Morgan Stanley Investment Funds - stockselection

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63 Morgan Stanley Investment Funds 30 June 2009 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 Denmark Danske Bank sr unsecur SerEMTN 4.75% /2014 8,500,000 8,508,585 0.86 Carlsberg Breweries sr nts SerEMTN 6% /2014 4,500,000 4,695,696 0.47 Danske Bank sr unsecur SerEMTN 5.875% /2011 2,000,000 2,104,782 0.21 Dong Energy nts SerEMTN 6.5% /2019 1,500,000 1,586,842 0.16 Danske Bank subord SerEMTN 5.375% /2014 (3) 500,000 457,773 0.05 Total for Denmark 1.75 Luxembourg ArcelorMittal sr unsecur 9.375% /2016 4,500,000 4,707,877 0.47 Novartis Finance co gtd SerEMTN 4.25% /2016 4,000,000 4,068,160 0.41 Gaz Capital secured SerEMTN LPN 6.605% /2018 2,680,000 2,194,250 0.22 ArcelorMittal sr unsecur CV 7.25% /2014 5,507,800 1,577,985 0.16 Unicredit Luxembourg Finance subord Ser144A priv plmt 6% /2017 (USD) 2,275,000 1,314,661 0.13 Michelin Luxembourg co gtd SerEMTN 8.625% /2014 700,000 770,607 0.08 Coca-Cola Enterprises Finance LT 1 Commandite co gtd 4.75% /2010 550,000 562,728 0.06 Wind Acquisition Finance sr secured co gtd SerRegS 9.75% /2015 300,000 295,500 0.03 Hellas Telecommunications Luxembourg V sr secured SerRegS 4.935% /2012 (3) 250,000 170,208 0.02 Total for Luxembourg 1.58 Norway DnB NOR Bank sr unsecur SerEMTN 4.5% /2014 7,800,000 7,843,133 0.79 Statkraft sr unsecur 6.625% /2019 2,000,000 2,112,108 0.21 StatoilHydro nts SerEMTN 4.375% /2015 2,000,000 2,057,235 0.21 Statkraft nts SerEMTN 5.5% /2015 1,500,000 1,554,123 0.16 DnB NOR Bank sr unsecur SerEMTN 5.875% /2013 1,300,000 1,382,065 0.14 Total for Norway 1.51 Belgium Anheuser-Busch InBev co gtd SerEMTN 7.375% /2013 5,000,000 5,451,355 0.55 Delhaize Group sr unsecur 5.625% /2014 2,650,000 2,742,750 0.28 Elia System Operator 4.5% /2013 2,250,000 2,315,080 0.23 Fortis Bank sr subord SerEMTN 5.757% /2017 1,500,000 1,499,695 0.15 Total for Belgium 1.21 Australia BHP Billiton Finance co gtd SerEMTN 6.375% /2016 3,500,000 3,841,091 0.40 Australia & New Zealand Banking Group sr unsecur SerEMTN 5.25% /2013 2,300,000 2,418,570 0.24 Westpac Banking sr unsecur SerEMTN 5.875% /2013 1,700,000 1,823,544 0.18 Total for Australia 0.82 Investments Nominal in Euro unless specified Market value % of net assets Canada Toronto-Dominion Bank sr unsecur SerEMTN 5.375% /2015 3,000,000 3,192,474 0.32 VW Credit Canada co gtd SerEMTN 5% /2011 1,400,000 1,422,151 0.14 Royal Bank of Canada sr unsecur SerEMTN 5.75% /2011 1,300,000 1,386,076 0.14 Bombardier sr unsecur SerRegS 7.25% /2016 300,000 253,025 0.03 Total for Canada 0.63 Jersey ASIF III Jersey sr secured SerEMTN 4.75% /2013 3,000,000 2,192,454 0.23 UBS sr subord SerEMTN 1.416% /2015 (Switzerland) (3) (4) 2,000,000 1,621,792 0.16 WPP co gtd SerWPP CV 5.75% /2014 (GBP) 1,300,000 1,599,252 0.16 UBS bnk gtd 4.28% perpetual (Switzerland) (3) (4) 1,100,000 485,183 0.05 Total for Jersey 0.60 Portugal Caixa Geral de Depositos sr unsecur SerEMTN 4.375% /2013 5,000,000 5,022,145 0.51 Total for Portugal 0.51 Bermuda Bacardi co gtd 7.75% /2014 4,000,000 4,319,366 0.44 Total for Bermuda 0.44 South Korea Export-Import Bank of Korea sr unsecur SerEMTN 5.75% /2013 1,750,000 1,746,990 0.17 Korea Electric Power sr unsecur CV 0% /2011 700,000 744,436 0.08 Total for South Korea 0.25 Cayman Islands Thames Water Utilities Cayman Finance co gtd SerEMTN 6.125% /2013 1,400,000 1,469,775 0.15 Norinchukin Finance bnk gtd SerEMTN 4.25% /2016 (3) 1,050,000 977,144 0.10 Total for Cayman Islands 0.25 Finland Nokia sr unsecur SerEMTN 5.5% /2014 2,000,000 2,129,540 0.21 Total for Finland 0.21 Singapore Singapore Telecommunications sr unsecur Ser144A priv plmt 6% /2011 160,000 171,754 0.02 Total for Singapore 0.02 Total Investment Securities 901,299,022 90.97
Euro Corporate Bond Fund DERIVATIVES OTC and exchange traded derivatives as at 30 June 2009, expressed in Euro. Forward Foreign Currency Exchange Contracts Maturity date 06/07/2009 51,868 EUR 37,415 GBP 7,937 0.00 06/07/2009 8,000,000 USD 5,744,444 EUR (60,831) (0.01) 13/07/2009 547,978 EUR 830,000 CHF 3,623 0.00 16/07/2009 2,830,746 EUR 3,925,000 USD 42,249 0.00 16/07/2009 4,954,392 EUR 6,900,000 USD 52,322 0.01 16/07/2009 60,719,987 EUR 85,470,000 USD (1,740) 0.00 16/07/2009 100,000 GBP 118,094 EUR (680) 0.00 22/07/2009 4,249,376 EUR 3,630,000 GBP (12,700) 0.00 22/07/2009 118,092 EUR 100,000 GBP 680 0.00 22/07/2009 40,000 GBP 54,994 EUR (8,029) 0.00 Total Forward Foreign Currency Exchange Contracts 22,831 0.00 Cash of EUR 400,000 paid as collateral to different parties. Futures Contracts Description Maturity date Amount bought Number of contracts Euro BOBL Future 09/2009 239 27,554,310 244,920 0.02 Euro Bund Future 09/2009 176 21,271,360 422,400 0.04 Euro SCHATZ Future 09/2009 (15) 1,617,825 (10,050) 0.00 Long Gilt Future 09/2009 (21) 2,907,615 (13,280) 0.00 US 10yr T-note Future 09/2009 (253) 20,839,180 100,385 0.01 US 5yr T-note Future 09/2009 (662) 53,877,449 736,764 0.07 US Long Bond Future 09/2009 (31) 2,592,992 (19,615) 0.00 Total Futures Contracts 130,660,731 1 1,461,524 0.14 1 Cash of EUR 1,200,269 held as collateral. Amount sold Notional commitments Net unrealised gain/(loss) as at 30 June 2009 Net unrealised gain/(loss) as at 30 June 2009 % of net assets % of net assets Credit Default Swap Contracts Risk position Morgan Stanley Investment Funds 30 June 2009 64 Description Currency Notional amount Buy Accor 7.5% 04/02/14 (spread 1.95%) EUR 4,500,000 20/03/2014 (115,221) (0.02) Buy Accor 7.5% 04/02/14 (spread 2.05%) EUR 4,500,000 20/03/2014 (134,728) (0.02) Buy Akzo Nobel 4.25% 06/18 EUR 5,000,000 20/06/2014 (162,892) (0.03) Buy Carnival 6.65% 15/01/28 USD 900,000 20/06/2015 29,618 0.00 Buy Goldman Sachs Group 6.6% 15/01/12 EUR 800,000 20/06/2013 21,114 0.00 Buy Koninklijke DSM 4.0% 10/11/15 EUR 2,200,000 20/12/2013 (44,602) (0.01) Buy Merrill Lynch & Co 5% 15/01/15 EUR 550,000 20/06/2013 23,203 0.00 Buy Whirlpool 7.75% 07/16 USD 5,935,000 20/06/2014 283,926 0.05 Buy WPP 2005 6% 04/04/17 EUR 2,000,000 20/06/2015 108,050 0.02 Sell Arcelormittal 6.125% 01/06/18 EUR 3,500,000 20/03/2014 28,537 0.00 Sell Itraxx Europe Senior Financials Series 9 EUR 9,000,000 20/06/2013 183,660 0.03 Sell Itraxx Europe Senior Financials Series 9 EUR 15,000,000 20/06/2013 306,101 0.05 Sell Itraxx Europe Senior Financials Series 10 EUR 7,500,000 20/12/2013 22,476 0.00 Sell Itraxx Europe Series 11 EUR 9,000,000 20/06/2014 296,157 0.05 Sell Itraxx Europe Series 11 EUR 5,000,000 20/06/2014 164,532 0.03 Sell Itraxx Europe Series 11 EUR 30,000,000 20/06/2014 987,189 0.16 Sell Itraxx Europe Series 11 EUR 10,000,000 20/06/2014 442,429 0.07 Total Credit Default Swap Contracts 2,439,549 0.38 Cash of EUR 1,260,000 paid as collateral to different parties. Maturity date Net unrealised gain/(loss) as at 30 June 2009 Total Derivatives 3,923,904 0.52 Other Assets less Liabilities 85,581,205 8.51 Total Net Asset Value 990,804,131 100.00 (3) Variable coupon rates are those quoted as of 30 June 2009. (4) The country in brackets represents the country of incorporation of this security. % of net assets
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INVESTMENT MANAGEMENT Morgan Stanle
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