Morgan Stanley Global Opportunity Bond Fund Inc-Quarterly Schedule of Portfolio Holdings of Registered Management Inves... (N-Q)
28 Mai 2008 - 11:02PM
Edgar (US Regulatory)
[Annotated Form N-Q]
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM N-Q
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment
Company Act file number
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811-08460
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MORGAN STANLEY GLOBAL OPPORTUNITY BOND
FUND, INC.
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(Exact name of registrant as specified in
charter)
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522 Fifth Avenue, New York,
NY
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10036
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(Address of principal executive offices)
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(Zip code)
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RONALD E. ROBISON
522 Fifth Avenue, New York, NY 10036
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(Name and address of agent for service)
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Registrants
telephone number, including area code:
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1-800-231-2608
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Date of
fiscal year end:
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12/31
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Date of
reporting period:
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3/31/08
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Item
1. Schedule of Investments.
The Funds schedule of
investment as of the close of the reporting period prepared pursuant to Rule 12-12
Regulation S-X is as follows:
Morgan
Stanley Global Opportunity Bond Fund, Inc.
Portfolio of Investments
First
Quarter Report
March 31,
2008 (unaudited)
(Showing Percentages of Total Value of Investments)
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Face
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Amount
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Value
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(000)
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(000)
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Debt Instruments (96.9%)
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Argentina (1.1%)
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Sovereign (1.1%)
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Republic of Argentina,
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5.83%, 12/31/33
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$
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497
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$
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168
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8.28%, 12/31/33
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(f)295
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204
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372
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Bermuda (0.4%)
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Corporate (0.4%)
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Intelsat Subsidiary Holding Co., Ltd.,
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8.63%, 1/15/15
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125
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127
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Brazil (8.6%)
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Corporate (0.6%)
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Banco ABN Amro Real S.A.,
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16.20%, 2/22/10
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BRL
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330
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200
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Sovereign (8.0%)
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Federative Republic of Brazil,
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Zero Coupon, 1/1/10
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$
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379
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210
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6.00%, 1/17/17
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450
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460
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8.00%, 1/15/18
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660
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741
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8.88%, 10/14/19 - 4/15/24
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476
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589
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10.50%, 7/14/14
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130
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165
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11.00%, 8/17/40
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340
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456
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14.50%, 10/15/09
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151
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177
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2,798
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2,998
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Bulgaria (0.9%)
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Sovereign (0.9%)
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Republic of Bulgaria
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8.25%, 1/15/15
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(b)141
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165
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Republic of Bulgaria (Registered),
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8.25%, 1/15/15
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120
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141
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306
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Canada (2.2%)
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Corporate (2.2%)
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CanWest MediaWorks, Inc.,
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8.00%, 9/15/12
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171
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164
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CHC Helicopter Corp.,
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7.38%, 5/1/14
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(c)195
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195
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Husky Oil Co.,
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8.90%, 8/15/28
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(a)(c)155
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157
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Nortel Networks Corp. (Convertible),
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4.25%, 9/1/08
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37
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37
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Novelis, Inc.,
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7.25%, 2/15/15
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175
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156
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OPTI Canada Inc.,
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8.25%, 12/15/14
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75
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74
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783
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Chile (0.8%)
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Corporate (0.8%)
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Empresa Nacional de Petroleo,
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6.75%, 11/15/12
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(b)250
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270
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Colombia (0.3%)
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Sovereign (0.3%)
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Republic of Colombia,
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11.75%, 2/25/20
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70
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104
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Denmark (0.3%)
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Corporate (0.3%)
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Nordic Telephone Co. Holdings A.p.S.,
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8.88%, 5/1/16
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(b)35
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34
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TDC A/S,
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6.50%, 4/19/12
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EUR
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40
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60
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94
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Ecuador (0.5%)
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Sovereign (0.5%)
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Republic of Ecuador (Registered),
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10.00%, 8/15/30
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$
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(g)190
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184
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Egypt (0.4%)
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Sovereign (0.4%)
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Arab Republic of Egypt,
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8.75%, 7/18/12
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EGP
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820
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154
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France (0.4%)
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Corporate (0.4%)
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Cie Generale de Geophysique-Veritas S.A.,
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7.50%, 5/15/15
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$
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65
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66
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Crown European Holdings S.A.,
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6.25%, 9/1/11
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EUR
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50
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76
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142
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Ghana (0.8%)
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Sovereign (0.8%)
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Republic of Ghana,
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8.50%, 10/4/17
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$
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250
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262
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Indonesia (1.5%)
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Corporate (1.0%)
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Pindo Deli Finance BV,
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Tranche A, 4.25%, 4/28/15
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(a)(b)34
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26
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Tranche B, 4.25%, 4/28/18
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(a)(b)146
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60
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Tranche C, Zero Coupon, 4/28/25
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(a)(b)587
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65
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Tijiwi Kimia Finance BV,
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Tranche A, 4.28%, 4/28/18
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(a)(b)144
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58
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Tranche B, 4.24%, 4/28/15
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(a)(b)120
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91
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Tranche C, Zero Coupon, 4/28/27
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(a)(b)268
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30
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330
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Sovereign (0.5%)
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Republic of Indonesia,
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7.75%, 1/17/38
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180
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187
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517
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Ivory Coast (0.2%)
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Sovereign (0.2%)
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Ivory Coast,
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3.00%, 3/31/18
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(e)180
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65
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Luxembourg (0.7%)
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Corporate (0.7%)
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FMC Finance III S.A.,
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6.88%, 7/15/17
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120
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120
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Wind Acquisition Finance S.A.,
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10.75%, 12/1/15
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(b)115
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118
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238
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Malaysia (0.2%)
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Sovereign (0.2%)
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Government of Malaysia,
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7.50%, 7/15/11
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30
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34
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8.75%, 6/1/09
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39
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41
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75
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Mexico (10.3%)
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Corporate (5.4%)
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Axtel S.A.B. de C.V.,
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11.00%, 12/15/13
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118
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|
129
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Pemex Project Funding Master Trust,
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4.10%, 6/15/10
|
|
(a)(b)330
|
|
329
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|
5.75%, 3/1/18
|
|
(b)670
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|
687
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|
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8.63%, 12/1/23
|
|
250
|
|
318
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|
9.13%, 10/13/10
|
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360
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|
404
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1,867
|
|
Sovereign (4.9%)
|
|
|
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Mexican Bonos,
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8.00%, 12/17/15
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MXN
|
4,210
|
|
409
|
|
9.50%, 12/18/14
|
|
5,320
|
|
556
|
|
United Mexican States,
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|
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5.63%, 1/15/17
|
|
$
|
518
|
|
546
|
|
6.75%, 9/27/34
|
|
95
|
|
106
|
|
8.38%, 1/14/11
|
|
85
|
|
96
|
|
|
|
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|
1,713
|
|
|
|
|
|
3,580
|
|
Netherlands (0.3%)
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Corporate (0.3%)
|
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|
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Intergen N.V.,
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9.00%, 6/30/17
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(b)105
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|
110
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|
Panama (1.4%)
|
|
|
|
|
|
Sovereign (1.4%)
|
|
|
|
|
|
Republic of Panama,
|
|
|
|
|
|
7.13%, 1/29/26
|
|
150
|
|
163
|
|
7.25%, 3/15/15
|
|
60
|
|
66
|
|
9.38%, 4/1/29
|
|
150
|
|
198
|
|
9.63%, 2/8/11
|
|
66
|
|
75
|
|
|
|
|
|
502
|
|
Peru (1.9%)
|
|
|
|
|
|
Sovereign (1.9%)
|
|
|
|
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Republic of Peru,
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8.38%, 5/3/16
|
|
90
|
|
108
|
|
8.75%, 11/21/33
|
|
240
|
|
313
|
|
9.88%, 2/6/15
|
|
180
|
|
228
|
|
|
|
|
|
649
|
|
Philippines (5.6%)
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|
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Sovereign (5.6%)
|
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Republic of Philippines,
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|
8.88%, 3/17/15
|
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962
|
|
1,141
|
|
9.00%, 2/15/13
|
|
180
|
|
211
|
|
9.50%, 2/2/30
|
|
453
|
|
592
|
|
|
|
|
|
1,944
|
|
Qatar (0.5%)
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|
|
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Sovereign (0.5%)
|
|
|
|
|
|
State of Qatar (Registered),
|
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|
|
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9.75%, 6/15/30
|
|
110
|
|
172
|
|
Russia (8.8%)
|
|
|
|
|
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Corporate (3.0%)
|
|
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Gaz Capital S.A.,
|
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|
6.21%, 11/22/16
|
|
(b)252
|
|
234
|
|
8.63%, 4/28/34
|
|
290
|
|
331
|
|
JPMorgan & Chase Co.,
|
|
|
|
|
|
7.00%, 6/28/17
|
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RUB
|
6,000
|
|
210
|
|
TNK-BP Finance S.A.,
|
|
|
|
|
|
7.88%, 3/13/18
|
|
$
|
(b)295
|
|
274
|
|
|
|
|
|
1,049
|
|
Sovereign (5.8%)
|
|
|
|
|
|
Credit Suisse, Russian Federation (Registered) Credit Link Notes,
|
|
|
|
|
|
7.50%, 3/31/30
|
|
(g)298
|
|
344
|
|
RSHB Capital S.A. for OJSC Russian Agricultural Bank,
|
|
|
|
|
|
6.30%, 5/15/17
|
|
(b)100
|
|
93
|
|
7.18%, 5/16/13
|
|
(b)210
|
|
214
|
|
7.18%, 5/16/13
|
|
100
|
|
102
|
|
Russian Federation (Registered),
|
|
|
|
|
|
7.50%, 3/31/30
|
|
(g)672
|
|
776
|
|
11.00%, 7/24/18
|
|
56
|
|
82
|
|
12.75%, 6/24/28
|
|
65
|
|
117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Russian Ministry of Finance,
|
|
|
|
|
|
3.00%, 5/14/11
|
|
310
|
|
298
|
|
|
|
|
|
2,026
|
|
|
|
|
|
3,075
|
|
South Korea (0.6%)
|
|
|
|
|
|
Sovereign (0.6%)
|
|
|
|
|
|
Korea Development Bank,
|
|
|
|
|
|
5.30%, 1/17/13
|
|
200
|
|
205
|
|
Trinidad (0.5%)
|
|
|
|
|
|
Corporate (0.5%)
|
|
|
|
|
|
National Gas of Trinidad & Tobago Ltd.,
|
|
|
|
|
|
6.05%, 1/15/36
|
|
(b)172
|
|
162
|
|
Turkey (4.4%)
|
|
|
|
|
|
Sovereign (4.4%)
|
|
|
|
|
|
Republic of Turkey,
|
|
|
|
|
|
6.75%, 4/3/18
|
|
679
|
|
677
|
|
11.00%, 1/14/13
|
|
527
|
|
643
|
|
11.50%, 1/23/12
|
|
20
|
|
24
|
|
11.88%, 1/15/30
|
|
134
|
|
199
|
|
|
|
|
|
1,543
|
|
Ukraine (0.5%)
|
|
|
|
|
|
Sovereign (0.5%)
|
|
|
|
|
|
Republic of Ukraine,
|
|
|
|
|
|
6.58%, 11/21/16
|
|
190
|
|
189
|
|
United Kingdom (0.1%)
|
|
|
|
|
|
Corporate (0.1%)
|
|
|
|
|
|
Esprit Telecom Group plc,
|
|
|
|
|
|
11.00%, 6/15/08
|
|
EUR
|
(d)(e)(f)233
|
|
|
|
Virgin Media Finance plc,
|
|
|
|
|
|
8.75%, 4/15/14
|
|
$
|
20
|
|
18
|
|
|
|
|
|
18
|
|
United States (38.4%)
|
|
|
|
|
|
Bank Loans (0.5%)
|
|
|
|
|
|
First Data Corp.,
|
|
|
|
|
|
5.35%, 9/24/14
|
|
93
|
|
84
|
|
5.45%, 9/24/14
|
|
7
|
|
6
|
|
Sandridge Energy,
|
|
|
|
|
|
8.63%, 4/1/15
|
|
85
|
|
84
|
|
|
|
|
|
174
|
|
Corporate (34.0%)
|
|
|
|
|
|
AES Corp. (The),
|
|
|
|
|
|
7.75%, 3/1/14
|
|
40
|
|
40
|
|
8.88%, 2/15/11
|
|
9
|
|
9
|
|
9.38%, 9/15/10
|
|
16
|
|
17
|
|
Allied Waste North America, Inc.,
|
|
|
|
|
|
5.75%, 2/15/11
|
|
(b)60
|
|
59
|
|
6.38%, 4/15/11
|
|
150
|
|
148
|
|
American Tower Corp.,
|
|
|
|
|
|
7.13%, 10/15/12
|
|
120
|
|
123
|
|
7.50%, 5/1/12
|
|
75
|
|
77
|
|
Aramark Corp.,
|
|
|
|
|
|
5.00%, 6/1/12
|
|
50
|
|
44
|
|
6.74%, 2/1/15
|
|
(a)(b)5
|
|
4
|
|
8.50%, 2/1/15
|
|
(b)30
|
|
30
|
|
ArvinMeritor, Inc.,
|
|
|
|
|
|
8.75%, 3/1/12
|
|
(c)160
|
|
147
|
|
Asbury Automotive Group, Inc.,
|
|
|
|
|
|
7.63%, 3/15/17
|
|
45
|
|
36
|
|
Baldor Electric Co.,
|
|
|
|
|
|
8.63%, 2/15/17
|
|
40
|
|
40
|
|
Berry Plastics Holding Corp.,
|
|
|
|
|
|
8.88%, 9/15/14
|
|
125
|
|
110
|
|
10.25%, 3/1/16
|
|
80
|
|
62
|
|
Brown Shoe Co., Inc.,
|
|
|
|
|
|
8.75%, 5/1/12
|
|
(c)100
|
|
100
|
|
|
|
|
|
|
|
|
|
Cablevision Systems Corp.,
|
|
|
|
|
|
9.64%, 4/1/09
|
|
(a)155
|
|
155
|
|
Capmark Financial Group, Inc.,
|
|
|
|
|
|
5.88%, 5/10/12
|
|
(b)290
|
|
184
|
|
6.30%, 5/10/17
|
|
(b)10
|
|
6
|
|
Charter Communications Holdings I, LLC,
|
|
|
|
|
|
11.00%, 10/1/15
|
|
60
|
|
42
|
|
Charter Communications Holdings II, LLC,
|
|
|
|
|
|
10.25%, 9/15/10
|
|
40
|
|
37
|
|
Chaparral Energy, Inc.,
|
|
|
|
|
|
8.50%, 12/1/15
|
|
(c)140
|
|
123
|
|
8.88%, 2/1/17
|
|
20
|
|
17
|
|
Chesapeake Energy Corp.,
|
|
|
|
|
|
7.50%, 9/15/13
|
|
140
|
|
145
|
|
7.63%, 7/15/13
|
|
25
|
|
26
|
|
Cimarex Energy Co.,
|
|
|
|
|
|
7.13%, 5/1/17
|
|
30
|
|
30
|
|
Citizens Communications Co.,
|
|
|
|
|
|
6.25%, 1/15/13
|
|
45
|
|
41
|
|
Colorado Interstate Gas Co.,
|
|
|
|
|
|
6.80%, 11/15/15
|
|
235
|
|
243
|
|
Community Health Systems, Inc.,
|
|
|
|
|
|
8.88%, 7/15/15
|
|
85
|
|
86
|
|
Constellations Brands, Inc.,
|
|
|
|
|
|
7.25%, 5/15/17
|
|
70
|
|
68
|
|
Crown Americas, LLC/ Crown Americas Capital Corp.,
|
|
|
|
|
|
7.63%, 11/15/13
|
|
(c)70
|
|
72
|
|
DaVita, Inc.,
|
|
|
|
|
|
6.63%, 3/15/13
|
|
(c)220
|
|
214
|
|
Delhaize America, Inc.,
|
|
|
|
|
|
9.00%, 4/15/31
|
|
56
|
|
68
|
|
Dex Media West, LLC,
|
|
|
|
|
|
9.88%, 8/15/13
|
|
69
|
|
60
|
|
DirecTV Holdings LLC/DirecTV Financing Co.,
|
|
|
|
|
|
6.38%, 6/15/15
|
|
15
|
|
14
|
|
Dynegy Holdings, Inc.,
|
|
|
|
|
|
7.75%, 6/1/19
|
|
95
|
|
89
|
|
Echostar DBS Corp.,
|
|
|
|
|
|
6.38%, 10/1/11
|
|
120
|
|
116
|
|
6.63%, 10/1/14
|
|
50
|
|
46
|
|
Equitable Resources, Inc.,
|
|
|
|
|
|
6.50%, 4/1/18
|
|
50
|
|
50
|
|
Exodus Communications, Inc.,
|
|
|
|
|
|
11.63%, 7/15/10
|
|
(d)(e)(f)158
|
|
|
|
Fisher Scientific International, Inc.,
|
|
|
|
|
|
6.13%, 7/1/15
|
|
170
|
|
170
|
|
Ford Motor Credit Co., LLC
|
|
|
|
|
|
7.00%, 10/1/13
|
|
275
|
|
215
|
|
7.25%, 10/25/11
|
|
(c)235
|
|
193
|
|
Foundation PA Coal Co.,
|
|
|
|
|
|
7.25%, 8/1/14
|
|
35
|
|
35
|
|
Freeport-McMoran Copper & Gold, Inc.,
|
|
|
|
|
|
8.38%, 4/1/17
|
|
115
|
|
122
|
|
Freescale Semiconductor, Inc.,
|
|
|
|
|
|
8.88%, 12/15/14
|
|
130
|
|
102
|
|
Fresenius Medical Capital Trust IV,
|
|
|
|
|
|
7.88%, 6/15/11
|
|
35
|
|
36
|
|
General Motors Corp.,
|
|
|
|
|
|
8.38%, 7/15/33
|
|
60
|
|
43
|
|
Georgia-Pacific Corp.,
|
|
|
|
|
|
7.13%, 1/15/17
|
|
(b)105
|
|
98
|
|
Glatfelter,
|
|
|
|
|
|
7.13%, 5/1/16
|
|
30
|
|
30
|
|
General Motors Acceptance Corp. LLC,
|
|
|
|
|
|
6.88%, 9/15/11
|
|
(c)255
|
|
195
|
|
GrafTech Finance, Inc.,
|
|
|
|
|
|
10.25%, 2/15/12
|
|
15
|
|
16
|
|
Graham Packaging Co., Inc.,
|
|
|
|
|
|
8.50%, 10/15/12
|
|
30
|
|
27
|
|
9.88%, 10/15/14
|
|
(c)135
|
|
114
|
|
Graphic Packaging International Corp.,
|
|
|
|
|
|
9.50%, 8/15/13
|
|
(c)135
|
|
130
|
|
Harrahs Operating Co., Inc,
|
|
|
|
|
|
5.38%, 12/15/13
|
|
295
|
|
192
|
|
HCA, Inc.,
|
|
|
|
|
|
5.75%, 3/15/14
|
|
55
|
|
46
|
|
6.25%, 2/15/13
|
|
40
|
|
35
|
|
6.50%, 2/15/16
|
|
50
|
|
42
|
|
7.58%, 9/15/25
|
|
65
|
|
51
|
|
7.69%, 6/15/25
|
|
25
|
|
20
|
|
8.75%, 9/1/10
|
|
35
|
|
35
|
|
9.13%, 11/15/14
|
|
35
|
|
36
|
|
Helix Energy Solutions Group, Inc.,
|
|
|
|
|
|
9.50%, 1/15/16
|
|
(b)90
|
|
90
|
|
Hilcorp Energy I, LP / Hilcorp Finance Co.,
|
|
|
|
|
|
7.75%, 11/1/15
|
|
(b)185
|
|
174
|
|
Host Marriott LP,
|
|
|
|
|
|
6.38%, 3/15/15
|
|
50
|
|
47
|
|
7.13%, 11/1/13
|
|
90
|
|
89
|
|
Idearc, Inc.,
|
|
|
|
|
|
8.00%, 11/15/16
|
|
300
|
|
196
|
|
Innophos Holdings, Inc.,
|
|
|
|
|
|
9.50%, 4/15/12
|
|
(b)50
|
|
47
|
|
Innophos, Inc.,
|
|
|
|
|
|
8.88%, 8/15/14
|
|
80
|
|
78
|
|
Intelsat Corp.,
|
|
|
|
|
|
9.00%, 8/15/14
|
|
17
|
|
17
|
|
Interface, Inc.,
|
|
|
|
|
|
9.50%, 2/1/14
|
|
90
|
|
94
|
|
10.38%, 2/1/10
|
|
30
|
|
32
|
|
Interpublic Group of Cos., Inc.,
|
|
|
|
|
|
6.25%, 11/15/14
|
|
60
|
|
49
|
|
Ipalco Enterprises, Inc.,
|
|
|
|
|
|
8.38%, 11/14/08
|
|
75
|
|
76
|
|
8.63%, 11/14/11
|
|
30
|
|
32
|
|
Iron Mountain, Inc.,
|
|
|
|
|
|
7.75%, 1/15/15
|
|
40
|
|
40
|
|
8.63%, 4/1/13
|
|
(c)130
|
|
132
|
|
Isle of Capri Casinos, Inc.,
|
|
|
|
|
|
7.00%, 3/1/14
|
|
280
|
|
201
|
|
Invacare Corp.,
|
|
|
|
|
|
9.75%, 2/15/15
|
|
20
|
|
20
|
|
Jarden Corp.,
|
|
|
|
|
|
7.50%, 5/1/17
|
|
115
|
|
101
|
|
Johnsondiversey, Inc.,
|
|
|
|
|
|
9.63%, 5/15/12
|
|
(c)125
|
|
124
|
|
9.63%, 5/15/12
|
|
EUR
|
25
|
|
37
|
|
Knight, Inc.,
|
|
|
|
|
|
|
6.50%, 9/1/12
|
|
$
|
111
|
|
113
|
|
Koppers Holdings, Inc.,
|
|
|
|
|
|
Zero Coupon, 11/15/14
|
|
(g)60
|
|
52
|
|
Koppers, Inc.,
|
|
|
|
|
|
9.88%, 10/15/13
|
|
45
|
|
47
|
|
Las Vegas Sands Corp.,
|
|
|
|
|
|
6.38%, 2/15/15
|
|
105
|
|
93
|
|
LIN Television Corp.,
|
|
|
|
|
|
6.50%, 5/15/13
|
|
90
|
|
84
|
|
LVB Acquisition Merger Sub, Inc., PIK
|
|
|
|
|
|
10.38%, 10/15/17
|
|
(b)50
|
|
52
|
|
Massey Energy Co.,
|
|
|
|
|
|
6.88%, 12/15/13
|
|
165
|
|
160
|
|
|
|
|
|
|
|
|
|
|
Medco Health Solutions, Inc.,
|
|
|
|
|
|
7.13%, 3/15/18
|
|
60
|
|
62
|
|
MGM Mirage,
|
|
|
|
|
|
5.88%, 2/27/14
|
|
115
|
|
99
|
|
6.00%, 10/1/09
|
|
200
|
|
199
|
|
Michael Foods, Inc.,
|
|
|
|
|
|
8.00%, 11/15/13
|
|
75
|
|
74
|
|
Nalco Co.,
|
|
|
|
|
|
7.75%, 11/15/11
|
|
(c)70
|
|
71
|
|
National Mentor Holdings, Inc.,
|
|
|
|
|
|
11.25%, 7/1/14
|
|
75
|
|
77
|
|
Nortek, Inc.,
|
|
|
|
|
|
8.50%, 9/1/14
|
|
130
|
|
97
|
|
NRG Energy, Inc.,
|
|
|
|
|
|
7.38%, 1/15/17
|
|
90
|
|
88
|
|
Omnicare, Inc.,
|
|
|
|
|
|
6.75%, 12/15/13
|
|
95
|
|
85
|
|
6.88%, 12/15/15
|
|
80
|
|
70
|
|
Ormat Funding Corp.,
|
|
|
|
|
|
8.25%, 12/30/20
|
|
134
|
|
136
|
|
Owens-Illinois, Inc.,
|
|
|
|
|
|
7.35%, 5/15/08
|
|
20
|
|
20
|
|
7.50%, 5/15/10
|
|
(c)285
|
|
293
|
|
Oxford Industries, Inc.,
|
|
|
|
|
|
8.88%, 6/1/11
|
|
(c)70
|
|
67
|
|
Pacific Energy Partners, LP/Pacific Energy Finance Corp.,
|
|
|
|
|
|
7.13%, 6/15/14
|
|
90
|
|
95
|
|
Penske Auto Group, Inc.,
|
|
|
|
|
|
7.75%, 12/15/16
|
|
80
|
|
70
|
|
Phillips-Van Heusen Corp.,
|
|
|
|
|
|
7.25%, 2/15/11
|
|
(c)130
|
|
130
|
|
Pilgrims Pride Corp.,
|
|
|
|
|
|
7.63%, 5/1/15
|
|
175
|
|
169
|
|
Propex, Inc.,
|
|
|
|
|
|
10.00%, 12/1/12
|
|
(c)(e)90
|
|
11
|
|
Pulte Homes, Inc.,
|
|
|
|
|
|
6.38%, 5/15/33
|
|
15
|
|
12
|
|
Qwest Capital Funding, Inc.,
|
|
|
|
|
|
7.25%, 2/15/11
|
|
20
|
|
19
|
|
Qwest Communications International, Inc.,
|
|
|
|
|
|
6.57%, 2/15/09
|
|
(a)(c)51
|
|
51
|
|
Qwest Corp.,
|
|
|
|
|
|
5.63%, 11/15/08
|
|
25
|
|
25
|
|
RBS Global, Inc. / Rexnord LLC,
|
|
|
|
|
|
9.50%, 8/1/14
|
|
140
|
|
132
|
|
Realogy Corp,
|
|
|
|
|
|
10.50%, 4/15/14
|
|
115
|
|
78
|
|
Reliant Energy, Inc.,
|
|
|
|
|
|
7.88%, 6/15/17
|
|
90
|
|
90
|
|
Reynolds American, Inc.,
|
|
|
|
|
|
6.50%, 7/15/10
|
|
85
|
|
87
|
|
Rhythms NetConnections, Inc.,
|
|
|
|
|
|
13.88%, 5/15/08
|
|
(d)(e)(f)570
|
|
|
|
14.00%, 2/15/10
|
|
(d)(e)(f)179
|
|
|
|
Rite Aid Corp.,
|
|
|
|
|
|
8.13%, 5/1/10
|
|
145
|
|
142
|
|
Rockwood Specialties Group, Inc.,
|
|
|
|
|
|
7.63%, 11/15/14
|
|
EUR
|
50
|
|
73
|
|
Sierra Pacific Power Co.,
|
|
|
|
|
|
|
6.25%, 4/15/12
|
|
$
|
70
|
|
72
|
|
Smithfield Foods, Inc.,
|
|
|
|
|
|
7.00%, 8/1/11
|
|
(c)70
|
|
69
|
|
8.00%, 10/15/09
|
|
50
|
|
51
|
|
Sonic Automotive, Inc.,
|
|
|
|
|
|
8.63%, 8/15/13
|
|
190
|
|
177
|
|
|
|
|
|
|
|
|
|
|
Station Casinos, Inc.,
|
|
|
|
|
|
6.00%, 4/1/12
|
|
180
|
|
149
|
|
7.75%, 8/15/16
|
|
40
|
|
32
|
|
Sun Healthcare Group, Inc.,
|
|
|
|
|
|
9.13%, 4/15/15
|
|
65
|
|
63
|
|
SunGard Data Systems, Inc.,
|
|
|
|
|
|
9.13%, 8/15/13
|
|
95
|
|
96
|
|
SUPERVALU, Inc.,
|
|
|
|
|
|
7.50%, 5/15/12 - 11/15/14
|
|
115
|
|
118
|
|
Tenet Healthcare Corp.,
|
|
|
|
|
|
7.38%, 2/1/13
|
|
185
|
|
166
|
|
9.88%, 7/1/14
|
|
45
|
|
44
|
|
Terra Capital, Inc.,
|
|
|
|
|
|
7.00%, 2/1/17
|
|
90
|
|
89
|
|
Texas Competitive Electric Holdings Co., LLC,
|
|
|
|
|
|
10.25%, 11/1/15
|
|
(b)245
|
|
245
|
|
Univision Communications, Inc. PIK,
|
|
|
|
|
|
9.75%, 3/15/15
|
|
(b)60
|
|
37
|
|
Valassis Communications, Inc.,
|
|
|
|
|
|
8.25%, 3/1/15
|
|
115
|
|
95
|
|
Vangent, Inc.,
|
|
|
|
|
|
9.63%, 2/15/15
|
|
65
|
|
52
|
|
Warner Chilcott Corp.,
|
|
|
|
|
|
8.75%, 2/1/15
|
|
77
|
|
77
|
|
Westlake Chemical Corp.,
|
|
|
|
|
|
6.63%, 1/15/16
|
|
90
|
|
79
|
|
Williams Cos., Inc.,
|
|
|
|
|
|
7.88%, 9/1/21
|
|
180
|
|
196
|
|
Windstream Corp.,
|
|
|
|
|
|
8.13%, 8/1/13
|
|
40
|
|
40
|
|
|
|
|
|
11,807
|
|
Mortgages (3.5%)
|
|
|
|
|
|
American Home Mortgage Assets,
|
|
|
|
|
|
2.91%, 10/25/46
|
|
(a)80
|
|
40
|
|
Banc of America Commercial Mortgage, Inc.,
|
|
|
|
|
|
5.41%, 9/10/47
|
|
75
|
|
74
|
|
5.66%, 6/10/49
|
|
(a)125
|
|
124
|
|
5.75%, 2/10/51
|
|
(a)75
|
|
75
|
|
Bear Stearns Commercial Mortgage Securities,
|
|
|
|
|
|
5.69%, 6/11/50
|
|
(a)75
|
|
74
|
|
CA FM Lease Trust,
|
|
|
|
|
|
8.50%, 7/15/17
|
|
(b)75
|
|
86
|
|
Citigroup Commercial Mortgage Trust,
|
|
|
|
|
|
5.43%, 10/15/49
|
|
75
|
|
74
|
|
5.70%, 12/10/49
|
|
(a)75
|
|
75
|
|
Commercial Mortgage Pass Through Certificates,
|
|
|
|
|
|
5.82%, 12/10/49
|
|
(a)75
|
|
75
|
|
Countrywide Alternative Loan Trust,
|
|
|
|
|
|
2.82%, 3/20/47
|
|
(a)59
|
|
28
|
|
3.12%, 10/25/46
|
|
(a)50
|
|
5
|
|
3.30%, 2/25/36
|
|
(a)25
|
|
11
|
|
3.42%, 1/25/36
|
|
(a)85
|
|
33
|
|
GS Mortgage Securities Corp. II,
|
|
|
|
|
|
5.80%, 8/10/45
|
|
(a)75
|
|
75
|
|
Harborview Mortgage Loan Trust,
|
|
|
|
|
|
3.15%, 8/21/36
|
|
(a)50
|
|
10
|
|
3.26%, 1/19/36
|
|
(a)74
|
|
30
|
|
JPMorgan Chase Commercial Mortgage Securities Corp.,
|
|
|
|
|
|
5.75%, 2/12/49
|
|
(a)75
|
|
75
|
|
5.81%, 6/15/49
|
|
(a)75
|
|
75
|
|
LB-UBS Commercial Mortgage Trust,
|
|
|
|
|
|
5.86%, 7/15/40
|
|
(a)75
|
|
75
|
|
Luminent Mortgage Trust,
|
|
|
|
|
|
2.96%, 7/25/36
|
|
(a)75
|
|
32
|
|
Mastr Adjustable Rate Mortgages Trust,
|
|
|
|
|
|
3.00%, 1/25/47
|
|
(a)25
|
|
6
|
|
Wachovia Bank Commercial Mortgage Trust,
|
|
|
|
|
|
5.74%, 6/15/49
|
|
(a)75
|
|
74
|
|
|
|
|
|
1,226
|
|
Sovereign (0.4%)
|
|
|
|
|
|
U.S. Treasury Bond,
|
|
|
|
|
|
4.50%, 2/15/36
|
|
130
|
|
135
|
|
|
|
|
|
13,342
|
|
Venezuela (4.3%)
|
|
|
|
|
|
Sovereign (4.3%)
|
|
|
|
|
|
Republic of Venezuela,
|
|
|
|
|
|
8.50%, 10/8/14
|
|
120
|
|
112
|
|
9.25%, 9/15/27
|
|
751
|
|
715
|
|
10.75%, 9/19/13
|
|
640
|
|
654
|
|
|
|
|
|
1,481
|
|
Total Debt Instruments (Cost $34,940)
|
|
|
|
33,663
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
Common Stocks (0.0%)
|
|
|
|
|
|
United Kingdom (0.0%)
|
|
|
|
|
|
Viatel Holding Bermuda Ltd.
|
|
(h)290
|
|
@
|
|
United States (0.0%)
|
|
|
|
|
|
PNM Resources, Inc.
|
|
23
|
|
@
|
|
SW Acquisition LP
|
|
(d)(f)(h)1
|
|
|
|
XO Holdings, Inc.
|
|
(h)287
|
|
@
|
|
Total Common Stocks (Cost $381)
|
|
|
|
@
|
|
|
|
No. of
Warrants
|
|
|
|
Warrants (0.4%)
|
|
|
|
|
|
Nigeria (0.3%)
|
|
|
|
|
|
Central Bank of Nigeria,
|
|
|
|
|
|
expiring, 11/15/20
|
|
(a)500
|
|
115
|
|
United States (0.0)%
|
|
|
|
|
|
XO Holdings, Inc., Series A,
|
|
|
|
|
|
expiring 1/16/10
|
|
(h)576
|
|
@
|
|
XO Holdings, Inc., Series B,
|
|
|
|
|
|
expring 1/16/10
|
|
(h)432
|
|
@
|
|
XO Holdings, Inc., Series C,
|
|
|
|
|
|
expiring 1/16/10
|
|
(h)433
|
|
@
|
|
|
|
|
|
@
|
|
Venezuela (0.1%)
|
|
|
|
|
|
Republic of Venezuela Oil-Linked Payment
Obligation,
|
|
|
|
|
|
expiring, 4/15/20
|
|
950
|
|
35
|
|
Total Warrants (Cost $@)
|
|
|
|
150
|
|
|
|
Shares
|
|
|
|
Short-Term Investments (2.7%)
|
|
|
|
|
|
United States (2.7%)
|
|
|
|
|
|
Investmeny Company (2.5%)
|
|
|
|
|
|
Morgan Stanley Institutional Liquidity Money
Market Portfolio Institutional Class
|
|
(i)871,429
|
|
871
|
|
|
|
|
|
|
|
|
|
Face
|
|
|
|
|
|
Amount
|
|
|
|
|
|
(000)
|
|
|
|
U.S. Treasury Security (0.2%)
|
|
|
|
|
|
U.S. Treasury Bill,
|
|
|
|
|
|
0.73%, 4/10/08
|
|
$
|
(j)(k)50
|
|
50
|
|
Total Short-Term Investments (Cost $921)
|
|
|
|
921
|
|
Total Investments + (100.0%) (Cost $36,242)
|
|
|
|
34,734
|
|
Liabilities in Excess of Other Assets
|
|
|
|
(2,561
|
)
|
Net Assets
|
|
|
|
$
|
32,173
|
|
|
|
|
|
|
|
|
|
(a)
|
|
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 March 31, 2008.
|
(b)
|
|
144A Security Certain conditions for
public sale may exist. Unless otherwise noted, these securities are deemed to
be liquid.
|
(c)
|
|
Denotes all or a portion of securities
subject to repurchase under the Reverse Repurchase Agreements as of
March 31, 2008.
|
(d)
|
|
Security has been deemed illiquid at
March 31, 2008.
|
(e)
|
|
Issuer is in default.
|
(f)
|
|
Security was valued at fair value At
March 31, 2008, the Fund held $204,000 of fair valued securities,
representing 0.6% of net assets.
|
(g)
|
|
Step Bond coupon rate increases in
increments to maturity. Rate disclosed is as of March 31, 2008. Maturity
date disclosed is ultimate maturity.
|
(h)
|
|
Non-income producing security.
|
(i)
|
|
The Fund invests in the Institutional
Class of the Morgan Stanley Institutional Liquidity Money Market
Portfolio (the Liquidity Fund), an open-end management investment company
managed by the Adviser. Investment Advisory fees paid by the Fund are reduced
by an amount equal to its pro-rata share of the advisory and administration
fees paid by the Liquidity Fund. For the three months ended March 31,
2008, advisory fees paid were reduced by less than $500 relating to the
Funds investment in the Liquidity Fund. For the same period, income
distributions earned by the Fund are recorded as dividends from affiliates
and totaled approximately $6,000. During the three months ended
March 31, 2008, the approximate cost of purchases and sales in the
Liquidity Fund were $3,071,000 and $3,035,000, respectively.
|
(j)
|
|
All or a portion of the security was pledged
to cover margin requirements for futures contracts.
|
(k)
|
|
Rate shown is the yield to maturity at
March 31, 2008
|
@
|
|
Amount
is less than $500.
|
BRL
|
|
Brazilian
Real
|
EGP
|
|
Egyptian
Pound
|
EUR
|
|
Euro
|
MXN
|
|
Mexican
Peso
|
PIK
|
|
Payment-in-Kind.
Income may be paid in additional securities or cash at the discretion of the
issuers.
|
RUB
|
|
Russian
Ruble
|
+
|
|
At
March 31, 2008, the U.S. Federal income tax cost basis of investments
was approximately $36,242,000 and, accordingly, net unrealized depreciation
for U.S. Federal income tax purposes was $1,508,000 of which $1,406,000
related to appreciated securities and $2,914,000
related to depreciated securities.
|
Foreign Currency Exchange Contract Information:
The
Fund had the following foreign currency exchange contract(s) open at
period end:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
Currency
|
|
|
|
|
|
In
|
|
|
|
Unrealized
|
|
to
|
|
|
|
|
|
Exchange
|
|
|
|
Appreciation
|
|
Deliver
|
|
Value
|
|
Settlement
|
|
For
|
|
Value
|
|
(Depreciation)
|
|
(000)
|
|
(000)
|
|
Date
|
|
(000)
|
|
(000)
|
|
(000)
|
|
EUR
|
|
217
|
|
$
|
342
|
|
4/30/08
|
|
USD
|
|
319
|
|
$
|
319
|
|
$
|
(23
|
)
|
USD
|
|
75
|
|
75
|
|
4/30/08
|
|
EUR
|
|
52
|
|
82
|
|
7
|
|
|
|
|
|
$
|
417
|
|
|
|
|
|
|
|
$
|
401
|
|
$
|
(16
|
)
|
USD
|
United States Dollar
|
Futures Contracts:
The
Fund had the following futures contract(s) open at period end:
|
|
Number
of
Contracts
|
|
Value
(000)
|
|
Expiration
Date
|
|
Net Unrealized
Appreciation
(Depreciation)
(000)
|
|
Long:
|
|
|
|
|
|
|
|
|
|
U.S. Treasury 2 yr. Note
|
|
4
|
|
$
|
859
|
|
Jun-08
|
|
$
|
4
|
|
U.S. Treasury 5 yr. Note
|
|
2
|
|
228
|
|
Jun-08
|
|
2
|
|
Short:
|
|
|
|
|
|
|
|
|
|
U.S. Treasury 2 yr. Note
|
|
3
|
|
644
|
|
Jun-08
|
|
1
|
|
U.S. Treasury 5 yr. Note
|
|
43
|
|
4912
|
|
Jun-08
|
|
23
|
|
U.S. Treasury 10 yr. Note
|
|
24
|
|
2781
|
|
Jun-08
|
|
(74
|
)
|
U.S. Treasury Long Bond
|
|
3
|
|
356
|
|
Jun-08
|
|
(11
|
)
|
10 yr. Swap
|
|
1
|
|
115
|
|
Jun-08
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
$
|
(58
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Default Swap Contracts
The Fund had the following
credit default swap agreement(s) open at period end:
Swap Counterparty and Reference Obligation
|
|
Buy/Sell
Protection
|
|
Notional
Amount
(000)
|
|
Pay/Receive
Fixed Rate
|
|
Termination
Date
|
|
Unrealized
Appreciation
(Depreciation)
(000)
|
|
Bank of America
|
|
Buy
|
|
$
|
95
|
|
1.57
|
%
|
3/20/18
|
|
$
|
(1
|
)
|
Carnival Corp., 6.65%, 1/15/28
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America
|
|
Buy
|
|
60
|
|
0.70
|
|
3/20/13
|
|
(1
|
)
|
Goodrich Corp., 7.63%, 12/15/12
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America
|
|
Buy
|
|
45
|
|
0.82
|
|
3/20/18
|
|
(1
|
)
|
Goodrich Corp., 7.63%, 12/15/12
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America
|
|
Buy
|
|
60
|
|
1.03
|
|
3/18/20
|
|
1
|
|
Nordstrom, Inc., 6.95%, 3/15/28
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America
|
|
Buy
|
|
140
|
|
1.38
|
|
3/20/13
|
|
(@
|
)
|
Pactiv Corp., 8.13%, 6/15/17
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America
|
|
Buy
|
|
30
|
|
1.08
|
|
3/20/18
|
|
1
|
|
Sealed Air Corp., 5.63%, 7/15/13
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America
|
|
Buy
|
|
40
|
|
1.12
|
|
3/20/18
|
|
1
|
|
Sealed Air Corp., 5.63%, 7/15/13
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America
|
|
Buy
|
|
75
|
|
0.80
|
|
3/20/18
|
|
5
|
|
Textron Financial Corp., 5.13%, 2/3/11
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America
|
|
Buy
|
|
80
|
|
2.90
|
|
3/20/13
|
|
@
|
|
Toll Brothers Finance Corp., 6.88%,
11/15/12
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America
|
|
Buy
|
|
40
|
|
2.25
|
|
3/20/18
|
|
@
|
|
Toll Brothers Finance Corp., 6.88%,
11/15/12
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
|
|
Buy
|
|
120
|
|
0.82
|
|
3/20/18
|
|
1
|
|
Eaton Corp., 7.65%, 11/15/29
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
|
|
Buy
|
|
75
|
|
0.62
|
|
3/20/13
|
|
1
|
|
Textron Financial Corp., 7.65%, 11/15/29
|
|
|
|
|
|
|
|
|
|
|
|
Citigroup
|
|
Buy
|
|
50
|
|
0.72
|
|
3/20/13
|
|
@
|
|
Textron Financial Corp., 7.65%, 11/15/29
|
|
|
|
|
|
|
|
|
|
|
|
Credit Suisse
|
|
Buy
|
|
90
|
|
0.18
|
|
7/25/45
|
|
(4
|
)
|
ABX HE-AAA 06-1 Index
|
|
|
|
|
|
|
|
|
|
|
|
Credit Suisse
|
|
Buy
|
|
125
|
|
1.11
|
|
3/20/13
|
|
(1
|
)
|
Arrow Electronics, Inc., 6.88%, 6/1/18
|
|
|
|
|
|
|
|
|
|
|
|
Credit Suisse
|
|
Buy
|
|
100
|
|
1.00
|
|
3/20/15
|
|
@
|
|
Arrow Electronics, Inc., 6.88%, 6/1/18
|
|
|
|
|
|
|
|
|
|
|
|
Credit Suisse
|
|
Buy
|
|
80
|
|
1.05
|
|
3/20/13
|
|
1
|
|
Nordstrom, Inc., 6.95%, 3/15/28
|
|
|
|
|
|
|
|
|
|
|
|
Credit Suisse
|
|
Buy
|
|
150
|
|
1.40
|
|
3/20/13
|
|
1
|
|
Nordstrom, Inc., 6.95%, 3/15/28
|
|
|
|
|
|
|
|
|
|
|
|
Credit Suisse
|
|
Buy
|
|
140
|
|
1.35
|
|
3/20/13
|
|
(@
|
)
|
Pactiv Corp., 8.13%, 6/15/17
|
|
|
|
|
|
|
|
|
|
|
|
Credit Suisse
|
|
Buy
|
|
45
|
|
8.10
|
|
3/20/13
|
|
(2
|
)
|
PMI Group, Inc., 6.00%, 9/15/16
|
|
|
|
|
|
|
|
|
|
|
|
Deutsche Bank
|
|
Buy
|
|
85
|
|
5.00
|
|
6/20/13
|
|
(1
|
)
|
Dow Jones CDX North America Investment
Grade Index, Series 9
|
|
|
|
|
|
|
|
|
|
|
|
Deutsche Bank
|
|
Buy
|
|
40
|
|
1.34
|
|
3/20/13
|
|
@
|
|
Pactiv Corp., 8.13%, 6/15/17
|
|
|
|
|
|
|
|
|
|
|
|
Deutsche Bank
|
|
Buy
|
|
55
|
|
8.15
|
|
3/20/13
|
|
(4
|
)
|
PMI Group, Inc., 6.00%, 9/15/16
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
30
|
|
0.50
|
|
3/20/18
|
|
@
|
|
American Standard, Inc., 7.63%,
2/15/10
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
15
|
|
0.60
|
|
3/20/18
|
|
@
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Standard, Inc., 7.63%,
2/15/10
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
155
|
|
3.05
|
|
3/20/13
|
|
(2
|
)
|
AvalonBay Communities, Inc., 6.13%,
8/15/11
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
160
|
|
0.59
|
|
3/20/13
|
|
(@
|
)
|
Coca-Cola Enterprises, Inc., 6.13%,
8/15/11
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Sell
|
|
175
|
|
1.40
|
|
12/20/12
|
|
2
|
|
Dow Jones CDX North America Investment
Grade High Volatility Index, Series 9
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
50
|
|
0.97
|
|
3/20/18
|
|
(@
|
)
|
Eaton Corp., 7.65%, 11/15/29
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
150
|
|
1.25
|
|
3/20/13
|
|
(1
|
)
|
FirstEnergy Corp., 7.38%, 11/15/31
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
50
|
|
0.47
|
|
3/20/18
|
|
1
|
|
Goodrich Corp., 7.63%, 12/15/12
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
85
|
|
2.45
|
|
12/20/12
|
|
1
|
|
Merrill Lynch & Co., 5.00%,
1/15/15
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
80
|
|
1.05
|
|
6/20/13
|
|
4
|
|
Nordstrom, Inc., 6.95%, 3/15/28
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
70
|
|
3.33
|
|
3/20/13
|
|
1
|
|
ProLogis, 5.50%, 3/1/13
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
60
|
|
1.08
|
|
3/20/18
|
|
2
|
|
Sealed Air Corp., 5.63%, 7/15/13
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
30
|
|
1.24
|
|
3/20/18
|
|
1
|
|
Sealed Air Corp., 5.63%, 7/15/13
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
100
|
|
2.32
|
|
3/20/18
|
|
(5
|
)
|
Simon Property Group LP, 6.35%, 8/28/12
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
120
|
|
2.37
|
|
3/20/18
|
|
(7
|
)
|
Simon Property Group LP, 6.35%, 8/28/12
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
|
|
Buy
|
|
125
|
|
1.05
|
|
3/20/13
|
|
3
|
|
Textron Financial Corp., 5.13%, 2/3/11
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase
|
|
Buy
|
|
30
|
|
0.60
|
|
3/20/13
|
|
@
|
|
Eaton Corp., 7.65%, 11/15/29
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase
|
|
Buy
|
|
80
|
|
2.30
|
|
3/20/13
|
|
1
|
|
Merrill Lynch & Co., 5.00%,
1/15/15
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase
|
|
Buy
|
|
50
|
|
1.07
|
|
3/20/18
|
|
1
|
|
Nordstrom, Inc., 6.95%, 3/15/28
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase
|
|
Buy
|
|
50
|
|
1.15
|
|
3/20/18
|
|
1
|
|
Nordstrom, Inc., 6.95%, 3/15/28
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase
|
|
Buy
|
|
40
|
|
0.58
|
|
3/20/13
|
|
(@
|
)
|
Pepsi Bottling Group, Inc., 7.00%,
3/1/29
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase
|
|
Buy
|
|
55
|
|
0.63
|
|
3/20/13
|
|
(@
|
)
|
Pepsi Bottling Group, Inc., 7.00%,
3/1/29
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase
|
|
Buy
|
|
45
|
|
4.95
|
|
3/20/13
|
|
(5
|
)
|
SLM Corp., 5.13%, 8/27/12
|
|
|
|
|
|
|
|
|
|
|
|
Lehman Brothers
|
|
Buy
|
|
90
|
|
0.18
|
|
7/25/45
|
|
(5
|
)
|
ABX HE-AAA 06-1 Index
|
|
|
|
|
|
|
|
|
|
|
|
Lehman Brothers
|
|
Buy
|
|
230
|
|
1.40
|
|
3/20/13
|
|
(@
|
)
|
Arrow Electronics, Inc., 6.88%, 6/1/18
|
|
|
|
|
|
|
|
|
|
|
|
Lehman Brothers
|
|
Buy
|
|
20
|
|
1.04
|
|
3/20/18
|
|
@
|
|
Arrow Electronics, Inc., 6.88%, 6/1/18
|
|
|
|
|
|
|
|
|
|
|
|
Lehman Brothers
|
|
Buy
|
|
765
|
|
0.10
|
|
10/12/52
|
|
(49
|
)
|
CMBX NA S-1AAA Index
|
|
|
|
|
|
|
|
|
|
|
|
Lehman Brothers
|
|
Buy
|
|
145
|
|
0.64
|
|
3/20/13
|
|
(1
|
)
|
Coca-Cola Enterprises, Inc., 6.13%,
8/15/11
|
|
|
|
|
|
|
|
|
|
|
|
Lehman Brothers
|
|
Sell
|
|
530
|
|
3.75
|
|
12/20/12
|
|
(25
|
)
|
Dow Jones CDX North America High Yield
Index, Series 9
|
|
|
|
|
|
|
|
|
|
|
|
Lehman Brothers
|
|
Buy
|
|
55
|
|
0.45
|
|
3/20/18
|
|
1
|
|
Goodrich Corp., 7.63%, 12/15/12
|
|
|
|
|
|
|
|
|
|
|
|
Lehman Brothers
|
|
Buy
|
|
40
|
|
0.46
|
|
3/20/18
|
|
@
|
|
Goodrich Corp., 7.63%, 12/15/12
|
|
|
|
|
|
|
|
|
|
|
|
Lehman Brothers
|
|
Buy
|
|
90
|
|
2.15
|
|
3/20/13
|
|
(3
|
)
|
MetLife, Inc, 5.00%, 6/15/15
|
|
|
|
|
|
|
|
|
|
|
|
Merrill Lynch
|
|
Buy
|
|
95
|
|
1.50
|
|
3/20/18
|
|
(1
|
)
|
Carnival Corp., 6.65%, 1/15/28
|
|
|
|
|
|
|
|
|
|
|
|
Merrill Lynch
|
|
Buy
|
|
80
|
|
1.57
|
|
3/20/18
|
|
(1
|
)
|
Carnival Corp., 6.65%, 1/15/28
|
|
|
|
|
|
|
|
|
|
|
|
Merrill Lynch
|
|
Buy
|
|
55
|
|
1.60
|
|
3/20/18
|
|
(1
|
)
|
Carnival Corp., 6.65%, 1/15/28
|
|
|
|
|
|
|
|
|
|
|
|
Merrill Lynch
|
|
Sell
|
|
280
|
|
1.40
|
|
12/20/12
|
|
8
|
|
Dow Jones CDX North America Investment
Grade High Volatility Index, Series 9
|
|
|
|
|
|
|
|
|
|
|
|
Merrill Lynch
|
|
Buy
|
|
60
|
|
0.92
|
|
3/20/18
|
|
(@
|
)
|
Eaton Corp., 7.65%, 11/15/29
|
|
|
|
|
|
|
|
|
|
|
|
Merrill Lynch
|
|
Buy
|
|
45
|
|
5.00
|
|
3/20/13
|
|
(5
|
)
|
SLM Corp., 5.13%, 8/27/12
|
|
|
|
|
|
|
|
|
|
|
|
Merrill Lynch
|
|
Buy
|
|
145
|
|
0.60
|
|
3/20/13
|
|
(1
|
)
|
The Walt Disney Co., 5.63%, 9/15/16
|
|
|
|
|
|
|
|
|
|
|
|
Merrill Lynch
|
|
Buy
|
|
230
|
|
0.77
|
|
3/20/13
|
|
(@
|
)
|
The Walt Disney Co., 5.63%, 9/15/16
|
|
|
|
|
|
|
|
|
|
|
|
UBS
|
|
Buy
|
|
85
|
|
0.50
|
|
3/20/13
|
|
1
|
|
American Standard, Inc., 7.63%,
2/15/10
|
|
|
|
|
|
|
|
|
|
|
|
UBS
|
|
Buy
|
|
90
|
|
0.60
|
|
3/20/18
|
|
1
|
|
American Standard, Inc., 7.63%,
2/15/10
|
|
|
|
|
|
|
|
|
|
|
|
UBS
|
|
Buy
|
|
40
|
|
1.78
|
|
3/20/13
|
|
@
|
|
Martin Marietta Materials, Inc.,
6.88%, 4/1/11
|
|
|
|
|
|
|
|
|
|
|
|
UBS
|
|
Buy
|
|
40
|
|
1.73
|
|
3/20/18
|
|
1
|
|
Martin Marietta Materials, Inc.,
6.88%, 4/1/11
|
|
|
|
|
|
|
|
|
|
|
|
UBS
|
|
Buy
|
|
120
|
|
2.90
|
|
3/20/13
|
|
1
|
|
Toll Brothers Finance Corp., 6.88%,
11/15/12
|
|
|
|
|
|
|
|
|
|
|
|
UBS
|
|
Buy
|
|
80
|
|
1.00
|
|
3/20/13
|
|
2
|
|
Textron Financial Corp., 5.13%, 2/3/11
|
|
|
|
|
|
|
|
|
|
|
|
UBS
|
|
Buy
|
|
50
|
|
1.01
|
|
3/20/13
|
|
1
|
|
Textron Financial Corp., 5.13%, 2/3/11
|
|
|
|
|
|
|
|
|
|
|
|
UBS
|
|
Buy
|
|
120
|
|
1.06
|
|
3/20/13
|
|
(@
|
)
|
Textron Financial Corp., 5.13%, 2/3/11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(81
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swap Contracts
The Fund had the following interest rate swap agreement(s) open at
period end:
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
|
|
|
|
|
|
Notional
|
|
Appreciation
|
|
|
|
Floating Rate
|
|
Pay/Receive
|
|
Fixed
|
|
Termination
|
|
Amount
|
|
(Depreciation)
|
|
Swap Counterparty
|
|
Index
|
|
Floating Rate
|
|
Rate
|
|
Date
|
|
(000)
|
|
(000)
|
|
Bank of America
|
|
3 Month
LIBOR
|
|
Pay
|
|
5.55
|
%
|
2/22/18
|
|
$
|
1,050
|
|
$
|
21
|
|
|
|
3 Month LIBOR
|
|
Receive
|
|
5.96
|
|
2/22/23
|
|
1,345
|
|
(19
|
)
|
|
|
3 Month LIBOR
|
|
Pay
|
|
5.64
|
|
3/7/23
|
|
1,055
|
|
24
|
|
|
|
3 Month LIBOR
|
|
Receive
|
|
6.04
|
|
3/7/23
|
|
1,360
|
|
(22
|
)
|
Deutsche Bank AG
|
|
3 Month
LIBOR
|
|
Pay
|
|
5.03
|
|
10/25/17
|
|
2,300
|
|
220
|
|
JPMorgan Chase
|
|
3 Month
LIBOR
|
|
Pay
|
|
4.39
|
|
12/11/12
|
|
4,250
|
|
261
|
|
|
|
3 Month LIBOR
|
|
Pay
|
|
5.42
|
|
8/20/17
|
|
390
|
|
45
|
|
|
|
3 Month LIBOR
|
|
Pay
|
|
5.36
|
|
8/24/17
|
|
750
|
|
81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIBOR
London Inter Bank Offer Rate
At
March 31, 2008, the Fund had reverse repurchase agreements outstanding
with Lehman Brothers and UBS Warburg as follows:
|
|
Maturity in
less than
|
|
Lehman
Brothers Agreement
|
|
366 Days
|
|
Value of Securities Subject to Repurchase
|
|
$
|
2,009,442
|
|
Liability Under Reverse Repurchase Agreement
|
|
$
|
2,018,919
|
|
Weighted Average Days to Maturity
|
|
44.07
|
|
|
|
Maturity in
less than
|
|
UBS Warburg Agreement
|
|
366 Days
|
|
Value of Securities Subject to Repurchase
|
|
$
|
954,874
|
|
Liability Under Reverse Repurchase Agreement
|
|
$
|
959,827
|
|
Weighted Average Days to Maturity
|
|
4.42
|
|
Notes to Portfolio of Investments (unaudited)
The
Fund adopted Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 157, Fair Value Measurements (SFAS 157), effective January 1, 2008. In accordance with SFAS 157,
fair value is defined as the price 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. SFAS 157
establishes a three-tier hierarchy to distinguish between (1) inputs that
reflect the assumptions market participants would use in pricing 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 pricing 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
|
|
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)
|
The inputs or methodology used
for valuing securities are not necessarily an indication of the risk associated
with investing in those securities.
The
following is a summary of the inputs used as of March 31, 2008 in valuing
the Funds investments carried at value:
Valuation Inputs
|
|
Investments in
Securities
(000)
|
|
Other Financial
Instruments*
(000)
|
|
Level 1 - Quoted Prices
|
|
$
|
1
|
|
$
|
(58
|
)
|
Level 2 - Other Significant Observable
Inputs
|
|
34,529
|
|
(2,450
|
)
|
Level 3 - Significant Unobservable Inputs
|
|
204
|
|
|
|
Total
|
|
$
|
34,734
|
|
$
|
(2,508
|
)
|
*Other
financial instruments include futures, forwards and swap contracts.
Following
is a reconciliation of investments in which significant unobservable inputs
(Level 3) were used in determining value:
|
|
Investments in
Securities
(000)
|
|
Other Financial
Instruments
(000)
|
|
Balance as of 12/31/07
|
|
$
|
281
|
|
$
|
|
|
Accrued discounts/premiums
|
|
@
|
|
|
|
Realized gain (loss)
|
|
@
|
|
|
|
Change in unrealized appreciation
(depreciation)
|
|
(77
|
)
|
|
|
Net purchases (sales)
|
|
@(
|
)
|
|
|
Net transfers in and/or out of Level 3
|
|
|
|
|
|
Balance as of 3/31/08
|
|
$
|
204
|
|
$
|
|
|
The amount of total realized gains or
losses for the period included in earnings attributable to the change in
unrealized gains or losses relating to assets and liabilities still held at
3/31/08
|
|
$
|
(77
|
)
|
$
|
|
|
Security Valuation
Bonds and other fixed income securities may be valued according to
the broadest
and
most representative market. In addition,
bonds and other fixed income securities may be valued on the basis of prices
provided by a pricing service. The prices provided by a pricing service take
into account broker dealer market price quotations for institutional size
trading in similar groups of securities, security quality, maturity, coupon and
other security characteristics as well as any developments related to the
specific securities. Securities listed on a foreign exchange are valued at
their closing price. Unlisted securities and listed securities not traded on
the valuation date for which market quotations are readily available are valued
at the mean between the current bid and asked prices obtained from reputable
brokers. Equity securities listed on a U.S. exchange are valued at the latest
quoted sales price on the valuation date. Equity securities listed or traded on
NASDAQ, for which market quotations are available, are valued at the NASDAQ Official
Closing Price. Debt securities purchased with remaining maturities of 60 days
or less are valued at amortized cost, if it approximates market value.
All
other securities and investments for which market values are not readily
available, including restricted securities, and those securities for which it
is inappropriate to determine prices in accordance with the aforementioned
procedures, are valued at fair value as determined in good faith under
procedures adopted by the Board of Directors (the Directors), although the
actual calculations may be done by others. 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.
Most
foreign markets close before the New York Stock Exchange (NYSE).
Occasionally, developments that could affect 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 NYSE. If these developments
are expected to materially affect the value of the securities, the valuations
may be adjusted to reflect the estimated fair value as of the close of the
NYSE, as determined in good faith under procedures established by the
Directors.
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.
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.
(Registrant)
|
Morgan
Stanley Global Opportunity Bond Fund, Inc.
|
|
By:
|
/s/ Ronald E. Robison
|
|
Name:
|
Ronald E.
Robison
|
|
Title:
|
Principal
Executive Officer
|
|
Date:
|
May 20, 2008
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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.
By:
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/s/ Ronald E. Robison
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Name:
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Ronald E.
Robison
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Title:
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Principal
Executive Officer
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Date:
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May 20, 2008
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By:
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/s/ James Garrett
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Name:
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James
Garrett
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Title:
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Principal
Financial Officer
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Date:
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May 20, 2008
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Morgan Stanley Global Opportunity Bond Fund, Inc. (NYSE:MGB)
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