Morgan Stanley Investment Funds - stockselection

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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
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