environnement nts SerEMTN
5.25% /2014 (EUR) 150,000 220,708 0.14
Lafarge sr unsecur SerEMTN
6.125% /2015 (EUR) 150,000 204,252 0.13
Europcar Groupe sr secured SerRegS
4.781% /2013 (3) (EUR) 200,000 164,683 0.11
GDF Suez sr unsecur SerEMTN
5.625% /2016 (EUR) 100,000 152,988 0.10
AXA sr unsecur SerEMTN 4.5% /2015 (EUR) 100,000 142,715 0.09
France Telecom sr unsecur 5.375% /2019 130,000 130,536 0.09
Vivendi nts Ser144A priv plmt 6.625% /2018 115,000 116,185 0.07
Banque PSA Finance sr unsecur SerEMTN
6.375% /2010 (EUR) 50,000 72,273 0.05
Total for France 3.65

77 Morgan Stanley Investment Funds 30 June 2009
Global Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Corporate Bonds (continued)
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Netherlands
ING Bank govt liquid gtd Ser144A priv plmt
3.9% /2014 1,600,000 1,636,653 1.08
NIBC Bank govt liquid gtd SerEMTN
3.625% /2011 (EUR) 1,000,000 1,450,510 0.95
Telecom Italia Finance co gtd SerEMTN
7.75% /2033 (Luxembourg) (4) (EUR) 340,000 489,296 0.32
ABN Amro Bank sr unsecur SerFORB CV
1.875% /2010 (EUR) 250,000 343,851 0.23
OI European Group co gtd SerRegS
6.875% /2017 (EUR) 200,000 246,321 0.16
Impress Holdings sr secured SerRegS
4.56% /2013 (3) (EUR) 200,000 245,617 0.16
Rabobank Nederland subord SerEMTN
5.875% /2019 (EUR) 150,000 220,468 0.14
Rabobank Nederland sr unsecur SerEMTN
4.375% /2014 (EUR) 100,000 145,752 0.10
Rabobank Nederland subord nts
Ser144A priv plmt 11% perpetual (3) 75,000 83,649 0.05
Total for Netherlands 3.19
Jersey
ASIF III Jersey sr secured SerEMTN
0.95% 15/07/2009 (JPY) 260,000,000 2,661,594 1.75
WPP co gtd SerWPP CV 5.75% /2014
(United Kingdom) (4) (GBP) 100,000 173,156 0.11
Total for Jersey 1.86
Switzerland
Credit Suisse sr unsecur SerEMTN
5.125% /2012 (EUR) 250,000 367,243 0.25
Adecco Financial Service Bermuda co gtd CV
0% /2013 (Bermuda) (4) (CHF) 340,000 337,050 0.22
UBS sr nts SerEMTN 6% /2018 (EUR) 225,000 327,356 0.21
Roche Holdings co gtd Ser144A priv plmt
6% /2019 (United States of America) (4) 150,000 159,391 0.10
UBS bnk gtd SerEMTN 7.152% perpetual (3) (EUR) 50,000 43,399 0.03
Total for Switzerland 0.81
Sweden
Svenska Handelsbanken sr unsecur
SerEMTN 4.875% /2014 (EUR) 250,000 363,298 0.23
Svensk Exportkredit sr nts SerEMTN
3.625% /2014 (EUR) 250,000 350,476 0.23
Vattenfall sr unsecur SerEMTN
5.25% /2016 (EUR) 150,000 223,426 0.15
Vattenfall Treasury co gtd SerEMTN
4.25% /2014 (EUR) 50,000 71,860 0.05
Total for Sweden 0.66
Japan
Sharp sr unsecur CV 0% /2013 (JPY) 58,000,000 557,362 0.36
Softbank sr unsecur CV 1.5% /2013 (JPY) 30,000,000 332,591 0.22
Total for Japan 0.58
Investments
Corporate Bonds (continued)
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Luxembourg
Wind Acquisition Finance sr secured co gtd
SerRegS 9.75% /2015 (EUR) 150,000 207,966 0.13
ArcelorMittal sr unsecur CV 7.25% /2014 (EUR) 461,500 186,106 0.12
ArcelorMittal sr unsecur 6.125% /2018 205,000 175,342 0.12
ArcelorMittal sr unsecur 9.375% /2016 (EUR) 100,000 147,257 0.10
Hellas Telecommunications Luxembourg V
sr secured SerRegS 4.935% /2012 (3) (EUR) 100,000 95,831 0.06
Novartis Finance co gtd SerEMTN
4.25% /2016 (EUR) 50,000 71,577 0.05
Total for Luxembourg 0.58
Canada
Teck Resources sr secur Ser144A priv plmt
10.25% /2016 290,000 302,696 0.20
Bombardier sr unsecur SerRegS
7.25% /2016 (EUR) 250,000 296,787 0.19
Potash Corp of Saskatchewan sr unsecur
6.5% /2019 40,000 42,880 0.03
Total for Canada 0.42
Denmark
Danske Bank govt liquid gtd SerEMTN
4.75% /2012 (EUR) 350,000 509,339 0.33
Total for Denmark 0.33
South Korea
Export-Import Bank of Korea sr nts
8.125% /2014 200,000 219,320 0.14
Export-Import Bank of Korea sr unsecur
SerEMTN 5.75% /2013 (EUR) 150,000 210,769 0.14
Total for South Korea 0.28
Italy
Fiat Finance & Trade co gtd
6.625% /2013 (Luxembourg) (4) (EUR) 250,000 300,864 0.20
UniCredit subord SerEMTN 5.75% /2017 (EUR) 90,000 125,800 0.08
Total for Italy 0.28
Bermuda
Xlliac Global Funding sr unsecur
Ser144A priv plmt 4.8% /2010
(United States of America) (4) 400,000 372,398 0.24
Total for Bermuda 0.24
Spain
Telefonica Emisiones co gtd SerEMTN
5.58% /2013 (EUR) 200,000 300,117 0.20
Total for Spain 0.20
Norway
DnB NOR Bank sr unsecur SerEMTN
4.5% /2014 (EUR) 200,000 283,067 0.19
Total for Norway 0.19
Russia
Gaz Capital sr secured SerEMTN LPN
4.56% /2012 (Luxembourg) (4) (EUR) 185,000 239,513 0.16
Total for Russia 0.16

Global Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Corporate Bonds (continued)
Ireland
Smurfit Kappa Funding sr subord
7.75% /2015 (EUR) 150,000 182,630 0.12
Total for Ireland 0.12
Canada
Brookfield Asset Management sr unsecur
5.8% /2017 120,000 99,606 0.07
Total for Canada 0.07
Australia
BHP Billiton Finance co gtd SerEMTN
6.375% /2016 (EUR) 50,000 77,236 0.05
Total for Australia 0.05
Finland
Nokia sr unsecur 5.375% /2019 30,000 30,127 0.02
Total for Finland 0.02
Total for Corporate Bonds 37.30
Supra-National Bond
Nominal in
US dollars
unless specified
European Investment Bank sr unsecur
2.15% /2027 (JPY) 480,000,000 4,716,234 3.10
Total for Supra-National Bond 3.10
Mortgage and Asset Backed Securities
Market
value
% of net
assets
United States of America
WaMu Mortgage Pass Through Certificates
2005-AR13 A1A2 2.889% /2045 (1) (3) 1,643,974 908,509 0.59
WaMu Mortgage Pass Through Certificates
2005-AR6 2AB3 0.584% /2045 (3) 518,521 162,001 0.11
Countrywide Alternative Loan Trust
2006-OA18 A3 0.584% /2046 (1) (3) 458,987 57,230 0.04
American Home Mortgage Assets 2006-4 1A3
0.624% /2046 (1) (3) 461,924 36,377 0.02
Total for United States of America 0.76
Total for Mortgage and Asset Backed Securities 0.76
Total Investment Securities 141,408,812 92.87
DERIVATIVES
Morgan Stanley Investment Funds 30 June 2009 78
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Forward Foreign Currency Exchange Contracts
Maturity
date
09/07/2009 179,067 EUR 805,000 PLN (1,992) 0.00
09/07/2009 580,000 EUR 825,154 USD (8,770) (0.01)
09/07/2009 5,940,500 EUR 8,472,418 USD (110,812) (0.07)
09/07/2009 1,400,000 PLN 444,111 USD (2,304) 0.00
09/07/2009 2,305,050 USD 1,650,000 EUR (17,423) (0.01)
13/07/2009 435,000 CHF 287,193 EUR (2,673) 0.00
13/07/2009 11,350,000 NOK 1,752,051 USD 12,739 0.01
13/07/2009 825,000 SEK 104,889 USD 2,211 0.00
13/07/2009 1,516,868 USD 1,660,000 CHF (15,560) (0.01)
16/07/2009 750,000 AUD 429,009 EUR 2,727 0.00
16/07/2009 1,940,000 AUD 1,582,652 USD (13,613) (0.01)
16/07/2009 200,000 CAD 129,193 EUR (8,979) (0.01)
16/07/2009 405,667 EUR 700,000 AUD 4,856 0.00
16/07/2009 1,989,189 EUR 2,800,000 USD (80) 0.00
16/07/2009 7,650,000 MXN 566,054 USD 14,466 0.01
16/07/2009 1,059,536 USD 1,165,000 CAD 52,572 0.03
16/07/2009 305,824 USD 350,000 CAD 3,302 0.00
22/07/2009 2,140,000 GBP 2,511,207 EUR 2,002 0.00
22/07/2009 565,000 GBP 662,343 EUR 1,461 0.00
22/07/2009 400,000 GBP 657,198 USD 3,870 0.00
22/07/2009 8,100,000,000 IDR 800,791 USD (11,009) (0.01)
27/07/2009 105,000,000 JPY 789,449 EUR (19,463) (0.01)
27/07/2009 375,050,000 JPY 3,912,334 USD (12,700) (0.01)
22/07/2009 2,750,000 MYR 783,922 USD (2,154) 0.00
22/07/2009 854,275 USD 1,660,000 BRL 5,121 0.00
22/07/2009 4,816,375 USD 2,940,000 GBP (42,480) (0.03)
22/07/2009 164,422 USD 100,000 GBP (846) 0.00
22/07/2009 783,475 USD 6,350,000 ZAR (36,325) (0.02)
16/09/2009 130,000,000 JPY 1,191,163 USD 161,362 0.11
Total Forward Foreign Currency Exchange Contracts (40,494) (0.04)
Futures Contracts
Description
Maturity
date
Amount
bought
Euro BOBL Future 09/2009 15 2,434,147 8,516 0.01
Euro Bund Future 09/2009 4 680,466 3,322 0.00
Euro SCHATZ Future 09/2009 51 7,742,376 701 0.00
Japan 10yr Bond TSE 09/2009 6 8,612,858 141,573 0.09
Long Gilt Future 09/2009 (6) 1,169,318 (11,172) (0.01)
US 10yr T-note Future 09/2009 (78) 9,043,125 116,015 0.08
US 2yr T-note Future 09/2009 48 10,368,000 (39,621) (0.03)
US Long Bond Future 09/2009 10 1,177,344 (12,500) (0.01)
Total Futures Contracts 41,227,634 1 206,834 0.13
1 Cash of USD 1,848,936 held as collateral.
Amount
sold
Number of Notional
contracts commitments
Net unrealised
gain/(loss)
as at
30 June 2009
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of net
assets

79 Morgan Stanley Investment Funds 30 June 2009
Global Bond Fund
DERIVATIVES (continued)
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Credit Default Swap Contracts
Risk
position
Description Currency
Notional
amount
Maturity
date
Net unrealised
gain/(loss)
as at
30 June 2009
Buy ABB International Finance
6.5% 30/11/11 EUR 750,000 20/09/2012 15,605 0.01
Buy Accor 7.5% 04/02/14
(spread 1.95%) EUR 700,000 20/03/2014 (25,228) (0.02)
Buy Accor 7.5% 04/02/14
(spread 2.05%) EUR 650,000 20/03/2014 (27,392) (0.02)
Buy Carnival 6.65% 15/01/28 USD 450,000 20/06/2015 20,844 0.01
Buy Goldman Sachs Group
6.6% 15/01/12 EUR 200,000 20/06/2013 7,430 0.00
Buy Koninklijke DSM
4.0% 10/11/15 EUR 700,000 20/12/2013 (19,975) (0.01)
Buy Merrill Lynch & Co
5% 15/01/15 EUR 350,000 20/06/2013 20,783 0.01
Buy Sealed Air
5.625% 15/07/13 USD 170,000 20/03/2018 1,473 0.00
Sell Arcelormittal
6.125% 01/06/18 EUR 250,000 20/03/2014 2,869 0.00
Total Credit Default Swap Contracts (3,591) (0.02)
Total Derivatives 162,749 0.07
Other Assets less Liabilities 10,687,111 7.06
Total Net Asset Value 152,258,672 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(3) Variable coupon rates are those quoted as of 30 June 2009.
(4) The country in brackets represents the country of incorporation of this security.
% of
net
assets

Short Maturity Euro Bond Fund
INVESTMENT AIMS
To provide an attractive rate of return,
measured in Euro, through market and
instrument selection. This objective will be
achieved by investing in high quality fixed
income securities denominated in the Euro.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Morgan Stanley Investment Funds 30 June 2009 80
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Nominal in
Euro unless
specified
Market
value
% of net
assets
France
French Treasury Note BTAN nts 3.5% /2011 17,000,000 17,671,593 6.35
French Treasury Note BTAN nts 3% /2011 15,000,000 15,412,560 5.53
French Treasury Note BTAN nts 3.75% /2012 4,000,000 4,195,016 1.51
Caisse d’Amortissement de la Dette Sociale
sr unsecur SerEMTN 2.625% /2012 2,000,000 2,021,594 0.73
Compagnie de Saint-Gobain sr unsecur
SerEMTNA 4.25% /2011 1,100,000 1,120,217 0.40
France Telecom sr unsecur SerEMTN
7% 23/12/2009 1,000,000 1,026,518 0.37
Banque PSA Finance sr unsecur SerEMTN
8.5% /2012 700,000 733,531 0.26
Sanofi-Aventis nts SerEMTN 3.5% /2013 550,000 557,172 0.20
AXA sr unsecur SerEMTN 4.5% /2015 500,000 506,963 0.18
Thales nts SerEMTN 4.375% /2013 450,000 458,210 0.16
Electricite de France sr unsecur SerEMTN
5.625% /2013 400,000 432,324 0.16
Veolia Environnement nts SerEMTN
5.25% /2014 350,000 365,873 0.13
RCI Banque nts SerEMTN 5.875% /2010 300,000 307,065 0.11
TPSA Eurofinance France co gtd SerEMTN
6% /2014 250,000 261,337 0.09
Societe Generale sr unsecur SerEMTN
4.2% /2012 200,000 205,464 0.07
Total for France 16.25
Italy
Italy Buoni Poliennali Del Tesoro 5.25% /2011 20,000,000 21,356,550 7.66
Italy Buoni Poliennali Del Tesoro 3.5% /2011 10,000,000 10,323,305 3.70
Italy Buoni Poliennali Del Tesoro 4.25% /2012 6,000,000 6,301,050 2.26
Telecom Italia sr unsecur SerEMTN
6.75% /2013 1,200,000 1,277,609 0.46
UniCredit sr unsecur SerEMTN 4.875% /2013 750,000 775,922 0.28
UniCredit sr unsecur SerEMTN
1.533% /2010 (3) 600,000 595,244 0.21
UniCredit subord SerEMTN 5.75% /2017 180,000 178,750 0.06
Total for Italy 14.63
Germany
Bundesschatzanweisungen 2.25% /2010 12,000,000 12,191,183 4.38
Bundesschatzanweisungen 1.5% /2011 8,000,000 8,015,320 2.88
Bundesobligation 4% /2012 6,000,000 6,361,374 2.28
Bundesobligation 2.5% /2010 6,000,000 6,114,378 2.19
KfW - Kreditanstalt fuer Wiederaufbau govt gtd
SerEMTN 2.25% /2012 3,000,000 3,006,779 1.08
Commerzbank govt liquid gtd 2.75% /2012 1,500,000 1,523,585 0.55
Metro sr unsecur SerEMTN 3.625% /2011 1,000,000 1,009,500 0.36
Commerzbank sr unsecur SerEMTN
4.75% /2015 1,000,000 1,005,570 0.36
Deutsche Bank sr unsubord SerEMTN
4.875% /2012 700,000 735,169 0.26
Total for Germany 14.34
Netherlands
Government of Netherlands 5% /2011 17,000,000 18,171,215 6.51
RWE Finance co gtd SerEMTN 2.5% /2011 2,500,000 2,503,463 0.90
NIBC Bank govt liquid gtd SerEMTN
3.625% /2011 2,000,000 2,061,042 0.74
SNS Bank sr unsubord SerEMTN
1.454% /2012 (3) 2,100,000 1,988,845 0.71
Deutsche Telekom International Finance
unsecur co gtd 8.125% /2012 1,700,000 1,914,535 0.69

81 Morgan Stanley Investment Funds 30 June 2009
Short Maturity Euro Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Nominal in
Euro unless
specified
Market
value
% of net
assets
Netherlands (continued)
Paccar Financial Europe keepwell agrmnt
SerEMTN 5.125% /2011 1,350,000 1,277,278 0.46
ING Bank covered 4.25% /2013 1,200,000 1,235,248 0.44
LeasePlan govt liquid gtd SerEMTN
3.125% /2012 1,000,000 1,017,719 0.37
Shell International Finance co gtd SerEMTN
3% /2013 950,000 950,419 0.34
Schlumberger Finance co gtd SerEMTN
4.5% /2014 650,000 668,075 0.24
E.ON International Finance co gtd SerEMTN
4.75% /2010 500,000 520,283 0.19
BMW Finance co gtd SerEMTN 4.875% /2012 500,000 512,666 0.18
EADS Finance co gtd SerEMTN 4.625% /2010 500,000 507,540 0.18
Alliander Finance co gtd SerEMTN 4% /2012 400,000 408,289 0.15
Total for Netherlands 12.10
United Kingdom
Northern Rock covered SerEMTN
3.875% /2011 3,180,000 3,110,059 1.13
Nationwide Building Society sr unsecur
SerEMTN 3.125% /2010 2,650,000 2,619,745 0.94
BA Covered Bond Issuer SerEMTN
4.125% /2012 (United States of America) (4) 2,250,000 2,201,855 0.79
Bank of Scotland govt liquid gtd SerEMTN
3.375% /2011 2,000,000 2,054,907 0.74
Barclays Bank govt liquid gtdSerEMTN
4.25% /2011 1,500,000 1,571,878 0.56
Royal Bank of Scotland govt liquid gtd
SerEMTN 3.75% /2011 1,500,000 1,555,467 0.56
Lloyds TSB Bank govt liquid gtd SerEMTN
3.75% /2011 1,500,000 1,555,127 0.56
Lloyds TSB Bank nts SerEMTN 6.375% /2016 1,500,000 1,534,328 0.55
Standard Chartered sr unsecur 4.875% /2011 1,500,000 1,531,501 0.55
Alliance & Leicester sr unsecur SerEMTN
3.5% /2011 1,500,000 1,499,700 0.54
Vodafone Group sr unsecur SerEMTN
1.61% /2014 (3) 1,470,000 1,376,107 0.49
BAA Funding co gtd Ser144A priv plmt
3.975% /2014 (Jersey) (3) (4) 1,650,000 1,273,742 0.46
BAT International Finance co gtd SerEMTN
3.625% /2012 1,250,000 1,263,844 0.45
National Grid sr unsecur SerEMTN
1.395% /2010 (3) 1,200,000 1,180,829 0.42
Nationwide Building Society covered SerEMTN
4.125% /2012 1,150,000 1,156,609 0.41
Tesco sr unsecur SerEMTN 3.875% /2011 1,000,000 1,025,837 0.37
Granite Master Issuer 2006-4 A7
1.058% /2054 (3) 1,149,442 814,640 0.29
Diageo Finance co gtd SerEMTN
1.484% /2012 (3) 755,000 737,032 0.26
Royal Bank of Scotland sr unsecur SerEMTN
5.75% /2014 700,000 718,060 0.26
Leek Finance 18 X A2C 1.365% /2038 (3) 872,964 659,765 0.24
Lloyds TSB Bank sr subord SerEMTN
5.625% /2018 (3) 600,000 543,320 0.19
Imperial Tobacco Finance co gtd SerEMTN
5% /2012 500,000 503,810 0.18
Leek Finance 17 X A2C 1.375% /2037 (3) 606,528 484,704 0.17
National Grid Gas sr unsecur SerEMTN
5.125% /2013 400,000 415,899 0.15
Centrica sr unsecur SerEMTN 7.125% /2013 250,000 279,733 0.10
Total for United Kingdom 11.36
Investments
Nominal in
Euro unless
specified
Market
value
% of net
assets
United States of America
General Electric Capital FDIC gtd SerEMTN
4% /2012 2,500,000 2,598,761 0.92
Citigroup sr unsecur SerEMTN 3.625% /2011 2,490,000 2,465,535 0.88
New York Life Global Funding nts SerGMTN
3.75% 19/10/2009 2,300,000 2,278,152 0.82
WM Covered Bond Program SerEMTN
3.875% /2011 2,300,000 2,250,015 0.81
Goldman Sachs Group FDIC gtd SerEMTN
3.5% /2011 2,000,000 2,062,016 0.74
Roche Holdings co gtd SerEMTN
4.625% /2013 1,800,000 1,891,798 0.68
Wells Fargo & Co sr unsecur SerEMTN
4% /2011 1,700,000 1,708,331 0.61
JPMorgan Chase & Co FDIC gtd
3.625% /2011 1,500,000 1,550,625 0.56
Goldman Sachs Group sr unsecur SerEMTN
5.375% /2013 1,500,000 1,528,102 0.55
Toyota Motor Credit nts SerEMTN
5.25% /2012 1,350,000 1,417,242 0.51
Kraft Foods sr unsecur 5.75% /2012 1,250,000 1,324,278 0.48
Schering-Plough sr unsecur 5% /2010 1,200,000 1,240,541 0.45
Merrill Lynch & Co sr unsecur SerEMTN
1.57% /2014 (3) 1,450,000 1,197,932 0.43
Countrywide Financial co gtd SerEMTN
1.659% /2010 (3) 1,150,000 1,100,435 0.39
Wachovia sr unsecur SerEMTN
1.449% /2014 (3) 1,000,000 865,580 0.31
ITW Finance Europe co gtd
5.25% /2014 (Luxembourg) (4) 820,000 784,232 0.28
Pfizer 3.625% /2013 650,000 660,212 0.24
AT&T sr unsecur 4.375% /2013 600,000 617,164 0.22
Zurich Finance USA co gtd SerEMTN
4.875% /2012 500,000 518,175 0.19
Daimler Finance North America co gtd SerEMTN
5% /2012 500,000 510,417 0.18
Total for United States of America 10.25
Greece
Hellenic Republic 5.25% /2012 8,000,000 8,542,680 3.07
Total for Greece 3.07
Spain
La Caja de Ahorros y Pensiones de Barcelona
govt liquid gtd 3.375% /2012 3,000,000 3,054,474 1.10
BBVA Senior Finance bnk gtd SerEMTN
1.573% /2010 (3) 2,300,000 2,279,790 0.82
Gas Natural Capital Markets co gtd SerEMTN
5.25% /2014 1,000,000 1,010,585 0.36
Telefonica Emisiones co gtd SerEMTN
5.58% /2013 800,000 852,878 0.31
Santander International Debt bnk gtd SerEMTN
5.625% /2012 350,000 369,791 0.13
Enagas 3.25% /2012 250,000 252,355 0.09
Total for Spain 2.81
Australia
Westpac Banking sr unsubord SerEMTN
1.22% /2011 (3) 1,750,000 1,675,675 0.60
Telstra sr unsecur SerEMTN 3% /2010 1,200,000 1,208,541 0.43
Australia & New Zealand Banking Group
sr unsecur SerEMTN 5.25% /2013 1,050,000 1,104,130 0.40
Resimac MBS Trust 2004-1E 1A
1.625% /2035 (1) (3) 539,064 538,534 0.19
Resimac MBS Trust 2005-1E 1A
1.545% /2037 (3) 479,950 450,406 0.16
Progress Trust 2004-E1 2A 1.633% /2035 (3) 423,759 411,215 0.15
Medallion Trust 2004-1G A3 1.399% /2035 (3) 297,691 265,421 0.10
Total for Australia 2.03

Short Maturity Euro Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Nominal in
Euro unless
specified
Market
value
% of net
assets
Sweden
Swedbank govt liquid gtd SerEMTN
3.125% /2012 2,000,000 2,035,450 0.72
Rodamco Sverige co gtd SerEMTN
4.125% /2011 1,400,000 1,407,491 0.51
Svenska Handelsbanken sr unsecur SerEMTN
4.875% /2014 1,000,000 1,032,425 0.37
Vattenfall sr unsecur SerEMTN 4.125% /2013 150,000 154,350 0.06
Total for Sweden 1.66
Ireland
GE Capital European Funding co gtd SerEMTN
4% /2011 2,550,000 2,582,535 0.93
Caterpillar International Finance co gtd SerEMTN
5.25% /2011 1,000,000 1,037,940 0.37
GE Capital European Funding co gtd SerEMTN
4.625% /2010 200,000 204,355 0.07
Total for Ireland 1.37
Supra-National
European Investment Bank 2.5% /2012 2,000,000 2,022,382 0.73
Total for Supra-National 0.73
Switzerland
Philip Morris International sr unsecur SerGMTN
5.625% /2011 (United States of America) (4) 1,250,000 1,323,283 0.48
Credit Suisse sr unsecur SerEMTN
6.125% /2013 500,000 537,516 0.19
Total for Switzerland 0.67
Belgium
Anheuser-Busch InBev co gtd SerEMTN
7.375% /2013 1,300,000 1,417,352 0.51
Elia System Operator 4.5% /2013 200,000 205,785 0.07
Total for Belgium 0.58
Denmark
Danske Bank govt liquid gtd SerEMTN
4.75% /2012 950,000 982,196 0.35
Danske Bank sr unsecur SerEMTN 4.75% /2014 450,000 450,455 0.16
Danske Bank subord SerEMTN 5.375% /2014 (3) 150,000 137,332 0.05
Total for Denmark 0.56
Jersey
UBS sr unsecur SerEMTN 4.625% /2010
(Switzerland) (4) 700,000 710,367 0.25
ASIF III Jersey sr secured SerEMTN
4.75% /2013 250,000 182,705 0.07
Total for Jersey 0.32
Norway
DnB NOR Bank sr unsecur SerEMTN
5.875% /2013 500,000 531,564 0.19
DnB NOR Bank sr unsecur SerEMTN 4.5% /2014 200,000 201,106 0.07
Total for Norway 0.26
Investments
Morgan Stanley Investment Funds 30 June 2009 82
Canada
VW Credit Canada co gtd SerEMTN 5% /2011 500,000 507,911 0.18
Total for Canada 0.18
Luxembourg
Coca-Cola Enterprises Finance LT 1
Commandite co gtd 4.75% /2010 250,000 255,785 0.09
ArcelorMittal sr unsecur 8.25% /2013 150,000 156,069 0.06
Total for Luxembourg 0.15
South Korea
Export-Import Bank of Korea sr unsecur SerEMTN
5.75% /2013 350,000 349,398 0.13
Total for South Korea 0.13
Russia
Gaz Capital sr secured SerEMTN LPN
4.56% /2012 (Luxembourg) (4) 300,000 275,940 0.10
Total for Russia 0.10
Total Investment Securities 260,739,550 93.55
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Futures Contracts
Description
Maturity
date
Number of
contracts
Euro BOBL Future 09/2009 (192) 22,135,680 (215,410) (0.08)
Euro SCHATZ Future 09/2009 370 39,906,350 30,489 0.01
Total Futures Contracts 62,042,030 1 (184,921) (0.07)
1 Cash of EUR 2,752,194 held as collateral.
Nominal in
Euro unless
specified
Notional
commitments
Market
value
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of net
assets
Other Assets less Liabilities 18,148,389 6.52
Total Net Asset Value 278,703,018 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(3) Variable coupon rates are those quoted as of 30 June 2009.
(4) The country in brackets represents the country of incorporation of this security.

83 Morgan Stanley Investment Funds 30 June 2009
US Bond Fund
INVESTMENT AIMS*
To provide an attractive rate of return,
measured in US Dollars, through investment
primarily in US Dollar denominated fixed
income securities issued by US governments,
US agencies and corporations domiciled or
exercising the predominant part of their
economic activity in the US. The Fund may
also invest, on an ancillary basis, in fixed
income securities denominated in currencies
other than US Dollar, including emerging
markets fixed income securities.
* Investment aim effective from 18 April 2008.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Corporate Bonds
Nominal in
US dollars
unless specified
Market
value
% of net
assets
United States of America
Federal National Mortgage Association nts
2.75% /2014 2,721,000 2,713,790 6.12
Federal Home Loan Mortgage nts 1.75% /2012 500,000 496,975 1.13
General Electric Capital sr unsecur
5.625% /2018 410,000 388,047 0.88
HSBC Finance sr unsecur 6.75% /2011 350,000 359,648 0.82
Bear Stearns sr unsecur 6.4% /2017 295,000 295,062 0.67
Goldman Sachs Group sr unsecur 6.15% /2018 295,000 287,688 0.66
AT&T sr unsecur 6.3% /2038 260,000 253,943 0.58
AIG SunAmerica Global Financing VI sr nts sr
secured Ser144A priv plmt 6.3% /2011 250,000 234,902 0.54
Pfizer sr unsecur 6.2% /2019 195,000 212,539 0.49
Federal Home Loan Mortgage nts 4.875% /2018 190,000 203,642 0.45
Wells Fargo & Co sr unsecur 5.625% /2017 200,000 197,106 0.44
Merrill Lynch & Co nts SerMTN 6.875% /2018 190,000 175,515 0.40
Sovereign Bancorp sr unsecur
0.842% /2010 (3) 190,000 175,322 0.39
Comcast co gtd 5.7% /2018 170,000 170,050 0.38
Federal Home Loan Mortgage nts 5.5% /2017 150,000 167,753 0.38
Merck & Co sr unsecur 5% /2019 160,000 161,360 0.36
Verizon Communications sr unsecur 5.5% /2018 160,000 160,367 0.36
Bank of America sr unsecur 5.75% /2017 170,000 152,320 0.34
International Business Machines sr unsecur
8% /2038 100,000 131,416 0.30
Virginia Electric and Power sr unsecur
8.875% /2038 95,000 129,591 0.29
Berkshire Hathaway Finance co gtd 5.4% /2018 120,000 123,882 0.28
JPMorgan Chase & Co sr unsecur 6.3% /2019 115,000 115,692 0.26
Citigroup sr unsecur 5.875% /2037 145,000 113,230 0.25
Wal-Mart Stores sr unsecur 4.125% /2019 115,000 111,707 0.25
News America co gtd Ser144A priv plmt
6.9% /2019 100,000 102,921 0.23
CenterPoint Energy Resources sr unsecur
6.25% /2037 135,000 101,884 0.23
Amgen sr unsecur 5.85% /2017 95,000 101,769 0.23
ConAgra Foods sr unsecur 8.25% /2030 90,000 100,655 0.23
Home Depot sr unsecur 5.4% /2016 100,000 99,045 0.22
Novartis Capital co gtd 4.125% /2014 95,000 97,967 0.22
Bank of New York Mellon sr unsecur SerMTNG
4.5% /2013 95,000 97,882 0.22
Union Pacific sr unsecur 7.875% /2019 85,000 97,210 0.22
General Mills sr unsecur 5.65% /2019 90,000 94,179 0.21
Chevron sr unsecur 4.95% /2019 90,000 93,257 0.21
Time Warner Cable co gtd 6.75% /2039 95,000 91,881 0.21
Bank of America sr nts 7.625% /2019 90,000 89,875 0.20
American Express Credit sr unsecur SerMTNC
7.3% /2013 85,000 88,718 0.20
Wal-Mart Stores sr unsecur 4.25% /2013 85,000 88,280 0.20
Kraft Foods sr unsecur 6.125% /2018 85,000 87,916 0.20
XTO Energy sr unsecur 5.5% /2018 85,000 85,625 0.19
Anheuser-Busch InBev Worldwide co gtd
Ser144A priv plmt 7.2% /2014 80,000 85,550 0.19
Medco Health Solutions sr unsecur 7.125% /2018 80,000 84,551 0.19
Kinder Morgan Energy Partners sr unsecur
5.95% /2018 85,000 83,507 0.19
Philip Morris International sr unsecur 5.65% /2018 80,000 83,361 0.19
Verizon Communications sr unsecur 6.35% /2019 80,000 83,045 0.19
Progress Energy sr unsecur 7.05% /2019 75,000 82,815 0.19
Walgreen sr unsecur 5.25% /2019 80,000 82,601 0.19
Prudential Financial sr unsecur SerMTND
6.625% /2037 95,000 82,549 0.19
CVS Pass-Through Trust certs Ser144A priv plmt
6.036% /2028 94,107 80,730 0.18
ConocoPhillips co gtd 5.2% /2018 80,000 80,514 0.18
UnitedHealth Group sr unsecur 6% /2018 80,000 77,053 0.17

US Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Corporate Bonds (continued)
Nominal in
US dollars
unless specified
Market
value
% of net
assets
United States of America (continued)
Enterprise Products Operating co gtd 6.5% /2019 75,000 76,457 0.17
Farmers Exchange Capital debentures
Ser144A priv plmt 7.05% /2028 110,000 76,309 0.17
MetLife sr unsecur SerA 6.817% /2018 75,000 75,799 0.17
Time Warner Cable co gtd 8.75% /2019 65,000 75,520 0.17
Public Service Company of Colorado 1st
Mortgage 6.5% /2038 65,000 74,012 0.17
Amgen sr nts 5.7% /2019 70,000 73,904 0.17
Ohio Edison sr unsecur 6.4% /2016 70,000 71,719 0.16
Coca-Cola sr unsecur 4.875% /2019 70,000 71,632 0.16
US Bancorp sr nts 4.2% /2014 70,000 70,963 0.16
Cisco Systems sr unsecur 4.95% /2019 70,000 70,044 0.16
Devon Financing co gtd
7.875% /2031 (Canada) (4) 60,000 69,783 0.16
PPL Energy Supply sr unsecur 6.3% /2013 65,000 68,287 0.15
Plains All American Pipeline / PAA Finance co gtd
6.7% /2036 75,000 67,819 0.15
BB&T sr unsecur 6.85% /2019 65,000 67,519 0.15
Illinois St Toll 6.184% /2034 65,000 66,260 0.15
Biogen Idec sr unsecur 6.875% /2018 65,000 66,093 0.15
Emerson Electric sr unsecur 4.875% /2019 65,000 65,825 0.15
Hewlett-Packard sr unsecur 4.75% /2014 60,000 62,495 0.14
Detroit Edison sr secured 6.125% /2010 60,000 62,155 0.14
Yum! Brands sr unsecur 6.25% /2018 60,000 61,963 0.14
Nisource Finance co gtd 6.8% /2019 65,000 61,511 0.14
PNC Funding co gtd 6.7% /2019 60,000 61,355 0.14
NYSE Euronext sr unsecur 4.8% /2013 60,000 61,218 0.14
Alabama Power sr unsecur 5.8% /2013 55,000 59,872 0.13
Archer-Daniels-Midland sr unsecur 5.45% /2018 55,000 57,527 0.13
Verizon Communications sr unsecur 8.95% /2039 45,000 57,198 0.13
Kraft Foods sr unsecur 6.125% /2018 55,000 56,934 0.13
Kla-Tencor sr unsecur 6.9% /2018 70,000 56,398 0.13
Altria Group co gtd 9.25% /2019 50,000 55,849 0.13
Peco Energy 1st reference mortgage 5.35% /2018 55,000 55,781 0.13
Ohio Power sr unsecur SerK 6% /2016 55,000 54,323 0.12
FPL Group Capital co gtd 6% /2019 (3) 50,000 54,147 0.12
EI Du Pont de Nemours & Co sr unsecur 6% /2018 50,000 53,472 0.12
Verizon Wireless Capital sr unsecur
Ser144A priv plmt 5.55% /2014 50,000 53,170 0.12
Comcast co gtd 6.5% /2017 50,000 53,017 0.12
Texas Eastern Transmission sr unsecur 7% /2032 50,000 52,747 0.12
General Mills sr unsecur 5.25% /2013 50,000 52,298 0.12
Bank of New York Mellon sr unsecur 5.125% /2013 50,000 52,201 0.12
Honeywell International sr unsecur 5.3% /2018 50,000 52,053 0.12
Questar Market Resources sr unsecur 6.8% /2018 55,000 52,003 0.12
Harley-Davidson Funding sr nts Ser144A priv plmt
6.8% /2018 60,000 51,935 0.12
Union Electric sr secured 6.7% /2019 50,000 51,865 0.12
John Deere Capital sr nts SerMTN 5.75% /2018 50,000 51,750 0.12
Apache nts 6.9% /2018 45,000 51,429 0.12
Travelers Cos sr unsecur 5.8% /2018 50,000 51,373 0.12
Time Warner Cable co gtd 8.25% /2019 45,000 51,124 0.12
ACE INA Holdings co gtd 5.9% /2019 50,000 50,323 0.11
Time Warner co gtd 5.875% /2016 50,000 49,916 0.11
Boeing sr unsecur 6% /2019 45,000 48,530 0.11
Daimler Finance North America co gtd 7.3% /2012 45,000 46,732 0.11
Monsanto sr unsecur 5.125% /2018 45,000 46,503 0.10
Pripal Financial Group sr unsecur 8.875% /2019 45,000 46,296 0.10
Norfolk Southern sr unsecur Ser144A priv plmt
5.75% /2016 45,000 46,250 0.10
Parker Hannifin sr unsecur SerMTNA 5.5% /2018 45,000 46,196 0.10
Kroger co gtd 5% /2013 45,000 46,118 0.10
Public Service Electric & Gas secured SerMTNB
5% /2013 45,000 46,070 0.10
Investments
Corporate Bonds (continued)
Morgan Stanley Investment Funds 30 June 2009 84
Nominal in
US dollars
unless specified
Market
value
% of net
assets
United States of America (continued)
Xerox sr unsecur 6.35% /2018 50,000 44,397 0.10
Yum! Brands sr unsecur 8.875% /2011 40,000 43,414 0.10
Allstate sr unsecur 7.45% /2019 40,000 43,236 0.10
Delhaize America unsecur co gtd 9% /2031 35,000 42,602 0.10
Viacom sr unsecur 6.875% /2036 45,000 41,594 0.09
Travelers sr unsecur 5.9% /2019 40,000 41,381 0.09
JPMorgan Chase & Co sr unsecur 4.75% /2013 40,000 40,620 0.09
Ace INA Holdings co gtd 5.6% /2015 40,000 40,603 0.09
Corning sr unsecur 6.625% /2019 40,000 40,308 0.09
Microsoft sr unsecur 4.2% /2019 40,000 39,079 0.09
Daimler Finance North America co gtd 8.5% /2031 35,000 36,912 0.08
Procter & Gamble sr unsecur 4.6% /2014 35,000 36,708 0.08
Hewlett-Packard sr unsecur 5.5% /2018 35,000 36,609 0.08
CVS Pass-Through Trust pass through certs
Ser144A priv plmt 8.353% /2031 35,000 34,976 0.08
Citigroup sr unsecur 6.125% /2018 40,000 34,893 0.08
ConocoPhillips co gtd 5.75% /2019 30,000 31,550 0.07
Bunge Finance co gtd 8.5% /2019 30,000 31,245 0.07
Baxter International sr unsecur 4.625% /2015 30,000 30,851 0.07
Caterpillar Financial Services sr unsecur SerMTNF
4.9% /2013 30,000 30,829 0.07
Simon Property Group sr unsecur 6.75% /2014 30,000 30,444 0.07
Cisco Systems nts 5.9% /2039 30,000 29,923 0.07
Citigroup sr unsecur 6.125% /2017 30,000 26,263 0.06
American Express sr unsecur 8.125% /2019 25,000 26,183 0.06
Capital One Financial sr nts 7.375% /2014 25,000 25,743 0.06
McDonald’s sr unsecur SerMTNI 5% /2019 25,000 25,646 0.06
State Street sr unsecur 4.3% /2014 25,000 25,205 0.06
Kroger co gtd 6.4% /2017 20,000 21,454 0.05
MetLife nts 7.717% /2019 20,000 21,343 0.05
Chubb sr unsecur 5.75% /2018 20,000 20,752 0.05
Union Pacific sr unsecur 6.125% /2020 20,000 20,590 0.05
WellPoint sr unsecur 7% /2019 20,000 20,585 0.05
MetLife sr unsecur 6.75% /2016 20,000 20,408 0.05
Emerson Electric sr unsecur 5% /2019 20,000 20,207 0.05
Nisource Finance co gtd 1.231% 23/11/2009 (3) 20,000 19,842 0.04
Kraft Foods sr unsecur 6.75% /2014 15,000 16,457 0.04
Bristol-Myers Squibb sr unsecur 5.45% /2018 15,000 15,955 0.04
Kraft Foods sr unsecur 7% /2037 15,000 15,891 0.04
Pacificorp 1st motgage 5.5% /2019 15,000 15,823 0.04
Wyeth sr unsecur 5.45% /2017 15,000 15,565 0.04
Oracle sr unsecur 5.75% /2018 10,000 10,640 0.02
Time Warner unsecur co gtd 7.7% /2032 5,000 5,007 0.01
Anheuser-Busch InBev Worldwide co gtd
Ser144A priv plmt 5.375% /2014 5,000 4,977 0.01
Total for United States of America 32.46
United Kingdom
Systems 2001 Asset Trust ‘G’ co gtd Ser144A
priv plmt 6.664% /2013 (Cayman Islands) (4) 109,322 109,322 0.25
Barclays Bank sr unsecur 6.75% /2019 105,000 104,096 0.24
WPP Finance co gtd 8% /2014 100,000 102,134 0.23
HBOS subord nts Ser144A priv plmt
6.75% /2018 130,000 99,579 0.22
Pearson Dollar Finance Two co gtd
Ser144A priv plmt 6.25% /2018 100,000 96,269 0.22
Nationwide Building Society sr unsecur
Ser144A priv plmt 4.25% /2010 95,000 94,031 0.21
BP Capital Markets co gtd 4.75% /2019 90,000 89,714 0.20
Diageo Capital co gtd 7.375% /2014 75,000 85,246 0.19
BAT International Finance co gtd
Ser144A priv plmt 9.5% /2018 65,000 76,674 0.17
Catlin Insurance sr nts Ser144A priv plmt
7.249% perpetual (Bermuda) (3) (4) 125,000 70,085 0.16
AstraZeneca sr unsecur 5.9% /2017 60,000 64,413 0.14
GlaxoSmithKline Capital co gtd
5.65% /2018 (United States of America) (4) 50,000 52,884 0.12
Vodafone Group sr unsecur 5.625% /2017 50,000 50,751 0.11
BP Capital Markets co gtd 3.875% /2015 40,000 40,503 0.09
Total for United Kingdom 2.55

85 Morgan Stanley Investment Funds 30 June 2009
US Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Corporate Bonds (continued)
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Bermuda
Xlliac Global Funding sr unsecur Ser144A priv plmt
4.8% /2010 (United States of America) (4) 180,000 167,579 0.38
Platinum Underwriters Finance co gtd SerB
7.5% /2017 (United States of America) (4) 125,000 106,964 0.24
Weatherford International co gtd
6% /2018 (Switzerland) (4) 55,000 54,208 0.12
Total for Bermuda 0.74
Luxembourg
ArcelorMittal sr unsecur 9.85% /2019 125,000 133,925 0.30
Telecom Italia Capital co gtd 6.999% /2018 90,000 91,223 0.21
ArcelorMittal sr unsecur 6.125% /2018 85,000 72,703 0.16
Total for Luxembourg 0.67
Switzerland
Roche Holdings co gtd Ser144A priv plmt
6% /2019 (United States of America) (4) 160,000 170,017 0.38
Credit Suisse USA co gtd 5.125% /2015
(United States of America) (4) 65,000 65,799 0.15
UBS sr unsecur SerDPNT bnk nts 5.875% /2017 50,000 46,790 0.11
Total for Switzerland 0.64
Canada
Brookfield Asset Management sr unsecur
7.125% /2012 75,000 73,704 0.17
Canadian National Railway sr unsecur
5.55% /2018 50,000 52,433 0.12
EnCana sr unsecur 5.9% /2017 45,000 46,295 0.10
Potash Corp of Saskatchewan sr unsecur
6.5% /2019 35,000 37,520 0.08
EnCana sr unsecur 6.5% /2019 15,000 16,121 0.04
Total for Canada 0.51
France
Electricité de France nts Ser144A priv plmt
6.5% /2019 105,000 115,916 0.26
Vivendi nts Ser144A priv plmt 6.625% /2018 65,000 65,670 0.15
France Telecom sr unsecur 8.5% /2031 25,000 32,154 0.07
Total for France 0.48
Germany
E.ON International Finance co gtd
Ser144A priv plmt 5.8% /2018 (Netherlands) (4) 135,000 140,556 0.32
Deutsche Telekom International Finance co gtd
8.75% /2030 (Netherlands) (4) 45,000 54,428 0.12
Total for Germany 0.44
Spain
Telefonica Europe co gtd
8.25% /2030 (Netherlands) (4) 145,000 180,084 0.41
Total for Spain 0.41
Investments
Corporate Bonds (continued)
Nominal in
US dollars
unless specified
South Korea
Korea Railroad sr unsecur Ser144A priv plmt
5.375% /2013 100,000 97,937 0.22
LG Electronics sr unsecur Ser144A priv plmt
5% /2010 75,000 74,584 0.17
Total for South Korea 0.39
Australia
FBG Finance co gtd Ser144A priv plmt
5.125% /2015 80,000 75,138 0.17
Rio Tinto Finance USA co gtd 6.5% /2018 45,000 44,367 0.10
Total for Australia 0.27
Netherlands
Koninklijke Philips Electronics unsecur
5.75% /2018 85,000 87,064 0.20
Total for Netherlands 0.20
Mexico
Grupo Televisa sr unsecur 6% /2018 90,000 85,309 0.19
Total for Mexico 0.19
Italy
Telecom Italia Capital unsecur co gtd
4.95% /2014 (Luxembourg) (4) 85,000 81,569 0.18
Total for Italy 0.18
Cayman Islands
Transocean sr unsecur 6% /2018 60,000 61,177 0.14
Total for Cayman Islands 0.14
Belgium
Delhaize co gtd 5.875% /2014 50,000 51,450 0.12
Total for Belgium 0.12
Total for Corporate Bonds 40.39
Mortgage and Asset Backed Securities
Market
value
% of net
assets
United States of America
FNMA Pool 995049 5.5% /2038 2,779,854 2,868,897 6.46
Fannie Mae 5.5% /2007 1,993,000 2,059,953 4.64
FNMA Pool 190363 5.5% /2035 1,211,538 1,250,345 2.81
FNMA Pool 995364 6% /2038 1,169,226 1,220,928 2.75
Freddie Mac Gold Pool G01910 5% /2035 991,875 1,007,528 2.27
FNMA TBA 15 Years 4.5% /2039 825,000 842,789 1.90
FNMA Pool 930940 5% /2039 785,183 798,555 1.80
FNMA TBA 30 Years 5% /2038 775,000 786,988 1.77
FNMA Pool 889983 6% /2038 534,663 558,305 1.26
FNMA TBA 30 Years 4.5% /2039 550,000 547,766 1.23
FNMA Pool 888472 6% /2037 516,280 539,109 1.21
Freddie Mac TBA Gold 30 Years 6.5% /2039 500,000 531,485 1.20
FNMA Pool 889579 6% /2038 430,841 449,893 1.01
FNMA TBA 30 Years 4.5% /2039 450,000 449,859 1.01
FNMA Pool 490758 6.5% /2029 297,308 316,494 0.71
FNMA Pool 968154 6% /2038 288,744 301,512 0.68
Freddie Mac Gold Pool A64548 6% /2037 205,149 214,028 0.48
Banc of America Commercial Mortgage
2007-4 A4 5.935% /2051 (3) 225,000 173,950 0.39
Citigroup Commercial Mortgage Trust
2007-C6 A4 5.888% /2049 (3) 149,000 118,632 0.27
Citigroup Commercial Mortgage Trust
2006-C4 A3 5.917% /2049 (3) 125,000 106,106 0.24

US Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Nominal in
US dollars
unless specified
Mortgage and Asset Backed Securities (continued)
Market
value
% of net
assets
United States of America (continued)
FNMA Pool 253894 6.5% /2031 96,539 102,769 0.23
FNMA Pool 625393 6.5% /2032 93,027 99,030 0.22
LB-UBS Commercial Mortgage Trust
2007-C7 A3 5.866% /2045 (3) 125,000 96,309 0.22
Banc of America Commercial Mortgage
2007-1 A4 5.451% /2049 125,000 93,881 0.21
Freddie Mac Gold Pool C43014 7.5% /2030 85,906 93,609 0.21
Freddie Mac Gold Pool D78850 7.5% /2027 79,855 87,043 0.20
Greenwich Capital Commercial Funding
2007-GG9 A4 5.444% /2039 100,000 80,009 0.18
JP Morgan Chase Commercial Mortgage
Securities 2007-LD11 A4 6.007% /2049 (3) 100,000 76,904 0.17
Freddie Mac Gold 30 Years TBA 5.5% /2035 69,000 71,318 0.16
Freddie Mac Gold Pool C39840 7.5% /2030 61,194 66,440 0.15
GS Mortgage Securities 2006-GG8 A4
5.56% /2039 75,000 61,381 0.14
Citigroup Commercial Mortgage Trust
2006-C5 A4 5.431% /2049 75,000 60,363 0.14
FNMA Pool 655588 8% /2032 54,640 59,496 0.13
Freddie Mac Gold Pool C77120 6.5% /2033 55,917 59,438 0.13
Freddie Mac Gold Pool C68730 7.5% /2026 51,318 55,790 0.13
Freddie Mac Gold Pool C39839 7.5% /2030 45,655 49,633 0.11
Freddie Mac Gold Pool C39195 7.5% /2030 41,325 44,716 0.10
FNMA Pool 253794 6.5% /2031 34,951 37,206 0.08
Freddie Mac Gold Pool C90299 7.5% /2019 34,322 37,205 0.08
FNMA Pool 573254 7.5% /2031 33,719 36,794 0.08
FNMA Pool 190292 7.5% /2027 32,914 35,876 0.08
FNMA Pool 591854 7.5% /2031 32,824 35,814 0.08
FNMA Pool 485674 6.5% /2029 30,552 32,524 0.07
Freddie Mac Gold Pool G00876 6.5% /2028 30,224 32,127 0.07
Freddie Mac Gold Pool C45610 7.5% /2030 27,187 29,418 0.07
FNMA Pool 568354 8% /2031 26,686 29,186 0.07
FNMA TBA 30 Years 6.5% /2037 25,000 26,637 0.06
FNMA Pool 899519 5% /2037 25,910 26,352 0.06
FNMA Pool 923869 5% /2037 25,871 26,311 0.06
FNMA Pool 928543 5% /2037 25,049 25,475 0.06
FNMA Pool 653071 6.5% /2032 23,622 25,146 0.06
FNMA Pool 524488 7.5% /2030 21,859 23,853 0.05
FNMA Pool 527244 6.5% /2029 21,773 23,178 0.05
Government National Mortgage Association
2001-22 SK 7.832% /2031 (1) (3) 217,854 22,940 0.05
FNMA Pool 628751 7.5% /2032 20,696 22,496 0.05
FNMA Pool 251626 7% /2018 16,711 18,355 0.04
Freddie Mac Gold Pool C53765 7.5% /2031 16,718 18,062 0.04
FNMA Pool 251898 6.5% /2028 16,464 17,527 0.04
Fannie Mae REMICS 2003-82 IA 6% /2032 (1) 348,983 16,472 0.04
FNMA Pool 541903 7.5% /2030 14,831 16,184 0.04
FNMA Pool 252807 8% /2029 13,422 14,648 0.03
Freddie Mac Gold Pool C41920 8% /2030 12,011 13,196 0.03
FNMA Pool 637716 7.5% /2032 11,699 12,716 0.03
FNMA Pool 711986 6.5% /2033 11,543 12,288 0.03
FNMA Pool 563584 8% /2030 11,161 12,171 0.03
FNMA Pool 538501 8% /2030 10,573 11,530 0.03
Fannie Mae REMICS 2000-46 SA
8.236% /2030 (1) (3) 107,732 9,653 0.02
FNMA Pool 576022 8% /2029 8,370 9,174 0.02
FNMA Pool 252589 6.5% /2029 8,569 9,122 0.02
Fannie Mae REMICS 2000-34 S
8.236% /2030 (1) (3) 96,648 8,698 0.02
FNMA Pool 568963 7.5% /2031 7,788 8,498 0.02
FNMA Pool 591189 6.5% /2031 7,899 8,409 0.02
FNMA Pool 253516 8% /2030 6,558 7,151 0.02
Government National Mortgage Association
2001-46 SA 7.262% /2031 (1) (3) 75,774 6,570 0.01
Investments
Morgan Stanley Investment Funds 30 June 2009 86
Mortgage and Asset Backed Securities (continued)
United States of America (continued)
FNMA Pool 713672 6.5% /2032 5,437 5,788 0.01
FNMA Pool 496029 6.5% /2029 5,049 5,375 0.01
FNMA Pool 702022 6.5% /2033 4,891 5,207 0.01
FNMA Pool 571788 7.5% /2031 4,427 4,820 0.01
FNMA Pool 675952 6.5% /2032 4,450 4,737 0.01
FNMA Pool 548831 8% /2030 4,136 4,510 0.01
Freddie Mac Gold Pool C01221 8% /2031 4,019 4,397 0.01
FNMA Pool 541938 8% /2030 3,690 4,024 0.01
FNMA Pool 259113 7.5% /2030 3,205 3,497 0.01
FNMA Pool 547424 8% /2030 3,043 3,318 0.01
FNMA Pool 584953 7.5% /2031 2,973 3,244 0.01
FNMA Pool 529548 7.5% /2030 2,869 3,130 0.01
FNMA Pool 494724 6.5% /2029 2,499 2,660 0.01
FNMA Pool 621265 8% /2032 2,268 2,470 0.01
FNMA Pool 515611 7.5% /2029 1,415 1,541 0.00
FNMA Pool 654099 6.5% /2032 1,296 1,380 0.00
FNMA Pool 634589 8% /2031 853 929 0.00
FNMA Pool 592703 8% /2031 361 393 0.00
Total for United States of America 38.77
Total for Mortgage and Asset Backed Securities 38.77
Government Bonds
United States of America
US Treasury 0.875% 30/04/2011 2,200,000 2,191,750 4.94
US Treasury 0.875% 31/05/2011 1,800,000 1,791,844 4.04
US Treasury Bill 6% /2026 1,100,000 1,318,797 2.97
US Treasury Strip 0% /2020 1,745,000 1,062,212 2.39
US Treasury Bill 0% 23/07/2009 1,000,000 999,910 2.25
US Treasury 4.375% /2038 715,000 716,005 1.61
GNMA TBA 30 Years 5% /2039 450,000 459,492 1.03
GNMA TBA 30 Years 4.5% /2039 450,000 450,000 1.01
US Treasury 4.25% /2039 200,000 196,125 0.44
US Treasury Bill 0% 12/11/2009 (2) 80,000 79,891 0.18
Total for United States of America 20.86
Brazil
Republic of Brazil sr unsecur 6% /2017 210,000 216,951 0.49
Total for Brazil 0.49
Germany
KfW - Kreditanstalt fuer Wiederaufbau govt gtd
4.875% /2019 85,000 88,246 0.20
Total for Germany 0.20
Total for Government Bonds 21.55
Federal Agency Discount Notes
Nominal in
US dollars
unless specified
Market
value
% of net
assets
United States of America
Federal Home Loan Bank Discount Notes
0% 15/07/2009 2,300,000 2,299,011 5.17
Freddie Mac Discount Notes unsecur
0% 20/07/2009 1,800,000 1,799,340 4.05
Freddie Mac Discount Notes unsecur
0% 13/07/2009 1,500,000 1,499,426 3.38
Total for United States of America 12.60
Total for Federal Agency Discount Notes 12.60
Total transferable securities and money market
instruments admitted to official exchange listing
or dealt in on another regulated market 50,332,658 113.31

87 Morgan Stanley Investment Funds 30 June 2009
US Bond Fund
STATEMENT OF INVESTMENTS (continued)
Other transferable securities and money market instruments
not admitted to official exchange listing or dealt in on another
regulated market. As at 30 June 2009, expressed in US dollars.
Investments
Corporate Bonds
United States of America
Cooper US co gtd 5.25% /2012 75,000 80,237 0.18
Total for United States of America 0.18
Bermuda
Two-Rock Pass Through Trust pass thru certs
Ser144A 1.896% perpetual (3) 520,000 1,690 0.00
Total for Bermuda 0.00
Total for Corporate Bonds 0.18
Total other transferable securities and money market
instruments not admitted to official exchange listing
or dealt in on another regulated market 81,927 0.18
Total Investment Securities 50,414,585 113.49
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Options at Market Value
Description Currency
2 Years Euro$ Mid-Curve Call,
Strike Price 97.75 September 2009 USD 93 11,044 0.02
2 Years Euro$ Mid-Curve Call,
Strike Price 98.50 September 2009 USD (77) (963) 0.00
Total Options at Market Value 10,081 0.02
Futures Contracts
Description
Maturity
date
Number of
contracts
Nominal in
US dollars
unless specified
Number of
contracts
Notional
commitments
Market
value
Market
value
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of net
assets
% of net
assets
US 10yr T-note Future 09/2009 (27) 3,130,312 13,868 0.03
US Long Bond Future 09/2009 (15) 1,766,016 (28,677) (0.06)
US 2yr T-note Future 09/2009 16 3,456,000 (8,925) (0.02)
US 5yr T-note Future 09/2009 22 2,520,203 1,111 0.00
90 Day Euro Future 03/2011 6 1,459,950 (4,551) (0.01)
90 Day Euro Future 06/2011 6 1,454,925 (5,400) (0.01)
90 Day Euro Future 09/2011 6 1,450,425 (6,164) (0.01)
90 Day Euro Future 12/2011 6 1,446,150 (6,569) (0.01)
Total Futures Contracts 16,683,981 1 (45,307) (0.09)
1 80,000 US Treasury Bill 12/11/2009 held as collateral and cash of USD 53,689 held as collateral.
Interest Rate Swap Contracts
Description
Currency
Notional
amount
Maturity
date
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
Pay floating rate USD
LIBOR 3 months
Receive fixed rate 4.64% USD 961,000 27/05/2019 (1,388) 0.00
Pay floating rate USD
LIBOR 3 months
Receive fixed rate 4.66% USD 2,806,000 27/05/2019 (1,902) 0.00
Pay fixed rate 0%
Receive floating rate USD
LIBOR 3 months USD 1,174,044 15/11/2020 58,316 0.13
Pay fixed rate 4.04%
Receive floating rate USD
LIBOR 3 months USD 220,000 27/05/2039 2,380 0.01
Pay fixed rate 4.04%
Receive floating rate USD
LIBOR 3 months USD 650,000 27/05/2039 7,030 0.02
Total Interest Rate Swap Contracts 64,436 0.16
Total Derivatives 29,210 0.07
Other Assets less Liabilities (6,020,022) (13.56)
Total Net Asset Value 44,423,773 100.00
(1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial
Statements.
(2) Security held as collateral against futures positions by the broker.
(3) Variable coupon rates are those quoted as of 30 June 2009.
(4) The country in brackets represents the country of incorporation of this security.

Global Convertible Bond Fund*
INVESTMENT AIMS
To seek long-term capital appreciation,
measured in US Dollars, through investment
primarily in convertible bonds issued by
companies organised or operating in either
the developed or emerging markets which will
be denominated in global currencies.
* Name changed from Global Convertible Bond (USD) Fund on 20 March 2009.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Morgan Stanley Investment Funds 30 June 2009 88
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Holdings/
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Diversified Financial Services
Rafflesia Capital CV 1.25% /2011 (3) 6,300,000 6,877,473 2.22
Cherating Capital co gtd CV 2% /2012 (3) 6,500,000 6,630,000 2.15
ORIX unsecur CV 1% /2014 (JPY) 612,000,000 6,258,043 2.02
Sonata Securities secured SerADEN CV
1.5% /2010 (CHF) 5,900,000 5,096,742 1.65
Feringghi Capital co gtd SerRegS CV
0% 22/12/2009 4,400,000 4,969,967 1.61
Paka Capital SerPARK CV 0% /2013 4,500,000 4,224,375 1.37
Aldar Funding secured SerALDA CV
5.767% /2011 3,535,000 3,547,888 1.15
Actelion Finance co gtd CV 0% /2011 (CHF) 3,385,000 3,517,319 1.14
SOCO Finance Jersey co gtd SerSIA CV
4.5% /2013 3,402,000 3,302,985 1.07
IIG Funding SerIIG CV 6.75% /2012 7,700,000 1,720,711 0.56
China Overseas Finance Investment
Cayman co gtd SerCOLI CV 0% /2014 800,000 1,040,040 0.35
Adidas International co gtd CV 2.5% /2018 (EUR) 500,000 819,546 0.27
AngloGold Ashanti Holdings Finance co gtd
SerREGS CV 3.5% /2014 600,000 625,850 0.20
Total for Diversified Financial Services 15.76
Banks
Bank of America SerL Pfd Stock
7.25% perpetual 9,346 7,788,302 2.52
Wells Fargo & Co SerL Pfd Stock 7.5% 7,949 6,239,965 2.02
Mizuho Financial Group Ser11XI CV
2% /2016 (JPY) 354,000 2,556,910 0.83
BES Finance bnk gtd SerEMTN CV
1.25% /2011 1,500,000 1,429,950 0.46
KfW - Kreditanstalt fuer Wiederaufbau
govt gtd SerDPW CV 0.5% /2010 (EUR) 620,000 866,834 0.28
KfW - Kreditanstalt fuer Wiederaufbau
govt gtd SerDTE CV 3.25% /2013 (EUR) 600,000 859,140 0.28
Bank of Kyoto subord CV 0% /2014 (JPY) 79,000,000 833,481 0.27
La Caja de Ahorros y Pensiones
de Barcelona SerCRI CV 3.5% /2011 (EUR) 550,000 757,160 0.24
Total for Banks 6.90
Oil & Gas
Seadrill sr unsecur CV 3.625% /2012 8,400,000 6,603,727 2.14
Transocean sr unsecur SerC CV 1.5% /2037 6,048,000 5,360,040 1.73
Nabors Industries co gtd CV 0.94% /2011 3,201,000 2,976,930 0.96
Chesapeake Energy Corp co gtd CV
2.75% /2035 2,612,000 2,262,645 0.73
Etablissements Maurel et Prom sr nts CV
3.5% /2010 (EUR) 2,774,200 887,567 0.29
Total for Oil & Gas 5.85
Mining
Newmont Mining co gtd CV 1.25% /2014 5,200,000 5,772,000 1.87
Freeport-McMoRan Copper & Gold Pfd Stock
5.5% perpetual 3,301 3,802,660 1.23
Anglo American sr unsecur SerAAL CV
4% /2014 2,300,000 3,127,540 1.01
Vedanta Finance Jersey co gtd CV
4.26% /2026 2,766,000 2,299,237 0.74
Goldcorp sr nts Ser144A priv plmt CV
2% /2014 1,410,000 1,413,525 0.46
Alcoa sr unsecur CV 5.25% /2014 109,000 193,203 0.06
Total for Mining 5.37

89 Morgan Stanley Investment Funds 30 June 2009
Global Convertible Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Holdings/
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Agriculture
Archer-Daniels-Midland Pfd Stock
6.25% /2011 149,359 5,523,295 1.79
Archer-Daniels-Midland sr unsecur CV
0.875% /2014 5,981,000 5,517,472 1.78
Wilmar International unsubord SerWIL CV
0% /2012 2,400,000 2,619,180 0.85
Total for Agriculture 4.42
Electronics
Toshiba sr unsecur CV 0% /2011 (JPY) 740,000,000 7,522,040 2.43
LG Display unsubord CV 0% /2012 3,600,000 3,699,615 1.20
Hosiden unsubord SerHOSE CV
0% /2014 (JPY) 150,000,000 1,678,057 0.54
Total for Electronics 4.17
Health Care Products
Beckman Coulter sr unsecur CV 2.5% /2036 5,032,000 5,000,550 1.61
Medtronic sr unsecur CV 1.5% /2011 4,599,000 4,472,527 1.45
Medtronic sr unsecur CV 1.625% /2013 1,732,000 1,602,100 0.52
Total for Health Care Products 3.58
Biotechnology
Gilead Sciences sr unsecur CV
0.625% /2013 3,207,000 4,177,117 1.35
Amgen sr unsecur CV 0.375% /2013 3,583,000 3,247,094 1.05
Amgen sr unsecur CV 0.125% /2011 1,798,000 1,717,090 0.56
Millipore sr unsecur CV 3.75% /2026 1,693,000 1,688,767 0.55
Total for Biotechnology 3.51
Semiconductors
Intel jr subord CV 2.95% /2035 5,924,000 4,983,565 1.61
Linear Technology sr unsecur SerA CV
3% /2027 2,186,000 1,817,112 0.59
Micron Technology sr unsecur CV
1.875% /2014 2,742,000 1,634,917 0.53
Infineon Technologies Holding co gtd CV
5% /2010 (EUR) 1,150,000 1,478,670 0.48
Micron Technology sr unsecur CV
4.25% /2013 579,000 683,944 0.22
Total for Semiconductors 3.43
Computers
EMC sr unsecur CV 1.75% /2011 3,758,000 3,932,183 1.27
Cap Gemini sr unsecur SerCAP CV
1% /2012 (EUR) 6,778,800 3,888,114 1.26
Cap Gemini sr unsecur CV 3.5% /2014 (EUR) 3,451,000 1,822,760 0.59
EMC sr unsecur CV 1.75% /2013 841,000 873,589 0.28
Total for Computers 3.40
Telecommunications
Portugal Telecom International Finance
keepwell agrmnt SerPTC CV
4.125% /2014 (EUR) 2,600,000 3,578,139 1.15
Qwest Communications International
sr unsecur CV 3.5% /2025 2,794,000 2,766,060 0.90
Investments
Holdings/
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Telecommunications (continued)
Weather Capital Finance co gtd
SerORAS CV 4.75% /2013 (EUR) 1,800,000 2,411,587 0.78
Softbank sr unsecur CV 1.5% /2013 (JPY) 88,000,000 975,599 0.32
Total for Telecommunications 3.15
Pharmaceuticals
Teva Pharmaceutical Finance co gtd SerD CV
1.75% /2026 2,933,000 3,303,291 1.07
Allergan sr unsecur CV 1.5% /2026 2,491,000 2,547,048 0.82
Teva Pharmaceutical Finance co gtd SerB CV
0.25% /2024 1,113,000 1,577,678 0.51
Wyeth sr unsecur CV 0.965% /2024 (3) 853,000 855,133 0.28
Teva Pharmaceutical Finance co gtd SerD CV
1.75% /2026 133,000 149,791 0.05
Total for Pharmaceuticals 2.73
Media
News Corp Finance Trust II Ser144A priv plmt
Pfd Stock 0.75% /2023 5,681 5,517,671 1.79
Liberty Media sr unsecur CV 3.125% /2023 2,156,000 1,835,295 0.59
WPP co gtd SerWPP CV 5.75% /2014 (GBP) 500,000 865,780 0.28
Total for Media 2.66
Beverages
Asahi Breweries sr unsecur CV
0% /2028 (JPY) 489,000,000 4,612,728 1.49
Molson Coors Brewing co gtd CV
2.5% /2013 2,843,000 3,049,118 0.99
Total for Beverages 2.48
Venture Capital
3i Group sr unsecur CV 3.625% /2011 (GBP) 4,700,000 7,148,473 2.31
Total for Venture Capital 2.31
Oil & Gas Services
Subsea 7 sr unsubord SerSUB CV
2.8% /2011 3,300,000 2,806,650 0.91
Acergy sr unsecur SerACY CV
2.25% /2013 2,800,000 2,300,060 0.74
Cameron International sr unsecur CV
2.5% /2026 1,659,000 1,907,850 0.62
Total for Oil & Gas Services 2.27
Energy - Alternate Sources
Q-Cells International Finance co gtd
SerQCEL CV 1.375% /2012 (EUR) 3,600,000 3,784,155 1.22
Theolia sr unsecur SerTHLA CV
2% /2014 (EUR) 27,781,000 3,108,700 1.01
Total for Energy - Alternate Sources 2.23
Electric
YTL Power Finance Cayman co gtd CV
0% /2010 5,000,000 5,908,500 1.91
Total for Electric 1.91
Construction & Engineering
YTL Corp Finance Labuan co gtd CV
0% /2012 5,400,000 5,539,752 1.79
Total for Construction & Engineering 1.79

Global Convertible Bond Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Holdings/
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Internet
Symantec sr unsecur CV 0.75% /2011 3,869,000 3,927,035 1.27
Matsui Securities sr unsubord CV
0% /2011 (JPY) 148,000,000 1,484,691 0.48
Total for Internet 1.75
Electrical Equipment & Components
Suntech Power Holdings sr unsecur CV
0.25% /2012 5,378,000 5,130,074 1.66
Total for Electrical Equipment & Components 1.66
Iron/Steel
ArcelorMittal sr unsecur CV
7.25% /2014 (EUR) 6,400,300 2,581,005 0.83
Allegheny Technologies sr nts CV
4.25% /2014 2,181,000 2,399,100 0.78
Total for Iron/Steel 1.61
Entertainment
International Game Technology sr unsecur CV
2.6% /2036 2,419,000 2,400,858 0.78
International Game Technology sr unsecur
Ser144A priv plmt CV 3.25% /2014 1,342,000 1,459,425 0.47
Total for Entertainment 1.25
Food
J Sainsbury unsubord CV 4.25% /2014 (GBP) 2,200,000 3,846,825 1.24
Total for Food 1.24
Home Furnishings
Sharp sr unsecur CV 0% /2013 (JPY) 356,000,000 3,421,049 1.11
Total for Home Furnishings 1.11
Auto Manufacturers
Suzuki Motor unsecur Ser4 CV
0% /2013 (JPY) 320,000,000 3,343,550 1.08
Total for Auto Manufacturers 1.08
Chemicals
KCC unsubord SerC CV 0% /2012 3,400,000 3,332,989 1.08
Total for Chemicals 1.08
Commercial Services
USG People subord SerUSG CV
3% /2012 (EUR) 1,452,000 1,803,620 0.58
Adecco Financial Services Bermuda
co gtd CV 0% /2013 (CHF) 1,515,000 1,501,855 0.49
Total for Commercial Services 1.07
Investments
Morgan Stanley Investment Funds 30 June 2009 90
Holdings/
Nominal in
US dollars
unless specified
Market
value
% of net
assets
Leisure Time
Carnival sr unsubord CV 2% /2021 1,704,000 1,648,620 0.54
Carnival co gtd step cpn CV 0.5% /2033 2,359,000 1,551,043 0.50
Total for Leisure Time 1.04
REITS
Vornado Realty sr unsecur CV
3.875% /2025 1,705,000 1,581,388 0.51
Unibail-Rodamco CV 3.5% /2015 (EUR) 575,000 1,235,055 0.40
Total for REITS 0.91
Miscellaneous Manufacturing
Danaher sr unsecur CV 0% /2021 2,626,000 2,442,180 0.79
Total for Miscellaneous Manufacturing 0.79
Transportation
Nippon Yusen CV 0% /2026 (JPY) 220,000,000 2,248,292 0.73
Total for Transportation 0.73
Software
Sybase jr subord CV 1.75% /2025 1,508,000 1,962,285 0.63
Total for Software 0.63
Aerospace/Defense
L-3 Communications Holdings co gtd CV
3% /2035 1,825,000 1,765,688 0.57
Total for Aerospace/Defense 0.57
Retail
Don Quijote unsubord CV 0% /2011 (JPY) 140,000,000 1,568,252 0.51
Total for Retail 0.51
Investment Companies
Hongkong Land CB 2005 co gtd
SerRegS CV 2.75% /2012 1,000,000 1,108,750 0.36
Total for Investment Companies 0.36
Health Care Services
Laboratory Corp of America Holdings
subord CV 0% /2021 1,095,000 1,003,294 0.32
Total for Health Care Services 0.32
Airlines
Societe Air France sr unsecur CV
2.75% /2020 (EUR) 3,206,700 860,385 0.28
Total for Airlines 0.28
Advertising
Omnicom Group sr unsecur CV 0% /2032 850,000 846,816 0.27
Total for Advertising 0.27
Total Investment Securities 297,244,695 96.18

91 Morgan Stanley Investment Funds 30 June 2009
Global Convertible Bond Fund
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
03/07/2009 169,964,513 EUR 237,459,262 USD 1,774,515 0.57
08/07/2009 51,383 USD 36,689 EUR (259) 0.00
09/07/2009 3,400,000 EUR 4,790,597 USD (4,895) 0.00
09/07/2009 35,854,995 USD 25,140,000 EUR 468,953 0.15
09/07/2009 1,815,091 USD 1,290,000 EUR (661) 0.00
13/07/2009 1,050,000 CHF 975,873 USD (6,566) 0.00
13/07/2009 10,777,989 USD 11,795,000 CHF (110,561) (0.04)
16/07/2009 750,000 GBP 1,233,191 USD 6,320 0.00
22/07/2009 7,880,726 USD 4,810,000 GBP (68,624) (0.02)
22/07/2009 2,507,175 USD 1,520,000 GBP (4,886) 0.00
22/07/2009 1,233,162 USD 750,000 GBP (6,342) 0.00
27/07/2009 345,000,000 JPY 3,627,226 USD (40,042) (0.01)
27/07/2009 36,823,191 USD 3,530,000,000 JPY 119,536 0.04
27/07/2009 1,781,550 USD 170,000,000 JPY 13,952 0.00
Total Forward Foreign Currency Exchange Contracts 2,140,440 0.69
Cash of USD 280,000 paid as collateral to different parties.
Amount
sold
Other Assets less Liabilities 9,662,505 3.13
Total Net Asset Value 309,047,640 100.00
(3) Variable coupon rates are those quoted as of 30 June 2009.
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets

Euro Liquidity Fund
INVESTMENT AIMS
To provide liquidity and high current income,
to the extent consistent with the preservation
of capital, primarily by investing in high quality
short-term transferable debt securities that
are denominated in Euro, provided that,
at the time of acquisition, their initial or
residual maturity does not exceed 397 days.
The Fund may also hold up to 49% of its net
assets in cash and cash equivalents.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Commercial Paper
Morgan Stanley Investment Funds 30 June 2009 92
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Svenska Handelsbanken 0% 31/07/2009 15,000,000 14,986,908 4.69
Deutsche Bank 0% 31/08/2009 15,000,000 14,986,541 4.70
Abbey National Treasury Service
0% 06/07/2009 14,000,000 13,998,446 4.38
Credit Suisse 0% 15/07/2009 12,000,000 11,996,689 3.76
Intesa Sanpaolo 0% 27/08/2009 12,000,000 11,982,937 3.75
Banco Bilbao Vizcaya Argentaria
0% 03/07/2009 10,000,000 9,999,492 3.13
NRW. Bank 0% 17/07/2009 10,000,000 9,996,451 3.13
Santander Ser‘763’ 0% 27/07/2009 10,000,000 9,990,965 3.13
Bank of Scotland 0% 23/07/2009 5,000,000 4,997,420 1.56
Nordea Bank 0% 29/07/2009 5,000,000 4,997,279 1.56
Caisse des Depots et Consignation
0% 15/07/2009 4,000,000 3,998,943 1.25
Banco Bilbao Vizcaya 0% 05/08/2009 3,500,000 3,496,234 1.09
Banco Bilbao Vizcaya Argentaria
0% 07/07/2009 2,000,000 1,999,605 0.63
National Australia Bank 0% 09/06/2009 2,000,000 1,997,838 0.63
Total for Commercial Paper 37.39
Government Obligations
France
France Treasury Bill BTF 0% 20/08/2009 21,000,000 20,982,502 6.57
France Treasury Bill BTF 0% 23/07/2009 15,000,000 14,993,222 4.69
French Treasury Note BTAN nts
3.5% 12/07/2009 5,000,000 5,004,555 1.57
Total for France 12.83
Netherlands
Dutch Treasury Certificate 0% 31/07/2009 20,000,000 19,987,844 6.26
Dutch Treasury Certificate 0% 17/07/2009 19,000,000 18,993,974 5.95
Total for Netherlands 12.21
Total for Government Obligations 25.04
Certificates of Deposit
Lloyds TSB Bank 0.795% 06/07/2009 10,000,000 10,000,000 3.13
Crédit Agricole 0% 01/09/2009 8,000,000 7,986,259 2.50
Barclays Bank 0% 08/09/2009 8,000,000 7,983,333 2.50
Total for Certificates of Deposit 8.13
Corporate Bonds
Nominal in
Euro unless
specified
Market
value
% of net
assets
France
Credit Agricole sr unsecur SerEMTN
1.459% /2009 (3) 5,000,000 5,000,000 1.56
Total for France 1.56
United Kingdom
Royal Bank of Scotland nts
1.46% 08/09/2009 (3) 2,000,000 2,000,000 0.63
Total for United Kingdom 0.63

93 Morgan Stanley Investment Funds 30 June 2009
Euro Liquidity Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Corporate Bonds (continued)
Nominal in
Euro unless
specified
Australia
Westpac Banking sr nts SerEMTN
1.285% 22/12/2009 (3) 1,000,000 999,080 0.31
Total for Australia 0.31
Total for Corporate Bonds 2.50
Total Investment Securities 233,356,517 73.06
Other Assets less Liabilities 86,029,945 26.94
Total Net Asset Value 319,386,462 100.00
(3) Variable coupon rates are those quoted as of 30 June 2009.
Market
value
% of net
assets

US Dollar Liquidity Fund
INVESTMENT AIMS
To provide liquidity and high current income,
to the extent consistent with the preservation
of capital, primarily by investing in high quality
short-term transferable debt securities that
are denominated in US Dollars, provided that,
at the time of acquisition, their initial or
residual maturity does not exceed 397 days.
The Fund may also hold up to 49% of its net
assets in cash and cash equivalents.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Commercial Paper
Morgan Stanley Investment Funds 30 June 2009 94
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Wells Fargo & Co 0% 02/07/2009 15,000,000 14,999,916 4.32
JPMorgan Chase & Co 0% 02/07/2009 15,000,000 14,999,896 4.32
HSBC Americas 0% 02/07/2009 15,000,000 14,999,892 4.32
BNP Paribas 0% 08/07/2009 15,000,000 14,999,271 4.32
San Paolo 0% 13/07/2009 15,000,000 14,998,700 4.32
Rabobank USA Financial 0% 19/08/2009 15,000,000 14,993,875 4.32
Calyon North America I 0% 04/08/2009 15,000,000 14,990,083 4.31
NRW. Bank 0% 20/07/2009 10,000,000 9,998,153 2.88
Royal Bank of Scotland 0% 10/07/2009 10,000,000 9,997,625 2.88
Societe Generale 0% 06/08/2009 10,000,000 9,993,100 2.88
UBS Finance 0% 21/08/2009 10,000,000 9,986,967 2.88
Total for Commercial Paper 41.75
Corporate Bonds
United States of America
Toyota Motor Credit sr unsecur SerMTN1
0.333% 10/07/2009 (3) 10,000,000 10,000,000 2.88
Societe Generale SerYCD
0.666% /2011 (3) 6,000,000 6,000,000 1.73
Barclays Bank SerYCD
0.918% 20/07/2009 (3) 5,000,000 5,000,000 1.44
Total for United States of America 6.05
Total for Corporate Bonds 6.05
Government Agency
United States of America
Federal Home Loan Banks
0.615% /2010 (3) 10,000,000 9,997,008 2.88
Federal Home Loan Banks
0.748% /2010 (3) 10,000,000 9,994,191 2.88
Total for United States of America 5.76
Total for Government Agency 5.76
Certificates of Deposit
Nominal in
US dollars
unless specified
Svenska Handelsbanken - NY
0.57% 27/07/2009 15,000,000 15,000,433 4.32
Lloyds TSB Bank 0.85% 02/07/2009 10,000,000 10,000,000 2.88
Total for Certificates of Deposit 7.20
Total Investment Securities 210,949,110 60.76
Other Assets less Liabilities 136,252,295 39.24
Total Net Asset Value 347,201,405 100.00
(3) Variable coupon rates are those quoted as of 30 June 2009.
Market
value
% of net
assets

95 Morgan Stanley Investment Funds 30 June 2009
Diversified Alpha Plus VaR 400 (Euro) Fund
INVESTMENT AIMS
To outperform the Euro OverNight Index Average
(EONIA) by 4% per annum, gross of fees.
The Fund will seek to achieve its investment
objective by taking long and short positions in
a diversified range of equity and equity related
securities of any market capitalisation, fixed
income securities and currencies through the
use of derivatives, and by using one or more
derivatives to gain exposure to the S&P GSCITM Light Energy Index whether executed on
a recognised exchange or market or traded
over-the-counter.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Commercial Paper
Svenska Handelsbanken 0% 31/07/2009 4,000,000 3,996,623 5.63
Abbey National Treasury Service
0% 06/07/2009 3,000,000 2,999,636 4.23
Caisse des Depots et Consignation
0% 15/07/2009 3,000,000 2,999,178 4.23
Santander Ser‘722’ 0% 08/07/2009 3,000,000 2,999,113 4.23
Nordea Bank 0% 24/07/2009 3,000,000 2,998,501 4.23
National Australia Bank 0% 20/08/2009 3,000,000 2,996,762 4.22
Banco Bilbao Vizcaya Argentaria
0% 19/08/2009 3,000,000 2,996,259 4.22
Banco Bilbao Vizcaya 0% 17/07/2009 2,500,000 2,498,691 3.52
Banco Bilbao Vizcaya 0% 05/08/2009 1,000,000 998,961 1.41
Santander Ser‘781’ 0% 11/08/2009 1,000,000 998,890 1.41
Total for Commercial Paper 37.33
Government Obligations
Netherlands
Dutch Treasury Certificate 0% 17/07/2009 5,000,000 4,998,360 7.05
Dutch Treasury Certificate 0% 31/07/2009 3,000,000 2,998,347 4.23
Total for Netherlands 11.28
France
France Treasury Bill BTF 0% 23/07/2009 3,000,000 2,998,823 4.23
France Treasury Bill BTF 0% 20/08/2009 3,000,000 2,997,296 4.22
Total for France 8.45
Total for Government Obligations 19.73
Mutual Fund
Ireland
Morgan Stanley Funds - Euro Liquidity Fund 6,000,000 6,000,000 8.46
Total for Ireland 8.46
Total for Mutual Fund 8.46
Certificate of Deposit
Rabobank Nederland
0% 15/07/2009 (Netherlands) (4) 4,000,000 3,998,554 5.64
Total for Certificate of Deposit 5.64
Commodity Structured Notes
Nominal in
Euro unless
specified
Market
value
% of net
assets
United States of America
Goldman Sachs Certificates
09/09/2009 (United Kingdom) (4) (USD) 38,523 3,193,840 4.50
Total for United States of America 4.50
Total for Commodity Structured Notes 4.50

Diversified Alpha Plus VaR 400 (Euro) Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Warrants
Germany
Deutsche Bank Wts exp. 05/02/2010
(Unites States of America) (4) (USD) 41,474 2,939,978 4.14
Total for Germany 4.14
Total for Warrants 4.14
Total Investment Securities 56,607,812 79.80
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Nominal in
Euro unless
specified
Amount
sold
Market
value
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of net
assets
02/07/2009 59,040 AUD 47,511 USD 157 0.00
02/07/2009 1,133,025 CAD 998,278 USD (16,161) (0.02)
02/07/2009 1,359,106 CHF 1,258,769 USD (6,469) (0.01)
02/07/2009 4,234,288 CZK 228,136 USD 132 0.00
02/07/2009 635,915 EUR 895,241 USD (2,335) 0.00
02/07/2009 878,856 GBP 1,432,462 USD 10,610 0.01
02/07/2009 131,214,239 HUF 642,894 USD 23,221 0.03
02/07/2009 665,321 ILS 169,470 USD 134 0.00
02/07/2009 16,816,610 JPY 174,954 USD (472) 0.00
02/07/2009 4,061,833 MXN 301,153 USD 5,174 0.01
02/07/2009 5,827,584 NOK 909,665 USD (3,048) 0.00
02/07/2009 150,895 NZD 94,848 USD 2,069 0.00
02/07/2009 1,361,872 PLN 422,856 USD 3,561 0.01
02/07/2009 2,769,719 SEK 353,635 USD 2,743 0.00
02/07/2009 1,580,800 SGD 1,088,031 USD 2,974 0.00
02/07/2009 2,096,208 TRY 1,344,642 USD 14,187 0.02
02/07/2009 46,794 USD 59,040 AUD (668) 0.00
02/07/2009 990,926 USD 1,133,025 CAD 10,919 0.02
02/07/2009 1,250,025 USD 1,359,106 CHF 235 0.00
02/07/2009 220,033 USD 4,234,288 CZK (5,909) (0.01)
02/07/2009 883,159 USD 635,915 EUR (6,279) (0.01)
02/07/2009 1,457,890 USD 878,856 GBP 7,519 0.01
02/07/2009 664,056 USD 131,214,239 HUF (8,134) (0.01)
02/07/2009 168,953 USD 665,321 ILS (502) 0.00
02/07/2009 176,447 USD 16,816,610 JPY 1,536 0.00
02/07/2009 305,605 USD 4,061,833 MXN (1,999) 0.00
02/07/2009 911,616 USD 5,827,584 NOK 4,439 0.01
02/07/2009 97,843 USD 150,895 NZD 67 0.00
02/07/2009 418,160 USD 1,361,872 PLN (6,909) (0.01)
02/07/2009 354,295 USD 2,769,719 SEK (2,272) 0.00
02/07/2009 1,084,099 USD 1,580,800 SGD (5,777) (0.01)
02/07/2009 1,348,434 USD 2,096,208 TRY (11,483) (0.02)
02/07/2009 482,131 USD 3,886,988 ZAR (15,116) (0.02)
02/07/2009 3,886,988 ZAR 478,657 USD 17,592 0.02
03/07/2009 7,108,156 USD 5,087,762 EUR (20,131) (0.03)
08/07/2009 146,895 AUD 118,159 USD 390 0.00
08/07/2009 1,222,066 BRL 628,300 USD (3,869) (0.01)
08/07/2009 531,492 CAD 464,843 USD (5,118) (0.01)
08/07/2009 20,466 CHF 18,864 USD (32) 0.00
08/07/2009 56,907,337 CLP 139,951 USD (23,385) (0.03)
08/07/2009 1,802,853,123 COP 874,758 USD (25,881) (0.04)
08/07/2009 2,325,282 CZK 125,255 USD 76 0.00
08/07/2009 5,837,876 EUR 8,284,176 USD (67,997) (0.10)
Morgan Stanley Investment Funds 30 June 2009 96
Forward Foreign Currency Exchange Contracts (continued)
Maturity
date
08/07/2009 40,488 EUR 57,003 USD (150) 0.00
08/07/2009 416,302 GBP 690,576 USD (3,562) (0.01)
08/07/2009 7,080 GBP 11,676 USD (12) 0.00
08/07/2009 143,750,230 HUF 726,507 USD 8,948 0.01
08/07/2009 26,751 ILS 6,760 USD 44 0.00
08/07/2009 58,750,920 JPY 616,484 USD (5,368) (0.01)
08/07/2009 524,365,755 KRW 414,604 USD (2,028) 0.00
08/07/2009 82,677 MXN 6,277 USD (4) 0.00
08/07/2009 240,595 NOK 37,342 USD 23 0.00
08/07/2009 2,093,178 NZD 1,356,777 USD (889) 0.00
08/07/2009 253,894,371 PHP 5,410,066 USD (97,847) (0.14)
08/07/2009 100,984 PLN 31,506 USD 146 0.00
08/07/2009 55,527,310 RUB 1,806,947 USD (18,870) (0.03)
08/07/2009 135,020 SEK 17,331 USD 68 0.00
08/07/2009 106,978 SGD 73,579 USD 235 0.00
08/07/2009 833,539 TRY 535,401 USD 4,560 0.01
08/07/2009 29,333,079 TWD 892,274 USD 3,172 0.00
08/07/2009 6,772 USD 8,412 AUD (19) 0.00
08/07/2009 351,710 USD 696,173 BRL (2,225) 0.00
08/07/2009 22,264 USD 25,648 CAD 127 0.00
08/07/2009 400,347 USD 432,227 CHF 2,061 0.00
08/07/2009 269,525 USD 150,748,384 CLP (10,202) (0.01)
08/07/2009 351,859 USD 728,628,380 COP 9,264 0.01
08/07/2009 7,296 USD 134,920 CZK 15 0.00
08/07/2009 45,365 USD 8,899,315 HUF (277) 0.00
08/07/2009 158,740 USD 623,181 ILS (124) 0.00
08/07/2009 30,509 USD 2,908,844 JPY 256 0.00
08/07/2009 843,750 USD 1,072,732,402 KRW 988 0.00
08/07/2009 104,109 USD 1,385,013 MXN (683) 0.00
08/07/2009 798,151 USD 5,114,072 NOK 2,668 0.00
08/07/2009 70,164 USD 108,780 NZD (201) 0.00
08/07/2009 2,005,354 USD 96,056,450 PHP 7,469 0.01
08/07/2009 959,843 USD 46,729,778 PHP (7,578) (0.01)
08/07/2009 530,742 USD 1,710,104 PLN (4,456) (0.01)
08/07/2009 245,084 USD 7,700,533 RUB (1,307) 0.00
08/07/2009 305,861 USD 2,391,111 SEK (1,960) 0.00
08/07/2009 1,467,376 USD 2,132,098 SGD (4,021) (0.01)
08/07/2009 31,770 USD 48,999 TRY (57) 0.00
08/07/2009 5,112,779 USD 164,144,992 TWD 67,585 0.10
08/07/2009 26,528 USD 210,273 ZAR (474) 0.00
08/07/2009 3,132,714 ZAR 388,120 USD 12,134 0.02
Total Forward Foreign Currency Exchange Contracts (174,762) (0.27)
Futures Contracts
Description
Maturity
date
Amount
bought
Amount
sold
Number of Notional
contracts commitments
Net unrealised
gain/(loss)
as at
30 June 2009
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of net
assets
Amsterdam Index
Future 07/2009 (58) 2,945,820 63,854 0.09
CAC40 10 Euro Future 07/2009 (8) 250,080 (987) 0.00
Hang Seng Index Future 07/2009 14 1,186,134 14,038 0.02
H-Shares Index Future 07/2009 3 151,923 3,960 0.01
IBEX 35 Index Future 07/2009 5 483,400 9,300 0.01
KL Composite Index
Future 07/2009 14 151,633 536 0.00
MSCI Singapore Index 07/2009 10 274,860 2,561 0.00
MSCI Taiwan Index
Future 07/2009 (37) 607,764 (2,638) 0.00
OBX Index Future 07/2009 606 1,709,618 (4,132) (0.01)
OMX Index Future 07/2009 55 402,852 13,472 0.02
SGX CNX Nifty Index
Future 07/2009 200 1,226,963 19,520 0.03
Bovespa Index Future 08/2009 23 434,663 (9,874) (0.01)
DJ Euro Stoxx 50
Index Future 09/2009 (1) 23,910 (355) 0.00
DJ Euro Stoxx
Construction Index
Future 09/2009 (64) 721,280 23,765 0.03
ASE-20 Index Future 09/2009 470 2,575,600 37,445 0.05
DAX Index Future 09/2009 (2) 240,275 (4,350) (0.01)

97 Morgan Stanley Investment Funds 30 June 2009
Diversified Alpha Plus VaR 400 (Euro) Fund
DERIVATIVES (continued)
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Futures Contracts (continued)
Description
FTSE 100 Index Future 09/2009 (22) 1,086,999 9,712 0.01
FTSE/JSE Top 40
Index Future 09/2009 22 406,002 (4,205) (0.01)
FTSE/MIB Index Future 09/2009 3 284,813 6,825 0.01
KOSPI2 Index Future 09/2009 8 399,798 1,175 0.00
Mexico Bolsa Index
Future 09/2009 29 385,395 (10,741) (0.02)
S&P 500 EMINI Future 09/2009 (40) 1,301,108 14,409 0.02
S&P/TSE 60 Index
Future 09/2009 (5) 383,249 10,169 0.01
SGX Nikkei 225 Index
Future 09/2009 13 477,649 4,227 0.01
SPI 200 Future 09/2009 (15) 843,162 18,594 0.03
Swiss Market Index
Future 09/2009 (44) 1,552,956 8,701 0.01
Total Futures Contracts 20,507,906 1 224,981 0.30
1 Cash of EUR 3,345,253 held as collateral.
Interest Rate Swap Contracts
Description
Maturity
date
Currency
Number of Notional
contracts commitments
Notional
amount
Maturity
date
Net unrealised
gain/(loss)
as at
30 June 2009
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of net
assets
Pay floating rate AUD
BBSW 3 months
Receive fixed rate 2.293% AUD 2,750,000 15/06/2011 (53,863) (0.08)
Pay fixed rate 5.46%
Receive floating rate
AUD BBSW 6 months AUD 3,085,000 14/09/2014 13,819 0.02
Pay fixed rate 5.2955%
Receive floating rate
AUD BBSW 6 months AUD 3,565,000 15/06/2019 96,578 0.14
Pay floating rate CAD
CDOR 3 months
Receive fixed rate 0.9502% CAD 5,205,000 15/06/2011 (10,452) (0.01)
Pay floating rate CHF
LIBOR 6 months
Receive fixed rate 0.8667% CHF 22,505,000 15/06/2011 20,474 0.03
Pay floating rate CHF
LIBOR 6 months
Receive fixed rate 1.7937% CHF 2,425,000 15/06/2014 (3,983) (0.01)
Pay fixed rate 2.6458%
Receive floating rate
CHF LIBOR 6 months CHF 6,825,000 15/06/2019 19,275 0.03
Pay floating rate EUR
EURIBOR 6 months
Receive fixed rate 1.8298% EUR 14,060,000 15/06/2011 854 0.00
Pay fixed rate 2.8753%
Receive floating rate EUR
EURIBOR 6 months EUR 845,000 15/06/2014 (21) 0.00
Pay fixed rate 3.5065%
Receive floating rate EUR
EURIBOR 6 months EUR 1,875,000 15/06/2019 20,046 0.03
Interest Rate Swap Contracts (continued)
Description
Pay floating rate GBP
LIBOR 6 months
Receive fixed rate 2.3415% GBP 10,735,000 15/06/2011 23,846 0.03
Pay floating rate GBP
LIBOR 6 months
Receive fixed rate 4.8733% GBP 120,000 15/06/2014 8,207 0.01
Pay fixed rate 4.0684%
Receive floating rate GBP
LIBOR 6 months GBP 730,000 15/06/2019 4,192 0.01
Pay fixed rate 0.7734%
Receive floating rate JPY
LIBOR 6 months JPY 1,245,060,000 15/06/2011 (17,670) (0.02)
Pay fixed rate 1.4727%
Receive floating rate
JPY LIBOR 6 months JPY 140,785,000 15/06/2019 (9,446) (0.01)
Pay floating rate NOK
NIBOR 6 months
Receive fixed rate 2.8211% NOK 45,335,000 15/06/2011 10,274 0.01
Pay fixed rate 4.5261%
Receive floating rate NOK
NIBOR 6 months NOK 9,070,000 15/06/2019 4,179 0.01
Pay floating rate SEK
STIBOR 3 months
Receive fixed rate 1.5765% SEK 158,555,000 15/06/2011 4,261 0.01
Pay floating rate SEK
STIBOR 3 months
Receive fixed rate 2.8091% SEK 35,135,000 15/06/2014 (37) 0.00
Pay fixed rate 3.7212%
Receive floating rate SEK
STIBOR 3 months SEK 35,170,000 15/06/2019 (6,636) (0.01)
Pay floating rate USD
LIBOR 3 months
Receive fixed rate 1.5534% USD 6,985,000 15/06/2011 10,532 0.01
Pay fixed rate 4.0333%
Receive floating rate USD
LIBOR 3 months USD 2,190,000 15/06/2019 (47,038) (0.07)
Total Interest Rate Swap Contracts 87,391 0.13
Cash of EUR 20,000 held as collateral.
Total Return Swap Contracts
Description
Currency
Currency
Notional
amount
Notional
amount
Maturity
date
Maturity
date
Net unrealised
gain/(loss)
as at
30 June 2009
Net unrealised
gain as at
30 June 2009
GS Light Energy
Total Return Index USD 957,700 06/07/2009 521 0.00
Total Total Return Swap Contracts 521 0.00
Total Derivatives 138,131 0.16
Other Assets less Liabilities 14,195,376 20.04
Total Net Asset Value 70,941,319 100.00
(4) The country in brackets represents the country of incorporation of this security.
% of net
assets
% of net
assets

Diversified Alpha Plus VaR 800 (Euro) Fund
INVESTMENT AIMS
To outperform the Euro OverNight Index Average
(EONIA) by 8% per annum, gross of fees. The
Fund will seek to achieve its investment
objective by taking long and short positions in
a diversified range of equity and equity related
securities of any market capitalization, fixed
income securities and currencies through the
use of derivatives, and by using one or more
derivatives to gain exposure to the S&P GSCITM Light Energy Index including swaps, forwards,
options and any other contingent liability
investments whether executed on a recognized
exchange or market or traded over-the-counter.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Commercial Paper
Morgan Stanley Investment Funds 30 June 2009 98
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Abbey National Treasury Service
0% 06/07/2009 1,000,000 999,879 4.27
Caisse des Depots et Consignation
0% 15/07/2009 1,000,000 999,726 4.26
Nordea Bank 0% 24/07/2009 1,000,000 999,500 4.26
Svenska Handelsbanken 0% 31/07/2009 1,000,000 999,156 4.26
Santander SerRegS Ser‘776’
0% 10/08/2009 1,000,000 999,060 4.26
Banco Bilbao Vizcaya 0% 17/07/2009 500,000 499,738 2.14
Banco Bilbao Vizcaya 0% 05/08/2009 500,000 499,480 2.13
Total for Commercial Paper 25.58
Government Obligations
Netherlands
Dutch Treasury Certificate 0% 17/07/2009 1,000,000 999,661 4.27
Dutch Treasury Certificate 0% 31/07/2009 1,000,000 999,449 4.26
Total for Netherlands 8.53
France
France Treasury Bill BTF 0% 23/07/2009 1,000,000 999,608 4.26
France Treasury Bill BTF 0% 20/08/2009 1,000,000 999,099 4.26
Total for France 8.52
Total for Government Obligations 17.05
Commodity Structured Notes
United States of America
Goldman Sachs Certificates
09/09/2009 (United Kingdom) (4) (USD) 21,641 1,794,198 7.65
Total for United States of America 7.65
Total for Commodity Structured Notes 7.65
Warrants
Germany
Deutsche Bank Wts exp. 05/02/2010
(Unites States of America) (4) (USD) 23,521 1,667,339 7.11
Total for Germany 7.11
Total for Warrants 7.11
Mutual Fund
Nominal in
Euro unless
specified
Market
value
% of net
assets
Ireland
Morgan Stanley Funds - Euro Liquidity Fund 1,500,000 1,500,000 6.40
Total for Ireland 6.40
Total for Mutual Fund 6.40

99 Morgan Stanley Investment Funds 30 June 2009
Diversified Alpha Plus VaR 800 (Euro) Fund
STATEMENT OF INVESTMENTS (continued)
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Certificate of Deposit
Nominal in
Euro unless
specified
Market
value
% of net
assets
Rabobank Nederland
0% 15/07/2009 (Netherlands) (4) 1,000,000 999,638 4.26
Total for Certificate of Deposit 4.26
Total Investment Securities 15,955,531 68.05
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Amount
sold
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
02/07/2009 50,724 AUD 40,819 USD 135 0.00
02/07/2009 962,724 CAD 847,584 USD (13,271) (0.06)
02/07/2009 1,166,110 CHF 1,080,021 USD (5,551) (0.02)
02/07/2009 3,721,206 CZK 200,492 USD 116 0.00
02/07/2009 735,306 EUR 1,035,164 USD (2,700) (0.01)
02/07/2009 596,006 GBP 971,564 USD 7,107 0.03
02/07/2009 114,315,962 HUF 560,433 USD 19,994 0.09
02/07/2009 568,227 ILS 144,738 USD 114 0.00
02/07/2009 14,465,889 JPY 150,525 USD (425) 0.00
02/07/2009 3,490,567 MXN 258,844 USD 4,413 0.02
02/07/2009 4,943,303 NOK 771,632 USD (2,585) (0.01)
02/07/2009 130,466 NZD 82,038 USD 1,767 0.01
02/07/2009 1,167,824 PLN 362,605 USD 3,054 0.01
02/07/2009 2,329,668 SEK 297,221 USD 2,470 0.01
02/07/2009 1,352,797 SGD 931,101 USD 2,545 0.01
02/07/2009 1,785,565 TRY 1,144,724 USD 12,549 0.05
02/07/2009 40,196 USD 50,724 AUD (579) 0.00
02/07/2009 841,984 USD 962,724 CAD 9,278 0.04
02/07/2009 1,072,507 USD 1,166,110 CHF 193 0.00
02/07/2009 193,723 USD 3,721,206 CZK (4,942) (0.02)
02/07/2009 1,020,862 USD 735,306 EUR (7,496) (0.03)
02/07/2009 988,685 USD 596,006 GBP 5,099 0.02
02/07/2009 578,537 USD 114,315,962 HUF (7,087) (0.03)
02/07/2009 144,261 USD 568,227 ILS (454) 0.00
02/07/2009 151,782 USD 14,465,889 JPY 1,321 0.01
02/07/2009 262,624 USD 3,490,567 MXN (1,718) (0.01)
02/07/2009 772,605 USD 4,943,303 NOK 3,279 0.01
02/07/2009 84,597 USD 130,466 NZD 58 0.00
02/07/2009 358,470 USD 1,167,824 PLN (6,002) (0.03)
02/07/2009 298,005 USD 2,329,668 SEK (1,911) (0.01)
02/07/2009 927,701 USD 1,352,797 SGD (4,970) (0.02)
02/07/2009 1,148,606 USD 1,785,565 TRY (9,782) (0.04)
02/07/2009 407,667 USD 3,286,654 ZAR (12,781) (0.05)
02/07/2009 3,286,654 ZAR 407,663 USD 12,784 0.05
08/07/2009 153,788 AUD 123,703 USD 408 0.00
08/07/2009 1,065,523 BRL 545,774 USD (1,918) (0.01)
08/07/2009 555,987 CAD 486,266 USD (5,354) (0.02)
08/07/2009 65,343,098 CLP 149,873 USD (19,136) (0.08)
08/07/2009 1,656,692,986 COP 798,005 USD (19,623) (0.08)
08/07/2009 2,431,276 CZK 130,965 USD 80 0.00
08/07/2009 2,966,590 EUR 4,213,669 USD (37,377) (0.16)
08/07/2009 202,578 GBP 336,043 USD (1,733) (0.01)
08/07/2009 150,129,765 HUF 758,748 USD 9,345 0.04
08/07/2009 61,225,141 JPY 642,446 USD (5,594) (0.02)
08/07/2009 388,104,998 KRW 307,045 USD (1,629) (0.01)
08/07/2009 2,190,576 NZD 1,419,909 USD (930) 0.00
08/07/2009 140,754,276 PHP 3,000,849 USD (55,392) (0.24)
Forward Foreign Currency Exchange Contracts (continued)
Maturity
date
08/07/2009 51,379,914 RUB 1,656,966 USD (6,754) (0.03)
08/07/2009 1,306,602 RUB 41,612 USD 203 0.00
08/07/2009 872,913 TRY 560,692 USD 4,775 0.02
08/07/2009 3,558,822 TWD 108,336 USD 327 0.00
08/07/2009 239,606 USD 474,659 BRL (1,655) (0.01)
08/07/2009 417,952 USD 451,233 CHF 2,151 0.01
08/07/2009 306,617 USD 169,712,319 CLP (9,214) (0.04)
08/07/2009 233,228 USD 479,983,269 COP 7,130 0.03
08/07/2009 165,895 USD 651,272 ILS (129) 0.00
08/07/2009 779,456 USD 991,911,598 KRW 396 0.00
08/07/2009 108,682 USD 1,445,853 MXN (713) 0.00
08/07/2009 835,567 USD 5,353,810 NOK 2,793 0.01
08/07/2009 383,022 USD 18,679,994 PHP (3,507) (0.01)
08/07/2009 555,283 USD 1,789,177 PLN (4,662) (0.02)
08/07/2009 320,318 USD 2,504,132 SEK (2,053) (0.01)
08/07/2009 1,531,521 USD 2,225,300 SGD (4,197) (0.02)
08/07/2009 4,672,857 USD 151,361,719 TWD 32,558 0.14
08/07/2009 3,275,090 ZAR 405,760 USD 12,686 0.05
Total Forward Foreign Currency Exchange Contracts (104,696) (0.45)
Futures Contracts
Description
Maturity
date
Amount
bought
Amsterdam Index
Future 07/2009 (33) 1,676,070 35,656 0.15
CAC40 10 Euro
Future 07/2009 (5) 156,300 (617) 0.00
Hang Seng Index
Future 07/2009 8 677,791 8,022 0.03
H-Shares Index
Future 07/2009 1 50,641 1,320 0.01
IBEX 35 Index
Future 07/2009 3 290,040 5,580 0.02
KL Composite
Index Future 07/2009 8 86,648 306 0.00
MSCI Singapore
Index 07/2009 6 164,916 1,537 0.01
MSCI Taiwan Index
Future 07/2009 (21) 344,947 (1,497) (0.01)
OBX Index Future 07/2009 342 964,834 (2,520) (0.01)
OMX Index Future 07/2009 31 227,062 7,747 0.03
SGX CNX Nifty
Index Future 07/2009 113 693,234 11,093 0.05
Bovespa Index
Future 08/2009 13 245,679 (5,730) (0.02)
DJ Euro Stoxx 50
Index Future 09/2009 (1) 23,910 (355) 0.00
DJ Euro Stoxx
Construction Index
Future 09/2009 (37) 416,990 13,640 0.06
ASE-20 Index Future 09/2009 265 1,452,200 21,074 0.09
DAX Index Future 09/2009 (1) 120,138 (2,175) (0.01)
FTSE 100 Index
Future 09/2009 (13) 642,317 5,542 0.02
FTSE/JSE Top 40
Index Future 09/2009 13 239,910 (2,675) (0.01)
FTSE/MIB Index
Future 09/2009 2 189,875 4,550 0.02
KOSPI2 Index Future 09/2009 5 249,873 951 0.00
Mexico Bolsa Index
Future 09/2009 16 212,632 (5,785) (0.02)
S&P 500 EMINI
Future 09/2009 (23) 748,138 7,644 0.03
S&P/TSE 60 Index
Future 09/2009 (3) 229,949 6,271 0.03
SGX Nikkei 225
Index Future 09/2009 7 257,196 2,276 0.01
SPI 200 Future 09/2009 (8) 449,686 9,915 0.04
Swiss Market Index
Future 09/2009 (24) 847,067 5,347 0.02
Total Futures Contracts 11,658,043 1 127,117 0.54
1 Cash of EUR 2,321,880 held as collateral.
Amount
sold
Number of Notional
contracts commitments
Net unrealised
gain/(loss)
as at
30 June 2009
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of net
assets

Diversified Alpha Plus VaR 800 (Euro) Fund
DERIVATIVES (continued)
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Interest Rate Swap Contracts
Description
Currency
Notional
amount
Maturity
date
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
Pay floating rate AUD
BBSW 3 months
Receive fixed rate 2.4015% AUD 1,560,000 15/06/2011 (28,680) (0.12)
Pay fixed rate 5.46%
Receive floating rate AUD
BBSW 6 months AUD 1,755,000 14/09/2014 7,861 0.03
Pay fixed rate 5.3435%
Receive floating rate AUD
BBSW 6 months AUD 2,025,000 15/06/2019 50,598 0.22
Pay floating rate CAD
CDOR 3 months
Receive fixed rate 0.9474% CAD 2,955,000 15/06/2011 (6,034) (0.03)
Pay floating rate CHF
LIBOR 6 months
Receive fixed rate 0.8583% CHF 12,790,000 15/06/2011 10,241 0.04
Pay floating rate CHF
LIBOR 6 months
Receive fixed rate 1.7987% CHF 1,380,000 15/06/2014 (2,049) (0.01)
Pay fixed rate 2.6553%
Receive floating rate CHF
LIBOR 6 months CHF 3,880,000 15/06/2019 8,806 0.04
Pay floating rate EUR
EURIBOR 6 months
Receive fixed rate 1.8267% EUR 7,995,000 15/06/2011 2 0.00
Pay fixed rate 2.878%
Receive floating rate EUR
EURIBOR 6 months EUR 480,000 15/06/2014 (72) 0.00
Pay fixed rate 3.5216%
Receive floating rate EUR
EURIBOR 6 months EUR 1,065,000 15/06/2019 10,024 0.04
Pay floating rate GBP
LIBOR 6 months
Receive fixed rate 2.3107% GBP 6,100,000 15/06/2011 9,238 0.04
Pay floating rate GBP
LIBOR 6 months
Receive fixed rate 4.7151% GBP 70,000 15/06/2014 4,187 0.02
Pay fixed rate 4.0519%
Receive floating rate GBP
LIBOR 6 months GBP 410,000 15/06/2019 3,013 0.01
Pay fixed rate 0.7579%
Receive floating rate JPY
LIBOR 6 months JPY 707,180,000 15/06/2011 (8,429) (0.04)
Pay fixed rate 1.4662%
Receive floating rate JPY
LIBOR 6 months JPY 79,980,000 15/06/2019 (5,004) (0.02)
Pay floating rate NOK
NIBOR 6 months
Receive fixed rate 2.8173% NOK 26,075,000 15/06/2011 5,697 0.02
Pay fixed rate 4.544%
Receive floating rate NOK
NIBOR 6 months NOK 5,215,000 15/06/2019 1,568 0.01
Interest Rate Swap Contracts (continued)
Description
Morgan Stanley Investment Funds 30 June 2009 100
Pay floating rate SEK
STIBOR 3 months
Receive fixed rate 1.5769% SEK 90,435,000 15/06/2011 2,496 0.01
Pay floating rate SEK
STIBOR 3 months
Receive fixed rate 2.8243% SEK 20,040,000 15/06/2014 1,290 0.01
Pay fixed rate 3.7488%
Receive floating rate SEK
STIBOR 3 months SEK 20,060,000 15/06/2019 (8,100) (0.03)
Pay floating rate USD
LIBOR 3 months
Receive fixed rate 1.5429% USD 3,965,000 15/06/2011 5,393 0.02
Pay fixed rate 3.959%
Receive floating rate USD
LIBOR 3 months USD 1,230,000 15/06/2019 (20,858) (0.09)
Total Interest Rate Swap Contracts 41,188 0.17
Total Return Swap Contracts
Description
Currency
Currency
Notional
amount
Notional
amount
Maturity
date
Maturity
date
Net unrealised
gain/(loss)
as at
30 June 2009
Net unrealised
gain as at
30 June 2009
GS Light Energy
Total Return Index USD 543,700 06/07/2009 296 0.00
Total Total Return Swap Contracts 296 0.00
Total Derivatives 63,905 0.26
Other Assets less Liabilities 7,427,343 31.69
Total Net Asset Value 23,446,779 100.00
(4) The country in brackets represents the country of incorporation of this security.
% of net
assets
% of net
assets

101 Morgan Stanley Investment Funds 30 June 2009
Commodities Active GSLE Fund*
INVESTMENT AIMS
To generate a return in excess of the Light
Energy sub-index of the S&P GSCITM Commodity Index (the “S&P GSCITM Light
Energy Index”). The Investment Adviser aims
to achieve the investment objective by using
one or more derivatives to gain exposure to
the S&P GSCITM Light Energy Index, including
swaps, forwards, options, and other contingent
liability investments whether executed on
a recognised exchange or market or traded
over-the-counter.
* Name changed from Commodities Alpha Plus Fund on 6 March 2009.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in US dollars.
Investments
Mutual Fund
Ireland
Morgan Stanley Alpha Plus Funds
- Commodities Alpha Plus RC4000 Fund 121,398 13,004,141 9.37
Total for Ireland 9.37
Total for Mutual Fund 9.37
Total Investment Securities 13,004,141 9.37
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Forward Foreign Currency Exchange Contracts
Maturity
date
03/07/2009 24,777,233 EUR 34,613,875 USD 140,124 0.10
03/07/2009 11,696,673 GBP 19,235,515 USD 27,116 0.02
Total Forward Foreign Currency Exchange Contracts 167,240 0.12
Total Return Swap Contracts
Description
Currency
Amount
bought
Notional
amount
Holdings
Amount
sold
Maturity
date
Market
value
Net unrealised
gain as at
30 June 2009
Net unrealised
(loss) as at
30 June 2009
% of net
assets
% of net
assets
% of net
assets
GS Light Energy
Total Return Index USD 45,297,050 06/07/2009 (1,415,257) (1.02)
GS Light Energy
Total Return Index USD 26,894,049 06/07/2009 (841,270) (0.61)
GS Light Energy
Total Return Index USD 43,238,610 06/07/2009 (1,352,542) (0.97)
GS Light Energy
Total Return Index USD 26,924,341 06/07/2009 (841,221) (0.61)
Total Total Return Swap Contracts (4,450,290) (3.21)
Total Derivatives (4,283,050) (3.09)
Other Assets less Liabilities 130,038,565 93.72
Total Net Asset Value 138,759,656 100.00

FX Alpha Plus RC 200 (Euro) Fund
INVESTMENT AIMS
To seek to generate a risk controlled (“RC”)
return, measured in Euros, that has a low
level of correlation to other asset classes by
investing in currency pairs. The Fund seeks to
outperform the Euro OverNight Index Average
(EONIA) by 2.0% per annum, gross of fees,
subject to an estimated annual ex-ante Value
at Risk (VaR) of 2.0% over a holding period of
1-2 years.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Corporate Bonds
Morgan Stanley Investment Funds 30 June 2009 102
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
France
Credit Agricole sr unsecur
SerEMTN 1.459% 26/08/2009 (3) 5,000,000 5,000,250 9.36
Total for France 9.36
United Kingdom
Royal Bank of Scotland sr unsecur
SerEMTN 1.46% 08/09/2009 (3) 4,500,000 4,511,250 8.44
Total for United Kingdom 8.44
Ireland
GE Capital European Funding co gtd
SerEMTN 1.287% 18/09/2009 (3) 3,000,000 2,989,749 5.59
Total for Ireland 5.59
Total for Corporate Bonds 23.39
Commercial Paper
Nominal in
Euro unless
specified
Intesa Sanpaolo 0% 31/07/2009 2,000,000 1,999,225 3.74
Nordea Bank 0% 24/07/2009 2,000,000 1,998,668 3.74
Santander Ser‘733’ 0% 16/07/2009 1,500,000 1,499,621 2.81
Lloyds TSB Bank 0% 20/07/2009 1,000,000 999,325 1.87
Total for Commercial Paper 12.16
Mortgage and Asset Backed Securities
Market
value
% of net
assets
Australia
Interstar Millennium Trust 2004-4E A1
1.491% /2036 (3) 231,655 202,017 0.38
Resimac MBS Trust 2005-1E 1A
1.545% /2037 (3) 184,596 173,233 0.32
Total for Australia 0.70
United Kingdom
Southern Pacific Securities 2005-3X A2A
1.481% /2043 (3) 125,816 111,882 0.21
Total for United Kingdom 0.21
Total for Mortgage and Asset Backed Securities 0.91
Total Investment Securities 19,485,220 36.46

103 Morgan Stanley Investment Funds 30 June 2009
FX Alpha Plus RC 200 (Euro) Fund
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Amount
sold
03/07/2009 14,522 AUD 11,883 USD (102) 0.00
03/07/2009 1,692,190 BRL 839,520 USD 16,947 0.03
03/07/2009 415,797 CHF 385,411 USD (2,198) 0.00
03/07/2009 47,063,940 CLP 88,389 USD 147 0.00
03/07/2009 3,885,745,699 COP 1,855,405 USD (33,374) (0.06)
03/07/2009 555,827 CZK 29,696 USD 196 0.00
03/07/2009 20,673 GBP 33,840 USD 146 0.00
03/07/2009 316,965,789 HUF 1,563,437 USD 48,406 0.09
03/07/2009 8,929,186,333 IDR 851,546 USD 16,433 0.03
03/07/2009 126,109,397 JPY 1,324,317 USD (12,310) (0.02)
03/07/2009 7,727,983 MXN 580,833 USD 4,173 0.01
03/07/2009 14,831 MXN 1,062 USD 46 0.00
03/07/2009 4,067,144 NZD 2,572,245 USD 44,425 0.08
03/07/2009 327,653,738 PHP 6,739,665 USD 48,550 0.09
03/07/2009 3,311 PLN 1,114 USD (53) 0.00
03/07/2009 54,845,375 RUB 1,737,326 USD 15,661 0.03
03/07/2009 36,388 SGD 25,020 USD 86 0.00
03/07/2009 5,339,277 TRY 3,380,145 USD 67,471 0.13
03/07/2009 2,965,029 USD 3,779,081 AUD (64,126) (0.12)
03/07/2009 28,629 USD 32,799 CAD 276 0.00
03/07/2009 1,894,457 USD 2,184,603 CAD 9,524 0.02
03/07/2009 2,331,295 USD 1,235,353,441 CLP 4,152 0.01
03/07/2009 335,380 USD 239,365 EUR (262) 0.00
03/07/2009 1,048,438 USD 752,769 EUR (5,304) (0.01)
03/07/2009 980,247 USD 602,973 GBP (9,095) (0.02)
03/07/2009 676,967 USD 2,694,626 ILS (7,249) (0.01)
03/07/2009 49,138 USD 63,162,912 KRW (318) 0.00
03/07/2009 25,878 USD 168,166 NOK (177) 0.00
03/07/2009 98,478 USD 643,660 NOK (1,083) 0.00
03/07/2009 1,027,146 USD 3,353,118 PLN (18,678) (0.03)
03/07/2009 944,641 USD 7,564,417 SEK (22,586) (0.04)
03/07/2009 4,029,681 USD 5,875,678 SGD (21,309) (0.04)
03/07/2009 32,986 USD 51,189 TRY (234) 0.00
03/07/2009 6,777,393 USD 223,088,426 TWD (18,128) (0.03)
03/07/2009 8,882,054 ZAR 1,077,511 USD 51,614 0.10
Total Forward Foreign Currency Exchange Contracts 111,667 0.24
Other Assets less Liabilities 33,844,680 63.30
Total Net Asset Value 53,441,567 100.00
(3) Variable coupon rates are those quoted as of 30 June 2009.
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets

FX Alpha Plus RC 400 (Euro) Fund
INVESTMENT AIMS
To seek to generate a risk controlled (“RC”)
return, measured in Euro, that has a low level
of correlation to other asset classes by
investing in currency pairs. The Fund seeks to
outperform the Euro OverNight Index Average
(EONIA) by 4.0% per annum, gross of fees,
subject to an estimated annual ex-ante Value
at Risk (VaR) of 4.0% over a holding period of
1-2 years.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Morgan Stanley Investment Funds 30 June 2009 104
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Corporate Bonds
France
Credit Agricole sr unsecur
SerEMTN 1.459% 26/08/2009 (3) 17,500,000 17,500,875 5.33
Total for France 5.33
United Kingdom
Royal Bank of Scotland sr unsecur
SerEMTN 1.46% 08/09/2009 (3) 16,500,000 16,541,250 5.04
Total for United Kingdom 5.04
Ireland
GE Capital European Funding co gtd
SerEMTN 1.287% 18/09/2009 (3) 10,000,000 9,965,830 3.04
Total for Ireland 3.04
Total for Corporate Bonds 13.41
Commercial Paper
Nominal in
Euro unless
specified
Intesa Sanpaolo 0% 31/07/2009 13,000,000 12,994,965 3.96
Nordea Bank 0% 24/07/2009 13,000,000 12,991,339 3.95
Santander Ser‘733’ 0% 16/07/2009 10,000,000 9,997,473 3.05
Lloyds TSB Bank 0% 20/07/2009 4,500,000 4,496,965 1.37
Total for Commercial Paper 12.33
Mortgage and Asset Backed Securities
Market
value
% of net
assets
Australia
Interstar Millennium Trust 2004-4E A1
1.491% /2036 (3) 626,831 546,634 0.16
Resimac MBS Trust 2005-1E 1A
1.545% /2037 (3) 443,031 415,759 0.13
Total for Australia 0.29
United Kingdom
Southern Pacific Securities 2005-3X A2A
1.481% /2043 (3) 344,495 306,343 0.10
Granite Mortgages 2004-1 2B
1.915% /2044 (3) 400,000 107,993 0.03
Total for United Kingdom 0.13
Total for Mortgage and Asset Backed Securities 0.42
Total Investment Securities 85,865,426 26.16

105 Morgan Stanley Investment Funds 30 June 2009
FX Alpha Plus RC 400 (Euro) Fund
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Amount
sold
03/07/2009 21,008,664 BRL 10,425,378 USD 208,484 0.06
03/07/2009 5,162,141 CHF 4,784,441 USD (26,958) (0.01)
03/07/2009 478,672,784 CLP 897,778 USD 2,347 0.00
03/07/2009 48,241,760,663 COP 23,028,631 USD (409,823) (0.12)
03/07/2009 6,872,771 CZK 367,193 USD 2,417 0.00
03/07/2009 10,224,378 GBP 12,028,799 EUR (24,461) (0.01)
03/07/2009 205,097 GBP 335,666 USD 1,495 0.00
03/07/2009 3,935,135,805 HUF 19,414,100 USD 598,105 0.18
03/07/2009 110,856,288,737 IDR 10,574,513 USD 202,215 0.06
03/07/2009 1,565,653,719 JPY 16,440,645 USD (152,245) (0.05)
03/07/2009 95,282,476 MXN 7,161,404 USD 51,455 0.02
03/07/2009 844,969 MXN 63,367 USD 556 0.00
03/07/2009 50,493,625 NZD 31,938,171 USD 548,864 0.17
03/07/2009 4,067,837,326 PHP 83,677,088 USD 600,024 0.18
03/07/2009 680,909,350 RUB 21,570,538 USD 193,359 0.06
03/07/2009 65,830,857 TRY 41,675,650 USD 831,891 0.25
03/07/2009 111,332 USD 142,693 AUD (2,866) 0.00
03/07/2009 36,557,515 USD 46,594,419 AUD (790,651) (0.24)
03/07/2009 23,357,820 USD 26,935,187 CAD 117,426 0.04
03/07/2009 516,260 USD 593,929 CAD 3,454 0.00
03/07/2009 28,743,811 USD 15,231,345,550 CLP 51,195 0.02
03/07/2009 4,253,854 USD 3,036,073 EUR (3,365) 0.00
03/07/2009 12,926,767 USD 9,281,303 EUR (65,399) (0.02)
03/07/2009 12,086,000 USD 7,434,382 GBP (112,137) (0.03)
03/07/2009 8,404,686 USD 33,453,918 ILS (89,914) (0.03)
03/07/2009 609,374 USD 783,309,735 KRW (3,943) 0.00
03/07/2009 330,926 USD 2,150,152 NOK (2,223) 0.00
03/07/2009 1,214,195 USD 7,936,037 NOK (13,358) 0.00
03/07/2009 75,241 USD 245,320 PLN (1,300) 0.00
03/07/2009 12,664,305 USD 41,342,623 PLN (230,287) (0.07)
03/07/2009 11,729,508 USD 93,912,347 SEK (279,141) (0.09)
03/07/2009 34,242 USD 50,640 SGD (532) 0.00
03/07/2009 49,684,122 USD 72,444,419 SGD (262,735) (0.08)
03/07/2009 113,929 USD 179,056 TRY (1,854) 0.00
03/07/2009 84,140,866 USD 2,769,653,806 TWD (225,629) (0.07)
03/07/2009 110,271,034 ZAR 13,381,270 USD 637,983 0.19
Total Forward Foreign Currency Exchange Contracts 1,352,449 0.41
Cash of EUR 1,399,000 paid as collateral to different parties.
Other Assets less Liabilities 240,989,021 73.43
Total Net Asset Value 328,206,896 100.00
(3) Variable coupon rates are those quoted as of 30 June 2009.
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets

FX Alpha Plus RC 400 (Sterling) Fund
INVESTMENT AIMS
To seek to generate a risk controlled (“RC”)
return, measured in Sterling, that has a low
level of correlation to other asset classes by
investing in currency pairs. The Fund seeks to
outperform the overnight Sterling London
Interbank Offered Rate (LIBOR) by 4.0% per
annum, gross of fees, subject to an
estimated annual ex-ante Value at Risk (VaR)
of 4.0% over a holding period of 1-2 years.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Corporate Bond
Morgan Stanley Investment Funds 30 June 2009 106
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in British pounds.
Investments
Ireland
GE Capital UK Funding sr unsubord unsecur
co gtd SerEMTN 1.512% 10/08/2009 (3) 500,000 499,279 9.55
Total for Ireland 9.55
Total for Corporate Bond 9.55
Total Investment Securities 499,279 9.55
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in British pounds.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Nominal in
British pounds
unless specified
Amount
sold
03/07/2009 8,629 AUD 6,822 USD 93 0.00
03/07/2009 375,559 BRL 186,371 USD 3,172 0.06
03/07/2009 92,280 CHF 85,523 USD (407) (0.01)
03/07/2009 12,211,682 CLP 22,890 USD 59 0.00
03/07/2009 862,387,218 COP 411,831 USD (6,338) (0.12)
03/07/2009 122,860 CZK 6,564 USD 37 0.00
03/07/2009 5,451 GBP 8,907 USD 42 0.00
03/07/2009 70,346,026 HUF 347,016 USD 9,129 0.17
03/07/2009 1,981,708,069 IDR 189,045 USD 3,072 0.06
03/07/2009 27,988,206 JPY 293,923 USD (2,333) (0.04)
03/07/2009 1,726,167 MXN 129,738 USD 794 0.02
03/07/2009 902,644 NZD 570,926 USD 8,365 0.16
03/07/2009 72,718,166 PHP 1,495,766 USD 9,182 0.18
03/07/2009 5,535 PLN 1,707 USD 20 0.00
03/07/2009 12,172,191 RUB 385,572 USD 2,963 0.06
03/07/2009 16,477 SGD 11,319 USD 40 0.00
03/07/2009 1,192,613 TRY 755,010 USD 12,835 0.25
03/07/2009 662,288 USD 844,120 AUD (12,200) (0.23)
03/07/2009 423,158 USD 487,967 CAD 1,812 0.03
03/07/2009 3,614 USD 4,154 CAD 22 0.00
03/07/2009 520,732 USD 275,935,923 CLP 790 0.02
03/07/2009 234,185 USD 168,143 EUR (1,009) (0.02)
03/07/2009 81,607 USD 52,047 EUR 5,223 0.10
03/07/2009 218,954 USD 134,684 GBP (1,730) (0.03)
03/07/2009 150,241 USD 598,034 ILS (1,371) (0.03)
03/07/2009 10,894 USD 14,002,759 KRW (60) 0.00
03/07/2009 582 USD 7,758 MXN (4) 0.00
03/07/2009 21,997 USD 143,772 NOK (206) 0.00
03/07/2009 5,624 USD 36,533 NOK (31) 0.00
03/07/2009 229,431 USD 748,977 PLN (3,553) (0.07)
03/07/2009 209,667 USD 1,678,814 SEK (4,259) (0.08)
03/07/2009 900,093 USD 1,312,426 SGD (4,054) (0.08)
03/07/2009 12,068 USD 18,997 TRY (179) 0.00
03/07/2009 1,504,142 USD 49,511,357 TWD (3,430) (0.07)
03/07/2009 1,971,247 ZAR 239,205 USD 9,716 0.19
Total Forward Foreign Currency Exchange Contracts 26,202 0.52
Other Assets less Liabilities 4,700,952 89.93
Total Net Asset Value 5,226,433 100.00
(3) Variable coupon rates are those quoted as of 30 June 2009.
Market
value
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of net
assets

107 Morgan Stanley Investment Funds 30 June 2009
FX Alpha Plus RC 400 (US Dollar) Fund
INVESTMENT AIMS
To seek to generate a risk controlled (“RC”)
return, measured in US Dollars, that has a
low level of correlation to other asset classes
by investing in currency pairs. The Fund
seeks to outperform the overnight US Dollar
London Interbank Offered Rate (LIBOR) by
4.0% per annum, gross of fees, subject to an
estimated annual ex-ante Value at Risk (VaR)
of 4.0% over a holding period of 1-2 years.
Please refer to the full prospectus for the Fund’s investment objective and policy.
STATEMENT OF INVESTMENTS
Statement of investments have not been included since this Fund
held time deposit which are shown as part of “Statement of assets
and liabilities”.
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in US dollars.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Amount
sold
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
03/07/2009 131,479 AUD 106,182 USD 105 0.00
03/07/2009 708,008 BRL 350,458 USD 10,740 0.06
03/07/2009 58,774 CAD 51,529 USD (921) (0.01)
03/07/2009 173,964 CHF 161,177 USD (1,215) (0.01)
03/07/2009 60,676,711 CLP 114,399 USD (179) 0.00
03/07/2009 1,625,792,449 COP 777,712 USD (20,999) (0.12)
03/07/2009 231,226 CZK 12,338 USD 130 0.00
03/07/2009 28,649 GBP 47,364 USD (184) 0.00
03/07/2009 132,613,455 HUF 652,523 USD 30,001 0.17
03/07/2009 3,735,923,791 IDR 355,951 USD 9,976 0.06
03/07/2009 52,763,311 JPY 553,826 USD (6,965) (0.04)
03/07/2009 3,489,737 MXN 262,288 USD 2,643 0.02
03/07/2009 1,905,113 NOK 294,745 USD 1,231 0.01
03/07/2009 1,701,616 NZD 1,074,028 USD 28,221 0.16
03/07/2009 137,088,572 PHP 2,818,046 USD 30,286 0.17
03/07/2009 112,669 PLN 35,255 USD 139 0.00
03/07/2009 22,946,370 RUB 726,180 USD 9,879 0.06
03/07/2009 32,332 SEK 4,095 USD 78 0.00
03/07/2009 210,161 SGD 144,889 USD 314 0.00
03/07/2009 2,411,066 TRY 1,526,378 USD 42,736 0.24
03/07/2009 1,338,908 USD 1,706,506 AUD (40,618) (0.23)
03/07/2009 855,483 USD 986,505 CAD 6,032 0.03
03/07/2009 1,052,747 USD 557,850,680 CLP 2,630 0.02
03/07/2009 121,302 USD 75,178 EUR 15,852 0.09
03/07/2009 473,445 USD 339,929 EUR (3,360) (0.02)
03/07/2009 442,649 USD 272,284 GBP (5,761) (0.03)
03/07/2009 282,902 USD 1,127,438 ILS (4,597) (0.03)
03/07/2009 20,488 USD 26,353,725 KRW (200) 0.00
03/07/2009 18,870 USD 250,168 MXN (122) 0.00
03/07/2009 7,416 USD 48,663 NOK (145) 0.00
03/07/2009 44,470 USD 290,660 NOK (686) 0.00
03/07/2009 463,831 USD 1,514,176 PLN (11,830) (0.07)
03/07/2009 394,076 USD 3,164,757 SEK (14,391) (0.08)
03/07/2009 1,819,689 USD 2,653,288 SGD (13,497) (0.08)
03/07/2009 126,539 USD 198,585 TRY (2,700) (0.02)
03/07/2009 2,834,253 USD 93,339,003 TWD (12,010) (0.07)
03/07/2009 3,716,157 ZAR 449,675 USD 31,434 0.18
Total Forward Foreign Currency Exchange Contracts 82,047 0.46
Other Assets less Liabilities 17,448,953 99.54
Total Net Asset Value 17,531,000 100.00

FX Alpha Plus RC 800 (Euro) Fund
INVESTMENT AIMS
To seek to generate a risk controlled (“RC”)
return, measured in Euro, that has a low level
of correlation to other asset classes by
investing in currency pairs. The Fund seeks to
outperform the Euro OverNight Index Average
(EONIA) by 8.0% per annum, gross of fees,
subject to an estimated annual ex-ante Value
at Risk (VaR) of 8.0% over a holding period of
1-2 years.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Commercial Paper
Morgan Stanley Investment Funds 30 June 2009 108
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in Euro.
Investments
Intesa Sanpaolo 0% 31/07/2009 2,500,000 2,499,032 3.83
Nordea Bank 0% 24/07/2009 2,500,000 2,498,334 3.82
Santander Ser‘733’ 0% 16/07/2009 1,500,000 1,499,621 2.30
Lloyds TSB Bank 0% 20/07/2009 1,500,000 1,498,988 2.30
Total for Commercial Paper 12.25
Corporate Bonds
France
Credit Agricole sr unsecur
SerEMTN 1.459% 26/08/2009 (3) 6,000,000 6,000,300 9.19
Total for France 9.19
Ireland
GE Capital European Funding co gtd
SerEMTN 1.287% 18/09/2009 (3) 2,000,000 1,993,166 3.05
Total for Ireland 3.05
Total for Corporate Bonds 12.24
Certificate of Deposit
Nominal in
Euro unless
specified
Lloyds TSB Bank 1.37% 06/07/2009 1,500,000 1,500,180 2.30
Total for Certificate of Deposit 2.30
Mortgage and Asset Backed Securities
Market
value
% of net
assets
Australia
Interstar Millennium Trust 2004-4E A1
1.491% /2036 (3) 231,655 202,017 0.31
Resimac MBS Trust 2005-1E 1A
1.545% /2037 (3) 184,596 173,233 0.26
Total for Australia 0.57
United Kingdom
Southern Pacific Securities 2005-3X A2A
1.481% /2043 (3) 128,811 114,546 0.18
Total for United Kingdom 0.18
Total for Mortgage and Asset Backed Securities 0.75
Total Investment Securities 17,979,417 27.54

109 Morgan Stanley Investment Funds 30 June 2009
FX Alpha Plus RC 800 (Euro) Fund
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in Euro.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Amount
sold
03/07/2009 230,395 AUD 185,425 USD 588 0.00
03/07/2009 7,957,543 BRL 3,947,112 USD 80,219 0.12
03/07/2009 1,955,295 CHF 1,812,636 USD (10,500) (0.02)
03/07/2009 274,358,552 CLP 515,160 USD 928 0.00
03/07/2009 18,272,727,238 COP 8,728,253 USD (159,226) (0.24)
03/07/2009 2,603,300 CZK 139,075 USD 924 0.00
03/07/2009 123,083 GBP 201,382 USD 939 0.00
03/07/2009 1,490,539,049 HUF 7,351,110 USD 228,334 0.35
03/07/2009 41,989,569,594 IDR 4,004,015 USD 77,552 0.12
03/07/2009 593,030,419 JPY 6,228,067 USD (58,210) (0.09)
03/07/2009 36,672,657 MXN 2,756,306 USD 19,804 0.03
03/07/2009 19,125,732 NZD 12,094,357 USD 210,057 0.32
03/07/2009 1,540,794,306 PHP 31,691,624 USD 229,519 0.35
03/07/2009 159,560 PLN 49,659 USD 332 0.00
03/07/2009 257,911,223 RUB 8,168,976 USD 74,236 0.11
03/07/2009 423,380 SGD 290,718 USD 1,283 0.00
03/07/2009 25,337,236 TRY 16,040,286 USD 320,181 0.49
03/07/2009 14,070,340 USD 17,933,367 AUD (304,307) (0.47)
03/07/2009 53,143 USD 60,472 CAD 765 0.00
03/07/2009 8,990,041 USD 10,366,911 CAD 45,195 0.07
03/07/2009 11,063,030 USD 5,862,299,362 CLP 19,704 0.03
03/07/2009 1,532,152 USD 1,093,318 EUR (998) 0.00
03/07/2009 4,975,307 USD 3,572,226 EUR (25,171) (0.04)
03/07/2009 4,651,709 USD 2,861,375 GBP (43,160) (0.07)
03/07/2009 3,183,216 USD 12,671,460 ILS (34,240) (0.05)
03/07/2009 230,818 USD 296,705,286 KRW (1,496) 0.00
03/07/2009 19,860 USD 261,963 MXN (20) 0.00
03/07/2009 117,884 USD 766,072 NOK (807) 0.00
03/07/2009 467,324 USD 3,054,455 NOK (5,141) (0.01)
03/07/2009 4,874,283 USD 15,912,097 PLN (88,634) (0.14)
03/07/2009 4,441,962 USD 35,571,898 SEK (106,383) (0.16)
03/07/2009 19,122,613 USD 27,882,682 SGD (101,123) (0.15)
03/07/2009 301,048 USD 469,933 TRY (3,410) (0.01)
03/07/2009 31,870,302 USD 1,049,075,091 TWD (85,562) (0.13)
03/07/2009 41,767,992 ZAR 5,066,341 USD 243,192 0.37
Total Forward Foreign Currency Exchange Contracts 525,364 0.78
Other Assets less Liabilities 46,785,740 71.68
Total Net Asset Value 65,290,521 100.00
(3) Variable coupon rates are those quoted as of 30 June 2009.
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets

FX Alpha Plus RC 800 (Sterling) Fund
INVESTMENT AIMS
To seek to generate a risk controlled (“RC”)
return, measured in Sterling, that has a low
level of correlation to other asset classes by
investing in currency pairs. The Fund seeks to
outperform the overnight Sterling London
Interbank Offered Rate (LIBOR) by 8.0%
per annum, gross of fees, subject to an
estimated annual ex-ante Value at Risk (VaR)
of 8.0% over a holding period of 1-2 years.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Corporate Bond
Morgan Stanley Investment Funds 30 June 2009 110
STATEMENT OF INVESTMENTS
Transferable securities and money market instruments admitted
to official exchange listing or dealt in on another regulated
market. As at 30 June 2009, expressed in British pounds.
Investments
Ireland
GE Capital UK Funding sr unsubord unsecur
co gtd SerEMTN 1.512% 10/08/2009 (3) 500,000 499,279 6.28
Total for Ireland 6.28
Total for Corporate Bond 6.28
Total Investment Securities 499,279 6.28
DERIVATIVES
OTC and exchange traded derivatives as at 30 June 2009,
expressed in British pounds.
Forward Foreign Currency Exchange Contracts
Maturity
date
Amount
bought
Nominal in
British pounds
unless specified
Amount
sold
03/07/2009 34,335 AUD 27,214 USD 329 0.00
03/07/2009 1,223,722 BRL 607,231 USD 10,362 0.13
03/07/2009 300,686 CHF 278,676 USD (1,331) (0.02)
03/07/2009 41,823,445 CLP 78,424 USD 186 0.00
03/07/2009 2,810,005,690 COP 1,342,023 USD (20,722) (0.26)
03/07/2009 401,233 CZK 21,437 USD 120 0.00
03/07/2009 18,751 GBP 30,650 USD 140 0.00
03/07/2009 229,215,911 HUF 1,130,654 USD 29,787 0.37
03/07/2009 6,457,206,029 IDR 615,955 USD 10,029 0.13
03/07/2009 91,196,908 JPY 957,736 USD (7,610) (0.10)
03/07/2009 5,637,268 MXN 423,695 USD 2,593 0.03
03/07/2009 2,941,179 NZD 1,860,224 USD 27,307 0.34
03/07/2009 236,945,184 PHP 4,873,734 USD 29,966 0.38
03/07/2009 23,545 PLN 7,273 USD 75 0.00
03/07/2009 39,661,919 RUB 1,256,321 USD 9,671 0.12
03/07/2009 63,358 SGD 43,525 USD 152 0.00
03/07/2009 3,894,801 TRY 2,465,688 USD 41,920 0.53
03/07/2009 2,162,882 USD 2,756,704 AUD (39,842) (0.50)
03/07/2009 8,671 USD 9,943 CAD 67 0.00
03/07/2009 1,381,937 USD 1,593,587 CAD 5,917 0.07
03/07/2009 1,700,592 USD 901,143,639 CLP 2,580 0.03
03/07/2009 264,212 USD 168,352 EUR 17,045 0.21
03/07/2009 764,796 USD 549,117 EUR (3,296) (0.04)
03/07/2009 715,053 USD 439,846 GBP (5,651) (0.07)
03/07/2009 5,568,114 USD 3,385,820 GBP (4,745) (0.06)
03/07/2009 489,539 USD 1,948,636 ILS (4,473) (0.06)
03/07/2009 35,576 USD 45,729,722 KRW (195) 0.00
03/07/2009 2,858 USD 37,995 MXN (16) 0.00
03/07/2009 71,836 USD 469,525 NOK (673) (0.01)
03/07/2009 18,250 USD 118,563 NOK (103) 0.00
03/07/2009 749,267 USD 2,445,981 PLN (11,604) (0.15)
03/07/2009 683,144 USD 5,470,261 SEK (13,899) (0.17)
03/07/2009 2,939,499 USD 4,286,083 SGD (13,240) (0.17)
03/07/2009 44,994 USD 70,684 TRY (611) (0.01)
03/07/2009 4,901,104 USD 161,328,018 TWD (11,176) (0.14)
03/07/2009 6,423,120 ZAR 779,355 USD 31,702 0.40
Total Forward Foreign Currency Exchange Contracts 80,761 0.98
Other Assets less Liabilities 7,367,594 92.74
Total Net Asset Value 7,947,634 100.00
(3) Variable coupon rates are those quoted as of 30 June 2009.
Market
value
Net unrealised
gain/(loss)
as at
30 June 2009
% of net
assets
% of net
assets

111 Morgan Stanley Investment Funds 30 June 2009
Statement of assets and liabilities
As at 30 June 2009
Assets
Investment securities - at cost
Unrealised appreciation/(depreciation)
Investment securities
Options purchased
Unrealised gain on futures contracts
Unrealised gain on forward foreign currency exchange contracts
Unrealised gain on credit default swap contracts
Unrealised gain on total return swap contracts
Unrealised gain on interest rate swap contracts
Cash at banks
Time deposits
Repurchase Agreements
Receivables for investments sold
Receivables for subscriptions
Accrued income and prepaid expenses
Total assets
Liabilities
Options premium received
Unrealised loss on futures contracts
Unrealised loss on forward foreign curency exchange contracts
Unrealised loss on credit default swap contracts
Unrealised loss on total return swap contracts
Bank overdrafts
Distribution payable
Payables for investments purchased
Payables for redemptions
Performance fees
Other payables and accrued expenses
Total liabilities
Net asset value
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.
Emerging Europe, Emerging
American Asian Asian Middle East and Markets
Franchise Equity Property Africa Equity Equity
Fund Fund Fund Fund Fund
Combined
totals of all
funds +
USD USD USD EUR USD USD
214,122,344 512,709,370 762,917,501 201,898,531 745,828,527 11,723,219,791
(5,121,699) 1,474,978 (4,928,543) (27,850,636) 45,085,840 (726,418,440)
209,000,645 514,184,348 757,988,958 174,047,895 790,914,367 10,996,801,351
- - - - - 11,044
- - - - - 2,883,108
65,509 - - - - 5,853,688
- - - - - 3,912,040
- - - - - 1,146
- - - - - 244,787
8,249,323 6,047,914 21,211,296 2,158,068 27,063,832 286,927,804
- - - - - 738,877,803
- - - - - 367,193,792
- 47,900 4,327,228 - 2,968,699 64,111,586
312,842 1,095,980 3,229,395 270,035 1,469,017 42,847,787
711,529 1,630,749 1,611,902 930,131 3,310,128 74,961,113
218,339,848 523,006,891 788,368,779 177,406,129 825,726,043 12,584,627,049
- - - - - 963
- - - - - 469,430
- - - - - 2,882,258
- - - - - 3,591
- - - - - 4,450,290
- 34,728 - - 59,979 1,121,573
- - - - - 92
- 81,974 1,154,911 - 4,194,764 141,636,701
4,557,432 125,551 2,554,855 551,542 174,400 48,091,635
- - - - - 48,947
891,112 1,268,881 2,140,377 834,095 3,859,594 37,015,105
5,448,544 1,511,134 5,850,143 1,385,637 8,288,737 235,720,585
212,891,304 521,495,757 782,518,636 176,020,492 817,437,306 12,348,906,464

Statement of assets and liabilities (continued)
As at 30 June 2009
Assets
Investment securities - at cost
Unrealised appreciation/(depreciation)
Investment securities
Options purchased
Unrealised gain on futures contracts
Unrealised gain on forward foreign currency exchange contracts
Unrealised gain on credit default swap contracts
Unrealised gain on total return swap contracts
Unrealised gain on interest rate swap contracts
Cash at banks
Time deposits
Repurchase Agreements
Receivables for investments sold
Receivables for subscriptions
Accrued income and prepaid expenses
Total assets
Liabilities
Options premium received
Unrealised loss on futures contracts
Unrealised loss on forward foreign curency exchange contracts
Unrealised loss on credit default swap contracts
Unrealised loss on total return swap contracts
Bank overdrafts
Distribution payable
Payables for investments purchased
Payables for redemptions
Performance fees
Other payables and accrued expenses
Total liabilities
Net asset value
(1) Name changed from European Equity Fund on 6 March 2009.
(2) Name changed from Eurozone Equity Opportunities Fund on 6 March 2009.
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 112
European European Eurozone
Equity European Small Cap Equity Global
Alpha Property Value Alpha Brands
Fund (1) Fund Fund Fund (2) Fund
Combined
totals of all
funds +
EUR EUR EUR EUR USD USD
174,737,433 209,532,615 13,073,451 52,625,857 1,052,675,825 11,723,219,791
(25,565,176) (96,779,537) (3,070,982) (3,145,649) (125,497,413) (726,418,440)
149,172,257 112,753,078 10,002,469 49,480,208 927,178,412 10,996,801,351
- - - - - 11,044
- - - - - 2,883,108
- - - - - 5,853,688
- - - - - 3,912,040
- - - - - 1,146
- - - - - 244,787
4,027,071 6,149,971 183,736 2,100,929 31,460,728 286,927,804
- - - - - 738,877,803
- - - - - 367,193,792
- 445,394 10,571 51 - 64,111,586
241,769 144,245 21,514 243,012 410,625 42,847,787
517,731 126,468 57,345 60,990 2,951,190 74,961,113
153,958,828 119,619,156 10,275,635 51,885,190 962,000,955 12,584,627,049
- - - - - 963
- - - - - 469,430
- - - - 1,840,607 2,882,258
- - - - - 3,591
- - - - - 4,450,290
- - - - - 1,121,573
- - - - - 92
- 553,742 - - - 141,636,701
1,492,869 66,507 2,608 9,869 1,273,432 48,091,635
- - - - - 48,947
432,277 364,294 98,578 278,815 3,001,081 37,015,105
1,925,146 984,543 101,186 288,684 6,115,120 235,720,585
152,033,682 118,634,613 10,174,449 51,596,506 955,885,835 12,348,906,464

113 Morgan Stanley Investment Funds 30 June 2009
Statement of assets and liabilities (continued)
As at 30 June 2009
Assets
Investment securities - at cost
Unrealised appreciation/(depreciation)
Investment securities
Options purchased
Unrealised gain on futures contracts
Unrealised gain on forward foreign currency exchange contracts
Unrealised gain on credit default swap contracts
Unrealised gain on total return swap contracts
Unrealised gain on interest rate swap contracts
Cash at banks
Time deposits
Repurchase Agreements
Receivables for investments sold
Receivables for subscriptions
Accrued income and prepaid expenses
Total assets
Total liabilities
Net asset value
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.
Global Global Japanese
Global Small Cap Value Indian Equity
Property Value Equity Equity Advantage
Fund Fund Fund Fund Fund
Combined
totals of all
funds +
USD USD USD USD JPY USD
256,265,407 84,597,504 253,747,324 48,346,191 4,335,650,330 11,723,219,791
(53,457,733) (4,547,197) 34,360,136 3,609,232 (257,470,480) (726,418,440)
202,807,674 80,050,307 288,107,460 51,955,423 4,078,179,850 10,996,801,351
- - - - - 11,044
- - - - - 2,883,108
- - - - 397,151 5,853,688
- - - - - 3,912,040
- - - - - 1,146
- - - - - 244,787
5,430,652 2,163,304 5,381,139 306,906 84,678,173 286,927,804
- - - - - 738,877,803
- - - - - 367,193,792
528,158 194,505 - 4,408,848 8,820,252 64,111,586
625,914 91,948 45,467 476,040 10,477,925 42,847,787
480,055 120,510 1,481,219 313,380 10,366,792 74,961,113
209,872,453 82,620,574 295,015,285 57,460,597 4,192,920,143 12,584,627,049
Liabilities
Options premium received
- - - - - 963
Unrealised loss on futures contracts
- - - - - 469,430
Unrealised loss on forward foreign curency exchange contracts
- - 534,303 - - 2,882,258
Unrealised loss on credit default swap contracts
- - - - - 3,591
Unrealised loss on total return swap contracts
- - - - - 4,450,290
Bank overdrafts
- - - - - 1,121,573
Distribution payable
- - - - - 92
Payables for investments purchased
942,217 156,186 - 1,112,417 14,920,475 141,636,701
Payables for redemptions
13,681 119,156 87,085 1,685,589 23,976 48,091,635
Performance fees - - - - - 48,947
Other payables and accrued expenses
499,002 285,135 981,641 413,643 23,954,342 37,015,105
1,454,900 560,477 1,603,029 3,211,649 38,898,793 235,720,585
208,417,553 82,060,097 293,412,256 54,248,948 4,154,021,350 12,348,906,464

Statement of assets and liabilities (continued)
As at 30 June 2009
Assets
Investment securities - at cost
Unrealised appreciation/(depreciation)
Investment securities
Options purchased
Unrealised gain on futures contracts
Unrealised gain on forward foreign currency exchange contracts
Unrealised gain on credit default swap contracts
Unrealised gain on total return swap contracts
Unrealised gain on interest rate swap contracts
Cash at banks
Time deposits
Repurchase Agreements
Receivables for investments sold
Receivables for subscriptions
Accrued income and prepaid expenses
Total assets
Liabilities
Options premium received
Unrealised loss on futures contracts
Unrealised loss on forward foreign curency exchange contracts
Unrealised loss on credit default swap contracts
Unrealised loss on total return swap contracts
Bank overdrafts
Distribution payable
Payables for investments purchased
Payables for redemptions
Performance fees
Other payables and accrued expenses
Total liabilities
Net asset value
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 114
Japanese Latin US US
Value American Equity US Small Cap
Equity Equity Growth Property Growth
Fund Fund Fund Fund Fund
Combined
totals of all
funds +
JPY USD USD USD USD USD
98,760,540,929 761,921,368 347,500,348 74,184,193 23,127,214 11,723,219,791
(23,779,183,029) (4,465,188) (69,251,538) (30,074,503) 900,898 (726,418,440)
74,981,357,900 757,456,180 278,248,810 44,109,690 24,028,112 10,996,801,351
- - - - - 11,044
- - - - - 2,883,108
15,052,108 - 39,778 - - 5,853,688
- - - - - 3,912,040
- - - - - 1,146
- - - - - 244,787
1,292,533,235 32,154,829 13,622,683 2,027,939 1,916,461 286,927,804
- - - - - 738,877,803
- - - - - 367,193,792
66,149,700 2,756,462 - - 314,087 64,111,586
176,296,196 1,375,583 1,795,033 121,021 122,262 42,847,787
40,661,801 2,126,870 109,117 345,182 17,084 74,961,113
76,572,050,940 795,869,924 293,815,421 46,603,832 26,398,006 12,584,627,049
- - - - - 963
- - - - - 469,430
- - - - - 2,882,258
- - - - - 3,591
- - - - - 4,450,290
- - - - - 1,121,573
- - - - - 92
- 10,193,571 - - 1,092,043 141,636,701
374,637,666 419,249 1,974,942 4,671 345,831 48,091,635
- - - - - 48,947
207,609,217 2,634,215 947,023 733,513 108,721 37,015,105
582,246,883 13,247,035 2,921,965 738,184 1,546,595 235,720,585
75,989,804,057 782,622,889 290,893,456 45,865,648 24,851,411 12,348,906,464

115 Morgan Stanley Investment Funds 30 June 2009
Statement of assets and liabilities (continued)
As at 30 June 2009
Assets
Investment securities - at cost
Unrealised appreciation/(depreciation)
Investment securities
Options purchased
Unrealised gain on futures contracts
Unrealised gain on forward foreign currency exchange contracts
Unrealised gain on credit default swap contracts
Unrealised gain on total return swap contracts
Unrealised gain on interest rate swap contracts
Cash at banks
Time deposits
Repurchase Agreements
Receivables for investments sold
Receivables for subscriptions
Accrued income and prepaid expenses
Total assets
Liabilities
Options premium received
Unrealised loss on futures contracts
Unrealised loss on forward foreign curency exchange contracts
Unrealised loss on credit default swap contracts
Unrealised loss on total return swap contracts
Bank overdrafts
Distribution payable
Payables for investments purchased
Payables for redemptions
Performance fees
Other payables and accrued expenses
Total liabilities
Net asset value
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.
Alpha
US Advantage Emerging Emerging
Value European Markets Markets Euro
Equity Fixed Income Debt Domestic Debt Bond
Fund Fund Fund Fund Fund
Combined
totals of all
funds +
USD EUR USD USD EUR USD
333,076,910 2,477,664 186,922,579 68,030,419 584,889,598 11,723,219,791
(60,787,414) 13,006 (2,437,868) (859,170) (5,677,999) (726,418,440)
272,289,496 2,490,670 184,484,711 67,171,249 579,211,599 10,996,801,351
- - - - - 11,044
- 61,705 20,883 9,492 - 2,883,108
1,366 25,142 100,045 62,579 - 5,853,688
- - - - 180,196 3,912,040
- - - - - 1,146
- - - - - 244,787
7,012,630 485,024 8,583,744 3,304,138 6,314,369 286,927,804
- 1,742,697 - - 19,860,145 738,877,803
- 3,100,000 - - - 367,193,792
11,747,720 - 168,274 - 2,866,078 64,111,586
539,680 188,838 318,834 64,990 407,517 42,847,787
354,129 25,157 4,042,857 1,332,644 11,754,969 74,961,113
291,945,021 8,119,233 197,719,348 71,945,092 620,594,873 12,584,627,049
- - - - - 963
- - - - 116,399 469,430
- - - - - 2,882,258
- - - - - 3,591
- - - - - 4,450,290
- - - - - 1,121,573
- - - - - 92
- 499,874 - - 1,442,644 141,636,701
12,105,568 - 74,520 37,556 839,699 48,091,635
- 34,762 - - - 48,947
677,613 37,039 551,939 263,575 1,067,169 37,015,105
12,783,181 571,675 626,459 301,131 3,465,911 235,720,585
279,161,840 7,547,558 197,092,889 71,643,961 617,128,962 12,348,906,464

Statement of assets and liabilities (continued)
As at 30 June 2009
Assets
Investment securities - at cost
Unrealised appreciation/(depreciation)
Investment securities
Options purchased
Unrealised gain on futures contracts
Unrealised gain on forward foreign currency exchange contracts
Unrealised gain on credit default swap contracts
Unrealised gain on total return swap contracts
Unrealised gain on interest rate swap contracts
Cash at banks
Time deposits
Repurchase Agreements
Receivables for investments sold
Receivables for subscriptions
Accrued income and prepaid expenses
Total assets
Liabilities
Options premium received
Unrealised loss on futures contracts
Unrealised loss on forward foreign curency exchange contracts
Unrealised loss on credit default swap contracts
Unrealised loss on total return swap contracts
Bank overdrafts
Distribution payable
Payables for investments purchased
Payables for redemptions
Performance fees
Other payables and accrued expenses
Total liabilities
Net asset value
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 116
Euro Euro European
Corporate Strategic Currencies Global Short Maturity
Bond Bond High Yield Bond Euro Bond
Fund Fund Bond Fund Fund Fund
Combined
totals of all
funds +
EUR EUR EUR USD EUR USD
888,229,620 105,734,089 92,405,920 136,418,413 260,360,632 11,723,219,791
13,069,402 (3,079,150) (13,626,679) 4,990,399 378,918 (726,418,440)
901,299,022 102,654,939 78,779,241 141,408,812 260,739,550 10,996,801,351
- - - - - 11,044
1,461,524 5,904 - 206,834 - 2,883,108
22,831 - - - - 5,853,688
2,439,549 147,812 11,769 - - 3,912,040
- - - - - 1,146
- - - - - 244,787
2,727,235 1,840,206 720,860 4,960,415 3,328,423 286,927,804
100,614,843 2,825,606 5,814,594 4,222,932 13,256,548 738,877,803
- - - - - 367,193,792
13,723,015 2,407,064 - 699,920 351,026 64,111,586
11,183,755 70,901 774,044 162,042 4,745,395 42,847,787
12,396,747 1,920,563 1,708,386 1,676,697 4,118,731 74,961,113
1,045,868,521 111,872,995 87,808,894 153,337,652 286,539,673 12,584,627,049
- - - - - 963
- - - - 184,921 469,430
- 21,961 31,232 40,494 - 2,882,258
- - - 3,591 - 3,591
- - - - - 4,450,290
- - 321,360 110,333 - 1,121,573
- - - - - 92
47,204,841 3,225,404 117,417 294,873 5,760,343 141,636,701
6,457,615 156,665 781,650 278,425 571,097 48,091,635
- - - - - 48,947
1,401,934 303,041 209,535 351,264 1,320,294 37,015,105
55,064,390 3,707,071 1,461,194 1,078,980 7,836,655 235,720,585
990,804,131 108,165,924 86,347,700 152,258,672 278,703,018 12,348,906,464

117 Morgan Stanley Investment Funds 30 June 2009
Statement of assets and liabilities (continued)
As at 30 June 2009
Assets
Investment securities - at cost
Unrealised appreciation/(depreciation)
Investment securities
Options purchased
Unrealised gain on futures contracts
Unrealised gain on forward foreign currency exchange contracts
Unrealised gain on credit default swap contracts
Unrealised gain on total return swap contracts
Unrealised gain on interest rate swap contracts
Cash at banks
Time deposits
Repurchase Agreements
Receivables for investments sold
Receivables for subscriptions
Accrued income and prepaid expenses
Total assets
Liabilities
Options premium received
Unrealised loss on futures contracts
Unrealised loss on forward foreign curency exchange contracts
Unrealised loss on credit default swap contracts
Unrealised loss on total return swap contracts
Bank overdrafts
Distribution payable
Payables for investments purchased
Payables for redemptions
Performance fees
Other payables and accrued expenses
Total liabilities
Net asset value
(1) Name changed from Global Convertible Bond (USD) Fund on 20 March 2009.
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.
Global Diversified
US Convertible Euro US Dollar Alpha Plus
Bond Bond Liquidity Liquidity VaR 400 (Euro)
Fund Fund (1) Fund Fund Fund
Combined
totals of all
funds +
USD USD EUR USD EUR USD
51,041,144 269,379,743 233,356,517 210,949,110 57,105,485 11,723,219,791
(626,559) 27,864,952 - - (497,673) (726,418,440)
50,414,585 297,244,695 233,356,517 210,949,110 56,607,812 10,996,801,351
11,044 - - - - 11,044
- - - - 224,981 2,883,108
- 2,140,440 - - - 5,853,688
- - - - - 3,912,040
- - - - 521 1,146
64,436 - - - 87,391 244,787
2,361,140 13,450,965 331,642 - 3,980,290 286,927,804
- - 85,883,811 - 10,526,094 738,877,803
- - - 136,528,000 - 367,193,792
5,407,235 1,889,284 - - - 64,111,586
17,845 215,540 - - 532,143 42,847,787
368,066 2,651,085 347,955 363,609 51,999 74,961,113
58,644,351 317,592,009 319,919,925 347,840,719 72,011,231 12,584,627,049
963 - - - - 963
45,307 - - - - 469,430
- - - - 174,762 2,882,258
- - - - - 3,591
- - - - - 4,450,290
- - - 50,497 248,372 1,121,573
- - - 92 - 92
13,916,508 7,344,811 - - - 141,636,701
78,298 246,749 - - 255,829 48,091,635
- - - - 134 48,947
179,502 952,809 533,463 588,725 390,815 37,015,105
14,220,578 8,544,369 533,463 639,314 1,069,912 235,720,585
44,423,773 309,047,640 319,386,462 347,201,405 70,941,319 12,348,906,464

Statement of assets and liabilities (continued)
As at 30 June 2009
Assets
Investment securities - at cost
Unrealised appreciation/(depreciation)
Investment securities
Options purchased
Unrealised gain on futures contracts
Unrealised gain on forward foreign currency exchange contracts
Unrealised gain on credit default swap contracts
Unrealised gain on total return swap contracts
Unrealised gain on interest rate swap contracts
Cash at banks
Time deposits
Repurchase Agreements
Receivables for investments sold
Receivables for subscriptions
Accrued income and prepaid expenses
Total assets
Liabilities
Options premium received
Unrealised loss on futures contracts
Unrealised loss on forward foreign curency exchange contracts
Unrealised loss on credit default swap contracts
Unrealised loss on total return swap contracts
Bank overdrafts
Distribution payable
Payables for investments purchased
Payables for redemptions
Performance fees
Other payables and accrued expenses
Total liabilities
Net asset value
(1) Name changed from Commodities Alpha Plus Fund on 6 March 2009.
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 118
Diversified FX Alpha Plus FX Alpha Plus
Alpha Plus Commodities RC 200 RC 400
VaR 800 (Euro) Active GSLE (Euro) (Euro)
Fund Fund (1) Fund Fund
Combined
totals of all
funds +
EUR USD EUR EUR USD
15,911,371 12,000,561 19,518,597 86,112,894 11,723,219,791
44,160 1,003,580 (33,377) (247,468) (726,418,440)
15,955,531 13,004,141 19,485,220 85,865,426 10,996,801,351
- - - - 11,044
127,117 - - - 2,883,108
- 167,240 111,667 1,352,449 5,853,688
- - - - 3,912,040
296 - - - 1,146
41,188 - - - 244,787
2,858,434 7,609,748 347,008 3,849,976 286,927,804
4,707,589 121,621,879 17,712,923 126,032,307 738,877,803
- - 17,850,000 122,400,000 367,193,792
- - - - 64,111,586
- 1,610,060 59,943 95,383 42,847,787
26,661 41,783 52,217 155,245 74,961,113
23,716,816 144,054,851 55,618,978 339,750,786 12,584,627,049
- - - - 963
- - - - 469,430
104,696 - - - 2,882,258
- - - - 3,591
- 4,450,290 - - 4,450,290
46,574 - - - 1,121,573
- - - - 92
- - 1,499,621 9,997,473 141,636,701
- 412,563 473,952 591,918 48,091,635
- - - - 48,947
118,767 432,342 203,838 954,499 37,015,105
270,037 5,295,195 2,177,411 11,543,890 235,720,585
23,446,779 138,759,656 53,441,567 328,206,896 12,348,906,464

119 Morgan Stanley Investment Funds 30 June 2009
Statement of assets and liabilities (continued)
As at 30 June 2009
Assets
Investment securities - at cost
Unrealised appreciation/(depreciation)
Investment securities
Options purchased
Unrealised gain on futures contracts
Unrealised gain on forward foreign currency exchange contracts
Unrealised gain on credit default swap contracts
Unrealised gain on total return swap contracts
Unrealised gain on interest rate swap contracts
Cash at banks
Time deposits
Repurchase Agreements
Receivables for investments sold
Receivables for subscriptions
Accrued income and prepaid expenses
Total assets
Liabilities
Options premium received
Unrealised loss on futures contracts
Unrealised loss on forward foreign curency exchange contracts
Unrealised loss on credit default swap contracts
Unrealised loss on total return swap contracts
Bank overdrafts
Distribution payable
Payables for investments purchased
Payables for redemptions
Performance fees
Other payables and accrued expenses
Total liabilities
Net asset value
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.
FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus
RC 400 RC 400 RC 800 RC 800
(Sterling) (US Dollar) (Euro) (Sterling)
Fund Fund Fund Fund
Combined
totals of all
funds +
GBP USD EUR GBP USD
498,900 - 18,022,150 498,901 11,723,219,791
379 - (42,733) 378 (726,418,440)
499,279 - 17,979,417 499,279 10,996,801,351
- - - - 11,044
- - - - 2,883,108
26,202 82,047 525,364 80,761 5,853,688
- - - - 3,912,040
- - - - 1,146
- - - - 244,787
790,153 6,463,773 1,634,335 8,815 286,927,804
3,921,820 11,111,091 26,029,524 7,429,749 738,877,803
- - 21,100,000 - 367,193,792
- - - - 64,111,586
- 43,714 38,250 - 42,847,787
22,760 37,898 49,564 22,544 74,961,113
5,260,214 17,738,523 67,356,454 8,041,148 12,584,627,049
- - - - 963
- - - - 469,430
- - - - 2,882,258
- - - - 3,591
- - - - 4,450,290
- - - - 1,121,573
- - - - 92
- - 1,499,621 - 141,636,701
- 22,829 248,093 11,102 48,091,635
- - - - 48,947
33,781 184,694 318,219 82,412 37,015,105
33,781 207,523 2,065,933 93,514 235,720,585
5,226,433 17,531,000 65,290,521 7,947,634 12,348,906,464

Statement of changes in number of shares
For the period ended 30 June 2009
Morgan Stanley Investment Funds 30 June 2009 120
Emerging Europe Emerging European European
American Asian Asian Middle East and Markets Equity Equity
Franchise Equity Property Africa Equity Equity Alpha Opportunities
Fund Fund Fund Fund Fund Fund (1) Fund (2)
USD USD USD EUR USD EUR EUR
Share Class I
Shares at the start of the period 5,906,726 8,383,758 21,211,117 739,132 13,673,728 1,370,074 373,848
Number of shares issued 3,377,008 1,557,076 3,323,787 65,290 3,421,671 903,350 95,621
Number of shares redeemed (6,594,847) (6,242,031) (7,517,918) (515,495) (4,964,536) (1,181,473) (469,469)
Shares at the end of the period 2,688,887 3,698,803 17,016,986 288,927 12,130,863 1,091,951 -
Share Class A
Shares at the start of the period 8,738,296 1,918,639 30,881,888 3,141,868 7,845,543 2,290,439 488,867
Number of shares issued 4,590,616 586,857 8,129,802 346,191 1,815,246 1,129,208 11,209
Number of shares redeemed (11,544,009) (566,013) (9,124,314) (807,468) (2,075,652) (850,946) (500,076)
Shares at the end of the period 1,784,903 1,939,483 29,887,376 2,680,591 7,585,137 2,568,701 -
Share Class B
Shares at the start of the period 415,536 1,036,099 5,896,452 1,702,661 1,254,366 736,141 251,928
Number of shares issued 378,316 488,225 407,687 240,785 355,982 179,680 718
Number of shares redeemed (149,490) (154,831) (900,352) (348,929) (212,248) (231,619) (252,646)
Shares at the end of the period 644,362 1,369,493 5,403,787 1,594,517 1,398,100 684,202 -
Share Class C
Shares at the start of the period 4,000 4,000 - 2,400 4,000 2,400 2,400
Number of shares issued 76,901 223 - 163 - 1,947 -
Number of shares redeemed (18,288) - - - - (2,400) (2,400)
Shares at the end of the period 62,613 4,223 - 2,563 4,000 1,947 -
Share Class IX
Shares at the start of the period - - 3,012,459 - - - 152,672
Number of shares issued - - 148,451 - - - -
Number of shares redeemed - - (173,079) - - - (152,672)
Shares at the end of the period - - 2,987,831 - - - -
Share Class AX
Shares at the start of the period - - 497,114 27,005 - - 152,672
Number of shares issued 1,732 - 59,764 3,009 - - -
Number of shares redeemed - - (356,816) (4,267) - - (152,672)
Shares at the end of the period 1,732 - 200,062 25,747 - - -
Share Class BX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class CX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class N
Shares at the start of the period - - - - 5,863,582 - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - 5,863,582 - -
(1) Name changed from European Equity Fund on 6 March 2009.
(2) Fund merged with Eurozone Equity Alpha Fund on 20 March 2009.
The accompanying notes are an integral part of these financial statements.

121 Morgan Stanley Investment Funds 30 June 2009
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
The accompanying notes are an integral part of these financial statements.
Emerging Europe Emerging European European
American Asian Asian Middle East and Markets Equity Equity
Franchise Equity Property Africa Equity Equity Alpha Opportunities
Fund Fund Fund Fund Fund Fund (1) Fund (2)
USD USD USD EUR USD EUR EUR
Share Class NX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class S
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class Z
Shares at the start of the period 789,677 4,057,213 5,217 236,564 1,994,949 1,080,565 28,450
Number of shares issued 2,915,082 13,649,381 1,795,015 6,481 1,014,400 2,375,884 22,695
Number of shares redeemed (1,886,976) (1,988,415) (183) (169,847) (91,451) (459,438) (51,145)
Shares at the end of the period 1,817,783 15,718,179 1,800,049 73,198 2,917,898 2,997,011 -
Share Class ZX
Shares at the start of the period 3,160,003 - - - - - -
Number of shares issued 44,073 - - - - - -
Number of shares redeemed (156,710) - - - - - -
Shares at the end of the period 3,047,366 - - - - - -
Share Class IH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (EUR)
Shares at the start of the period 153,080 - - - - - -
Number of shares issued 99,136 - - - - - -
Number of shares redeemed (178,043) - - - - - -
Shares at the end of the period 74,173 - - - - - -
Share Class BH (EUR)
Shares at the start of the period 16,797 - - - - - -
Number of shares issued 56,321 - - - - - -
Number of shares redeemed (1,092) - - - - - -
Shares at the end of the period 72,026 - - - - - -
Share Class CH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class ZH (EUR)
Shares at the start of the period 47,637 - - - - - -
Number of shares issued 172,724 - - - - - -
Number of shares redeemed (80,677) - - - - - -
Shares at the end of the period 139,684 - - - - - -
(1) Name changed from European Equity Fund on 6 March 2009.
(2) Fund merged with Eurozone Equity Alpha Fund on 20 March 2009.

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 122
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
Emerging Europe Emerging European European
American Asian Asian Middle East and Markets Equity Equity
Franchise Equity Property Africa Equity Equity Alpha Opportunities
Fund Fund Fund Fund Fund Fund (1) Fund (2)
USD USD USD EUR USD EUR EUR
Share Class ZHX (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class ZHX (GBP)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (NOK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (SEK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class IH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AHX (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class BH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
(1) Name changed from European Equity Fund on 6 March 2009.
(2) Fund merged with Eurozone Equity Alpha Fund on 20 March 2009.

123 Morgan Stanley Investment Funds 30 June 2009
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
The accompanying notes are an integral part of these financial statements.
European Equity
Optimised European Eurozone Global
Research European Small Cap Equity Global Equity Global
130/30 Property Value Alpha Brands Growth Property
Fund (1) (2) Fund Fund Fund (3) Fund Fund (4) Fund
EUR EUR EUR EUR USD USD USD
Share Class I
Shares at the start of the period 46,610 4,062,405 94,913 287,741 9,033,160 2,063,534 9,436,933
Number of shares issued - 864,028 1,958 742,724 1,707,334 180,878 669,376
Number of shares redeemed (46,610) (1,311,975) (88,208) (297,332) (3,887,956) (2,244,412) (1,713,494)
Shares at the end of the period - 3,614,458 8,663 733,133 6,852,538 - 8,392,815
Share Class A
Shares at the start of the period 47,237 3,720,807 262,583 3,544,308 13,596,006 257,246 1,634,002
Number of shares issued - 1,332,993 20,298 1,862,032 1,311,338 7,732 4,538,429
Number of shares redeemed (47,237) (800,492) (84,393) (777,901) (4,344,669) (264,978) (1,517,135)
Shares at the end of the period - 4,253,308 198,488 4,628,439 10,562,675 - 4,655,296
Share Class B
Shares at the start of the period 50,618 550,207 194,958 1,329,507 3,099,867 83,763 187,208
Number of shares issued 263 126,643 33,793 791,920 230,798 17,083 137,352
Number of shares redeemed (50,881) (103,475) (48,012) (260,571) (531,707) (100,846) (68,469)
Shares at the end of the period - 573,375 180,739 1,860,856 2,798,958 - 256,091
Share Class C
Shares at the start of the period 2,400 - - - - 4,000 4,000
Number of shares issued - - - - - - 2,027
Number of shares redeemed (2,400) - - - - (4,000) -
Shares at the end of the period - - - - - - 6,027
Share Class IX
Shares at the start of the period - 79,445 - - - - 503,386
Number of shares issued - 43,554 - - - - 57,263
Number of shares redeemed - (2,506) - - - - -
Shares at the end of the period - 120,493 - - - - 560,649
Share Class AX
Shares at the start of the period - 32,169 5,380 - - 1,943 -
Number of shares issued - 2,457 1,266 - - - -
Number of shares redeemed - (1,029) (392) - - (1,943) -
Shares at the end of the period - 33,597 6,254 - - - -
Share Class BX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class CX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class N
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
(1) Name changed from European Optimised Research Extension Fund on 6 March 2009.
(2) Shareholders of this Fund were compulsorily redeemed on 30 April 2009.
(3) Name changed from Eurozone Equity Opportunities Fund on 6 March 2009.
(4) Fund merged with Global Value Equity Fund on 3 April 2009.

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 124
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
European Equity
Optimised European Eurozone Global
Research European Small Cap Equity Global Equity Global
130/30 Property Value Alpha Brands Growth Property
Fund (1) (2) Fund Fund Fund (3) Fund Fund (4) Fund
EUR EUR EUR EUR USD USD USD
Share Class NX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class S
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class Z
Shares at the start of the period - 17,684 - 30,096 2,816,706 - 310,390
Number of shares issued - 224,691 - 519,384 317,312 - 286,122
Number of shares redeemed - (24,237) - (15,561) (1,493,903) - (2,855)
Shares at the end of the period - 218,138 - 533,919 1,640,115 - 593,657
Share Class ZX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class IH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (EUR)
Shares at the start of the period - - - - 203,871 - -
Number of shares issued - - - - 41,482 - -
Number of shares redeemed - - - - (1,290) - -
Shares at the end of the period - - - - 244,063 - -
Share Class BH (EUR)
Shares at the start of the period - - - - 25,354 - -
Number of shares issued - - - - 124,186 - -
Number of shares redeemed - - - - (15,411) - -
Shares at the end of the period - - - - 134,129 - -
Share Class CH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class ZH (EUR)
Shares at the start of the period - - - - 13,336 - -
Number of shares issued - - - - 27,513 - -
Number of shares redeemed - - - - (10,104) - -
Shares at the end of the period - - - - 30,745 - -
(1) Name changed from European Optimised Research Extension Fund on 6 March 2009.
(2) Shareholders of this Fund were compulsorily redeemed on 30 April 2009.
(3) Name changed from Eurozone Equity Opportunities Fund on 6 March 2009.
(4) Fund merged with Global Value Equity Fund on 3 April 2009.

125 Morgan Stanley Investment Funds 30 June 2009
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
The accompanying notes are an integral part of these financial statements.
European Equity
Optimised European Eurozone Global
Research European Small Cap Equity Global Equity Global
130/30 Property Value Alpha Brands Growth Property
Fund (1) (2) Fund Fund Fund (3) Fund Fund (4) Fund
EUR EUR EUR EUR USD USD USD
Share Class ZHX (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class ZHX (GBP)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (NOK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (SEK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class IH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AHX (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class BH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
(1) Name changed from European Optimised Research Extension Fund on 6 March 2009.
(2) Shareholders of this Fund were compulsorily redeemed on 30 April 2009.
(3) Name changed from Eurozone Equity Opportunities Fund on 6 March 2009.
(4) Fund merged with Global Value Equity Fund on 3 April 2009.

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 126
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
Global Global Japanese Japanese Japanese Latin
Small Cap Value Indian Equity Equity Value American
Value Equity Equity Advantage Growth Equity Equity
Fund Fund Fund Fund Fund (1) Fund Fund
USD USD USD JPY JPY JPY USD
Share Class I
Shares at the start of the period 1,380,362 6,657,601 6,500 518,566 948,802 39,757,626 1,288,281
Number of shares issued 368,354 1,171,660 - 250,510 - 8,690,530 209,092
Number of shares redeemed (205,640) (2,467,738) - (40,563) (948,802) (27,073,974) (469,375)
Shares at the end of the period 1,543,076 5,361,523 6,500 728,513 - 21,374,182 1,027,998
Share Class A
Shares at the start of the period 1,722,340 3,112,844 509,112 795,830 2,472,195 44,494,240 11,768,447
Number of shares issued 100,368 509,562 605,228 1,230,588 53,156 22,005,850 2,507,077
Number of shares redeemed (612,436) (509,083) (98,225) (765,198) (2,525,351) (21,731,376) (1,193,743)
Shares at the end of the period 1,210,272 3,113,323 1,016,115 1,261,220 - 44,768,714 13,081,781
Share Class B
Shares at the start of the period 226,973 695,026 957,444 49,758 677,879 4,210,345 1,012,085
Number of shares issued 33,248 187,428 2,313,352 212,612 18,461 259,081 483,102
Number of shares redeemed (43,531) (100,302) (1,618,191) (44,579) (696,340) (806,774) (246,904)
Shares at the end of the period 216,690 782,152 1,652,605 217,791 - 3,662,652 1,248,283
Share Class C
Shares at the start of the period - 4,000 4,000 - - 4,000 4,000
Number of shares issued - - - - - 9,693 -
Number of shares redeemed - (4,000) (4,000) - - (4,000) -
Shares at the end of the period - - - - - 9,693 4,000
Share Class IX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AX
Shares at the start of the period 15,323 - - - 6,199 53,671 -
Number of shares issued 570 - - - - 185,195 -
Number of shares redeemed - - - - (6,199) (4,985) -
Shares at the end of the period 15,893 - - - - 233,881 -
Share Class BX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class CX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class N
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
(1) Fund merged with Japanese Equity Advantage Fund on 3 April 2009.

127 Morgan Stanley Investment Funds 30 June 2009
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
The accompanying notes are an integral part of these financial statements.
Global Global Japanese Japanese Japanese Latin
Small Cap Value Indian Equity Equity Value American
Value Equity Equity Advantage Growth Equity Equity
Fund Fund Fund Fund Fund (1) Fund Fund
USD USD USD JPY JPY JPY USD
Share Class NX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class S
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class Z
Shares at the start of the period - 269,237 33,721 97,441 - 9,499,002 1,232,730
Number of shares issued - 1,619,537 5,333 50,948 - 11,370,567 305,948
Number of shares redeemed - (1,704,811) (17,507) (34,933) - (10,300,643) (54,009)
Shares at the end of the period - 183,963 21,547 113,456 - 10,568,926 1,484,669
Share Class ZX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class IH (EUR)
Shares at the start of the period - - - - - 275,021 -
Number of shares issued - - - - - 252,907 -
Number of shares redeemed - - - - - (100,450) -
Shares at the end of the period - - - - - 427,478 -
Share Class AH (EUR)
Shares at the start of the period - - - 10,113 - - -
Number of shares issued - - - 592,590 - - -
Number of shares redeemed - - - (583,550) - - -
Shares at the end of the period - - - 19,153 - - -
Share Class BH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class CH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class ZH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
(1) Fund merged with Japanese Equity Advantage Fund on 3 April 2009.

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 128
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
Global Global Japanese Japanese Japanese Latin
Small Cap Value Indian Equity Equity Value American
Value Equity Equity Advantage Growth Equity Equity
Fund Fund Fund Fund Fund (1) Fund Fund
USD USD USD JPY JPY JPY USD
Share Class ZHX (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class ZHX (GBP)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (NOK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (SEK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class IH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AHX (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class BH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
(1) Fund merged with Japanese Equity Advantage Fund on 3 April 2009.

129 Morgan Stanley Investment Funds 30 June 2009
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
The accompanying notes are an integral part of these financial statements.
US US US Alpha Advantage Emerging
US Equity US Small Cap Value European Fixed Markets
Equity Growth Property Growth Equity Income Debt
Fund (1) Fund Fund Fund Fund Fund Fund
USD USD USD USD USD EUR USD
Share Class I
Shares at the start of the period 399,814 3,745,212 870,096 50,776 7,275,899 63,482 1,174,662
Number of shares issued 134,898 899,062 82,950 - 1,867,836 - 142,070
Number of shares redeemed (534,712) (2,091,712) (157,765) (1,600) (3,231,590) (25,180) (761,217)
Shares at the end of the period - 2,552,562 795,281 49,176 5,912,145 38,302 555,515
Share Class A
Shares at the start of the period 263,696 5,480,511 1,067,100 599,978 6,310,877 63,299 861,721
Number of shares issued 4,860 2,446,601 26,167 144,745 1,114,243 4,322 294,755
Number of shares redeemed (268,556) (2,323,499) (133,746) (79,001) (2,603,522) (25,299) (260,390)
Shares at the end of the period - 5,603,613 959,521 665,722 4,821,598 42,322 896,086
Share Class B
Shares at the start of the period 234,450 833,291 61,385 150,400 870,983 63,180 486,465
Number of shares issued 16,840 1,526,848 3,828 4,429 94,298 133,510 254,577
Number of shares redeemed (251,290) (1,309,583) (12,256) (12,273) (184,808) (39,670) (215,071)
Shares at the end of the period - 1,050,556 52,957 142,556 780,473 157,020 525,971
Share Class C
Shares at the start of the period 4,000 4,000 - 4,000 4,000 - 4,000
Number of shares issued - - - - - - -
Number of shares redeemed (4,000) - - (4,000) (4,000) - -
Shares at the end of the period - 4,000 - - - - 4,000
Share Class IX
Shares at the start of the period 28,134 142,365 - - 1,037,201 - -
Number of shares issued - 31,552 - - 59 - -
Number of shares redeemed (28,134) (9,364) - - (392,322) - -
Shares at the end of the period - 164,553 - - 644,938 - -
Share Class AX
Shares at the start of the period 51,734 88,387 3,479 45 26,091 - 6,234
Number of shares issued - 37,900 2,228 - 15,041 - 5,608
Number of shares redeemed (51,734) (30,482) - (45) (13,275) - (2,797)
Shares at the end of the period - 95,805 5,707 - 27,857 - 9,045
Share Class BX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class CX
Shares at the start of the period - - - - - - 4,000
Number of shares issued - - - - - - 95
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - 4,095
Share Class N
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
(1) Fund merged with American Franchise Fund on 3 April 2009.

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 130
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
US US US Alpha Advantage Emerging
US Equity US Small Cap Value European Fixed Markets
Equity Growth Property Growth Equity Income Debt
Fund (1) Fund Fund Fund Fund Fund Fund
USD USD USD USD USD EUR USD
Share Class NX
Shares at the start of the period - - - - - - 1,325,037
Number of shares issued - - - - - - 53,506
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - 1,378,543
Share Class S
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - 1,410,619
Number of shares redeemed - - - - - - (115,619)
Shares at the end of the period - - - - - - 1,295,000
Share Class Z
Shares at the start of the period - 1,585,552 - - 2,517,221 63,180 305,630
Number of shares issued - 2,477,539 - - 3,483,375 - 212,084
Number of shares redeemed - (1,050,523) - - (1,263,408) (25,180) (137,848)
Shares at the end of the period - 3,012,568 - - 4,737,188 38,000 379,866
Share Class ZX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class IH (EUR)
Shares at the start of the period - 115,401 - - - - -
Number of shares issued - 2,518 - - 369,704 - -
Number of shares redeemed - (103,975) - - (369,704) - -
Shares at the end of the period - 13,944 - - - - -
Share Class AH (EUR)
Shares at the start of the period - 62,108 - - 118,913 - 49,172
Number of shares issued - 80,713 - - 9,076 - 290,635
Number of shares redeemed - (27,713) - - (115,405) - (88,435)
Shares at the end of the period - 115,108 - - 12,584 - 251,372
Share Class BH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class CH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class ZH (EUR)
Shares at the start of the period - 11,589 - - - - -
Number of shares issued - 154,247 - - 37,086 - -
Number of shares redeemed - (70,408) - - (37,086) - -
Shares at the end of the period - 95,428 - - - - -
(1) Fund merged with American Franchise Fund on 3 April 2009.

131 Morgan Stanley Investment Funds 30 June 2009
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
The accompanying notes are an integral part of these financial statements.
US US US Alpha Advantage Emerging
US Equity US Small Cap Value European Fixed Markets
Equity Growth Property Growth Equity Income Debt
Fund (1) Fund Fund Fund Fund Fund Fund
USD USD USD USD USD EUR USD
Share Class ZHX (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class ZHX (GBP)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (NOK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (SEK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class IH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AHX (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class BH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
(1) Fund merged with American Franchise Fund on 3 April 2009.

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 132
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
Emerging Euro Euro Euro Total European
Markets Euro Corporate Strategic Return Currencies Global
Domestic Debt Bond Bond Bond Bond High Yield Bond
Fund Fund Fund Fund Fund (1) Bond Fund Fund
USD EUR EUR EUR EUR EUR USD
Share Class I
Shares at the start of the period 131,563 6,031,313 3,122,662 1,710,498 97,272 2,145,633 2,499,917
Number of shares issued 223,538 947,617 7,130,369 203,201 - 571,983 232,359
Number of shares redeemed (200,060) (3,541,565) (2,905,781) (230,074) (97,272) (1,734,946) (693,867)
Shares at the end of the period 155,041 3,437,365 7,347,250 1,683,625 - 982,670 2,038,409
Share Class A
Shares at the start of the period 2,051,600 7,057,887 3,752,641 1,150,291 385,736 1,240,699 2,044,869
Number of shares issued 309,926 2,193,384 11,724,299 389,263 - 3,290,737 277,419
Number of shares redeemed (672,849) (2,183,431) (2,299,780) (214,827) (385,736) (1,934,703) (418,301)
Shares at the end of the period 1,688,677 7,067,840 13,177,160 1,324,727 - 2,596,733 1,903,987
Share Class B
Shares at the start of the period 477,695 4,237,930 475,789 372,438 343,259 1,684,419 432,015
Number of shares issued 99,782 1,173,045 2,484,574 333,783 19,615 980,675 137,815
Number of shares redeemed (87,392) (1,738,862) (210,731) (192,429) (362,874) (459,434) (225,733)
Shares at the end of the period 490,085 3,672,113 2,749,632 513,792 - 2,205,660 344,097
Share Class C
Shares at the start of the period 13,891 2,400 84,217 - - 2,400 4,000
Number of shares issued 14,689 14,715 61,874 - - 290 395
Number of shares redeemed (13,891) (2,400) (32,067) - - (2,400) -
Shares at the end of the period 14,689 14,715 114,024 - - 290 4,395
Share Class IX
Shares at the start of the period - 250,099 - - 178,849 - -
Number of shares issued - 128 - 178,849 - - -
Number of shares redeemed - (85,000) - (178,849) (178,849) - -
Shares at the end of the period - 165,227 - - - - -
Share Class AX
Shares at the start of the period 7,242 - - - 178,823 - 22,007
Number of shares issued 929 - - 178,823 - - 13,852
Number of shares redeemed - - - (178,823) (178,823) - (5,111)
Shares at the end of the period 8,171 - - - - - 30,748
Share Class BX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class CX
Shares at the start of the period 4,000 - - - - - 4,000
Number of shares issued 52 - - - - - 30
Number of shares redeemed - - - - - - (4,030)
Shares at the end of the period 4,052 - - - - - -
Share Class N
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
(1) Fund merged with Euro Strategic Bond Fund on 20 March 2009.

133 Morgan Stanley Investment Funds 30 June 2009
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
The accompanying notes are an integral part of these financial statements.
Emerging Euro Euro Euro Total European
Markets Euro Corporate Strategic Return Currencies Global
Domestic Debt Bond Bond Bond Bond High Yield Bond
Fund Fund Fund Fund Fund (1) Bond Fund Fund
USD EUR EUR EUR EUR EUR USD
Share Class NX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class S
Shares at the start of the period - 9,086 - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - (9,086) - - - - -
Shares at the end of the period - - - - - - -
Share Class Z
Shares at the start of the period - 15,802,187 737,604 - - 441,745 760,028
Number of shares issued 246,705 1,298,108 8,405,460 65,740 - 770,220 87,924
Number of shares redeemed (1,522) (154,730) (596,683) (8,530) - (338,020) (421,223)
Shares at the end of the period 245,183 16,945,565 8,546,381 57,210 - 873,945 426,729
Share Class ZX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class IH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class BH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class CH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class ZH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
(1) Fund merged with Euro Strategic Bond Fund on 20 March 2009.

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 134
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
Emerging Euro Euro Euro Total European
Markets Euro Corporate Strategic Return Currencies Global
Domestic Debt Bond Bond Bond Bond High Yield Bond
Fund Fund Fund Fund Fund (1) Bond Fund Fund
USD EUR EUR EUR EUR EUR USD
Share Class ZHX (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class ZHX (GBP)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (NOK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (SEK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class IH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AHX (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class BH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
(1) Fund merged with Euro Strategic Bond Fund on 20 March 2009.

135 Morgan Stanley Investment Funds 30 June 2009
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
The accompanying notes are an integral part of these financial statements.
Global Global Diversified
Short Maturity US Convertible Convertible Euro US Dollar Alpha Plus
Euro Bond Bond Bond (Euro) Bond Liquidity Liquidity VaR 400 (Euro)
Fund Fund Fund (1) Fund (2) Fund Fund Fund
EUR USD EUR USD EUR USD EUR
Share Class I
Shares at the start of the period 726,971 233,235 2,562,480 502,720 6,073,815 10,693,231 1,003,575
Number of shares issued 1,017,547 19,998 442,600 381,200 6,042,563 2,775,874 158,944
Number of shares redeemed (1,292,237) (66,697) (3,005,080) (27,662) (8,206,435) (11,094,734) (1,127,272)
Shares at the end of the period 452,281 186,536 - 856,258 3,909,943 2,374,371 35,247
Share Class A
Shares at the start of the period 4,292,679 1,573,807 3,123,420 496,787 12,672,174 10,106,258 212,282
Number of shares issued 1,795,475 227,672 19,820 875,724 4,380,033 2,674,742 487,409
Number of shares redeemed (1,354,717) (500,280) (3,143,240) (185,244) (8,755,619) (6,650,428) (270,468)
Shares at the end of the period 4,733,437 1,301,199 - 1,187,267 8,296,588 6,130,572 429,223
Share Class B
Shares at the start of the period 4,436,886 1,140,572 826,264 132,164 7,481,987 523,650 746,201
Number of shares issued 6,196,100 108,513 72,277 91,986 4,835,329 100,633 1,046,792
Number of shares redeemed (1,665,843) (333,089) (898,541) (19,919) (4,915,780) (280,569) (481,797)
Shares at the end of the period 8,967,143 915,996 - 204,231 7,401,536 343,714 1,311,196
Share Class C
Shares at the start of the period - 4,000 2,400 - 2,400 4,000 -
Number of shares issued - - - - 984 - -
Number of shares redeemed - (4,000) (2,400) - (2,400) (4,000) -
Shares at the end of the period - - - - 984 - -
Share Class IX
Shares at the start of the period - 28,850 - - 749 48,378,428 -
Number of shares issued - - - - 3 3,051,285 -
Number of shares redeemed - (19,175) - - (752) (36,188,688) -
Shares at the end of the period - 9,675 - - - 15,241,025 -
Share Class AX
Shares at the start of the period - 1,966 - - - 232,521,646 -
Number of shares issued - - - - - 207,708,532 -
Number of shares redeemed - (1,966) - - - (235,365,079) -
Shares at the end of the period - - - - - 204,865,099 -
Share Class BX
Shares at the start of the period - - - - - 16,098,945 -
Number of shares issued - - - - - 398,273 -
Number of shares redeemed - - - - - (6,479,575) -
Shares at the end of the period - - - - - 10,017,643 -
Share Class CX
Shares at the start of the period - - - - - 100,344 -
Number of shares issued - - - - - 1 -
Number of shares redeemed - - - - - (100,345) -
Shares at the end of the period - - - - - - -
Share Class N
Shares at the start of the period - - - - - - 658,421
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - (77,915)
Shares at the end of the period - - - - - - 580,506
(1) Fund merged with Global Convertible Bond Fund on 20 March 2009.
(2) Name changed from Global Convertible Bond (USD) Fund on 20 March 2009.

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 136
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
Global Global Diversified
Short Maturity US Convertible Convertible Euro US Dollar Alpha Plus
Euro Bond Bond Bond (Euro) Bond Liquidity Liquidity VaR 400 (Euro)
Fund Fund Fund (1) Fund (2) Fund Fund Fund
EUR USD EUR USD EUR USD EUR
Share Class NX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class S
Shares at the start of the period - 1,114 - - - - -
Number of shares issued - 1 - - - - -
Number of shares redeemed - (1,115) - - - - -
Shares at the end of the period - - - - - - -
Share Class Z
Shares at the start of the period 171,265 31,610 - - 1,458,984 40,957 452,316
Number of shares issued 1,193,762 816 - - 3,124,932 1,672 672,674
Number of shares redeemed (75,276) (2,028) - - (1,708,590) (10,951) (840,964)
Shares at the end of the period 1,289,751 30,398 - - 2,875,326 31,678 284,026
Share Class ZX
Shares at the start of the period - - 2,881,668 - - - -
Number of shares issued - - 212,015 - - - -
Number of shares redeemed - - (3,093,683) - - - -
Shares at the end of the period - - - - - - -
Share Class IH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - 2,564,566 - - -
Number of shares redeemed - - - (235,813) - - -
Shares at the end of the period - - - 2,328,753 - - -
Share Class AH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - 2,539,117 - - -
Number of shares redeemed - - - (1,500,133) - - -
Shares at the end of the period - - - 1,038,984 - - -
Share Class BH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - 884,293 - - -
Number of shares redeemed - - - (73,542) - - -
Shares at the end of the period - - - 810,751 - - -
Share Class CH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - 2,400 - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - 2,400 - - -
Share Class ZH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - 567,068 - - -
Number of shares redeemed - - - (208,583) - - -
Shares at the end of the period - - - 358,485 - - -
(1) Fund merged with Global Convertible Bond Fund on 20 March 2009.
(2) Name changed from Global Convertible Bond (USD) Fund on 20 March 2009.

137 Morgan Stanley Investment Funds 30 June 2009
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
The accompanying notes are an integral part of these financial statements.
Global Global Diversified
Short Maturity US Convertible Convertible Euro US Dollar Alpha Plus
Euro Bond Bond Bond (Euro) Bond Liquidity Liquidity VaR 400 (Euro)
Fund Fund Fund (1) Fund (2) Fund Fund Fund
EUR USD EUR USD EUR USD EUR
Share Class ZHX (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - 3,223,935 - - -
Number of shares redeemed - - - (1,191,474) - - -
Shares at the end of the period - - - 2,032,461 - - -
Share Class ZHX (GBP)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (NOK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (SEK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class IH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - 35,391
Number of shares redeemed - - - - - - (26,071)
Shares at the end of the period - - - - - - 9,320
Share Class AH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - 156,656
Number of shares redeemed - - - - - - (28,545)
Shares at the end of the period - - - - - - 128,111
Share Class AHX (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class BH (USD)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - 178,182
Number of shares redeemed - - - - - - (33,692)
Shares at the end of the period - - - - - - 144,490
(1) Fund merged with Global Convertible Bond Fund on 20 March 2009.
(2) Name changed from Global Convertible Bond (USD) Fund on 20 March 2009.

Morgan Stanley Investment Funds 30 June 2009 138
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
Diversified FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus
Alpha Plus Global Commodities RC 200 RC 200 RC 200 RC 400
VaR 800 (Euro) Diversified Active GSLE (Euro) (Sterling) (US Dollar) (Euro)
Fund (Euro) Fund (1) Fund (2) Fund Fund (3) Fund (4) Fund
EUR EUR USD EUR GBP USD EUR
Share Class I
Shares at the start of the period 200,000 192,748 125,789 1,212,803 5,000 15,860 9,371,424
Number of shares issued 87,000 - 281,452 10,924 - - 239,582
Number of shares redeemed (87,000) (192,748) (36,360) (1,024,289) (5,000) (15,860) (3,775,364)
Shares at the end of the period 200,000 - 370,881 199,438 - - 5,835,642
Share Class A
Shares at the start of the period 210,998 585,360 840,877 1,266,358 9,245 19,159 5,325,197
Number of shares issued 709 10,838 1,016,276 22,304 - - 116,590
Number of shares redeemed (1,553) (596,198) (253,576) (724,495) (9,245) (19,159) (1,911,154)
Shares at the end of the period 210,154 - 1,603,577 564,167 - - 3,530,633
Share Class B
Shares at the start of the period 296,506 825,682 1,734,752 2,171,290 - - 4,678,861
Number of shares issued 104,907 10,610 412,169 80,726 - - 63,302
Number of shares redeemed (33,954) (836,292) (408,924) (935,059) - - (1,744,941)
Shares at the end of the period 367,459 - 1,737,997 1,316,957 - - 2,997,222
Share Class C
Shares at the start of the period - - 4,000 2,400 - 4,000 2,400
Number of shares issued - - 2,629 - - - -
Number of shares redeemed - - (4,000) (2,400) - (4,000) (2,400)
Shares at the end of the period - - 2,629 - - - -
Share Class IX
Shares at the start of the period - - 73,115 - 5,000 - -
Number of shares issued - - 27,482 - - - -
Number of shares redeemed - - (9,537) - (5,000) - -
Shares at the end of the period - - 91,060 - - - -
Share Class AX
Shares at the start of the period - - - - 5,000 4,022 255,248
Number of shares issued - - - - - 26 4,289
Number of shares redeemed - - - - (5,000) (4,048) (259,537)
Shares at the end of the period - - - - - - -
Share Class BX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class CX
Shares at the start of the period - - - - - 4,000 -
Number of shares issued - - - - - 11 -
Number of shares redeemed - - - - - (4,011) -
Shares at the end of the period - - - - - - -
Share Class N
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
(1) Fund merged with Diversified Alpha Plus VaR 400 (Euro) Fund on 20 March 2009.
(2) Name changed from Commodities Alpha Plus Fund on 6 March 2009.
(3) Shareholders of this Fund were compulsorily redeemed on 3 April 2009.
(4) Fund merged with FX Alpha Plus RC 400 (US Dollar) Fund on 3 April 2009.
The accompanying notes are an integral part of these financial statements.

139 Morgan Stanley Investment Funds 30 June 2009
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
The accompanying notes are an integral part of these financial statements.
Diversified FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus
Alpha Plus Global Commodities RC 200 RC 200 RC 200 RC 400
VaR 800 (Euro) Diversified Active GSLE (Euro) (Sterling) (US Dollar) (Euro)
Fund (Euro) Fund (1) Fund (2) Fund Fund (3) Fund (4) Fund
EUR EUR USD EUR GBP USD EUR
Share Class NX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class S
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class Z
Shares at the start of the period 200,000 - 959,948 119,049 - - 364,889
Number of shares issued 3,277 - 4,050 109,717 - - 792
Number of shares redeemed - - - (207,207) - - (45,304)
Shares at the end of the period 203,277 - 963,998 21,559 - - 320,377
Share Class ZX
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class IH (EUR)
Shares at the start of the period - - 387,119 - - - -
Number of shares issued - - 109,232 - - - -
Number of shares redeemed - - (392,113) - - - -
Shares at the end of the period - - 104,238 - - - -
Share Class AH (EUR)
Shares at the start of the period - - 496,825 - - - -
Number of shares issued - - 436,048 - - - -
Number of shares redeemed - - (121,025) - - - -
Shares at the end of the period - - 811,848 - - - -
Share Class BH (EUR)
Shares at the start of the period - - 256,842 - - - -
Number of shares issued - - 246,056 - - - -
Number of shares redeemed - - (59,517) - - - -
Shares at the end of the period - - 443,381 - - - -
Share Class CH (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class ZH (EUR)
Shares at the start of the period - - 2,307 - - - -
Number of shares issued - - 383,578 - - - -
Number of shares redeemed - - (85,034) - - - -
Shares at the end of the period - - 300,851 - - - -
(1) Fund merged with Diversified Alpha Plus VaR 400 (Euro) Fund on 20 March 2009.
(2) Name changed from Commodities Alpha Plus Fund on 6 March 2009.
(3) Shareholders of this Fund were compulsorily redeemed on 3 April 2009.
(4) Fund merged with FX Alpha Plus RC 400 (US Dollar) Fund on 3 April 2009.

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 140
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
Diversified FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus
Alpha Plus Global Commodities RC 200 RC 200 RC 200 RC 400
VaR 800 (Euro) Diversified Active GSLE (Euro) (Sterling) (US Dollar) (Euro)
Fund (Euro) Fund (1) Fund (2) Fund Fund (3) Fund (4) Fund
EUR EUR USD EUR GBP USD EUR
Share Class ZHX (EUR)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class ZHX (GBP)
Shares at the start of the period - - 94,357 - - - -
Number of shares issued - - 485,582 - - - 431,087
Number of shares redeemed - - (48,848) - - - (6,304)
Shares at the end of the period - - 531,091 - - - 424,783
Share Class AH (NOK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (SEK)
Shares at the start of the period - - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class IH (USD)
Shares at the start of the period - 35,391 - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - (35,391) - - - - -
Shares at the end of the period - - - - - - -
Share Class AH (USD)
Shares at the start of the period - 160,646 - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - (160,646) - - - - -
Shares at the end of the period - - - - - - -
Share Class AHX (USD)
Shares at the start of the period - - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - - - - - - -
Shares at the end of the period - - - - - - -
Share Class BH (USD)
Shares at the start of the period - 187,116 - - - - -
Number of shares issued - - - - - - -
Number of shares redeemed - (187,116) - - - - -
Shares at the end of the period - - - - - - -
(1) Fund merged with Diversified Alpha Plus VaR 400 (Euro) Fund on 20 March 2009.
(2) Name changed from Commodities Alpha Plus Fund on 6 March 2009.
(3) Shareholders of this Fund were compulsorily redeemed on 3 April 2009.
(4) Fund merged with FX Alpha Plus RC 400 (US Dollar) Fund on 3 April 2009.

141 Morgan Stanley Investment Funds 30 June 2009
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
The accompanying notes are an integral part of these financial statements.
FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus
RC 400 RC 400 RC 800 RC 800 RC 800
(Sterling) (US Dollar) (Euro) (Sterling) (US Dollar)
Fund Fund Fund Fund Fund (1)
GBP USD EUR GBP USD
Share Class I
Shares at the start of the period 39,413 2,261,093 537,837 1,856 351,041
Number of shares issued - 16,435 594,256 1,002 -
Number of shares redeemed (31,651) (2,082,262) (636,991) - (351,041)
Shares at the end of the period 7,762 195,266 495,102 2,858 -
Share Class A
Shares at the start of the period 9,111 870,007 1,412,406 767 269,805
Number of shares issued - 108,520 41,954 - 13,182
Number of shares redeemed (978) (480,516) (694,499) (196) (282,987)
Shares at the end of the period 8,133 498,011 759,861 571 -
Share Class B
Shares at the start of the period - - 2,541,910 - -
Number of shares issued - - 67,371 - -
Number of shares redeemed - - (1,030,726) - -
Shares at the end of the period - - 1,578,555 - -
Share Class C
Shares at the start of the period - 4,000 2,400 - -
Number of shares issued - 4,142 - - -
Number of shares redeemed - (8,142) (2,400) - -
Shares at the end of the period - - - - -
Share Class IX
Shares at the start of the period 449,394 - - 209,073 -
Number of shares issued 97,811 - - 388 -
Number of shares redeemed (547,205) - - (207,155) -
Shares at the end of the period - - - 2,306 -
Share Class AX
Shares at the start of the period 2,021 45,745 3,800 2,019 4,013
Number of shares issued 229 4,188 - 25 2
Number of shares redeemed (2,250) (49,933) (3,800) (2,044) (4,015)
Shares at the end of the period - - - - -
Share Class BX
Shares at the start of the period - - - - -
Number of shares issued - - - - -
Number of shares redeemed - - - - -
Shares at the end of the period - - - - -
Share Class CX
Shares at the start of the period - 4,000 - - -
Number of shares issued - 4,142 - - -
Number of shares redeemed - (8,142) - - -
Shares at the end of the period - - - - -
Share Class N
Shares at the start of the period - - - - -
Number of shares issued - - - - -
Number of shares redeemed - - - - -
Shares at the end of the period - - - - -
(1) Fund merged with FX Alpha Plus RC 800 (Sterling) Fund on 3 April 2009.

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 142
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus
RC 400 RC 400 RC 800 RC 800 RC 800
(Sterling) (US Dollar) (Euro) (Sterling) (US Dollar)
Fund Fund Fund Fund Fund (1)
GBP USD EUR GBP USD
Share Class NX
Shares at the start of the period - - - - -
Number of shares issued - - - - -
Number of shares redeemed - - - - -
Shares at the end of the period - - - - -
Share Class S
Shares at the start of the period - - - - -
Number of shares issued - - - - -
Number of shares redeemed - - - - -
Shares at the end of the period - - - - -
Share Class Z
Shares at the start of the period - - - 253,843 -
Number of shares issued - - - - -
Number of shares redeemed - - - (68,225) -
Shares at the end of the period - - - 185,618 -
Share Class ZX
Shares at the start of the period - - - - -
Number of shares issued 553,874 - - - -
Number of shares redeemed (354,378) - - - -
Shares at the end of the period 199,496 - - - -
Share Class IH (EUR)
Shares at the start of the period - - - - -
Number of shares issued - - - - -
Number of shares redeemed - - - - -
Shares at the end of the period - - - - -
Share Class AH (EUR)
Shares at the start of the period - - - - -
Number of shares issued - - - - -
Number of shares redeemed - - - - -
Shares at the end of the period - - - - -
Share Class BH (EUR)
Shares at the start of the period - - - - -
Number of shares issued - - - - -
Number of shares redeemed - - - - -
Shares at the end of the period - - - - -
Share Class CH (EUR)
Shares at the start of the period - - - - -
Number of shares issued - - - - -
Number of shares redeemed - - - - -
Shares at the end of the period - - - - -
Share Class ZH (EUR)
Shares at the start of the period - - - - -
Number of shares issued - - - - -
Number of shares redeemed - - - - -
Shares at the end of the period - - - - -
(1) Fund merged with FX Alpha Plus RC 800 (Sterling) Fund on 3 April 2009.

143 Morgan Stanley Investment Funds 30 June 2009
Statement of changes in number of shares (continued)
For the period ended 30 June 2009
The accompanying notes are an integral part of these financial statements.
FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus
RC 400 RC 400 RC 800 RC 800 RC 800
(Sterling) (US Dollar) (Euro) (Sterling) (US Dollar)
Fund Fund Fund Fund Fund (1)
GBP USD EUR GBP USD
Share Class ZHX (EUR)
Shares at the start of the period - - - - -
Number of shares issued - - - - -
Number of shares redeemed - - - - -
Shares at the end of the period - - - - -
Share Class ZHX (GBP)
Shares at the start of the period - - - - -
Number of shares issued - - - - -
Number of shares redeemed - - - - -
Shares at the end of the period - - - - -
Share Class AH (NOK)
Shares at the start of the period - 9,936 - - -
Number of shares issued - 209,732 - - -
Number of shares redeemed - (199,287) - - -
Shares at the end of the period - 20,381 - - -
Share Class AH (SEK)
Shares at the start of the period - 85 - - -
Number of shares issued - 264 - - -
Number of shares redeemed - (7) - - -
Shares at the end of the period - 342 - - -
Share Class IH (USD)
Shares at the start of the period - - - - -
Number of shares issued - - - 228,140 -
Number of shares redeemed - - - (39,512) -
Shares at the end of the period - - - 188,628 -
Share Class AH (USD)
Shares at the start of the period - - - - -
Number of shares issued - - - 156,788 -
Number of shares redeemed - - - (111,166) -
Shares at the end of the period - - - 45,622 -
Share Class AHX (USD)
Shares at the start of the period - - - - -
Number of shares issued - - - 4,015 -
Number of shares redeemed - - - (4,015) -
Shares at the end of the period - - - - -
Share Class BH (USD)
Shares at the start of the period - - - - -
Number of shares issued - - - - -
Number of shares redeemed - - - - -
Shares at the end of the period - - - - -
(1) Fund merged with FX Alpha Plus RC 800 (Sterling) Fund on 3 April 2009.

Statement of operations and changes in net
For the period ended 30 June 2009
Income
Dividends (net of withholding taxes)
Interest on bonds
Bank interest
Income from securities lending
Interest on swap transactions
Other income
Total income
Expenses
Investment advisory fees
Custodian fees
Director fees
Administration fees and transfer agent fees
Professional fees
Audit fees
Taxe d’abonnement
Printing and publication fees
Merger expenses
Performance fees
Bank interest
Transaction fees
Interest on swap transactions
Class specific expenses
- Class I
- Class A
- Class B
- Class C
- Class IX
- Class AX
- Class BX
- Class CX
- Class S
- Class Z
- Class ZX
- Class IH
- Class AH
- Class BH
- Class CH
- Class ZH
- Class ZHX
Tax charges (excluding Taxe d’abonnement)
Other fees
Total expenses
Plus fee waiver income
Net investment income/(loss)
Net realised gain/(loss) on sales of investments
Net realised gain/(loss) on options
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on credit default swap contracts
Net realised gain/(loss) on total return swap contracts
Net realised gain/(loss) on interest rate swap contracts
Net realised gain/(loss) on foreign exchange transactions
Net realised profit/(loss) for the period
Net change in unrealised appreciation/
(depreciation) on investments
Net change in unrealised appreciation/
(depreciation) on options
Net change in unrealised appreciation/
(depreciation) on financial futures contracts
Net change in unrealised appreciation/
(depreciation) on credit default swap contracts
Net change in unrealised appreciation/
(depreciation) on total return swap contracts
Net change in unrealised appreciation/
(depreciation) on interest rate swap contracts
Net change in unrealised appreciation/
(depreciation) on foreign exchange transactions
Net change in net assets as a result of operations
Dividend distribution
Proceeds received on subscription of shares
Net amount paid on redemption of shares
Net change in net assets as a result
of capital transactions
Total increase/(decrease) in net assets
Net assets at beginning of period
Translation difference
Net assets at end of period
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 144
Emerging Europe Emerging
American Asian Asian Middle East and Markets
Franchise Equity Property Africa Equity Equity
Fund Fund Fund Fund Fund
Combined
totals of all
funds +
USD USD USD EUR USD USD
4,069,286 5,041,212 9,789,675 2,620,163 7,911,886 91,358,475
- - - - - 67,006,515
55,583 44,588 - 4,524 43,080 4,608,881
- 146,764 - - 122,561 1,196,523
- - - - - 958,358
- - 72,293 76,019 148,615 2,125,799
4,124,869 5,232,564 9,861,968 2,700,706 8,226,142 167,254,551
1,778,034 1,729,108 3,385,259 1,302,158 3,216,412 50,442,214
23,613 109,467 61,100 42,327 178,181 1,341,473
1,149 1,149 1,149 809 1,149 66,271
88,653 93,692 37,244 36,905 204,017 3,135,413
12,465 49,382 - - - 407,287
8,646 8,646 8,646 7,216 8,755 559,689
68,851 32,993 111,041 39,415 127,185 1,926,653
47,029 97,810 207,164 39,599 64,544 1,656,624
- - - - - 128,266
- - - - - 33,041
- - 1,312 - - 22,149
7,656 83,598 45,333 - 190,108 1,168,341
- - - - - 50,881
37,435 41,969 86,328 7,099 116,521 1,189,880
113,526 35,880 221,710 72,747 116,914 2,834,160
53,395 142,165 299,838 295,831 139,659 7,243,606
698 49 - 23 42 5,720
- - 12,462 - - 32,602
10 - 1,868 639 - 64,747
- - - - - 50,480
- - - - - 330
- - - - - 7,644
9,713 88,213 786 713 12,523 616,699
22,220 - - - - 42,595
- - - - - 24,542
1,540 - - - - 53,376
6,265 - - - - 152,536
- - - - - 27
1,603 - - - - 5,384
- - - - - 25,559
23,940 22,089 33,365 13,802 2,579,366 3,404,300
8,503 8,646 8,647 3,723 8,648 356,585
2,314,944 2,544,856 4,523,252 1,863,006 6,964,024 77,049,074
727 - - - 15,844 1,807,478
1,810,652 2,687,708 5,338,716 837,700 1,277,962 92,012,955
(54,551,205) (32,345,011) (136,229,724) (65,680,433) (105,383,417) (1,172,253,563)
- - - - - 69,478
- - - - - 3,970,264
- - - - - 3,755,364
- - - - - 10,419,503
- - - - - 43,816
190,758 (211,972) (28,731) 59,475 1,327,027 2,575,217
(52,549,795) (29,869,275) (130,919,739) (64,783,258) (102,778,428) (1,059,406,966)
52,689,953 149,860,855 294,165,716 91,903,084 295,707,164 2,229,749,513
- - - - - (34,294)
- - - - - 1,077,938
- - - - - (1,123,179)
- - - - - (916,589)
- - - - - (1,219,015)
111,365 - - - (262,002) (18,896,744)
251,523 119,991,580 163,245,977 27,119,826 192,666,734 1,149,230,664
(393,160) - (290,355) - - (3,561,653)
221,007,717 268,770,008 166,778,904 22,525,593 141,452,604 5,355,357,081
(392,330,658) (201,437,556) (187,412,647) (57,457,982) (161,855,573) (5,657,223,160)
(171,322,941) 67,332,452 (20,633,743) (34,932,389) (20,402,969) (301,866,079)
(171,464,578) 187,324,032 142,321,879 (7,812,563) 172,263,765 843,802,932
384,355,882 334,171,725 640,196,757 183,833,055 645,173,541 11,494,149,340
- - - - - 10,954,192
212,891,304 521,495,757 782,518,636 176,020,492 817,437,306 12,348,906,464

145 Morgan Stanley Investment Funds 30 June 2009
Statement of operations and changes in net assets (continued)
For the period ended 30 June 2009
Income
Dividends (net of withholding taxes)
Interest on bonds
Bank interest
Income from securities lending
Interest on swap transactions
Other income
Total income
Expenses
Investment advisory fees
Custodian fees
Director fees
Administration fees and transfer agent fees
Professional fees
Audit fees
Taxe d’abonnement
Printing and publication fees
Merger expenses
Performance fees
Bank interest
Transaction fees
Interest on swap transactions
Class specific expenses
- Class I
- Class A
- Class B
- Class C
- Class IX
- Class AX
- Class BX
- Class CX
- Class S
- Class Z
- Class ZX
- Class IH
- Class AH
- Class BH
- Class CH
- Class ZH
- Class ZHX
Tax charges (excluding Taxe d’abonnement)
Other fees
Total expenses
Plus fee waiver income
Net investment income/(loss)
Net realised gain/(loss) on sales of investments
Net realised gain/(loss) on options
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on credit default swap contracts
Net realised gain/(loss) on total return swap contracts
Net realised gain/(loss) on interest rate swap contracts
Net realised gain/(loss) on foreign exchange transactions
Net realised profit/(loss) for the period
Net change in unrealised appreciation/
(depreciation) on investments
Net change in unrealised appreciation/
(depreciation) on options
Net change in unrealised appreciation/
(depreciation) on financial futures contracts
Net change in unrealised appreciation/
(depreciation) on credit default swap contracts
Net change in unrealised appreciation/
(depreciation) on total return swap contracts
Net change in unrealised appreciation/
(depreciation) on interest rate swap contracts
Net change in unrealised appreciation/
(depreciation) on foreign exchange transactions
Net change in net assets as a result of operations
Dividend distribution
Proceeds received on subscription of shares
Net amount paid on redemption of shares
Net change in net assets as a result
of capital transactions
Total increase/(decrease) in net assets
Net assets at beginning of period
Translation difference
Net assets at end of period
European Equity
European European Optimised European
Equity Equity Research European Small Cap
Alpha Opportunities 130/30 Property Value
Fund (1) Fund (2) Fund (3) (4) Fund Fund
Combined
totals of all
funds +
EUR EUR EUR EUR EUR USD
2,566,361 125,053 117,984 3,340,118 228,034 91,358,475
- - - - - 67,006,515
13,471 747 - 609 - 4,608,881
98,392 1,694 - 249,518 - 1,196,523
- - - - - 958,358
4,052 - - 14,639 - 2,125,799
2,682,276 127,494 117,984 3,604,884 228,034 167,254,551
597,324 50,685 41,146 554,254 79,718 50,442,214
22,417 2,190 668 19,345 788 1,341,473
798 367 1,495 798 809 66,271
49,619 20,685 12,903 46,963 16,214 3,135,413
- 1,323 3,266 - 948 407,287
7,216 7,513 2,946 7,216 5,368 559,689
24,774 1,560 749 21,187 1,759 1,926,653
34,126 1,739 1,003 16,589 1,386 1,656,624
- 10,126 - - - 128,266
- - - - - 33,041
- - 1,991 - 1,674 22,149
11,519 2,438 27,475 10,728 38,471 1,168,341
- - 3,793 - - 50,881
11,776 956 704 19,748 479 1,189,880
37,700 2,187 1,325 33,497 3,848 2,834,160
73,115 8,467 10,872 33,475 22,898 7,243,606
35 13 19 - - 5,720
- 348 - 396 - 32,602
- 649 - 277 107 64,747
- - - - - 50,480
- - - - - 330
- - - - - 7,644
13,245 158 - 1,007 - 616,699
- - - - - 42,595
- - - - - 24,542
- - - - - 53,376
- - - - - 152,536
- - - - - 27
- - - - - 5,384
- - - - - 25,559
11,209 - - 11,042 7,458 3,404,300
4,164 2,083 3,783 3,722 4,180 356,585
899,037 113,487 114,138 780,244 186,105 77,049,074
12 35,374 52,054 - 47,733 1,807,478
1,783,251 49,381 55,900 2,824,640 89,662 92,012,955
(14,649,536) (10,438,839) (850,315) (57,097,688) (6,397,841) (1,172,253,563)
- - - - - 69,478
2,830,026 (20,629) - - - 3,970,264
- - - - - 3,755,364
- - (73,477) - - 10,419,503
- - - - - 43,816
33,541 (12,895) 372 99,039 (819) 2,575,217
(10,002,718) (10,422,982) (867,520) (54,174,009) (6,308,998) (1,059,406,966)
16,069,255 8,087,758 880,049 59,116,510 7,310,886 2,229,749,513
- - - - - (34,294)
- - - - - 1,077,938
- - - - - (1,123,179)
- - (838) - - (916,589)
- - - - - (1,219,015)
- - - - - (18,896,744)
6,066,537 (2,335,224) 11,691 4,942,501 1,001,888 1,149,230,664
- (12,108) - (18,748) - (3,561,653)
87,919,505 2,047,548 13,962 31,360,740 1,366,951 5,355,357,081
(55,917,688) (21,055,581) (8,966,615) (27,115,529) (5,117,986) (5,657,223,160)
32,001,817 (19,008,033) (8,952,653) 4,245,211 (3,751,035) (301,866,079)
38,068,354 (21,355,365) (8,940,962) 9,168,964 (2,749,147) 843,802,932
113,965,328 21,355,365 8,940,962 109,465,649 12,923,596 11,494,149,340
- - - - - 10,954,192
152,033,682 - - 118,634,613 10,174,449 12,348,906,464
(1) Name changed from European Equity Fund on 6 March 2009. (2) Fund merged with Eurozone Equity Alpha Fund on 20 March 2009. (3) Name changed from European Optimised Research Extension
Fund on 6 March 2009. (4) Shareholders of this Fund were compulsorily redeemed on 30 April 2009. + Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 146
Statement of operations and changes in net assets (continued)
For the period ended 30 June 2009
Income
Dividends (net of withholding taxes)
Interest on bonds
Bank interest
Income from securities lending
Interest on swap transactions
Other income
Total income
Expenses
Investment advisory fees
Custodian fees
Director fees
Administration fees and transfer agent fees
Professional fees
Audit fees
Taxe d’abonnement
Printing and publication fees
Merger expenses
Performance fees
Bank interest
Transaction fees
Interest on swap transactions
Class specific expenses
- Class I
- Class A
- Class B
- Class C
- Class IX
- Class AX
- Class BX
- Class CX
- Class S
- Class Z
- Class ZX
- Class IH
- Class AH
- Class BH
- Class CH
- Class ZH
- Class ZHX
Tax charges (excluding Taxe d’abonnement)
Other fees
Total expenses
Plus fee waiver income
Net investment income/(loss)
Net realised gain/(loss) on sales of investments
Net realised gain/(loss) on options
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on credit default swap contracts
Net realised gain/(loss) on total return swap contracts
Net realised gain/(loss) on interest rate swap contracts
Net realised gain/(loss) on foreign exchange transactions
Net realised profit/(loss) for the period
Net change in unrealised appreciation/
(depreciation) on investments
Net change in unrealised appreciation/
(depreciation) on options
Net change in unrealised appreciation/
(depreciation) on financial futures contracts
Net change in unrealised appreciation/
(depreciation) on credit default swap contracts
Net change in unrealised appreciation/
(depreciation) on total return swap contracts
Net change in unrealised appreciation/
(depreciation) on interest rate swap contracts
Net change in unrealised appreciation/
(depreciation) on foreign exchange transactions
Net change in net assets as a result of operations
Dividend distribution
Proceeds received on subscription of shares
Net amount paid on redemption of shares
Net change in net assets as a result
of capital transactions
Total increase/(decrease) in net assets
Net assets at beginning of period
Translation difference
Net assets at end of period
Eurozone Global Global
Equity Global Equity Global Small Cap
Alpha Brands Growth Property Value
Fund (1) Fund Fund (2) Fund Fund
(1) Name changed from Eurozone Equity Opportunities Fund on 6 March 2009. (2) Fund merged with Global Value Equity Fund on 3 April 2009.
+ Represents the combined totals of all Morgan Stanley Investment Funds.
Combined
totals of all
funds +
EUR USD USD USD USD USD
757,871 18,850,210 101,395 3,312,264 794,191 91,358,475
- - - - - 67,006,515
6,037 81,288 807 5,629 5,769 4,608,881
114 - - 1,329 - 1,196,523
- - - - - 958,358
- 517,763 - - - 2,125,799
764,022 19,449,261 102,202 3,319,222 799,960 167,254,551
238,095 5,608,088 67,812 761,224 498,359 50,442,214
2,670 109,570 2,464 18,215 8,239 1,341,473
809 1,149 763 1,149 1,149 66,271
35,384 37,361 28,484 24,142 36,077 3,135,413
2,653 10,286 4,565 8,709 9,625 407,287
7,216 8,646 28,087 8,650 8,646 559,689
8,588 183,130 1,199 28,088 18,990 1,926,653
12,120 - 3,640 26,135 13,797 1,656,624
- - 14,829 - - 128,266
- - - - - 33,041
- - - - - 22,149
4,875 14,183 9,424 65,582 71,785 1,168,341
- - - - - 50,881
1,292 129,143 5,169 39,937 15,200 1,189,880
16,879 362,161 1,499 26,766 26,088 2,834,160
45,578 626,035 4,042 13,441 26,378 7,243,606
- - 23 45 - 5,720
- - - 2,556 - 32,602
- - 11 - 271 64,747
- - - - - 50,480
- - - - - 330
- - - - - 7,644
1,382 19,418 - 2,237 - 616,699
- - - - - 42,595
- - - - - 24,542
- 5,674 - - - 53,376
- 13,680 - - - 152,536
- - - - - 27
- 338 - - - 5,384
- - - - - 25,559
8,061 52,604 - 15,519 12,843 3,404,300
4,153 10,507 4,930 9,318 8,644 356,585
389,755 7,191,973 176,941 1,051,713 756,091 77,049,074
22,304 - 74,145 5,519 1,467 1,807,478
396,571 12,257,288 (594) 2,273,028 45,336 92,012,955
(4,956,324) (91,530,749) (21,127,294) (34,752,666) (15,241,242) (1,172,253,563)
- - - - - 69,478
914,459 - - - - 3,970,264
- - - - - 3,755,364
- - - - - 10,419,503
- - - - - 43,816
5,333 (6,268,700) 29,780 (28,510) (16,761) 2,575,217
(3,639,961) (85,542,161) (21,098,108) (32,508,148) (15,212,667) (1,059,406,966)
7,256,159 115,239,601 17,731,376 56,547,296 22,402,999 2,229,749,513
- - - - - (34,294)
- - - - - 1,077,938
- - - - - (1,123,179)
- - - - - (916,589)
- - - - - (1,219,015)
- (4,732,830) - - - (18,896,744)
3,616,198 24,964,610 (3,366,732) 24,039,148 7,190,332 1,149,230,664
- - - (77,887) - (3,561,653)
26,146,575 148,893,141 3,658,869 68,083,033 11,608,301 5,355,357,081
(7,351,275) (380,221,899) (46,179,322) (39,479,690) (19,969,036) (5,657,223,160)
18,795,300 (231,328,758) (42,520,453) 28,603,343 (8,360,735) (301,866,079)
22,411,498 (206,364,148) (45,887,185) 52,564,604 (1,170,403) 843,802,932
29,185,008 1,162,249,983 45,887,185 155,852,949 83,230,500 11,494,149,340
- - - - - 10,954,192
51,596,506 955,885,835 - 208,417,553 82,060,097 12,348,906,464

147 Morgan Stanley Investment Funds 30 June 2009
Statement of operations and changes in net assets (continued)
For the period ended 30 June 2009
Income
Dividends (net of withholding taxes)
Interest on bonds
Bank interest
Income from securities lending
Interest on swap transactions
Other income
Total income
Expenses
Investment advisory fees
Custodian fees
Director fees
Administration fees and transfer agent fees
Professional fees
Audit fees
Taxe d’abonnement
Printing and publication fees
Merger expenses
Performance fees
Bank interest
Transaction fees
Interest on swap transactions
Class specific expenses
- Class I
- Class A
- Class B
- Class C
- Class IX
- Class AX
- Class BX
- Class CX
- Class S
- Class Z
- Class ZX
- Class IH
- Class AH
- Class BH
- Class CH
- Class ZH
- Class ZHX
Tax charges (excluding Taxe d’abonnement)
Other fees
Total expenses
Plus fee waiver income
Net investment income/(loss)
Net realised gain/(loss) on sales of investments
Net realised gain/(loss) on options
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on credit default swap contracts
Net realised gain/(loss) on total return swap contracts
Net realised gain/(loss) on interest rate swap contracts
Net realised gain/(loss) on foreign exchange transactions
Net realised profit/(loss) for the period
Net change in unrealised appreciation/
(depreciation) on investments
Net change in unrealised appreciation/
(depreciation) on options
Net change in unrealised appreciation/
(depreciation) on financial futures contracts
Net change in unrealised appreciation/
(depreciation) on credit default swap contracts
Net change in unrealised appreciation/
(depreciation) on total return swap contracts
Net change in unrealised appreciation/
(depreciation) on interest rate swap contracts
Net change in unrealised appreciation/
(depreciation) on foreign exchange transactions
Net change in net assets as a result of operations
Dividend distribution
Proceeds received on subscription of shares
Net amount paid on redemption of shares
Net change in net assets as a result
of capital transactions
Total increase/(decrease) in net assets
Net assets at beginning of period
Translation difference
Net assets at end of period
The accompanying notes are an integral part of these financial statements.
Global Japanese Japanese Japanese
Value Indian Equity Equity Value
Equity Equity Advantage Growth Equity
Fund Fund Fund Fund (1) Fund
(1) Fund merged with Japanese Equity Advantage Fund on 3 April 2009. + Represents the combined totals of all Morgan Stanley Investment Funds.
Combined
totals of all
funds +
USD USD JPY JPY JPY USD
8,585,456 322,767 31,468,493 17,388,110 631,555,423 91,358,475
- - - - - 67,006,515
20,726 1,867 50,422 - - 4,608,881
150,977 - 1,159,304 - - 1,196,523
- - - - - 958,358
41,953 - - - 4,758,712 2,125,799
8,799,112 324,634 32,678,219 17,388,110 636,314,135 167,254,551
1,504,669 257,496 17,585,350 6,114,251 336,718,454 50,442,214
31,006 21,584 352,570 22,583 7,080,929 1,341,473
1,149 4,621 128,510 68,808 126,881 66,271
114,487 110,392 4,157,944 2,230,932 - 3,135,413
21,498 5,778 293,586 270,975 2,104,591 407,287
8,646 8,755 783,187 1,820,666 998,396 559,689
66,014 8,012 765,620 102,560 12,853,777 1,926,653
- 4,284 660,436 148,110 21,614,130 1,656,624
- - - 1,632,398 - 128,266
- - - - - 33,041
- - - 62,753 1,247,677 22,149
21,852 13,667 1,762,250 138,014 6,672,746 1,168,341
- - - - - 50,881
76,119 40 396,408 84,008 7,487,587 1,189,880
64,863 6,600 1,098,461 379,929 19,683,174 2,834,160
106,534 132,283 1,246,221 758,209 13,286,236 7,243,606
48 45 - - 7,805 5,720
- - - - - 32,602
- - - 871 54,707 64,747
- - - - - 50,480
- - - - - 330
- - - - - 7,644
5,886 157 69,072 - 6,771,051 616,699
- - - - - 42,595
- - - - 268,427 24,542
- - 155,629 - - 53,376
- - - - - 152,536
- - - - - 27
- - - - - 5,384
- - - - - 25,559
22,455 10,547 1,037,993 - 4,074,016 3,404,300
9,553 9,225 1,601,848 473,379 1,248,214 356,585
2,054,779 593,486 32,095,085 14,308,446 442,298,798 77,049,074
65 138,047 6,156,320 3,317,867 1,338 1,807,478
6,744,398 (130,805) 6,739,454 6,397,531 194,016,675 92,012,955
(85,244,553) (4,362,361) (188,120,522) (1,087,426,964) (12,567,735,062) (1,172,253,563)
- - - - - 69,478
- - - - - 3,970,264
- - - - - 3,755,364
- - - - - 10,419,503
- - - - - 43,816
(3,464,454) 171,059 15,077,085 125,451 13,430,814 2,575,217
(81,964,609) (4,322,107) (166,303,983) (1,080,903,982) (12,360,287,573) (1,059,406,966)
72,497,009 19,897,744 604,164,136 958,303,045 17,829,826,438 2,229,749,513
- - - - - (34,294)
- - - - - 1,077,938
- - - - - (1,123,179)
- - - - - (916,589)
- - - - - (1,219,015)
(631,207) - 426,069 - 16,526,427 (18,896,744)
(10,098,807) 15,575,637 438,286,222 (122,600,937) 5,486,065,292 1,149,230,664
- - - - (46,538) (3,561,653)
93,132,858 49,733,528 3,324,114,981 30,111,518 40,285,535,908 5,355,357,081
(133,727,794) (31,993,247) (2,024,137,436) (1,780,572,908) (49,375,071,481) (5,657,223,160)
(40,594,936) 17,740,281 1,299,977,545 (1,750,461,390) (9,089,535,573) (301,866,079)
(50,693,743) 33,315,918 1,738,263,767 (1,873,062,327) (3,603,516,819) 843,802,932
344,105,999 20,933,030 2,415,757,583 1,873,062,327 79,593,320,876 11,494,149,340
- - - - - 10,954,192
293,412,256 54,248,948 4,154,021,350 - 75,989,804,057 12,348,906,464

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 148
Statement of operations and changes in net assets (continued)
For the period ended 30 June 2009
Income
Dividends (net of withholding taxes)
Interest on bonds
Bank interest
Income from securities lending
Interest on swap transactions
Other income
Total income
Expenses
Investment advisory fees
Custodian fees
Director fees
Administration fees and transfer agent fees
Professional fees
Audit fees
Taxe d’abonnement
Printing and publication fees
Merger expenses
Performance fees
Bank interest
Transaction fees
Interest on swap transactions
Class specific expenses
- Class I
- Class A
- Class B
- Class C
- Class IX
- Class AX
- Class BX
- Class CX
- Class S
- Class Z
- Class ZX
- Class IH
- Class AH
- Class BH
- Class CH
- Class ZH
- Class ZHX
Tax charges (excluding Taxe d’abonnement)
Other fees
Total expenses
Plus fee waiver income
Net investment income/(loss)
Net realised gain/(loss) on sales of investments
Net realised gain/(loss) on options
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on credit default swap contracts
Net realised gain/(loss) on total return swap contracts
Net realised gain/(loss) on interest rate swap contracts
Net realised gain/(loss) on foreign exchange transactions
Net realised profit/(loss) for the period
Net change in unrealised appreciation/
(depreciation) on investments
Net change in unrealised appreciation/
(depreciation) on options
Net change in unrealised appreciation/
(depreciation) on financial futures contracts
Net change in unrealised appreciation/
(depreciation) on credit default swap contracts
Net change in unrealised appreciation/
(depreciation) on total return swap contracts
Net change in unrealised appreciation/
(depreciation) on interest rate swap contracts
Net change in unrealised appreciation/
(depreciation) on foreign exchange transactions
Net change in net assets as a result of operations
Dividend distribution
Proceeds received on subscription of shares
Net amount paid on redemption of shares
Net change in net assets as a result
of capital transactions
Total increase/(decrease) in net assets
Net assets at beginning of period
Translation difference
Net assets at end of period
Latin US US
American US Equity US Small Cap
Equity Equity Growth Property Growth
Fund Fund (1) Fund Fund Fund
(1) Fund merged with American Franchise Fund on 3 April 2009. + Represents the combined totals of all Morgan Stanley Investment Funds.
Combined
totals of all
funds +
USD USD USD USD USD USD
6,448,125 83,073 915,866 955,532 17,928 91,358,475
- - - - - 67,006,515
17,920 735 34,497 220 1,292 4,608,881
- - - 46,157 - 1,196,523
- - - - - 958,358
12,818 18,542 37,145 20,198 - 2,125,799
6,478,863 102,350 987,508 1,022,107 19,220 167,254,551
4,416,085 38,010 1,379,606 233,201 169,023 50,442,214
130,705 - 42,038 2,255 1,138 1,341,473
1,149 763 1,149 1,149 1,149 66,271
112,214 26,338 83,711 12,121 30,987 3,135,413
- 3,127 - - 4,792 407,287
8,646 27,643 8,646 14,511 6,020 559,689
137,646 1,054 53,975 10,421 3,714 1,926,653
62,479 - 55,532 - 5,645 1,656,624
- 13,666 - - - 128,266
- - - - - 33,041
- - - - - 22,149
32,124 1,746 9,050 1,716 6,632 1,168,341
- - - - - 50,881
17,579 1,453 27,310 7,612 585 1,189,880
347,235 1,537 87,846 16,458 12,473 2,834,160
202,265 9,294 130,976 6,312 20,239 7,243,606
40 23 47 - 47 5,720
- 83 1,298 - - 32,602
- 285 1,196 59 - 64,747
- - - - - 50,480
- - - - - 330
- - - - - 7,644
16,831 - 13,976 - - 616,699
- - - - - 42,595
- - 251 - - 24,542
- - 1,150 - - 53,376
- - - - - 152,536
- - - - - 27
- - 292 - - 5,384
- - - - - 25,559
28,119 - 18,235 60,912 10,633 3,404,300
4,928 - 6,374 5,509 4,929 356,585
5,518,045 125,022 1,922,658 372,236 278,006 77,049,074
62 30,198 47 - 23,833 1,807,478
960,880 7,526 (935,103) 649,871 (234,953) 92,012,955
(71,616,252) (9,176,887) (26,366,457) (17,852,059) (4,239,902) (1,172,253,563)
- - - - - 69,478
- - - - - 3,970,264
- - - - - 3,755,364
- - - - - 10,419,503
- - - - - 43,816
(345,917) (13,873) (173,888) (68) 2,711 2,575,217
(71,001,289) (9,183,234) (27,475,448) (17,202,256) (4,472,144) (1,059,406,966)
296,538,378 7,935,218 90,054,364 14,188,869 4,495,137 2,229,749,513
- - - - - (34,294)
- - - - - 1,077,938
- - - - - (1,123,179)
- - - - - (916,589)
- - - - - (1,219,015)
- - 68,712 - - (18,896,744)
225,537,089 (1,248,016) 62,647,628 (3,013,387) 22,993 1,149,230,664
- (1,785) - (1,658) - (3,561,653)
132,610,419 2,386,003 147,334,136 3,134,940 4,149,566 5,355,357,081
(73,347,286) (17,924,673) (148,598,989) (6,679,278) (2,592,268) (5,657,223,160)
59,263,133 (15,538,670) (1,264,853) (3,544,338) 1,557,298 (301,866,079)
284,800,222 (16,788,471) 61,382,775 (6,559,383) 1,580,291 843,802,932
497,822,667 16,788,471 229,510,681 52,425,031 23,271,120 11,494,149,340
- - - - - 10,954,192
782,622,889 - 290,893,456 45,865,648 24,851,411 12,348,906,464

149 Morgan Stanley Investment Funds 30 June 2009
Statement of operations and changes in net assets (continued)
For the period ended 30 June 2009
Income
Dividends (net of withholding taxes)
Interest on bonds
Bank interest
Income from securities lending
Interest on swap transactions
Other income
Total income
Expenses
Investment advisory fees
Custodian fees
Director fees
Administration fees and transfer agent fees
Professional fees
Audit fees
Taxe d’abonnement
Printing and publication fees
Merger expenses
Performance fees
Bank interest
Transaction fees
Interest on swap transactions
Class specific expenses
- Class I
- Class A
- Class B
- Class C
- Class IX
- Class AX
- Class BX
- Class CX
- Class S
- Class Z
- Class ZX
- Class IH
- Class AH
- Class BH
- Class CH
- Class ZH
- Class ZHX
Tax charges (excluding Taxe d’abonnement)
Other fees
Total expenses
Plus fee waiver income
Net investment income/(loss)
Net realised gain/(loss) on sales of investments
Net realised gain/(loss) on options
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on credit default swap contracts
Net realised gain/(loss) on total return swap contracts
Net realised gain/(loss) on interest rate swap contracts
Net realised gain/(loss) on foreign exchange transactions
Net realised profit/(loss) for the period
Net change in unrealised appreciation/
(depreciation) on investments
Net change in unrealised appreciation/
(depreciation) on options
Net change in unrealised appreciation/
(depreciation) on financial futures contracts
Net change in unrealised appreciation/
(depreciation) on credit default swap contracts
Net change in unrealised appreciation/
(depreciation) on total return swap contracts
Net change in unrealised appreciation/
(depreciation) on interest rate swap contracts
Net change in unrealised appreciation/
(depreciation) on foreign exchange transactions
Net change in net assets as a result of operations
Dividend distribution
Proceeds received on subscription of shares
Net amount paid on redemption of shares
Net change in net assets as a result
of capital transactions
Total increase/(decrease) in net assets
Net assets at beginning of period
Translation difference
Net assets at end of period
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.
US Alpha Advantage Emerging Emerging
Value European Fixed Markets Markets Euro
Equity Income Debt Domestic Debt Bond
Fund Fund Fund Fund Fund
Combined
totals of all
funds +
USD EUR USD USD EUR USD
2,620,598 8,530 - - - 91,358,475
- 19,222 6,837,564 2,298,155 12,409,150 67,006,515
18,250 17,916 12,709 8,823 142,925 4,608,881
78,513 - 11,602 - 63,949 1,196,523
- - - - 36,986 958,358
7,470 4,003 - - 2,378 2,125,799
2,724,831 49,671 6,861,875 2,306,978 12,655,388 167,254,551
1,141,191 30,974 793,693 413,881 1,562,850 50,442,214
- 182 13,926 22,403 56,261 1,341,473
1,149 1,490 1,149 1,149 798 66,271
59,545 18,542 84,434 42,704 71,726 3,135,413
21,532 852 6,351 6,649 - 407,287
8,646 4,760 8,646 11,390 7,216 559,689
49,828 1,258 26,647 11,011 61,066 1,926,653
46,429 - 30,780 8,772 58,919 1,656,624
- - - - - 128,266
- 24,528 - - - 33,041
- - - - - 22,149
7,665 12,272 7,707 1,951 5,273 1,168,341
- - - - - 50,881
38,958 532 12,497 2,793 22,536 1,189,880
51,038 1,003 30,856 31,532 57,257 2,834,160
53,423 12,090 126,789 65,189 243,944 7,243,606
49 - 66 218 148 5,720
4,051 - - - 993 32,602
308 - 177 122 - 64,747
- - - - - 50,480
- - 66 63 - 330
- - 7,622 - 14 7,644
24,346 529 2,456 332 169,570 616,699
- - - - - 42,595
442 - - - - 24,542
237 - 6,997 - - 53,376
- - - - - 152,536
- - - - - 27
75 - - - - 5,384
- - - - - 25,559
19,869 7,225 15,370 12,221 29,651 3,404,300
5,707 2,733 9,329 5,468 3,723 356,585
1,534,488 118,970 1,185,558 637,848 2,351,945 77,049,074
- 34,777 2,210 205 - 1,807,478
1,190,343 (34,522) 5,678,527 1,669,335 10,303,443 92,012,955
(23,743,646) (6,728) (7,835,843) (3,445,512) 6,404,800 (1,172,253,563)
- - - - - 69,478
- 3,407 51,449 15,374 1,130,179 3,970,264
- - - - 289,539 3,755,364
- - - - - 10,419,503
- - - 199,201 - 43,816
(159,846) 252,279 238,557 247,517 4,197 2,575,217
(22,713,149) 214,436 (1,867,310) (1,314,085) 18,132,158 (1,059,406,966)
32,799,073 13,200 25,709,783 8,007,807 (4,128,946) 2,229,749,513
- - - - - (34,294)
- 3,931 20,883 9,492 (754,963) 1,077,938
- - - - (296,732) (1,123,179)
- - - - - (916,589)
- - - (70,600) - (1,219,015)
1,366 43,969 140,476 (185,777) - (18,896,744)
10,087,290 275,536 24,003,832 6,446,837 12,951,517 1,149,230,664
(114,813) - (1,150,662) (20,756) (127,828) (3,561,653)
119,812,438 3,686,304 89,531,502 22,605,433 82,101,696 5,355,357,081
(124,523,086) (3,058,013) (70,692,035) (24,748,958) (88,558,816) (5,657,223,160)
(4,710,648) 628,291 18,839,467 (2,143,525) (6,457,120) (301,866,079)
5,261,829 903,827 41,692,637 4,282,556 6,366,569 843,802,932
273,900,011 6,643,731 155,400,252 67,361,405 610,762,393 11,494,149,340
- - - - - 10,954,192
279,161,840 7,547,558 197,092,889 71,643,961 617,128,962 12,348,906,464

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 150
Statement of operations and changes in net assets (continued)
For the period ended 30 June 2009
Income
Dividends (net of withholding taxes)
Interest on bonds
Bank interest
Income from securities lending
Interest on swap transactions
Other income
Total income
Expenses
Investment advisory fees
Custodian fees
Director fees
Administration fees and transfer agent fees
Professional fees
Audit fees
Taxe d’abonnement
Printing and publication fees
Merger expenses
Performance fees
Bank interest
Transaction fees
Interest on swap transactions
Class specific expenses
- Class I
- Class A
- Class B
- Class C
- Class IX
- Class AX
- Class BX
- Class CX
- Class S
- Class Z
- Class ZX
- Class IH
- Class AH
- Class BH
- Class CH
- Class ZH
- Class ZHX
Tax charges (excluding Taxe d’abonnement)
Other fees
Total expenses
Plus fee waiver income
Net investment income/(loss)
Net realised gain/(loss) on sales of investments
Net realised gain/(loss) on options
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on credit default swap contracts
Net realised gain/(loss) on total return swap contracts
Net realised gain/(loss) on interest rate swap contracts
Net realised gain/(loss) on foreign exchange transactions
Net realised profit/(loss) for the period
Net change in unrealised appreciation/
(depreciation) on investments
Net change in unrealised appreciation/
(depreciation) on options
Net change in unrealised appreciation/
(depreciation) on financial futures contracts
Net change in unrealised appreciation/
(depreciation) on credit default swap contracts
Net change in unrealised appreciation/
(depreciation) on total return swap contracts
Net change in unrealised appreciation/
(depreciation) on interest rate swap contracts
Net change in unrealised appreciation/
(depreciation) on foreign exchange transactions
Net change in net assets as a result of operations
Dividend distribution
Proceeds received on subscription of shares
Net amount paid on redemption of shares
Net change in net assets as a result
of capital transactions
Total increase/(decrease) in net assets
Net assets at beginning of period
Translation difference
Net assets at end of period
Euro Euro Euro Total European
Corporate Strategic Return Currencies Global
Bond Bond Bond High Yield Bond
Fund Fund Fund (1) Bond Fund Fund
(1) Fund merged with Euro Strategic Bond Fund on 20 March 2009. + Represents the combined totals of all Morgan Stanley Investment Funds.
Combined
totals of all
funds +
EUR EUR EUR EUR USD USD
- - - - - 91,358,475
12,812,523 2,211,433 311,694 3,141,768 2,829,943 67,006,515
181,830 97,129 15,686 23,980 22,686 4,608,881
- 10,270 - 24,290 9,494 1,196,523
585,519 1,715 - 67,051 - 958,358
- - 887 54,935 - 2,125,799
13,579,872 2,320,547 328,267 3,312,024 2,862,123 167,254,551
1,663,677 304,700 40,172 240,113 479,784 50,442,214
52,973 11,116 863 5,812 18,847 1,341,473
809 798 2,500 798 1,149 66,271
103,349 45,252 25,338 37,481 50,704 3,135,413
38,833 6,897 2,100 2,739 20,652 407,287
7,216 7,216 2,850 7,216 8,646 559,689
113,735 24,332 2,614 14,301 29,260 1,926,653
50,417 17,419 2,852 22,065 35,484 1,656,624
- - 14,565 - - 128,266
- - - - - 33,041
- - - - - 22,149
5,703 7,327 - 3,149 6,406 1,168,341
- - 6,959 - 36,531 50,881
64,811 19,559 367 5,815 28,045 1,189,880
177,330 27,130 2,585 17,139 44,693 2,834,160
213,027 68,588 17,546 98,131 62,597 7,243,606
2,482 - - 38 74 5,720
- 37 608 - - 32,602
- 70 1,140 - 532 64,747
- - - - - 50,480
- - - - 70 330
- - - - - 7,644
32,209 315 - 5,388 6,380 616,699
- - - - - 42,595
- - - - - 24,542
- - - - - 53,376
- - - - - 152,536
- - - - - 27
- - - - - 5,384
- - - - - 25,559
15,829 10,473 - 8,856 16,371 3,404,300
3,724 3,722 2,535 3,723 4,942 356,585
2,546,124 554,951 125,594 472,764 851,167 77,049,074
- 85 57,153 87 28 1,807,478
11,033,748 1,765,681 259,826 2,839,347 2,010,984 92,012,955
43,564 (5,697,960) (8,879,029) (4,853,021) (6,618,843) (1,172,253,563)
- - - - - 69,478
(511,296) 189,405 (56,040) 66,089 (6,991) 3,970,264
(365,530) 908,936 919,780 709,983 330,807 3,755,364
- - - - - 10,419,503
- - - - - 43,816
3,616,289 104,029 1,690 746,025 (78,067) 2,575,217
13,816,775 (2,729,909) (7,753,773) (491,577) (4,362,110) (1,059,406,966)
40,653,298 9,402,707 8,198,129 20,814,684 4,018,559 2,229,749,513
- - - - - (34,294)
1,994,092 (146,846) 155,754 - 426,016 1,077,938
1,629,665 (1,271,207) (541,454) 7,042 (447,626) (1,123,179)
- - - - - (916,589)
- - - - - (1,219,015)
22,831 (540,305) (334,445) (453,148) (400,689) (18,896,744)
58,116,661 4,714,440 (275,789) 19,877,001 (765,850) 1,149,230,664
- - (320,266) - (10,057) (3,561,653)
877,877,797 34,260,601 417,431 64,462,132 22,393,739 5,355,357,081
(183,619,431) (24,969,494) (24,666,152) (48,579,554) (52,221,710) (5,657,223,160)
694,258,366 9,291,107 (24,248,721) 15,882,578 (29,827,971) (301,866,079)
752,375,027 14,005,547 (24,844,776) 35,759,579 (30,603,878) 843,802,932
238,429,104 94,160,377 24,844,776 50,588,121 182,862,550 11,494,149,340
- - - - - 10,954,192
990,804,131 108,165,924 - 86,347,700 152,258,672 12,348,906,464

151 Morgan Stanley Investment Funds 30 June 2009
Statement of operations and changes in net assets (continued)
For the period ended 30 June 2009
Income
Dividends (net of withholding taxes)
Interest on bonds
Bank interest
Income from securities lending
Interest on swap transactions
Other income
Total income
Expenses
Investment advisory fees
Custodian fees
Director fees
Administration fees and transfer agent fees
Professional fees
Audit fees
Taxe d’abonnement
Printing and publication fees
Merger expenses
Performance fees
Bank interest
Transaction fees
Interest on swap transactions
Class specific expenses
- Class I
- Class A
- Class B
- Class C
- Class IX
- Class AX
- Class BX
- Class CX
- Class S
- Class Z
- Class ZX
- Class IH
- Class AH
- Class BH
- Class CH
- Class ZH
- Class ZHX
Tax charges (excluding Taxe d’abonnement)
Other fees
Total expenses
Plus fee waiver income
Net investment income/(loss)
Net realised gain/(loss) on sales of investments
Net realised gain/(loss) on options
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on credit default swap contracts
Net realised gain/(loss) on total return swap contracts
Net realised gain/(loss) on interest rate swap contracts
Net realised gain/(loss) on foreign exchange transactions
Net realised profit/(loss) for the period
Net change in unrealised appreciation/
(depreciation) on investments
Net change in unrealised appreciation/
(depreciation) on options
Net change in unrealised appreciation/
(depreciation) on financial futures contracts
Net change in unrealised appreciation/
(depreciation) on credit default swap contracts
Net change in unrealised appreciation/
(depreciation) on total return swap contracts
Net change in unrealised appreciation/
(depreciation) on interest rate swap contracts
Net change in unrealised appreciation/
(depreciation) on foreign exchange transactions
Net change in net assets as a result of operations
Dividend distribution
Proceeds received on subscription of shares
Net amount paid on redemption of shares
Net change in net assets as a result
of capital transactions
Total increase/(decrease) in net assets
Net assets at beginning of period
Translation difference
Net assets at end of period
The accompanying notes are an integral part of these financial statements.
Global Global
Short Maturity US Convertible Convertible Euro
Euro Bond Bond Bond (Euro) Bond Liquidity
Fund Fund Fund (1) Fund (2) Fund
EUR USD EUR USD EUR USD
- - 295,795 620,763 - 91,358,475
3,209,739 884,577 700,761 1,459,269 1,941,357 67,006,515
76,508 8,217 36,462 70,794 292,243 4,608,881
14,073 - - - - 1,196,523
- 35,788 - - - 958,358
- - 40,606 - 4,069 2,125,799
3,300,320 928,582 1,073,624 2,150,826 2,237,669 167,254,551
723,797 180,362 343,845 721,147 688,666 50,442,214
16,720 4,598 8,062 20,464 25,222 1,341,473
798 1,149 349 1,149 1,111 66,271
64,189 53,957 20,078 77,764 107,046 3,135,413
30,955 7,936 - 39,605 - 407,287
7,216 8,646 5,502 8,646 7,177 559,689
44,342 13,319 16,788 33,728 14,789 1,926,653
19,092 1,693 12,928 12,388 60,549 1,656,624
- - 11,439 - - 128,266
- - - - - 33,041
- - - - - 22,149
3,980 9,400 2,760 7,622 2,948 1,168,341
- - - - - 50,881
5,006 1,552 10,621 6,930 15,951 1,189,880
58,536 19,059 20,301 16,586 33,159 2,834,160
516,916 96,265 42,518 22,019 396,998 7,243,606
- 69 14 - 14 5,720
- 92 - - - 32,602
- 10 - - - 64,747
- - - - - 50,480
- - - - - 330
- 3 - - - 7,644
4,240 312 - - 11,226 616,699
- - 12,229 - - 42,595
- - - 18,135 - 24,542
- - - 23,466 - 53,376
- - - 78,562 - 152,536
- - - 27 - 27
- - - 2,636 - 5,384
- - - 21,813 - 25,559
13,157 11,648 - 10,885 20,619 3,404,300
3,724 4,927 2,081 44,366 3,910 356,585
1,512,668 414,997 509,515 1,167,938 1,389,385 77,049,074
- 7,617 - - 252,421 1,807,478
1,787,652 521,202 564,109 982,888 1,100,705 92,012,955
(96,941) (798,103) (33,112,572) 9,726,322 - (1,172,253,563)
- 69,478 - - - 69,478
783,655 379,251 (3,201,714) 1,581,122 - 3,970,264
- 137,827 - - - 3,755,364
- - - - - 10,419,503
- (1,103) - - - 43,816
(5,377) (20,878) 9,213,568 6,126,712 - 2,575,217
2,468,989 287,674 (26,536,609) 18,417,044 1,100,705 (1,059,406,966)
2,819,402 1,413,932 31,730,430 32,981,031 - 2,229,749,513
- (34,294) - - - (34,294)
(337,547) (561,965) (379,484) (56,249) - 1,077,938
- (44,706) - - - (1,123,179)
- - - - - (916,589)
- (155,945) - - - (1,219,015)
- - (12,988,569) 457,225 - (18,896,744)
4,950,844 904,696 (8,174,232) 51,799,051 1,100,705 1,149,230,664
- (30,155) (304,246) - - (3,561,653)
186,051,965 6,399,417 17,341,585 343,754,495 272,652,654 5,355,357,081
(78,744,109) (16,419,076) (231,779,668) (116,617,718) (321,830,127) (5,657,223,160)
107,307,856 (10,019,659) (214,438,083) 227,136,777 (49,177,473) (301,866,079)
112,258,700 (9,145,118) (222,916,561) 278,935,828 (48,076,768) 843,802,932
166,444,318 53,568,891 222,916,561 30,111,812 367,463,230 11,494,149,340
- - - - - 10,954,192
278,703,018 44,423,773 - 309,047,640 319,386,462 12,348,906,464
(1) Fund merged with Global Convertible Bond Fund on 20 March 2009. (2) Name changed from Global Convertible Bond (USD) Fund on 20 March 2009.
+ Represents the combined totals of all Morgan Stanley Investment Funds.
Combined
totals of all
funds +

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 152
Statement of operations and changes in net assets (continued)
For the period ended 30 June 2009
Income
Dividends (net of withholding taxes)
Interest on bonds
Bank interest
Income from securities lending
Interest on swap transactions
Other income
Total income
Expenses
Investment advisory fees
Custodian fees
Director fees
Administration fees and transfer agent fees
Professional fees
Audit fees
Taxe d’abonnement
Printing and publication fees
Merger expenses
Performance fees
Bank interest
Transaction fees
Interest on swap transactions
Class specific expenses
- Class I
- Class A
- Class B
- Class C
- Class IX
- Class AX
- Class BX
- Class CX
- Class S
- Class Z
- Class ZX
- Class IH
- Class AH
- Class BH
- Class CH
- Class ZH
- Class ZHX
Tax charges (excluding Taxe d’abonnement)
Other fees
Total expenses
Plus fee waiver income
Net investment income/(loss)
Net realised gain/(loss) on sales of investments
Net realised gain/(loss) on options
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on credit default swap contracts
Net realised gain/(loss) on total return swap contracts
Net realised gain/(loss) on interest rate swap contracts
Net realised gain/(loss) on foreign exchange transactions
Net realised profit/(loss) for the period
Net change in unrealised appreciation/
(depreciation) on investments
Net change in unrealised appreciation/
(depreciation) on options
Net change in unrealised appreciation/
(depreciation) on financial futures contracts
Net change in unrealised appreciation/
(depreciation) on credit default swap contracts
Net change in unrealised appreciation/
(depreciation) on total return swap contracts
Net change in unrealised appreciation/
(depreciation) on interest rate swap contracts
Net change in unrealised appreciation/
(depreciation) on foreign exchange transactions
Net change in net assets as a result of operations
Dividend distribution
Proceeds received on subscription of shares
Net amount paid on redemption of shares
Net change in net assets as a result
of capital transactions
Total increase/(decrease) in net assets
Net assets at beginning of period
Translation difference
Net assets at end of period
Diversified Diversified
US Dollar Alpha Plus Alpha Plus Global Commodities
Liquidity VaR 400 (Euro) VaR 800 (Euro) Diversified Active GSLE
Fund Fund Fund (Euro) Fund (1) Fund (2)
USD EUR EUR EUR USD USD
- 1,494 500 33,488 317,138 91,358,475
671,682 358,588 81,957 118,587 1,260 67,006,515
141,273 108,321 34,689 5,845 112,253 4,608,881
- - - - - 1,196,523
- - - - - 958,358
739,503 - - 14,755 - 2,125,799
1,552,458 468,403 117,146 172,675 430,651 167,254,551
1,066,315 435,964 207,249 93,086 416,964 50,442,214
16,435 3,362 1,778 1,906 9,812 1,341,473
1,708 590 1,396 344 1,149 66,271
84,329 71,916 40,314 25,900 79,333 3,135,413
- 4,521 3,255 1,971 803 407,287
8,599 13,705 1,922 - 16,726 559,689
21,880 13,319 5,091 4,463 18,150 1,926,653
103,327 19,685 3,862 - 27,666 1,656,624
- - - 11,697 - 128,266
- 134 - - - 33,041
- - - - - 22,149
4,068 17,825 9,328 291 21,650 1,168,341
- - - - - 50,881
17,968 4,926 2,383 669 1,457 1,189,880
25,878 7,222 3,800 4,214 11,953 2,834,160
22,781 172,577 48,139 42,426 162,825 7,243,606
24 - - - 43 5,720
6,240 - - - 545 32,602
54,681 - - - - 64,747
50,480 - - - - 50,480
24 - - - - 330
- - - - - 7,644
223 4,441 1,939 - 4,374 616,699
- - - - - 42,595
- 73 - 130 1,718 24,542
- 1,082 - 1,014 9,078 53,376
- 9,470 - 8,655 29,839 152,536
- - - - - 27
- - - - 440 5,384
- - - - 2,726 25,559
31,478 9,892 7,819 - 12,882 3,404,300
4,469 4,567 3,408 1,446 2,934 356,585
1,520,907 795,271 341,683 198,212 833,067 77,049,074
- 72,504 36,615 - 129,542 1,807,478
31,551 (254,364) (187,922) (25,537) (272,874) 92,012,955
- 1,199,602 12,839 (6,520,023) (86,308) (1,172,253,563)
- - - - - 69,478
- (341,630) (324,755) - - 3,970,264
- - - - - 3,755,364
- (103,432) (54,585) - 10,728,455 10,419,503
- 438 (116,040) - - 43,816
- (616,423) (205,432) (2,648,825) 837,217 2,575,217
31,551 (115,809) (875,895) (9,194,385) 11,206,490 (1,059,406,966)
- (911,568) (33,388) 7,121,902 1,051,606 2,229,749,513
- - - - - (34,294)
- 252,323 141,678 - - 1,077,938
- - - - - (1,123,179)
- 521 296 - (916,561) (916,589)
- (523,146) (220,500) - - (1,219,015)
- (174,762) (96,569) 1,861,347 357,732 (18,896,744)
31,551 (1,472,441) (1,084,378) (211,136) 11,699,267 1,149,230,664
(18,352) - - - (2,078) (3,561,653)
284,166,790 65,906,334 4,786,141 666,971 69,650,534 5,355,357,081
(518,109,934) (71,992,222) (2,923,995) (42,591,335) (26,469,087) (5,657,223,160)
(233,943,144) (6,085,888) 1,862,146 (41,924,364) 43,181,447 (301,866,079)
(233,929,945) (7,558,329) 777,768 (42,135,500) 54,878,636 843,802,932
581,131,350 78,499,648 22,669,011 42,135,500 83,881,020 11,494,149,340
- - - - - 10,954,192
347,201,405 70,941,319 23,446,779 - 138,759,656 12,348,906,464
(1) Fund merged with Diversified Alpha Plus VaR 400 (Euro) Fund on 20 March 2009. (2) Name changed from Commodities Alpha Plus Fund on 6 March 2009.
+ Represents the combined totals of all Morgan Stanley Investment Funds.
Combined
totals of all
funds +

153 Morgan Stanley Investment Funds 30 June 2009
Statement of operations and changes in net assets (continued)
For the period ended 30 June 2009
Income
Dividends (net of withholding taxes)
Interest on bonds
Bank interest
Income from securities lending
Interest on swap transactions
Other income
Total income
Expenses
Investment advisory fees
Custodian fees
Director fees
Administration fees and transfer agent fees
Professional fees
Audit fees
Taxe d’abonnement
Printing and publication fees
Merger expenses
Performance fees
Bank interest
Transaction fees
Interest on swap transactions
Class specific expenses
- Class I
- Class A
- Class B
- Class C
- Class IX
- Class AX
- Class BX
- Class CX
- Class S
- Class Z
- Class ZX
- Class IH
- Class AH
- Class BH
- Class CH
- Class ZH
- Class ZHX
Tax charges (excluding Taxe d’abonnement)
Other fees
Total expenses
Plus fee waiver income
Net investment income/(loss)
Net realised gain/(loss) on sales of investments
Net realised gain/(loss) on options
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on credit default swap contracts
Net realised gain/(loss) on total return swap contracts
Net realised gain/(loss) on interest rate swap contracts
Net realised gain/(loss) on foreign exchange transactions
Net realised profit/(loss) for the period
Net change in unrealised appreciation/
(depreciation) on investments
Net change in unrealised appreciation/
(depreciation) on options
Net change in unrealised appreciation/
(depreciation) on financial futures contracts
Net change in unrealised appreciation/
(depreciation) on credit default swap contracts
Net change in unrealised appreciation/
(depreciation) on total return swap contracts
Net change in unrealised appreciation/
(depreciation) on interest rate swap contracts
Net change in unrealised appreciation/
(depreciation) on foreign exchange transactions
Net change in net assets as a result of operations
Dividend distribution
Proceeds received on subscription of shares
Net amount paid on redemption of shares
Net change in net assets as a result
of capital transactions
Total increase/(decrease) in net assets
Net assets at beginning of period
Translation difference
Net assets at end of period
FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus
RC 200 RC 200 RC 200 RC 400 RC 400
(Euro) (Sterling) (US Dollar) (Euro) (Sterling)
Fund Fund (1) Fund (2) Fund Fund
EUR GBP USD EUR GBP USD
- 1,555 - - - 91,358,475
353,033 - - 1,015,106 6,281 67,006,515
269,812 1,052 1,771 1,274,540 27,767 4,608,881
- - - - - 1,196,523
- - - - - 958,358
37,730 42 498 65,583 - 2,125,799
660,575 2,649 2,269 2,355,229 34,048 167,254,551
294,632 964 2,218 1,927,350 36,793 50,442,214
3,897 - - 27,159 356 1,341,473
798 879 1,506 798 565 66,271
32,423 14,449 22,342 65,646 22,934 3,135,413
- 1,366 2,040 - 688 407,287
7,274 8,966 27,117 8,648 2,546 559,689
17,977 66 131 85,605 1,162 1,926,653
1,018 148 254 38,769 2,371 1,656,624
- - 9,423 - - 128,266
- - - - - 33,041
- - - - - 22,149
27,186 6,665 6,439 12,298 22,381 1,168,341
- - - - - 50,881
5,099 27 84 80,526 101 1,189,880
16,605 77 181 78,299 165 2,834,160
247,607 - - 535,233 - 7,243,606
42 - 37 41 - 5,720
- 25 - - 1,211 32,602
- 48 38 326 30 64,747
- - - - - 50,480
- - 37 - - 330
- - - - - 7,644
828 - - 3,196 - 616,699
- - - - 2,715 42,595
- - - - - 24,542
- - - - - 53,376
- - - - - 152,536
- - - - - 27
- - - - - 5,384
- - - 764 - 25,559
11,505 - - 25,638 6,340 3,404,300
4,175 2,197 3,355 5,135 3,657 356,585
671,066 35,877 75,202 2,895,431 104,015 77,049,074
13,026 34,324 71,338 154 50,338 1,807,478
2,535 1,096 (1,595) (540,048) (19,629) 92,012,955
(229,150) 3,108 (683) (894,891) (15,105) (1,172,253,563)
- - - - - 69,478
- - - - - 3,970,264
- - - - - 3,755,364
- - - - - 10,419,503
- - - - - 43,816
(381,073) 3,605 (3,618) (4,429,376) (73,951) 2,575,217
(607,688) 7,809 (5,896) (5,864,315) (108,685) (1,059,406,966)
350,057 (5,547) - 877,317 9,219 2,229,749,513
- - - - - (34,294)
- - - - - 1,077,938
- - - - - (1,123,179)
- - - - - (916,589)
- - - - - (1,219,015)
111,667 - - 1,352,449 26,202 (18,896,744)
(145,964) 2,262 (5,896) (3,634,549) (73,264) 1,149,230,664
- (3,720) (294) (102,816) (100,176) (3,561,653)
5,592,032 - 934 22,675,378 15,867,792 5,355,357,081
(73,943,966) (631,483) (1,204,167) (193,394,182) (22,764,979) (5,657,223,160)
(68,351,934) (631,483) (1,203,233) (170,718,804) (6,897,187) (301,866,079)
(68,497,898) (632,941) (1,209,423) (174,456,169) (7,070,627) 843,802,932
121,939,465 632,941 1,209,423 502,663,065 12,297,060 11,494,149,340
- - - - - 10,954,192
53,441,567 - - 328,206,896 5,226,433 12,348,906,464
(1) Shareholders of this Fund were compulsorily redeemed on 3 April 2009. (2) Fund merged with FX Alpha Plus RC 400 (US Dollar) Fund on 3 April 2009.
+ Represents the combined totals of all Morgan Stanley Investment Funds.
The accompanying notes are an integral part of these financial statements.
Combined
totals of all
funds +

Morgan Stanley Investment Funds 30 June 2009 154
Statement of operations and changes in net assets (continued)
For the period ended 30 June 2009
Income
Dividends (net of withholding taxes)
Interest on bonds
Bank interest
Income from securities lending
Interest on swap transactions
Other income
Total income
Expenses
Investment advisory fees
Custodian fees
Director fees
Administration fees and transfer agent fees
Professional fees
Audit fees
Taxe d’abonnement
Printing and publication fees
Merger expenses
Performance fees
Bank interest
Transaction fees
Interest on swap transactions
Class specific expenses
- Class I
- Class A
- Class B
- Class C
- Class IX
- Class AX
- Class BX
- Class CX
- Class S
- Class Z
- Class ZX
- Class IH
- Class AH
- Class BH
- Class CH
- Class ZH
- Class ZHX
Tax charges (excluding Taxe d’abonnement)
Other fees
Total expenses
Plus fee waiver income
Net investment income/(loss)
Net realised gain/(loss) on sales of investments
Net realised gain/(loss) on options
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on credit default swap contracts
Net realised gain/(loss) on total return swap contracts
Net realised gain/(loss) on interest rate swap contracts
Net realised gain/(loss) on foreign exchange transactions
Net realised profit/(loss) for the period
Net change in unrealised appreciation/
(depreciation) on investments
Net change in unrealised appreciation/
(depreciation) on options
Net change in unrealised appreciation/
(depreciation) on financial futures contracts
Net change in unrealised appreciation/
(depreciation) on credit default swap contracts
Net change in unrealised appreciation/
(depreciation) on total return swap contracts
Net change in unrealised appreciation/
(depreciation) on interest rate swap contracts
Net change in unrealised appreciation/
(depreciation) on foreign exchange transactions
Net change in net assets as a result of operations
Dividend distribution
Proceeds received on subscription of shares
Net amount paid on redemption of shares
Net change in net assets as a result
of capital transactions
Total increase/(decrease) in net assets
Net assets at beginning of period
Translation difference
Net assets at end of period
The accompanying notes are an integral part of these financial statements.
FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus
RC 400 RC 800 RC 800 RC 800
(US Dollar) (Euro) (Sterling) (US Dollar)
Fund Fund Fund Fund (1)
(1) Fund merged with FX Alpha Plus RC 800 (Sterling) Fund on 3 April 2009. + Represents the combined totals of all Morgan Stanley Investment Funds.
Combined
totals of all
funds +
USD EUR GBP USD USD
- - - - 91,358,475
57,379 222,782 11,963 13,228 67,006,515
37,870 240,387 14,414 - 4,608,881
- - - - 1,196,523
- - - - 958,358
- 24,345 - - 2,125,799
95,249 487,514 26,377 13,228 167,254,551
197,749 613,375 36,952 40,213 50,442,214
1,298 4,390 965 190 1,341,473
1,149 798 565 763 66,271
74,196 3,395 34,228 22,787 3,135,413
2,361 - 1,031 2,695 407,287
8,755 8,648 4,863 21,586 559,689
3,545 21,676 845 178 1,926,653
3,644 2,274 1,407 1,707 1,656,624
- - - 9,423 128,266
54 - 49 - 33,041
- - - 2,222 22,149
38,751 27,753 16,963 11,985 1,168,341
- - - - 50,881
9,348 5,949 26 1,406 1,189,880
13,926 18,594 11 2,229 2,834,160
- 269,829 - - 7,243,606
70 39 - - 5,720
- - 168 - 32,602
61 46 28 35 64,747
- - - - 50,480
70 - - - 330
- - - - 7,644
- - 1,834 - 616,699
- - - - 42,595
- - 612 - 24,542
256 - 369 - 53,376
- - - - 152,536
- - - - 27
- - - - 5,384
- - - - 25,559
12,749 10,902 6,294 - 3,404,300
5,508 4,179 3,639 3,351 356,585
373,490 991,847 110,849 120,770 77,049,074
80,511 15,770 52,928 67,157 1,807,478
(197,730) (488,563) (31,544) (40,385) 92,012,955
(69,290) (338,276) (13,682) (30,984) (1,172,253,563)
- - - - 69,478
- - - - 3,970,264
- - - - 3,755,364
- - - - 10,419,503
- - - - 43,816
(555,336) (1,846,676) (430,277) (101,469) 2,575,217
(822,356) (2,673,515) (475,503) (172,838) (1,059,406,966)
(2,946) 205,849 18,058 (888) 2,229,749,513
- - - - (34,294)
- - - - 1,077,938
- - - - (1,123,179)
- - - - (916,589)
- - - - (1,219,015)
82,047 525,364 80,761 - (18,896,744)
(743,255) (1,942,302) (376,684) (173,726) 1,149,230,664
(3,396) (1,376) (71,173) (37) (3,561,653)
6,310,546 16,620,765 6,268,188 313,975 5,355,357,081
(68,715,098) (55,094,699) (8,724,186) (15,174,206) (5,657,223,160)
(62,404,552) (38,473,934) (2,455,998) (14,860,231) (301,866,079)
(63,151,203) (40,417,612) (2,903,855) (15,033,994) 843,802,932
80,682,203 105,708,133 10,851,489 15,033,994 11,494,149,340
- - - - 10,954,192
17,531,000 65,290,521 7,947,634 - 12,348,906,464

155 Morgan Stanley Investment Funds 30 June 2009
Statement of share and net assets statistics
As at 30 June 2009
Net asset value per share class I
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class A
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class B
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class C
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class N
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class NX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Name changed from European Equity Fund on 6 March 2009.
(2) Fund merged with Eurozone Equity Alpha Fund on 20 March 2009.
(3) Name changed from European Optimised Research Extension Fund on 6 March 2009.
(4) Shareholders of this Fund were compulsorily redeemed on 30 April 2009.
The accompanying notes are an integral part of these financial statements.
European Equity
Emerging Europe Emerging European European Optimised
American Asian Asian Middle East and Markets Equity Equity Research
Franchise Equity Property Africa Equity Equity Alpha Opportunities 130/30
Fund Fund Fund Fund Fund Fund (1) Fund (2) Fund (3) (4)
USD USD USD EUR USD EUR EUR EUR
29.32 36.37 17.83 64.93 35.92 36.27 25.08 -
28.34 51.91 20.80 84.46 50.85 38.00 26.27 -
20.44 24.85 10.96 34.10 21.48 22.70 14.73 61.92
21.16 32.57 14.18 40.67 28.26 23.19 - -
29.13 34.24 16.79 62.67 34.02 34.11 25.08 -
27.94 48.52 19.45 81.05 47.89 35.53 26.08 -
20.00 23.06 10.18 32.54 20.11 21.10 14.52 61.46
20.63 30.11 13.12 38.69 26.39 21.49 - -
28.82 31.10 16.04 60.81 31.43 31.05 25.08 -
27.37 43.63 18.40 77.92 43.81 32.02 25.82 -
19.40 20.53 9.53 31.05 18.23 18.83 14.23 61.45
19.91 26.67 12.23 36.74 23.81 19.08 - -
- - - - - - - -
- - - - - - - -
20.03 15.20 - 12.44 13.40 18.86 18.35 17.32
20.58 19.76 - 14.73 17.51 19.12 - -
29.39 36.09 17.74 60.77 35.14 - 25.08 -
- - 20.51 - 49.44 - 25.98 -
- - 10.67 - - - 14.41 -
- - 13.69 - - - - -
29.25 34.08 16.76 61.24 33.40 - 25.08 -
- 47.44 19.36 79.20 - - 25.88 -
- - 10.07 31.63 - - 14.31 -
16.75 - 12.93 37.60 - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
19.00 - - - - - - -
19.54 - - - - - - -
- - - - - - - -
- - - - 24.91 - - -
- - - - - - - -
- - - - 32.98 - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 156
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class S
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class Z
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (GBP)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (NOK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (SEK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Name changed from European Equity Fund on 6 March 2009.
(2) Fund merged with Eurozone Equity Alpha Fund on 20 March 2009.
(3) Name changed from European Optimised Research Extension Fund on 6 March 2009.
(4) Shareholders of this Fund were compulsorily redeemed on 30 April 2009.
European Equity
Emerging Europe Emerging European European Optimised
American Asian Asian Middle East and Markets Equity Equity Research
Franchise Equity Property Africa Equity Equity Alpha Opportunities 130/30
Fund Fund Fund Fund Fund Fund (1) Fund (2) Fund (3) (4)
USD USD USD EUR USD EUR EUR EUR
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
19.35 14.86 16.91 11.12 12.42 19.07 25.86 -
20.03 19.47 21.89 13.26 16.35 19.49 - -
22.87 - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
22.73 - - - - - - -
21.43 - - - - - - -
15.04 - - - - - - -
15.35 - - - - - - -
- - - - - - - -
- - - - - - - -
26.56 - - - - - - -
26.97 - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
23.46 - - - - - - -
24.04 - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

157 Morgan Stanley Investment Funds 30 June 2009
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class IH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AHX (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net assets
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Name changed from European Equity Fund on 6 March 2009.
(2) Fund merged with Eurozone Equity Alpha Fund on 20 March 2009.
(3) Name changed from European Optimised Research Extension Fund on 6 March 2009.
(4) Shareholders of this Fund were compulsorily redeemed on 30 April 2009.
The accompanying notes are an integral part of these financial statements.
European Equity
Emerging Europe Emerging European European Optimised
American Asian Asian Middle East and Markets Equity Equity Research
Franchise Equity Property Africa Equity Equity Alpha Opportunities 130/30
Fund Fund Fund Fund Fund Fund (1) Fund (2) Fund (3) (4)
USD USD USD EUR USD EUR EUR EUR
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
442,585,114 395,536,191 2,212,410,239 354,261,145 996,723,193 245,185,375 19,146,409 -
147,320,716 777,238,383 2,431,618,507 484,028,448 1,463,570,611 229,486,350 32,487,152 -
384,355,882 334,171,725 640,196,757 183,833,055 645,173,541 113,965,328 21,355,365 8,940,962
212,891,304 521,495,757 782,518,636 176,020,492 817,437,306 152,033,682 - -

Morgan Stanley Investment Funds 30 June 2009 158
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class I
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class A
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class B
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class C
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class N
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class NX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Name changed from Eurozone Equity Opportunities Fund on 6 March 2009.
(2) Fund merged with Global Value Equity Fund on 3 April 2009.
The accompanying notes are an integral part of these financial statements.
European Eurozone Global Global Global
European Small Cap Equity Global Equity Global Small Cap Value
Property Value Alpha Brands Growth Property Value Equity
Fund Fund Fund (1) Fund Fund (2) Fund Fund Fund
EUR EUR EUR USD USD USD USD USD
42.18 52.27 9.65 57.51 28.53 27.30 39.90 51.90
27.70 50.60 10.15 63.02 33.68 24.01 39.19 55.50
13.50 24.70 5.95 44.63 19.10 12.89 26.13 33.27
14.09 28.10 6.14 47.10 - 14.41 28.70 32.49
39.80 50.57 9.28 55.30 28.45 27.27 37.59 48.84
25.95 48.60 9.70 60.16 33.37 23.81 36.65 51.84
12.56 23.55 5.65 42.30 18.80 12.71 24.26 30.86
13.06 26.70 5.81 44.47 - 14.16 26.56 30.03
36.64 48.01 8.70 52.04 28.34 27.22 34.84 44.41
23.65 45.68 9.00 56.05 32.90 23.54 33.63 46.67
11.33 21.91 5.19 39.01 18.35 12.43 22.04 27.50
11.72 24.72 5.31 40.81 - 13.78 24.02 26.63
- - - - - - - -
- - - - - - - -
- - - - 16.66 15.08 - 18.13
- - - - - 16.74 - -
41.88 51.88 - - 28.53 27.30 - 51.47
26.79 49.92 - - 33.56 23.78 - -
12.71 - - - - 12.59 - -
13.08 - - - - 13.90 - -
39.60 50.42 - - 28.45 27.27 37.58 48.57
25.61 48.32 - - 33.35 23.70 36.66 -
12.11 23.22 - - 18.68 - 24.24 -
12.47 26.33 - - - - 26.54 -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

159 Morgan Stanley Investment Funds 30 June 2009
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class S
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class Z
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (GBP)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (NOK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (SEK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Name changed from Eurozone Equity Opportunities Fund on 6 March 2009.
(2) Fund merged with Global Value Equity Fund on 3 April 2009.
The accompanying notes are an integral part of these financial statements.
European Eurozone Global Global Global
European Small Cap Equity Global Equity Global Small Cap Value
Property Value Alpha Brands Growth Property Value Equity
Fund Fund Fund (1) Fund Fund (2) Fund Fund Fund
EUR EUR EUR USD USD USD USD USD
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
15.00 - 18.73 19.12 - 15.25 - 27.18
15.66 - 19.35 20.18 - 17.05 - 26.55
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - 27.59 - - - -
- - - 28.72 - - - -
- - - - - - - -
- - - - - - - -
- - - 26.09 - - - -
- - - 27.03 - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - 24.26 - - - -
- - - 25.35 - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 160
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class IH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AHX (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net assets
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Name changed from Eurozone Equity Opportunities Fund on 6 March 2009.
(2) Fund merged with Global Value Equity Fund on 3 April 2009.
European Eurozone Global Global Global
European Small Cap Equity Global Equity Global Small Cap Value
Property Value Alpha Brands Growth Property Value Equity
Fund Fund Fund (1) Fund Fund (2) Fund Fund Fund
EUR EUR EUR USD USD USD USD USD
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
962,786,110 78,555,358 146,810,287 2,724,518,688 12,001,567 10,949,473 182,926,263 772,357,089
333,759,909 57,008,136 104,914,607 3,033,938,971 27,862,412 79,132,421 145,302,405 740,504,456
109,465,649 12,923,596 29,185,008 1,162,249,983 45,887,185 155,852,949 83,230,500 344,105,999
118,634,613 10,174,449 51,596,506 955,885,835 - 208,417,553 82,060,097 293,412,256

161 Morgan Stanley Investment Funds 30 June 2009
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class I
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class A
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class B
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class C
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class N
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class NX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Fund merged with Japanese Equity Advantage Fund on 3 April 2009.
(2) Fund merged with American Franchise Fund on 3 April 2009.
The accompanying notes are an integral part of these financial statements.
Japanese Japanese Japanese Latin US
Indian Equity Equity Value American US Equity US
Equity Advantage Growth Equity Equity Equity Growth Property
Fund Fund Fund (1) Fund Fund Fund (2) Fund Fund
USD JPY JPY JPY USD USD USD USD
24.64 2,628.68 1,067.80 1,418.44 58.04 29.65 35.38 57.70
40.83 2,410.84 891.72 1,342.61 80.21 31.63 42.76 47.32
14.23 1,639.03 481.34 763.72 35.68 17.96 21.01 27.33
20.81 1,788.33 - 861.06 51.35 - 26.50 26.45
24.62 2,619.08 1,024.33 1,334.27 54.71 28.94 33.25 54.53
40.50 2,386.41 849.21 1,253.85 75.11 30.31 39.88 44.39
14.02 1,611.93 454.99 708.10 33.18 17.11 19.44 25.46
20.42 1,752.20 - 795.50 47.60 - 24.42 24.55
24.61 2,603.97 973.07 1,201.90 49.58 27.50 30.31 49.49
40.06 2,348.85 799.28 1,118.10 67.38 28.51 35.99 39.88
13.73 1,570.76 425.92 625.13 29.47 15.93 17.37 22.64
19.91 1,699.04 - 698.81 42.06 - 21.71 21.72
- - - - - - - -
- - - - - - - -
14.73 - - 1,575.06 11.67 17.14 14.40 -
- - - 1,762.54 16.67 - 18.01 -
24.64 2,628.92 1,067.78 1,415.61 57.75 - 35.37 56.66
- - - - - - 42.76 -
- - - - - 16.26 20.98 -
- - - - - - 26.46 -
24.62 2,619.04 1,024.36 1,334.37 54.59 - 33.25 53.96
- - 849.25 1,253.94 - - 39.88 43.57
- - 455.31 706.69 - 16.21 19.44 24.32
- - - 792.97 - - 24.43 23.00
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 162
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class S
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class Z
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (GBP)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (NOK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (SEK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Fund merged with Japanese Equity Advantage Fund on 3 April 2009.
(2) Fund merged with American Franchise Fund on 3 April 2009.
Japanese Japanese Japanese Latin US
Indian Equity Equity Value American US Equity US
Equity Advantage Growth Equity Equity Equity Growth Property
Fund Fund Fund (1) Fund Fund Fund (2) Fund Fund
USD JPY JPY JPY USD USD USD USD
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
14.66 1,970.09 - 1,524.22 25.55 - 13.51 -
21.43 2,149.98 - 1,718.79 36.78 - 17.04 -
- 17.64 - - - - 27.57 -
- - - - - - 29.14 -
- - - 16.29 - - 13.61 -
- - - 18.04 - - 17.10 -
- 17.58 - - - - 25.92 -
- 16.19 - - - - 30.23 -
- 10.03 - - - - 14.02 -
- 10.53 - - - - 17.55 -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - 13.78 -
- - - - - - 17.33 -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

163 Morgan Stanley Investment Funds 30 June 2009
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class IH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AHX (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net assets
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Fund merged with Japanese Equity Advantage Fund on 3 April 2009.
(2) Fund merged with American Franchise Fund on 3 April 2009.
The accompanying notes are an integral part of these financial statements.
Japanese Japanese Japanese Latin US
Indian Equity Equity Value American US Equity US
Equity Advantage Growth Equity Equity Equity Growth Property
Fund Fund Fund (1) Fund Fund Fund (2) Fund Fund
USD JPY JPY JPY USD USD USD USD
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
4,975,696 4,788,609,731 26,300,023,755 111,200,904,825 751,082,495 22,864,530 401,318,690 454,713,345
86,889,462 2,289,420,717 9,457,106,466 130,806,819,071 1,751,570,698 12,903,386 974,074,661 224,655,028
20,933,030 2,415,757,583 1,873,062,327 79,593,320,876 497,822,667 16,788,471 229,510,681 52,425,031
54,248,948 4,154,021,350 - 75,989,804,057 782,622,889 - 290,893,456 45,865,648

Morgan Stanley Investment Funds 30 June 2009 164
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class I
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class A
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class B
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class C
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class N
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class NX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
The accompanying notes are an integral part of these financial statements.
US US Alpha Advantage Emerging Emerging Euro Euro
Small Cap Value European Fixed Markets Markets Euro Corporate Strategic
Growth Equity Income Debt Domestic Debt Bond Bond Bond
Fund Fund Fund Fund Fund Fund Fund Fund
USD USD EUR USD USD EUR EUR EUR
49.79 24.91 - 55.08 - 11.00 32.14 30.07
50.67 24.10 - 58.77 28.04 11.10 31.87 30.03
31.69 15.18 26.34 49.79 25.46 11.75 30.41 30.17
31.77 15.93 27.68 57.23 28.19 12.02 33.65 31.61
46.87 23.42 - 51.95 - 10.55 31.39 28.85
47.35 22.48 - 55.12 27.91 10.61 31.00 28.69
29.41 14.05 26.23 46.44 25.18 11.19 29.46 28.70
29.39 14.69 27.48 53.22 27.80 11.41 32.52 30.01
42.59 21.33 - 47.26 - 9.65 29.78 26.28
42.60 20.27 - 49.64 27.68 9.61 29.12 25.88
26.24 12.54 26.07 41.40 24.72 10.03 27.39 25.63
26.11 13.05 27.20 47.21 27.16 10.18 30.10 26.67
- - - - - - - -
- - - - - - - -
17.49 18.34 - 21.05 21.04 26.53 24.11 -
- - - 24.04 23.16 27.00 26.53 -
- 22.61 - 53.69 - 10.83 - 28.98
- 21.66 - - 27.75 10.57 - -
- 13.40 - - - 10.91 - -
- 13.95 - - - 10.63 - -
46.89 23.40 - 51.04 - 10.41 - 27.93
47.37 21.97 - 51.93 27.67 - - 26.97
29.42 13.63 - 41.77 22.84 - - -
- 14.20 - 46.11 22.21 - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - 21.05 21.05 - - -
- - - 23.48 22.87 - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - 20.74 - - - -
- - - 23.03 - - - -

165 Morgan Stanley Investment Funds 30 June 2009
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class S
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class Z
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (GBP)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
US US Alpha Advantage Emerging Emerging Euro Euro
Small Cap Value European Fixed Markets Markets Euro Corporate Strategic
Growth Equity Income Debt Domestic Debt Bond Bond Bond
Fund Fund Fund Fund Fund Fund Fund Fund
USD USD EUR USD USD EUR EUR EUR
Net asset value per share class AH (NOK)
31 - December 2006
- - - - - - - -
31 December 2007
- - - - - - - -
31 December 2008
- - - - - - - -
30 June 2009
- - - - - - - -
Net asset value per share class AH (SEK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
The accompanying notes are an integral part of these financial statements.
- - - - - 10.62 - -
- - - - - 10.71 - -
- - - - - 11.29 - -
- - - 28.75 - - - -
- - - - - - - -
- - - - - - - -
- 18.99 26.35 21.19 - 26.30 24.24 -
- 19.93 27.70 24.36 26.13 26.89 26.83 26.05
- 19.39 - 42.90 - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- 18.22 - 40.48 - - - -
- 17.26 - 42.09 - - - -
- 10.30 - 34.37 - - - -
- 10.69 - 39.41 - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 166
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class IH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AHX (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net assets
31 December 2006
31 December 2007
31 December 2008
30 June 2009
US US Alpha Advantage Emerging Emerging Euro Euro
Small Cap Value European Fixed Markets Markets Euro Corporate Strategic
Growth Equity Income Debt Domestic Debt Bond Bond Bond
Fund Fund Fund Fund Fund Fund Fund Fund
USD USD EUR USD USD EUR EUR EUR
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
192,725,093 1,028,532,170 - 189,566,778 - 658,374,416 227,069,446 455,579,762
62,487,536 671,040,771 - 237,785,710 207,588,605 834,118,988 223,676,483 317,439,037
23,271,120 273,900,011 6,643,731 155,400,252 67,361,405 610,762,393 238,429,104 94,160,377
24,851,411 279,161,840 7,547,558 197,092,889 71,643,961 617,128,962 990,804,131 108,165,924

167 Morgan Stanley Investment Funds 30 June 2009
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class I
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class A
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class B
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class C
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class N
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class NX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Fund merged with Euro Strategic Bond Fund on 20 March 2009.
(2) Fund merged with Global Convertible Bond Fund on 20 March 2009.
(3) Name changed from Global Convertible Bond (USD) Fund on 20 March 2009.
The accompanying notes are an integral part of these financial statements.
Euro Total European Global Global
Return Currencies Global Short Maturity US Convertible Convertible Euro
Bond High Yield Bond Euro Bond Bond Bond (Euro) Bond Liquidity
Fund (1) Bond Fund Fund Fund Fund Fund (2) Fund (3) Fund
EUR EUR USD EUR USD EUR USD EUR
- 12.60 29.30 17.70 22.01 31.74 33.60 12.08
24.85 12.60 31.98 18.13 23.18 33.80 36.29 12.53
21.64 8.87 33.81 18.81 19.34 23.76 27.24 13.04
- 12.06 33.94 19.41 19.82 - 30.21 13.10
- 12.13 28.10 16.96 21.10 31.09 32.94 11.89
24.78 12.07 30.54 17.30 22.14 32.95 35.41 12.32
21.48 8.46 32.15 17.87 18.38 23.09 26.45 12.79
- 11.48 32.20 18.40 18.81 - 29.28 12.84
- 11.11 25.47 15.64 19.23 29.74 31.51 11.21
24.58 10.95 27.40 15.79 19.97 31.21 33.54 11.52
21.10 7.60 28.56 16.15 16.41 21.63 24.80 11.88
- 10.26 28.47 16.55 16.72 - 27.33 11.90
- - - - - - - -
- - - - - - - -
- 18.47 25.54 - 24.17 18.94 - 25.35
- 25.01 25.50 - - - - 25.40
- - 28.49 - 21.12 - - 1.00
24.61 - - - 21.04 - - 1.00
20.18 - - - 16.15 - - 1.00
- - - - 15.51 - - -
- - 27.47 - 20.21 - - 1.00
24.57 - 29.32 - 20.34 - - 1.00
20.15 - 30.10 - 15.86 - - -
- - 29.73 - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - 25.54 - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - 24.98 - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 168
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class S
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class Z
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (GBP)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (NOK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (SEK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Fund merged with Euro Strategic Bond Fund on 20 March 2009.
(2) Fund merged with Global Convertible Bond Fund on 20 March 2009.
(3) Name changed from Global Convertible Bond (USD) Fund on 20 March 2009.
Euro Total European Global Global
Return Currencies Global Short Maturity US Convertible Convertible Euro
Bond High Yield Bond Euro Bond Bond Bond (Euro) Bond Liquidity
Fund (1) Bond Fund Fund Fund Fund Fund (2) Fund (3) Fund
EUR EUR USD EUR USD EUR USD EUR
- - - - 21.23 - - -
- - - - 22.33 - - -
- - - - 18.63 - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- 18.56 25.53 25.86 25.45 - - 25.48
- 25.23 25.64 26.70 26.10 - - 25.59
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - 26.23 -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - 25.42 -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - 23.70 -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - 20.79 -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - 27.76 -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - 27.46 -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -

169 Morgan Stanley Investment Funds 30 June 2009
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class IH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net assets
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Fund merged with Euro Strategic Bond Fund on 20 March 2009.
(2) Fund merged with Global Convertible Bond Fund on 20 March 2009.
(3) Name changed from Global Convertible Bond (USD) Fund on 20 March 2009.
The accompanying notes are an integral part of these financial statements.
Euro Total European Global Global
Return Currencies Global Short Maturity US Convertible Convertible Euro
Bond High Yield Bond Euro Bond Bond Bond (Euro) Bond Liquidity
Fund (1) Bond Fund Fund Fund Fund Fund (2) Fund (3) Fund
EUR EUR USD EUR USD EUR USD EUR
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- 81,879,682 271,081,197 386,183,623 308,264,130 281,306,271 63,960,267 341,337,394
116,382,013 106,401,667 177,013,523 269,735,246 303,523,039 419,210,830 71,226,619 437,961,844
24,844,776 50,588,121 182,862,550 166,444,318 53,568,891 222,916,561 30,111,812 367,463,230
- 86,347,700 152,258,672 278,703,018 44,423,773 - 309,047,640 319,386,462

Morgan Stanley Investment Funds 30 June 2009 170
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class I
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class A
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class B
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class C
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class N
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class NX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Fund merged with Diversified Alpha Plus VaR 400 (Euro) Fund on 20 March 2009.
(2) Name changed from Commodities Alpha Plus Fund on 6 March 2009.
(3) Shareholders of this Fund were compulsorily redeemed on 3 April 2009.
The accompanying notes are an integral part of these financial statements.
Diversified Diversified FX Alpha Plus FX Alpha Plus
US Dollar Alpha Plus Alpha Plus Global Commodities RC 200 RC 200
Liquidity VaR 400 (Euro) VaR 800 (Euro) Diversified Active GSLE (Euro) (Sterling)
Fund Fund Fund (Euro) Fund (1) Fund (2) Fund Fund (3)
USD EUR EUR EUR USD EUR GBP
12.58 - - 31.78 - - -
13.21 - - 31.63 29.15 25.87 25.78
13.54 25.63 25.06 23.50 16.97 25.92 26.72
13.54 25.24 24.11 - 19.00 26.01 -
12.18 - - 30.90 - - -
12.75 - - 30.58 29.04 25.79 25.73
13.02 25.43 24.96 22.59 16.83 25.76 26.58
13.02 24.93 23.88 - 18.79 25.79 -
11.82 - - 29.05 - - -
12.36 - - 28.47 28.86 25.57 -
12.54 25.28 24.88 20.82 16.55 25.28 -
12.55 24.66 23.69 - 18.39 25.19 -
- - - - - - -
- - - - - - -
25.12 - - - 12.64 24.61 -
- - - - 14.06 - -
1.00 - - - - - -
1.00 - - - - 25.67 25.70
1.00 - - - 15.50 - 25.38
1.00 - - - 17.32 - -
1.00 - - - - - -
1.00 - - - - 25.62 25.66
1.00 - - - - - 25.34
1.00 - - - - - -
1.00 - - - - - -
1.00 - - - - - -
1.00 - - - - - -
1.00 - - - - - -
- - - - - - -
- - - - - - -
1.00 - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 25.77 - - - - -
- 25.48 - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

171 Morgan Stanley Investment Funds 30 June 2009
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class S
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class Z
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (GBP)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (NOK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (SEK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Fund merged with Diversified Alpha Plus VaR 400 (Euro) Fund on 20 March 2009.
(2) Name changed from Commodities Alpha Plus Fund on 6 March 2009.
(3) Shareholders of this Fund were compulsorily redeemed on 3 April 2009.
The accompanying notes are an integral part of these financial statements.
Diversified Diversified FX Alpha Plus FX Alpha Plus
US Dollar Alpha Plus Alpha Plus Global Commodities RC 200 RC 200
Liquidity VaR 400 (Euro) VaR 800 (Euro) Diversified Active GSLE (Euro) (Sterling)
Fund Fund Fund (Euro) Fund (1) Fund (2) Fund Fund (3)
USD EUR EUR EUR USD EUR GBP
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
25.01 25.55 25.06 - 11.29 24.58 -
25.01 25.16 24.12 - 12.65 24.66 -
- - - - - - -
- - - - 28.10 - -
- - - - 15.81 - -
- - - - 17.46 - -
- - - - - - -
- - - - 28.75 - -
- - - - 16.07 - -
- - - - 17.68 - -
- - - - - - -
- - - - - - -
- - - - 12.50 - -
- - - - 13.69 - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - 10.76 - -
- - - - 11.89 - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - 20.35 - -
- - - - 22.41 - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 172
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class IH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AHX (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net assets
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Fund merged with Diversified Alpha Plus VaR 400 (Euro) Fund on 20 March 2009.
(2) Name changed from Commodities Alpha Plus Fund on 6 March 2009.
(3) Shareholders of this Fund were compulsorily redeemed on 3 April 2009.
Diversified Diversified FX Alpha Plus FX Alpha Plus
US Dollar Alpha Plus Alpha Plus Global Commodities RC 200 RC 200
Liquidity VaR 400 (Euro) VaR 800 (Euro) Diversified Active GSLE (Euro) (Sterling)
Fund Fund Fund (Euro) Fund (1) Fund (2) Fund Fund (3)
USD EUR EUR EUR USD EUR GBP
- - - - - - -
- - - - - - -
- - - 28.04 - - -
- 27.28 - - - - -
- - - - - - -
- - - - - - -
- - - 26.94 - - -
- 26.08 - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - 25.27 - - -
- 24.35 - - - - -
339,323,245 - - 230,632,507 - - -
461,231,398 - - 100,714,689 87,938,254 377,403,390 514,313
581,131,350 78,499,648 22,669,011 42,135,500 83,881,020 121,939,465 632,941
347,201,405 70,941,319 23,446,779 - 138,759,656 53,441,567 -

173 Morgan Stanley Investment Funds 30 June 2009
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class I
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class A
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class B
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class C
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class N
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class NX
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Fund merged with FX Alpha Plus RC 400 (US Dollar) Fund on 3 April 2009.
(2) Fund merged with FX Alpha Plus RC 800 (Sterling) Fund on 3 April 2009.
The accompanying notes are an integral part of these financial statements.
FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus
RC 200 RC 400 RC 400 RC 400 RC 800 RC 800 RC 800
(US Dollar) (Euro) (Sterling) (US Dollar) (Euro) (Sterling) (US Dollar)
Fund (1) Fund Fund Fund Fund Fund Fund (2)
USD EUR GBP USD EUR GBP USD
- - - - - - -
26.19 26.07 25.68 26.26 26.45 26.92 26.88
26.12 25.41 25.31 25.37 23.93 24.93 24.20
- 25.26 25.18 25.04 23.57 25.06 -
- - - - - - -
26.12 25.96 25.61 26.16 26.35 26.36 26.68
26.00 25.15 25.13 25.15 23.70 24.29 23.90
- 24.93 24.94 24.76 23.27 24.35 -
- - - - - - -
25.91 25.75 - - 26.14 - 26.51
- 24.70 - - 23.30 - -
- 24.36 - - 22.77 - -
- - - - - - -
- - - - - - -
24.71 24.06 - 24.02 22.54 - -
- - - - - - -
- - - - - - -
25.87 25.93 25.64 26.00 26.46 26.65 26.61
- - 24.52 - - 22.65 -
- - - - - 22.42 -
- - - - - - -
25.82 25.85 25.57 25.93 26.36 - 26.55
24.84 24.38 24.46 24.32 23.21 23.45 23.02
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
24.71 - - 24.02 - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - 24.20 - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

The accompanying notes are an integral part of these financial statements.
Morgan Stanley Investment Funds 30 June 2009 174
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class S
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class Z
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class IH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class CH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZH (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (EUR)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class ZHX (GBP)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (NOK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (SEK)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Fund merged with FX Alpha Plus RC 400 (US Dollar) Fund on 3 April 2009.
(2) Fund merged with FX Alpha Plus RC 800 (Sterling) Fund on 3 April 2009.
FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus
RC 200 RC 400 RC 400 RC 400 RC 800 RC 800 RC 800
(US Dollar) (Euro) (Sterling) (US Dollar) (Euro) (Sterling) (US Dollar)
Fund (1) Fund Fund Fund Fund Fund Fund (1)
USD EUR GBP USD EUR GBP USD
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 24.01 - - - 23.65 -
- 23.88 - - - 23.77 -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 24.21 - - - - -
- - - - - - -
- - - - - - -
- - - 96.42 - - -
- - - 96.38 - - -
- - - - - - -
- - - - - - -
- - - 96.16 - - -
- - - 94.70 - - -

175 Morgan Stanley Investment Funds 30 June 2009
Statement of share and net assets statistics (continued)
As at 30 June 2009
Net asset value per share class IH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class AHX (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net asset value per share class BH (USD)
31 December 2006
31 December 2007
31 December 2008
30 June 2009
Net assets
31 December 2006
31 December 2007
31 December 2008
30 June 2009
(1) Fund merged with FX Alpha Plus RC 400 (US Dollar) Fund on 3 April 2009.
(2) Fund merged with FX Alpha Plus RC 800 (Sterling) Fund on 3 April 2009.
The accompanying notes are an integral part of these financial statements.
FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus FX Alpha Plus
RC 200 RC 400 RC 400 RC 400 RC 800 RC 800 RC 800
(US Dollar) (Euro) (Sterling) (US Dollar) (Euro) (Sterling) (US Dollar)
Fund (1) Fund Fund Fund Fund Fund Fund (1)
USD EUR GBP USD EUR GBP USD
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - 23.95 -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - 23.62 -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
18,141,402 1,065,042,888 10,033,386 149,885,708 602,729,602 31,498,795 27,577,070
1,209,423 502,663,065 12,297,060 80,682,203 105,708,133 10,851,489 15,033,994
- 328,206,896 5,226,433 17,531,000 65,290,521 7,947,634 -

Notes to the financial statements
As at 30 June 2009
1 THE COMPANY
The Company was incorporated on 21 November 1988
under the laws of the Grand Duchy of Luxembourg as a “Société
d’Investissement à Capital Variable” (“SICAV”) and is registered
as an undertaking for collective investment pursuant to Part 1 of
the Law of 20 December 2002. The Company is an
Undertaking for Collective Investment in Transferable Securities
(“UCITS”) for the purpose of the Council Directive
EEC/85/611 (“UCITS Directive”).
The exclusive purpose of the Company is to invest the funds
available to it in transferable securities and other assets permitted
by law, with the purpose of spreading investment risks and
affording its shareholders the results of the management of its
assets. The Company is presently structured to provide both
institutional and individual investors with a variety of Equity,
Bond, Liquidity, Asset Allocation and Alternative Investment
Funds. At the date of this report forty-three Funds are open for
subscription.
Fund Date of launch
American Franchise Fund 30 November 2005
Asian Equity Fund 8 October 1991
Asian Property Fund 1 July 1997
Emerging Europe, Middle East and Africa Equity Fund 16 October 2000
Emerging Markets Equity Fund 27 July 1993
European Equity Alpha Fund 5 March 1991
European Property Fund 1 July 1997
European Small Cap Value Fund 12 November 2001
Eurozone Equity Alpha Fund 3 April 2000
Global Brands Fund 30 October 2000
Global Property Fund 31 October 2006
Global Small Cap Value Fund 14 December 1993
Global Value Equity Fund 7 November 1989
Indian Equity Fund 30 November 2006
Japanese Equity Advantage Fund 31 May 2006
Japanese Value Equity Fund 25 May 1993
Latin American Equity Fund 2 August 1994
US Equity Growth Fund 25 August 1992
US Property Fund 9 January 1996
US Small Cap Growth Fund 27 August 1991
US Value Equity Fund 17 May 1994
Alpha Advantage European Fixed Income Fund 15 April 2008
Emerging Markets Debt Fund 11 April 1995
Emerging Markets Domestic Debt Fund 28 February 2007
Euro Bond Fund 15 September 1992
Euro Corporate Bond Fund 3 September 2001
Euro Strategic Bond Fund 25 February 1991
European Currencies High Yield Bond Fund 27 May 1997
Global Bond Fund 7 November 1989
Short Maturity Euro Bond Fund 2 August 1994
US Bond Fund 25 August 1992
Global Convertible Bond Fund 16 July 2002
Euro Liquidity Fund 31 January 2000
US Dollar Liquidity Fund 1 April 1998
Diversified Alpha Plus VaR 400 (Euro) Fund 4 June 2008
Diversified Alpha Plus VaR 800 (Euro) Fund 4 September 2008
Commodities Active GSLE Fund 6 June 2007
FX Alpha Plus RC 200 (Euro) Fund 27 February 2007
FX Alpha Plus RC 400 (Euro) Fund 27 February 2007
FX Alpha Plus RC 400 (Sterling) Fund 5 June 2007
FX Alpha Plus RC 400 (US Dollar) Fund 27 February 2007
FX Alpha Plus RC 800 (Euro) Fund 27 February 2007
FX Alpha Plus RC 800 (Sterling) Fund 27 February 2007
Each Class of Shares within each Fund has a different fee structure
but participates in the same pool of assets within a given Fund.
Morgan Stanley Investment Funds 30 June 2009 176
The following significant changes were made in the six months
to 30 June 2009:
Mergers
• On 20 March 2009, the European Equity Opportunities Fund
merged into the Eurozone Equity Alpha Fund.
• On 20 March 2009, the Euro Total Return Bond Fund merged
into the Euro Strategic Bond Fund.
• On 20 March 2009, the Global Convertible Bond (Euro) Fund
merged into the Global Convertible Bond Fund.
• On 20 March 2009, the Global Diversified (Euro) Fund merged
into the Diversified Alpha Plus VaR 400 (Euro) Fund.
• On 3 April 2009, the Global Equity Growth Fund merged into
the Global Value Equity Fund.
• On 3 April 2009, the Japanese Equity Growth Fund merged
into the Japanese Equity Advantage Fund.
• On 3 April 2009, the US Equity Fund merged into the
American Franchise Fund.
• On 3 April 2009, the FX Alpha Plus RC 200 (US Dollar) Fund
merged into the FX Alpha Plus RC 400 (US Dollar) Fund.
• On 3 April 2009, the FX Alpha Plus RC 800 (US Dollar) Fund
merged into the FX Alpha Plus RC 800 (Sterling) Fund
Launched Classes
Fund Date of launch
US Value Equity Fund - IH 19 January 2009
Euro Strategic Bond Fund - Z 21 January 2009
Emerging Markets Debt Fund - S 23 January 2009
US Value Equity Fund - ZH 26 January 2009
FX Alpha Plus RC 400 (Sterling) Fund - ZX 13 February 2009
Global Convertible Bond Fund -
AH (EUR), BH (EUR), CH (EUR), IH (EUR), ZHX (EUR) 20 March 2009
Diversified Alpha Plus VaR 400 (Euro) Fund -
AH (USD), BH (USD), IH (USD) 20 March 2009
FX Alpha Plus RC 800 (Sterling) Fund - AH (USD), IH (USD), AHX (USD) 3 April 2009
Global Convertible Bond Fund - ZH (EUR) 8 April 2009
Emerging Markets Domestic Debt Fund - Z 14 May 2009
FX Alpha Plus RC 400 (Euro) Fund - ZHX (GBP) 27 May 2009
Fund Closures
• On 3 April 2009, the FX Alpha Plus RC 200 (Sterling) Fund
closed.
• On 30 April 2009, the European Equity Optimised Research
130/30 Fund closed.
Name changes
• On 6 March 2009, the Commodities Alpha Plus Fund changed
its name to Commodities Active GSLE Fund.
• On 6 March 2009, the European Equity Fund changed its name
to European Equity Alpha Fund.
• On 6 March 2009, the European Optimised Research Extension
Fund changed its name to European Equity Optimised Research
130/30 Fund.

177 Morgan Stanley Investment Funds 30 June 2009
Notes to the financial statements (continued)
As at 30 June 2009
• On 6 March 2009, the Eurozone Equity Opportunities Fund
changed its name to Eurozone Equity Alpha Fund.
• On 20 March 2009, the Global Convertible Bond (USD) Fund
changed its name to Global Convertible Bond Fund.
Changes in Directors/Dirigeants
• On 27 February 2009, Mr Andrew Mack was appointed as
a Director of the Subsidiary.
• On 9 March 2009, Mr James Dilworth resigned as a Director of
the Company.
• On 7 April 2009, Mr. Andrew Mack was appointed as a Director
of the Company.
2 SIGNIFICANT ACCOUNTING POLICIES
The financial statements are presented in accordance with
generally accepted accounting principles applicable to UCITS
investment funds in Luxembourg and require management to
make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes.
Actual results could differ from those estimates.
a) Valuation of securities
Securities listed on a recognised stock exchange or dealt in on
any other regulated market are valued at their last available
prices at the valuation point, or, in the event that there
should be several such markets, on the basis of their last
available prices on the main market for the relevant security.
In the event that the last available price does not truly reflect
the fair market value of the relevant securities, the value of
such securities will be based on the reasonably foreseeable
sales price determined prudently and in good faith pursuant
to procedures established by the Directors.
Securities not listed or traded on a stock exchange or not
dealt on another regulated market are valued on the basis of
the reasonably foreseeable sales price determined prudently
and in good faith pursuant to procedures established by the
Directors.
Securities with a known short-term maturity date, are valued
using an amortised cost method. This involves valuing an
investment at its cost and thereafter assuming a constant
amortisation to maturity of any discount or premium,
regardless of the impact of fluctuating interest rates on the
market value of the investments.
Events may occur between the determination of an
investment’s last available price and the determination of the
Fund’s Net Asset Value per Share at the valuation point that
may, in the opinion of the Directors, mean that the last
available price does not reflect the fair market value of the
investment. In such circumstances the price of such
investment shall be adjusted in accordance with the procedures
adopted from time to time by the Directors in their discretion.
As at the date of this annual report, certain securities were fair
valued in accordance with these procedures.
If since the time of determination of the net asset value there
has been a material change in the quotations in the markets
on which a substantial portion of the investments
attributable to the relevant class of shares are dealt in or
quoted, the Company may, in order to safeguard the
interests of the shareholders and the Company, cancel the
first valuation and carry out further valuations as appropriate.
b) Valuation of Interest rate swaps
An Interest Rate Swap (“IRS”) is a bilateral agreement in
which each of the parties agree to exchange a series of interest
payments (usually fixed/floating) based on a notional
amount that serves as a computation basis and that is usually
not exchanged.
IRS contracts are valued by reference to the net present value
of the underlying future cash flows.
These market values are recorded under “Unrealised
gain/loss on interest rate swap contracts” in the Combined
statement of assets and liabilities. The changes in such
amounts are recorded under “Net change in unrealised
appreciation/(depreciation) on interest rate swap contracts”
and the realised gain/loss under “Net realised gain/(loss) on
interest rate swap contracts” in the Combined statement of
operations and changes in net assets.
c) Valuation of Credit default swaps
A Credit Default Swap (“CDS”) is a transaction in which
two parties enter into an agreement, whereby the buyer pays
the seller a periodic payment for the specified life of the
agreement. The seller makes no payments unless a credit
event, relating to a predetermined reference asset, occurs.
If such an event does occur, the seller will then make a
payment to the buyer, and the swap contract will terminate.
CDS contracts are valued by reference to the net present
value of the underlying future cash flows together with the
probability of default of the underlying asset.
These market values are recorded under “Unrealised
gain/loss on credit default swap contracts” in the Combined
statement of assets and liabilities. The changes in such
amounts are recorded under “Net change in unrealised
appreciation/(depreciation) on credit default swap contracts”
and the realised gain/loss under “Net realised gain/(loss) on
credit default swap contracts” in the Combined statement of
operations and changes in net assets.
d) Valuation of Total return swaps
A Total Return Swap (“TRS”) is a transaction in which the
buyer receives the performance of an underlying asset and in
return the buyer pays funding costs and generally, an
arrangement fee. The underlying asset may be, but not
limited to, a specific security, basket of securities, other
instruments and index.

Notes to the financial statements (continued)
As at 30 June 2009
TRS contracts are valued by reference to the market value of
the underlying asset together with the net present value of
the funding costs and arrangement fees, if any.
These market values are recorded under “Unrealised
gain/loss on total return swap contracts” in the Combined
statement of assets and liabilities. The changes in such
amounts are recorded under “Net change in unrealised
appreciation/(depreciation) on total return swap contracts”
and the realised gain/loss under “Net realised gain/(loss) on
total return swap contracts” in the Combined statement of
operations and changes in net assets.
e) Valuation of Options
Options are contractual agreements that convey the right, but
not the obligation, for the purchaser either to buy or sell a
specific amount of a financial instrument at a fixed price, either
at a fixed future date or at any time within a specified period.
Options are valued by reference to the performance of the
underlying asset, the volatility of that underlying asset, the
period of the contract and the strike price of the option.
Options purchased are recorded as investments; Options
written or sold are recorded as liabilities. When the exercise
of an option results in a cash settlement, the difference
between the premium paid and the settlement proceeds is
accounted for as a realised gain or loss.
When securities are acquired or delivered upon exercise of an
option, the acquisition cost or sale proceeds are adjusted by
the amount of the premium paid. When an option is closed,
the difference between the premium and the cost to close the
position is accounted for as a realised gain or loss. When an
option expires, the premium is accounted for as a realised gain
for options written or as a realised loss for options purchased.
The market values of options are recorded under “Options
purchased” or “Options premium received” in the Combined
Statement of Net Assets.
f) Valuation of Forward foreign exchange contracts
A forward foreign exchange contract is an agreement
between two parties to exchange one currency for another at
a specific price and date in the future.
Open forward contracts are valued based by reference to the
last available currency rates prevailing at the relevant
valuation date.
These market values are recorded under “Unrealised
gain/loss on open forward foreign exchange contracts” in the
Combined statement of assets and liabilities. The changes in
such amounts are recorded under “Net change in unrealised
appreciation/(depreciation) on forward foreign exchange
contracts” and the realised gain/loss under “Net realised
gain/(loss) on forward foreign exchange contracts” in the
Combined statement of operations and changes in net assets.
Morgan Stanley Investment Funds 30 June 2009 178
g) Valuation of Futures contracts
A futures contract is a contractual agreement, to buy or sell
a particular commodity or financial instrument at a
pre-determined price in the future. Futures contracts detail
the quality and quantity of the underlying asset and they are
standardised to facilitate trading on a futures exchange.
Futures contracts are valued at the last available prices on the
exchanges for which the contracts are traded on.
These market values are recorded under “Unrealised
gain/loss on open futures contracts” in the Combined
statement of assets and liabilities. The changes in such
amounts are recorded under “Net change in unrealised
appreciation/(depreciation) on financial futures contracts”
and the realised gain/loss under “Net realised gain/(loss) on
financial futures contracts” in the Combined statement of
operations and changes in net assets.
h) Income and securities transactions
Dividend income is recorded on the ex dividend date.
Interest income is accrued daily. Discounts and premiums
are accreted as adjustments to interest income. Income from
securities lending is recorded on a cash receipts basis.
Securities transactions are accounted for on the date the
securities are purchased or sold. Realised gains or losses on
the sale of securities are determined on the basis of the
average cost method.
i) Translation of foreign currencies
Transactions in foreign currencies are translated into the
currency of each Fund at the last available rate of exchange
prevailing in a recognised market at the date of the
transactions. Assets and liabilities denominated in foreign
currencies are translated into the currency of each Fund at
the last available rate of exchange prevailing in a recognised
market at the date of the Statement of Assets and Liabilities.
The combined Statement of Assets and Liabilities is presented
in US dollars at the last available rate of exchange prevailing in
a recognised market at the date of the Statement of Assets and
Liabilities, while the combined Statement of Operations and
Changes in Net Assets is presented in US dollars at the average
exchange rates ruling during the period.
j) Valuation of repurchase agreements
Under a repurchase agreement, the Company purchases
securities and agrees to re-sell them at a mutually agreed upon
date and price. Repurchase agreements are valued at cost with
interest accrued from the date of purchase.
k) Mauritian subsidiary
The Indian Equity Fund currently invests through Morgan
Stanley SICAV (Mauritius) Limited (the “Subsidiary”) where
the Indian Equity Fund is the sole shareholder. All assets and
liabilities, income and expenses of the Subsidiary are

179 Morgan Stanley Investment Funds 30 June 2009
Notes to the financial statements (continued)
As at 30 June 2009
recorded in the Statement of Assets and Liabilities and the
Statement of Operations and Changes in Net Assets of the
Indian Equity Fund. All investments held by the Subsidiary
are individually disclosed in the statement of investments
of the Indian Equity Fund.
The Subsidiary incurs and pays certain fees and expenses
relating to its investment activity in India. These fees and
expenses may include brokerage costs and commissions,
transaction costs associated with converting currency to and
from Indian Rupee to US Dollars, fees incurred by its standing
proxy, corporate and registration fees and taxes associated
with the establishment and operation of the Subsidiary.
3 SECURITIES LENDING
As of 30 June 2009, the Company lent securities as follows:
Value in USD Collateral MV
Asian Equity Fund 51,134,677 52,570,032
Emerging Markets Equity Fund 47,035,381 48,350,567
European Equity Alpha Fund 4,859,391 5,051,376
European Property Fund 41,753,108 43,768,590
Eurozone Equity Alpha Fund 3,270,278 3,361,455
Global Value Equity Fund 10,517,413 10,810,741
Japanese Equity Advantage Fund 83,310 92,955
Japanese Value Equity Fund 28,152,828 28,940,145
Euro Bond Fund 67,076,119 68,490,277
Euro Strategic Bond Fund 8,224,148 8,369,309
European Currencies High Yield Bond Fund 13,438,665 13,607,414
Global Bond Fund 8,557,260 8,717,968
Short Maturity Euro Bond Fund 9,146,320 9,421,346
Total 293,248,897 301,552,177
4 RELATED PARTY TRANSACTIONS AND AFFILIATIONS
Under the terms of an investment advisory agreement, Morgan
Stanley Investment Management, Inc. has been appointed
Investment Adviser with responsibility for advising the Company
within the scope of the day-to-day management of the various
Funds. The Investment Adviser may delegate any of its
responsibilities to any other party subject to approval by the
Directors and the CSSF but the Investment Adviser shall remain
responsible for the proper performance by such party of those
responsibilities. A full list of sub-advisers can be found on page 189.
The Investment Adviser is entitled to receive from the Company
a fee payable monthly in arrears, and calculated on the basis of the
average daily net assets (before deduction of the fee) of each Fund
attributable to each Class of Shares.
All expenses are paid directly by the Company and fees paid to the
Investment Adviser are at the following annual rates:
Fund Name
Class I,
IH, IX,
Z, ZH
and ZHX
Class A, AH,
AHX,
B, BH
and BX
Class C,
CH and CX
Class S
American Franchise Fund 0.70% 1.40% 2.20% -
Asian Equity Fund 0.75% 1.40% 2.20% -
Asian Property Fund 0.75% 1.40% 2.20% -
Emerging Europe, Middle East
and Africa Equity Fund 1.10% 1.60% 2.40% -
Class I, Class A, AH,
IH, IX, AHX,
Z, ZH B, BH Class C,
Fund Name and ZHX
and BX CH and CX Class S
Emerging Markets Equity Fund 1.10% 1.60% 2.40% -
European Equity Alpha Fund 0.70% 1.20% 1.90% -
European Property Fund 0.75% 1.40% 2.20% -
European Small Cap Value Fund 0.95% 1.60% 2.40% -
Eurozone Equity Alpha Fund 0.75% 1.40% 2.20% -
Global Brands Fund 0.75% 1.40% 2.20% -
Global Property Fund 0.85% 1.50% 2.30% -
Global Small Cap Value Fund 0.95% 1.60% 2.40% -
Global Value Equity Fund 0.75% 1.40% 2.20% -
Indian Equity Fund 0.90% 1.60% 2.40% -
Japanese Equity Advantage Fund 0.75% 1.40% 2.20% -
Japanese Value Equity Fund 0.75% 1.40% 2.20% -
Latin American Equity Fund 1.00% 1.60% 2.40% -
US Equity Growth Fund 0.70% 1.40% 2.20% -
US Property Fund 0.75% 1.40% 2.20% -
US Small Cap Growth Fund 0.95% 1.60% 2.40% -
US Value Equity Fund 0.70% 1.40% 2.20% -
Alpha Advantage European
Fixed Income Fund 0.65% 1.30% 2.10% -
Emerging Markets Debt Fund 0.90% 1.40% 2.10% 0.75%
Emerging Markets Domestic Debt Fund 0.90% 1.40% 2.10% 0.75%
Euro Bond Fund 0.45% 0.80% 1.45% 0.45%
Euro Corporate Bond Fund 0.45% 0.80% 1.45% 0.40%
Euro Strategic Bond Fund 0.45% 0.80% 1.45% 0.35%
European Currencies High Yield Bond Fund 0.50% 0.85% 1.50% 0.45%
Global Bond Fund 0.45% 0.80% 1.45% 0.35%
Short Maturity Euro Bond Fund 0.45% 0.80% 1.45% 0.30%
US Bond Fund 0.45% 0.80% 1.45% 0.45%
Global Convertible Bond Fund 0.60% 1.00% 1.60% 0.55%
Euro Liquidity Fund 0.20% 0.50% 0.85% -
US Dollar Liquidity Fund 0.20% 0.50% 0.85% -
Diversified Alpha Plus VaR 400 (Euro) Fund 0.80% 1.60% 2.40% -
Diversified Alpha Plus VaR 800 (Euro) Fund 1.10% 2.20% 3.00% -
Commodities Active GSLE Fund 0.55% 1.10% 1.70% -
FX Alpha Plus RC 200 (Euro) Fund 0.45% 0.80% 1.45% -
FX Alpha Plus RC 400 (Euro) Fund 0.70% 1.20% 1.90% -
FX Alpha Plus RC 400 (Sterling) Fund 0.70% 1.20% 1.90% -
FX Alpha Plus RC 400 (US Dollar) Fund 0.70% 1.20% 1.90% -
FX Alpha Plus RC 800 (Euro) Fund 1.00% 1.50% 2.30% -
FX Alpha Plus RC 800 (Sterling) Fund 1.00% 1.50% 2.30% -
No investment advisory fee is payable in respect of Class “N”, “NH” and “NX” Shares.
In the case of any individual Fund or Class, the Investment
Adviser may choose to waive or rebate all of its fee or any
portion thereof at its absolute discretion for an indefinite period,
in order to reduce the impact such fee may have on the
performance of the Fund or Class in instances where the net
assets of the Fund or Class are of insufficient size.
The Funds are subject to a monthly shareholder service fee at
a maximum annual rate of 0.25% of the Funds’ aggregate
average daily Net Asset Value attributable to all Classes of Shares
of the Funds. The Equity Funds, Bond Funds, Asset Allocation
Funds and Alternative Investment Funds are currently subject to
a monthly shareholder service fee at the annual rate of 0.08% of
the Funds’ aggregate average daily Net Asset Value attributable
to Class I, IX, IH, IHX, Z, ZX, ZH and ZHX Shares and at the
annual rate of 0.15% of the Funds’ aggregate average daily Net
Asset Value attributable to Class A, AX, AH and AHX Shares
and Class B, BX, BH and BHX Shares. There are no shareholder
service fees for Class N, NX, NH and NHX Shares.
The Company has similarly reduced the fees for shareholder
service so that the Liquidity Funds will be subject to a monthly
shareholder service fee at the annual rate of 0.05% of such

Notes to the financial statements (continued)
As at 30 June 2009
Funds’ aggregate average daily Net Asset Value attributable to
the relevant Class of Shares. Class S Shares of the Equity Funds,
Bond Funds, Alternative Investment Funds and Asset Allocation
Funds are subject to the monthly Shareholder Service Fee at the
annual rate of 0.05% of the Funds’ aggregate average daily Net
Asset Value attributable to Class S Shares.
The shareholder service fee is paid to Morgan Stanley Investment
Management Limited (the “Distributor”) as compensation for
providing certain services to shareholders. The Distributor may
choose to waive all of the shareholder service fees or any portion
thereof at its absolute discretion and for an indefinite period.
For each Share Class of Alpha Advantage European Fixed
Income Fund, European Optimised Research Extension Fund,
certain Asset Allocation and Alternative Investment Funds,
the Investment Adviser may receive a 20% performance fee
(“the Performance Fee”) as defined by the prospectus.
The Performance Fee will be calculated and accrued daily
and will become payable at 31 December each year.
As at 30 June 2009, performance fees were payable in respect of
the following sub-funds:
Fund name Performance fee amount
Alpha Advantage European Fixed Income Fund - I 6,114 EUR
Alpha Advantage European Fixed Income Fund - A 5,425 EUR
Alpha Advantage European Fixed Income Fund - B 6,878 EUR
Alpha Advantage European Fixed Income Fund - Z 6,111 EUR
Diversified Alpha Plus VaR 400 (Euro) Fund - IH 134 EUR
The Distributor is also paid a distribution fee for the Equity Funds,
Bond Funds, Asset Allocation Funds and Alternative Investment
Funds, accrued daily and paid monthly, at the annual rate of
1.00% of the average daily Net Asset Value of Classes B, BX, BH
and BHX Shares as compensation for providing distributionrelated
services to the Funds with respect to such Shares.
The Liquidity Funds will pay the Distributor a distribution fee,
accrued daily and paid monthly, at the annual rate of 0.75%
of the average daily Net Asset Value for Classes B, BX, BH
and BHX Shares.
Morgan Stanley Investment Management Inc. and the
sub-advisers for the Company have entered into the following
types of transactions in which a connected person had a material
interest:
i) Transactions in relation to an investment in respect of which
an affiliated firm benefited from a commission, fee, mark up
or mark down; or
ii) Transactions in relation to a placing and/or a new issue in
which the affiliated company was a member of the
underwriting syndicate.
All the transactions executed on behalf of the Company were
entered into in the ordinary course of business and on normal
commercial terms.
Morgan Stanley Investment Funds 30 June 2009 180
The affiliations of the Directors are as follows:
Mr. James Dilworth was a Managing Director of Morgan
Stanley Investment Management Limited. (Resigned as a Director
of the Company on 9 March 2009).
Mrs. Laurence Magloire is an Executive Director of Morgan
Stanley Investment Management Limited.
Mr. Andrew Mack is a Managing Director of Morgan Stanley
Investment Management Limited. (Appointed as a Director of
the Company on 7 April 2009).
As at 30 June 2009, the Emerging Markets Equity Fund was
invested into Morgan Stanley Growth Fund, advised by an
affiliate of Morgan Stanley.
As at 30 June 2009, the Diversified Alpha Plus VaR 400 (Euro)
Fund was invested into Morgan Stanley Funds Plc Euro
Liquidity Fund, advised by an affiliate of Morgan Stanley.
As at 30 June 2009, the Diversified Alpha Plus VaR 800 (Euro)
Fund was invested into Morgan Stanley Funds Plc Euro
Liquidity Fund, advised by an affiliate of Morgan Stanley.
As at 30 June 2009, the Commodities Active GSLE Fund was
invested into Morgan Stanley Alpha Plus Funds plc
Commodities Alpha Plus RC4000 Fund, advised by an affiliate
of Morgan Stanley.
Directors’ remuneration:
The Directors of the Company who are not Directors, officers or
employees of the Investment Manager or any affiliate thereof will
be entitled to remuneration from the Fund for their services as
Directors, provided however that the aggregate emoluments of
each Director in respect of any twelve month accounting period
shall not exceed EUR 35,000 per annum or such higher amount
as may be approved by a general meeting of the Company.
Mr. Michael Griffin and Mr. William Jones are the only
Directors who receive remuneration. The Fund also bears
reasonable out of pocket expenses and cost of Directors
insurance. These expenses are disclosed under Directors fees in
the Statement of Operations and Changes in Net Assets.
5 DIVIDEND POLICY
For the AX, AHX, BX, BHX, CX, CHX, IX, IHX, NX, NHX,
SX, ZX and ZHX Classes of Shares of the Bond Funds, Equity
Funds, Asset Allocation Funds and Alternative Investment Funds,
the Company intends to declare dividends which will be equal to
at least 85% of the net investment income attributable to such
Classes. Such dividends, if any, will be accrued on the last Dealing
Day of June and December and declared on the next Dealing Day.
In the case of the NX Share Class of the Emerging Markets Debt
Fund, such dividends, if any, will be accrued on the last Dealing
Day of the month and declared on the next Dealing Day.
During the period to 30 June 2009, the Fund paid dividends as
follows:

181 Morgan Stanley Investment Funds 30 June 2009
Notes to the financial statements (continued)
As at 30 June 2009
Fund Name
Share
Ccy
Class
Ex-Date
Pay Date
Record
Date
Dividend
per Share
Equity Funds
American Franchise Fund USD ZX 02/01/2009 07/01/2009 31/12/2008 0.124437
Asian Property Fund USD AX 02/01/2009 07/01/2009 31/12/2008 0.047066
IX 02/01/2009 07/01/2009 31/12/2008 0.088617
European Equity EUR IX 02/01/2009 07/01/2009 31/12/2008 0.029507
Opportunities Fund AX 16/03/2009 19/03/2009 13/03/2009 0.014696
IX 16/03/2009 19/03/2009 13/03/2009 0.035102
European Property Fund EUR AX 02/01/2009 07/01/2009 31/12/2008 0.129321
IX 02/01/2009 07/01/2009 31/12/2008 0.183621
Global Property Fund USD IX 02/01/2009 07/01/2009 31/12/2008 0.154725
Japanese Value Equity Fund JPY AX 02/01/2009 07/01/2009 31/12/2008 0.867100
US Equity Fund USD IX 02/01/2009 07/01/2009 31/12/2008 0.025186
AX 30/03/2009 02/04/2009 27/03/2009 0.006825
IX 30/03/2009 02/04/2009 27/03/2009 0.026629
US Property Fund USD AX 02/01/2009 07/01/2009 31/12/2008 0.476530
US Value Equity Fund USD AX 02/01/2009 07/01/2009 31/12/2008 0.042470
IX 02/01/2009 07/01/2009 31/12/2008 0.109626
Bond Funds
Emerging Markets Debt Fund USD AX 02/01/2009 07/01/2009 31/12/2008 1.534547
CX 02/01/2009 07/01/2009 31/12/2008 0.488332
NX 02/01/2009 07/01/2009 31/12/2008 0.146483
NX 02/02/2009 05/02/2009 30/01/2009 0.131445
NX 02/03/2009 05/03/2009 27/02/2009 0.104901
NX 01/04/2009 06/04/2009 31/03/2009 0.190102
NX 04/05/2009 07/05/2009 30/04/2009 0.141706
NX 02/06/2009 05/06/2009 29/05/2009 0.130697
Emerging Markets Domestic USD AX 02/01/2009 07/01/2009 31/12/2008 2.716301
Debt Fund CX 02/01/2009 07/01/2009 31/12/2008 0.271105
Euro Bond Fund EUR IX 02/01/2009 07/01/2009 31/12/2008 0.511110
Euro Total Return Bond Fund EUR AX 02/01/2009 07/01/2009 31/12/2008 0.664646
IX 02/01/2009 07/01/2009 31/12/2008 0.702913
AX 16/03/2009 19/03/2009 13/03/2009 0.204852
IX 16/03/2009 19/03/2009 13/03/2009 0.218418
Global Bond Fund USD AX 02/01/2009 07/01/2009 31/12/2008 0.423020
CX 02/01/2009 07/01/2009 31/12/2008 0.186967
US Bond Fund USD AX 02/01/2009 07/01/2009 31/12/2008 0.404571
IX 02/01/2009 07/01/2009 31/12/2008 1.017656
Global Convertible Bond EUR ZX 02/01/2009 07/01/2009 31/12/2008 0.039886
(Euro) Fund ZX 16/03/2009 19/03/2009 13/03/2009 0.063767
Alternative Investment Funds
Commodities Active GSLE Fund USD IX 02/01/2009 07/01/2009 31/12/2008 0.028425
FX Alpha Plus RC 200 GBP AX 02/01/2009 07/01/2009 31/12/2008 0.349662
(Sterling) Fund IX 02/01/2009 07/01/2009 31/12/2008 0.394374
FX Alpha Plus RC 200 USD AX 02/01/2009 07/01/2009 31/12/2008 0.162359
(US Dollar) Fund CX 02/01/2009 07/01/2009 31/12/2008 0.070235
FX Alpha Plus RC 400
(Euro) Fund
EUR AX 02/01/2009 07/01/2009 31/12/2008 0.408573
FX Alpha Plus RC 400 GBP AX 02/01/2009 07/01/2009 31/12/2008 2.488235
(Sterling) Fund IX 02/01/2009 07/01/2009 31/12/2008 0.204610
FX Alpha Plus RC 400
(US Dollar) Fund
USD AX 02/01/2009 07/01/2009 31/12/2008 0.074236
FX Alpha Plus RC 800
(Euro) Fund
EUR AX 02/01/2009 07/01/2009 31/12/2008 0.362139
FX Alpha Plus RC 800 GBP AX 02/01/2009 07/01/2009 31/12/2008 0.283275
(Sterling) Fund IX 02/01/2009 07/01/2009 31/12/2008 0.337684
FX Alpha Plus RC 800
(US Dollar) Fund
USD AX 02/01/2009 07/01/2009 31/12/2008 0.009181
For the AX, AHX, BX, BHX, CX, CHX, IX, IHX, NX, NHX,
SX, ZX and ZHX Classes of Shares of the Liquidity Funds, the
Company intends to declare dividends which will be equal to
the net investment income attributable to such Classes and
realized capital gains, reduced by realized losses, if any. In the
case of the Liquidity Funds, such dividends, if any, will be
declared on each Dealing Day.
6 TAXATION
Under current law and practice, the Company is not liable to
any Luxembourg income tax, or any Luxembourg capital gains
tax on the realised capital appreciation of the assets of the
Company nor are dividends paid by the Company liable to any
Luxembourg withholding tax. The Company is, however, liable
to annual tax in Luxembourg calculated at the rate of 0.05% of
the Net Asset Value of all Funds (except the Liquidity Funds for
which the rate is 0.01% of the Net Asset Value of the Liquidity
Funds). Furthermore, the Company has sought the benefit of
a reduced annual tax rate of 0.01% for Class Z, ZH, ZX, ZHX,
S, SX, N, NH, NX and NHX Shares. This tax is payable
quarterly on the basis of the net assets of the relevant Funds,
calculated at the end of the quarter to which the tax relates.
No stamp or other tax will be payable in Luxembourg in
connection with the issue of Shares of the Company, except
a once and for all tax of EUR 1,239.47 which was paid upon
incorporation.
Dividends, interest and capital gains on securities held by the
Company may be subject to non-recoverable withholding tax or
capital gains tax in the country of origin.
7 RATES OF EXCHANGE
The rates of exchange used for translation into U.S. dollars of
assets and liabilities, including securities and foreign currency
holdings, as of 30 June 2009 were:
Currency
AUD 1.235 = $1.00
BRL 1.948 = $1.00
CAD 1.157 = $1.00
CHF 1.083 = $1.00
COP 2,142.500 = $1.00
CZK 18.419 = $1.00
DKK 5.291 = $1.00
EUR 0.710 = $1.00
EUR* 0.713 = $1.00
GBP 0.605 = $1.00
GBP* 0.607 = $1.00
HKD 7.750 = $1.00
HUF 193.465 = $1.00
IDR 10,207.500 = $1.00
ILS 3.90595 = $1.00
INR 47.75 = $1.00
JPY 96.205 = $1.00
KRW 1,271.300 = $1.00
KWD 0.287 = $1.00
MAD 8.0158 = $1.00
MXN 13.1492 = $1.00
MYR 3.515 = $1.00
NOK 6.429 = $1.00
NZD 1.536 = $1.00
PEN 3.007 = $1.00
PHP 48.160 = $1.00
PLN 3.167 = $1.00
SEK 7.703 = $1.00
SGD 1.44745 = $1.00
THB 34.090 = $1.00
TRY 1.532 = $1.00
TWD 32.810 = $1.00
ZAR 7.712 = $1.00
* Rates of exchange used for the Alternative Investment Funds, Alpha Advantage European Fixed Income
Fund, Diversified Alpha Plus VaR 400 (Euro) Fund and Diversified Alpha Plus VaR 800 (Euro) Fund.

Notes to the financial statements (continued)
As at 30 June 2009
8 SOFT COMMISSION ARRANGEMENTS
During the period the Company, its Investment Adviser or its
Sub-Advisers did not enter into soft commission arrangements.
9 STATEMENTS OF PORTFOLIO CHANGES
A statement giving the changes in the portfolio of investments for
the period ended 30 June 2009 is available to shareholders, free of
charge, on request from the Company’s registered office, and also
from the Paying Agents in countries where the company is
registered to sell its Shares.
Please see list of Paying Agents on page 185.
10 OVERDRAFT FACILITY
The Fund has access to an overdraft facility (the “Facility”)
established with J.P. Morgan Bank Luxembourg S.A. The Facility
is intended to provide, if necessary, for short-term/temporary
financing, subject to certain restrictions, in connection with
abnormal redemption activity. Borrowings pursuant to the
Facility are subject to interest at a mutually agreed upon rate.
11 REPURCHASE AGREEMENTS
Details of the total repurchase agreements outstanding and the
related collateral at 30 June 2009 are as follows:
Fund Name Amount
Market Value
of Collateral received
Maturity
US Dollar Liquidity Fund 66,528,000 USD 68,523,927 USD 01.07.09
US Dollar Liquidity Fund 70,000,000 USD 72,104,568 USD 01.07.09
FX Alpha Plus RC 200 (Euro) Fund 17,850,000 EUR 18,207,000 EUR 01.07.09
FX Alpha Plus RC 400 (Euro) Fund 122,400,000 EUR 124,848,000 EUR 01.07.09
FX Alpha Plus RC 800 (Euro) Fund 21,100,000 EUR 21,522,000 EUR 01.07.09
Alpha Advantage European Fixed
Income Fund 3,100,000 EUR 3,162,000 EUR 01.07.09
The collateral received in respect of the repurchase agreements
consists of transferable securities.
12 LIABILITY OF THE COMPANY
The Directors shall maintain for each Fund a separate pool of
assets. As between Shareholders, each pool of assets is invested
for the exclusive benefit of the relevant Fund.
With effect from 22 November 2007, the assets of the Company
have been segregated on a sub-fund by sub-fund basis with third
party creditors only having recourse to the assets of the relevant
sub-fund.
13 BROKER ACCOUNTS
All derivative instruments, as listed with the Statements of
Investments, on pages 2 to 110, are transacted through third
party brokers. These brokers hold the collateral described in the
above mentioned statements on pages 2 to 110. The Fund is
exposed to counter-party risk in respect of all amounts including
collateral due to it from such brokers.
Morgan Stanley Investment Funds 30 June 2009 182
Payments of income and settlement proceeds are at the risk of
the Fund.
14 SUBSEQUENT EVENTS
No significant changes were made subsequent to the period end.

183 Morgan Stanley Investment Funds 30 June 2009
Directors and service providers
DIRECTORS
James Dilworth
(until 4 March 2009)
Managing Director
Morgan Stanley Investment
Management Limited
London
United Kingdom
Michael Griffin
Non-executive Director
Dublin
Ireland
William Jones
Non-executive Director
Luxembourg
Andrew Mack
(from 7 April 2009)
Managing Director
Morgan Stanley Investment
Management Limited
London
United Kingdom
Laurence Magloire
Executive Director
Morgan Stanley Investment
Management Limited
Luxembourg
DIRIGEANTS
Bryan Greener
Executive Director
Morgan Stanley Investment
Management Limited
London
United Kingdom
Laurence Magloire
Executive Director
Morgan Stanley Investment
Management Limited
Luxembourg
DIRECTORS OF
MORGAN STANLEY SICAV
(MAURITIUS) LIMITED
(THE “SUBSIDIARY”)
Deven Coopoosamy
Director
Fund Administration
MultiConsult Limited
Mauritius
Andrew Mack
(from 27 February 2009)
Managing Director
Morgan Stanley Investment
Management Limited
London
United Kingdom
Laurence Magloire
Executive Director
Morgan Stanley Investment
Management Limited
Luxembourg
Abdool Azize Owasil
Director
Fund Administration
MultiConsult Limited
Mauritius
INVESTMENT ADVISER
Morgan Stanley
Investment Management Inc.
522 Fifth Avenue
New York, NY 10036
USA
INVESTMENT SUB-ADVISERS
Morgan Stanley Investment
Management Limited
25 Cabot Square
Canary Wharf
London E14 4QA
United Kingdom
Morgan Stanley Investment
Management Company
23 Church Street
16-01 Capital Square
Singapore, 049481
Morgan Stanley Asset
& Investment Trust
Management Co., Limited
Yebisu Garden Place Tower
20-3, Ebisu 4-Chome
Shibuya-ku, Tokyo 150-6009
Japan
Morgan Stanley Advisors Inc.
522 Fifth Avenue
New York, NY 10036
USA
REGISTERED OFFICE
6B, route de Trèves
L-2633 Senningerberg
Luxembourg
DISTRIBUTOR
Morgan Stanley Investment
Management Limited
25 Cabot Square
Canary Wharf
London E14 4QA
United Kingdom
CUSTODIAN BANK
J.P. Morgan Bank
Luxembourg S.A.
European Bank
and Business Centre
6C, route de Trèves
L-2633 Senningerberg
Luxembourg
ADMINISTRATOR
AND PAYING AGENT
J.P. Morgan Bank
Luxembourg S.A.
European Bank
and Business Centre
6C, route de Trèves
L-2633 Senningerberg
Luxembourg
DOMICILIARY AGENT
(UNTIL 31 MARCH 2009)
J.P. Morgan Bank
Luxembourg S.A.
European Bank
and Business Centre
6C, route de Trèves
L-2633 Senningerberg
Luxembourg
(FROM 1 APRIL 2009)
Morgan Stanley Investment
Management Limited,
Luxembourg Branch
European Bank
and Business Centre
6B, route de Trèves
L-2633 Senningerberg
Luxembourg

Directors and service providers (continued)
ADMINISTRATOR
OF THE SUBSIDIARY
MultiConsult Limited
Rogers House
5, President John Kennedy Street
Port Louis
Mauritius
REGISTRAR
AND TRANSFER AGENT
RBC Dexia Investor Services
Bank S.A.
14, Rue Porte de France
L-4360 Esch-sur-Alzette
Luxembourg
AUDITOR
Ernst & Young S.A.
7, Parc d’Activité Syrdall
L-5365 Munsbach
Luxembourg
AUDITOR OF THE SUBSIDIARY
Ernst & Young Mauritius
Anglo Mauritius House
4, Intendance Street
Port Louis
Mauritius
LEGAL ADVISER
Linklaters LLP
35, avenue John F. Kennedy
L-1855 Luxembourg
Luxembourg
Morgan Stanley Investment Funds 30 June 2009 184

185 Morgan Stanley Investment Funds 30 June 2009
Paying and information agents
Copies of the Financial Reports of the Company can be obtained from the following Paying and Information Agents.
AUSTRIA
Meinl Bank Aktiengesellschaft
Bauernmarkt 2
Postfach 99
A-1014 Vienna
Austria
FRANCE
Caceis
1/3 Place Valhubert
75013 Paris
France
GERMANY
Morgan Stanley Bank AG
Junghofstrasse 13-15
60311 Frankfurt am Main
Germany
GREECE
Alpha Bank
40, Stadiou Street
GR-102 52 Athens
Greece
HONG KONG
Morgan Stanley
Asia Limited
30th Floor
Three Exchange Square
Central
Hong Kong
IRELAND
J.P. Morgan Administration
Services (Ireland) Limited
JP Morgan House
International Financial
Services Centre
Dublin 1
Ireland
ITALY
C/O CITCO Bank Nederland N.V.
Strada 1 Palazzo F5
20090 Assago Milanofiori
Italy
C/O Banca Popolare
Commercio E Industria S.p.A.
Via della Moscova, 33
20121 Milan
Italy
C/O Sella Holding Banca S.p.A.
Via Italia, 2
13900 Biella
Italy
C/O Banca Popolare Italiana
S.c.a.r.l.
Via Polenghi Lombardo, 13
26900 Lodi
Italy
C/O Iccrea Banca S.p.A.
Via Lucrezia Romana, 41-47
00184 Rome
Italy
C/O Intesa Sanpaolo S.p.A.
Piazza San Carlo, 156
Torino
Italy
C/O Société Générale
Securities Services S.p.A.
MAC 2
Via Benigno Crespi, 19/A
20159 Milan
Italy
C/O Allianz Bank
Financial Advisors S.p.A.
Piazzale Lodi, 3
20137 Milan
Italy
Monte dei Paschi di Siena S.p.A.
Piazza Salimbeni, 3
53100 Siena
Italy
BNP Paribas Securities Services
Via Ansperto, 5
Milan
Italy
NETHERLANDS
Equity Trust Co. N.V.
Atrium Strawinskylaan 3105
1077 ZX Amsterdam
The Netherlands
SPAIN
La Caixa Gestión
de Patrimonios S.V. SA
Serrano 55
28006 Madrid
Spain
Every distributor registered in
Spain act as paying agents for the
Company and a list of them are
available at www.cnmv.com
SWITZERLAND
Bank Morgan Stanley AG
Bahnhofstrasse 92
8023 Zurich
Switzerland
UNITED KINGDOM
Morgan Stanley Investment
Management Limited
25 Cabot Square
London E14 4QA
United Kingdom

Appendix 1: Fund expense ratios (unaudited)
As at 30 June 2009
Morgan Stanley Investment Funds 30 June 2009 186
The following figures show the total expenses charged to each Class of each Fund open as at 30 June 2009, calculated net of any fee waivers
and expressed as a percentage of average net assets for the period. For further information in relation to the expenses charged to the Funds,
please refer to pages 144 to 154. For details of changes to the Investment Advisory Fees during the year, please refer to Note 4.
Funds Name Total Expense Ratio (%) Funds Name Total Expense Ratio (%)
American Franchise Fund I - USD 0.96
American Franchise Fund A - USD 1.73
American Franchise Fund B - USD 2.73
American Franchise Fund C - USD 2.52
American Franchise Fund AX - USD 1.74
American Franchise Fund Z - USD 0.92
American Franchise Fund ZX - USD 0.92
American Franchise Fund AH - EUR 1.80
American Franchise Fund BH - EUR 2.77
American Franchise Fund ZH - EUR 1.02
Asian Equity Fund I - USD 1.08
Asian Equity Fund A - USD 1.84
Asian Equity Fund B - USD 2.84
Asian Equity Fund C - USD 2.64
Asian Equity Fund Z - USD 1.08
Asian Property Fund I - USD 0.99
Asian Property Fund A - USD 1.69
Asian Property Fund B - USD 2.69
Asian Property Fund IX - USD 0.97
Asian Property Fund AX - USD 1.69
Asian Property Fund Z - USD 0.94
Emerging Europe, Middle East and Africa Equity Fund I - EUR 1.28
Emerging Europe, Middle East and Africa Equity Fund A - EUR 1.88
Emerging Europe, Middle East and Africa Equity Fund B - EUR 2.88
Emerging Europe, Middle East and Africa Equity Fund C - EUR 2.68
Emerging Europe, Middle East and Africa Equity Fund AX - EUR 1.88
Emerging Europe, Middle East and Africa Equity Fund Z - EUR 1.27
Emerging Markets Equity Fund I - USD 1.40
Emerging Markets Equity Fund A - USD 1.97
Emerging Markets Equity Fund B - USD 2.96
Emerging Markets Equity Fund C - USD 2.77
Emerging Markets Equity Fund N - USD 0.16
Emerging Markets Equity Fund Z - USD 1.35
European Equity Alpha Fund I - EUR 1.05
European Equity Alpha Fund A - EUR 1.62
European Equity Alpha Fund B - EUR 2.62
European Equity Alpha Fund C - EUR 2.51
European Equity Alpha Fund Z - EUR 1.01
European Property Fund I - EUR 1.08
European Property Fund A - EUR 1.78
European Property Fund B - EUR 2.80
European Property Fund IX - EUR 1.08
European Property Fund AX - EUR 1.80
European Property Fund Z - EUR 1.04
European Small Cap Value Fund I - EUR 1.56
European Small Cap Value Fund A - EUR 2.32
European Small Cap Value Fund B - EUR 3.33
European Small Cap Value Fund AX - EUR 2.33
Eurozone Equity Alpha Fund I - EUR 1.15
Eurozone Equity Alpha Fund A - EUR 1.89
Eurozone Equity Alpha Fund B - EUR 2.90
Eurozone Equity Alpha Fund Z - EUR 1.11
Global Brands Fund I - USD 0.93
Global Brands Fund A - USD 1.63
Global Brands Fund B - USD 2.65
Global Brands Fund Z - USD 0.89
Global Brands Fund AH - EUR 1.74
Global Brands Fund BH - EUR 2.75
Global Brands Fund ZH - EUR 0.98
Global Property Fund I - USD 1.19
Global Property Fund A - USD 1.92
Global Property Fund B - USD 2.90
Global Property Fund C - USD 2.75
Global Property Fund IX - USD 1.19
Global Property Fund Z - USD 1.17
Global Small Cap Value Fund I - USD 1.52
Global Small Cap Value Fund A - USD 2.24
Global Small Cap Value Fund B - USD 3.16
Global Small Cap Value Fund AX - USD 2.24
Global Value Equity Fund I - USD 1.00
Global Value Equity Fund A - USD 1.70
Global Value Equity Fund B - USD 2.72
Global Value Equity Fund Z - USD 0.96
Indian Equity Fund I - USD 1.03
Indian Equity Fund A - USD 1.92
Indian Equity Fund B - USD 2.97
Indian Equity Fund Z - USD 0.92
Japanese Equity Advantage Fund I - JPY 1.13
Japanese Equity Advantage Fund A - JPY 1.90
Japanese Equity Advantage Fund B - JPY 2.90
Japanese Equity Advantage Fund Z - JPY 1.06
Japanese Equity Advantage Fund AH - EUR 1.93
Japanese Value Equity Fund I - JPY 1.00
Japanese Value Equity Fund A - JPY 1.72
Japanese Value Equity Fund B - JPY 2.72
Japanese Value Equity Fund C - JPY 2.67
Japanese Value Equity Fund AX - JPY 1.71
Japanese Value Equity Fund Z - JPY 0.96
Japanese Value Equity Fund IH - EUR 1.10
Latin American Equity Fund I - USD 1.25
Latin American Equity Fund A - USD 1.92
Latin American Equity Fund B - USD 2.92
Latin American Equity Fund C - USD 2.80
Latin American Equity Fund Z - USD 1.21
US Equity Growth Fund I - USD 0.98
US Equity Growth Fund A - USD 1.75
US Equity Growth Fund B - USD 2.74
US Equity Growth Fund C - USD 2.71
US Equity Growth Fund IX - USD 0.98
US Equity Growth Fund AX - USD 1.75
US Equity Growth Fund Z - USD 0.94
US Equity Growth Fund IH - EUR 1.03
US Equity Growth Fund AH - EUR 1.85
US Equity Growth Fund ZH - EUR 1.04
US Property Fund I - USD 1.02
US Property Fund A - USD 1.74
US Property Fund B - USD 2.72
US Property Fund AX - USD 1.72
US Small Cap Growth Fund I - USD 1.67
US Small Cap Growth Fund A - USD 2.23
US Small Cap Growth Fund B - USD 3.14
US Value Equity Fund I - USD 0.96
US Value Equity Fund A - USD 1.73
US Value Equity Fund B - USD 2.73
US Value Equity Fund IX - USD 0.96
US Value Equity Fund AX - USD 1.73
US Value Equity Fund Z - USD 0.92
US Value Equity Fund AH - EUR 1.91
Alpha Advantage European Fixed Income Fund I - EUR 1.63
out of which 0.58% relates to performance fees
Alpha Advantage European Fixed Income Fund A - EUR 2.25
out of which 0.47% relates to performance fees
Alpha Advantage European Fixed Income Fund B - EUR 3.01
out of which 0.16% relates to performance fees
Alpha Advantage European Fixed Income Fund Z - EUR 1.60
out of which 0.58% relates to performance fees
Emerging Markets Debt Fund I - USD 1.21
Emerging Markets Debt Fund A - USD 1.80
Emerging Markets Debt Fund B - USD 2.80
Emerging Markets Debt Fund C - USD 2.50
Emerging Markets Debt Fund AX - USD 1.79
Emerging Markets Debt Fund CX - USD 2.50
Emerging Markets Debt Fund NX - USD 0.19
Emerging Markets Debt Fund S - USD 1.01
Emerging Markets Debt Fund Z - USD 1.19
Emerging Markets Debt Fund AH - EUR 1.89
Emerging Markets Domestic Debt Fund I - USD 1.39
Emerging Markets Domestic Debt Fund A - USD 1.94
Emerging Markets Domestic Debt Fund B - USD 2.96
Emerging Markets Domestic Debt Fund C - USD 2.55
Emerging Markets Domestic Debt Fund AX - USD 1.96
Emerging Markets Domestic Debt Fund CX - USD 2.54
Emerging Markets Domestic Debt Fund Z - USD 1.35
Euro Bond Fund I - EUR 0.64

187 Morgan Stanley Investment Funds 30 June 2009
Appendix 1: Fund expense ratios (unaudited) (continued)
As at 30 June 2009
Funds Name Total Expense Ratio (%) Funds Name Total Expense Ratio (%)
Euro Bond Fund A - EUR 1.08
Euro Bond Fund B - EUR 2.08
Euro Bond Fund C - EUR 1.80
Euro Bond Fund IX - EUR 0.66
Euro Bond Fund Z - EUR 0.62
Euro Corporate Bond Fund I - EUR 0.68
Euro Corporate Bond Fund A - EUR 1.10
Euro Corporate Bond Fund B - EUR 2.09
Euro Corporate Bond Fund C - EUR 1.75
Euro Corporate Bond Fund Z - EUR 0.64
Euro Strategic Bond Fund I - EUR 0.80
Euro Strategic Bond Fund A - EUR 1.22
Euro Strategic Bond Fund B - EUR 2.22
Euro Strategic Bond Fund Z - EUR 0.76
European Currencies High Yield Bond Fund I - EUR 0.90
European Currencies High Yield Bond Fund A - EUR 1.32
European Currencies High Yield Bond Fund B - EUR 2.32
European Currencies High Yield Bond Fund C - EUR 1.89
European Currencies High Yield Bond Fund Z - EUR 0.86
Global Bond Fund I - USD 0.77
Global Bond Fund A - USD 1.21
Global Bond Fund B - USD 2.21
Global Bond Fund C - USD 1.86
Global Bond Fund AX - USD 1.21
Global Bond Fund Z - USD 0.75
Short Maturity Euro Bond Fund I - EUR 0.73
Short Maturity Euro Bond Fund A - EUR 1.17
Short Maturity Euro Bond Fund B - EUR 2.17
Short Maturity Euro Bond Fund Z - EUR 0.71
US Bond Fund I - USD 1.00
US Bond Fund A - USD 1.42
US Bond Fund B - USD 2.41
US Bond Fund IX - USD 0.99
US Bond Fund Z - USD 0.96
Global Convertible Bond Fund I - USD 0.94
Global Convertible Bond Fund A - USD 1.45
Global Convertible Bond Fund B - USD 2.33
Global Convertible Bond Fund IH - EUR 1.14
Global Convertible Bond Fund AH - EUR 1.62
Global Convertible Bond Fund BH - EUR 2.61
Global Convertible Bond Fund CH - EUR 2.19
Global Convertible Bond Fund ZH - EUR 1.06
Global Convertible Bond Fund ZHX - EUR 1.06
Euro Liquidity Fund I - EUR 0.38
Euro Liquidity Fund A - EUR 0.59
Euro Liquidity Fund B - EUR 1.05
Euro Liquidity Fund C - EUR 0.90
Euro Liquidity Fund Z - EUR 0.37
US Dollar Liquidity Fund I - USD 0.33
US Dollar Liquidity Fund A - USD 0.33
US Dollar Liquidity Fund B - USD 0.33
US Dollar Liquidity Fund IX - USD 0.33
US Dollar Liquidity Fund AX - USD 0.33
US Dollar Liquidity Fund BX - USD 0.33
US Dollar Liquidity Fund Z - USD 0.33
Diversified Alpha Plus VaR 400 EURO Fund I - EUR 1.13*
Diversified Alpha Plus VaR 400 EURO Fund A - EUR 1.96*
Diversified Alpha Plus VaR 400 EURO Fund B - EUR 2.95*
Diversified Alpha Plus VaR 400 EURO Fund N - EUR 0.18*
Diversified Alpha Plus VaR 400 EURO Fund Z - EUR 1.11*
Diversified Alpha Plus VaR 400 EURO Fund IH - USD 1.12
out of which 0.07% relates to performance fees
Diversified Alpha Plus VaR 400 EURO Fund AH - USD 1.92*
Diversified Alpha Plus VaR 400 EURO Fund BH - USD 2.93*
Diversified Alpha Plus VaR 800 EURO Fund I - EUR 1.53*
Diversified Alpha Plus VaR 800 EURO Fund A - EUR 2.67*
Diversified Alpha Plus VaR 800 EURO Fund B - EUR 3.67*
Diversified Alpha Plus VaR 800 EURO Fund Z - EUR 1.46*
Commodities Active GSLE Fund I - USD 0.88
Commodities Active GSLE Fund A - USD 1.43
Commodities Active GSLE Fund B - USD 2.40
Commodities Active GSLE Fund C - USD 1.98
Commodities Active GSLE Fund IX - USD 0.85
Commodities Active GSLE Fund Z - USD 0.80
Commodities Active GSLE Fund IH - EUR 0.82
Commodities Active GSLE Fund AH - EUR 1.43
Commodities Active GSLE Fund BH - EUR 2.45
Commodities Active GSLE Fund ZH - EUR 0.91
Commodities Active GSLE Fund ZHX - GBP 0.96
FX Alpha Plus RC 200 (Euro) Fund I - EUR 0.68*
FX Alpha Plus RC 200 (Euro) Fund A - EUR 1.11*
FX Alpha Plus RC 200 (Euro) Fund B - EUR 2.08*
FX Alpha Plus RC 200 (Euro) Fund Z - EUR 0.67*
FX Alpha Plus RC 400 (Euro) Fund I - EUR 0.88*
FX Alpha Plus RC 400 (Euro) Fund A - EUR 1.46*
FX Alpha Plus RC 400 (Euro) Fund B - EUR 2.46*
FX Alpha Plus RC 400 (Euro) Fund Z - EUR 0.85*
FX Alpha Plus RC 400 (Euro) Fund ZHX - GBP 0.94*
FX Alpha Plus RC 400 (Sterling) Fund I - GBP 0.81*
FX Alpha Plus RC 400 (Sterling) Fund A - GBP 1.27*
FX Alpha Plus RC 400 (Sterling) Fund ZX - GBP 0.74*
FX Alpha Plus RC 400 (US Dollar) Fund I - USD 1.17*
FX Alpha Plus RC 400 (US Dollar) Fund A - USD 1.65*
FX Alpha Plus RC 400 (US Dollar) Fund AH - NOK 1.80*
FX Alpha Plus RC 400 (US Dollar) Fund AH - SEK 1.80*
FX Alpha Plus RC 800 (Euro) Fund I - EUR 1.20*
FX Alpha Plus RC 800 (Euro) Fund A - EUR 1.76*
FX Alpha Plus RC 800 (Euro) Fund B - EUR 2.75*
FX Alpha Plus RC 800 (Sterling) Fund I - GBP 1.44*
FX Alpha Plus RC 800 (Sterling) Fund A - GBP 1.98*
FX Alpha Plus RC 800 (Sterling) Fund IX - GBP 2.34*
FX Alpha Plus RC 800 (Sterling) Fund Z - GBP 1.44*
FX Alpha Plus RC 800 (Sterling) Fund IH - USD 2.10*
FX Alpha Plus RC 800 (Sterling) Fund AH - USD 2.64*
* Share class performance as at the period ended 30 June 2009 did not exceed the performance high water mark, therefore no performance fees was due at the period end. For this reason no further TER
disclosure is required.

Appendix 2: Portfolio turnover rate (unaudited)
As at 30 June 2009
Equity Funds
American Franchise Fund (20.17)
Asian Equity Fund (48.49)
Asian Property Fund 38.82
Emerging Europe, Middle East and Africa Equity Fund 49.99
Emerging Markets Equity Fund 32.21
European Equity Alpha Fund (3.14)
European Equity Opportunities Fund 75.66
European Equity Optimised Research 130/30 Fund 470.18
European Property Fund 17.72
European Small Cap Value Fund 109.38
Eurozone Equity Alpha Fund 63.80
Global Brands Fund (16.15)
Global Equity Growth Fund 100.39
Global Property Fund 13.00
Global Small Cap Value Fund 77.45
Global Value Equity Fund 158.22
Indian Equity Fund (92.44)
Japanese Equity Advantage Fund (78.53)
Japanese Equity Growth Fund 138.09
Japanese Value Equity Fund (92.15)
Latin American Equity Fund 23.96
US Equity Fund 150.21
US Equity Growth Fund (70.46)
US Property Fund 24.21
US Small Cap Growth Fund 287.19
US Value Equity Fund (57.83)
Bond Funds
Alpha Advantage European Fixed Income Fund (104.00)
Emerging Markets Debt Fund (17.53)
Emerging Markets Domestic Debt Fund 33.27
Morgan Stanley Investment Funds 30 June 2009 188
Funds Name Portfolio turnover rate (%) Funds Name Portfolio turnover rate (%)
The portfolio turnover data has been computed as follows:
Total of Securities transactions (purchases and sales) – Total transactions of funds units (subscriptions and redemptions) x 100
Average net assets
Bond Funds (continued)
Euro Bond Fund 49.13
Euro Corporate Bond Fund (3.50)
Euro Strategic Bond Fund 38.06
Euro Total Return Bond Fund 73.07
European Currencies High Yield Bond Fund (86.78)
Global Bond Fund 27.95
Short Maturity Euro Bond Fund (17.95)
US Bond Fund 496.68
Global Convertible Bond (Euro) Fund 9.86
Global Convertible Bond Fund (37.32)
Liquidity Funds
Euro Liquidity Fund (171.78)
US Dollar Liquidity Fund (174.05)
Asset Allocation Funds
Diversified Alpha Plus VaR 400 (Euro) Fund (139.48)
Diversified Alpha Plus VaR 800 (Euro) Fund (14.28)
Global Diversified (Euro) Fund 83.19
Alternative Investment Funds
Commodities Active GSLE Fund (96.57)
FX Alpha Plus RC 200 (Euro) Fund (98.35)
FX Alpha Plus RC 200 (Sterling) Fund (103.96)
FX Alpha Plus RC 200 (US Dollar) Fund (12.39)
FX Alpha Plus RC 400 (Euro) Fund (52.19)
FX Alpha Plus RC 400 (Sterling) Fund (372.06)
FX Alpha Plus RC 400 (US Dollar) Fund (175.43)
FX Alpha Plus RC 800 (Euro) Fund (81.79)
FX Alpha Plus RC 800 (Sterling) Fund (208.79)
FX Alpha Plus RC 800 (US Dollar) Fund (48.97)

189 Morgan Stanley Investment Funds 30 June 2009
Appendix 3: Sub-Advisers
As at 30 June 2009
List of Sub-Advisers (to be read in conjunction with the prospectus dated February 2009). Morgan Stanley Investment Management Inc
(“MSIM Inc”) acts as Investment Adviser to the Funds. Where MSIM Inc has delegated any of its responsibilities, the Funds are advised
by the following Sub-Advisers.
Fund Name Sub-Adviser
Equity Funds
Morgan Stanley Investment Funds American Franchise Fund None
Morgan Stanley Investment Funds Asian Equity Fund Morgan Stanley Investment Management Company
Morgan Stanley Investment Funds Asian Property Fund Morgan Stanley Investment Management Company
Morgan Stanley Investment Funds Emerging Europe, Middle East and Africa Equity Fund None
Morgan Stanley Investment Funds Emerging Markets Equity Fund None
Morgan Stanley Investment Funds European Equity Alpha Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds European Property Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds European Small Cap Value Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds Eurozone Equity Alpha Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds Global Brands Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds Global Property Fund Morgan Stanley Investment Management Limited & Morgan Stanley Investment Management Company
Morgan Stanley Investment Funds Global Small Cap Value Fund Morgan Stanley Investment Management Limited & Morgan Stanley Investment Advisors Inc.
Morgan Stanley Investment Funds Global Value Equity Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds Indian Equity Fund Morgan Stanley Investment Management Company
Morgan Stanley Investment Funds Japanese Equity Advantage Fund Morgan Stanley Asset & Investment Trust Management Co. Limited
Morgan Stanley Investment Funds Japanese Value Equity Fund Morgan Stanley Asset & Investment Trust Management Co. Limited
Morgan Stanley Investment Funds Latin American Equity Fund None
Morgan Stanley Investment Funds US Equity Growth Fund None
Morgan Stanley Investment Funds US Property Fund None
Morgan Stanley Investment Funds US Small Cap Growth Fund None
Morgan Stanley Investment Funds US Value Equity Fund None
Bond Funds
Morgan Stanley Investment Funds Alpha Advantage European Fixed Income Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds Emerging Markets Debt Fund None
Morgan Stanley Investment Funds Emerging Markets Domestic Debt Fund None
Morgan Stanley Investment Funds Euro Bond Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds Euro Corporate Bond Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds Euro Strategic Bond Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds European Currencies High Yield Bond Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds Global Bond Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds Short Maturity Euro Bond Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds US Bond Fund None
Morgan Stanley Investment Funds Global Convertible Bond Fund Morgan Stanley Investment Management Limited
Liquidity Funds
Morgan Stanley Investment Funds Euro Liquidity Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds US Dollar Liquidity Fund Morgan Stanley Investment Advisors, Inc.
Asset Allocation Funds
Morgan Stanley Investment Funds Diversified Alpha Plus VaR 400 (Euro) Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds Diversified Alpha Plus VaR 800 (Euro) Fund Morgan Stanley Investment Management Limited
Alternative Investment Funds
Morgan Stanley Investment Funds Commodities Active GSLE Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds FX Alpha Plus Risk Controlled (RC) 200 (Euro) Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds FX Alpha Plus Risk Controlled (RC) 400 (Euro) Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds FX Alpha Plus Risk Controlled (RC) 400 (Sterling) Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds FX Alpha Plus Risk Controlled (RC) 400 (US Dollar) Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds FX Alpha Plus Risk Controlled (RC) 800 (Euro) Fund Morgan Stanley Investment Management Limited
Morgan Stanley Investment Funds FX Alpha Plus Risk Controlled (RC) 800 (Sterling) Fund Morgan Stanley Investment Management Limited

Appendix 4: Hedged Share Classes
As at 30 June 2009
Morgan Stanley Investment Funds 30 June 2009 190
The Directors may decide from time to time for some or all of the Funds to issue Hedged Share Classes. Hedged Share Classes can be
issued in relation to any type of available Share Class and is indicated by an “H” after the Share Class indicator, as follows: AH, AHX,
BH, BHX, CH, CHX, IH, IHX, NH, NHX, ZH and/or ZHX.
Hedged Share Classes seek to reduce the currency exposure of the Shareholder to currencies other than the currency in which the
Hedged Share Class is denominated (the “Hedged Share Class Currency”). The hedging process will vary depending on the type of fund
for which the Hedged Share Class is issued and the hedging strategy adopted for all the Hedged Share Classes in that particular Fund, as
defined by the prospectus. The hedging strategies adopted at the period end are as follows:
Fund Name Hedged Share Class(es) Hedging Strategy
American Franchise Fund AH (EUR), BH (EUR), ZH (EUR) NAV Hedged Share Classes
Global Brands Fund AH (EUR), BH (EUR), ZH (EUR) NAV Hedged Share Classes
Japanese Equity Advantage Fund AH (EUR) NAV Hedged Share Classes
Japanese Value Equity Fund IH (EUR) NAV Hedged Share Classes
US Equity Growth Fund AH (EUR), IH (EUR), ZH (EUR) NAV Hedged Share Classes
US Value Equity Fund AH (EUR) NAV Hedged Share Classes
Emerging Markets Debt Fund AH (EUR) NAV Hedged Share Classes
Global Convertible Bond Fund AH (EUR), BH (EUR), CH (EUR), IH (EUR), ZH (EUR), ZHX (EUR) NAV Hedged Share Classes
Diversified Alpha Plus VaR 400 (Euro) Fund AH (USD), BH (USD), IH (USD) NAV Hedged Share Classes
Commodities Active GSLE Fund AH (EUR), BH (EUR), IH (EUR), ZH (EUR), ZHX (GBP) NAV Hedged Share Classes
FX Alpha Plus RC 400 (Euro) Fund ZHX (GBP) NAV Hedged Share Classes
FX Alpha Plus RC 400 (US Dollar) Fund AH (NOK), AH (SEK) NAV Hedged Share Classes
FX Alpha Plus RC 800 (Sterling) Fund AH (USD), IH (USD) NAV Hedged Share Classes

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