Morgan Stanley Investment Funds - stockselection

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