Morgan Stanley Investment Funds - stockselection

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71 Morgan Stanley Investment Funds 30 June 2009 European Currencies High Yield 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) Holdings/ Nominal in Euro unless specified Market value % of net assets France (continued) Nexans nts SerEMTN 5.75% /2017 1,000,000 870,000 1.01 Rhodia sr unsecur SerRegS 4.185% /2013 (3) 1,150,000 819,375 0.95 Accor sr unsecur 6.5% /2013 400,000 420,521 0.49 Unibail-Rodamco CV 3.5% /2015 81,800 125,119 0.14 Total for France 13.27 United Kingdom FCE Bank sr nts SerEMTN 7.125% /2013 3,000,000 2,430,000 2.81 Rexam jr subord 6.75% /2067 (3) 2,000,000 1,420,000 1.64 Hanson co gtd 7.875% /2010 (USD) 1,600,000 1,098,735 1.27 Standard Chartered Capital Trust I jr subord 8.16% perpetual (United States of America) (3) (4) 1,000,000 965,000 1.12 Virgin Media Finance co gtd 9.75% /2014 (GBP) 725,000 804,452 0.93 Anglo American Capital co gtd Ser144A priv plmt 9.375% /2014 (USD) 1,000,000 771,587 0.89 Virgin Media Finance co gtd 8.75% /2014 750,000 705,000 0.82 CEVA Group co gtd SerRegS 8.5% /2014 1,000,000 420,000 0.49 Royal Bank of Scotland Group jr subord 7.092% perpetual (3) 1,000,000 345,000 0.40 Barclays Bank subord SerRCI 14% perpetual (3) (GBP) 250,000 335,087 0.39 Ineos Group Holdings co gtd SerRegS 7.875% /2016 1,000,000 307,500 0.36 Virgin Media Finance co gtd 9.5% /2016 250,000 240,000 0.28 BAA Funding co gtd Ser144A priv plmt 4.6% /2020 (Jersey) (3) (4) 230,000 148,033 0.17 J Sainsbury unsubord CV 4.25% /2014 (GBP) 100,000 123,728 0.14 Total for United Kingdom 11.71 Netherlands UPC Holding sr secured SerRegS 7.75% /2014 1,700,000 1,530,000 1.77 Impress Holdings sr secured SerRegS 4.56% /2013 (3) 1,500,000 1,308,750 1.52 Clondalkin Industries sr secured SerRegS 8% /2014 1,750,000 1,015,000 1.18 Nielsen sr unsecur step cpn 0% to 1/08/2011 / 11.125% to 1/08/2016 1,500,000 945,000 1.09 Kazkommerts International sr unsecur SerEMTN 6.875% /2017 1,500,000 839,100 0.97 HeidelbergCement Finance debentures co gtd SerEMTN 7.625% /2012 1,000,000 835,000 0.97 Intergen sr secured SerRegS 8.5% /2017 500,000 485,000 0.56 Fresenius Finance co gtd SerRegS 5.5% /2016 500,000 460,000 0.53 UPC Holding sr nts SerMAY 9.75% /2018 500,000 452,500 0.52 OI European Group co gtd SerRegS 6.875% /2017 500,000 445,000 0.52 Telecom Italia Finance co gtd SerEMTN 7.75% /2033 (Luxembourg) (4) 350,000 356,633 0.41 Pfleiderer Finance co gtd 7.125% perpetual (3) 750,000 222,825 0.26 TuranAlem Finance bnk gtd SerEMTN5 6.25% /2011 1,000,000 215,000 0.25 CRH Finance co gtd SerEMTN 7.375% /2014 200,000 203,836 0.24 Rabobank Nederland subord nts Ser144A priv plmt 11% perpetual (3) (USD) 240,000 190,172 0.22 Cemex Finance Europe co gtd 4.75% /2014 250,000 163,418 0.19 Total for Netherlands 11.20 Investments Corporate Bonds (continued) Holdings/ Nominal in Euro unless specified Market value % of net assets Luxembourg Wind Acquisition Finance sr secured co gtd SerRegS 9.75% /2015 2,200,000 2,167,000 2.50 Cirsa Finance Luxembourg co gtd SerRegS 8.75% /2014 1,300,000 968,500 1.12 Codere Finance Luxembourg sr secured SerRegS 8.25% /2015 1,500,000 915,000 1.06 Hellas Telecommunications Luxembourg V sr secured SerRegS 4.935% /2012 (3) 1,000,000 680,000 0.79 ArcelorMittal sr unsecur 9.375% /2016 450,000 469,137 0.54 Wind Acquisition Finance sr secured co gtd Ser144A priv plmt 9.75% /2015 400,000 394,000 0.46 Lighthouse International sr secured Ser144A priv plmt 8% /2014 700,000 328,417 0.38 Michelin Luxembourg co gtd SerEMTN 8.625% /2014 250,000 275,283 0.32 Hellas Telecommunications II subord nts SerRegS 7.435% /2015 (3) 1,000,000 265,000 0.31 ArcelorMittal sr unsecur CV 7.25% /2014 749,700 213,797 0.25 Total for Luxembourg 7.73 Germany Unitymedia sr secured SerRegS 8.75% /2015 1,400,000 1,379,000 1.61 Grohe Holding sr secured SerRegS 4.31% /2014 (3) 1,500,000 1,005,000 1.16 Cognis sr nts secured SerRegS 9.5% /2014 1,000,000 780,000 0.90 Kabel Deutschland secured 10.75% /2014 650,000 669,500 0.78 ThyssenKrupp sr unsecur SerEMTN 8% /2014 600,000 623,100 0.72 Gerresheimer Holdings secured SerRegS 7.875% /2015 570,000 578,550 0.67 Cognis sr secured SerRegS 3.277% /2013 (3) 500,000 392,750 0.45 Grohe Holding co gtd SerRegS 8.625% /2014 500,000 287,500 0.33 Total for Germany 6.62 Denmark Nordic Telephone Co Holdings sr secured SerRegS 8.25% /2016 1,950,000 1,911,000 2.22 TDC sr unsecur unsubord SerEMTN 6.5% /2012 1,050,000 1,060,500 1.23 ISS Holdings secured SerRegS 8.875% /2016 1,000,000 815,000 0.94 Total for Denmark 4.39 Ireland Ardagh Glass Finance co gtd SerRegS 7.125% /2017 1,970,000 1,477,500 1.71 Smurfit Kappa Funding sr subord 7.75% /2015 1,330,000 1,150,450 1.33 CRH America co gtd 8.125% /2018 (United States of America) (4) (USD) 1,000,000 671,472 0.78 Total for Ireland 3.82 South Africa Consol Glass co gtd SerRegS 7.625% /2014 1,805,000 1,344,725 1.56 Edcon Proprietary sr secured SerRegS 4.527% /2014 (3) 750,000 423,750 0.49 Edcon Holdings Proprietary sr secured SerRegS 6.777% /2015 (3) 51,000 20,655 0.02 Total for South Africa 2.07 Canada Bombardier sr unsecur SerRegS 7.25% /2016 1,900,000 1,596,000 1.85 Mecachrome International co gtd SerRegS defaulted 9% /2014 950,000 80,750 0.09 Total for Canada 1.94
European Currencies High Yield 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) Liberia Royal Caribbean Cruises sr unsecur SerRegS 5.625% /2014 1,400,000 994,000 1.15 Total for Liberia 1.15 British Virgin Islands C10 - EUR Capital SPV co gtd 6.277% perpetual (3) 2,365,000 975,562 1.13 Total for British Virgin Islands 1.13 Bermuda Bacardi co gtd 7.75% /2014 800,000 862,961 1.00 Total for Bermuda 1.00 Italy Telecom Italia sr unsecur SerEMTN 7.375% /2017 (GBP) 500,000 592,291 0.69 Total for Italy 0.69 Sweden Stena sr unsecur SerRegS 6.125% /2017 800,000 580,000 0.67 Total for Sweden 0.67 Belgium Barry Callebaut Services co gtd 6% /2017 350,000 316,750 0.37 Total for Belgium 0.37 Switzerland Credit Suisse Group Finance US bnk gtd 3.625% /2020 (United States of America) (3) (4) 250,000 200,319 0.23 Total for Switzerland 0.23 Total for Corporate Bonds 91.23 Equities Holdings/ Nominal in Euro unless specified Market value % of net assets United States of America XO Holdings (USD) 1,023 222 0.00 Total for United States of America 0.00 United Kingdom Viatel Holding Bermuda (Bermuda) (4) (USD) 16 6 0.00 Total for United Kingdom 0.00 Total for Equities 0.00 Investments Warrants Morgan Stanley Investment Funds 30 June 2009 72 United States of America XO Holdings ‘A’ Wts exp. 16/01/2010 (USD) 2,047 15 0.00 XO Holdings ‘B’ Wts exp. 16/01/2010 (USD) 1,535 12 0.00 XO Holdings ‘C’ Wts exp. 16/01/2010 (USD) 1,535 3 0.00 Total for United States of America 0.00 Total for Warrants 0.00 Total transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 78,778,627 91.23 Other transferable securities and money market instruments not admitted to official exchange listing or dealt in on another regulated market. As at 30 June 2009, expressed in Euro. Warrants Holdings/ Nominal in Euro unless specified United Kingdom Jazztel Wts exp. 15/07/2010 (1) 1,500 614 0.00 Total for United Kingdom 0.00 Total for Warrants 0.00 Mortgage and Asset Backed Securities Market value % of net assets United States of America Rhythms Netconnections sr disc nts SerB defaulted 13.5% 15/05/2008 (1)* (USD) 4,404,838 0 0.00 Rhythms Netconnections unsecur sr nts SerB defaulted 14% /2010 (1)* (USD) 2,727,274 0 0.00 Total for United States of America 0.00 Total for Mortgage and Asset Backed Securities 0.00 Total other transferable securities and money market instruments not admitted to official exchange listing or dealt in on another regulated market 614 0.00 Total Investment Securities 78,779,241 91.23
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