Morgan Stanley Investment Funds - stockselection

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53 Morgan Stanley Investment Funds 30 June 2009 Emerging Markets Domestic Debt Fund INVESTMENT AIMS To seek to maximize total return, primarily through investment in a portfolio of emerging market bonds and other emerging market debt securities, denominated in the local currency of issue. The Fund intends to invest its assets in emerging market debt securities that provide a high level of current income, while at the same time holding the potential for capital appreciation. 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 Nominal in US dollars unless specified Market value % of net assets Indonesia Barclays Bank sr unsecur SerRegS 9% /2018 (United Kingdom) (1) (4) (IDR) 74,000,000,000 6,379,623 8.90 UBS sr unsecur Ser EMTN 11.5% /2019 (Switzerland) (4) (IDR) 33,874,500,000 3,409,850 4.76 Total for Indonesia 13.66 Malaysia Government of Malaysia 3.833% /2011 (MYR) 21,640,000 6,325,412 8.84 Government of Malaysia 3.814% /2017 (MYR) 3,700,000 1,034,308 1.44 Government of Malaysia 2.509% /2012 (MYR) 3,560,000 999,048 1.39 Government of Malaysia 3.756% /2011 (MYR) 915,000 266,575 0.37 Total for Malaysia 12.04 Mexico Mexican Bonos 10% /2024 (MXN) 84,601,000 7,294,787 10.18 Total for Mexico 10.18 Poland Government of Poland 4.25% /2011 (PLN) 10,777,000 3,346,296 4.67 Government of Poland 5.5% /2019 (PLN) 8,737,000 2,579,598 3.60 Government of Poland 6.25% /2015 (PLN) 4,020,000 1,284,558 1.79 Total for Poland 10.06 Turkey Republic of Turkey 16% /2012 (TRY) 5,088,070 3,573,606 5.00 Republic of Turkey 0% /2011 (TRY) 5,276,500 2,875,899 4.01 Republic pf Turkey 10% /2012 (TRY) 860,000 697,452 0.97 Total for Turkey 9.98 South Africa Republic of South Africa 7.25% /2020 (ZAR) 61,972,800 7,097,935 9.91 Total for South Africa 9.91 Brazil Republic of Brazil unsubord 10% /2014 (1) (BRL) 6,178,000 3,089,969 4.31 Brazil Notas do Tesouro Nacional ‘Serie F’ nts 10% /2017 (BRL) 6,480,000 3,063,826 4.28 Total for Brazil 8.59 Hungary Government of Hungary 6.75% /2017 (HUF) 666,570,000 2,822,210 3.94 Government of Hungary 6.75% /2010 (HUF) 262,670,000 1,329,029 1.86 Government of Hungary 6.25% /2010 (HUF) 88,240,000 439,577 0.61 Total for Hungary 6.41 Thailand Thailand Government Bond 5.25% /2013 (THB) 101,190,000 3,239,837 4.52 Total for Thailand 4.52
Emerging Markets Domestic Debt 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 Nominal in US dollars unless specified Market value % of net assets Russia Russia Foreign Bonds sr unsecured SerRegS step cpn 7.5% /2030 2,297,280 2,284,346 3.19 Total for Russia 3.19 Venezuela Bolivarian Republic of Venezuela SerRegS 9.25% /2028 2,240,000 1,374,240 1.92 Total for Venezuela 1.92 Peru Republic of Peru 12.25%/ 2011 (PEN) 3,255,000 1,274,235 1.78 Total for Peru 1.78 Colombia Republic of Colombia unsubord 12% /2015 (COP) 2,031,000,000 1,089,033 1.52 Total for Colombia 1.52 Total Investment Securities 67,171,249 93.76 DERIVATIVES Morgan Stanley Investment Funds 30 June 2009 54 OTC and exchange traded derivatives as at 30 June 2009, expressed in US dollars. Forward Foreign Currency Exchange Contracts Maturity date 02/07/2009 21,535,085 MXN 1,629,347 USD 8,401 0.01 02/07/2009 3,035,072 TRY 1,974,544 USD 6,573 0.01 14/08/2009 43,670,600 RUB 1,340,000 USD 47,605 0.07 Total Forward Foreign Currency Exchange Contracts 62,579 0.09 Futures Contracts Description Maturity date Amount bought US 10yr T-note Future 09/2009 (13) 1,507,188 9,492 0.01 Total Futures Contracts 1,507,188 1 9,492 0.01 1 Cash of USD 355,383 held as collateral. Number of contracts Amount sold Net unrealised gain as at 30 June 2009 Net unrealised Notional gain as at commitments 30 June 2009 % of net assets % of net assets Total Derivatives 72,071 0.10 Other Assets less Liabilities 4,400,641 6.14 Total Net Asset Value 71,643,961 100.00 (1) These securities are valued at their fair value. See note 2(a) within the Notes to the Financial Statements. (4) The country in brackets represents the country of incorporation of this security.
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