Morgan Stanley Investment Funds - stockselection

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65 Morgan Stanley Investment Funds 30 June 2009 Euro Strategic Bond Fund INVESTMENT AIMS To provide an attractive rate of return, measured in Euro, through market, instrument and currency selection. 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 Corporate Bonds Nominal in Euro unless specified Market value % of net assets United Kingdom Northern Rock covered SerEMTN 3.875% /2011 2,160,000 2,112,493 1.96 BA Covered Bond Issuer SerEMTN 4.25% /2017 (United States of America) (4) 1,600,000 1,407,965 1.31 Nationwide Building Society covered SerEMTN 3.5% /2015 1,200,000 1,083,852 1.01 HSBC Holdings subord 3.625% /2020 (3) 800,000 694,625 0.64 Diageo Finance co gtd SerEMTN 1.484% /2012 (3) 610,000 595,483 0.55 Standard Chartered sr unsecur SerEMTN 5.75% /2014 550,000 570,123 0.53 National Grid sr unsecur SerEMTN 4.125% /2013 500,000 502,494 0.46 HBOS sr subord SerEMTN 4.5% /2030 (3) 900,000 498,163 0.46 Tesco sr unsecur SerEMTN 5.875% /2016 450,000 487,471 0.45 Vodafone Group sr unsecur SerEMTN 1.61% /2014 (3) 500,000 468,064 0.43 Rexam jr subord 6.75% /2067 (3) 650,000 461,500 0.43 JTI UK Finance co gtd SerEMTN 4.5% /2014 450,000 457,963 0.42 Royal Bank of Scotland unsecur subord SerEMTN 4.5% /2016 (3) 500,000 412,843 0.38 BAA Funding co gtd Ser144A priv plmt 4.6% /2020 (Jersey) (3) (4) 600,000 386,172 0.36 FCE Bank sr nts SerEMTN 7.125% /2013 450,000 365,906 0.34 Hanson co gtd 7.875% /2010 (USD) 525,000 360,523 0.33 Imperial Tobacco Finance co gtd SerEMTN 4.375% /2013 350,000 338,799 0.31 Lloyds TSB Bank nts SerEMTN 6.375% /2016 300,000 306,866 0.28 BAT International Finance co gtd SerEMTN 5.375% /2017 300,000 305,642 0.28 Bank of Scotland covered SerEMTN 4.625% /2017 300,000 282,788 0.26 British Telecommunications sr unsecur 7.375% /2011 250,000 265,536 0.25 Royal Bank of Scotland Group jr subord 7.092% perpetual (3) 700,000 241,500 0.22 Barclays Bank sr unsecur SerEMTN 5.25% /2014 200,000 205,969 0.19 HSBC Holdings subord SerEMTN 6% /2019 200,000 202,530 0.19 Barclays Bank subord SerRCI 14% perpetual (3) (GBP) 150,000 201,268 0.19 GlaxoSmithKline Capital co gtd SerEMTN 3.875% /2015 200,000 199,458 0.18 Imperial Tobacco Finance co gtd SerEMTN 7.25% /2014 150,000 160,138 0.15 National Grid Gas sr unsecur SerEMTN 5.125% /2013 150,000 155,962 0.14 J Sainsbury unsubord CV 4.25% /2014 (GBP) 100,000 124,227 0.11 Imperial Tobacco Finance co gtd SerEMTN 8.375% /2016 100,000 108,845 0.10 Anglo American Capital co gtd Ser144A priv plmt 9.375% /2014 (USD) 100,000 77,159 0.07 Total for United Kingdom 12.98 United States of America New York Life Global Funding nts SerGMTN 3.75% 19/10/2009 1,200,000 1,188,601 1.11 Goldman Sachs Group sr unsecur SerEMTN 5.375% /2013 1,000,000 1,018,734 0.94 WM Covered Bond Program SerEMTN 4% /2016 1,150,000 983,904 0.91 Citigroup subord SerEMTN 3.625% /2017 (3) 1,200,000 812,251 0.75
Euro Strategic 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 Corporate Bonds (continued) Nominal in Euro unless specified Market value % of net assets United States of America (continued) General Electric Capital FDIC gtd SerEMTN 4% /2012 700,000 727,653 0.67 Bank of America sr unsecur SerEMTN 5.125% /2014 650,000 629,329 0.58 General Electric Capital subord SerRegS 5.5% /2067 (3) 1,000,000 567,499 0.52 Merrill Lynch & Co sr unsubord SerEMTN 4.875% /2014 600,000 556,446 0.51 Countrywide Financial co gtd SerEMTN 1.659% /2010 (3) 550,000 526,295 0.49 JPMorgan Chase & Co sr unsecur SerEMTN 5.25% /2015 500,000 517,041 0.48 CIT Group sr unsecur SerGMTN 4.25% /2011 700,000 490,000 0.45 Wachovia sr unsecur SerEMTN 1.449% /2014 (3) 550,000 476,069 0.44 Verizon Wireless Capital sr unsecur 8.75% /2015 350,000 420,713 0.39 Goldman Sachs Group sr unsecur SerEMTN 6.375% /2018 400,000 407,548 0.38 Schering-Plough sr unsecur 5.375% /2014 300,000 316,832 0.29 Pfizer sr unsecur 4.75% /2016 300,000 308,766 0.29 AT&T sr unsecur 4.375% /2013 300,000 308,582 0.29 Daimler Finance North America co gtd SerEMTN 5% /2012 300,000 306,250 0.28 BMW US Capital co gtd SerEMTN 5% /2015 300,000 296,729 0.27 Sealed Air sr nts Ser144A priv plmt 7.875% /2017 (USD) 415,000 293,126 0.27 Citigroup sr unsecur SerEMTN 3.95% /2013 300,000 267,581 0.25 Philip Morris International sr unsecur SerGMTN 5.875% /2015 250,000 267,478 0.25 CRH America co gtd 6% /2016 (USD) 400,000 253,106 0.23 Chesapeake Energy co gtd 6.25% /2017 275,000 236,500 0.22 Roche Holdings co gtd SerEMTN 5.625% /2016 200,000 217,021 0.20 Zurich Finance USA co gtd SerEMTN 6.5% /2015 200,000 214,044 0.20 Toyota Motor Credit nts SerEMTN 5.25% /2012 200,000 209,962 0.19 Philip Morris International sr unsecur SerEMTN 5.75% /2016 150,000 158,844 0.15 HCA sr unsecur 6.25% /2013 (USD) 250,000 154,872 0.14 SLM sr unsecur SerEMTN 3.125% /2012 200,000 142,094 0.13 Swiss Re Treasury US co gtd SerEMTN 6% /2012 100,000 104,591 0.10 Washington Mutual Preferred Funding IV jr subord Ser144A priv plmt 9.75% perpetual (3) (USD) 200,000 2,487 0.00 Total for United States of America 12.37 France WPP Finance co gtd 5.25% /2015 1,250,000 1,181,312 1.09 Lafarge sr unsecur SerEMTN 1.603% /2010 (3) 650,000 618,616 0.57 Veolia Environnement unsubord SerEMTN 5.125% /2022 650,000 582,646 0.54 Societe Generale jr subord 6.999% perpetual (3) 850,000 580,658 0.54 BNP Paribas subord nts SerEMTN 5.431% /2017 550,000 570,601 0.53 France Telecom sr unsecur SerEMTN 7.25% /2013 500,000 564,074 0.52 Banque Federative du Credit Mutuel sr unsubord SerEMTN 1.414% /2014 (3) 500,000 469,756 0.43 Investments Corporate Bonds (continued) Morgan Stanley Investment Funds 30 June 2009 66 Nominal in Euro unless specified Market value % of net assets France (continued) Lafarge sr unsecur SerEMTN 6.125% /2015 400,000 386,964 0.36 Credit Agricole jr subord Ser144A priv plmt 6.637% perpetual (3) (USD) 630,000 274,147 0.25 Pernod-Ricard sr unsecur SerEMTN 7% /2015 250,000 254,833 0.24 Groupe Auchan sr unsecur SerEMNT 6% /2019 200,000 217,655 0.20 GDF Suez sr unsecur SerEMTN 5.625% /2016 200,000 217,382 0.20 Accor sr unsecur 6.5% /2013 200,000 210,069 0.19 Banque PSA Finance sr unsecur SerEMTN 8.5% /2012 200,000 209,580 0.19 Societe Generale subord nts SerEMTN 6.125% /2018 200,000 209,344 0.19 Credit Agricole subord SerEMTN 5.875% /2019 200,000 206,899 0.19 Societe Generale sr unsecur SerEMTN 4.2% /2012 200,000 205,464 0.19 AXA sr unsecur SerEMTN 4.5% /2015 200,000 202,785 0.19 Crown European Holdings sr secured 6.25% /2011 200,000 197,000 0.18 Europcar Groupe sr secured SerRegS 4.781% /2013 (3) 300,000 175,500 0.16 Autoroutes du Sud de la France sr unsecur SerEMTN 7.375% /2019 150,000 164,437 0.15 Rhodia sr unsecur SerRegS 4.185% /2013 (3) 150,000 106,875 0.10 RTE EDF Transport sr unsecur SerEMTN 5.125% /2018 100,000 104,450 0.10 Groupe Auchan sr unsecur SerEMTN 4.75% /2015 100,000 103,264 0.10 Unibail-Rodamco CV 3.5% /2015 41,600 63,482 0.06 TPSA Eurofinance France co gtd SerEMTN 6% /2014 50,000 52,267 0.05 Banque PSA Finance sr unsecur SerEMTN 6.375% /2010 50,000 51,347 0.05 Total for France 7.56 Netherlands NIBC Bank govt liquid gtd SerEMTN 3.625% /2011 1,000,000 1,030,521 0.96 ING Bank covered SerEMTN 5.25% /2018 750,000 786,001 0.73 Telecom Italia Finance co gtd SerEMTN 7.75% /2033 (Luxembourg) (4) 550,000 562,331 0.52 Cemex Finance Europe co gtd 4.75% /2014 500,000 326,835 0.30 Impress Holdings sr secured SerRegS 4.56% /2013 (3) 350,000 305,375 0.28 ABN Amro Bank sr unsecur SerFORB CV 1.875% /2010 300,000 293,149 0.27 E.ON International Finance co gtd SerEMTN 5.75% /2020 250,000 270,801 0.25 Linde Finance co gtd SerEMTN 4.75% /2017 250,000 250,676 0.23 Deutsche Telekom International Finance unsecur co gtd 8.125% /2012 200,000 225,240 0.21 Koninklijke KPN sr unsecur SerGMTN 6.25% /2013 200,000 216,887 0.20 Rabobank Nederland subord SerEMTN 5.875% /2019 200,000 208,843 0.19 Paccar Financial Europe keepwell agrmnt SerEMTN 5.125% /2011 150,000 141,920 0.13 OI European Group co gtd SerRegS 6.875% /2017 150,000 131,250 0.12 Volkswagen International Finance co gtd SerEMTN 7% /2016 100,000 108,433 0.10 Rabobank Nederland subord nts Ser144A priv plmt 11% perpetual (3) (USD) 105,000 83,200 0.08 Total for Netherlands 4.57 Spain Banco Bilbao Vizcaya Argentaria covered 3.75% /2013 1,000,000 1,004,318 0.92 Telefonica Emisiones co gtd SerEMTN 4.674% /2014 550,000 565,396 0.52 Santander Issuances bnk gtd SerEMTN 5.435% /2017 (3) 500,000 482,005 0.45
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