Morgan Stanley Investment Funds - stockselection

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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.
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INVESTMENT MANAGEMENT Morgan Stanle
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Morgan Stanley Investment Funds - stockselection

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