Morgan Stanley Investment Funds - stockselection

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59 Morgan Stanley Investment Funds 30 June 2009 Euro Corporate Bond Fund INVESTMENT AIMS To provide an attractive rate of return, measured in Euro, primarily through investment in Euro-denominated fixed income securities of high quality issued by corporations and non-government related issuers. 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 Euro. Investments Nominal in Euro unless specified Market value % of net assets France Credit Agricole subord SerEMTN 5.875% /2019 12,500,000 12,931,187 1.31 BNP Paribas Public Sector nts 3.625% /2014 10,000,000 10,022,899 1.01 Caisse d’Amortissement de la Dette Sociale sr unsecur SerEMTN 4.25% /2020 8,500,000 8,503,229 0.86 Pernod-Ricard sr unsecur SerEMTN 7% /2015 6,700,000 6,829,511 0.69 Societe Generale Societe de Credit Fonciere covered SerEMTN 4% /2016 6,500,000 6,477,555 0.65 Banque PSA Finance sr unsecur SerEMTN 8.5% /2012 6,000,000 6,287,409 0.63 Societe Des Autoroutes Paris-Rhin-Rhone nts SerEMTN 7.5% /2015 5,250,000 5,604,113 0.57 France Telecom sr unsecur 4.375% /2014 (USD) 7,500,000 5,371,728 0.54 WPP Finance co gtd 5.25% /2015 5,500,000 5,197,775 0.52 BNP Paribas sr unsecur SerEMTN 3.25% /2012 4,750,000 4,809,408 0.49 Lafarge sr unsecur SerEMTN 7.625% /2016 4,500,000 4,628,070 0.47 Autoroutes du Sud de la France sr unsecur SerEMTN 7.375% /2019 4,200,000 4,604,223 0.46 Danone Finance co gtd SerEMTN 6.375% /2014 4,000,000 4,440,358 0.45 AXA sr unsecur SerEMTN 4.5% /2015 4,250,000 4,309,181 0.43 Electricité de France sr unsecur SerEMTN 5.125% /2015 3,200,000 3,399,379 0.34 Cie de Saint-Gobain sr unsecur SerEMTN 8.25% /2014 3,000,000 3,358,704 0.34 France Telecom sr unsecur SerEMTN 5% /2014 3,000,000 3,159,321 0.32 Total Capital co gtd SerEMTN 4.875% /2019 3,000,000 3,133,046 0.32 RCI Banque unsubord SerEMTN 8.125% /2012 3,000,000 3,125,243 0.32 Veolia Environnement unsubord SerEMTN 5.125% /2022 3,250,000 2,913,230 0.29 Suez Environnement sr unsecur SerEMTN 4.875% /2014 2,750,000 2,860,114 0.29 GDF Suez sr unsecur SerEMTN 5.625% /2016 2,600,000 2,825,966 0.29 Thales nts SerEMTN 4.375% /2013 2,700,000 2,749,260 0.28 Groupe Auchan sr unsecur SerEMNT 6% /2019 2,500,000 2,720,693 0.27 Credit Agricole subord 9.75% perpetual (USD) 4,000,000 2,719,334 0.27 Lafarge sr unsecur SerEMTN 5.375% /2017 3,000,000 2,650,584 0.27 Accor sr unsecur 6.5% /2013 2,500,000 2,625,868 0.27 Lafarge sr unsecur SerEMTN 7.625% /2014 2,400,000 2,508,470 0.25 TPSA Eurofinance France co gtd SerEMTN 6% /2014 2,350,000 2,456,564 0.25 Carrefour sr unsecur SerEMTN 5.125% /2014 2,250,000 2,377,058 0.24 Carrefour sr unsecur SerEMTN 6.625% /2013 2,000,000 2,244,906 0.23 GDF Suez sr unsecur SerEMTN 5.625% /2016 1,900,000 2,065,129 0.21 Banque Federative du Credit Mutuel sr unsubord SerEMTN 1.414% /2014 (3) 2,150,000 2,019,953 0.20 France Telecom sr unsecur SerEMTN 8.125% /2033 1,500,000 1,958,363 0.20 Credit Mutuel Arkea sr unsecur SerEMTN 5.375% /2014 1,750,000 1,832,967 0.18 Schneider Electric sr unsecur SerEMTN 6.75% /2013 1,600,000 1,761,185 0.18 Societe Generale jr subord 6.999% perpetual (3) 2,550,000 1,741,973 0.18
Euro Corporate Bond 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 Euro. Investments Nominal in Euro unless specified Market value % of net assets France (continued) Veolia Environnement nts SerEMTN 5.25% /2014 1,500,000 1,568,029 0.16 Credit Agricole jr subord Ser144A priv plmt 6.637% perpetual (3) (USD) 3,455,000 1,503,455 0.15 Societe Generale subord nts SerEMTN 6.125% /2018 1,300,000 1,360,735 0.14 Lafarge sr unsecur SerEMTN 6.125% /2015 1,400,000 1,354,374 0.14 BNP Paribas subord 8.667% perpetual (3) 1,500,000 1,336,497 0.13 Credit Agricole subord nts 4.13% perpetual (3) 2,000,000 1,307,141 0.13 Lafarge sr unsecur SerEMTN 1.603% /2010 (3) 1,150,000 1,094,475 0.11 Unibail-Rodamco CV 3.5% /2015 712,900 1,087,885 0.11 Groupe Auchan sr unsecur SerEMTN 4.75% /2015 1,000,000 1,032,636 0.10 Banque PSA Finance sr unsecur SerEMTN 6.375% /2010 900,000 924,244 0.09 Suez Environnement sr unsecur SerMAY 4.875% /2014 750,000 776,723 0.08 Crown European Holdings sr secured 6.25% /2011 440,000 433,400 0.04 Europcar Groupe sr secured SerRegS 4.781% /2013 (3) 350,000 204,750 0.02 Total for France 16.47 United States of America Pfizer sr unsecur 4.75% /2016 8,250,000 8,491,064 0.86 Citigroup sr unsecur SerEMTN 7.375% /2014 7,000,000 7,014,517 0.71 Verizon Wireless Capital sr unsecur 8.75% /2015 5,200,000 6,250,600 0.63 Citigroup sr unsecur SerEMTN 6.4% /2013 6,000,000 5,937,732 0.60 Xerox sr nts 8.25% /2014 (USD) 7,920,000 5,847,389 0.59 Goldman Sachs Group sr unsecur SerEMTN 5.375% /2013 5,500,000 5,603,040 0.57 ELM (Elsevier Finance) secured co gtd 6.5% /2013 (Netherlands) (4) 4,600,000 4,868,364 0.49 Roche Holdings co gtd SerEMTN 5.625% /2016 4,200,000 4,557,445 0.46 Toyota Motor Credit nts SerEMTN 5.25% /2012 4,250,000 4,461,688 0.45 Schering-Plough sr unsecur 5.375% /2014 4,200,000 4,435,645 0.45 Whirlpool nts 8.6% /2014 (USD) 5,935,000 4,356,777 0.44 JPMorgan Chase & Co sr unsecur SerEMTN 6.125% /2014 4,000,000 4,258,884 0.43 CBS co gtd 8.875% /2019 (USD) 5,920,000 4,113,612 0.42 CRH America co gtd 6% /2016 (USD) 6,500,000 4,112,966 0.42 Goldman Sachs Group sr unsecur SerEMTN 6.375% /2018 4,000,000 4,075,484 0.41 Kraft Foods sr unsecur 6.25% /2015 3,600,000 3,878,330 0.39 Merck & Co sr unsecur 5% /2019 (USD) 5,331,000 3,819,629 0.39 Zurich Finance USA co gtd SerEMTN 6.5% /2015 3,500,000 3,745,774 0.38 Bank of America sr nts SerEMTN 7% /2016 3,500,000 3,617,320 0.37 Bank of America sr unsecur SerEMTN 5.125% /2014 3,700,000 3,582,336 0.36 BMW US Capital co gtd SerEMTN 5% /2015 3,450,000 3,412,388 0.34 JPMorgan Chase & Co sr unsecur SerEMTN 5.25% /2015 3,200,000 3,309,066 0.33 General Electric Capital FDIC gtd SerEMTN 4% /2012 3,000,000 3,118,514 0.31 Investments Morgan Stanley Investment Funds 30 June 2009 60 Nominal in Euro unless specified Market value % of net assets United States of America (continued) AT&T sr unsecur 4.375% /2013 3,000,000 3,085,821 0.31 Philip Morris International sr unsecur SerEMTN 5.75% /2016 2,850,000 3,018,037 0.30 Philip Morris International sr unsecur SerGMTN 5.875% /2015 2,800,000 2,995,754 0.30 Daimler Finance North America co gtd SerEMTN 5% /2012 2,650,000 2,705,207 0.27 Anheuser-Busch InBev Worldwide co gtd Ser144A priv plmt 5.375% /2014 (USD) 3,670,000 2,595,573 0.26 JPMorgan Chase Bank jr subord 4.375% /2021 (3) 3,000,000 2,565,431 0.26 ITW Finance Europe co gtd 5.25% /2014 (Luxembourg) (4) 2,560,000 2,448,333 0.25 New York Life Global Funding nts SerGMTN 3.75% 19/10/2009 2,300,000 2,278,152 0.23 Citigroup subord SerEMTN 3.625% /2017 (3) 3,275,000 2,216,769 0.22 AT&T sr unsecur SerGLOB 6.125% /2015 2,000,000 2,176,772 0.22 Merrill Lynch & Co sr unsubord SerEMTN 4.875% /2014 2,200,000 2,040,303 0.21 SLM sr unsecur SerEMTN 3.125% /2012 2,850,000 2,024,844 0.20 Merrill Lynch & Co sr unsecur SerEMTN 6.75% /2013 2,000,000 2,020,167 0.20 General Electric Capital subord SerRegS 5.5% /2067 (3) 3,370,000 1,912,472 0.19 Wachovia sr unsecur SerEMTN 1.449% /2014 (3) 2,200,000 1,904,276 0.19 Countrywide Financial co gtd SerEMTN 1.659% /2010 (3) 1,900,000 1,818,110 0.18 Bank of America subord SerEMTN 4.75% /2017 (3) 2,500,000 1,787,160 0.18 Citicorp subord SerEMTN 5.5% /2010 3,500,000 1,747,196 0.18 WM Covered Bond Program SerEMTN 4% /2016 2,000,000 1,711,137 0.17 Pfizer 5.75% /2021 1,500,000 1,607,010 0.16 Swiss Re Treasury US co gtd SerEMTN 6% /2012 1,500,000 1,568,864 0.16 CIT Group sr unsecur SerGMTN 4.25% /2011 1,700,000 1,190,000 0.12 Roche Holdings co gtd SerEMTN 6.5% /2021 1,000,000 1,144,810 0.12 Merrill Lynch & Co sr unsecur SerEMTN 6% /2013 1,150,000 1,143,967 0.12 Goldman Sachs Group sr unsecur SerRegS 1.609% /2016 (3) 900,000 752,849 0.08 Cadbury Schweppes US Finance co gtd Ser144A priv plmt 5.125% /2013 (USD) 1,000,000 708,844 0.07 Pemex Project Funding Master Trust co gtd SerRegS 6.375% /2016 550,000 552,049 0.06 Daimler Finance North America co gtd 7.3% /2012 (USD) 600,000 442,679 0.04 Total for United States of America 16.05 United Kingdom Lloyds TSB Bank nts SerEMTN 6.375% /2016 10,000,000 10,228,849 1.02 HSBC Holdings sr unsecur SerEMTN 4.5% /2014 8,700,000 8,844,793 0.89 GlaxoSmithKline Capital co gtd SerEMTN 3.875% /2015 8,500,000 8,476,950 0.86 Vodafone Group nts SerEMTN 6.25% /2013 7,000,000 7,599,801 0.77 Royal Bank of Scotland unsecur subord SerEMTN 4.5% /2016 (3) 8,000,000 6,605,480 0.67 Standard Chartered sr unsecur SerEMTN 5.75% /2014 6,000,000 6,219,519 0.63 Royal Bank of Scotland sr unsecur SerEMTN 5.75% /2014 5,750,000 5,898,353 0.60 HSBC Holdings subord SerEMTN 6% /2019 5,600,000 5,670,840 0.57 BAT International Finance co gtd SerEMTN 5.375% /2017 5,000,000 5,094,035 0.51 Anglo American Capital co gtd Ser144A priv plmt 9.375% /2014 (USD) 5,700,000 4,398,045 0.44 Imperial Tobacco Finance co gtd SerEMTN 8.375% /2016 3,600,000 3,918,434 0.40 Aviva subord 5.25% /2023 (3) 5,000,000 3,607,255 0.36
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