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Morgan Stanley Investment Funds Emerging Markets Domestic Debt Fund (MS INVF)

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Morgan Stanley Investment Funds Emerging Markets Domestic Debt Fund (MS INVF) Morgan Stanley Investment Funds Emerging Markets Domestic Debt Fund (MS INVF) February 2011 Foreign investing involves certain risks, including currency fluctuations and controls, restrictions on foreign investments, less governmental supervision and regulation, less liquidity and the potential for market volatility and political instability. In addition, investing in emerging markets may involve a relative higher degree of volatility. For Institutional Investor Use Only And May Not Be Used With The General Public Page 1 Section 1 Introduction and Product Summary Page 2 Morgan Stanley Investment Management MSIM Coverage Spans 48 Offices in 21 Countries Over $265 billion 1 in assets under management Amsterdam Luxembourg Over $221 billion in Frankfurt Institutional Assets Greenwich Stockholm New York MSIM has 740 investment Montreal professionals globally West Conshohocken Paris • Portfolio managers – 136 Chicago London Munich Oakbrook Terrace • Research analysts – 136 Zurich Milan • Traders – 50 Beijing Seoul San Francisco Athens Tokyo Jersey City Shanghai • Portfolio specialists – 49 Menlo Park Atlanta Dubai New Delhi Los Angeles Hong Kong Merchant Banking Mumbai Chennai • Real Estate – 249 Singapore • Private Equity – 76 Mexico City Madrid Austin • Infrastructure – 40 Tampa Miami MSIM investment professionals Sydney throughout the world Melbourne • U.S. – 354 • Europe / UK – 177 • Asia – 209 MSIM Office MSIM Client Coverage 1. Assets under management as of September 30, 2010, presented in U.S.$. Morgan Stanley Investment Management (MSIM) is the asset management division of Morgan Stanley. Assets are managed by teams representing different MSIM legal entities with offices in New York, Philadelphia, Houston, Chicago, London, Tokyo, Amsterdam, Singapore and Mumbai. Figure represents MSIM’s total assets under management/supervision. Assets represent only those investment teams/strategies that continued to be part of MSIM following the June 1, 2010 sale of Van Kampen/MSIM-Retail to Invesco. Page 3 Emerging Markets Domestic Debt Overview Over $10.3 billion (1) managed in Morgan Stanley Emerging Markets Domestic Debt Strategy is a value-oriented fixed income strategy that the emerging markets debt seeks high total return from income and price appreciation by investing in a range of sovereign, strategy quasi-sovereign and corporate debt securities in emerging markets. Investments are mostly denominated Within dedicated mandates, over in emerging-market and/or non-U.S. currencies . To achieve its objective, the strategy combines top- $3 billion in local currency down country allocation with bottom-up security selection. (domestic) denominated fixed Our investment strategy is guided by the following principles income assets • We believe the prudent risk taking grounded in fundamental analysis will be the key to adding Experienced group of over 50 consistent alpha over a full market cycle fixed-income investors • We believe that good investment opportunities exist across the full credit quality spectrum and will be Managing the Emerging Markets found in the bonds of countries in which credit fundamentals are experiencing positive rates of change. Debt strategy since 1993 • Differentiating between currency, yield curve and excess carry opportunities will be important for generating consistent strong returns going forward. Emerging Markets Domestic Debt (local Currency) Strategy at a Glance Strategy Inception February 2007 Benchmark JPMorgan Government Bond Index – Emerging Markets Global Diversified (“GBI-EM Global Diversified”) Expected Tracking Error 300-400 basis points annually Permitted Securities Sovereign global bonds, sovereign loans, corporate bonds, quasi-sovereign bonds, interest rate futures, credit default swaps, currency forwards and other derivatives Leverage None Country Weight Typically within ±10 percentage points relative to the benchmark For non-indexed countries: Does not exceed 5% of the portfolio at cost Typical Number of Holdings 40 – 50 securities 1. This includes dedicated and cross-over EM Assets in U.S.$ and as of August 31, 2010 (un-audited). 2. Local currency assets only reflect dedicated EM Domestic Debt mandates Page 4 Who We Are Pioneers in Emerging Markets with Global Franchise and Research Network • A Pioneer in emerging market with a local presence in emerging markets globally • Depth and breadth of our global platform allows team to identify opportunities and risks geographically and throughout market cycles A Deep, Experienced Team • Our EMD team has been together through a variety of volatile markets • Comprised of professionals with deep experience and complimentary skill sets • Current PM’s have led the strategy since 1997 and 2002 and own the performance record Rigorous Investment Process and Risk Management • Emphasis on dynamically assessing each country’s rate of change of underlying political, economic and social factors • Risk management is central to our process and an integral part of our portfolio construction Strong competitive risk-adjusted Returns • Strong competitive risk-adjusted returns with strong market capture Organization – Community of Boutiques • Allows entrepreneurial instincts to flourish and empowers teams to act quickly and decisively • Access to the substantial resources of Morgan Stanley, and the benefits that come with being part of such a sizeable organization Page 5 A Deep, Experienced Team EM Portfolio Management Experienced, high-quality EricEric BaurmeisterBaurmeister FedericoFederico Kaune Kaune research teams WilliamWilliam W.W. PerryPerry SahilSudarshan Tandon P. Gururaj MichaelDaniel ChodosGuichon HenrySahil TandonGonzalez MasakazuToshikazu Kuwazoe Hirai Henry Gonzalez Significant depth Interest Rates Credit Team and Currencies Team Emerging Markets Equities Team Christian Roth Richard Ford Michael Kushma W.Yoshinobu David Armstrong Kou Global coverage Ruchir Sharma William Scott Piper Paul Psi ReginaLei Wang Borromeo Sanjay Verma AlexanderW. David Armstrong Bouzalis James Cheng Gaite Ali Colm Leahy Leon Grenyer Jaidip Singh YoshinobuAlexander KouBouzalis AdelineVincent KohEe Ana Piedrahita Cristian Ghiuvea Joseph Mehlman SethMasakazu Horwitz Kuwazoe DivyaSimon Chhibba Baxter Homiyar Vasania Paul Psaila Alice LaTrobe-Weston Virginia M. Keehan MichaelPhilippe GuichonKurzweil Divya Chhibba SebestianRama Rao Chia Eric Carlson Research integrated with portfolio LoisJustin Pine Sham Nikolai K. Dimitrov Mikhael Breiterman-Loader Munib Madni Timothy Drinkall management JelalLois PineK. Kamil KarenBrian Ichord Toll Samuel Rhee Jitania Kandhari RyanJelal K.O’Connell Kamil Sara Karen West Toll May Yu Frank Zheng MattSara Millsfield West Tom Wills Sridhar Sivaram WarrenGary Cheung Zhang Sarah Singh Wilson He Amay Hattangadi Dan Raghoonundon Specialist focus on every aspect Swanand Kelkar Yulei Gong of client assignment Mortgage Team Trading Shelia Huang Neil Stone Lai-Ming Suen Robert Harradine Peter Ru David Seto Justin Sham Rie Kawasaki Christopher Lin Adam August Dwayne Middleton Note: Team members may change without notice from time to time. Page 6 Emerging Markets Debt Management Team Over 90 years of collective team Our Investment Team experience in the industry Years of Experience 1 Primary Role Managers identify investment Eric Baurmeister 16 Co-Head/Portfolio Manager opportunities by focusing on their Federico Kaune 16 Co-Head/Portfolio Manager area of expertise William W. Perry 20 EM Corporate Research Our team has managed the Sudarshan P. Gururaj 9 Research Emerging Markets Debt product Michael Guichon 3 Research through a variety of volatile markets Sahil Tandon 6 Trading Masakazu Kuwazoe 13 Portfolio Specialist Morgan Stanley Investment Henry Gonzalez 14 Portfolio Specialist Management serves on the JPMorgan EMBI Index and EMBI Local Markets Advisory committees 1. Number of years of industry experience. Note: Team members may change without notice from time to time. Page 7 Section 2 Domestic Debt Investment Process Page 8 Portfolio Construction Top-down/Bottom-up Approach Our process combines top down sovereign analysis with bottom up security selection Top-Down Portfolio Construction Risk management is integrated into our investment process Client’s Objectives, Market Country FX and Interest Security Client Guidelines, Assessment Analysis Rate Analysis Selection Portfolio and Benchmark Guideline Monitoring and Risk Management Page 9 Analysis of Domestic Factors Market Assessment Focus on local factors as Less Volatile Macroeconomic Performance Stable Fiscal Accounts and Domestic Debt important determinants of the performance of domestic assets 60 Public Debt (LHS) 12 60 1.0 Real GDP growth Inflation % 55 10 50 0.0 40 -1.0 For this assessment, the 50 8 Emerging Markets Debt team 30 -2.0 45 6 Percent Percent draws upon our in house expertise GDP of Percent 20 -3.0 Percent of GDP of Percent 40 4 in emerging economies 10 -4.0 35 2 0 -5.0 7 8 9 0 1 2 3 4 5 6 7 8 9 9 9 0 0 0 0 0 0 0 0 0 9E 0F 1F 30 0 1 1 19 19 19 20 20 20 20 20 20 20 20 20 0 20 20 20 0 1 2 3 4 5 6 7 8 0 0 0 0 0 0 0 0 0 9E 0F 1F 1 20 20 20 20 20 20 20 20 20 0 1 Public Debt Fiscal Balance (rhs) 20 20 20 Source: IMF, Ministries of Finance, Central Banks, MSIM Source: IMF, Ministries of Finance, Central Banks, MSIM Note: Weighted average of 40 emerging economies. Note: Weighted average of 40 emerging economies. Still Strong Balance Sheets Debt Service and International Reserves 1 50 16 External Debt % GDP 45 14 International Reserves (% GDP) 40 International Reserves/ ST External Liabilities
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