Morgan Stanley Investment Funds - stockselection

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