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Clarios Global LP, 144A 6.75% 15/02/2030 USD 314,000 323,563 0.13 Clarios Global LP, 144A 6.75% 15/09/2032 USD 540,000 550,396 0.22 Clarios Global LP, Reg. S 4.75% 15/06/2031 EUR 1,040,000 1,201,084 0.49 Clearway Energy Operating LLC, 144A 3.75% 15/02/2031 USD 388,000 360,103 0.15 Cleveland-Cliffs, Inc., 144A 7.5% 15/09/2031 USD 578,000 583,781 0.24 Cleveland-Cliffs, Inc., 144A 7.375% 01/05/2033 USD 578,000 577,870 0.24 Cleveland-Cliffs, Inc., 144A 7.625% 15/01/2034 USD 280,000 279,865 0.11 Cloud Software Group, Inc., 144A 6.5% 31/03/2029 USD 516,000 499,717 0.20 Cloud Software Group, Inc., 144A 9% 30/09/2029 USD 1,695,000 1,645,131 0.67 Cloud Software Group, Inc., 144A 8.25% 30/06/2032 USD 265,000 247,382 0.10 Clydesdale Acquisition Holdings, Inc., 144A 8.75% 15/04/2030 USD 1,304,000 1,284,997 0.52 Clydesdale Acquisition Holdings, Inc., 144A 6.75% 15/04/2032 USD 666,000 645,826 0.26 Commercial Metals Co., 144A 5.75% 15/11/2033 USD 220,000 218,979 0.09 Commercial Metals Co., 144A 6% 15/12/2035 USD 220,000 219,803 0.09 Compass Group Diversified Holdings LLC, 144A 5.25% 15/04/2029 USD 649,822 618,777 0.25
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) Compass Minerals International, Inc., 144A 8% 01/07/2030 USD 882,000 930,175 0.38 Cooper-Standard Automotive, Inc., 144A 9.25% 01/03/2031 USD 365,000 368,931 0.15 Core & Main LP, 144A 6% 01/07/2034 USD 125,000 125,597 0.05 Core Scientific Finance I LLC, 144A 7.75% 15/05/2031 USD 462,000 468,867 0.19 Cougar JV Subsidiary LLC, 144A 8% 15/05/2032 USD 790,000 828,697 0.34 CP Atlas Buyer, Inc., 144A 9.75% 15/07/2030 USD 1,051,000 1,012,530 0.41 CRC Insurance Group LLC, 144A 7.125% 01/06/2031 USD 1,284,000 1,279,360 0.52 Crescent Energy Finance LLC, 144A 7.875% 15/04/2032 USD 528,000 534,849 0.22 CSC Holdings LLC, 144A 11.75% 31/01/2029 USD 270,000 165,334 0.07 CSC Holdings LLC, 144A 4.125% 01/12/2030 USD 395,000 236,004 0.10 CSC Holdings LLC, 144A 3.375% 15/02/2031 USD 408,000 242,413 0.10 Cushman & Wakefield US Borrower LLC, 144A 6.75% 15/05/2028 USD 249,000 249,309 0.10 Cushman & Wakefield US Borrower LLC, 144A 8.875% 01/09/2031 USD 356,000 373,852 0.15 Dana Financing Luxembourg SARL, Reg. S 8.5% 15/07/2031 EUR 550,000 660,484 0.27 DBR Land Holdings LLC, 144A 6.25% 01/12/2030 USD 375,000 381,292 0.16 Discovery Global Holdings, Inc. 5.05% 15/03/2042 USD 283,000 208,517 0.08 DISH Network Corp., 144A 11.75% 15/11/2027 USD 443,000 455,485 0.19 Dream Finders Homes, Inc., 144A 6.875% 15/09/2030 USD 270,000 268,117 0.11 EchoStar Corp. 10.75% 30/11/2029 USD 966,208 1,044,486 0.43 EMRLD Borrower LP, 144A 6.625% 15/12/2030 USD 938,000 959,004 0.39 EMRLD Borrower LP, Reg. S 6.375% 15/12/2030 EUR 540,000 636,006 0.26 Endo Finance Holdings LP, 144A 8.5% 15/04/2031 USD 578,000 610,494 0.25 Enviva Partners LP, 144A 6.5% 15/01/2026*§ USD 519,000 – Ferrellgas LP, 144A 5.875% 01/04/2029 USD 518,000 503,424 0.21 Ferrellgas LP, 144A 9.25% 15/01/2031 USD 225,000 237,249 0.10 FMC Corp., 144A 8% 01/06/2031 USD 45,000 46,829 0.02 Focus Financial Partners LLC, 144A 6.75% 15/09/2031 USD 844,000 851,014 0.35 Ford Motor Co. 6.1% 19/08/2032 USD 213,000 217,291 0.09 Ford Motor Credit Co. LLC 5.113% 03/05/2029 USD 375,000 372,690 0.15 Fortrea Holdings, Inc., 144A 7.5% 01/07/2030 USD 621,000 630,968 0.26 Gaia Purchaser, Inc., 144A 7.625% 15/07/2033 USD 535,000 541,349 0.22 Genting New York LLC, 144A 7.25% 01/10/2029 USD 395,000 406,568 0.17
Page 363
Morgan Stanley Investment Funds 30 June 2026 359
The accompanying notes are an integral part of these financial statements.
Global High Yield Bond Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) GFL Environmental, Inc., 144A 4.75% 15/06/2029 USD 652,000 641,210 0.26 Global Medical Response, Inc., 144A 7.375% 01/10/2032 USD 573,000 593,522 0.24 Global Partners LP, 144A 8.25% 15/01/2032 USD 1,256,000 1,315,110 0.54 Global Partners LP, 144A 7.125% 01/07/2033 USD 322,000 325,890 0.13 Greystar Real Estate Partners LLC, 144A 7.75% 01/09/2030 USD 1,237,000 1,292,218 0.53 HealthEquity, Inc., 144A 4.5% 01/10/2029 USD 784,000 762,106 0.31 Herc Holdings, Inc., 144A 7% 15/06/2030 USD 678,000 701,396 0.29 Herc Holdings, Inc., 144A 5.75% 15/03/2031 USD 110,000 109,938 0.04 Herc Holdings, Inc., 144A 7.25% 15/06/2033 USD 401,000 418,699 0.17 Herc Holdings, Inc., 144A 6% 15/03/2034 USD 130,000 129,194 0.05 Hightower Holding LLC, 144A 9.125% 31/01/2030 USD 793,000 826,310 0.34 Insight Enterprises, Inc., 144A 6.625% 15/05/2032 USD 746,000 759,103 0.31 IQVIA, Inc., 144A 6.25% 01/06/2032 USD 504,000 513,958 0.21 JB Poindexter & Co., Inc., 144A 8.75% 15/12/2031 USD 543,000 558,923 0.23 JH North America Holdings, Inc., 144A 5.875% 31/01/2031 USD 244,000 245,359 0.10 JH North America Holdings, Inc., 144A 6.125% 31/07/2032 USD 358,000 361,424 0.15 K Hovnanian Enterprises, Inc., 144A 8% 01/04/2031 USD 225,000 232,293 0.09 K Hovnanian Enterprises, Inc., 144A 8.375% 01/10/2033 USD 305,000 313,632 0.13 Kinetik Holdings LP, 144A 5.875% 15/06/2030 USD 557,000 560,545 0.23 King US Bidco, Inc., Reg. S, FRN 5.454% 01/12/2032 EUR 1,015,000 1,171,418 0.48 LBM Acquisition LLC, 144A 6.25% 15/01/2029 USD 453,000 321,761 0.13 LBM Acquisition LLC, 144A 9.5% 15/06/2031 USD 1,235,000 1,107,825 0.45 LCM Investments Holdings II LLC, 144A 4.875% 01/05/2029 USD 595,000 579,573 0.24 LCM Investments Holdings II LLC, 144A 8.25% 01/08/2031 USD 115,000 119,923 0.05 Leeward Renewable Energy Operations LLC, 144A 4.25% 01/07/2029 USD 673,000 642,709 0.26 Level 3 Financing, Inc., 144A 7% 31/03/2034 USD 215,486 222,148 0.09 LifePoint Health, Inc., 144A 5.375% 15/01/2029 USD 1,012,000 972,142 0.40 LifePoint Health, Inc., 144A 9.875% 15/08/2030 USD 371,000 390,351 0.16 LifePoint Health, Inc., 144A 10% 01/06/2032 USD 262,000 260,971 0.11 Masterbrand, Inc., 144A 7% 15/07/2032 USD 764,000 774,184 0.32 Matador Resources Co., 144A 6.5% 15/04/2032 USD 501,000 505,062 0.21
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) Matador Resources Co., 144A 6% 15/04/2034 USD 215,000 209,673 0.09 Match Group Holdings II LLC, 144A 3.625% 01/10/2031 USD 327,000 294,006 0.12 Mavis Tire Express Services Topco Corp., 144A 6.5% 15/05/2029 USD 1,351,000 1,347,136 0.55 McGraw-Hill Education, Inc., 144A 5.75% 01/08/2028 USD 138,000 137,498 0.06 McGraw-Hill Education, Inc., 144A 8% 01/08/2029 USD 787,000 789,039 0.32 McGraw-Hill Education, Inc., 144A 7.375% 01/09/2031 USD 321,000 326,354 0.13 Medline Borrower LP, 144A 5.25% 01/10/2029 USD 1,872,000 1,860,952 0.76 Men's Wearhouse LLC (The), 144A 9% 01/02/2031 USD 649,000 690,720 0.28 Michaels Cos., Inc. (The), 144A 8.5% 15/03/2033 USD 820,000 812,434 0.33 Mohegan Tribal Gaming Authority, 144A 8.25% 15/04/2030 USD 1,081,000 1,127,615 0.46 Moog, Inc., 144A 5.5% 15/10/2034 USD 250,000 245,916 0.10 National CineMedia LLC 5.75% 15/08/2026*§ USD 2,303,000 – National Mentor Holdings, Inc., 144A 10.5% 15/12/2030 USD 540,000 569,750 0.23 NCL Corp. Ltd., 144A 7.75% 15/02/2029 USD 247,000 257,710 0.11 NCL Corp. Ltd., 144A 6.75% 01/02/2032 USD 528,000 526,434 0.21 Neptune Bidco US, Inc., 144A 9.29% 15/04/2029 USD 185,000 188,721 0.08 NESCO Holdings II, Inc., 144A 5.5% 15/04/2029 USD 843,000 839,418 0.34 Nexstar Media, Inc., 144A 6.5% 15/09/2033 USD 550,000 549,853 0.22 Nexstar Media, Inc., 144A 7.25% 15/04/2034 USD 500,000 499,435 0.20 NGL Energy Operating LLC, 144A 8.125% 15/02/2029 USD 739,000 764,758 0.31 NGL Energy Operating LLC, 144A 8.375% 15/02/2032 USD 154,000 160,393 0.07 Noble Finance II LLC, 144A 6.25% 15/06/2034 USD 295,000 288,541 0.12 NRG Energy, Inc., 144A 3.625% 15/02/2031 USD 303,000 281,135 0.11 NRG Energy, Inc., 144A 6% 01/02/2033 USD 500,000 502,173 0.20 NRG Energy, Inc., 144A 5.75% 15/01/2034 USD 649,000 643,772 0.26 NRG Energy, Inc., 144A 6.25% 01/11/2034 USD 328,000 332,242 0.14 NRG Energy, Inc., 144A 6% 15/01/2036 USD 1,220,000 1,215,161 0.50 NRG Energy, Inc., 144A 6.125% 15/05/2036 USD 310,000 310,239 0.13 NRG Energy, Inc., FRN, 144A 10.25% Perpetual USD 864,000 934,629 0.38 OAK-Eagle Acquireco, Inc., 144A 7.25% 01/07/2033 USD 250,000 261,078 0.11 OAK-Eagle Acquireco, Inc., 144A 8.75% 01/07/2034 USD 899,000 955,685 0.39 OAK-Eagle Acquireco, Inc., Reg. S 6.25% 01/07/2033 EUR 620,000 740,390 0.30
Page 364
360 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
Global High Yield Bond Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) Olympus Water US Holding Corp., Reg. S 6.125% 15/02/2033 EUR 825,000 946,431 0.39 Option Care Health, Inc., 144A 4.375% 31/10/2029 USD 1,054,000 1,010,544 0.41 Outfront Media Capital LLC, 144A 4.25% 15/01/2029 USD 401,000 390,965 0.16 Outfront Media Capital LLC, 144A 7.375% 15/02/2031 USD 564,000 588,256 0.24 P&L Development LLC, 144A 12% 15/05/2029 USD 355,621 348,025 0.14 Park River Holdings, Inc., 144A 8.75% 31/12/2030 USD 247,000 241,015 0.10 Park River Holdings, Inc., 144A 8% 15/03/2031 USD 830,000 838,613 0.34 Patrick Industries, Inc., 144A 4.75% 01/05/2029 USD 838,000 825,017 0.34 Patrick Industries, Inc., 144A 6.375% 01/11/2032 USD 373,000 370,658 0.15 Pattern Energy Operations LP, 144A 4.5% 15/08/2028 USD 521,000 511,169 0.21 Performance Food Group, Inc., 144A 4.25% 01/08/2029 USD 798,000 775,036 0.32 Performance Food Group, Inc., 144A 6.125% 15/09/2032 USD 395,000 399,935 0.16 Perrigo Finance Unlimited Co. 5.375% 30/09/2032 EUR 790,000 885,705 0.36 Perrigo Finance Unlimited Co. 4.9% 15/12/2044 USD 450,000 331,408 0.14 PetSmart LLC, 144A 7.5% 15/09/2032 USD 990,000 989,540 0.40 PetSmart LLC, 144A 10% 15/09/2033 USD 250,000 249,986 0.10 Plains All American Pipeline LP, FRN 8.023% Perpetual USD 612,000 614,483 0.25 Primo Water Holdings, Inc., 144A 6.25% 01/04/2029 USD 1,166,000 1,170,908 0.48 Quikrete Holdings, Inc., 144A 6.375% 01/03/2032 USD 717,000 731,934 0.30 Quikrete Holdings, Inc., 144A 6.75% 01/03/2033 USD 714,000 727,083 0.30 QXO Building Products, Inc., 144A 6.5% 15/07/2031 USD 115,000 117,223 0.05 QXO Building Products, Inc., 144A 6.875% 15/07/2034 USD 265,000 271,894 0.11 Realtruck Group, Inc., 144A 6.25% 31/07/2031 USD 874,800 214,326 0.09 Reworld Holding Corp., 144A 4.875% 01/12/2029 USD 970,000 928,153 0.38 Risewell Homes, Inc., 144A 9.25% 01/10/2029 USD 940,000 974,370 0.40 Risewell Homes, Inc., 144A 8.5% 01/11/2030 USD 599,000 613,376 0.25 Rocket Cos., Inc., 144A 6.125% 01/08/2030 USD 617,000 627,188 0.26 Rocket Cos., Inc., 144A 6.125% 01/08/2031 USD 235,000 239,873 0.10 Rocket Cos., Inc., 144A 6.375% 01/08/2033 USD 930,000 946,479 0.39 Rocket Cos., Inc., 144A 6.5% 15/06/2034 USD 160,000 164,439 0.07
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) Rocket Mortgage LLC, 144A 3.625% 01/03/2029 USD 276,000 265,590 0.11 Rocket Mortgage LLC, 144A 4% 15/10/2033 USD 7,000 6,302 Roller Bearing Co. of America, Inc., 144A 4.375% 15/10/2029 USD 578,000 564,315 0.23 Ryan Specialty LLC, 144A 5.875% 01/08/2032 USD 669,000 659,301 0.27 Science Applications International Corp., 144A 5.875% 01/11/2033 USD 385,000 379,438 0.15 Sensata Technologies, Inc., 144A 3.75% 15/02/2031 USD 643,000 602,986 0.25 Sensata Technologies, Inc., 144A 6.625% 15/07/2032 USD 200,000 205,866 0.08 Shift4 Payments LLC, Reg. S 5.5% 15/05/2033 EUR 450,000 502,811 0.20 Sinclair Television Group, Inc., 144A 8.125% 15/02/2033 USD 666,000 686,879 0.28 SM Energy Co., 144A 8.625% 01/11/2030 USD 876,000 919,966 0.38 SM Energy Co., 144A 6.625% 15/04/2034 USD 245,000 241,237 0.10 Smyrna Ready Mix Concrete LLC, 144A 6% 01/11/2028 USD 910,000 912,733 0.37 Smyrna Ready Mix Concrete LLC, 144A 8.875% 15/11/2031 USD 255,000 269,667 0.11 Solaris Energy Infrastructure LLC, 144A 6.375% 15/05/2031 USD 245,000 247,664 0.10 Somnigroup International, Inc., 144A 4% 15/04/2029 USD 25,000 24,155 0.01 Somnigroup International, Inc., 144A 3.875% 15/10/2031 USD 1,347,000 1,242,109 0.51 Sonic Automotive, Inc., 144A 4.625% 15/11/2029 USD 325,000 319,105 0.13 Sonic Automotive, Inc., 144A 4.875% 15/11/2031 USD 325,000 312,478 0.13 Specialty Building Products Holdings LLC, 144A 7.75% 15/10/2029 USD 1,205,000 1,109,271 0.45 Speedway Motorsports LLC, 144A 4.875% 01/11/2027 USD 516,000 512,048 0.21 Stagwell Global LLC, 144A 5.625% 15/08/2029 USD 416,000 401,462 0.16 Standard Industries, Inc., 144A 4.75% 15/01/2028 USD 476,000 472,865 0.19 Standard Industries, Inc., 144A 4.375% 15/07/2030 USD 59,000 56,085 0.02 Standard Industries, Inc., 144A 3.375% 15/01/2031 USD 988,000 891,452 0.36 Stonebriar ABF Issuer LLC, 144A 8.125% 15/12/2030 USD 340,000 355,538 0.15 Stonebriar ABF Issuer LLC, 144A 7% 15/08/2031 USD 140,000 139,966 0.06 Stonepeak Nile Parent LLC, 144A 7.25% 15/03/2032 USD 401,000 415,836 0.17 Suburban Propane Partners LP, 144A 5% 01/06/2031 USD 650,000 616,150 0.25 Sunoco LP, 144A 7.25% 01/05/2032 USD 592,000 613,925 0.25 Sunoco LP, 144A 5.875% 15/03/2034 USD 252,000 248,266 0.10 Sunoco LP, FRN, 144A 7.875% Perpetual USD 2,520,000 2,616,614 1.07
Page 365
Morgan Stanley Investment Funds 30 June 2026 361
The accompanying notes are an integral part of these financial statements.
Global High Yield Bond Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) Sunoco LP 4.5% 30/04/2030 USD 605,000 586,694 0.24 Surgery Center Holdings, Inc., 144A 7.25% 15/04/2032 USD 754,000 763,234 0.31 Sword Purchaser LLC, 144A 8.25% 15/04/2033 USD 974,000 1,007,779 0.41 Synergy Infrastructure Holdings LLC, 144A 7.875% 01/12/2030 USD 760,000 796,456 0.32 Synergy Infrastructure Holdings LLC, 144A 7% 15/07/2034 USD 140,000 142,023 0.06 Talen Energy Supply LLC, 144A 6.125% 01/05/2031 USD 350,000 350,094 0.14 Team Health Holdings, Inc., 144A 13.5% 30/06/2028 USD 876,802 893,821 0.36 Team Health Holdings, Inc., 144A 8.375% 30/06/2028 USD 412,000 414,873 0.17 TEAM Services Holding, Inc., 144A 9% 15/02/2033 USD 355,000 358,843 0.15 Tenet Healthcare Corp., 144A 5.5% 15/11/2032 USD 325,000 323,244 0.13 Tenet Healthcare Corp., 144A 6% 15/11/2033 USD 170,000 171,415 0.07 TerraForm Power Operating LLC, 144A 5% 31/01/2028 USD 666,000 661,361 0.27 TKC Holdings, Inc., 144A 8.5% 15/08/2030 USD 540,000 555,965 0.23 TKC Holdings, Inc., 144A 12% 15/02/2031 USD 125,000 131,841 0.05 TMS International Corp., 144A 6.25% 15/04/2029 USD 895,000 888,927 0.36 TransDigm, Inc., 144A 6.75% 15/08/2028 USD 709,000 716,992 0.29 TransDigm, Inc., 144A 6.625% 01/03/2032 USD 974,000 998,557 0.41 TransDigm, Inc., 144A 6.25% 31/01/2034 USD 120,000 122,500 0.05 Transocean International Ltd., 144A 8.25% 15/05/2029 USD 643,000 664,180 0.27 Transocean International Ltd., 144A 8.75% 15/02/2030 USD 289,100 300,621 0.12 Transocean International Ltd., 144A 7.875% 15/10/2032 USD 90,000 93,764 0.04 UGI International LLC, Reg. S 5% 01/06/2031 EUR 380,000 443,500 0.18 United Wholesale Mortgage LLC, 144A 5.5% 15/04/2029 USD 828,000 768,943 0.31 Uniti Group LP, 144A 8.625% 15/06/2032 USD 240,000 251,463 0.10 Uniti Group LP (TRACE), 144A 8.625% 15/06/2032 USD 536,000 561,601 0.23 Uniti Services LLC, 144A 7.5% 15/10/2033 USD 1,311,000 1,378,627 0.56 Univision Communications, Inc., 144A 8.5% 31/07/2031 USD 155,000 155,659 0.06 Univision Communications, Inc., 144A 9.375% 01/08/2032 USD 555,000 564,040 0.23
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) Univision Communications, Inc., 144A 8.875% 15/04/2033 USD 160,000 157,406 0.06 US Acute Care Solutions LLC, 144A 9.75% 15/05/2029 USD 842,000 790,091 0.32 US Foods, Inc., 144A 4.75% 15/02/2029 USD 537,000 530,277 0.22 UWM Holdings LLC, 144A 6.625% 01/02/2030 USD 172,000 160,322 0.07 UWM Holdings LLC, 144A 6.25% 15/03/2031 USD 673,000 599,957 0.24 Valvoline, Inc., 144A 3.625% 15/06/2031 USD 634,000 584,560 0.24 Venture Global Calcasieu Pass LLC, 144A 6% 01/05/2036 USD 335,000 338,879 0.14 Venture Global LNG, Inc., 144A 9.5% 01/02/2029 USD 908,000 978,155 0.40 Venture Global LNG, Inc., 144A 8.375% 01/06/2031 USD 268,000 278,819 0.11 Venture Global LNG, Inc., 144A 6.625% 15/06/2036 USD 275,000 271,215 0.11 Venture Global LNG, Inc., FRN, 144A 9% Perpetual USD 521,000 508,751 0.21 Versant Media Group, Inc., 144A 7.25% 30/01/2031 USD 695,000 718,471 0.29 VM Consolidated, Inc., 144A 5.5% 15/04/2029 USD 591,000 521,371 0.21 VoltaGrid LLC, 144A 7.375% 01/11/2030 USD 1,470,000 1,524,131 0.62 Voyager Parent LLC, 144A 9.25% 01/07/2032 USD 1,315,000 1,385,086 0.57 Wand NewCo 3, Inc., 144A 7.625% 30/01/2032 USD 1,503,000 1,555,091 0.63 Watco Cos. LLC, 144A 7.125% 01/08/2032 USD 990,000 1,015,006 0.41 WBI Operating LLC, 144A 6.25% 15/10/2030 USD 658,000 661,441 0.27 WBI Operating LLC, 144A 6.5% 15/10/2033 USD 588,000 589,725 0.24 WESCO Distribution, Inc., 144A 6.375% 15/03/2029 USD 502,000 512,491 0.21 WESCO Distribution, Inc., 144A 5.25% 15/04/2031 USD 110,000 109,235 0.04 WESCO Distribution, Inc., 144A 6.625% 15/03/2032 USD 728,000 751,241 0.31 WESCO Distribution, Inc., 144A 6.375% 15/03/2033 USD 371,000 380,483 0.16 White Cap Supply Holdings LLC, 144A 7.375% 15/11/2030 USD 831,000 843,534 0.34 Windsor Holdings III LLC, 144A 8.5% 15/06/2030 USD 914,000 953,445 0.39 Windstream Services LLC, 144A 8.25% 01/10/2031 USD 503,000 530,551 0.22 WS Escrow LLC, 144A 7.75% 01/06/2033 USD 555,000 569,046 0.23 WULF Compute LLC, 144A 7.75% 15/10/2030 USD 328,000 344,631 0.14
Page 366
362 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
Global High Yield Bond Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) XPLR Infrastructure Operating Partners LP, 144A 4.5% 15/09/2027 USD 599,000 594,713 0.24 XPLR Infrastructure Operating Partners LP, 144A 8.375% 15/01/2031 USD 237,000 252,883 0.10 XPLR Infrastructure Operating Partners LP, 144A 8.625% 15/03/2033 USD 413,000 442,997 0.18 XPLR Infrastructure Operating Partners LP, 144A 7.75% 15/04/2034 USD 340,000 358,038 0.15
173,580,032 70.85
Zambia First Quantum Minerals Ltd., 144A 8% 01/03/2033 USD 290,000 303,202 0.12 First Quantum Minerals Ltd., 144A 7.25% 15/02/2034 USD 280,000 287,326 0.12 First Quantum Minerals Ltd., 144A 6.375% 15/02/2036 USD 260,000 255,119 0.10
845,647 0.34 Total Corporate Bonds 238,095,547 97.18
Equities
United States of America American Gilsonite Co.* USD 1,750 – Enviva LLC USD 16,519 325,424 0.13 Mallinckrodt ARD LLC USD 154 15,144 0.01 UC Holdings, Inc.* USD 24,253 – 340,568 0.14
Total Equities 340,568 0.14
Total Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 240,616,486 98.21
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Investments CurrencyCurrency
Quantity/ Quantity/ Nominal Nominal ValueValue
Market Market Value Value USDUSD
% % of Net of Net AssetsAssets
Transferable securities and money market instruments admitted to Other transferable securities and money market instruments not oad ffidm cial exchange listing or dealt in on another regulated marketmitted to official exchange listing or dealt in on another
Corporate Bonds
United States of America Discovery Global Holdings, Inc. 4.302% 17/01/2030 EUR 145,000 165,151 0.07
165,151 0.07 Total Corporate Bonds 165,151 0.07
Total Other transferable securities and money market instruments not admitted to official exchange listing or dealt in on another regulated market 165,151 0.07
Units of authorised UCITS or other collective investment undertakings
Collective Investment Schemes - UCITS
Luxembourg Morgan Stanley Liquidity Funds US Dollar Treasury Liquidity Fund - Class MS Reserve † USD 118,605 118,605 0.05
118,605 0.05 Total Collective Investment Schemes - UCITS 118,605 0.05 Total Units of authorised UCITS or other collective investment undertakings 118,605 0.05 Total Investments 240,900,242 98.33
Cash 1,299,164 0.53 Other Assets/(Liabilities) 2,799,256 1.14 Total Net Assets 244,998,662 100.00
§ Security is currently in default. *Security is valued at its fair value under the direction of the Board of Directors. † Managed by an affiliate of the Investment Adviser. The country disclosed within the Schedule of Investments refers to the country of risk. The country of incorporation may differ.
Investments Investments CurrencyCurrency
Quantity/ Quantity/ Nominal Nominal ValueValue
Market Market Value Value USDUSD
% % of Net of Net AssetsAssets
Transferable securities and money market instruments admitted Other transferable securities and money market instruments not official exchanadmitted to o nge ffi e listing or dealt in on another regulated mcial exchange listing or dealt in on another regulated market
Page 367
Morgan Stanley Investment Funds 30 June 2026 363
The accompanying notes are an integral part of these financial statements.
Global High Yield Bond Fund (continued)
Forward Currency Exchange Contracts (continued)
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) USD
% of Net Assets EUR 1,004,883 USD 1,147,872 16/09/2026 Standard Chartered 911 GBP 379,692 USD 501,211 16/09/2026 Standard Chartered 682 USD 51,664,240 EUR 44,473,728 16/09/2026 Goldman Sachs 821,869 0.34 USD 372,725 EUR 319,864 16/09/2026 Standard Chartered 7,056 USD 11,827,618 GBP 8,826,572 16/09/2026 Citibank 160,274 0.07 USD 196,067 GBP 146,098 16/09/2026 Standard Chartered 2,949 Unrealised Gain on Forward Currency Exchange Contracts - Assets 993,741 0.41 EUR Hedged Share Class EUR 23,458,078 USD 26,692,944 31/07/2026 J.P. Morgan 71,095 0.02 USD 263,838 EUR 230,611 31/07/2026 J.P. Morgan 727 ZAR 60 EUR 3 31/07/2026 J.P. Morgan – Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts - Assets 71,822 0.02 GBP Hedged Share Class GBP 14,822,336 USD 19,551,141 31/07/2026 J.P. Morgan 41,347 0.02
Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts - Assets 41,347 0.02 ZAR Hedged Share Class ZAR 611,359 USD 36,942 31/07/2026 J.P. Morgan 247 Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts - Assets 247 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 1,107,157 0.45 EUR 200,000 USD 232,627 16/09/2026 Citibank (3,987) GBP 170,000 USD 227,897 16/09/2026 Standard Chartered (3,184) USD 650,798 EUR 569,511 16/09/2026 Standard Chartered (267) Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (7,438) EUR Hedged Share Class EUR 76,871,809 USD 87,964,013 31/07/2026 J.P. Morgan (258,613) (0.11) EUR 142 ZAR 2,671 31/07/2026 J.P. Morgan (1) USD 1,248,687 EUR 1,098,187 31/07/2026 J.P. Morgan (4,267) EUR 10,000 USD 11,438 31/07/2026 J.P. Morgan (29) Unrealised Loss on NAV Hedged Share Classes Forward Currency Exchange Contracts - Liabilities (262,910) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (270,348) (0.11) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 836,809 0.34
DERIVATIVES
Over-the-counter (OTC) and exchange traded derivatives as at 30 June 2026, expressed in US Dollars.
Page 368
364 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
Please refer to the full prospectus for the Fund’s investment objective and policy.
INVESTMENT AIM
To provide an attractive rate of relative return,
measured in Euro, through investing primarily
in Euro denominated Fixed Income Securities
whether issued by corporations, government
or government guaranteed issuers.
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds
Australia AusNet Services Holdings Pty. Ltd., Reg. S, FRN 1.625% 11/03/2081 EUR 5,850,000 5,832,528 0.23 Australia & New Zealand Banking Group Ltd., Reg. S, FRN 2.601% 21/05/2027 EUR 5,730,000 5,737,789 0.22 Commonwealth Bank of Australia, Reg. S, FRN 2.881% 15/12/2027 EUR 2,600,000 2,607,667 0.10 Macquarie Bank Ltd., Reg. S 2.574% 15/09/2027 EUR 8,900,000 8,876,051 0.34 Macquarie Bank Ltd., Reg. S 2.778% 25/02/2030 EUR 12,170,000 12,093,517 0.47 Macquarie Bank Ltd., Reg. S, FRN 2.848% 18/12/2026 EUR 7,300,000 7,309,873 0.28 National Australia Bank Ltd., Reg. S 0.625% 16/03/2027 EUR 11,460,000 11,305,027 0.44 National Australia Bank Ltd., Reg. S 2.723% 27/08/2030 EUR 10,100,000 10,013,753 0.39 National Australia Bank Ltd., Reg. S, FRN 3.612% 22/01/2036 EUR 6,625,000 6,572,098 0.25 Westpac Banking Corp., Reg. S 1.079% 05/04/2027 EUR 12,810,000 12,660,720 0.49 Westpac Banking Corp., Reg. S 2.585% 14/05/2030 EUR 12,540,000 12,381,980 0.48 Westpac Banking Corp., Reg. S, FRN 2.678% 14/01/2028 EUR 3,075,000 3,083,918 0.12
98,474,921 3.81 Austria A1 Towers Holding GmbH, Reg. S 5.25% 13/07/2028 EUR 1,600,000 1,656,704 0.07 Erste Group Bank AG, Reg. S, FRN 3.375% 13/05/2031 EUR 5,700,000 5,713,490 0.22
7,370,194 0.29 Belgium Barry Callebaut Services NV, Reg. S 3.75% 19/02/2028 EUR 1,100,000 1,108,625 0.04 KBC Group NV, Reg. S, FRN 2.881% 03/09/2028 EUR 5,600,000 5,612,970 0.22 KBC Group NV, Reg. S, FRN 2.843% 16/10/2029 EUR 7,300,000 7,315,007 0.28 KBC IFIMA SA, Reg. S, FRN 2.495% 24/02/2028 EUR 900,000 900,362 0.04
14,936,964 0.58 Brazil Pluxee NV, Reg. S 3.5% 04/09/2028 EUR 5,300,000 5,329,231 0.21
5,329,231 0.21
Short Maturity Euro Bond Fund
Page 369
Morgan Stanley Investment Funds 30 June 2026 365
The accompanying notes are an integral part of these financial statements.
Short Maturity Euro Bond Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
Canada Bank of Montreal, Reg. S 0.125% 26/01/2027 EUR 17,200,000 16,961,704 0.66 Bank of Montreal, Reg. S, FRN 2.963% 24/03/2029 EUR 6,600,000 6,613,821 0.26 Bank of Montreal, Reg. S, FRN 2.813% 28/10/2029 EUR 7,250,000 7,265,791 0.28 Bank of Nova Scotia (The), Reg. S 3.25% 18/01/2028 EUR 14,900,000 15,013,777 0.58 Bank of Nova Scotia (The), Reg. S, FRN 2.881% 10/06/2027 EUR 3,960,000 3,970,201 0.15 Canadian Imperial Bank of Commerce, Reg. S 2.5% 07/05/2030 EUR 13,035,000 12,835,325 0.50 Canadian Imperial Bank of Commerce, Reg. S, FRN 2.618% 18/01/2028 EUR 2,600,000 2,601,823 0.10 Federation des Caisses Desjardins du Quebec, Reg. S 3.125% 30/05/2029 EUR 12,300,000 12,386,338 0.48 Federation des Caisses Desjardins du Quebec, Reg. S 2.683% 29/05/2030 EUR 12,580,000 12,460,791 0.48 National Bank of Canada, Reg. S 0.01% 29/09/2026 EUR 17,200,000 17,098,877 0.66 National Bank of Canada, Reg. S 2.75% 20/01/2031 EUR 10,000,000 9,916,500 0.38 Royal Bank of Canada, Reg. S 0.125% 26/04/2027 EUR 13,890,000 13,608,684 0.53 Royal Bank of Canada, Reg. S, FRN 3.181% 13/06/2029 EUR 6,410,000 6,442,708 0.25 Royal Bank of Canada, Reg. S, FRN 3.375% 15/06/2030 EUR 4,175,000 4,193,789 0.16 Toronto-Dominion Bank (The), Reg. S 0.864% 24/03/2027 EUR 9,000,000 8,886,270 0.35 Toronto-Dominion Bank (The), Reg. S 3.191% 16/02/2029 EUR 18,360,000 18,524,321 0.72 Toronto-Dominion Bank (The), Reg. S, FRN 2.931% 10/09/2027 EUR 7,225,000 7,247,748 0.28
176,028,468 6.82 Czech Republic UniCredit Bank Czech Republic & Slovakia A/S, Reg. S 3.75% 20/06/2028 EUR 12,500,000 12,689,895 0.49 UniCredit Bank Czech Republic & Slovakia A/S, Reg. S 2.625% 03/03/2030 EUR 4,500,000 4,443,124 0.17
17,133,019 0.66 Denmark Arla Foods amba, Reg. S 3.375% 22/05/2029 EUR 6,325,000 6,351,714 0.24 Danske Bank A/S, Reg. S, FRN 2.568% 11/11/2027 EUR 2,230,000 2,231,695 0.09 Danske Bank A/S, Reg. S, FRN 2.622% 01/10/2028 EUR 3,825,000 3,830,639 0.15
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
Denmark (continued) Novonesis Novozymes, Reg. S 'B' 3.25% 19/03/2030 EUR 2,220,000 2,227,526 0.09 Nykredit Realkredit A/S, Reg. S, FRN 2.761% 24/01/2027 EUR 1,950,000 1,954,060 0.07
16,595,634 0.64 Estonia Luminor Bank A/S, Reg. S, FRN 4.042% 10/09/2028 EUR 1,650,000 1,661,269 0.07
1,661,269 0.07 Finland Nordea Bank Abp, Reg. S 2.75% 02/05/2030 EUR 1,890,000 1,870,514 0.07 Nordea Bank Abp, Reg. S, FRN 2.613% 24/12/2027 EUR 2,800,000 2,801,611 0.11 Nordea Bank Abp, Reg. S, FRN 2.548% 23/10/2028 EUR 3,600,000 3,601,604 0.14 OP Corporate Bank plc, Reg. S, FRN 2.53% 30/01/2029 EUR 2,950,000 2,952,117 0.11 Saastopankkien Keskuspankki Suomi OYJ, FRN 2.729% 02/02/2028 EUR 4,000,000 4,009,678 0.16
15,235,524 0.59 France Air Liquide Finance SA, Reg. S 2.625% 05/11/2029 EUR 9,700,000 9,592,483 0.37 Ayvens SA, Reg. S 3.875% 16/07/2029 EUR 3,500,000 3,565,329 0.14 Banque Federative du Credit Mutuel SA, Reg. S 3% 07/05/2030 EUR 4,900,000 4,856,952 0.19 Banque Federative du Credit Mutuel SA, Reg. S, FRN 2.558% 14/01/2028 EUR 6,700,000 6,704,743 0.26 BNP Paribas SA, Reg. S, FRN 1.125% 15/01/2032 EUR 5,500,000 5,439,229 0.21 BPCE SA, Reg. S, FRN 5.75% 01/06/2033 EUR 3,300,000 3,442,839 0.13 BPCE SA, Reg. S, FRN 1.25% 13/01/2042 EUR 3,800,000 3,776,633 0.15 Capgemini SE, Reg. S 2.5% 25/09/2028 EUR 3,800,000 3,759,795 0.15 Carrefour SA, Reg. S 2.875% 08/12/2028 EUR 6,800,000 6,767,295 0.26 Carrefour SA, Reg. S 2.875% 07/05/2029 EUR 1,000,000 992,702 0.04 Credit Agricole SA, Reg. S, FRN 3.125% 26/01/2029 EUR 3,600,000 3,606,485 0.14 Credit Agricole SA, Reg. S, FRN 2.875% 16/02/2030 EUR 6,600,000 6,531,138 0.25 Credit Mutuel Arkea SA, Reg. S 3.375% 19/09/2027 EUR 2,900,000 2,916,788 0.11
Page 370
366 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
Short Maturity Euro Bond Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
France (continued) Credit Mutuel Home Loan SFH SA, Reg. S 3% 23/07/2029 EUR 18,000,000 18,084,540 0.70 Electricite de France SA, Reg. S 3.75% 05/06/2027 EUR 7,700,000 7,760,850 0.30 Engie SA, Reg. S 3.625% 06/12/2026 EUR 1,300,000 1,304,328 0.05 EssilorLuxottica SA, Reg. S 2.875% 05/03/2029 EUR 6,000,000 5,991,801 0.23 Kering SA, Reg. S 3.625% 05/09/2027 EUR 5,500,000 5,540,847 0.22 LVMH Moet Hennessy Louis Vuitton SE, Reg. S 2.75% 07/11/2027 EUR 4,800,000 4,798,549 0.19 Orange SA, Reg. S 2.5% 13/11/2028 EUR 2,100,000 2,078,391 0.08 Orange SA, Reg. S, FRN 1.75% Perpetual EUR 6,600,000 6,356,915 0.25 Praemia Healthcare SACA, REIT, Reg. S 5.5% 19/09/2028 EUR 1,100,000 1,143,905 0.04 RCI Banque SA, Reg. S 3.5% 17/01/2028 EUR 1,520,000 1,526,030 0.06 RCI Banque SA, Reg. S 4.875% 14/06/2028 EUR 1,815,000 1,864,980 0.07 RTE Reseau de Transport d'Electricite SADIR, Reg. S 2.875% 02/10/2028 EUR 4,500,000 4,492,306 0.17 RTE Reseau de Transport d'Electricite SADIR, Reg. S 2.625% 08/07/2029 EUR 6,600,000 6,527,598 0.25 SEB SA, Reg. S 3.625% 24/06/2030 EUR 1,600,000 1,575,501 0.06 Societe Generale SA, Reg. S 4.25% 28/09/2026 EUR 3,400,000 3,414,264 0.13 Societe Generale SA, Reg. S 3% 12/02/2027 EUR 7,000,000 7,014,085 0.27 Transdev Group SA, Reg. S 3.054% 21/05/2028 EUR 4,100,000 4,093,673 0.16
145,520,974 5.63 Germany Amprion GmbH, Reg. S 3.45% 22/09/2027 EUR 3,100,000 3,115,045 0.12 Amprion GmbH, Reg. S 2.75% 30/09/2029 EUR 7,300,000 7,205,034 0.28 Bayer AG, Reg. S 4% 26/08/2026 EUR 5,510,000 5,515,552 0.21 BMW Finance NV, Reg. S 2.625% 27/01/2029 EUR 2,410,000 2,383,913 0.09 BMW International Investment BV, Reg. S 3% 27/08/2027 EUR 2,120,000 2,123,392 0.08 BMW International Investment BV, Reg. S, FRN 2.62% 09/10/2026 EUR 2,500,000 2,502,065 0.10 Commerzbank AG, Reg. S, FRN 2.745% 03/03/2028 EUR 1,700,000 1,702,139 0.07 Commerzbank AG, Reg. S, FRN 3.125% 26/11/2030 EUR 4,100,000 4,071,415 0.16 Commerzbank AG, Reg. S, FRN 4.875% 16/10/2034 EUR 4,900,000 5,068,151 0.20 Daimler Truck International Finance BV, Reg. S 3.125% 23/03/2028 EUR 1,100,000 1,101,908 0.04 Deutsche Bank AG, Reg. S, FRN 4% 12/07/2028 EUR 2,600,000 2,625,108 0.10 Deutsche Bank AG, Reg. S, FRN 4% 24/06/2032 EUR 3,400,000 3,414,608 0.13 Deutsche Boerse AG, Reg. S 3.25% 24/03/2031 EUR 3,325,000 3,351,682 0.13
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
Germany (continued) EnBW International Finance BV, Reg. S 3.625% 22/11/2026 EUR 800,000 803,194 0.03 Eurogrid GmbH, Reg. S 3.075% 18/10/2027 EUR 2,000,000 2,005,008 0.08 Fresenius Medical Care AG, Reg. S 3.125% 08/12/2028 EUR 930,000 930,990 0.04 Fresenius SE & Co. KGaA, Reg. S 2.75% 15/09/2029 EUR 2,110,000 2,080,341 0.08 Mercedes-Benz Finance Canada, Inc., Reg. S, FRN 2.458% 14/01/2028 EUR 3,300,000 3,299,392 0.13 Norddeutsche Landesbank-Girozentrale, Reg. S, FRN 4.375% 10/12/2035 EUR 3,700,000 3,738,037 0.14 Siemens Financieringsmaatschappij NV, Reg. S, FRN 2.504% 27/05/2027 EUR 2,100,000 2,102,338 0.08 Traton Finance Luxembourg SA, Reg. S 4.5% 23/11/2026 EUR 6,500,000 6,535,520 0.25 Traton Finance Luxembourg SA, Reg. S 3.375% 14/01/2028 EUR 3,500,000 3,507,875 0.14 Traton Finance Luxembourg SA, Reg. S, FRN 2.901% 21/08/2026 EUR 5,000,000 5,003,243 0.19 UniCredit Bank AG, Reg. S 0.01% 28/09/2026 EUR 4,000,000 3,976,504 0.15 UniCredit Bank AG, Reg. S 2.625% 14/01/2031 EUR 5,000,000 4,933,975 0.19 Volkswagen Bank GmbH, Reg. S 3.125% 10/12/2029 EUR 4,600,000 4,549,992 0.18 Volkswagen Bank GmbH, Reg. S, FRN 2.942% 09/06/2028 EUR 2,600,000 2,602,010 0.10 Volkswagen Financial Services AG, Reg. S 3.75% 10/09/2026 EUR 2,460,000 2,464,336 0.10 Volkswagen Financial Services AG, Reg. S 3.25% 19/05/2027 EUR 2,900,000 2,908,548 0.11 Volkswagen International Finance NV, Reg. S, FRN 7.5% Perpetual EUR 6,600,000 7,034,981 0.27 Vonovia SE, Reg. S, FRN 2.838% 20/04/2028 EUR 3,500,000 3,505,124 0.14 Wintershall Dea Finance BV, Reg. S 3.83% 03/10/2029 EUR 2,925,000 2,942,252 0.11
109,103,672 4.22 Greece Eurobank SA, Reg. S, FRN 3.25% 12/03/2030 EUR 7,500,000 7,470,486 0.29 Eurobank SA, Reg. S, FRN 4% 24/09/2030 EUR 6,725,000 6,844,828 0.26 Piraeus Bank SA, Reg. S, FRN 3% 03/12/2028 EUR 970,000 967,438 0.04 Piraeus Bank SA, Reg. S, FRN 4.625% 17/07/2029 EUR 5,850,000 5,992,752 0.23
21,275,504 0.82
Page 371
Morgan Stanley Investment Funds 30 June 2026 367
The accompanying notes are an integral part of these financial statements.
Short Maturity Euro Bond Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
Iceland Arion Banki HF, Reg. S 4.625% 21/11/2028 EUR 3,320,000 3,429,654 0.13 Arion Banki HF, Reg. S 3.625% 15/11/2029 EUR 2,500,000 2,515,319 0.10
5,944,973 0.23 Ireland Permanent TSB Group Holdings plc, Reg. S, FRN 6.625% 30/06/2029 EUR 4,630,000 4,924,413 0.19
4,924,413 0.19 Italy ASTM SpA, Reg. S 1% 25/11/2026 EUR 3,040,000 3,019,643 0.12 BPER Banca SpA, Reg. S 3.75% 22/10/2028 EUR 8,030,000 8,192,535 0.32 CA Auto Bank SpA, Reg. S 3.75% 12/04/2027 EUR 1,940,000 1,953,615 0.07 CA Auto Bank SpA, Reg. S, FRN 2.965% 27/01/2028 EUR 1,850,000 1,860,696 0.07 ENEL Finance International NV, Reg. S 2.625% 24/02/2028 EUR 2,500,000 2,487,916 0.10 Enel SpA, Reg. S, FRN 4.75% Perpetual EUR 4,320,000 4,412,853 0.17 Enel SpA, Reg. S, FRN 6.375% Perpetual EUR 3,870,000 4,053,473 0.16 Intesa Sanpaolo SpA, Reg. S, FRN 2.856% 20/03/2028 EUR 2,950,000 2,957,920 0.11 Leasys SpA, Reg. S 3.875% 12/10/2027 EUR 2,500,000 2,524,614 0.10 Leasys SpA, Reg. S, FRN 2.886% 22/09/2027 EUR 3,000,000 2,999,395 0.12 Snam SpA, Reg. S 3.125% 22/06/2030 EUR 3,975,000 3,964,327 0.15 Snam SpA, Reg. S, FRN 4.5% Perpetual EUR 7,400,000 7,553,603 0.29 Terna - Rete Elettrica Nazionale, Reg. S, FRN 2.375% Perpetual EUR 6,880,000 6,783,349 0.26 UniCredit SpA, Reg. S, FRN 3.875% 11/06/2028 EUR 4,000,000 4,033,975 0.16 UniCredit SpA, Reg. S, FRN 2.919% 20/11/2028 EUR 4,800,000 4,822,129 0.19
61,620,043 2.39 Japan NTT Finance Corp., Reg. S 3.559% 01/11/2031 EUR 3,150,000 3,161,232 0.12 NTT Finance Corp., Reg. S, FRN 2.596% 04/03/2028 EUR 2,750,000 2,748,160 0.11 Sumitomo Mitsui Banking Corp., Reg. S 2.737% 18/02/2030 EUR 13,320,000 13,178,941 0.51 Sumitomo Mitsui Banking Corp., Reg. S 3.536% 02/04/2030 EUR 5,030,000 5,082,579 0.20 Toyota Motor Finance Netherlands BV, Reg. S 3.125% 21/04/2028 EUR 2,925,000 2,931,949 0.11 Toyota Motor Finance Netherlands BV, Reg. S 2.75% 28/01/2030 EUR 7,300,000 7,192,735 0.28
34,295,596 1.33
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
Luxembourg AXA Logistics Europe Master SCA, Reg. S 0.375% 15/11/2026 EUR 1,413,000 1,400,937 0.05
1,400,937 0.05 Netherlands ABN AMRO Bank NV, Reg. S, FRN 2.69% 28/02/2029 EUR 2,400,000 2,405,512 0.09 Achmea Bank NV, Reg. S 2.75% 10/12/2027 EUR 1,700,000 1,694,519 0.07 Akzo Nobel NV, Reg. S 3.625% 16/06/2029 EUR 1,250,000 1,258,194 0.05 Alliander NV, Reg. S 2.625% 09/09/2027 EUR 1,750,000 1,744,446 0.07 Cooperatieve Rabobank UA, Reg. S, FRN 2.813% 16/07/2028 EUR 5,000,000 5,015,399 0.19 Galderma Finance Europe BV, Reg. S 3.5% 20/03/2030 EUR 3,000,000 3,018,051 0.12 Heineken NV, Reg. S 2.565% 03/10/2028 EUR 6,300,000 6,258,792 0.24 JDE Peet's NV, Reg. S, FRN 3.073% 11/12/2027 EUR 1,525,000 1,527,650 0.06 Koninklijke Ahold Delhaize NV, Reg. S, FRN 2.747% 12/03/2028 EUR 2,400,000 2,402,513 0.09 Magnum Icc Finance BV, Reg. S 2.75% 26/02/2029 EUR 2,200,000 2,178,947 0.08 REWE International Finance BV, Reg. S 2.75% 03/07/2028 EUR 1,700,000 1,689,867 0.07 Universal Music Group NV, Reg. S 3% 30/06/2027 EUR 6,880,000 6,893,083 0.27 Universal Music Group NV, Reg. S 3.375% 16/06/2030 EUR 1,550,000 1,560,685 0.06
37,647,658 1.46 New Zealand ANZ New Zealand Int'l Ltd., Reg. S 0.895% 23/03/2027 EUR 11,460,000 11,319,902 0.44 ASB Bank Ltd., Reg. S 4.5% 16/03/2027 EUR 3,680,000 3,726,418 0.14 ASB Bank Ltd., Reg. S 3.185% 16/04/2029 EUR 525,000 526,495 0.02 Bank of New Zealand, Reg. S 3.661% 17/07/2029 EUR 5,590,000 5,678,372 0.22 Bank of New Zealand, Reg. S 2.708% 18/06/2030 EUR 11,380,000 11,265,192 0.44
32,516,379 1.26 Norway DNB Bank ASA, Reg. S, FRN 4.5% 19/07/2028 EUR 3,270,000 3,325,253 0.13 DNB Bank ASA, Reg. S, FRN 3.25% 17/06/2031 EUR 2,975,000 2,983,218 0.12 SpareBank 1 Sor-Norge ASA, Reg. S 3.625% 12/03/2029 EUR 3,940,000 4,006,386 0.15
10,314,857 0.40
Page 372
368 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
Short Maturity Euro Bond Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
Poland Bank Polska Kasa Opieki SA, Reg. S, FRN 5.5% 23/11/2027 EUR 4,900,000 4,950,429 0.19 Bank Polska Kasa Opieki SA, Reg. S, FRN 4% 24/09/2030 EUR 2,300,000 2,336,922 0.09 mBank SA, Reg. S, FRN 8.375% 11/09/2027 EUR 700,000 708,035 0.03 PKO Bank Hipoteczny SA, Reg. S 2.5% 12/06/2029 EUR 13,200,000 13,035,512 0.50 Powszechna Kasa Oszczednosci Bank Polski SA, Reg. S, FRN 3.875% 12/09/2027 EUR 1,475,000 1,478,458 0.06 Powszechna Kasa Oszczednosci Bank Polski SA, Reg. S, FRN 3.375% 16/06/2028 EUR 2,300,000 2,304,230 0.09
24,813,586 0.96 Portugal Banco Santander Totta SA, Reg. S 3.375% 19/04/2028 EUR 8,600,000 8,695,394 0.34 Caixa Central-Caixa Central de Credito Agricola Mutuo CRL, Reg. S, FRN 3.25% 29/01/2031 EUR 900,000 890,684 0.03
9,586,078 0.37 Qatar QNB Finance Ltd., Reg. S 3% 30/09/2030 EUR 6,435,000 6,283,488 0.24
6,283,488 0.24 Romania NE Property BV, Reg. S 1.875% 09/10/2026 EUR 612,000 610,149 0.02 Societatea Energetica Electrica SA, Reg. S 4.375% 14/07/2030 EUR 375,000 379,624 0.02
989,773 0.04 Saudi Arabia Gaci First Investment Co., Reg. S 2.75% 14/10/2028 EUR 10,970,000 10,789,626 0.42
10,789,626 0.42 Singapore DBS Bank Ltd., Reg. S 2.429% 03/01/2029 EUR 13,500,000 13,343,771 0.52 Temasek Financial I Ltd., Reg. S 3.25% 15/02/2027 EUR 6,600,000 6,618,603 0.25
19,962,374 0.77
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
Slovak Republic Ceskoslovenska Obchodna Banka A/S, Reg. S 3.375% 03/07/2029 EUR 12,600,000 12,748,109 0.49 Tatra Banka A/S, Reg. S 2.75% 09/10/2028 EUR 11,700,000 11,657,367 0.45 Tatra Banka A/S, Reg. S 2.75% 10/02/2031 EUR 9,300,000 9,195,149 0.36
33,600,625 1.30 Slovenia OTP Banka dd, Reg. S, FRN 3.5% 20/05/2028 EUR 4,700,000 4,708,703 0.18
4,708,703 0.18 South Korea Hyundai Capital Services, Inc., Reg. S 2.861% 21/01/2029 EUR 1,150,000 1,140,926 0.05 KEB Hana Bank, Reg. S 2.875% 23/01/2028 EUR 12,100,000 12,096,872 0.47 Kookmin Bank, Reg. S 2.75% 21/01/2028 EUR 12,730,000 12,707,605 0.49 Shinhan Bank Co. Ltd., Reg. S 3.32% 29/01/2027 EUR 8,540,000 8,569,033 0.33
34,514,436 1.34 Spain Banco Bilbao Vizcaya Argentaria SA, Reg. S, FRN 2.761% 07/06/2027 EUR 5,200,000 5,211,926 0.20 Banco Santander SA, Reg. S, FRN 3.25% 02/04/2029 EUR 1,800,000 1,805,345 0.07 Cellnex Finance Co. SA, Reg. S 3.625% 24/01/2029 EUR 800,000 809,400 0.03 Colonial SFL Socimi SA, REIT, Reg. S 3.25% 22/01/2030 EUR 800,000 796,020 0.03 Iberdrola Finanzas SA, Reg. S, FRN 4.875% Perpetual EUR 8,700,000 8,899,524 0.35
17,522,215 0.68 Sweden Hemso Treasury OYJ, Reg. S 0% 19/01/2028 EUR 3,040,000 2,894,917 0.11 Lansforsakringar Bank AB, Reg. S 4% 18/01/2027 EUR 2,725,000 2,746,546 0.11 Lansforsakringar Bank AB, Reg. S 2.625% 06/10/2028 EUR 3,140,000 3,114,254 0.12 Lansforsakringar Bank AB, Reg. S 3.25% 22/01/2030 EUR 4,650,000 4,666,451 0.18 Securitas Treasury Ireland DAC, Reg. S 4.25% 04/04/2027 EUR 2,950,000 2,972,523 0.11 Skandinaviska Enskilda Banken AB, FRN 0.75% 03/11/2031 EUR 10,090,000 10,011,138 0.39
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The accompanying notes are an integral part of these financial statements.
Short Maturity Euro Bond Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
Sweden (continued) Skandinaviska Enskilda Banken AB, Reg. S 3.375% 19/03/2030 EUR 4,750,000 4,783,182 0.19 Swedbank AB, Reg. S 3.25% 24/09/2029 EUR 6,100,000 6,118,512 0.24
37,307,523 1.45 Switzerland ELM BV for Julius Baer Group Ltd., Reg. S 3.375% 19/06/2030 EUR 5,100,000 5,064,624 0.20 Raiffeisen Schweiz Genossenschaft, Reg. S 5.23% 01/11/2027 EUR 4,600,000 4,729,771 0.18 Sika Capital BV, Reg. S 3.75% 03/11/2026 EUR 1,970,000 1,975,590 0.08 Swisscom Finance BV, Reg. S 3.5% 29/08/2028 EUR 2,620,000 2,650,195 0.10 UBS AG, Reg. S, FRN 2.581% 21/11/2027 EUR 1,650,000 1,651,992 0.06 UBS Group AG, Reg. S, FRN 2.875% 12/02/2030 EUR 10,000,000 9,915,538 0.38 UBS Switzerland AG, Reg. S 3.304% 05/03/2029 EUR 13,240,000 13,380,983 0.52 UBS Switzerland AG, Reg. S 2.746% 19/05/2030 EUR 14,270,000 14,150,256 0.55 UBS Switzerland AG, Reg. S 2.783% 09/09/2030 EUR 17,700,000 17,500,395 0.68
71,019,344 2.75 United Arab Emirates First Abu Dhabi Bank PJSC, Reg. S 3.53% 24/12/2029 EUR 3,925,000 3,943,295 0.15
3,943,295 0.15 United Kingdom Barclays plc, Reg. S, FRN 3.04% 08/05/2028 EUR 4,160,000 4,178,075 0.16 Compass Group plc, Reg. S 2.625% 15/01/2029 EUR 2,300,000 2,279,595 0.09 Coventry Building Society, Reg. S 3.125% 29/10/2029 EUR 1,550,000 1,548,078 0.06 DS Smith plc, Reg. S 4.375% 27/07/2027 EUR 2,410,000 2,440,018 0.10 HSBC Holdings plc, Reg. S, FRN 2.984% 12/11/2029 EUR 8,525,000 8,561,231 0.33 HSBC Holdings plc, Reg. S, FRN 3.313% 13/05/2030 EUR 2,800,000 2,803,823 0.11 HSBC Holdings plc, Reg. S, FRN 3.445% 25/09/2030 EUR 5,810,000 5,838,881 0.23 HSBC UK Bank plc, Reg. S 2.625% 25/05/2030 EUR 11,985,000 11,819,382 0.46 Informa plc, Reg. S 3% 23/10/2027 EUR 3,170,000 3,176,396 0.12 LSEG Netherlands BV, Reg. S 4.125% 29/09/2026 EUR 2,095,000 2,100,102 0.08
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United Kingdom (continued) LSEG Netherlands BV, Reg. S 2.75% 20/09/2027 EUR 4,450,000 4,443,287 0.17 Nationwide Building Society, Reg. S, FRN 4% 18/03/2028 EUR 1,100,000 1,108,402 0.04 Nationwide Building Society, Reg. S, FRN 4.625% 29/10/2028 EUR 1,610,000 1,645,909 0.06 Nationwide Building Society, Reg. S, FRN 2.965% 27/01/2029 EUR 3,100,000 3,113,020 0.12 Nationwide Building Society, Reg. S, FRN 3.105% 03/02/2031 EUR 3,920,000 3,887,962 0.15 NatWest Group plc, Reg. S, FRN 3.24% 13/05/2030 EUR 5,680,000 5,677,375 0.22 Santander UK plc, Reg. S 1.125% 12/03/2027 EUR 10,030,000 9,928,573 0.38 Santander UK plc, Reg. S 2.625% 12/04/2028 EUR 8,500,000 8,468,669 0.33 Yorkshire Building Society, Reg. S 2.75% 28/01/2030 EUR 12,690,000 12,576,044 0.49
95,594,822 3.70 United States of America Amazon.com, Inc. 2.8% 16/03/2028 EUR 4,410,000 4,406,042 0.17 American Medical Systems Europe BV 3.375% 08/03/2029 EUR 3,200,000 3,223,604 0.12 Amphenol Corp. 3.375% 12/05/2029 EUR 4,300,000 4,328,315 0.17 Athene Global Funding, Reg. S, FRN 3.051% 21/05/2027 EUR 2,250,000 2,252,778 0.09 Bank of America Corp., Reg. S, FRN 2.693% 28/01/2028 EUR 6,875,000 6,888,639 0.27 Bank of America Corp., Reg. S, FRN 2.75% 30/10/2029 EUR 7,265,000 7,278,004 0.28 Caterpillar Financial Services Corp., Reg. S, FRN 2.721% 10/06/2027 EUR 3,600,000 3,606,712 0.14 Cencora, Inc. 2.875% 22/05/2028 EUR 1,210,000 1,206,505 0.05 Citigroup, Inc., FRN 3.27% 29/04/2029 EUR 2,200,000 2,224,380 0.08 Citigroup, Inc., FRN 2.928% 22/10/2030 EUR 7,300,000 7,223,874 0.28 Citigroup, Inc., Reg. S, FRN 0.5% 08/10/2027 EUR 8,030,000 7,988,834 0.31 Citigroup, Inc., Reg. S, FRN 2.852% 14/05/2028 EUR 3,390,000 3,398,985 0.13 Danaher Corp., FRN 2.55% 29/04/2028 EUR 4,350,000 4,357,994 0.17 Equinix Europe 2 Financing Corp. LLC, REIT 3.25% 19/05/2029 EUR 3,190,000 3,191,636 0.12 Ford Motor Credit Co. LLC 3.778% 16/09/2029 EUR 1,850,000 1,850,521 0.07 General Motors Financial Co., Inc., Reg. S 3.1% 04/08/2029 EUR 7,170,000 7,140,596 0.28 Goldman Sachs Group, Inc. (The), Reg. S, FRN 3.386% 23/09/2027 EUR 4,590,000 4,602,328 0.18 Goldman Sachs Group, Inc. (The), Reg. S, FRN 2.968% 23/01/2029 EUR 3,610,000 3,627,051 0.14 Goldman Sachs Group, Inc. (The), Reg. S, FRN 2.743% 17/02/2029 EUR 4,890,000 4,860,719 0.19 Goldman Sachs Group, Inc. (The), Reg. S, FRN 3.088% 18/12/2029 EUR 8,500,000 8,516,741 0.33
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370 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
Short Maturity Euro Bond Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) International Business Machines Corp., FRN 2.429% 03/02/2028 EUR 2,325,000 2,325,301 0.09 JPMorgan Chase & Co., Reg. S, FRN 3.674% 06/06/2028 EUR 5,390,000 5,431,240 0.21 JPMorgan Chase & Co., Reg. S, FRN 2.769% 18/02/2029 EUR 4,630,000 4,637,149 0.18 Maple Parent Holdings Corp., Reg. S 3.495% 26/03/2028 EUR 3,960,000 3,977,100 0.15 National Grid North America, Inc., Reg. S 3.247% 25/11/2029 EUR 6,975,000 6,986,843 0.27 New York Life Global Funding, Reg. S, FRN 2.62% 09/07/2027 EUR 2,000,000 2,004,080 0.08 Sanofi SA, Reg. S 3% 05/05/2029 EUR 5,100,000 5,115,317 0.20 Thermo Fisher Scientific Finance I BV, FRN 2.511% 01/12/2027 EUR 3,065,000 3,067,267 0.12 US Bancorp, FRN 3.001% 21/05/2028 EUR 3,610,000 3,619,846 0.14
129,338,401 5.01 Total Corporate Bonds 1,317,304,519 51.01
Government Bonds
Belgium Belgium Government Bond, Reg. S, 144A 2.6% 22/10/2030 EUR 42,210,000 41,861,457 1.62
41,861,457 1.62 Canada CDP Financial, Inc., Reg. S 3% 11/04/2029 EUR 13,090,000 13,148,359 0.51 OMERS Finance Trust, Reg. S 3.125% 25/01/2029 EUR 10,390,000 10,447,439 0.40
23,595,798 0.91 Chile Chile Government Bond 1.44% 01/02/2029 EUR 17,272,000 16,541,355 0.64
16,541,355 0.64 China China Development Bank, Reg. S 3.375% 16/04/2027 EUR 9,200,000 9,249,202 0.36
9,249,202 0.36 Finland Fingrid OYJ, Reg. S 2.75% 04/12/2029 EUR 5,900,000 5,846,820 0.23
5,846,820 0.23
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Government Bonds (continued)
France Electricite de France SA, Reg. S, FRN 2.606% 04/03/2028 EUR 1,000,000 1,000,873 0.04 France Government Bond OAT, Reg. S, 144A 0.75% 25/05/2028 EUR 80,000,000 77,174,000 2.99 France Government Bond OAT, Reg. S, 144A 2.75% 25/02/2030 EUR 81,370,000 81,144,808 3.14
159,319,681 6.17 Hungary MFB Magyar Fejlesztesi Bank Zrt., Reg. S 4.375% 27/06/2030 EUR 4,890,000 5,031,914 0.19
5,031,914 0.19 Italy Agenzia Nazionale per l'Attrazione degli Investimenti e lo Sviluppo d'Impresa, Reg. S 3.125% 18/07/2030 EUR 3,000,000 2,982,589 0.12 AMCO - Asset Management Co. SpA, Reg. S 3.25% 02/04/2030 EUR 6,375,000 6,392,611 0.25 Cassa Depositi e Prestiti SpA, Reg. S 3.25% 03/06/2031 EUR 4,500,000 4,508,444 0.17 Italy Buoni Poliennali del Tesoro, Reg. S 2.95% 01/07/2030 EUR 30,000,000 30,053,166 1.16 Italy Buoni Poliennali del Tesoro Inflation Linked Bond 1.6% 28/06/2030 EUR 26,000,000 26,288,138 1.02 Italy Buoni Poliennali del Tesoro Inflation Linked Bond, Reg. S, 144A 0.65% 28/10/2027 EUR 28,660,000 28,924,510 1.12 Italy Buoni Poliennali del Tesoro Inflation Linked Bond, Reg. S, 144A 2% 14/03/2028 EUR 12,870,000 13,309,510 0.52 Italy Buoni Poliennali del Tesoro Inflation Linked Bond, Reg. S, 144A 1.6% 22/11/2028 EUR 62,940,000 64,122,308 2.48 Italy Certificati di Credito del Tesoro, Reg. S, FRN, 144A 3.187% 15/10/2030 EUR 102,810,000 104,663,921 4.05
281,245,197 10.89 Japan Development Bank of Japan, Inc., Reg. S 3.5% 13/09/2027 EUR 8,950,000 9,032,724 0.35 Development Bank of Japan, Inc., Reg. S 2.625% 11/09/2028 EUR 8,830,000 8,786,855 0.34 Development Bank of Japan, Inc., Reg. S 2.5% 04/09/2029 EUR 2,000,000 1,974,724 0.08 Japan Finance Organization for Municipalities, Reg. S 0.05% 12/02/2027 EUR 5,000,000 4,924,969 0.19
24,719,272 0.96
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The accompanying notes are an integral part of these financial statements.
Short Maturity Euro Bond Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Government Bonds (continued)
Lithuania Lithuania Government Bond, Reg. S 2.875% 28/01/2030 EUR 14,200,000 14,200,246 0.55
14,200,246 0.55 Luxembourg Banque et Caisse d'Epargne de l'Etat, Reg. S, FRN 3.25% 19/03/2031 EUR 3,500,000 3,497,534 0.13 State of the Grand-Duchy of Luxembourg, Reg. S 1.375% 25/05/2029 EUR 48,830,000 47,004,499 1.82
50,502,033 1.95 Mexico Mexico Government Bond 3.5% 19/09/2029 EUR 8,826,000 8,768,471 0.34
8,768,471 0.34 Netherlands BNG Bank NV, Reg. S 2.5% 21/05/2030 EUR 43,400,000 42,957,605 1.66
42,957,605 1.66
New Zealand New Zealand Local Government Funding Agency Bond, Reg. S 2.875% 01/04/2030 EUR 9,800,000 9,801,254 0.38
9,801,254 0.38 Poland Poland Government Bond, Reg. S 2.875% 15/01/2031 EUR 9,270,000 9,210,153 0.36
9,210,153 0.36 Romania Romania Government Bond, Reg. S 5.25% 10/03/2030 EUR 29,900,000 31,131,247 1.21
31,131,247 1.21
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value EUR
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Government Bonds (continued)
South Korea Korea Government Bond 2.25% 03/07/2028 EUR 7,000,000 6,941,702 0.27 Korea Housing Finance Corp., Reg. S 3.124% 18/03/2029 EUR 11,560,000 11,608,128 0.45 Korea Housing Finance Corp., Reg. S 2.765% 02/09/2030 EUR 9,590,000 9,507,729 0.37 Korea Housing Finance Corp., Reg. S 2.696% 04/03/2031 EUR 12,500,000 12,324,724 0.48 Korea Land & Housing Corp., Reg. S 2.375% 19/11/2028 EUR 7,000,000 6,893,278 0.26
47,275,561 1.83 Spain Adif Alta Velocidad, Reg. S 3.125% 31/01/2030 EUR 10,800,000 10,869,584 0.42 Spain Bonos y Obligaciones del Estado 3.5% 31/05/2029 EUR 168,440,000 172,433,431 6.68 Spain Bonos y Obligaciones del Estado 2.7% 31/01/2030 EUR 50,000,000 49,987,750 1.93
233,290,765 9.03 Supranational Arab Bank for Economic Development in Africa, Reg. S 3.75% 25/01/2027 EUR 7,950,000 7,987,928 0.31 Arab Bank for Economic Development in Africa, Reg. S 3% 20/03/2028 EUR 10,900,000 10,876,860 0.42 Asian Development Bank 2.95% 05/06/2029 EUR 6,650,000 6,707,221 0.26 Asian Development Bank, Reg. S 0% 24/10/2029 EUR 10,000,000 9,177,839 0.36 Asian Infrastructure Investment Bank (The), Reg. S 2.25% 05/03/2029 EUR 10,000,000 9,898,230 0.38 Corp. Andina de Fomento, Reg. S 3.625% 13/02/2030 EUR 12,000,000 12,272,100 0.48 Corp. Andina de Fomento, Reg. S 3.5% 26/05/2033 EUR 3,375,000 3,432,675 0.13 Council of Europe Development Bank, Reg. S 1% 13/04/2029 EUR 13,920,000 13,275,201 0.51 European Financial Stability Facility, Reg. S 0.05% 17/10/2029 EUR 8,000,000 7,340,659 0.28 European Union, Reg. S 2.875% 05/10/2029 EUR 12,780,000 12,853,229 0.50 European Union, Reg. S 2.5% 14/10/2030 EUR 10,000,000 9,897,523 0.38 International Bank for Reconstruction & Development 0% 21/02/2030 EUR 16,970,000 15,385,002 0.60
119,104,467 4.61 Total Government Bonds 1,133,652,498 43.89 Total Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 2,450,957,017 94.90
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372 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
Short Maturity Euro Bond Fund (continued)
SCHEDULE OF INVESTMENTSSCHEDULE OF INVESTMENTS As at 30 June 2026As at 30 June 2026
Investments Investments CurrencyCurrency
Quantity/Quantity/ Nominal Nominal ValueValue
Market Market Value Value EURUSD
% % of Net of Net AssetsAssets
Transferable securities and money market instruments admitted to Units of authorised UCITS or other collective investment ou ffind cial exchange listing or dealt in on another regulated marketdertakings
Collective Investment Schemes - UCITS
Luxembourg Morgan Stanley Liquidity Funds - Euro Government Liquidity Fund - Class MS Reserve † EUR 109,524,219 109,524,219 4.24
109,524,219 4.24 Total Collective Investment Schemes - UCITS 109,524,219 4.24
Total Units of authorised UCITS or other collective investment undertakings 109,524,219 4.24
Total Investments 2,560,481,236 99.14
Cash 10,972,755 0.42 Other Assets/(Liabilities) 11,366,414 0.44
Total Net Assets 2,582,820,405 100.00
† Managed by an affiliate of the Investment Adviser. The country disclosed within the Schedule of Investments refers to the country of risk. The country of incorporation may differ.
SCHEDULE OF INVESTMENTSSCHEDULE OF INVESTMENTS As at 30 June 2026As at 30 June 2026
Investments Investments CurrencyCurrency
Quantity/Quantity/ Nominal Nominal ValueValue
Market Market Value Value EURUSD
% % of Net of Net AssetsAssets
Transferable securities and money market instruments admUnits of authorised UCITS or other collective investment official exchaundertakings
Page 377
Morgan Stanley Investment Funds 30 June 2026 373
The accompanying notes are an integral part of these financial statements.
Short Maturity Euro Bond Fund (continued)
Financial Futures Contracts
Security Description Number of Contracts Currency
Global Exposure EUR
Unrealised Gain/(Loss) EUR
% of Net Assets Euro-Schatz, 08/09/2026 9,773 EUR 1,035,547,080 1,454,072 0.06 Short-Term Euro-BTP, 08/09/2026 522 EUR 55,880,100 110,924 Total Unrealised Gain on Financial Futures Contracts 1,564,996 0.06 Euro-Bobl, 08/09/2026 (4,843) EUR (558,833,770) (2,510,000) (0.10) Total Unrealised Loss on Financial Futures Contracts (2,510,000) (0.10) Net Unrealised Loss on Financial Futures Contracts (945,004) (0.04)
Collateral received and paid by the Fund in respect of financial derivative instruments: Type of Collateral Counterparty Currency Amount received Amount paid Short Maturity Euro Bond Fund Cash Goldman Sachs EUR 3,416,051 3,416,051 –
DERIVATIVES
Over-the-counter (OTC) and exchange traded derivatives as at 30 June 2026, expressed in Euro.
Page 378
374 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Strategic Income Fund*
INVESTMENT AIM
To provide an attractive rate of total return,
measured in U.S. dollars, through investments
in a range of fixed income securities, including
securitised instruments, corporate and
government bonds located anywhere in the
world, including emerging markets and frontier
markets, and in currencies.
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Convertible Bonds
Australia IREN Ltd., 144A 0% 01/07/2031 USD 65,000 56,175 0.02 IREN Ltd., 144A 0.25% 01/06/2032 USD 65,000 70,831 0.02
127,006 0.04 China Alibaba Group Holding Ltd. 0.5% 01/06/2031 USD 73,000 85,648 0.03 Alibaba Group Holding Ltd., Reg. S 0% 15/09/2032 USD 253,000 223,982 0.07 JD.com, Inc. 0.25% 01/06/2029 USD 95,000 93,323 0.03 Trip.com Group Ltd. 0.75% 15/06/2029 USD 85,000 83,571 0.02
486,524 0.15 Germany TUI AG, Reg. S 1.95% 26/07/2031 EUR 100,000 129,844 0.04
129,844 0.04 Israel Check Point Software Technologies Ltd., 144A 0% 15/12/2030 USD 30,000 27,833 0.01 Nova Ltd., 144A 0% 15/09/2030 USD 25,000 44,824 0.01 Wix.com Ltd., 144A 0% 15/09/2030 USD 45,000 34,413 0.01
107,070 0.03 Singapore Grab Holdings Ltd., Reg. S 0% 15/06/2030 USD 65,000 63,352 0.02
63,352 0.02 South Korea Delivery Hero SE, Reg. S 3.25% 21/02/2030 EUR 100,000 116,991 0.03
116,991 0.03 Spain Cellnex Telecom SA, Reg. S 2.125% 11/08/2030 EUR 200,000 243,341 0.07
243,341 0.07 United Kingdom Barclays Bank plc 1% 16/02/2029 USD 35,000 34,795 0.01 Ocado Group plc, Reg. S 6.25% 06/08/2029 GBP 100,000 125,893 0.04
160,688 0.05
* Fund commenced operations on 28 April 2026.
Page 379
Morgan Stanley Investment Funds 30 June 2026 375
The accompanying notes are an integral part of these financial statements.
Strategic Income Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Convertible Bonds (continued)
United States of America Affirm Holdings, Inc. 0.75% 15/12/2029 USD 70,000 82,343 0.02 Akamai Technologies, Inc. 1.125% 15/02/2029 USD 65,000 77,299 0.02 Akamai Technologies, Inc. 0.25% 15/05/2033 USD 100,000 145,540 0.04 Alnylam Pharmaceuticals, Inc., 144A 0% 15/09/2028 USD 70,000 64,894 0.02 Alphabet, Inc. 6.25% 15/05/2029 USD 350 17,426 0.01 Alphabet, Inc. (NASDAQ/NGS) 6.25% 15/05/2029 USD 350 17,486 0.01 Alphatec Holdings, Inc. 0.75% 15/03/2030 USD 25,000 24,070 0.01 Amphastar Pharmaceuticals, Inc. 2% 15/03/2029 USD 60,000 54,576 0.02 Avnet, Inc., 144A 1.75% 01/09/2030 USD 50,000 69,596 0.02 BILL Holdings, Inc. 0% 01/04/2030 USD 65,000 56,234 0.02 BlackLine, Inc. 1% 01/06/2029 USD 50,000 46,191 0.01 Boston Properties LP, REIT, 144A 2% 01/10/2030 USD 55,000 53,191 0.02 Bridgebio Pharma, Inc., 144A 0.75% 01/02/2033 USD 85,000 83,810 0.02 Boeing Co. (The) Preference 6% USD 1,000 67,690 0.02 CenterPoint Energy, Inc., 144A 3% 01/08/2028 USD 65,000 69,088 0.02 CenterPoint Energy, Inc. 4.25% 15/08/2026 USD 35,000 42,280 0.01 Ciena Corp., 144A 0% 15/09/2031 USD 50,000 52,128 0.02 Cleanspark, Inc., 144A 0% 15/02/2032 USD 45,000 45,976 0.01 Cloudflare, Inc. 0% 15/06/2030 USD 75,000 94,517 0.03 CMS Energy Corp. 3.375% 01/05/2028 USD 50,000 55,971 0.02 Coinbase Global, Inc., 144A 0% 01/10/2032 USD 140,000 108,541 0.03 CoreWeave, Inc., 144A 1.75% 01/12/2031 USD 125,000 147,147 0.04 CoreWeave, Inc., 144A 1.75% 01/10/2032 USD 5,000 5,419 Cytokinetics, Inc. 3.5% 01/07/2027 USD 30,000 51,769 0.02 Datadog, Inc. 0% 01/12/2029 USD 70,000 98,099 0.03 Dexcom, Inc. 0.375% 15/05/2028 USD 35,000 32,699 0.01 Digital Realty Trust LP, REIT, 144A 1.875% 15/11/2029 USD 80,000 85,727 0.03 DoorDash, Inc. 0% 15/05/2030 USD 105,000 104,110 0.03 Duke Energy Corp., 144A 3% 15/03/2029 USD 60,000 59,590 0.02 Enovis Corp. 3.875% 15/10/2028 USD 65,000 61,887 0.02 Envista Holdings Corp. 1.75% 15/08/2028 USD 60,000 60,387 0.02 Etsy, Inc. 0.25% 15/06/2028 USD 75,000 68,553 0.02 Euronet Worldwide, Inc., 144A 0.625% 01/10/2030 USD 45,000 40,331 0.01 Evergy, Inc. 4.5% 15/12/2027 USD 40,000 56,856 0.02 Federal Realty OP LP, REIT, 144A 3.25% 15/01/2029 USD 50,000 55,290 0.02 Five9, Inc. 1% 15/03/2029 USD 40,000 35,427 0.01 Galaxy Digital Holdings LP, 144A 0.5% 01/05/2031 USD 60,000 51,270 0.02 Global Payments, Inc. 1.5% 01/03/2031 USD 75,000 67,094 0.02 Haemonetics Corp. 2.5% 01/06/2029 USD 50,000 50,417 0.01 Halozyme Therapeutics, Inc., 144A 0% 15/02/2031 USD 45,000 48,232 0.01
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Convertible Bonds (continued)
United States of America (continued) Integer Holdings Corp. 1.875% 15/03/2030 USD 60,000 57,779 0.02 Ionis Pharmaceuticals, Inc., 144A 0% 01/12/2030 USD 60,000 64,388 0.02 Itron, Inc., 144A 0% 15/03/2032 USD 45,000 42,258 0.01 Knight-Swift Transportation Holdings, Inc., 144A 1% 15/11/2031 USD 42,000 48,952 0.01 Lantheus Holdings, Inc. 2.625% 15/12/2027 USD 65,000 93,766 0.03 Liberty Media Corp-Liberty Formula One 2.25% 15/08/2027 USD 40,000 49,204 0.01 Live Nation Entertainment, Inc., 144A 2.875% 15/10/2031 USD 30,000 33,095 0.01 Live Nation Entertainment, Inc. 2.875% 15/01/2030 USD 70,000 83,503 0.02 Lumentum Holdings, Inc., 144A 0.375% 15/03/2032 USD 25,000 115,134 0.03 MARA Holdings, Inc. 0% 01/06/2031 USD 65,000 62,889 0.02 Marriott Vacations Worldwide Corp. 3.25% 15/12/2027 USD 60,000 59,255 0.02 Merit Medical Systems, Inc. 3% 01/02/2029 USD 45,000 48,494 0.01 Microchip Technology, Inc., 144A 0% 15/02/2030 USD 50,000 56,729 0.02 Microchip Technology, Inc. 0.75% 01/06/2030 USD 70,000 76,276 0.02 MKS, Inc. 1.25% 01/06/2030 USD 50,000 144,897 0.04 NCL Corp. Ltd., 144A 0.75% 15/09/2030 USD 35,000 34,136 0.01 NextEra Energy Capital Holdings, Inc. 3% 01/03/2027 USD 40,000 52,601 0.02 Northern Oil & Gas, Inc. 3.625% 15/04/2029 USD 45,000 43,341 0.01 Nutanix, Inc. 0.5% 15/12/2029 USD 65,000 63,993 0.02 ON Semiconductor Corp. 0.5% 01/03/2029 USD 70,000 84,235 0.02 Parsons Corp. 2.625% 01/03/2029 USD 65,000 64,103 0.02 PG&E Corp. 4.25% 01/12/2027 USD 95,000 97,132 0.03 Post Holdings, Inc. 2.5% 15/08/2027 USD 60,000 62,077 0.02 PPL Capital Funding, Inc. 2.875% 15/03/2028 USD 65,000 74,144 0.02 Rivian Automotive, Inc. 4.625% 15/03/2029 USD 70,000 81,892 0.02 Rubrik, Inc. 0% 15/06/2030 USD 70,000 71,494 0.02 Shift4 Payments, Inc. 0.5% 01/08/2027 USD 75,000 71,578 0.02 Snowflake, Inc. 0% 01/10/2029 USD 30,000 52,620 0.02 Southern Co. (The) 3.25% 15/06/2028 USD 85,000 86,073 0.03 Travere Therapeutics, Inc. 0.5% 15/05/2032 USD 42,000 49,890 0.01 Tyler Technologies, Inc., 144A 0.5% 15/07/2031 USD 50,000 49,538 0.01 Uber Technologies, Inc. 0% 15/05/2028 USD 70,000 81,275 0.02 Uber Technologies, Inc. 0.875% 01/12/2028 USD 70,000 85,166 0.03 Workiva, Inc. 1.25% 15/08/2028 USD 70,000 65,715 0.02 Zoetis, Inc., 144A 0.25% 15/06/2029 USD 70,000 63,699 0.02 Zscaler, Inc., 144A 0% 15/07/2028 USD 222,000 206,395 0.06
5,086,867 1.50 Total Convertible Bonds 6,521,683 1.93
Page 380
376 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
Strategic Income Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds
Angola Azule Energy Finance plc, Reg. S 8.125% 23/01/2030 USD 470,000 471,056 0.14 Azule Energy Finance plc, Reg. S 8.625% 22/01/2033 USD 301,000 302,345 0.09
773,401 0.23 Argentina Banco Macro SA, Reg. S 8% 23/06/2029 USD 170,000 176,214 0.05 Empresa Distribuidora de Electricidad de Mendoza SA, Reg. S 9.75% 11/06/2033 USD 388,000 375,797 0.11 Empresa Distribuidora Y Comercializadora Norte, 144A 9.5% 28/04/2033 USD 180,000 180,697 0.05 Generacion Mediterranea SA, Reg. S 4% 30/06/2036 USD 15,600 4,758 Generacion Mediterranea SA, STEP, Reg. S 7.5% 31/12/2034 USD 113,300 93,416 0.03 IRSA Inversiones y Representaciones SA, 144A 8% 31/03/2035 USD 116,155 120,801 0.04 Vista Energy Argentina SAU, Reg. S 8.5% 10/06/2033 USD 110,000 117,338 0.03
1,069,021 0.31 Armenia Ardshinbank CJSC, Reg. S 6.6% 22/01/2031 USD 200,000 200,093 0.06
200,093 0.06
Austria Constantia Flexibles GmbH, Reg. S 6.25% 15/07/2032 EUR 200,000 231,540 0.07
231,540 0.07
Brazil Braskem Netherlands Finance BV, Reg. S 4.5% 31/01/2030 USD 700,000 402,191 0.12 Constellation Oil Services Holding SA, Reg. S 9.375% 07/11/2029 USD 300,000 316,020 0.09 CSN Inova Ventures, Reg. S 6.75% 28/01/2028 USD 200,000 166,794 0.05 FORESEA Holding SA, Reg. S 7.5% 15/06/2030 USD 90,000 88,866 0.03 FS Luxembourg SARL, Reg. S 8.125% 11/02/2036 USD 280,000 254,317 0.07 Gol Finance, Inc., Reg. S 14.375% 06/06/2030 USD 160,000 157,400 0.05 J&F Luxembourg Finance SARL, Reg. S 8.5% 01/12/2032 USD 250,000 249,518 0.07 MC Brazil Downstream Trading SARL, Reg. S 7.25% 30/06/2031 USD 175,558 165,317 0.05
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
Brazil (continued) Movida Europe SA, Reg. S 9.7% 11/10/2033 USD 320,000 306,400 0.09 Oceanica Lux, Reg. S 11.25% 08/05/2031 USD 280,000 281,697 0.08 OHI Group SA, Reg. S 13% 22/07/2029 USD 389,500 403,739 0.12 Samarco Mineracao SA, Reg. S 9.5% 30/06/2031 USD 491,062 493,809 0.15 Yinson Boronia Production BV, Reg. S 8.947% 31/07/2042 USD 194,292 214,387 0.06
3,500,455 1.03 Bulgaria CB First Investment Bank AD, Reg. S, FRN 7.375% 20/05/2031 EUR 330,000 388,353 0.12
388,353 0.12 Canada 1011778 BC ULC, 144A 3.875% 15/01/2028 USD 69,000 67,721 0.02 1011778 BC ULC, 144A 4.375% 15/01/2028 USD 150,000 148,734 0.04 1011778 BC ULC, 144A 4% 15/10/2030 USD 451,000 426,193 0.13 New Flyer Holdings, Inc., 144A 9.25% 01/07/2030 USD 458,000 493,651 0.14 Superior Plus LP, 144A 4.5% 15/03/2029 USD 410,000 399,174 0.12 TransAlta Corp. 5.875% 01/02/2034 USD 232,000 229,584 0.07
1,765,057 0.52 China Longfor Group Holdings Ltd., Reg. S 3.95% 16/09/2029 USD 320,000 269,153 0.08
269,153 0.08 Colombia ABRA Global Finance, FRN, 144A 14% 22/10/2029 USD 90,000 88,438 0.03 Avianca Midco 2 plc, 144A 9.625% 14/02/2030 USD 200,000 199,262 0.06 Banco Davivienda SA, Reg. S, FRN 6.65% Perpetual USD 290,000 268,078 0.08 Banco de Occidente SA, Reg. S, FRN 10.875% 13/08/2034 USD 100,000 110,936 0.03
666,714 0.20
Page 381
Morgan Stanley Investment Funds 30 June 2026 377
The accompanying notes are an integral part of these financial statements.
Strategic Income Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
France Atos Group, STEP, Reg. S 9.36% 18/12/2029 EUR 120,000 157,130 0.04 Banijay Gaming SAS, Reg. S 5.125% 10/12/2031 EUR 316,000 366,210 0.11 Calderys Financing LLC, 144A 11.25% 01/06/2028 USD 200,000 207,393 0.06 Egis SA, Reg. S 5.125% 15/05/2031 EUR 200,000 232,314 0.07 Eutelsat SA, Reg. S 1.5% 13/10/2028 EUR 300,000 329,826 0.10 HomeVi SASU, Reg. S 6.625% 31/10/2031 EUR 200,000 231,934 0.07 Iliad Holding SAS, Reg. S 5.375% 15/04/2030 EUR 313,000 366,744 0.11 Opal Bidco SAS, Reg. S 5.5% 31/03/2032 EUR 200,000 235,618 0.07
2,127,169 0.63 Georgia Bank of Georgia JSC, Reg. S, FRN 9.5% Perpetual USD 230,000 244,280 0.07 TBC Bank JSC, Reg. S, FRN 10.25% Perpetual USD 210,000 227,032 0.07
471,312 0.14 Germany alstria SARL, REIT, Reg. S 4.25% 15/10/2029 EUR 200,000 223,581 0.07 Cerdia Finanz GmbH, 144A 9.375% 03/10/2031 USD 200,000 179,606 0.05 Dynamo Newco II GmbH, Reg. S 6.25% 15/10/2031 EUR 244,000 263,579 0.08 HT Troplast GmbH, Reg. S 7.625% 15/07/2031 EUR 120,000 138,814 0.04 IHO Verwaltungs GmbH, Reg. S 5.625% 15/05/2031 EUR 205,000 243,257 0.07 Nidda Healthcare Holding GmbH, Reg. S, FRN 5.533% 15/10/2032 EUR 280,000 320,568 0.09
1,369,405 0.40 Greece Intralot Capital Luxembourg SA, Reg. S 6.75% 15/10/2031 EUR 313,000 362,535 0.11 Piraeus Bank SA, Reg. S, FRN 6.125% Perpetual EUR 200,000 229,256 0.07
591,791 0.18 Hong Kong Seaspan Corp. Pte. Ltd., 144A 5.5% 01/08/2029 USD 413,000 401,620 0.12
401,620 0.12
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
Ireland Phoenix Aviation Capital Ltd., 144A 9.25% 15/07/2030 USD 616,000 636,741 0.19
636,741 0.19 Israel Teva Pharmaceutical Finance Netherlands II BV 4.125% 01/06/2031 EUR 577,000 662,717 0.20
662,717 0.20 Italy Fibercop SpA, Reg. S 5.125% 30/06/2032 EUR 585,000 686,285 0.20 FIS Fabbrica Italiana Sintetici SpA, Reg. S 5.25% 05/02/2031 EUR 200,000 231,075 0.07 FIS Fabbrica Italiana Sintetici SpA, Reg. S, FRN 5.399% 05/02/2031 EUR 100,000 115,404 0.03 Immobiliare Grande Distribuzione SIIQ SpA, REIT, Reg. S 4.45% 04/11/2030 EUR 270,000 312,367 0.09 Infrastrutture Wireless Italiane SpA, Reg. S 1.75% 19/04/2031 EUR 280,000 292,114 0.09 La Doria SpA, Reg. S, FRN 5.525% 30/12/2030 EUR 125,000 143,506 0.04 TeamSystem SpA, Reg. S 6.5% 01/07/2032 EUR 200,000 227,832 0.07 TeamSystem SpA, Reg. S, FRN 5.704% 31/07/2031 EUR 109,000 123,521 0.04
2,132,104 0.63 Jamaica Digicel International Finance Ltd., Reg. S 8.625% 01/08/2032 USD 200,000 205,802 0.06
205,802 0.06 Jersey Waga Bondco Ltd., Reg. S 8.5% 15/06/2030 GBP 100,000 114,087 0.03
114,087 0.03 Kazakhstan Bank RBK JSC, Reg. S 7.7% 19/05/2031 USD 268,000 264,431 0.08 ForteBank JSC, Reg. S 7.75% 04/02/2030 USD 260,000 268,711 0.08 ForteBank JSC, Reg. S, FRN 9.75% Perpetual USD 250,000 258,688 0.08
791,830 0.24
Page 382
378 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
Strategic Income Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
Luxembourg Adler Financing SARL 8.25% 31/12/2028 EUR 210,285 270,993 0.08 Aegis Lux 1A SARL, Reg. S 5.625% 29/10/2031 EUR 225,000 260,948 0.08 Currenta Group Holdings SARL, Reg. S, FRN 6.283% 15/05/2032 EUR 425,000 487,777 0.14 Essendi SA, Reg. S 5.5% 15/11/2031 EUR 103,000 119,305 0.04 Essendi SA, Reg. S 5.625% 15/05/2032 EUR 124,000 144,249 0.04 INEOS Finance plc, Reg. S 7.25% 31/03/2031 EUR 274,000 298,404 0.09 INEOS Finance plc, Reg. S 7.875% 15/11/2031 EUR 100,000 109,646 0.03 LHMC Finco 2 SARL, Reg. S 8.625% 15/05/2030 EUR 350,000 411,547 0.12 Luna 2 5 SARL, Reg. S 5.5% 01/07/2032 EUR 271,000 314,156 0.09
2,417,025 0.71 Mexico Banca Mifel SA, Reg. S, FRN 9.25% Perpetual USD 200,000 199,875 0.06 Banco Mercantil del Norte SA, Reg. S, FRN 8% Perpetual USD 200,000 200,250 0.06 Banco Mercantil del Norte SA, Reg. S, FRN 8.45% Perpetual USD 200,000 200,760 0.06 Braskem Idesa SAPI, Reg. S 6.99% 20/02/2032§ USD 200,000 126,125 0.04 Grupo Aeromexico SAB de CV, Reg. S 8.625% 15/11/2031 USD 210,000 215,742 0.06
942,752 0.28 Mongolia Golomt Bank, Reg. S 7.95% 14/05/2029 USD 200,000 201,403 0.06 State Bank LLC, Reg. S 8.9% 25/09/2028 USD 200,000 201,305 0.06
402,708 0.12 Romania Banca Transilvania SA, Reg. S, FRN 7.125% Perpetual EUR 230,000 271,701 0.08
271,701 0.08 Slovenia Nova Ljubljanska Banka dd, Reg. S, FRN 6.5% Perpetual EUR 200,000 231,174 0.07 Summer BidCo BV, Reg. S 8.875% 31/01/2031 EUR 202,807 239,094 0.07 United Group BV, Reg. S 5.25% 01/02/2030 EUR 106,000 121,840 0.03 United Group BV, Reg. S 6.5% 31/10/2031 EUR 309,000 364,078 0.11
956,186 0.28
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
South Africa Sasol Financing USA LLC, Reg. S 8.75% 10/04/2033 USD 200,000 207,156 0.06
207,156 0.06 Spain Atlantica Sustainable Infrastructure Ltd., 144A 4.125% 15/06/2028 USD 200,000 196,895 0.06 California Buyer Ltd., Reg. S 5.625% 15/02/2032 EUR 200,000 232,012 0.07 Grifols SA, Reg. S 7.5% 01/05/2030 EUR 284,308 337,707 0.10 Molins Finance SA, Reg. S 5.5% 15/06/2033 EUR 100,000 119,176 0.03 OHL Operaciones SA, Reg. S 9.75% 31/12/2029 EUR 158,003 170,529 0.05
1,056,319 0.31 Supranational ProCredit Holding AG, Reg. S, FRN 8% Perpetual EUR 200,000 235,795 0.07
235,795 0.07 Switzerland Allwyn Entertainment Financing UK plc, Reg. S 4.625% 15/08/2031 EUR 598,000 680,309 0.20 VistaJet Malta Finance plc, 144A 6.375% 01/02/2030 USD 257,000 244,708 0.07
925,017 0.27 Togo Ecobank Transnational, Inc., Reg. S 10.125% 15/10/2029 USD 200,000 217,135 0.07
217,135 0.07
Turkey Akbank TAS, Reg. S, FRN 8.25% 08/12/2036 USD 200,000 202,232 0.06 Akbank TAS, Reg. S, FRN 9.369% Perpetual USD 200,000 204,443 0.06 Guermat Elektrik Ueretim A/S, Reg. S 10.748% 21/05/2035 USD 200,000 199,090 0.06 Limak Yenilenebilir Enerji A/S, Reg. S 9.625% 12/08/2030 USD 200,000 200,407 0.06
806,172 0.24
Page 383
Morgan Stanley Investment Funds 30 June 2026 379
The accompanying notes are an integral part of these financial statements.
Strategic Income Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
Ukraine Kernel Holding SA, Reg. S 6.75% 27/10/2027 USD 215,000 209,812 0.06 MHP Lux SA, Reg. S 10.5% 28/07/2029 USD 200,000 208,660 0.06
418,472 0.12 United Kingdom Alexandrite Monnet UK Holdco plc, REIT, Reg. S 6.875% 31/05/2031 EUR 210,000 241,547 0.07 B&M European Value Retail plc, Reg. S 4% 15/11/2028 GBP 100,000 128,798 0.04 Belron UK Finance plc, 144A 5.75% 15/10/2029 USD 280,000 281,436 0.08 Biffa Group Holdings Ltd., Reg. S 5.25% 15/06/2031 EUR 125,000 143,239 0.04 Biffa Group Holdings Ltd., Reg. S 7.375% 15/06/2031 GBP 256,000 342,168 0.10 Boots Group Finco LP, Reg. S 5.375% 31/08/2032 EUR 100,000 117,365 0.04 Boots Group Finco LP, Reg. S 7.375% 31/08/2032 GBP 145,000 198,448 0.06 Brightstar Lottery plc, 144A 5.75% 15/01/2033 USD 249,000 244,054 0.07 British Telecommunications Ltd., Reg. S, FRN 6.375% 03/12/2055 GBP 306,000 409,346 0.12 California Buyer Ltd., 144A 6.375% 15/02/2032 USD 300,000 300,922 0.09 CD&R Firefly Bidco plc, Reg. S 8.625% 30/04/2029 GBP 173,000 235,679 0.07 CPUK Finance Ltd., Reg. S 6.875% 28/08/2032 GBP 276,000 368,182 0.11 Edge Finco plc, Reg. S 8.125% 15/08/2031 GBP 354,000 490,478 0.15 Froneri Lux FinCo SARL, Reg. S 4.75% 01/08/2032 EUR 280,000 311,745 0.09 Galaxy Bidco Ltd., Reg. S 8.125% 19/12/2029 GBP 106,000 144,984 0.04 Ocado Group plc, Reg. S 11% 15/06/2030 GBP 100,000 139,575 0.04 Sherwood Financing plc, Reg. S 7.625% 15/12/2029 EUR 225,000 261,591 0.08 Virgin Media Secured Finance plc, Reg. S 4.25% 15/01/2030 GBP 200,000 233,200 0.07 Virgin Media Secured Finance plc, Reg. S 4.125% 15/08/2030 GBP 311,000 354,207 0.10 Vodafone Group plc, Reg. S, FRN 8% 30/08/2086 GBP 100,000 143,086 0.04 Zegona Finance plc, 144A 8.625% 15/07/2029 USD 200,000 209,057 0.06 Zegona Finance plc, Reg. S 4.25% 15/01/2032 EUR 150,000 171,656 0.05
5,470,763 1.61
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America 1261229 BC Ltd., 144A 10% 15/04/2032 USD 899,000 912,730 0.27 Acadia Healthcare Co., Inc., 144A 5% 15/04/2029 USD 409,000 402,479 0.12 Acadia Healthcare Co., Inc., 144A 7.375% 15/03/2033 USD 176,000 181,486 0.05 Acushnet Co., 144A 5.625% 01/12/2033 USD 401,000 399,992 0.12 Alliant Holdings Intermediate LLC, 144A 7% 15/01/2031 USD 192,000 195,760 0.06 Alliant Holdings Intermediate LLC, 144A 7.375% 01/10/2032 USD 178,000 176,681 0.05 Allied Universal Holdco LLC, 144A 4.625% 01/06/2028 USD 200,000 196,744 0.06 Allied Universal Holdco LLC, Reg. S 4.875% 01/06/2028 GBP 100,000 131,739 0.04 Allied Universal Holdco LLC (TRACE), 144A 4.625% 01/06/2028 USD 200,000 197,435 0.06 Alpha Generation LLC, 144A 6.75% 15/10/2032 USD 300,000 305,514 0.09 AmeriTex HoldCo Intermediate LLC, 144A 7.625% 15/08/2033 USD 585,000 612,532 0.18 Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 144A 7.5% 15/07/2033 USD 340,000 327,041 0.10 APLD ComputeCo 2 LLC, 144A 6.75% 15/03/2031 USD 524,000 525,682 0.16 APLD ComputeCo 3 LLC, 144A 7% 15/06/2031 USD 195,000 194,768 0.06 APLD ComputeCo LLC, 144A 9.25% 15/12/2030 USD 107,000 115,356 0.03 Archrock Services LP, 144A 6% 01/02/2034 USD 301,000 298,669 0.09 Ardagh Group SA, 144A 9.5% 01/12/2030 USD 200,000 214,077 0.06 Ardagh Metal Packaging Finance USA LLC, 144A 4% 01/09/2029 USD 832,000 791,198 0.23 Ardagh Metal Packaging Finance USA LLC, Reg. S 3% 01/09/2029 EUR 240,000 263,890 0.08 Arsenale SpA, Reg. S, FRN, 144A 9.291% 28/06/2030 EUR 200,000 223,001 0.07 Asbury Automotive Group, Inc., 144A 4.625% 15/11/2029 USD 36,000 35,056 0.01 Asbury Automotive Group, Inc., 144A 5% 15/02/2032 USD 404,000 385,901 0.11 Asurion LLC, 144A 8% 31/12/2032 USD 371,000 374,438 0.11 Asurion LLC, 144A 8.375% 01/02/2034 USD 91,000 82,322 0.02 AthenaHealth Group, Inc., 144A 6.5% 15/02/2030 USD 776,000 745,340 0.22 Avient Corp., 144A 7.125% 01/08/2030 USD 341,000 347,231 0.10 Avient Corp., 144A 6.25% 01/11/2031 USD 145,000 146,747 0.04 Axon Enterprise, Inc., 144A 6.125% 15/03/2030 USD 274,000 280,133 0.08 Azorra Finance Ltd., 144A 7.25% 15/01/2031 USD 485,000 498,528 0.15 Bausch + Lomb Netherlands BV and Bausch & Lomb, Inc., Reg. S, FRN 6.079% 15/01/2031 EUR 382,000 439,764 0.13
Page 384
380 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
Strategic Income Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) Beach Acquisition Bidco LLC, 144A 10% 15/07/2033 USD 730,000 828,209 0.24 Beach Acquisition Bidco LLC, Reg. S 5.25% 15/07/2032 EUR 362,000 420,776 0.12 Black Pearl Compute LLC, 144A 6.125% 15/02/2031 USD 587,000 594,318 0.18 Block, Inc., 144A 5.625% 15/08/2030 USD 91,000 91,224 0.03 Block, Inc., 144A 6% 15/08/2033 USD 91,000 91,590 0.03 Bond US Bidco 1, Inc., 144A 7.125% 15/06/2033 USD 200,000 202,110 0.06 Bond US Bidco 1, Inc., Reg. S 6.5% 15/06/2033 EUR 200,000 229,801 0.07 Builders FirstSource, Inc., 144A 4.25% 01/02/2032 USD 536,000 499,509 0.15 CCO Holdings LLC, 144A 4.5% 15/08/2030 USD 127,000 118,473 0.04 Celanese US Holdings LLC, STEP 7.2% 15/11/2033 USD 406,000 433,885 0.13 Century Communities, Inc., 144A 6.625% 15/09/2033 USD 215,000 216,984 0.06 Champions Financing, Inc., 144A 8.75% 15/02/2029 USD 165,000 161,633 0.05 Charter Communications Operating LLC 3.7% 01/04/2051 USD 547,000 342,461 0.10 Charter Communications Operating LLC 3.9% 01/06/2052 USD 315,000 203,132 0.06 Chobani LLC, 144A 6.375% 15/04/2034 USD 301,000 305,650 0.09 Cinemark USA, Inc., 144A 5.25% 15/07/2028 USD 140,000 139,733 0.04 Cipher Compute LLC, 144A 7.125% 15/11/2030 USD 188,000 196,125 0.06 Clarios Global LP, 144A 6.75% 15/09/2032 USD 270,000 275,198 0.08 Clarios Global LP, Reg. S 4.75% 15/06/2031 EUR 357,000 412,295 0.12 Cleveland-Cliffs, Inc., 144A 7.375% 01/05/2033 USD 355,000 354,920 0.10 Cleveland-Cliffs, Inc., 144A 7.625% 15/01/2034 USD 241,000 240,884 0.07 Cloud Software Group, Inc., 144A 6.5% 31/03/2029 USD 904,000 875,473 0.26 Cloud Software Group, Inc., 144A 9% 30/09/2029 USD 450,000 436,760 0.13 Clydesdale Acquisition Holdings, Inc., 144A 6.625% 15/04/2029 USD 260,000 259,877 0.08 Clydesdale Acquisition Holdings, Inc., 144A 8.75% 15/04/2030 USD 263,000 259,167 0.08 Clydesdale Acquisition Holdings, Inc., 144A 6.75% 15/04/2032 USD 387,000 375,277 0.11 Compass Minerals International, Inc., 144A 8% 01/07/2030 USD 298,000 314,277 0.09 Core & Main LP, 144A 6% 01/07/2034 USD 45,000 45,215 0.01 Core Scientific Finance I LLC, 144A 7.75% 15/05/2031 USD 175,000 177,601 0.05 Cougar JV Subsidiary LLC, 144A 8% 15/05/2032 USD 250,000 262,246 0.08
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) CP Atlas Buyer, Inc., 144A 9.75% 15/07/2030 USD 226,000 217,728 0.06 CRC Insurance Group LLC, 144A 7.125% 01/06/2031 USD 322,000 320,836 0.09 Cushman & Wakefield US Borrower LLC, 144A 8.875% 01/09/2031 USD 134,000 140,720 0.04 DBR Land Holdings LLC, 144A 6.25% 01/12/2030 USD 293,000 297,917 0.09 Dream Finders Homes, Inc., 144A 6.875% 15/09/2030 USD 215,000 213,500 0.06 EchoStar Corp. 10.75% 30/11/2029 USD 390,000 421,596 0.12 EMRLD Borrower LP, 144A 6.625% 15/12/2030 USD 383,000 391,576 0.12 EMRLD Borrower LP, Reg. S 6.375% 15/12/2030 EUR 231,000 272,069 0.08 Ferrellgas LP, 144A 5.875% 01/04/2029 USD 200,000 194,372 0.06 FMC Corp., 144A 8% 01/06/2031 USD 20,000 20,813 0.01 Focus Financial Partners LLC, 144A 6.75% 15/09/2031 USD 181,000 182,504 0.05 Ford Motor Credit Co. LLC 7.35% 06/03/2030 USD 233,000 246,736 0.07 Fortrea Holdings, Inc., 144A 7.5% 01/07/2030 USD 200,000 203,210 0.06 Gaia Purchaser, Inc., 144A 7.625% 15/07/2033 USD 195,000 197,314 0.06 Global Medical Response, Inc., 144A 7.375% 01/10/2032 USD 409,000 423,648 0.13 Global Partners LP, 144A 7.125% 01/07/2033 USD 585,000 592,067 0.17 Greystar Real Estate Partners LLC, 144A 7.75% 01/09/2030 USD 382,000 399,052 0.12 HealthEquity, Inc., 144A 4.5% 01/10/2029 USD 412,000 400,494 0.12 Herc Holdings, Inc., 144A 7% 15/06/2030 USD 112,000 115,865 0.03 Herc Holdings, Inc., 144A 5.75% 15/03/2031 USD 60,000 59,966 0.02 Herc Holdings, Inc., 144A 7.25% 15/06/2033 USD 207,000 216,137 0.06 Herc Holdings, Inc., 144A 6% 15/03/2034 USD 61,000 60,622 0.02 Hightower Holding LLC, 144A 6.75% 15/04/2029 USD 323,000 323,312 0.10 Ingram Micro, Inc., 144A 4.75% 15/05/2029 USD 353,000 346,923 0.10 IQVIA, Inc., 144A 6.25% 01/06/2032 USD 234,000 238,623 0.07 JB Poindexter & Co., Inc., 144A 8.75% 15/12/2031 USD 601,000 618,624 0.18 K Hovnanian Enterprises, Inc., 144A 8% 01/04/2031 USD 243,000 250,876 0.07 K Hovnanian Enterprises, Inc., 144A 8.375% 01/10/2033 USD 243,000 249,877 0.07 King US Bidco, Inc., Reg. S, FRN 5.454% 01/12/2032 EUR 426,000 491,649 0.15 LBM Acquisition LLC, 144A 9.5% 15/06/2031 USD 335,000 300,503 0.09 Leeward Renewable Energy Operations LLC, 144A 4.25% 01/07/2029 USD 413,000 394,411 0.12
Page 385
Morgan Stanley Investment Funds 30 June 2026 381
The accompanying notes are an integral part of these financial statements.
Strategic Income Fund (continued)
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) LifePoint Health, Inc., 144A 5.375% 15/01/2029 USD 493,000 473,583 0.14 LifePoint Health, Inc., 144A 10% 01/06/2032 USD 58,000 57,772 0.02 Masterbrand, Inc., 144A 7% 15/07/2032 USD 363,000 367,839 0.11 Matador Resources Co., 144A 6% 15/04/2034 USD 175,000 170,664 0.05 McGraw-Hill Education, Inc., 144A 7.375% 01/09/2031 USD 535,000 543,923 0.16 Medline Borrower LP, 144A 5.25% 01/10/2029 USD 403,000 400,622 0.12 Men's Wearhouse LLC (The), 144A 9% 01/02/2031 USD 745,000 792,891 0.23 Michaels Cos., Inc. (The), 144A 8.5% 15/03/2033 USD 523,000 518,175 0.15 Mohegan Tribal Gaming Authority, 144A 8.25% 15/04/2030 USD 486,000 506,957 0.15 National Mentor Holdings, Inc., 144A 10.5% 15/12/2030 USD 455,000 480,067 0.14 NESCO Holdings II, Inc., 144A 5.5% 15/04/2029 USD 487,000 484,931 0.14 Nexstar Media, Inc., 144A 4.75% 01/11/2028 USD 50,000 49,025 0.01 Nexstar Media, Inc., 144A 6.5% 15/09/2033 USD 215,000 214,943 0.06 Nexstar Media, Inc., 144A 7.25% 15/04/2034 USD 182,000 181,794 0.05 NGL Energy Operating LLC, 144A 8.125% 15/02/2029 USD 612,000 633,331 0.19 Noble Finance II LLC, 144A 6.25% 15/06/2034 USD 135,000 132,044 0.04 NRG Energy, Inc., 144A 6.125% 15/05/2036 USD 474,000 474,366 0.14 NRG Energy, Inc., FRN, 144A 10.25% Perpetual USD 400,000 432,698 0.13 OAK-Eagle Acquireco, Inc., 144A 7.25% 01/07/2033 USD 250,000 261,078 0.08 OAK-Eagle Acquireco, Inc., 144A 8.75% 01/07/2034 USD 413,000 439,041 0.13 OAK-Eagle Acquireco, Inc., Reg. S 6.25% 01/07/2033 EUR 223,000 266,302 0.08 Olympus Water US Holding Corp., 144A 7.25% 15/02/2033 USD 801,000 790,284 0.23 Olympus Water US Holding Corp., Reg. S 6.125% 15/02/2033 EUR 307,000 352,187 0.10 Park River Holdings, Inc., 144A 8.75% 31/12/2030 USD 95,000 92,698 0.03 Park River Holdings, Inc., 144A 8% 15/03/2031 USD 472,000 476,898 0.14 Patrick Industries, Inc., 144A 6.375% 01/11/2032 USD 524,000 520,710 0.15 Perrigo Finance Unlimited Co. 5.375% 30/09/2032 EUR 110,000 123,326 0.04 PetSmart LLC, 144A 7.5% 15/09/2032 USD 500,000 499,768 0.15 PetSmart LLC, 144A 10% 15/09/2033 USD 250,000 249,986 0.07
SCHEDULE OF INVESTMENTS As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets
Transferable securities and money market instruments admitted to o ffi cial exchange listing or dealt in on another regulated market
Corporate Bonds (continued)
United States of America (continued) Plains All American Pipeline LP, FRN 8.023% Perpetual USD 260,000 261,055 0.08 PNMAC GMSR Issuer Trust, FRN 'A', 144A 3.648% 31/05/2031 USD 4,500,000 4,522,500 1.34 Quikrete Holdings, Inc., 144A 6.375% 01/03/2032 USD 298,000 304,207 0.09 Quikrete Holdings, Inc., 144A 6.75% 01/03/2033 USD 299,000 304,479 0.09 QXO Building Products, Inc., 144A 6.5% 15/07/2031 USD 55,000 56,063 0.02 QXO Building Products, Inc., 144A 6.875% 15/07/2034 USD 125,000 128,252 0.04 Risewell Homes, Inc., 144A 9.25% 01/10/2029 USD 467,000 484,075 0.14 Risewell Homes, Inc., 144A 8.5% 01/11/2030 USD 266,000 272,384 0.08 Rocket Cos., Inc., 144A 6.125% 01/08/2030 USD 200,000 203,302 0.06 Rocket Cos., Inc., 144A 6.125% 01/08/2031 USD 115,000 117,385 0.03 Rocket Cos., Inc., 144A 6.375% 01/08/2033 USD 386,000 392,840 0.12 Rocket Cos., Inc., 144A 6.5% 15/06/2034 USD 75,000 77,081 0.02 Rocket Mortgage LLC, 144A 4% 15/10/2033 USD 102,000 91,824 0.03 Roller Bearing Co. of America, Inc., 144A 4.375% 15/10/2029 USD 450,000 439,346 0.13 Ryan Specialty LLC, 144A 5.875% 01/08/2032 USD 281,000 276,926 0.08 Science Applications International Corp., 144A 5.875% 01/11/2033 USD 450,000
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