Morgan Stanley Investment Funds - stockselection

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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.
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INVESTMENT MANAGEMENT Morgan Stanle
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