Morgan Stanley Investment Funds - stockselection

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45 Morgan Stanley Investment Funds 30 June 2009 US Value Equity Fund INVESTMENT AIMS To provide reasonable long-term capital growth, measured in US Dollars. Investments will be sought in equity securities that the Company believes to be undervalued relative to the stock market in general at the time of purchase. The Fund will invest primarily in the common or preferred stocks of companies which are located in the US. 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 Media Viacom ‘B’ 494,600 11,395,584 4.08 Comcast ‘A’ vtg shs 682,672 9,769,036 3.50 Time Warner 274,166 6,928,175 2.48 News ‘B’ vtg 422,200 4,521,762 1.62 Liberty Media Corp - Entertainment ‘A’ tracking stock 163,660 4,412,274 1.58 Time Warner Cable 88,883 2,834,479 1.02 Total for Media 14.28 Pharmaceuticals Schering-Plough 316,500 7,940,985 2.85 Bristol-Myers Squibb 274,200 5,612,874 2.01 Pfizer 348,100 5,273,715 1.89 Wyeth 92,700 4,195,602 1.50 Eli Lilly & Co 83,800 2,937,190 1.05 Abbott Laboratories 45,300 2,150,391 0.77 GlaxoSmithKline ADR 40,900 1,458,903 0.52 Total for Pharmaceuticals 10.59 Insurance Chubb 326,880 12,996,749 4.66 Travelers Companies 135,318 5,520,974 1.98 Berkshire Hathaway ‘B’ 1,560 4,500,600 1.61 MetLife 122,500 3,619,875 1.30 Torchmark 52,000 1,908,920 0.68 Aflac 31,300 976,247 0.35 Total for Insurance 10.58 Food Products Cadbury ADR 218,040 7,555,086 2.70 Kraft Foods ‘A’ 256,083 6,524,995 2.34 Unilever ‘NY’ 237,200 5,771,076 2.07 Total for Food Products 7.11 Computers & Peripherals Dell 457,906 6,273,312 2.25 International Business Machines 32,500 3,426,800 1.23 Hewlett-Packard 87,100 3,385,577 1.21 Total for Computers & Peripherals 4.69 Diversified Telecommunication Services Verizon Communications 219,400 6,834,310 2.45 AT&T 157,330 3,948,983 1.41 Total for Diversified Telecommunication Services 3.86 Diversified Financial Services J.P. Morgan Chase & Co 217,100 7,520,344 2.69 Bank of America 201,301 2,697,433 0.97 Total for Diversified Financial Services 3.66 Food & Staples Retailing Wal-Mart Stores 123,800 6,053,820 2.17 CVS Caremark 117,100 3,796,382 1.36 Total for Food & Staples Retailing 3.53
US Value 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 Paper & Forest Products International Paper 600,172 9,248,651 3.31 Total for Paper & Forest Products 3.31 Internet Software & Services eBay 456,400 7,895,720 2.83 Yahoo! 73,800 1,161,612 0.42 Total for Internet Software & Services 3.25 Health Care Providers & Services Cardinal Health 165,800 5,101,666 1.83 WellPoint 38,000 1,949,020 0.70 UnitedHealth Group 66,400 1,681,912 0.60 Total for Health Care Providers & Services 3.13 Capital Markets Bank of New York Mellon 219,358 6,484,222 2.32 Goldman Sachs Group 14,100 2,096,247 0.75 Total for Capital Markets 3.07 Oil, Gas & Consumable Fuels Total ADR 42,300 2,327,346 0.84 ConocoPhillips 40,900 1,730,479 0.62 BP ADR 35,600 1,711,292 0.61 Chevron 20,100 1,349,715 0.48 Total for Oil, Gas & Consumable Fuels 2.55 Tobacco Philip Morris International 92,300 3,984,591 1.43 Altria Group 157,700 2,605,204 0.93 Total for Tobacco 2.36 Commercial Banks PNC Financial Services Group 67,800 2,694,372 0.96 Wells Fargo & Co 87,600 2,175,108 0.78 U.S. Bancorp 91,200 1,640,688 0.59 Total for Commercial Banks 2.33 Beverages Coca-Cola 91,900 4,423,147 1.58 Dr Pepper Snapple Group 91,580 1,945,159 0.70 Total for Beverages 2.28 Specialty Retail Lowe's Companies 168,900 3,301,995 1.19 Home Depot 126,300 3,023,622 1.08 Total for Specialty Retail 2.27 Semiconductors & Semiconductor Equipment Intel 212,200 3,524,642 1.26 KLA - Tencor 87,500 2,192,750 0.79 Total for Semiconductors & Semiconductor Equipment 2.05 Morgan Stanley Investment Funds 30 June 2009 46 Investments Holdings Market value % of net assets Multiline Retail J.C. Penney 87,600 2,554,416 0.92 Macy’s 165,094 1,982,779 0.71 Target 23,800 949,144 0.34 Total for Multiline Retail 1.97 Metals & Mining Alcoa 350,300 3,699,168 1.33 Total for Metals & Mining 1.33 Energy Equipment & Services Halliburton 174,800 3,686,532 1.32 Total for Energy Equipment & Services 1.32 Communications Equipment Cisco Systems 187,600 3,551,268 1.27 Total for Communications Equipment 1.27 Health Care Equipment & Supplies Boston Scientific 312,500 3,300,000 1.18 Total for Health Care Equipment & Supplies 1.18 Industrial Conglomerates General Electric 250,900 2,978,183 1.07 Total for Industrial Conglomerates 1.07 Chemicals Du Pont (E.I.) de Nemours 109,493 2,854,483 1.02 Total for Chemicals 1.02 IT Services Accenture ‘A’ 40,800 1,361,088 0.48 Western Union 41,500 691,805 0.25 Computer Sciences 11,100 492,840 0.18 Total for IT Services 0.91 Software Microsoft 94,200 2,281,524 0.82 Total for Software 0.82 Household Products Kimberly-Clark 23,100 1,214,598 0.43 Procter & Gamble 16,100 835,590 0.30 Total for Household Products 0.73 Internet & Catalog Retail Liberty Media - Interactive ‘A’ 288,675 1,434,715 0.51 Total for Internet & Catalog Retail 0.51 Electrical Equipment Emerson Electric 43,000 1,429,750 0.51 Total for Electrical Equipment 0.51 Total Investment Securities 272,289,496 97.54
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