Morgan Stanley Investment Funds - stockselection

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75 Morgan Stanley Investment Funds 30 June 2009 Global 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 US dollars. Investments Government Bonds (continued) Nominal in US dollars unless specified Market value % of net assets Brazil Republic of Brazil unsubord 10% /2014 (1) (BRL) 3,300,000 1,650,518 1.08 Total for Brazil 1.08 Mexico Mexican Bonos 10% /2024 (MXN) 11,400,000 982,974 0.65 Total for Mexico 0.65 Denmark Kingdom of Denmark 4% /2017 (DKK) 5,000,000 968,993 0.64 Total for Denmark 0.64 Norway Government of Norway 6.5% /2013 (NOK) 5,500,000 963,916 0.63 Total for Norway 0.63 South Africa Republic of South Africa 7.25% /2020 (ZAR) 7,400,000 845,519 0.56 Total for South Africa 0.56 Sweden Swedish Government 4.5% /2015 (SEK) 5,900,000 830,219 0.55 Total for Sweden 0.55 Poland Government of Poland 5.25% /2017 (PLN) 2,500,000 748,528 0.49 Total for Poland 0.49 Australia Queensland Treasury local govt gtd 6% /2015 (AUD) 750,000 609,016 0.40 Total for Australia 0.40 Hungary Republic of Hungary 5.75% /2018 (EUR) 400,000 518,995 0.34 Total for Hungary 0.34 South Korea Republic of Korea sr unsecur 7.125% /2019 165,000 178,674 0.12 Total for South Korea 0.12 Peru Republic of Peru sr unsecur 7.125 /2019 150,000 160,613 0.11 Total for Peru 0.11 Total for Government Bonds 51.71 Investments Corporate Bonds Nominal in US dollars unless specified Market value % of net assets United States of America Toyota Motor Credit sr unsecur SerEMTN 0.55% /2010 (JPY) 200,000,000 2,056,980 1.34 General Electric Capital FDIC gtd SerEMTN 4% /2012 (EUR) 700,000 1,024,208 0.66 Philip Morris International sr unsecur 5.65% /2018 595,000 620,000 0.41 ITW Finance Europe co gtd 5.25% /2014 (Luxembourg) (4) (EUR) 420,000 565,384 0.37 Wyeth sr unsecur CV 0.965% /2024 (3) 563,000 564,408 0.37 AT&T sr unsecur 5.6% /2018 535,000 540,381 0.35 JPMorgan Chase & Co sr unsecur 6% /2018 500,000 498,945 0.33 Merrill Lynch & Co sr unsecur SerEMTN 6.75% /2013 (EUR) 350,000 497,610 0.33 Viacom sr unsecur 5.75% /2011 470,000 481,091 0.32 Omnicom Group sr unsecur CV 0% /2032 453,000 451,303 0.30 Xerox sr unsecur 6.35% /2018 480,000 426,207 0.28 Goldman Sachs Group sr unsecur SerRegS 1.609% /2016 (3) (EUR) 350,000 412,095 0.27 SLM sr unsecur SerMTNA 4% /2010 410,000 396,933 0.26 Countrywide Financial co gtd SerEMTN 1.659% /2010 (3) (EUR) 280,000 377,128 0.25 Pfizer sr unsecur 4.75% /2016 (EUR) 250,000 362,170 0.24 Schering-Plough sr unsecur 5.375% /2014 (EUR) 240,000 356,765 0.23 Bank of America sr unsecur 5.75% /2017 385,000 344,961 0.23 Roche Holdings co gtd SerEMTN 5.625% /2016 (EUR) 200,000 305,468 0.20 Chevron sr unsecur 4.95% /2019 290,000 300,494 0.20 Goldman Sachs Group sr unsecur SerEMTN 5.375% /2013 (EUR) 200,000 286,784 0.19 General Electric Capital subord SerRegS 5.5% /2067 (3) (EUR) 350,000 279,574 0.18 Comcast co gtd 5.7% /2018 275,000 275,081 0.18 Anheuser-Busch InBev Worldwide co gtd Ser144A priv plmt 5.375% /2014 265,000 263,801 0.17 ConocoPhillips co gtd 5.75% /2019 250,000 262,918 0.17 General Mills sr unsecur 5.65% /2019 245,000 256,376 0.17 AT&T sr unsecur 5.8% /2019 250,000 254,456 0.17 CVS Pass-Through Trust pass through certs Ser144A priv plmt 8.353% /2031 250,000 249,828 0.16 MetLife sr unsecur SerA 6.817% /2018 245,000 247,610 0.16 Time Warner Cable co gtd 6.75% /2018 235,000 242,211 0.16 Fiserv co gtd 6.8% /2017 230,000 233,420 0.15 Home Depot sr unsecur 5.4% /2016 235,000 232,757 0.15 CRH America co gtd 6% /2016 250,000 222,662 0.15 Farmers Exchange Capital debentures Ser144A priv plmt 7.05% /2028 320,000 221,991 0.15 World Financial Properties pass thru certs Ser144A priv plmt 6.95% /2013 240,701 217,862 0.14 HCA sr unsecur 5.75% /2014 270,000 216,843 0.14 Oracle sr unsecur 5.75% /2018 195,000 207,488 0.14 Bank of America sr unsecur 5.65% /2018 220,000 194,474 0.13 Archer-Daniels-Midland sr unsecur 5.45% /2018 185,000 193,500 0.13 Anheuser-Busch InBev Worldwide co gtd Ser144A priv plmt 7.2% /2014 180,000 192,487 0.13 CSC Holdings sr unsecur 7.625% /2018 195,000 179,938 0.12 El Paso sr unsecur 8.25% /2016 175,000 169,928 0.11 Sealed Air sr nts Ser144A priv plmt 7.875% /2017 170,000 169,013 0.11 WellPoint sr unsecur 4.25% 15/12/2009 165,000 167,021 0.11 Union Electric sr secured 6.7% /2019 160,000 165,967 0.11 Boeing sr unsecur 6% /2019 150,000 161,765 0.11 Microsoft sr unsecur 4.2% /2019 165,000 161,201 0.11 Chesapeake Energy co gtd 6.25% /2017 (EUR) 130,000 157,364 0.10 Simon Property Group sr unsecur 6.75% /2014 155,000 157,296 0.10 Medco Health Solutions sr unsecur 7.125% /2018 140,000 147,965 0.10 Daimler Finance North America co gtd SerEMTN 5% /2012 (EUR) 100,000 143,687 0.09 World Financial Properties pass thru certs Ser144A priv plmt 6.91% /2013 151,413 136,940 0.09
Global 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 US dollars. Investments Corporate Bonds (continued) Nominal in US dollars unless specified Market value % of net assets United States of America (continued) Corning sr unsecur 6.625% /2019 135,000 136,038 0.09 Verizon Communications sr unsecur 5.5% /2018 130,000 130,298 0.09 Transcontinental Gas Pipe Line sr unsecur 6.05% /2018 120,000 120,679 0.08 Verizon Communications sr unsecur 6.1% /2018 115,000 119,889 0.08 Aetna sr unsecur 6.5% /2018 115,000 116,104 0.08 Novartis Capital co gtd 4.125% /2014 110,000 113,436 0.07 Time Warner Cable co gtd 8.25% /2019 90,000 102,249 0.07 Merck & Co sr unsecur 5% /2019 100,000 100,850 0.07 Time Warner Cable co gtd 8.75% /2019 75,000 87,138 0.06 Emerson Electric sr unsecur 5% /2019 85,000 85,879 0.06 SLM sr unsecur SerMTNA 5% /2013 75,000 59,823 0.04 State Street sr unsecur 4.3% /2014 55,000 55,452 0.04 CVS Caremark nts 6.6% /2019 50,000 52,919 0.03 Southwestern Electric Power sr unsecur 6.45% /2019 45,000 46,851 0.03 Chubb sr unsecur 5.75% /2018 40,000 41,505 0.03 Qwest sr unsecur 6.5% /2017 35,000 30,602 0.02 Capital One Financial sr nts 7.375% /2014 25,000 25,743 0.02 Total for United States of America 12.28 Germany KfW - Kreditanstalt fuer Wiederaufbau govt gtd 2.05% /2026 (JPY) 480,000,000 4,758,209 3.13 KfW - Kreditanstalt fuer Wiederaufbau govt gtd 1.35% /2014 (JPY) 300,000,000 3,130,661 2.06 KfW - Kreditanstalt fuer Wiederaufbau govt gtd SerDTE CV 3.25% /2013 (EUR) 400,000 572,760 0.38 E.ON International Finance co gtd Ser144A priv plmt 5.8% /2018 (Netherlands) (4) 315,000 327,964 0.22 Commerzbank sr unsecur SerEMTN 4.75% /2015 (EUR) 100,000 141,539 0.09 Grohe Holding sr secured SerRegS 4.31% /2014 (3) (EUR) 150,000 141,459 0.09 Total for Germany 5.97 United Kingdom Vodafone Group sr unsecur SerEMTN 1.61% /2014 (3) (EUR) 600,000 790,587 0.53 BA Covered Bond Issuer SerEMTN 4.125% /2012 (United States of America) (4) (EUR) 500,000 688,715 0.46 Standard Chartered sr unsecur SerEMTN 5.75% /2014 (EUR) 350,000 510,667 0.34 Barclays Bank subord SerRCI 14% perpetual (3) (GBP) 250,000 472,158 0.31 Bank of Scotland covered Ser144A priv plmt 5.25% /2017 500,000 443,713 0.29 FCE Bank sr nts SerEMTN 7.125% /2013 (EUR) 350,000 400,580 0.26 Rexam jr subord 6.75% /2067 (3) (EUR) 400,000 399,744 0.26 Royal Bank of Scotland sr unsecur SerEMTN 5.75% /2014 (EUR) 250,000 360,966 0.24 HSBC Holdings subord SerEMTN 6% /2019 (EUR) 250,000 356,339 0.23 Bank of Scotland covered SerRegS 5% /2011 300,000 300,885 0.20 HSBC Holdings subord SerEMTN 6.25% /2018 (EUR) 200,000 296,644 0.19 Investments Corporate Bonds (continued) Morgan Stanley Investment Funds 30 June 2009 76 Nominal in US dollars unless specified Market value % of net assets United Kingdom (continued) BAT International Finance co gtd SerEMTN 5.375% /2017 (EUR) 200,000 286,804 0.19 Imperial Tobacco Finance co gtd SerEMTN 4.375% /2013 (EUR) 200,000 272,501 0.18 BP Capital Markets co gtd 4.75% /2019 230,000 229,268 0.15 JTI UK Finance co gtd SerEMTN 4.5% /2014 (EUR) 160,000 229,193 0.15 Diageo Finance co gtd SerEMTN 1.484% /2012 (3) (EUR) 160,000 219,848 0.14 Anglo American Capital co gtd Ser144A priv plmt 9.375% /2014 200,000 217,209 0.14 Lloyds TSB Bank sr subord SerEMTN 5.625% /2018 (3) (EUR) 150,000 191,188 0.13 J Sainsbury unsubord CV 4.25% /2014 (GBP) 100,000 174,856 0.11 Nationwide Building Society sr unsecur Ser144A priv plmt 4.25% /2010 175,000 173,215 0.11 Imperial Tobacco Finance co gtd SerEMTN 7.75% /2019 (GBP) 100,000 165,365 0.11 Tesco sr unsecur SerEMTN 5.875% /2016 (EUR) 100,000 152,476 0.10 Tesco sr unsecur SerEMTN 5.125% /2015 (EUR) 100,000 147,681 0.10 Systems 2001 Asset Trust ‘G’ co gtd Ser144A priv plmt 6.664% /2013 (Cayman Islands) (4) 142,960 142,960 0.09 BAA Funding co gtd Ser144A priv plmt 4.6% /2020 (Jersey) (3) (4) (EUR) 150,000 135,889 0.09 Catlin Insurance sr nts Ser144A priv plmt 7.249% perpetual (Bermuda) (3) (4) 230,000 128,957 0.08 GlaxoSmithKline Capital co gtd 5.65% /2018 (United States of America) (4) 115,000 121,633 0.08 BP Capital Markets co gtd 3.875% /2015 95,000 96,195 0.06 Barclays Bank sr unsecur 6.75% /2019 60,000 59,483 0.04 Total for United Kingdom 5.36 France Banque Federative du Credit Mutuel sr unsubord SerEMTN 0.685% /2011 (3) 1,000,000 1,001,200 0.66 Banque Federative du Credit Mutuel sr unsubord SerEMTN 0.68375% /2011 (3) 800,000 776,844 0.50 BNP Paribas subord nts SerEMTN 5.431% /2017 (EUR) 325,000 474,588 0.31 Accor sr unsecur 6.5% /2013 (EUR) 300,000 443,525 0.29 Credit Agricole jr subord Ser144A priv plmt 6.637% perpetual (3) 585,000 358,313 0.24 Credit Agricole subord SerEMTN 5.875% /2019 (EUR) 200,000 291,221 0.19 Pernod-Ricard sr unsecur SerEMTN 7% /2015 (EUR) 200,000 286,952 0.19 Crown European Holdings sr secured 6.25% /2011 (EUR) 200,000 277,287 0.18 Societe Generale jr subord 6.999% perpetual (3) (EUR) 250,000 240,384 0.16 Banque PSA Finance sr unsecur SerEMTN 8.5% /2012 (EUR) 150,000 221,246 0.15 Veolia Environnement nts SerEMTN 5.25% /2014 (EUR) 150,000 220,708 0.14 Lafarge sr unsecur SerEMTN 6.125% /2015 (EUR) 150,000 204,252 0.13 Europcar Groupe sr secured SerRegS 4.781% /2013 (3) (EUR) 200,000 164,683 0.11 GDF Suez sr unsecur SerEMTN 5.625% /2016 (EUR) 100,000 152,988 0.10 AXA sr unsecur SerEMTN 4.5% /2015 (EUR) 100,000 142,715 0.09 France Telecom sr unsecur 5.375% /2019 130,000 130,536 0.09 Vivendi nts Ser144A priv plmt 6.625% /2018 115,000 116,185 0.07 Banque PSA Finance sr unsecur SerEMTN 6.375% /2010 (EUR) 50,000 72,273 0.05 Total for France 3.65
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