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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Enzymotec Ltd. - Ordinary Shares (delisted) | NASDAQ:ENZY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.85 | 0.05 | 199,999.95 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-06515
Morgan Stanley Global Fixed Income Opportunities Fund
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York | 10036 | |
(Address of principal executive offices) | (Zip code) |
John Gernon
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrants telephone number, including area code: 212-296-0289
Date of fiscal year end: October 31, 2013
Date of reporting period: July 31, 2013
Item 1. Schedule of Investments.
The Funds schedule of investments as of the close of the reporting period prepared pursuant to Rule 12-12 of Regulation S-X is as follows:
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited)
PRINCIPAL
|
COUPON
RATE |
MATURITY
DATE |
VALUE | |||||||||||
Corporate Bonds (45.7%) |
||||||||||||||
Australia (0.8%) |
||||||||||||||
Finance | ||||||||||||||
$ | 250 |
Goodman Funding Pty Ltd. (a) |
6.375 | % | 04/15/21 | $ | 277,722 | |||||||
325 |
Macquarie Group Ltd. (a)(b) |
6.00 | 01/14/20 | 349,065 | ||||||||||
|
|
|||||||||||||
Total Australia |
626,787 | |||||||||||||
|
|
|||||||||||||
Brazil (1.0%) |
||||||||||||||
Finance |
||||||||||||||
450 |
Banco BTG Pactual SA (a) |
4.00 | 01/16/20 | 387,000 | ||||||||||
500 |
Caixa Economica Federal (b) |
3.50 | 11/07/22 | 420,000 | ||||||||||
|
|
|||||||||||||
Total Brazil |
807,000 | |||||||||||||
|
|
|||||||||||||
Canada (0.7%) |
||||||||||||||
Basic Materials |
||||||||||||||
60 |
Barrick Gold Corp. (a) |
4.10 | 05/01/23 | 51,129 | ||||||||||
275 |
Goldcorp, Inc. |
3.70 | 03/15/23 | 247,613 | ||||||||||
|
|
|||||||||||||
298,742 | ||||||||||||||
|
|
|||||||||||||
Energy |
||||||||||||||
250 |
PetroBakken Energy Ltd. (a) |
8.625 | 02/01/20 | 245,000 | ||||||||||
|
|
|||||||||||||
Total Canada |
543,742 | |||||||||||||
|
|
|||||||||||||
Cayman Islands (0.1%) |
||||||||||||||
Finance |
||||||||||||||
CNY | 500 |
Shui On Land Ltd. |
4.50 | 09/29/15 | 81,417 | |||||||||
|
|
|||||||||||||
Chile (0.1%) |
||||||||||||||
Finance |
||||||||||||||
CLP | 50,000 |
Banco Santander Chile |
6.50 | 09/22/20 | 96,332 | |||||||||
|
|
|||||||||||||
China (0.8%) |
||||||||||||||
Diversified |
||||||||||||||
HKD | 2,000 |
Wharf Finance 2014 Ltd. |
2.30 | 06/07/14 | 264,003 | |||||||||
|
|
|||||||||||||
Finance |
||||||||||||||
$ | 100 |
Billion Express Investments Ltd. |
0.75 | 10/18/15 | 102,775 | |||||||||
HKD | 2,000 |
Tong Jie Ltd. |
0.00 | (c) | 02/18/18 | 256,589 | ||||||||
|
|
|||||||||||||
359,364 | ||||||||||||||
|
|
|||||||||||||
Total China |
623,367 | |||||||||||||
|
|
|||||||||||||
Czech Republic (0.2%) |
||||||||||||||
Utilities |
||||||||||||||
$ | 210 |
CEZ AS (a) |
4.25 | 04/03/22 | 207,619 | |||||||||
|
|
|||||||||||||
Denmark (0.0%) |
||||||||||||||
Finance |
||||||||||||||
DKK | (d) |
Nordea Kredit Realkreditaktieselskab, Series ANN |
5.00 | 07/01/29 | 6 | |||||||||
92 |
Realkredit Danmark A/S |
6.00 | 10/01/29 | 18,917 | ||||||||||
|
|
|||||||||||||
Total Denmark |
18,923 | |||||||||||||
|
|
|||||||||||||
France (1.1%) |
||||||||||||||
Consumer, Non-Cyclical |
||||||||||||||
EUR | 250 |
Europcar Groupe SA |
11.50 | 05/15/17 | 379,150 | |||||||||
|
|
|||||||||||||
Finance |
||||||||||||||
200 |
AXA SA |
5.25 | (e) | 04/16/40 | 277,096 | |||||||||
$ | 225 |
Societe Generale SA (a) |
5.20 | 04/15/21 | 240,133 | |||||||||
|
|
|||||||||||||
517,229 | ||||||||||||||
|
|
|||||||||||||
Total France |
896,379 | |||||||||||||
|
|
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
Germany (2.9%) |
||||||||||||||
Consumer, Non-Cyclical |
||||||||||||||
EUR | 140 |
Celesio Finance B.V. |
4.00 | % | 10/18/16 | $ | 194,327 | |||||||
|
|
|||||||||||||
Finance |
||||||||||||||
100 |
Aabar Investments PJSC |
4.00 | 05/27/16 | 145,673 | ||||||||||
200 |
Allianz Finance II BV |
5.75 | (e) | 07/08/41 | 297,788 | |||||||||
400 |
Commerzbank AG |
7.75 | 03/16/21 | 556,352 | ||||||||||
AUD | 1,000 |
KFW, MTN |
3.75 | 07/18/18 | 896,365 | |||||||||
EUR | 100 |
Muenchener Rueckversicherungs AG |
6.25 | (e) | 05/26/42 | 155,755 | ||||||||
|
|
|||||||||||||
2,051,933 | ||||||||||||||
|
|
|||||||||||||
Utilities |
||||||||||||||
GBP | 100 |
RWE AG |
7.00 | (e) | (f) | 162,421 | ||||||||
|
|
|||||||||||||
Total Germany |
2,408,681 | |||||||||||||
|
|
|||||||||||||
Greece (0.2%) |
||||||||||||||
Industrials | ||||||||||||||
$ | 148 |
DryShips, Inc. |
5.00 | 12/01/14 | 140,045 | |||||||||
|
|
|||||||||||||
India (0.7%) |
||||||||||||||
Basic Materials |
||||||||||||||
200 |
Vedanta Resources PLC (a)(b) |
7.125 | 05/31/23 | 195,500 | ||||||||||
|
|
|||||||||||||
Communications |
||||||||||||||
200 |
Bharti Airtel International Netherlands BV (a)(b) |
5.125 | 03/11/23 | 187,000 | ||||||||||
|
|
|||||||||||||
Finance |
||||||||||||||
200 |
Bank of India (a) |
3.625 | 09/21/18 | 193,460 | ||||||||||
|
|
|||||||||||||
Total India |
575,960 | |||||||||||||
|
|
|||||||||||||
Indonesia (0.5%) |
||||||||||||||
Energy | ||||||||||||||
520 |
Indo Energy Finance II BV (a)(b) |
6.375 | 01/24/23 | 442,000 | ||||||||||
|
|
|||||||||||||
Italy (2.2%) |
||||||||||||||
Communications |
||||||||||||||
EUR | 150 |
Telecom Italia Finance SA |
7.75 | 01/24/33 | 216,228 | |||||||||
$ | 250 |
Wind Acquisition Finance SA (a)(b) |
11.75 | 07/15/17 | 265,000 | |||||||||
|
|
|||||||||||||
481,228 | ||||||||||||||
|
|
|||||||||||||
Energy |
||||||||||||||
EUR | 200 |
Eni SpA, Series GALP |
0.25 | 11/30/15 | 276,260 | |||||||||
|
|
|||||||||||||
Finance |
||||||||||||||
$ | 300 |
Intesa Sanpaolo SpA (a)(b) |
6.50 | 02/24/21 | 304,527 | |||||||||
EUR | 250 |
UniCredit SpA |
4.875 | 03/07/17 | 351,845 | |||||||||
|
|
|||||||||||||
656,372 | ||||||||||||||
|
|
|||||||||||||
Utilities |
||||||||||||||
$ | 375 |
Enel Finance International N.V. (a) |
5.125 | 10/07/19 | 387,720 | |||||||||
|
|
|||||||||||||
Total Italy |
1,801,580 | |||||||||||||
|
|
|||||||||||||
Japan (0.3%) |
||||||||||||||
Technology | ||||||||||||||
JPY | 23,000 |
Nomura Research Institute Ltd., Series 1 |
0.00 | (c) | 03/31/14 | 244,012 | ||||||||
|
|
|||||||||||||
Korea, Republic of (0.1%) |
||||||||||||||
Technology | ||||||||||||||
$ | 100 |
SK Hynix, Inc. |
2.65 | 05/14/15 | 109,200 | |||||||||
|
|
|||||||||||||
Luxembourg (0.4%) |
||||||||||||||
Consumer, Cyclical | ||||||||||||||
EUR | 100 |
Bormioli Rocco Holdings SA |
10.00 | 08/01/18 | 141,350 | |||||||||
|
|
|||||||||||||
Industrials |
||||||||||||||
150 |
Ardagh Glass Finance PLC |
8.75 | 02/01/20 | 209,031 | ||||||||||
|
|
|||||||||||||
Total Luxembourg |
350,381 | |||||||||||||
|
|
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
Mexico (0.2%) |
||||||||||||||
Industrials | ||||||||||||||
$ | 150 |
Cemex Finance LLC (a)(b) |
9.375 | % | 10/12/22 | $ | 168,750 | |||||||
|
|
|||||||||||||
Netherlands (1.0%) |
||||||||||||||
Finance | ||||||||||||||
EUR | 250 |
ABN AMRO Bank N.V. |
6.375 | 04/27/21 | 373,865 | |||||||||
$ | 475 |
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA |
3.95 | 11/09/22 | 457,168 | |||||||||
|
|
|||||||||||||
Total Netherlands |
831,033 | |||||||||||||
|
|
|||||||||||||
Norway (0.2%) |
||||||||||||||
Diversified | ||||||||||||||
200 |
Siem Industries, Inc., Series SUBC |
1.00 | 09/12/19 | 192,760 | ||||||||||
|
|
|||||||||||||
Portugal (0.5%) |
||||||||||||||
Utilities | ||||||||||||||
425 |
EDP Finance BV (a) |
6.00 | 02/02/18 | 441,694 | ||||||||||
|
|
|||||||||||||
Russia (2.3%) |
||||||||||||||
Communications | ||||||||||||||
480 |
Vimpel Communications Via VIP Finance Ireland Ltd., OJSC |
7.748 | 02/02/21 | 513,600 | ||||||||||
|
|
|||||||||||||
Energy | ||||||||||||||
100 |
Lukoil International Finance BV |
2.625 | 06/16/15 | 108,250 | ||||||||||
|
|
|||||||||||||
Finance | ||||||||||||||
230 |
Credit Bank of Moscow Via CBOM Finance PLC (a) |
8.70 | 11/13/18 | 224,825 | ||||||||||
RUB | 20,600 |
Gazprombank OJSC Via GPB Eurobond Finance PLC |
7.875 | 07/25/16 | 619,659 | |||||||||
$ | 200 |
Russian Standard Bank Via Russian Standard Finance SA (a) |
10.75 | 04/10/18 | 213,000 | |||||||||
|
|
|||||||||||||
1,057,484 | ||||||||||||||
|
|
|||||||||||||
Industrials | ||||||||||||||
200 |
TMK OAO Via TMK Capital SA (a)(b) |
6.75 | 04/03/20 | 194,750 | ||||||||||
|
|
|||||||||||||
Total Russia |
1,874,084 | |||||||||||||
|
|
|||||||||||||
Singapore (0.6%) |
||||||||||||||
Consumer, Non-Cyclical | ||||||||||||||
200 |
Global A&T Electronics Ltd. (a) |
10.00 | 02/01/19 | 209,500 | ||||||||||
200 |
Golden Agri-Resources Ltd. |
2.50 | 10/04/17 | 186,050 | ||||||||||
100 |
Olam International Ltd. |
6.00 | 10/15/16 | 97,400 | ||||||||||
|
|
|||||||||||||
Total Singapore |
492,950 | |||||||||||||
|
|
|||||||||||||
Spain (1.7%) |
||||||||||||||
Communications | ||||||||||||||
300 |
Nara Cable Funding Ltd. (a) |
8.875 | 12/01/18 | 312,000 | ||||||||||
|
|
|||||||||||||
Finance | ||||||||||||||
EUR | 200 |
CaixaBank |
3.25 | 01/22/16 | 270,426 | |||||||||
200 |
Santander International Debt SAU |
4.625 | 03/21/16 | 279,412 | ||||||||||
|
|
|||||||||||||
549,838 | ||||||||||||||
|
|
|||||||||||||
Industrials | ||||||||||||||
EUR | 200 |
Ferrovial Emisiones SA |
3.375 | 01/30/18 | 272,886 | |||||||||
|
|
|||||||||||||
Utilities | ||||||||||||||
$ | 225 |
Iberdrola Finance Ireland Ltd. (a) |
5.00 | 09/11/19 | 235,785 | |||||||||
|
|
|||||||||||||
Total Spain |
1,370,509 | |||||||||||||
|
|
|||||||||||||
Switzerland (0.5%) |
||||||||||||||
Basic Materials | ||||||||||||||
EUR | 117 |
INEOS Group Holdings SA |
7.875 | 02/15/16 | 157,980 | |||||||||
|
|
|||||||||||||
Finance | ||||||||||||||
150 |
Cloverie PLC for Zurich Insurance Co., Ltd. |
7.50 | (e) | 07/24/39 | 243,406 | |||||||||
|
|
|||||||||||||
Total Switzerland |
401,386 | |||||||||||||
|
|
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
Turkey (0.4%) |
||||||||||||||||
Finance |
||||||||||||||||
$ | 300 |
Finansbank AS |
5.50 | % | 05/11/16 | $ | 301,500 | |||||||||
|
|
|||||||||||||||
United Kingdom (2.4%) |
||||||||||||||||
Consumer, Cyclical |
||||||||||||||||
325 |
British Airways PLC (a) |
4.625 | 06/20/24 | 328,250 | ||||||||||||
|
|
|||||||||||||||
Finance |
||||||||||||||||
EUR | 250 |
Barclays Bank PLC |
6.00 | 01/14/21 | 374,022 | |||||||||||
GBP | 200 |
Derwent London Capital No. 2 Jersey Ltd., Series DLN |
1.125 | 07/24/19 | 306,036 | |||||||||||
EUR | 225 |
Lloyds TSB Bank PLC |
6.50 | 03/24/20 | 335,463 | |||||||||||
$ | 320 |
Royal Bank of Scotland Group PLC (b) |
6.125 | 12/15/22 | 310,274 | |||||||||||
|
|
|||||||||||||||
1,325,795 | ||||||||||||||||
|
|
|||||||||||||||
Industrials |
||||||||||||||||
300 |
CEVA Group PLC (a)(b) |
8.375 | 12/01/17 | 303,000 | ||||||||||||
|
|
|||||||||||||||
Total United Kingdom |
1,957,045 | |||||||||||||||
|
|
|||||||||||||||
United States (23.8%) |
||||||||||||||||
Basic Materials |
||||||||||||||||
150 |
American Gilsonite Co. (a) |
11.50 | 09/01/17 | 158,625 | ||||||||||||
200 |
Prince Mineral Holding Corp. (a) |
11.50 | 12/15/19 | 216,250 | ||||||||||||
83 |
United States Steel Corp. |
4.00 | 05/15/14 | 84,971 | ||||||||||||
|
|
|||||||||||||||
459,846 | ||||||||||||||||
|
|
|||||||||||||||
Communications |
||||||||||||||||
265 |
CCO Holdings LLC/CCO Holdings Capital Corp. |
6.50 | 04/30/21 | 273,612 | ||||||||||||
200 |
CSC Holdings LLC (b) |
8.625 | 02/15/19 | 235,000 | ||||||||||||
250 |
GXS Worldwide, Inc. |
9.75 | 06/15/15 | 257,344 | ||||||||||||
350 |
Harron Communications LP/Harron Finance Corp. (a) |
9.125 | 04/01/20 | 388,500 | ||||||||||||
250 |
inVentiv Health, Inc. (a)(b) |
9.00 | 01/15/18 | 259,375 | ||||||||||||
151 |
Priceline.com, Inc. (a)(b) |
0.35 | 06/15/20 | 148,641 | ||||||||||||
|
|
|||||||||||||||
1,562,472 | ||||||||||||||||
|
|
|||||||||||||||
Consumer, Cyclical |
||||||||||||||||
250 |
Ameristar Casinos, Inc. |
7.50 | 04/15/21 | 268,125 | ||||||||||||
275 |
Caesars Entertainment Operating Co., Inc. |
8.50 | 02/15/20 | 256,953 | ||||||||||||
400 |
CCM Merger, Inc. (a)(b) |
9.125 | 05/01/19 | 426,000 | ||||||||||||
250 |
Chrysler Group LLC/CG Co-Issuer, Inc. |
8.00 | 06/15/19 | 274,063 | ||||||||||||
200 |
Exide Technologies (b)(g)(h) |
8.625 | 02/01/18 | 119,750 | ||||||||||||
300 |
HD Supply, Inc. (a) |
7.50 | 07/15/20 | 318,750 | ||||||||||||
52 |
Iconix Brand Group, Inc. |
2.50 | 06/01/16 | 63,343 | ||||||||||||
441 |
INTCOMEX, Inc. |
13.25 | 12/15/14 | 429,975 | ||||||||||||
86 |
International Game Technology (b) |
3.25 | 05/01/14 | 95,621 | ||||||||||||
400 |
Logans Roadhouse, Inc. |
10.75 | 10/15/17 | 381,500 | ||||||||||||
200 |
MGM Resorts International |
7.75 | 03/15/22 | 222,500 | ||||||||||||
3,904 |
Resort at Summerlin LP, Series B (g)(h)(i)(j)(k) |
13.00 | 12/15/07 | 0 | ||||||||||||
345 |
Rite Aid Corp. (a)(b) |
6.75 | 06/15/21 | 347,587 | ||||||||||||
400 |
RSI Home Products, Inc. (a) |
6.875 | 03/01/18 | 414,000 | ||||||||||||
250 |
Scientific Games International, Inc. (b) |
9.25 | 06/15/19 | 273,125 | ||||||||||||
100 |
US Airways 2013-1 Class A Pass-Through Trust |
3.95 | 11/15/25 | 95,500 | ||||||||||||
|
|
|||||||||||||||
3,986,792 | ||||||||||||||||
|
|
|||||||||||||||
Consumer, Non-Cyclical |
||||||||||||||||
243 |
Archer-Daniels-Midland Co. (b) |
0.875 | 02/15/14 | 248,923 | ||||||||||||
545 |
Armored Autogroup, Inc. |
9.25 | 11/01/18 | 504,125 | ||||||||||||
200 |
Jaguar Holding Co., I (a)(i) |
9.375 | 10/15/17 | 215,500 | ||||||||||||
106 |
Jarden Corp. (a)(b) |
1.875 | 09/15/18 | 125,477 | ||||||||||||
480 |
Kindred Healthcare, Inc. |
8.25 | 06/01/19 | 507,600 | ||||||||||||
227 |
PHH Corp. |
4.00 | 09/01/14 | 248,423 | ||||||||||||
44 |
Salix Pharmaceuticals Ltd. (b) |
1.50 | 03/15/19 | 56,458 | ||||||||||||
300 |
ServiceMaster Co. (b) |
8.00 | 02/15/20 | 294,750 | ||||||||||||
|
|
|||||||||||||||
2,201,256 | ||||||||||||||||
|
|
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
Energy |
||||||||||||||
$ | 150 |
Continental Resources, Inc. (b) |
4.50 | % | 04/15/23 | $ | 146,250 | |||||||
150 |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (b) |
7.75 | 04/01/19 | 157,500 | ||||||||||
400 |
PetroQuest Energy, Inc. (a)(b) |
10.00 | 09/01/17 | 414,000 | ||||||||||
|
|
|||||||||||||
717,750 | ||||||||||||||
|
|
|||||||||||||
Finance |
||||||||||||||
104 |
Annaly Capital Management, Inc. |
5.00 | 05/15/15 | 105,365 | ||||||||||
99 |
Ares Capital Corp. (b) |
5.75 | 02/01/16 | 108,281 | ||||||||||
250 |
DPL, Inc. (b) |
7.25 | 10/15/21 | 260,000 | ||||||||||
150 |
Genworth Holdings, Inc. |
7.20 | 02/15/21 | 174,330 | ||||||||||
455 |
Goldman Sachs Group, Inc. (The) |
6.75 | 10/01/37 | 480,194 | ||||||||||
435 |
HSBC Finance Corp. |
6.676 | 01/15/21 | 492,589 | ||||||||||
325 |
ING US, Inc. (a)(b) |
5.65 | (e) | 05/15/53 | 306,313 | |||||||||
350 |
Jefferies Finance LLC/JFIN Co-Issuer Corp. (a) |
7.375 | 04/01/20 | 355,250 | ||||||||||
300 |
Jefferies LoanCore LLC/JLC Finance Corp. (a) |
6.875 | 06/01/20 | 301,500 | ||||||||||
400 |
KCG Holdings, Inc. (a) |
8.25 | 06/15/18 | 391,000 | ||||||||||
250 |
Kennedy-Wilson, Inc. |
8.75 | 04/01/19 | 272,500 | ||||||||||
200 |
Merrill Lynch & Co., Inc. |
6.11 | 01/29/37 | 200,497 | ||||||||||
125 |
Nationwide Financial Services, Inc. (a) |
5.375 | 03/25/21 | 135,413 | ||||||||||
275 |
Nuveen Investments, Inc. (a) |
9.125 | 10/15/17 | 279,813 | ||||||||||
395 |
Prudential Financial, Inc. |
5.625 | (e) | 06/15/43 | 384,137 | |||||||||
|
|
|||||||||||||
4,247,182 | ||||||||||||||
|
|
|||||||||||||
Industrials |
||||||||||||||
200 |
Atkore International, Inc. |
9.875 | 01/01/18 | 218,000 | ||||||||||
250 |
Cequel Communications Holdings I LLC/Cequel Capital Corp. (a)(b) |
6.375 | 09/15/20 | 259,375 | ||||||||||
300 |
Consolidated Container Co., LLC/Consolidated Container Capital, Inc. (a) |
10.125 | 07/15/20 | 315,000 | ||||||||||
EUR | 375 |
GE Capital Trust II |
5.50 | (e) | 09/15/67 | 514,157 | ||||||||
$ | 116 |
General Cable Corp. |
4.50 | (l) | 11/15/29 | 130,573 | ||||||||
200 |
Kratos Defense & Security Solutions, Inc. |
10.00 | 06/01/17 | 217,000 | ||||||||||
400 |
Marquette Transportation Co./Marquette Transportation Finance Corp. (b) |
10.875 | 01/15/17 | 430,000 | ||||||||||
300 |
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc. |
8.125 | 02/15/19 | 286,875 | ||||||||||
400 |
Nuverra Environmental Solutions, Inc. (b) |
9.875 | 04/15/18 | 413,000 | ||||||||||
150 |
Pretium Packaging LLC/Pretium Finance, Inc. |
11.50 | 04/01/16 | 162,000 | ||||||||||
250 |
Sequa Corp. (a) |
7.00 | 12/15/17 | 251,250 | ||||||||||
400 |
Tekni-Plex, Inc. (a) |
9.75 | 06/01/19 | 448,000 | ||||||||||
79 |
Trinity Industries, Inc. (b) |
3.875 | 06/01/36 | 91,788 | ||||||||||
Technology |
||||||||||||||
250 |
Zachry Holdings, Inc. (a)(b) |
7.50 | 02/01/20 | 259,375 | ||||||||||
|
|
|||||||||||||
3,996,393 | ||||||||||||||
|
|
|||||||||||||
400 |
First Data Corp. (a) |
10.625 | 06/15/21 | 408,000 | ||||||||||
200 |
First Data Corp. (a) |
11.25 | 01/15/21 | 208,000 | ||||||||||
300 |
Infor US, Inc. |
9.375 | 04/01/19 | 336,750 | ||||||||||
112 |
Intel Corp. (b) |
2.95 | 12/15/35 | 120,610 | ||||||||||
123 |
Lam Research Corp. (b) |
1.25 | 05/15/18 | 143,756 | ||||||||||
41 |
Nuance Communications, Inc. (b) |
2.75 | 11/01/31 | 41,974 | ||||||||||
217 |
ON Semiconductor Corp., Series B |
2.625 | 12/15/26 | 250,906 | ||||||||||
119 |
Salesforce.com, Inc. (a)(b) |
0.25 | 04/01/18 | 118,554 | ||||||||||
75 |
SanDisk Corp. |
1.50 | 08/15/17 | 95,391 | ||||||||||
|
|
|||||||||||||
1,723,941 | ||||||||||||||
|
|
|||||||||||||
Utilities |
||||||||||||||
250 |
AES Corp. |
7.375 | 07/01/21 | 283,750 | ||||||||||
325 |
Puget Energy, Inc. |
6.50 | 12/15/20 | 371,044 | ||||||||||
|
|
|||||||||||||
654,794 | ||||||||||||||
|
|
|||||||||||||
Total United States |
19,550,426 | |||||||||||||
|
|
|||||||||||||
Total Corporate Bonds (Cost $40,562,845) |
37,555,562 | |||||||||||||
|
|
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
Sovereign (30.0%) |
||||||||||||||
Bermuda (0.6%) | ||||||||||||||
$ | 530 | Bermuda Government International Bond | 4.854 | % | 02/06/24 | $ | 533,649 | |||||||
|
|
|||||||||||||
Brazil (1.5%) | ||||||||||||||
BRL | 3,100 | Brazilian Government International Bond | 8.50 | 01/05/24 | 1,273,917 | |||||||||
|
|
|||||||||||||
Canada (1.4%) | ||||||||||||||
CAD | 1,090 | Canadian Government Bond | 3.25 | 06/01/21 | 1,132,895 | |||||||||
|
|
|||||||||||||
Germany (2.2%) | ||||||||||||||
EUR | 1,000 | Bundesrepublik Deutschland | 4.25 | 07/04/39 | 1,787,152 | |||||||||
|
|
|||||||||||||
Greece (0.5%) | ||||||||||||||
600 | Hellenic Republic Government Bond | 2.00 | (l) | 02/24/25 | 413,888 | |||||||||
|
|
|||||||||||||
Indonesia (1.7%) | ||||||||||||||
$ | 170 | Majapahit Holding BV | 7.75 | 01/20/20 | 190,400 | |||||||||
230 | Majapahit Holding BV | 7.75 | 01/20/20 | 257,600 | ||||||||||
352 | Pertamina Persero PT (a)(b) | 4.875 | 05/03/22 | 335,280 | ||||||||||
600 | Perusahaan Listrik Negara PT (b) | 5.50 | 11/22/21 | 597,000 | ||||||||||
|
|
|||||||||||||
Total Indonesia | 1,380,280 | |||||||||||||
|
|
|||||||||||||
Ireland (1.1%) | ||||||||||||||
EUR | 660 | Ireland Government Bond | 3.90 | 03/20/23 | 880,524 | |||||||||
|
|
|||||||||||||
Italy (3.3%) | ||||||||||||||
500 | Italy Buoni Poliennali Del Tesoro | 4.00 | 09/01/20 | 678,295 | ||||||||||
400 | Italy Buoni Poliennali Del Tesoro | 4.50 | 03/01/19 | 560,754 | ||||||||||
1,000 | Italy Buoni Poliennali Del Tesoro | 5.50 | 11/01/22 | 1,445,425 | ||||||||||
|
|
|||||||||||||
Total Italy | 2,684,474 | |||||||||||||
|
|
|||||||||||||
Kazakhstan (1.1%) | ||||||||||||||
$ | 450 | KazMunayGas National Co., JSC (a) | 5.75 | 04/30/43 | 397,642 | |||||||||
140 | KazMunayGas National Co., JSC (a) | 6.375 | 04/09/21 | 152,600 | ||||||||||
350 | KazMunayGas National Co., JSC | 6.375 | 04/09/21 | 381,500 | ||||||||||
|
|
|||||||||||||
Total Kazakhstan | 931,742 | |||||||||||||
|
|
|||||||||||||
Korea, Republic of (0.3%) | ||||||||||||||
200 | Korea Finance Corp. | 4.625 | 11/16/21 | 212,716 | ||||||||||
|
|
|||||||||||||
Mexico (3.3%) | ||||||||||||||
MXN | 9,500 | Mexican Bonos | 5.00 | 06/15/17 | 750,255 | |||||||||
13,400 | Mexican Bonos | 7.50 | 06/03/27 | 1,155,446 | ||||||||||
$ | 750 | Petroleos Mexicanos (b) | 4.875 | 01/24/22 | 772,500 | |||||||||
|
|
|||||||||||||
Total Mexico | 2,678,201 | |||||||||||||
|
|
|||||||||||||
Poland (2.4%) | ||||||||||||||
PLN | 5,600 | Poland Government Bond | 5.75 | 10/25/21 | 1,969,251 | |||||||||
|
|
|||||||||||||
Portugal (2.9%) | ||||||||||||||
EUR | 625 | Portugal Obrigacoes do Tesouro OT (a) | 3.35 | 10/15/15 | 819,545 | |||||||||
1,270 | Portugal Obrigacoes do Tesouro OT (a) | 5.65 | 02/15/24 | 1,582,814 | ||||||||||
|
|
|||||||||||||
Total Portugal | 2,402,359 | |||||||||||||
|
|
|||||||||||||
Russia (2.1%) | ||||||||||||||
RUB | 22,000 | Russian Federal Bond - OFZ | 8.15 | 02/03/27 | 695,808 | |||||||||
$ | 1,000 | Vnesheconombank Via VEB Finance PLC (a)(b) | 6.025 | 07/05/22 | 1,055,000 | |||||||||
|
|
|||||||||||||
Total Russia | 1,750,808 | |||||||||||||
|
|
|||||||||||||
Slovenia (0.3%) | ||||||||||||||
290 | Slovenia Government International Bond | 5.85 | 05/10/23 | 275,622 | ||||||||||
South Africa (1.2%) | ||||||||||||||
850 | Eskom Holdings SOC Ltd. (a) | 5.75 | 01/26/21 | 837,250 | ||||||||||
ZAR | 1,500 | South Africa Government Bond | 7.75 | 02/28/23 | 151,441 | |||||||||
|
|
|||||||||||||
Total South Africa | 988,691 | |||||||||||||
|
|
|||||||||||||
Spain (0.8%) | ||||||||||||||
EUR | 500 | Spain Government Bond (a)(b) | 4.40 | 10/31/23 | 652,337 | |||||||||
|
|
|||||||||||||
Ukraine (0.9%) | ||||||||||||||
$ | 630 | Ukraine Government International Bond (a)(b) | 7.50 | 04/17/23 | 553,612 |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
$ | 220 | Ukraine Railways via Shortline PLC (a) | 9.50 | % | 05/21/18 | $ | 207,350 | |||||||
|
|
|||||||||||||
Total Ukraine | 760,962 | |||||||||||||
|
|
|||||||||||||
United Kingdom (1.8%) | ||||||||||||||
GBP | 845 | United Kingdom Gilt | 4.25 | 09/07/39 | 1,462,463 | |||||||||
|
|
|||||||||||||
Venezuela (0.6%) | ||||||||||||||
$ | 500 | Petroleos de Venezuela SA | 8.50 | 11/02/17 | 461,250 | |||||||||
|
|
|||||||||||||
Total Sovereign (Cost $25,702,196) | 24,633,181 | |||||||||||||
|
|
|||||||||||||
Agency Fixed Rate Mortgages (0.4%) | ||||||||||||||
3 | Federal Home Loan Mortgage Corporation, Gold Pools: | 6.50 | 02/01/2910/01/32 | 2,837 | ||||||||||
Federal National Mortgage Association, | ||||||||||||||
Conventional Pools: |
||||||||||||||
135 | 6.50 | 05/01/2809/01/32 | 151,984 | |||||||||||
10 | 7.00 | 08/01/2911/01/32 | 10,708 | |||||||||||
Government National Mortgage Association, | ||||||||||||||
Various Pools: |
||||||||||||||
27 | 7.50 | 07/20/25 | 31,154 | |||||||||||
132 | 8.00 | 01/15/2205/15/30 | 144,670 | |||||||||||
|
|
|||||||||||||
Total Agency Fixed Rate Mortgages (Cost $310,351) | 341,353 | |||||||||||||
|
|
|||||||||||||
Asset-Backed Security (0.5%) | ||||||||||||||
397 | GSAA Home Equity Trust (Cost $386,767) | 5.545 | (e) | 06/25/34 | 421,897 | |||||||||
|
|
|||||||||||||
Mortgages - Other (15.5%) | ||||||||||||||
Alternative Loan Trust | ||||||||||||||
308 | 5.50 | 11/25/35 | 263,836 | |||||||||||
83 | 5.50 | 02/25/36 | 68,586 | |||||||||||
302 | 6.00 | 04/25/36 | 247,295 | |||||||||||
166 | 6.00 | 05/25/36 | 134,795 | |||||||||||
244 | 6.00 | 12/25/36 | 180,647 | |||||||||||
121 | 6.00 | 01/25/37 | 89,391 | |||||||||||
548 | 6.00 | 07/25/37 | 472,920 | |||||||||||
PAC |
||||||||||||||
48 | 5.50 | 02/25/36 | 39,384 | |||||||||||
444 | 5.50 | 04/25/37 | 330,410 | |||||||||||
155 | 6.00 | 04/25/36 | 127,278 | |||||||||||
341 | American Home Mortgage Investment Trust (a) | 6.10 | 01/25/37 | 225,429 | ||||||||||
Banc of America Alternative Loan Trust | ||||||||||||||
580 | 5.913 | (e) | 10/25/36 | 425,304 | ||||||||||
707 | 6.226 | 10/25/36 | 529,149 | |||||||||||
184 | Banc of America Funding Trust | 6.00 | 07/25/37 | 145,832 | ||||||||||
497 | BCAP LLC Trust | 0.33 | (e) | 04/25/37 | 421,737 | |||||||||
Chase Mortgage Finance Trust | ||||||||||||||
469 | 6.00 | 10/25/36 | 421,103 | |||||||||||
441 | 6.00 | 11/25/36 | 376,405 | |||||||||||
331 | CHL Mortgage Pass-Through Trust | 0.49 | (e) | 04/25/46 | 69,292 | |||||||||
1,199 | CSMC Mortgage-Backed Trust | 5.837 | (e) | 04/25/37 | 730,836 | |||||||||
First Horizon Alternative Mortgage Securities Trust | ||||||||||||||
117 | 6.00 | 08/25/36 | 101,986 | |||||||||||
210 | 6.25 | 08/25/36 | 176,849 | |||||||||||
251 | GSMSC Pass-Through Trust (a) | 7.50 | (e) | 09/25/36 | 226,429 | |||||||||
GSR Mortgage Loan Trust | ||||||||||||||
81 | 2.779 | (e) | 05/25/35 | 72,707 | ||||||||||
192 | 2.794 | (e) | 10/25/35 | 166,318 | ||||||||||
548 | IndyMac INDX Mortgage Loan Trust | 5.065 | (e) | 12/25/35 | 459,908 | |||||||||
JP Morgan Alternative Loan Trust | ||||||||||||||
114 | 6.00 | 12/25/35 | 99,362 | |||||||||||
600 | 6.00 | 12/25/35 | 524,917 | |||||||||||
622 | 6.00 | 08/25/36 | 558,229 | |||||||||||
Lehman Mortgage Trust | ||||||||||||||
118 | 5.50 | 11/25/35 | 115,509 | |||||||||||
363 | 5.50 | 02/25/36 | 358,624 |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
$ | 602 | 6.50 | % | 09/25/37 | $ | 519,873 | ||||||||
246 | Luminent Mortgage Trust | 0.36 | (e) | 10/25/46 | 84,284 | |||||||||
315 | Opteum Mortgage Acceptance Corp. Trust | 0.49 | (e) | 04/25/36 | 250,714 | |||||||||
RALI Trust | ||||||||||||||
631 | 0.37 | (e) | 12/25/36 | 432,744 | ||||||||||
284 | 0.69 | (e) | 03/25/35 | 203,287 | ||||||||||
294 | 6.00 | 04/25/36 | 232,192 | |||||||||||
424 | 6.00 | 08/25/36 | 333,040 | |||||||||||
124 | 6.00 | 01/25/37 | 94,662 | |||||||||||
PAC |
||||||||||||||
161 | 6.00 | 04/25/36 | 127,456 | |||||||||||
465 | STARM Mortgage Loan Trust | 5.637 | (e) | 10/25/37 | 420,539 | |||||||||
Washington Mutual Mortgage Pass-Through Certificates | ||||||||||||||
914 | 0.45 | (e) | 12/25/35 | 672,114 | ||||||||||
1,035 | 0.929 | (e) | 04/25/47 | 696,464 | ||||||||||
725 | 1.003 | (e) | 05/25/47 | 534,071 | ||||||||||
|
|
|||||||||||||
Total Mortgages - Other (Cost $12,180,878) | 12,761,907 | |||||||||||||
|
|
|||||||||||||
Commercial Mortgage-Backed Securities (0.9%) |
||||||||||||||
136 | CGBAM Commercial Mortgage Trust | 3.041 | (e) | 05/15/16 | 136,000 | |||||||||
202 | Commercial Mortgage Pass Through Certificates (a) | 4.403 | (e) | 07/10/45 | 185,415 | |||||||||
400 | GS Mortgage Securities Corp. II (a) | 3.795 | (e) | 11/08/29 | 401,173 | |||||||||
|
|
|||||||||||||
Total Commercial Mortgage-Backed Securities (Cost $722,815) | 722,588 | |||||||||||||
|
|
|||||||||||||
Collateralized Mortgage Obligation - Agency Collateral Series (0.6%) | ||||||||||||||
1,962 |
Federal National Mortgage Association, IO REMIC
|
6.36 | (e) | 08/25/41 | 485,033 | |||||||||
|
|
|||||||||||||
NUMBER OF
|
||||||||||||||
Convertible Preferred Stocks (0.7%) | ||||||||||||||
Aerospace & Defense | ||||||||||||||
2,550 | United Technologies Corp. (Units) (b)(m) | 163,532 | ||||||||||||
|
|
|||||||||||||
Commercial Banks | ||||||||||||||
103 | Wells Fargo & Co., Series L | 119,789 | ||||||||||||
|
|
|||||||||||||
Electric Utilities | ||||||||||||||
2,900 | NextEra Energy, Inc. | 168,577 | ||||||||||||
2,150 | PPL Corp. | 117,132 | ||||||||||||
|
|
|||||||||||||
285,709 | ||||||||||||||
|
|
|||||||||||||
Total Convertible Preferred Stocks (Cost $527,325) | 569,030 | |||||||||||||
|
|
|||||||||||||
NUMBER OF
(000) |
||||||||||||||
Short-Term Investments (15.0%) | ||||||||||||||
Securities held as Collateral on Loaned Securities (12.7%) | ||||||||||||||
Investment Company (10.4%) | ||||||||||||||
8,498 |
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (n)
|
8,497,658 | ||||||||||||
|
|
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
PRINCIPAL
(000) |
||||||||||||||
Repurchase Agreements (2.3%) | ||||||||||||||
$ | 481 | Barclays Capital, Inc. (0.07%, dated 07/31/13, due 08/01/13; proceeds $481,360; fully collateralized by a U.S. Government Obligation, 0.50% due 08/15/14; valued at $490,989) | $ | 481,359 | ||||||||||
1,203 | Barclays Capital, Inc. (0.24%, dated 07/31/13, due 08/01/13; proceeds $1,203,406; fully collateralized by various Common Stocks and Exchange Traded Funds; valued at $1,300,986) | 1,203,398 | ||||||||||||
241 | BNP Paribas Securities Corp. (0.06%, dated 07/31/13, due 08/01/13; proceeds $240,680; fully collateralized by various U.S. Government Obligations, 0.13% - 3.13% due 04/30/15 - 01/31/20; valued at $245,494) | 240,680 | ||||||||||||
|
|
|||||||||||||
Total Repurchase Agreements (Cost $1,925,437) | 1,925,437 | |||||||||||||
|
|
|||||||||||||
Total Securities held as Collateral on Loaned Securities (Cost $10,423,095) | 10,423,095 | |||||||||||||
|
|
|||||||||||||
NUMBER OF
(000) |
||||||||||||||
Investment Company (2.3%) | ||||||||||||||
1,878 |
Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional
|
1,877,529 | ||||||||||||
|
|
|||||||||||||
Total Short-Term Investments (Cost $12,300,624) | 12,300,624 | |||||||||||||
|
|
|||||||||||||
Total Investments (Cost $93,031,373) (o)(p) | 109.3 | % | 89,791,175 | |||||||||||
Liabilities in Excess of Other Assets | (9.3 | ) | (7,676,630 | ) | ||||||||||
|
|
|
|
|||||||||||
Net Assets | 100.0 | % | $ | 82,114,545 | ||||||||||
|
|
|
|
IO | Interest Only. |
MTN | Medium Term Note. |
OJSC | Open Joint Stock Company. |
PAC | Planned Amortization Class. |
PJSC | Public Joint Stock Company. |
REMIC | Real Estate Mortgage Investment Conduit. |
(a) | 144A security Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(b) | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at July 31, 2013 were $10,553,419 and $10,787,438, respectively. The Fund received cash collateral of $10,423,095 which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class as reported in the Portfolio of Investments. As of July 31, 2013, there was uninvested cash of $364,343 which is not reflected in the Portfolio of Investments. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. |
(c) | Capital appreciation bond. |
(d) | Par less than $500. |
(e) | Variable/Floating Rate Security Interest rate changes on these instruments are based on changes in a designated base rate. The rates shown are those in effect on July 31, 2013. |
(f) | Perpetual Security does not have a predetermined maturity date. Rate for this security is fixed for a period of time then reverts to a floating rate. The interest shown is the rate in effect at July 31, 2013. |
(g) | Issuer in bankruptcy. |
(h) | Non-income producing security; bond in default. |
(i) | Payment-in-kind security. |
(j) | At July 31, 2013, the Fund held a fair valued security valued at $0, representing 0.0% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Funds Trustees. |
(k) | Acquired through exchange offer. |
(l) | Step Bond Coupon rate increases in increments to maturity. Rate disclosed is as of July 31, 2013. Maturity date disclosed is the ultimate maturity date. |
(m) | Consists of one or more classes of securities traded together as a unit. |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
(n) | The Fund invests in the Morgan Stanley Institutional Liquidity Funds - Money Market Portfolio - Institutional Class (the Liquidity Funds), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to the advisory and administrative service fees paid by the Liquidity Funds with respect to assets invested by the Fund in the Liquidity Funds. |
(o) | Securities are available for collateral in connection with open foreign currency forward exchange contracts, futures contracts and swap agreements. |
(p) | The aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
Foreign Currency Forward Exchange Contracts Open at July 31, 2013:
COUNTERPARTY |
CONTRACTS
TO DELIVER |
IN EXCHANGE
FOR |
DELIVERY
DATE |
UNREALIZED
APPRECIATION (DEPRECIATION) |
||||||||||
Commonwealth Bank of Australia |
AUD | 100,000 | $ | 91,614 | 08/07/13 | $ | 1,759 | |||||||
Commonwealth Bank of Australia |
AUD | 180,000 | $ | 164,618 | 08/07/13 | 2,880 | ||||||||
Commonwealth Bank of Australia |
JPY | 80,000,000 | $ | 797,311 | 08/07/13 | (19,786 | ) | |||||||
Commonwealth Bank of Australia |
NOK | 1,500,000 | $ | 246,359 | 08/07/13 | (8,142 | ) | |||||||
Commonwealth Bank of Australia |
$ | 165,667 | AUD | 180,000 | 08/07/13 | (3,930 | ) | |||||||
Credit Suisse London Branch (GFX) |
CHF | 960,000 | $ | 1,017,251 | 08/07/13 | (20,099 | ) | |||||||
Credit Suisse London Branch (GFX) |
HKD | 4,054,145 | $ | 522,661 | 08/07/13 | (88 | ) | |||||||
Credit Suisse London Branch (GFX) |
JPY | 5,096,500 | $ | 51,875 | 08/07/13 | (180 | ) | |||||||
Credit Suisse London Branch (GFX) |
ZAR | 128,007 | $ | 12,607 | 08/07/13 | (359 | ) | |||||||
Deutsche Bank AG |
NOK | 5,030,000 | $ | 805,809 | 08/07/13 | (47,618 | ) | |||||||
Deutsche Bank AG |
$ | 251,234 | JPY | 25,000,000 | 08/07/13 | 4,109 | ||||||||
Deutsche Bank AG |
ZAR | 1,420,000 | $ | 138,879 | 08/07/13 | (4,956 | ) | |||||||
Goldman Sachs International |
$ | 2,928,374 | NOK | 17,904,720 | 08/07/13 | 109,473 | ||||||||
HSBC Bank PLC |
MXN | 21,888,371 | $ | 1,656,679 | 08/07/13 | (56,162 | ) | |||||||
HSBC Bank PLC |
NZD | 1,359,718 | $ | 1,055,306 | 08/07/13 | (30,324 | ) | |||||||
HSBC Bank PLC |
$ | 432,914 | CLP | 216,586,867 | 08/07/13 | (11,730 | ) | |||||||
HSBC Bank PLC |
$ | 166,356 | PLN | 540,000 | 08/07/13 | 2,543 | ||||||||
JPMorgan Chase Bank |
$ | 222,124 | BRL | 500,000 | 08/07/13 | (3,190 | ) | |||||||
JPMorgan Chase Bank |
$ | 204,596 | EUR | 157,073 | 08/07/13 | 4,370 | ||||||||
JPMorgan Chase Bank |
$ | 1,516,235 | GBP | 990,469 | 08/07/13 | (9,538 | ) | |||||||
JPMorgan Chase Bank |
$ | 192,732 | MXN | 2,500,000 | 08/07/13 | 2,901 | ||||||||
JPMorgan Chase Bank |
$ | 652,365 | NZD | 835,568 | 08/07/13 | 14,772 | ||||||||
State Street Bank London |
$ | 330,413 | BRL | 740,000 | 08/07/13 | (6,392 | ) | |||||||
State Street Bank London |
$ | 411,667 | EUR | 320,000 | 08/07/13 | 14,052 | ||||||||
State Street Bank London |
$ | 415,649 | MXN | 5,250,000 | 08/07/13 | (4,818 | ) | |||||||
UBS AG |
AUD | 676,371 | $ | 626,536 | 08/07/13 | 18,788 | ||||||||
UBS AG |
BRL | 3,370,000 | $ | 1,526,337 | 08/07/13 | 50,728 | ||||||||
UBS AG |
CLP | 215,000,000 | $ | 422,879 | 08/07/13 | 4,780 | ||||||||
UBS AG |
EUR | 517,097 | $ | 682,206 | 08/07/13 | (5,725 | ) | |||||||
UBS AG |
GBP | 202,631 | $ | 310,666 | 08/07/13 | 2,424 | ||||||||
UBS AG |
MYR | 709,003 | $ | 218,727 | 08/07/13 | 230 | ||||||||
UBS AG |
RUB | 43,550,000 | $ | 1,319,317 | 08/07/13 | (779 | ) | |||||||
UBS AG |
$ | 338,900 | EUR | 260,000 | 08/07/13 | 6,997 | ||||||||
UBS AG |
$ | 230,604 | MXN | 2,920,897 | 08/07/13 | (2,034 | ) | |||||||
UBS AG |
$ | 221,273 | MYR | 709,003 | 08/07/13 | (2,776 | ) | |||||||
UBS AG |
$ | 469,601 | SEK | 3,170,369 | 08/07/13 | 16,736 | ||||||||
Wells Fargo Bank |
CAD | 463,327 | $ | 441,543 | 08/07/13 | (9,494 | ) | |||||||
Wells Fargo Bank |
PLN | 7,975,435 | $ | 2,386,354 | 08/07/13 | (108,161 | ) | |||||||
Wells Fargo Bank |
$ | 4,617,436 | JPY | 451,426,880 | 08/07/13 | (6,687 | ) | |||||||
Westpac Banking Corporation |
$ | 249,020 | EUR | 190,000 | 08/07/13 | 3,751 | ||||||||
State Street Bank London |
$ | 430,393 | COP | 810,000,000 | 08/08/13 | (3,171 | ) | |||||||
UBS AG |
COP | 810,000,000 | $ | 419,667 | 08/08/13 | (7,555 | ) | |||||||
Deutsche Bank AG |
$ | 663,154 | PLN | 2,120,000 | 08/09/13 | (153 | ) | |||||||
|
|
|||||||||||||
Net Unrealized Depreciation | $ | (112,554 | ) | |||||||||||
|
|
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
Futures Contracts Open at July 31, 2013:
NUMBER OF CONTRACTS |
LONG/
SHORT |
DESCRIPTION, DELIVERY MONTH AND YEAR |
UNDERLYING
FACE AMOUNT AT VALUE |
UNREALIZED
APPRECIATION (DEPRECIATION) |
||||||||
49 | Long | U.S. Treasury 2 yr. Note, Sep-13 | $ | 10,795,312 | $ | 766 | ||||||
29 | Long | U.S. Treasury Ultra Long Bond, Sep-13 | 4,183,250 | (252,391 | ) | |||||||
7 | Long | U.S. Treasury Long Bond, Sep-13 | 938,438 | (45,992 | ) | |||||||
3 | Long | U.S. Treasury 5 yr. Note, Sep-13 | 364,102 | (3,586 | ) | |||||||
41 | Short | U.S. Treasury 10 yr. Note, Sep-13 | (5,183,938 | ) | (3,744 | ) | ||||||
|
|
|||||||||||
Net Unrealized Depreciation | $ | (304,947 | ) | |||||||||
|
|
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
Credit Default Swap Agreements Open at July 31, 2013:
SWAP COUNTERPARTY & REFERENCE OBLIGATION |
BUY/SELL
PROTECTION |
NOTIONAL
AMOUNT (000) |
INTEREST
RATE |
TERMINATION
DATE |
UNREALIZED
APPRECIATION (DEPRECIATION) |
UPFRONT
PAYMENTS |
VALUE |
CREDIT
RATING OF REFERENCE OBLIGATION |
||||||||||||||||||
Barclays Bank
|
Buy | $ | 400 | 1.00 | % | 9/20/18 | $ | (6,479 | ) | $ | 41,823 | $ | 35,344 | BBB- | ||||||||||||
JPMorgan Chase
|
Sell | 180 | 1.00 | 6/20/18 | 255 | 2,111 | 2,366 | NR | ||||||||||||||||||
JPMorgan Chase
|
Sell | 2,000 | 1.00 | 6/20/18 | 15,249 | 11,047 | 26,296 | NR | ||||||||||||||||||
JPMorgan Chase
|
Buy | 475 | 1.00 | 6/20/18 | (21,937 | ) | 26,996 | 5,059 | BBB+ | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total Credit Default Swaps |
$ | 3,055 | $ | (12,912 | ) | $ | 81,977 | $ | 69,065 | |||||||||||||||||
|
|
|
|
|
|
|
|
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments n July 31, 2013 (unaudited) continued
Interest Rate Swap Agreements Open at July 31, 2013:
SWAP COUNTERPARTY |
NOTIONAL
AMOUNT (000) |
FLOATING RATE
INDEX |
PAY/
RECEIVE FLOATING RATE |
FIXED
RATE |
TERMINATION
DATE |
UNREALIZED
APPRECIATION (DEPRECIATION) |
||||||||||||
Bank of America |
$ | 1,480 | 3 Month LIBOR | Receive | 2.04 | % | 02/13/23 | $ | 73,384 | |||||||||
CME Group Inc.* |
10,337 | 3 Month LIBOR | Receive | 0.48 | 08/01/15 | 256 | ||||||||||||
Deutsche Bank |
NZD | 22,440 | 3 Month NZBBR | Pay | 4.14 | 07/27/16 | (40,467 | ) | ||||||||||
Deutsche Bank |
$ | 1,085 | 3 Month LIBOR | Receive | 2.80 | 05/01/43 | 166,629 | |||||||||||
Goldman Sachs |
1,960 | 3 Month LIBOR | Receive | 2.09 | 02/15/23 | 88,379 | ||||||||||||
Royal Bank of Canada |
2,080 | 3 Month LIBOR | Receive | 2.06 | 02/06/23 | 98,283 | ||||||||||||
UBS AG |
1,100 | 3 Month LIBOR | Receive | 2.90 | 05/13/43 | 148,371 | ||||||||||||
|
|
|||||||||||||||||
Net Unrealized Appreciation | $ | 534,835 | ||||||||||||||||
|
|
LIBOR | London Interbank Offered Rate. |
NZBBR | New Zealand Bank Bill Rate. |
NR | Not Rated. |
| Credit rating as issued by Standard & Poors. |
* | Centrally Cleared Swap Agreement. |
Currency Abbreviations:
AUD |
Australian Dollar. | |
BRL |
Brazilian Real. | |
CAD |
Canadian Dollar. | |
CHF |
Swiss Franc. | |
CLP |
Chilean Peso. | |
CNY |
Chinese Yuan Renminbi. | |
COP |
Colombian Peso. | |
DKK |
Danish Krone. | |
EUR |
Euro. | |
GBP |
British Pound. | |
HKD |
Hong Kong Dollar. | |
JPY |
Japanese Yen. | |
MXN |
Mexican New Peso. | |
MYR |
Malaysian Ringgit. | |
NOK |
Norwegian Krone. | |
NZD |
New Zealand Dollar. | |
PLN |
Polish Zloty. | |
RUB |
Russian Ruble. | |
SEK |
Swedish Krona. | |
ZAR |
South African Rand. |
Morgan Stanley Global Fixed Income Opportunities Fund
Notes to Portfolio of Investments n July 31, 2013 (unaudited)
Valuation of Investments - (1) Certain portfolio securities may be valued by an outside pricing service approved by the Funds Board of Trustees (the Trustees). The pricing service may utilize a matrix system or other model incorporating attributes such as security quality, maturity and coupon as the evaluation model parameters, and/or research evaluations by its staff, including review of broker-dealer market price quotations in determining what it believes is the fair valuation of the portfolio securities valued by such pricing service; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), if there were no sales on a given day, the security is valued at the mean between the last reported bid and asked prices; (3) all other equity portfolio securities for which over-the-counter market quotations are readily available are valued at the mean between the last reported bid and asked prices. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (4) when market quotations are not readily available, including circumstances under which Morgan Stanley Investment Management Inc. (the Adviser) or Morgan Stanley Investment Management Limited (the Sub-Adviser), each a wholly owned subsidiary of Morgan Stanley, determines that the last sale price or the mean between the last reported bid and asked prices are not reflective of a securitys fair value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the New York Stock Exchange (NYSE). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (5) futures are valued at the latest price published by the commodities exchange on which they trade; (6) swaps are marked-to-market daily based upon quotations from market makers; (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day; (8) short-term debt securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, unless the Adviser determines such valuation does not reflect the securities market value, in which case these securities will be valued at their fair market value determined by the Adviser; and (9) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE.
Under procedures approved by the Trustees, the Funds Adviser has formed a Valuation Committee. The Valuation Committee provides administration and oversight of the Funds valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers, and other market sources to determine fair value.
The Fund has procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available. Under these procedures, the Valuation Committee convenes on a regular and ad hoc basis to review such securities and considers a number of factors, including valuation methodologies and significant unobservable valuation inputs, when arriving at fair value. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.
Fair Valuation Measurements
Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures (ASC 820), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds investments. The inputs are summarized in the three broad levels listed below.
Level 1 unadjusted quoted prices in active markets for identical investments
Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 significant unobservable inputs including the Funds own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuers financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
The following is a summary of the inputs used to value the Funds investments as of July 31, 2013.
Investment Type |
Level 1
Unadjusted quoted prices |
Level 2
Other significant observable inputs |
Level 3
Significant unobservable inputs |
Total | ||||||||||||
Assets: |
||||||||||||||||
Fixed Income Securities |
||||||||||||||||
Corporate Bonds |
$ | | $ | 37,555,562 | $ | | | $ | 37,555,562 | |||||||
Sovereign |
| 24,633,181 | | 24,633,181 | ||||||||||||
Agency Fixed Rate Mortgages |
| 341,353 | | 341,353 | ||||||||||||
Asset-Backed Security |
| 421,897 | | 421,897 | ||||||||||||
Mortgages - Other |
| 12,761,907 | | 12,761,907 | ||||||||||||
Commercial Mortgage-Backed Securities |
| 722,588 | | 722,588 | ||||||||||||
Collateralized Mortgage Obligation - Agency Collateral Series |
| 485,033 | | 485,033 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Fixed Income Securities |
| 76,921,521 | | | 76,921,521 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Convertible Preferred Stocks |
569,030 | | | 569,030 | ||||||||||||
Short-Term Investments |
||||||||||||||||
Investment Company |
10,375,187 | | | 10,375,187 | ||||||||||||
Repurchase Agreements |
| 1,925,437 | | 1,925,437 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Short-Term Investments |
10,375,187 | 1,925,437 | | 12,300,624 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign Currency Forward Exchange Contracts |
| 261,293 | | 261,293 | ||||||||||||
Futures Contracts |
766 | | | 766 | ||||||||||||
Credit Default Swap Agreements |
| 15,504 | | 15,504 | ||||||||||||
Interest Rate Swap Agreements |
| 575,302 | | 575,302 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
10,944,983 | 79,699,057 | | | 90,644,040 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities: |
||||||||||||||||
Foreign Currency Forward Exchange Contracts |
| (373,847 | ) | | (373,847 | ) | ||||||||||
Futures Contracts |
(305,713 | ) | | | (305,713 | ) | ||||||||||
Credit Default Swap Agreements |
| (28,416 | ) | | (28,416 | ) | ||||||||||
Interest Rate Swap Agreements |
| (40,467 | ) | | (40,467 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
(305,713 | ) | (442,730 | ) | | (748,443 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 10,639,270 | $ | 79,256,327 | $ | | | $ | 89,895,597 | |||||||
|
|
|
|
|
|
|
|
| Includes one security which is valued at zero. |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investments valuation changes. The Fund recognizes transfers between the levels as of the end of the period. As of July 31, 2013, the Fund did not have any investments transfer between investment levels.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Corporate
Bond |
||||
Beginning Balance |
$ | | | |
Purchases |
| |||
Sales |
| |||
Amortization of discount |
| |||
Transfers in |
| |||
Transfers out |
| |||
Change in unrealized appreciation/depreciation |
| |||
Realized gains (losses) |
| |||
|
|
|||
Ending Balance |
$ | | | |
|
|
|||
Net change in unrealized appreciation/depreciation from investments still held as of July 31, 2013 |
$ | | ||
|
|
| Includes one security which is valued at zero. |
Item 2. Controls and Procedures.
(a) The Funds principal executive officer and principal financial officer have concluded that the Funds disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commissions rules and forms, based upon such officers evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.
(b) There were no changes in the Funds internal control over financial reporting that occurred during the registrants fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Funds internal control over financial reporting.
Item 3. Exhibits.
(a) A separate certification for each principal executive officer and principal financial officer of the registrant are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Morgan Stanley Global Fixed Income Opportunities Fund
/s/ John Gernon |
John Gernon |
Principal Executive Officer |
September 17, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ John Gernon |
John Gernon |
Principal Executive Officer |
September 17, 2013 |
/s/ Francis Smith |
Francis Smith |
Principal Financial Officer |
September 17, 2013 |
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