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Semi-Annual Report (Unaudited) | 30 June 2026
Société d’Investissement à Capital Variable incorporated under the laws of Luxembourg
R.C.S. Luxembourg: B-29.192
Morgan Stanley
Investment Funds
Page 3
Morgan Stanley Investment Funds 30 June 2026
Table of contents
1 Shareholders’ information SCHEDULE OF INVESTMENTS Equity Funds 2 American Resilience Fund 5 Asia Equity Fund 8 Asia Opportunity Fund † 10 Calvert Climate Aligned Fund 14 Calvert Diversity, Equity and Inclusion Fund 18 Calvert Global Equity Fund 20 Calvert Sustainable Developed Europe Equity Select Fund 23 Calvert Sustainable Developed Markets Equity Select Fund 27 Calvert Sustainable Emerging Markets Equity Select Fund 30 Calvert Sustainable US Equity Select Fund 35 Calvert US Equity Fund 37 China A-Shares Fund 40 Developing Opportunity Fund 43 Emerging Leaders Equity Fund 46 Europe Opportunity Fund 48 Global Brands Equity Income Fund 51 Global Brands Fund † 54 Global Brands Horizon 2029 Fund 56 Global Core Equity Fund 59 Global Endurance Fund 61 Global Insight Fund 64 Global Opportunity Fund † 67 Global Opportunity Horizon 2030 Fund 70 Global Permanence Fund 73 Global Quality Fund 76 Global Quality Select Fund 79 Global Stars Fund 81 Indian Equity Fund 83 International Resilience Fund 85 Japanese Equity Fund 88 Japanese Small-Mid Cap Equity Fund 91 MENA Equity Fund 93 NextGen Emerging Markets Fund † 96 Parametric Global Defensive Equity Fund 99 QuantActive Global Infrastructure Fund † 102 Saudi Equity Fund 104 Sustainable Emerging Markets Equity Fund † 107 Tailwinds Fund 111 US Advantage Fund † 114 US Core Equity Fund
117 US Growth Fund † 120 US Insight Fund 123 US Permanence Fund 127 US Value Fund 130 Vitality Fund Bond Funds 132 Calvert Global Green Bond Fund 140 Calvert Global High Yield Bond Fund 147 Calvert Sustainable Euro Corporate Bond Fund 155 Emerging Markets Corporate Debt Fund 166 Emerging Markets Debt Fund † 178 Emerging Markets Debt Opportunities Fund 195 Emerging Markets Local Income Fund 215 Euro Bond Fund 222 Euro Corporate Bond Fund 235 Euro Corporate Bond – Duration Hedged Fund 247 Euro Strategic Bond Fund 261 European Fixed Income Opportunities Fund 273 European High Yield Bond Fund 278 Floating Rate ABS Fund 282 Global Asset Backed Securities Focused Fund 288 Global Asset Backed Securities Fund 311 Global Bond Fund † 327 Global Convertible Bond Fund † 333 Global Credit Fund 340 Global Fixed Income Opportunities Fund 354 Global High Yield Bond Fund 364 Short Maturity Euro Bond Fund 374 Strategic Income Fund 389 US Dollar Corporate Bond Fund 397 US Dollar Short Duration Bond Fund 405 US Dollar Short Duration High Yield Bond Fund 410 US High Yield Bond Fund 420 US High Yield Middle Market Bond Fund Asset Allocation Funds 426 Global Balanced Defensive Fund 442 Global Balanced Fund 461 Global Balanced Income Fund 479 Global Balanced Risk Control Fund of Funds Alternative Investment Funds 488 Global Macro Fund 505 Parametric Commodity Fund 507 Systematic Liquid Alpha Fund
† The Sub-Fund is authorised for subscription in Hong Kong by the Securities and Futures Commission of Hong Kong.
Page 4
Morgan Stanley Investment Funds 30 June 2026
STATEMENTS AND NOTES 510 Statement of assets and liabilities 527 Statement of operations and changes in net assets 544 Statement of share and net assets statistics 566 Notes to the financial statements OTHER INFORMATION 586 Directors and service providers 588 Paying and information agents 589 Appendix 1: Fund expense ratios 597 Appendix 2: Portfolio turnover rate 598 Appendix 3: Sub-Advisers 600 Appendix 4: Hedged Share Classes 602 Appendix 5: Securities Financing Transactions
Table of contents (continued)
Page 5
Morgan Stanley Investment Funds 30 June 2026 1
The annual general meeting of shareholders
of Morgan Stanley Investment Funds
(the “Company”) is held at the registered office
of the Company and will be held on the second
Tuesday of the month of May at 10.30 am.
If such day is a legal or a bank holiday
in Luxembourg, the annual general meeting shall
be held on the next business day.
Notices of all general meetings are sent by mail to all registered shareholders at their registered address at least 8 days prior to the meeting. Such notices will indicate the time and place of the meeting as well as the conditions of admission thereto. Said notices will also contain the agenda and requirements of Luxembourg law with regard to the necessary quorum and majorities at the meeting.
To the extent required by law, further notices will be published in the Mémorial and in one Luxembourg newspaper.
Audited financial statements in respect of the preceding financial year are made available at the registered office of the Company and are available to shareholders upon request. In addition, unaudited semi annual reports are also made available at the registered office.
The annual and semi-annual reports are also available on the Company’s website (www.morganstanleyinvestmentfunds.com).
The Company’s financial year end is 31 December.
Any other notices relevant to the Company are also published in a Luxembourg newspaper or mailed to affected shareholders.
The net asset value per share of each Class of Share is available on their respective dealing day during Luxembourg business hours at the registered office of the Company. Net asset value per share information is also available from market information providers, such as Bloomberg, www.fundinfo.com and Morningstar, as well as being available at www.morganstanleyinvestmentfunds.com.
No subscriptions can be received on the basis of financial reports alone. Subscriptions are only valid if made on the basis of the current prospectus and the latest Key Information Document.
REYL & CIE S.A., 4, rue du Rhone, 1204 Geneva, web: www.reyl.com, is the representative in Switzerland and Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva is the paying agent in Switzerland. The Prospectus, the latest Key Information Document, the Articles and the annual and semi annual reports of the Company may be obtained free of charge from the representative in Switzerland.
A list of purchases and sales (securities transactions) carried out by the Company during the reporting year may be obtained free of charge from the representative in Switzerland.
The investment objectives set out in this semi-annual report are summaries only. The complete investment objectives and policies for each Fund are set out in the Company’s current prospectus.
Shareholders’ information
Page 6
2 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.
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
Equities
Automobiles Ferrari NV USD 755 275,530 4.75
275,530 4.75 Beverages Coca-Cola Co. (The) USD 4,345 354,161 6.10
354,161 6.10 Broadline Retail Amazon.com, Inc. USD 970 231,442 3.99
231,442 3.99 Capital Markets CME Group, Inc. USD 620 137,256 2.37 Intercontinental Exchange, Inc. USD 1,874 231,307 3.98 MSCI, Inc. 'A' USD 278 153,737 2.65 S&P Global, Inc. USD 463 188,557 3.24
710,857 12.24
Entertainment Netflix, Inc. USD 4,091 299,584 5.16
299,584 5.16 Financial Services Visa, Inc. 'A' USD 953 326,202 5.62
326,202 5.62 Ground Transportation Uber Technologies, Inc. USD 2,335 173,420 2.99
173,420 2.99 Health Care Equipment & Supplies STERIS plc USD 898 186,371 3.21
186,371 3.21 Health Care Providers & Services Cencora, Inc. USD 448 125,462 2.16 McKesson Corp. USD 211 158,708 2.74
284,170 4.90
American Resilience Fund
INVESTMENT AIM
To seek long-term appreciation, measured in
US Dollars, through investment primarily in
equity securities, including depositary receipts
(including American Depositary Receipts
(ADRs), Global Depositary Receipts (GDRs)),
issued by companies primarily located in the
United States of America, while incorporating
environmental, social and corporate
governance (ESG) considerations.
Page 7
Morgan Stanley Investment Funds 30 June 2026 3
The accompanying notes are an integral part of these financial statements.
American Resilience 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
Equities (continued)
Hotels, Restaurants & Leisure Booking Holdings, Inc. USD 545 98,558 1.70
98,558 1.70 Household Products Procter & Gamble Co. (The) USD 1,500 217,545 3.75
217,545 3.75 Insurance Aon plc 'A' USD 849 277,538 4.78
277,538 4.78 Interactive Media & Services Alphabet, Inc. 'A' USD 1,300 457,418 7.88
457,418 7.88 Life Sciences Tools & Services Thermo Fisher Scientific, Inc. USD 386 193,054 3.33
193,054 3.33 Machinery Otis Worldwide Corp. USD 2,694 193,941 3.34
193,941 3.34 Professional Services Equifax, Inc. USD 506 78,850 1.36
78,850 1.36 Semiconductors & Semiconductor Equipment Texas Instruments, Inc. USD 1,160 341,098 5.88
341,098 5.88 Software Microsoft Corp. USD 838 311,351 5.36 Synopsys, Inc. USD 434 193,577 3.34
504,928 8.70
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
Equities (continued)
Specialty Retail AutoZone, Inc. USD 77 243,617 4.20
243,617 4.20 Tobacco Philip Morris International, Inc. USD 946 171,742 2.96
171,742 2.96 Trading Companies & Distributors Ferguson Enterprises, Inc. USD 385 91,141 1.57
91,141 1.57 Total Equities 5,711,167 98.41
Warrants
Software Constellation Software, Inc. 31/03/2040* CAD 85 – –
– Total Warrants – Total Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 5,711,167 98.41
Total Investments 5,711,167 98.41 Cash 87,691 1.51
Other assets/(liabilities) 4,393 0.08 Total Net assets 5,803,251 100.00
*Security is valued at its fair value under the direction of the Board of Directors.
Page 8
4 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
American Resilience Fund (continued)
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) USD
% of Net Assets EUR Hedged Share Class EUR 307,201 USD 349,564 31/07/2026 J.P. Morgan 931 0.02
Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts - Assets 931 0.02 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 931 0.02
Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 931 0.02
DERIVATIVES
Over-the-counter (OTC) and exchange traded derivatives as at 30 June 2026, expressed in US Dollars.
Page 9
Morgan Stanley Investment Funds 30 June 2026 5
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.
Asia Equity Fund
INVESTMENT AIM
To seek long-term capital appreciation,
measured in US Dollars, through investment
primarily in the equity securities of companies
domiciled in or exercising the predominant
part of their economic activity in Asia,
excluding Japan, thereby taking advantage
of the dynamic economic growth capabilities
of the region, while incorporating
environmental, social and corporate
governance (ESG) considerations. The Fund
will maintain a lower carbon footprint than the
MSCI Asia ex Japan Net Index.
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
Equities
China Alibaba Group Holding Ltd. HKD 446,000 5,295,728 3.22 Bank of Jiangsu Co. Ltd. 'A' CNY 367,100 583,383 0.35 BYD Co. Ltd. 'H' HKD 43,500 402,995 0.25 China Construction Bank Corp. 'H' HKD 2,222,000 2,289,855 1.39 China Hongqiao Group Ltd. HKD 102,000 261,139 0.16 China International Capital Corp. Ltd., Reg. S 'H' HKD 291,600 782,538 0.48 China Merchants Bank Co. Ltd. 'H' HKD 336,500 1,929,937 1.17 China Resources Mixc Lifestyle Services Ltd., Reg. S HKD 194,800 911,560 0.55 Contemporary Amperex Technology Co. Ltd. 'A' CNY 23,400 1,357,819 0.83 Foshan Haitian Flavouring & Food Co. Ltd. 'H' HKD 219,800 837,555 0.51 Jiangsu Hengrui Pharmaceuticals Co. Ltd. 'A' CNY 198,899 1,527,771 0.93 NARI Technology Co. Ltd. 'A' CNY 348,593 1,175,890 0.71 NAURA Technology Group Co. Ltd. 'A' CNY 11,745 1,534,447 0.93 NetEase, Inc. HKD 36,200 928,386 0.56 Ping An Insurance Group Co. of China Ltd. 'H' HKD 205,500 1,339,789 0.81 Shenzhen Inovance Technology Co. Ltd. 'A' CNY 145,100 1,421,087 0.86 Tencent Holdings Ltd. HKD 131,800 7,234,701 4.39 Xiaomi Corp., Reg. S 'B' HKD 206,800 571,392 0.35 Zijin Mining Group Co. Ltd. 'H' HKD 144,000 504,743 0.31
30,890,715 18.76 Hong Kong AIA Group Ltd. HKD 178,400 1,628,948 0.99 BOC Hong Kong Holdings Ltd. HKD 167,500 906,942 0.55 Hong Kong Exchanges & Clearing Ltd. HKD 42,001 1,948,051 1.18 Swire Properties Ltd. HKD 406,400 1,065,731 0.65 5,549,672 3.37 India 360 ONE WAM Ltd. INR 62,366 708,553 0.43 Avenue Supermarts Ltd., Reg. S INR 14,798 685,420 0.42 Axis Bank Ltd. INR 55,751 793,287 0.48 Bajaj Finance Ltd. INR 124,171 1,319,987 0.80 CG Power & Industrial Solutions Ltd. INR 106,171 1,068,887 0.65 Colgate-Palmolive India Ltd. INR 14,735 311,182 0.19 Fractal Analytics Ltd. INR 59,531 559,177 0.34 Grasim Industries Ltd. INR 23,902 783,356 0.48 HDFC Asset Management Co. Ltd., Reg. S INR 55,356 1,553,957 0.94 HDFC Bank Ltd., ADR USD 75,515 1,947,532 1.18 Hitachi Energy India Ltd. INR 5,635 2,081,769 1.26 ICICI Bank Ltd., ADR USD 73,561 2,150,188 1.31 IDFC First Bank Ltd. INR 1,874,523 1,576,067 0.96 JSW Cement Ltd., Reg. S INR 113,960 162,610 0.10 Lodha Developers Ltd., Reg. S INR 77,010 778,233 0.47 Mahindra & Mahindra Ltd. INR 41,959 1,362,812 0.83 Max Healthcare Institute Ltd. INR 114,865 1,371,387 0.83 Pidilite Industries Ltd. INR 59,980 1,010,515 0.61 Reliance Industries Ltd. INR 118,028 1,615,168 0.98
Page 10
6 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
Asia Equity 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
Equities (continued)
India (continued) Samvardhana Motherson International Ltd. INR 657,478 1,030,015 0.63 Shriram Finance Ltd. INR 77,067 849,778 0.52 State Bank of India INR 176,500 1,917,239 1.16
25,637,119 15.57 Indonesia Cisarua Mountain Dairy PT Tbk. IDR 959,900 239,172 0.15
239,172 0.15 Malaysia CIMB Group Holdings Bhd. MYR 167,200 304,220 0.18 Gamuda Bhd. MYR 379,500 407,216 0.25 Malayan Banking Bhd. MYR 214,900 568,662 0.35
1,280,098 0.78
Philippines Bank of the Philippine Islands PHP 141,100 221,020 0.13 BDO Unibank, Inc. PHP 118,750 229,715 0.14
450,735 0.27 Singapore DBS Group Holdings Ltd. SGD 28,950 1,462,408 0.89 Grab Holdings Ltd. 'A' USD 160,585 599,785 0.36 Sea Ltd., ADR USD 7,845 719,622 0.44 Singapore Telecommunications Ltd. SGD 105,600 359,448 0.22
3,141,263 1.91 South Korea Doosan Enerbility Co. Ltd. KRW 8,267 465,471 0.28 Hyundai Motor Co. KRW 5,806 1,863,221 1.13 KB Financial Group, Inc. KRW 21,036 2,163,883 1.31 Kia Corp. KRW 9,324 832,940 0.51 Samsung Electronics Co. Ltd. KRW 77,375 16,836,695 10.23 SK hynix, Inc. KRW 10,852 18,808,997 11.42 SK Square Co. Ltd. KRW 3,743 4,156,232 2.53
45,127,439 27.41 Taiwan Airtac International Group TWD 38,928 1,649,053 1.00 Alchip Technologies Ltd. TWD 15,000 1,995,754 1.21 ASE Technology Holding Co. Ltd. TWD 420,000 9,233,143 5.61 Delta Electronics, Inc. TWD 113,000 7,028,505 4.27 Hon Hai Precision Industry Co. Ltd. TWD 296,000 2,350,360 1.43 MediaTek, Inc. TWD 58,000 7,842,941 4.76 Silergy Corp. TWD 41,000 778,309 0.47
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
Equities (continued)
Taiwan (continued) Taiwan Semiconductor Manufacturing Co. Ltd., ADR USD 4,268 1,982,614 1.20 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 178,362 13,792,944 8.38 Unimicron Technology Corp. TWD 45,210 1,544,517 0.94 Wiwynn Corp. TWD 9,753 1,432,668 0.87
49,630,808 30.14 Thailand Bumrungrad Hospital PCL THB 49,000 277,312 0.17
277,312 0.17 Total Equities 162,224,333 98.53 Total Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 162,224,333 98.53
Units of authorised UCITS or other collective investment undertakings
Collective Investment Schemes - UCITS
United States of America Morgan Stanley Liquidity Funds US Dollar Liquidity Fund - Class MS Reserve † USD 2,328,773 2,328,773 1.42
2,328,773 1.42
Total Collective Investment Schemes - UCITS 2,328,773 1.42 Total Units of authorised UCITS or other collective investment undertakings 2,328,773 1.42
Total Investments 164,553,106 99.95 Cash 153,816 0.09 Other Assets/(Liabilities) (64,520) (0.04)
Total Net Assets 164,642,402 100.00
† 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.
Page 11
Morgan Stanley Investment Funds 30 June 2026 7
The accompanying notes are an integral part of these financial statements.
Asia Equity Fund (continued)
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) USD
% of Net Assets EUR Hedged Share Class EUR 12,001 USD 13,656 31/07/2026 J.P. Morgan 36 Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts - Assets 36 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 36 Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 36 –
DERIVATIVES
Over-the-counter (OTC) and exchange traded derivatives as at 30 June 2026, expressed in US Dollars.
Page 12
8 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.
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
Equities
China Baidu, Inc., ADR USD 779,686 88,299,439 4.20 China Resources Mixc Lifestyle Services Ltd., Reg. S HKD 5,393,000 25,236,349 1.20 Contemporary Amperex Technology Co. Ltd. 'A' CNY 1,253,710 72,748,325 3.46 Full Truck Alliance Co. Ltd., ADR USD 4,047,422 32,723,407 1.56 Greentown Service Group Co. Ltd., Reg. S HKD 9,766,000 4,886,279 0.23 Kuaishou Technology, Reg. S HKD 5,688,700 30,280,833 1.44 Kweichow Moutai Co. Ltd. 'A' CNY 261,653 45,753,974 2.18 Meituan, Reg. S 'B' HKD 6,158,190 53,881,557 2.56 PDD Holdings, Inc., ADR USD 423,330 32,774,209 1.56 Pony AI, Inc., ADR USD 1,971,861 13,743,871 0.65 Pony AI, Inc. 'A' HKD 4,446,400 31,149,340 1.48 Tencent Holdings Ltd. HKD 874,600 48,008,115 2.28 Trip.com Group Ltd., ADR USD 1,833,140 72,500,687 3.45 WeRide, Inc., ADR USD 3,086,227 17,483,476 0.83 WeRide, Inc. 'A' HKD 9,112,300 17,225,409 0.82
586,695,270 27.90
Hong Kong AIA Group Ltd. HKD 2,030,200 18,537,501 0.88
18,537,501 0.88 India Eternal Ltd. INR 24,044,057 67,306,880 3.20 HDFC Bank Ltd. INR 5,905,454 49,832,552 2.37 ICICI Bank Ltd., ADR USD 2,943,197 86,029,648 4.09 Indian Hotels Co. Ltd. (The) 'A' INR 1,612,870 12,175,842 0.58 MakeMyTrip Ltd. USD 1,699,630 90,131,379 4.29 Meesho Ltd. INR 4,182,708 8,514,236 0.41 Niva Bupa Health Insurance Co. Ltd. INR 9,893,964 8,849,043 0.42 Tata Capital Ltd. INR 23,747,258 91,913,093 4.37 Titan Co. Ltd. INR 1,306,165 60,824,479 2.89
475,577,152 22.62 Singapore Grab Holdings Ltd. 'A' USD 10,657,223 39,804,728 1.89
39,804,728 1.89 South Korea Coupang, Inc. USD 4,182,365 72,271,267 3.44 KakaoBank Corp. KRW 5,478,799 74,123,569 3.52 Samsung Electronics Co. Ltd. KRW 896,906 195,165,525 9.28 SK hynix, Inc. KRW 137,180 237,764,303 11.31 Webtoon Entertainment, Inc. USD 676,353 8,129,763 0.39
587,454,427 27.94
INVESTMENT AIM
To seek long-term appreciation, measured
in US Dollars through investment primarily
in equity securities, including depositary
receipts (including American Depositary
Receipts (ADRs), Global Depositary Receipts
(GDRs)), of issuers located in Asia, excluding
Japan, and China A-Shares via Stock Connect.
Asia Opportunity Fund
Page 13
Morgan Stanley Investment Funds 30 June 2026 9
The accompanying notes are an integral part of these financial statements.
Asia Opportunity Fund Asia Opportunity Fund Asia Opportunity Fund Asia Opportunity Fund (continued) (continued continued) (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
Equities (continued)
Taiwan MediaTek, Inc. TWD 1,251,000 169,164,117 8.05 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 2,641,000 204,231,651 9.71
373,395,768 17.76
Total Equities 2,081,464,846 98.99 Total Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 2,081,464,846 98.99
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 63,290,541 63,290,541 3.01
63,290,541 3.01
Total Collective Investment Schemes - UCITS 63,290,541 3.01 Total Units of authorised UCITS or other collective investment undertakings 63,290,541 3.01 Total Investments 2,144,755,387 102.00 Cash 1,763,257 0.08
Other Assets/(Liabilities) (43,770,103) (2.08) Total Net Assets 2,102,748,541 100.00
† 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.
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) USD
% of Net Assets BRL Hedged Share Class USD 1,958 BRL 10,201 31/07/2026 J.P. Morgan 2 Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts - Assets 2 EUR Hedged Share Class EUR 299,886,537 USD 341,240,891 31/07/2026 J.P. Morgan 908,839 0.04 USD 1,010,117 EUR 883,805 31/07/2026 J.P. Morgan 1,757 Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts - Assets 910,596 0.04 GBP Hedged Share Class GBP 7,258,552 USD 9,574,265 31/07/2026 J.P. Morgan 20,247 Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts - Assets 20,247 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 930,845 0.04 BRL Hedged Share Class BRL 250,517 USD 48,305 31/07/2026 J.P. Morgan (269) Unrealised Loss on NAV Hedged Share Classes Forward Currency Exchange Contracts - Liabilities (269) EUR Hedged Share Class EUR 2,042 USD 2,334 31/07/2026 J.P. Morgan (4) USD 15,944,217 EUR 13,986,876 31/07/2026 J.P. Morgan (13,839) Unrealised Loss on NAV Hedged Share Classes Forward Currency Exchange Contracts - Liabilities (13,843) GBP Hedged Share Class GBP 17,947 USD 23,760 31/07/2026 J.P. Morgan (37) USD 424,503 GBP 321,655 31/07/2026 J.P. Morgan (668) Unrealised Loss on NAV Hedged Share Classes Forward Currency Exchange Contracts - Liabilities (705) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (14,817) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 916,028 0.04
DERIVATIVES
Over-the-counter (OTC) and exchange traded derivatives as at 30 June 2026, expressed in US Dollars.
Page 14
10 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 long-term capital appreciation,
measured in US Dollars, primarily investing in
companies located in developed markets that
are involved in economic activities that
address climate transition and/or are aligned
to the long-term de-carbonisation objectives of
the Paris Agreement. The Fund will maintain a
carbon profile that follows the net zero
objectives of the Paris Agreement, as reflected
in the appropriate Paris-Aligned benchmark, or
in the absence of an approved Paris-Aligned
benchmark it will maintain a substantially lower
carbon footprint, of at least 50% less than that
of the underlying market benchmark, and
taking into account the long-term carbon
reduction objectives of the Paris Agreement
which may warrant a revision of the targeted
range of reduction over time. Carbon footprint
shall be measured as weighted average
carbon intensity, defined as tonnes of CO2 per $1million enterprise value including cash.
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
Equities
Australia Brambles Ltd. AUD 7,578 101,834 1.15 CAR Group Ltd. AUD 75 1,334 0.01 Cochlear Ltd. AUD 20 1,677 0.02 Fortescue Ltd. AUD 6,931 91,758 1.04 QBE Insurance Group Ltd. AUD 8,251 143,255 1.62 REA Group Ltd. AUD 5 480 0.01 Transurban Group AUD 155 1,537 0.02
341,875 3.87 Austria Verbund AG EUR 474 29,815 0.34
29,815 0.34 Belgium KBC Group NV EUR 450 60,969 0.69 UCB SA EUR 96 28,836 0.33
89,805 1.02 Canada BCE, Inc. CAD 3,709 81,979 0.93 CGI, Inc. CAD 204 12,934 0.15 Hydro One Ltd., Reg. S CAD 26 1,072 0.01 WSP Global, Inc. CAD 293 36,191 0.41
132,176 1.50 Denmark Danske Bank A/S DKK 64 3,416 0.04 Novo Nordisk A/S 'B' DKK 3,111 150,320 1.70 Novonesis Novozymes 'B' DKK 18 1,125 0.02 Vestas Wind Systems A/S DKK 189 5,384 0.06
160,245 1.82 Finland Kesko OYJ 'B' EUR 59 1,308 0.01
1,308 0.01 France Amundi SA, Reg. S EUR 1,314 125,774 1.42 AXA SA EUR 158 7,882 0.09 Klepierre SA, REIT EUR 440 18,331 0.21 Legrand SA EUR 317 53,262 0.60 L'Oreal SA (LN) EUR 317 137,336 1.56 Schneider Electric SE EUR 343 111,685 1.26 Societe Generale SA EUR 67 5,915 0.07 Veolia Environnement SA EUR 513 21,132 0.24
481,317 5.45
Calvert Climate Aligned Fund
Page 15
Morgan Stanley Investment Funds 30 June 2026 11
The accompanying notes are an integral part of these financial statements.
C
Calvert Climate Aligned Fund (continued) alvert Cli(continued) (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
Equities (continued)
Germany Deutsche Post AG EUR 21 1,262 0.01 KION Group AG EUR 11 483 0.01 Muenchener Rueckversicherungs Gesellschaft AG EUR 142 78,574 0.89 SAP SE EUR 53 8,115 0.09
88,434 1.00 Hong Kong AIA Group Ltd. HKD 1,000 9,131 0.10
9,131 0.10 Italy Enel SpA EUR 1,541 17,704 0.20 Generali EUR 1,086 52,593 0.59 Terna - Rete Elettrica Nazionale EUR 7,542 88,004 1.00
158,301 1.79 Japan Advantest Corp. JPY 100 20,384 0.23 Ajinomoto Co., Inc. JPY 100 3,639 0.04 Fast Retailing Co. Ltd. JPY 300 153,659 1.74 Mitsui Fudosan Co. Ltd. JPY 100 928 0.01 Nintendo Co. Ltd. JPY 100 4,185 0.05 Recruit Holdings Co. Ltd. JPY 400 27,711 0.31 Resona Holdings, Inc. JPY 100 1,305 0.02 Sekisui Chemical Co. Ltd. JPY 5,600 89,676 1.02 Sekisui House Ltd. JPY 400 8,344 0.09 SoftBank Group Corp. JPY 200 7,448 0.08
317,279 3.59 Netherlands Akzo Nobel NV EUR 13 875 0.01 ASML Holding NV EUR 40 78,580 0.89
79,455 0.90 New Zealand Auckland International Airport Ltd. NZD 286 1,352 0.02
1,352 0.02 Singapore DBS Group Holdings Ltd. SGD 200 10,103 0.11 Singapore Telecommunications Ltd. SGD 400 1,362 0.02
11,465 0.13
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
Equities (continued)
Spain Acciona SA EUR 35 11,127 0.13 Iberdrola SA EUR 4,987 124,451 1.41 Redeia Corp. SA EUR 2,361 40,006 0.45
175,584 1.99 Sweden Castellum AB SEK 108 1,425 0.02
1,425 0.02 Switzerland Cie Financiere Richemont SA CHF 252 57,851 0.66 Geberit AG CHF 35 23,369 0.26 Novartis AG CHF 655 102,796 1.16 Roche Holding AG CHF 244 100,452 1.14 Sika AG CHF 7 1,439 0.02 Zurich Insurance Group AG CHF 71 52,302 0.59
338,209 3.83 Taiwan Delta Electronics, Inc. TWD 1,000 62,199 0.70 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 1,000 77,331 0.88
139,530 1.58 United Kingdom 3i Group plc GBP 808 26,573 0.30 Antofagasta plc GBP 1,277 65,224 0.74 Aviva plc GBP 10,900 93,912 1.06 Compass Group plc USD 902 29,135 0.33 Halma plc GBP 483 25,117 0.29 Kingfisher plc GBP 176 665 0.01 National Grid plc GBP 3,319 54,884 0.62 SSE plc GBP 24 772 0.01
296,282 3.36 United States of America Abbott Laboratories USD 86 7,890 0.09 Accenture plc 'A' USD 131 16,155 0.18 Adobe, Inc. USD 350 71,729 0.81 Advanced Micro Devices, Inc. USD 266 148,367 1.68 AECOM USD 150 10,360 0.12 Agilent Technologies, Inc. USD 454 59,560 0.67 Akamai Technologies, Inc. USD 451 53,087 0.60 Alphabet, Inc. 'A' USD 1,025 360,656 4.08 American Water Works Co., Inc. USD 7 922 0.01 Amgen, Inc. USD 180 64,661 0.73 Analog Devices, Inc. USD 125 49,765 0.56 Apple, Inc. USD 1,418 404,570 4.58 Applied Materials, Inc. USD 245 177,538 2.01 Aptiv plc USD 927 56,130 0.64 Arista Networks, Inc. USD 103 17,413 0.20
Page 16
12 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
C
Calvert Climate Aligned Fund (continued) alvert Cli(continued) (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
Equities (continued)
United States of America (continued) Autodesk, Inc. USD 549 106,643 1.21 Automatic Data Processing, Inc. USD 129 29,035 0.33 AvalonBay Communities, Inc., REIT USD 7 1,323 0.01 Ball Corp. USD 19 1,168 0.01 Best Buy Co., Inc. USD 339 25,744 0.29 Boston Scientific Corp. USD 73 3,124 0.03 Bristol-Myers Squibb Co. USD 793 46,002 0.52 Broadcom, Inc. USD 436 164,180 1.86 BXP, Inc., REIT USD 24 1,589 0.02 Cadence Design Systems, Inc. USD 150 57,064 0.65 Capital One Financial Corp. USD 32 6,541 0.07 Cisco Systems, Inc. USD 379 45,067 0.51 Citizens Financial Group, Inc. USD 2,107 147,637 1.67 Cognizant Technology Solutions Corp. 'A' USD 478 18,071 0.20 Consolidated Edison, Inc. USD 8 887 0.01 CRH plc USD 125 13,611 0.15 CVS Health Corp. USD 1,116 115,182 1.30 DaVita, Inc. USD 88 19,184 0.22 Eaton Corp. plc USD 186 77,746 0.88 eBay, Inc. USD 287 31,722 0.36 Ecolab, Inc. USD 172 47,754 0.54 Edwards Lifesciences Corp. USD 56 5,052 0.06 Eli Lilly & Co. USD 208 251,262 2.85 Equity Residential, REIT USD 852 57,416 0.65 Estee Lauder Cos., Inc. (The) 'A' USD 720 56,117 0.64 Etsy, Inc. USD 1,862 143,951 1.63 Eversource Energy USD 12 872 0.01 First Solar, Inc. USD 66 15,752 0.18 Gilead Sciences, Inc. USD 638 79,756 0.90 Humana, Inc. USD 6 2,342 0.03 IDEXX Laboratories, Inc. USD 39 20,387 0.23 International Business Machines Corp. USD 46 12,696 0.14 International Flavors & Fragrances, Inc. USD 13 985 0.01 Intuit, Inc. USD 101 26,719 0.30 Kimberly-Clark Corp. USD 201 21,979 0.25 KLA Corp. USD 550 161,546 1.83 Lam Research Corp. USD 636 275,611 3.12 Linde plc USD 2 1,031 0.01 Lowe's Cos., Inc. USD 341 74,406 0.84 Mastercard, Inc. 'A' USD 267 136,621 1.55 McCormick & Co., Inc. (Non-Voting) USD 13 668 0.01 Merck & Co., Inc. USD 238 30,412 0.34 MetLife, Inc. USD 425 36,197 0.41 Microsoft Corp. USD 748 277,912 3.15 Moody's Corp. USD 152 68,499 0.78 Netflix, Inc. USD 407 29,805 0.34 NIKE, Inc. 'B' USD 59 2,430 0.03 NVIDIA Corp. USD 1,962 388,113 4.40 Omnicom Group, Inc. USD 140 10,217 0.12 ON Semiconductor Corp. USD 263 24,406 0.28 Parker-Hannifin Corp. USD 179 174,423 1.98 PayPal Holdings, Inc. USD 45 1,964 0.02 Pentair plc USD 9 689 0.01 Pfizer, Inc. USD 281 6,738 0.08 Pinterest, Inc. 'A' USD 1,098 23,486 0.27 Prologis, Inc., REIT USD 442 60,174 0.68 Quanta Services, Inc. USD 78 55,669 0.63 Ralph Lauren Corp. 'A' USD 149 59,111 0.67 Regeneron Pharmaceuticals, Inc. USD 39 24,565 0.28 Regions Financial Corp. USD 84 2,543 0.03
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
Equities (continued)
United States of America (continued) Rockwell Automation, Inc. USD 147 71,582 0.81 S&P Global, Inc. USD 203 82,672 0.94 Salesforce, Inc. USD 238 37,192 0.42 ServiceNow, Inc. USD 445 43,739 0.50 Sherwin-Williams Co. (The) USD 24 8,191 0.09 Steel Dynamics, Inc. USD 145 33,605 0.38 Synopsys, Inc. USD 9 4,014 0.05 TE Connectivity plc USD 437 88,353 1.00 Tetra Tech, Inc. USD 602 17,145 0.19 T-Mobile US, Inc. USD 469 78,028 0.88 Tractor Supply Co. USD 45 1,408 0.02 TransUnion USD 13 920 0.01 Truist Financial Corp. USD 63 3,158 0.04 Ulta Beauty, Inc. USD 5 2,254 0.03 US Bancorp USD 149 9,047 0.10 Verisk Analytics, Inc. 'A' USD 5 892 0.01 Vertex Pharmaceuticals, Inc. USD 123 60,885 0.69 Visa, Inc. 'A' USD 840 287,524 3.26 Welltower, Inc., REIT USD 32 7,246 0.08 Western Digital Corp. USD 38 25,194 0.28 Xylem, Inc. USD 7 819 0.01 Zoetis, Inc. 'A' USD 42 3,029 0.03
5,947,496 67.36
Total Equities 8,800,484 99.68 Total Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 8,800,484 99.68 Total Investments 8,800,484 99.68
Cash 17,272 0.20 Other Assets/(Liabilities) 11,166 0.12 Total Net Assets 8,828,922 100.00
The country disclosed within the Schedule of Investments refers to the country of risk. The country of incorporation may differ.
Page 17
Morgan Stanley Investment Funds 30 June 2026 13
The accompanying notes are an integral part of these financial statements.
C
Calvert Climate Aligned Fund (continued) alvert Cli(continued) (continued)
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) USD
% of Net Assets
EUR Hedged Share Class EUR 658,986 USD 749,860 31/07/2026 J.P. Morgan 1,997 0.02 Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts - Assets 1,997 0.02 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 1,997 0.02 EUR Hedged Share Class EUR 300 USD 343 31/07/2026 J.P. Morgan – Unrealised Loss on NAV Hedged Share Classes Forward Currency Exchange Contracts - Liabilities – Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities – Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 1,997 0.02
DERIVATIVES
Over-the-counter (OTC) and exchange traded derivatives as at 30 June 2026, expressed in US Dollars.
Page 18
14 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 long-term capital appreciation and
advance diversity, equity and inclusion,
measured in US Dollars, primarily investing in
companies located globally, that demonstrate
leadership or meaningful improvement in
having a diverse workforce and an equal and
inclusive work culture. The Fund will seek to
maintain higher levels of workforce diversity at
a portfolio level than the underlying market
benchmark as measured by average
percentage of women at the board level and
average percentage of board members
representing underrepresented ethnicities.
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
Equities
Australia Evolution Mining Ltd. AUD 463 3,780 0.04 Goodman Group, REIT AUD 893 19,192 0.19 Technology One Ltd. AUD 302 6,145 0.06
29,117 0.29 Belgium KBC Group NV EUR 224 30,349 0.31
30,349 0.31 Canada Bank of Nova Scotia (The) CAD 582 50,453 0.51 Canadian Imperial Bank of Commerce CAD 542 61,979 0.63 George Weston Ltd. CAD 348 25,042 0.25 Loblaw Cos. Ltd. CAD 702 31,920 0.32 Saputo, Inc. CAD 446 13,297 0.14 Stantec, Inc. CAD 176 12,033 0.12 Sun Life Financial, Inc. CAD 495 38,704 0.39 TELUS Corp. CAD 1,118 11,915 0.12 Thomson Reuters Corp. CAD 144 11,752 0.12 Waste Connections, Inc. CAD 52 8,650 0.09
265,745 2.69 Denmark Genmab A/S DKK 22 6,086 0.06 Novo Nordisk A/S 'B' DKK 902 43,583 0.44
49,669 0.50 France AXA SA EUR 575 28,685 0.29 BNP Paribas SA EUR 185 21,410 0.22 EssilorLuxottica SA EUR 160 29,399 0.30 Hermes International SCA EUR 13 23,479 0.24 L'Oreal SA (LN) EUR 100 43,324 0.44 Sanofi SA EUR 190 16,179 0.16 Schneider Electric SE EUR 243 79,124 0.80
241,600 2.45 Germany Allianz SE EUR 108 50,679 0.51 Commerzbank AG EUR 275 11,707 0.12 Deutsche Telekom AG EUR 830 22,585 0.23 E.ON SE EUR 1,383 28,438 0.29 Muenchener Rueckversicherungs Gesellschaft AG EUR 63 34,861 0.35 SAP SE EUR 361 55,270 0.56 Scout24 SE, Reg. S EUR 159 13,226 0.13
216,766 2.19
Calvert Diversity, Equity and Inclusion Fund
Page 19
Morgan Stanley Investment Funds 30 June 2026 15
The accompanying notes are an integral part of these financial statements.
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
Equities (continued)
Hong Kong Link REIT HKD 5,800 27,018 0.27 Swire Pacific Ltd. 'A' HKD 1,500 15,641 0.16
42,659 0.43 Ireland Kerry Group plc 'A' EUR 173 15,909 0.16
15,909 0.16 Italy BPER Banca SpA EUR 673 10,434 0.10 Intesa Sanpaolo SpA EUR 12,470 84,817 0.86
95,251 0.96 Japan Asahi Group Holdings Ltd. JPY 1,500 14,312 0.14 Asics Corp. JPY 400 10,841 0.11 Ebara Corp. JPY 200 7,785 0.08 Kyocera Corp. JPY 1,300 28,695 0.29 Otsuka Holdings Co. Ltd. JPY 200 13,334 0.14 Recruit Holdings Co. Ltd. JPY 500 34,638 0.35 SoftBank Group Corp. JPY 1,700 63,308 0.64 Sony Group Corp. JPY 1,800 36,315 0.37 Takeda Pharmaceutical Co. Ltd. JPY 400 12,644 0.13
221,872 2.25 Netherlands Adyen NV, Reg. S EUR 5 4,692 0.05 ASM International NV EUR 23 26,418 0.27 ING Groep NV EUR 1,709 53,661 0.54 Koninklijke Ahold Delhaize NV EUR 301 12,046 0.12
96,817 0.98 New Zealand Meridian Energy Ltd. NZD 6,658 21,949 0.22
21,949 0.22 Norway DNB Bank ASA NOK 416 12,369 0.13
12,369 0.13
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
Equities (continued)
Singapore DBS Group Holdings Ltd. SGD 400 20,206 0.20
20,206 0.20 Spain Acciona SA EUR 23 7,312 0.07 Aena SME SA, Reg. S EUR 1,044 32,192 0.33 Amadeus IT Group SA EUR 397 23,243 0.23 Banco Bilbao Vizcaya Argentaria SA EUR 3,528 87,559 0.89
150,306 1.52 Sweden Investor AB 'B' SEK 711 29,511 0.30 Spotify Technology SA USD 70 32,277 0.33
61,788 0.63 Switzerland ABB Ltd. CHF 566 61,023 0.62 Cie Financiere Richemont SA CHF 241 55,326 0.56 Georg Fischer AG CHF 111 5,746 0.06 Logitech International SA CHF 151 14,090 0.15 Novartis AG CHF 587 92,124 0.93 Roche Holding AG CHF 183 75,339 0.76 SGS SA CHF 178 20,722 0.21 Zurich Insurance Group AG CHF 62 45,672 0.46
370,042 3.75 Taiwan Accton Technology Corp. TWD 200 15,847 0.16 Delta Electronics, Inc. TWD 1,000 62,199 0.63 Fubon Financial Holding Co. Ltd. TWD 4,100 16,734 0.17
94,780 0.96 United Kingdom 3i Group plc GBP 280 9,208 0.09 Antofagasta plc GBP 74 3,780 0.04 AstraZeneca plc GBP 404 76,067 0.77 Autotrader Group plc, Reg. S GBP 2,152 14,274 0.14 Bunzl plc GBP 248 8,628 0.09 Compass Group plc USD 1,179 38,082 0.39 GSK plc GBP 1,431 37,008 0.37 Haleon plc GBP 1,879 8,676 0.09 Lloyds Banking Group plc GBP 30,027 44,315 0.45 National Grid plc GBP 842 13,924 0.14 NatWest Group plc GBP 1,378 12,186 0.12 Pearson plc GBP 1,234 19,558 0.20
Calvert Diversity, Equity and Inclusion Fund (continued)
Page 20
16 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
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
Equities (continued)
United Kingdom (continued) Reckitt Benckiser Group plc GBP 444 28,958 0.29 Rightmove plc GBP 5,337 31,139 0.32 Standard Chartered plc GBP 1,015 27,605 0.28 Vodafone Group plc GBP 18,053 23,888 0.24 Whitbread plc GBP 557 17,781 0.18
415,077 4.20 United States of America Adobe, Inc. USD 78 15,985 0.16 Akamai Technologies, Inc. USD 341 40,139 0.41 Alphabet, Inc. 'A' USD 1,432 503,863 5.10 Amazon.com, Inc. USD 2,127 507,502 5.14 American Express Co. USD 214 73,533 0.74 American Tower Corp., REIT USD 96 15,790 0.16 Ameriprise Financial, Inc. USD 54 24,793 0.25 Amgen, Inc. USD 156 56,040 0.57 Analog Devices, Inc. USD 209 83,207 0.84 Annaly Capital Management, Inc., REIT USD 1,153 26,058 0.26 Apple, Inc. USD 2,641 753,504 7.63 Applied Materials, Inc. USD 196 142,030 1.44 AT&T, Inc. USD 1,568 32,928 0.33 Autodesk, Inc. USD 64 12,432 0.13 Axon Enterprise, Inc. USD 30 16,438 0.17 Bank of America Corp. USD 1,795 102,925 1.04 Boston Scientific Corp. USD 376 16,089 0.16 Bristol-Myers Squibb Co. USD 606 35,154 0.36 Broadridge Financial Solutions, Inc. USD 132 17,919 0.18 Capital One Financial Corp. USD 92 18,807 0.19 Cboe Global Markets, Inc. USD 81 19,142 0.19 CDW Corp. USD 39 5,438 0.05 Church & Dwight Co., Inc. USD 174 16,794 0.17 Cisco Systems, Inc. USD 1,051 124,974 1.26 Clorox Co. (The) USD 132 12,606 0.13 CME Group, Inc. USD 64 14,168 0.14 Comcast Corp. 'A' USD 973 23,673 0.24 Consolidated Edison, Inc. USD 77 8,535 0.09 Datadog, Inc. 'A' USD 133 33,685 0.34 Deckers Outdoor Corp. USD 47 4,702 0.05 Deere & Co. USD 77 47,958 0.49 Dell Technologies, Inc. 'C' USD 64 27,256 0.28 Duolingo, Inc. 'A' USD 41 4,756 0.05 eBay, Inc. USD 379 41,891 0.42 Ecolab, Inc. USD 163 45,255 0.46 Elastic NV USD 105 5,979 0.06 Electronic Arts, Inc. USD 189 38,821 0.39 elf Beauty, Inc. USD 80 5,602 0.06 Eli Lilly & Co. USD 189 228,310 2.31 Eversource Energy USD 786 57,087 0.58 Exelon Corp. USD 211 9,845 0.10 First Solar, Inc. USD 21 5,012 0.05 Ford Motor Co. USD 698 9,828 0.10 GE HealthCare Technologies, Inc. USD 110 7,006 0.07 Gen Digital, Inc. USD 341 8,510 0.09 General Mills, Inc. USD 808 28,975 0.29 GoDaddy, Inc. 'A' USD 246 21,021 0.21 Hewlett Packard Enterprise Co. USD 851 37,487 0.38 Hologic, Inc.* USD 113 1 –
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
Equities (continued)
United States of America (continued) HP, Inc. USD 199 4,426 0.04 Insmed, Inc. USD 118 12,579 0.13 Intel Corp. USD 778 106,757 1.08 Intercontinental Exchange, Inc. USD 263 32,462 0.33 International Business Machines Corp. USD 245 67,622 0.68 Intuit, Inc. USD 80 21,164 0.21 Intuitive Surgical, Inc. USD 121 48,437 0.49 Jabil, Inc. USD 95 36,151 0.37 JPMorgan Chase & Co. USD 558 183,839 1.86 KLA Corp. USD 450 132,174 1.34 Lam Research Corp. USD 426 184,607 1.87 Mastercard, Inc. 'A' USD 239 122,294 1.24 Merck & Co., Inc. USD 632 80,757 0.82 Microsoft Corp. USD 1,349 501,207 5.07 Monolithic Power Systems, Inc. USD 37 50,181 0.51 Moody's Corp. USD 79 35,601 0.36 Motorola Solutions, Inc. USD 56 23,257 0.24 Nasdaq, Inc. USD 397 30,926 0.31 Netflix, Inc. USD 949 69,495 0.70 NextEra Energy, Inc. USD 439 38,439 0.39 NVIDIA Corp. USD 4,128 816,580 8.27 NXP Semiconductors NV USD 111 31,104 0.31 Omnicom Group, Inc. USD 245 17,880 0.18 Otis Worldwide Corp. USD 161 11,590 0.12 Palo Alto Networks, Inc. USD 220 74,855 0.76 PayPal Holdings, Inc. USD 89 3,884 0.04 Pinterest, Inc. 'A' USD 1,217 26,032 0.26 Principal Financial Group, Inc. USD 329 35,713 0.36 Progressive Corp. (The) USD 101 22,275 0.23 Prudential Financial, Inc. USD 312 33,833 0.34 PTC, Inc. USD 82 9,341 0.09 Public Service Enterprise Group, Inc. USD 105 8,556 0.09 Quanta Services, Inc. USD 87 62,092 0.63 Raymond James Financial, Inc. USD 191 29,116 0.29 Realty Income Corp., REIT USD 1,340 83,281 0.84 ResMed, Inc. USD 128 24,900 0.25 S&P Global, Inc. USD 125 50,906 0.52 Salesforce, Inc. USD 302 47,194 0.48 Seagate Technology Holdings plc USD 42 41,583 0.42 ServiceNow, Inc. USD 285 28,013 0.28 SoFi Technologies, Inc. USD 1,102 19,836 0.20 Stryker Corp. USD 151 47,438 0.48 Synopsys, Inc. USD 92 41,035 0.42 Tapestry, Inc. USD 196 28,538 0.29 TE Connectivity plc USD 320 64,698 0.65 Texas Instruments, Inc. USD 181 53,223 0.54 TJX Cos., Inc. (The) USD 436 65,291 0.66 Tradeweb Markets, Inc. 'A' USD 58 5,667 0.06 Trane Technologies plc USD 34 16,563 0.17 Travelers Cos., Inc. (The) USD 37 12,232 0.12 Trimble, Inc. USD 105 5,308 0.05 United Rentals, Inc. USD 20 22,544 0.23 United Therapeutics Corp. USD 26 14,030 0.14 UnitedHealth Group, Inc. USD 166 68,862 0.70 Verizon Communications, Inc. USD 1,389 58,977 0.60 Vertex Pharmaceuticals, Inc. USD 89 44,055 0.45 Visa, Inc. 'A' USD 443 151,634 1.53 Westinghouse Air Brake Technologies Corp. USD 61 16,461 0.17
Calvert Diversity, Equity and Inclusion Fund (continued)
Page 21
Morgan Stanley Investment Funds 30 June 2026 17
The accompanying notes are an integral part of these financial statements.
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) USD
% of Net Assets EUR Hedged Share Class EUR 715,006 USD 813,605 31/07/2026 J.P. Morgan 2,167 0.02
Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts - Assets 2,167 0.02
Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 2,167 0.02 EUR Hedged Share Class EUR 1,300 USD 1,485 31/07/2026 J.P. Morgan (2) Unrealised Loss on NAV Hedged Share Classes Forward Currency Exchange Contracts - Liabilities (2) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (2) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 2,165 0.02
Calvert Diversity, Equity and Inclusion 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
Equities (continued)
United States of America (continued) Workday, Inc. 'A' USD 111 13,573 0.14 Zoetis, Inc. 'A' USD 55 3,967 0.04
7,384,488 74.75 Total Equities 9,836,759 99.57
Warrants
Canada Constellation Software, Inc. 31/03/2040* CAD 9 – –
– Total Warrants – Total Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 9,836,759 99.57 Total Investments 9,836,759 99.57 Cash 32,954 0.33
Other Assets/(Liabilities) 9,287 0.10 Total Net Assets 9,879,000 100.00
*Security is valued at its fair value under the direction of the Board of Directors. The country disclosed within the Schedule of Investments refers to the country of risk. The country of incorporation may differ.
DERIVATIVES
Over-the-counter (OTC) and exchange traded derivatives as at 30 June 2026, expressed in US Dollars.
Page 22
18 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 high total returns, consistent with
reasonable risk, measured in U.S. Dollars, by
primarily investing in equity securities of
companies located throughout the world
(including in emerging markets for up to 30%
of its net assets). Furthermore, the Fund will
invest in companies that, in the opinion of the
Investment Adviser, exhibit, through their
operations and business practices, sound
management of ESG characteristics. These
characteristics include environmental
sustainability, resource efficiency, support for
equitable societies and respect for human
rights, accountable governance, and
transparent operations.
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
Equities
France BNP Paribas SA EUR 1,946 225,206 2.09 L'Oreal SA EUR 494 214,020 1.99 L'Oreal SA (LN) EUR 74 32,060 0.30 LVMH Moet Hennessy Louis Vuitton SE EUR 408 223,020 2.07 Safran SA EUR 508 199,709 1.85 Schneider Electric SE EUR 584 190,157 1.77
1,084,172 10.07 Hong Kong AIA Group Ltd. HKD 29,883 272,858 2.54
272,858 2.54 India HDFC Bank Ltd., ADR USD 5,331 137,486 1.28
137,486 1.28 Japan Keyence Corp. JPY 562 281,994 2.62 Recruit Holdings Co. Ltd. JPY 2,442 169,172 1.57
451,166 4.19 Netherlands ASML Holding NV EUR 168 330,036 3.07 IMCD NV EUR 1,322 117,862 1.09
447,898 4.16 Singapore DBS Group Holdings Ltd. SGD 3,876 195,796 1.82
195,796 1.82 Switzerland Nestle SA CHF 3,804 391,704 3.64 Sika AG CHF 998 205,124 1.91 Straumann Holding AG CHF 1,319 173,889 1.61
770,717 7.16
Taiwan Taiwan Semiconductor Manufacturing Co. Ltd., ADR USD 980 455,239 4.23
455,239 4.23
Calvert Global Equity Fund
Page 23
Morgan Stanley Investment Funds 30 June 2026 19
The accompanying notes are an integral part of these financial statements.
Calvert Global Equity 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
Equities (continued)
United Kingdom AstraZeneca plc GBP 1,183 222,740 2.07 Compass Group plc USD 11,261 363,730 3.38 Intertek Group plc GBP 1,918 147,175 1.37 London Stock Exchange Group plc GBP 1,339 143,933 1.34 Reckitt Benckiser Group plc GBP 2,372 154,702 1.44 RELX plc GBP 6,126 191,996 1.78
1,224,276 11.38 United States of America Alphabet, Inc. 'A' USD 1,686 593,236 5.51 Amazon.com, Inc. USD 2,278 543,531 5.05 American International Group, Inc. USD 2,583 193,880 1.80 AMETEK, Inc. USD 906 217,241 2.02 Aramark USD 2,542 142,708 1.33 CDW Corp. USD 1,011 140,974 1.31 Charles Schwab Corp. (The) USD 2,334 219,314 2.04 Danaher Corp. USD 1,163 222,191 2.06 IDEX Corp. USD 1,219 275,604 2.56 Intuit, Inc. USD 282 74,602 0.69 Intuitive Surgical, Inc. USD 355 142,110 1.32 JPMorgan Chase & Co. USD 730 240,506 2.23 Marriott International, Inc. 'A' USD 578 214,230 1.99 Microsoft Corp. USD 1,292 480,029 4.46 NextEra Energy, Inc. USD 2,432 212,946 1.98 NVIDIA Corp. USD 2,258 446,666 4.15 TJX Cos., Inc. (The) USD 1,158 173,410 1.61 US Foods Holding Corp. USD 2,053 207,497 1.93 Visa, Inc. 'A' USD 898 307,376 2.86 Walt Disney Co. (The) USD 1,897 183,620 1.71 Zebra Technologies Corp. 'A' USD 757 191,930 1.78 Zoetis, Inc. 'A' USD 1,792 129,257 1.20
5,552,858 51.59
Total Equities 10,592,466 98.42 Total Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 10,592,466 98.42 Total Investments 10,592,466 98.42
Cash 163,716 1.52 Other Assets/(Liabilities) 6,845 0.06 Total Net Assets 10,763,027 100.00
The country disclosed within the Schedule of Investments refers to the country of risk. The country of incorporation may differ.
Calvert Global Equity Fund*
Page 24
20 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 long-term capital appreciation,
measured in Euro, primarily investing in
companies located in Europe’s developed
markets that are involved in economic
activities that address global environmental or
societal challenges that relate to areas such
as environmental sustainability and resource
efficiency, diversity, equity and inclusion,
respect for human rights, product
responsibility, human capital management and
accountable governance and transparent
operations, or are leaders in managing
financially material environmental or social
risks and opportunities. This strategy further
takes into account the long-term carbon
reduction objectives of the Paris Agreement
and advancement of diversity, equity and
inclusion.
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
Equities
Austria Erste Group Bank AG EUR 13,361 1,559,229 2.45
1,559,229 2.45 Belgium Argenx SE EUR 184 147,678 0.23 KBC Group NV EUR 4,581 544,681 0.86
692,359 1.09 Denmark Novo Nordisk A/S 'B' DKK 24,195 1,025,954 1.61 Novonesis Novozymes 'B' DKK 3,935 215,844 0.34 Orsted A/S, Reg. S DKK 7,305 143,616 0.23 Pandora A/S DKK 1,338 133,359 0.21 Vestas Wind Systems A/S DKK 14,398 359,921 0.57
1,878,694 2.96 Finland Kesko OYJ 'B' EUR 1,022 19,888 0.03 Kone OYJ 'B' EUR 1,321 65,693 0.10 Metso OYJ EUR 15,887 241,800 0.38 Nokia OYJ EUR 20,048 235,063 0.37 Nordea Bank Abp EUR 7,526 124,104 0.20
686,548 1.08 France Amundi SA, Reg. S EUR 5,228 439,152 0.69 AXA SA EUR 46,703 2,044,657 3.22 Ayvens SA, Reg. S EUR 1,573 18,074 0.03 BioMerieux EUR 328 22,484 0.04 BNP Paribas SA EUR 4,930 500,691 0.79 Bureau Veritas SA EUR 5,386 144,022 0.23 Capgemini SE EUR 1,262 111,081 0.17 Cie Generale des Etablissements Michelin SCA EUR 17,679 595,606 0.94 Credit Agricole SA EUR 52,266 917,007 1.44 Dassault Systemes SE EUR 1,648 29,474 0.05 Gecina SA, REIT EUR 1,656 121,882 0.19 Klepierre SA, REIT EUR 3,708 135,564 0.21 Legrand SA EUR 6,300 928,935 1.46 LVMH Moet Hennessy Louis Vuitton SE EUR 1,902 912,389 1.44 Publicis Groupe SA EUR 8,792 756,991 1.19 Sanofi SA EUR 8,024 599,634 0.94 Schneider Electric SE EUR 4,368 1,248,156 1.96 Unibail-Rodamco-Westfield, REIT EUR 7,901 810,248 1.28 Veolia Environnement SA EUR 41,660 1,506,009 2.37
11,842,056 18.64
Calvert Sustainable Developed Europe Equity Select
Fund
Page 25
Morgan Stanley Investment Funds 30 June 2026 21
The accompanying notes are an integral part of these financial statements.
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
Equities (continued)
Germany Bayerische Motoren Werke AG EUR 713 41,069 0.06 Bayerische Motoren Werke AG Preference EUR 2,288 131,789 0.21 Commerzbank AG EUR 13,498 504,285 0.79 Deutsche Boerse AG EUR 1,326 315,588 0.50 Deutsche Post AG EUR 20,421 1,077,004 1.70 GEA Group AG EUR 386 23,237 0.04 Henkel AG & Co. KGaA EUR 8,900 612,765 0.96 Infineon Technologies AG EUR 15,051 1,221,840 1.92 Mercedes-Benz Group AG EUR 22,941 997,589 1.57 Merck KGaA EUR 1,950 285,967 0.45 Muenchener Rueckversicherungs Gesellschaft AG EUR 2,263 1,098,913 1.73 SAP SE EUR 9,788 1,315,116 2.07 Zalando SE, Reg. S EUR 3,838 96,948 0.15
7,722,110 12.15 Ireland Kerry Group plc 'A' EUR 395 31,877 0.05 Kingspan Group plc EUR 2,079 166,112 0.26
197,989 0.31 Italy Enel SpA EUR 19,255 194,129 0.30 Generali EUR 23,645 1,004,912 1.58 Intesa Sanpaolo SpA EUR 367,289 2,192,348 3.45 Prysmian SpA EUR 8,354 1,225,114 1.93 Telecom Italia SpA EUR 21,977 177,245 0.28
4,793,748 7.54 Netherlands Akzo Nobel NV EUR 1,739 102,705 0.16 ASM International NV EUR 324 326,592 0.51 ASML Holding NV EUR 2,214 3,816,936 6.01 ASR Nederland NV EUR 3,815 252,706 0.40 ING Groep NV EUR 5,809 160,067 0.25 InPost SA EUR 1,160 17,864 0.03 Koninklijke Ahold Delhaize NV EUR 34,243 1,202,614 1.89 NN Group NV EUR 4,998 383,247 0.60 Randstad NV EUR 803 20,605 0.03 Wolters Kluwer NV EUR 840 47,426 0.08
6,330,762 9.96 Portugal EDP Renewables SA EUR 9,718 136,246 0.21 EDP SA EUR 52,055 237,995 0.38 Jeronimo Martins SGPS SA EUR 12,285 205,897 0.32
580,138 0.91
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
Equities (continued)
Spain Amadeus IT Group SA EUR 7,034 361,407 0.57 Banco de Sabadell SA EUR 27,201 84,377 0.13 Bankinter SA EUR 6,118 88,986 0.14 CaixaBank SA EUR 28,441 352,100 0.55 Grifols SA EUR 2,437 21,757 0.04 Iberdrola SA EUR 91,204 1,997,368 3.14 Redeia Corp. SA EUR 5,034 74,856 0.12 Telefonica SA EUR 95,624 337,170 0.53
3,318,021 5.22 Sweden Assa Abloy AB 'B' SEK 14,465 447,861 0.70 Atlas Copco AB 'A' SEK 11,812 209,364 0.33 Epiroc AB 'A' SEK 9,795 235,611 0.37 EQT AB SEK 1,198 29,834 0.05 Nibe Industrier AB 'B' SEK 4,408 14,253 0.02 SKF AB 'B' SEK 4,007 90,524 0.14 Tele2 AB 'B' SEK 45,995 706,228 1.11 Telia Co. AB SEK 96,454 412,641 0.65 Volvo AB 'B' SEK 41,274 1,229,838 1.94
3,376,154 5.31 Switzerland ABB Ltd. CHF 22,733 2,150,905 3.38 Cie Financiere Richemont SA CHF 4,863 979,714 1.54 Givaudan SA CHF 55 201,512 0.32 Logitech International SA CHF 258 21,127 0.03 Novartis AG CHF 19,611 2,700,979 4.25 Roche Holding AG CHF 4,285 1,548,122 2.44 SGS SA CHF 609 62,217 0.10 Sonova Holding AG CHF 125 25,901 0.04 Straumann Holding AG CHF 1,545 178,748 0.28 Swiss Prime Site AG CHF 197 28,260 0.05 Swiss Re AG CHF 805 112,730 0.18 Swisscom AG CHF 1,025 698,519 1.10 Zurich Insurance Group AG CHF 1,506 973,568 1.53
9,682,302 15.24 United Kingdom 3i Group plc GBP 21,708 626,525 0.99 Admiral Group plc GBP 2,424 100,160 0.16 Antofagasta plc GBP 2,510 112,507 0.18 AstraZeneca plc GBP 12,528 2,070,053 3.26 Autotrader Group plc, Reg. S GBP 27,257 158,663 0.25 Aviva plc GBP 57,629 435,736 0.68 BT Group plc GBP 14,716 32,631 0.05 Compass Group plc USD 24,437 692,686 1.09 GSK plc GBP 47,501 1,078,079 1.70 Halma plc GBP 20,246 923,935 1.45 Informa plc GBP 49,654 524,160 0.82 Intertek Group plc GBP 3,903 262,826 0.41 Kingfisher plc GBP 85,008 282,029 0.44
Calvert Sustainable Developed Europe Equity Select
Fund (continued)
Page 26
22 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
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
Equities (continued)
United Kingdom (continued) National Grid plc GBP 20,185 292,923 0.46 Pearson plc GBP 50,290 699,469 1.10 RELX plc GBP 22,085 607,431 0.96 Rentokil Initial plc GBP 57,386 284,184 0.45 Sage Group plc (The) GBP 7,179 68,671 0.11 Schroders plc GBP 66,868 454,940 0.72 Smith & Nephew plc GBP 10,969 138,886 0.22 SSE plc GBP 2,641 74,507 0.12 Standard Chartered plc GBP 23,033 549,741 0.86 Standard Life plc GBP 2,121 20,545 0.03 Whitbread plc GBP 794 22,244 0.03
10,513,531 16.54 Total Equities 63,173,641 99.40 Total Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 63,173,641 99.40
Total Investments 63,173,641 99.40 Cash 427,538 0.67 Other Assets/(Liabilities) (48,867) (0.07)
Total Net Assets 63,552,312 100.00
The country disclosed within the Schedule of Investments refers to the country of risk. The country of incorporation may differ.
Calvert Sustainable Developed Europe Equity Select
Fund (continued)
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) EUR
% of Net Assets
USD Hedged Share Class USD 463,475 EUR 407,308 31/07/2026 J.P. Morgan (1,082) Unrealised Loss on NAV Hedged Share Classes Forward Currency Exchange Contracts - Liabilities (1,082) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (1,082) Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (1,082) –
DERIVATIVES
Over-the-counter (OTC) and exchange traded derivatives as at 30 June 2026, expressed in Euro.
Page 27
Morgan Stanley Investment Funds 30 June 2026 23
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 long-term capital appreciation,
measured in US Dollars, primarily investing in
companies located in developed markets that
are involved in economic activities that
address global environmental or societal
challenges, such as environmental
sustainability and resource efficiency, diversity,
equity and inclusion, respect for human rights,
product responsibility, human capital
management and accountable governance and
transparent operations, or are leaders in
managing financially material environmental or
social risks and opportunities. This strategy
further takes into account the long-term
carbon reduction objectives of the Paris
Agreement and advancement of diversity,
equity and inclusion.
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
Equities
Australia ANZ Group Holdings Ltd. AUD 1,804 43,988 0.51 Brambles Ltd. AUD 2,589 34,791 0.40 Computershare Ltd. AUD 998 26,327 0.30 Fortescue Ltd. AUD 2,360 31,244 0.36 Macquarie Group Ltd. AUD 17 2,938 0.03 QBE Insurance Group Ltd. AUD 475 8,247 0.09 REA Group Ltd. AUD 99 9,508 0.11 Telstra Group Ltd. AUD 7,392 25,883 0.30
182,926 2.10
Austria Erste Group Bank AG EUR 455 60,506 0.70
60,506 0.70
Canada Bank of Montreal CAD 582 102,706 1.18 Bank of Nova Scotia (The) CAD 763 66,143 0.76 BCE, Inc. CAD 141 3,116 0.04 Hydro One Ltd., Reg. S CAD 624 25,720 0.30 iA Financial Corp., Inc. CAD 174 23,946 0.28 IGM Financial, Inc. CAD 156 8,553 0.10 Loblaw Cos. Ltd. CAD 1,108 50,382 0.58 Manulife Financial Corp. CAD 1,647 67,191 0.77 National Bank of Canada CAD 540 84,801 0.97 Stantec, Inc. CAD 89 6,085 0.07 Sun Life Financial, Inc. CAD 595 46,522 0.53 WSP Global, Inc. CAD 71 8,770 0.10
493,935 5.68
Denmark Novo Nordisk A/S 'B' DKK 556 26,865 0.31 Vestas Wind Systems A/S DKK 477 13,588 0.16
40,453 0.47
Finland Nokia OYJ EUR 251 3,353 0.04 Nordea Bank Abp EUR 1,228 23,075 0.26
26,428 0.30
France AXA SA EUR 939 46,844 0.54 BNP Paribas SA EUR 128 14,813 0.17 Cie Generale des Etablissements Michelin SCA EUR 73 2,802 0.03 Credit Agricole SA EUR 1,964 39,265 0.45 Legrand SA EUR 14 2,352 0.03 LVMH Moet Hennessy Louis Vuitton SE EUR 35 19,132 0.22 Publicis Groupe SA EUR 358 35,124 0.41 Sanofi SA EUR 43 3,662 0.04
Calvert Sustainable Developed Markets Equity Select
Fund
Page 28
24 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
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
Equities (continued)
France (continued) Schneider Electric SE EUR 145 47,214 0.54 Veolia Environnement SA EUR 60 2,472 0.03
213,680 2.46
Germany Bayerische Motoren Werke AG EUR 31 2,034 0.02 Bayerische Motoren Werke AG Preference EUR 110 7,220 0.08 Commerzbank AG EUR 785 33,419 0.38 Deutsche Boerse AG EUR 64 17,357 0.20 Deutsche Post AG EUR 70 4,207 0.05 Henkel AG & Co. KGaA Preference EUR 155 12,904 0.15 Infineon Technologies AG EUR 62 5,735 0.07 Mercedes-Benz Group AG EUR 45 2,230 0.02 Muenchener Rueckversicherungs Gesellschaft AG EUR 6 3,320 0.04 SAP SE EUR 50 7,655 0.09
96,081 1.10
Italy Enel SpA EUR 1,405 16,141 0.19 Generali EUR 768 37,193 0.43 Intesa Sanpaolo SpA EUR 13,053 88,782 1.02 Prysmian SpA EUR 198 33,088 0.38 Telecom Italia SpA EUR 1,144 10,514 0.12
185,718 2.14
Japan Advantest Corp. JPY 200 40,769 0.47 Ajinomoto Co., Inc. JPY 900 32,745 0.38 Asahi Kasei Corp. JPY 2,400 26,626 0.31 Asics Corp. JPY 800 21,682 0.25 Astellas Pharma, Inc. JPY 1,200 16,182 0.19 Chugai Pharmaceutical Co. Ltd. JPY 400 18,507 0.21 Daiichi Sankyo Co. Ltd. JPY 100 1,609 0.02 Daiwa Securities Group, Inc. JPY 2,600 25,695 0.29 Denso Corp. JPY 1,900 22,024 0.25 Fast Retailing Co. Ltd. JPY 100 51,220 0.59 Fujitsu Ltd. JPY 100 1,989 0.02 Mitsubishi Electric Corp. JPY 1,400 50,956 0.58 NEC Corp. JPY 100 2,427 0.03 Nintendo Co. Ltd. JPY 100 4,185 0.05 Nitto Denko Corp. JPY 1,200 23,591 0.27 Recruit Holdings Co. Ltd. JPY 400 27,710 0.32 Renesas Electronics Corp. JPY 1,000 29,929 0.34 Resona Holdings, Inc. JPY 100 1,305 0.01 Sony Group Corp. JPY 2,800 56,490 0.65 Sumitomo Electric Industries Ltd. JPY 2,800 51,130 0.59 Takeda Pharmaceutical Co. Ltd. JPY 100 3,161 0.04 TDK Corp. JPY 900 20,001 0.23
529,933 6.09
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
Equities (continued)
Netherlands ASM International NV EUR 2 2,297 0.03 ASML Holding NV EUR 32 62,864 0.72 ASR Nederland NV EUR 154 11,624 0.13 ING Groep NV EUR 111 3,485 0.04 Koninklijke Ahold Delhaize NV EUR 508 20,330 0.23 NN Group NV EUR 305 26,650 0.31
127,250 1.46
Portugal EDP SA EUR 4,259 22,188 0.26
22,188 0.26
Singapore CapitaLand Integrated Commercial Trust, REIT SGD 11,600 21,246 0.24
21,246 0.24
Spain Amadeus IT Group SA EUR 252 14,754 0.17 CaixaBank SA EUR 3,128 44,127 0.51 Iberdrola SA EUR 3,516 87,742 1.01
146,623 1.69
Sweden Assa Abloy AB 'B' SEK 65 2,293 0.03 Atlas Copco AB 'A' SEK 127 2,565 0.03 Investor AB 'B' SEK 263 10,916 0.12 Volvo AB 'B' SEK 535 18,165 0.21
33,939 0.39
Switzerland ABB Ltd. CHF 212 22,857 0.26 Cie Financiere Richemont SA CHF 112 25,711 0.30 Givaudan SA CHF 1 4,175 0.05 Novartis AG CHF 392 61,521 0.71 Roche Holding AG CHF 71 29,230 0.34 Swiss Re AG CHF 17 2,713 0.03 Swisscom AG CHF 42 32,615 0.37 Zurich Insurance Group AG CHF 66 48,618 0.56
227,440 2.62
Calvert Sustainable Developed Markets Equity Select
Fund (continued)
Page 29
Morgan Stanley Investment Funds 30 June 2026 25
The accompanying notes are an integral part of these financial statements.
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
Equities (continued)
United Kingdom 3i Group plc GBP 867 28,513 0.33 Admiral Group plc GBP 62 2,919 0.03 AstraZeneca plc GBP 227 42,740 0.49 Autotrader Group plc, Reg. S GBP 1,283 8,510 0.10 Compass Group plc USD 957 30,911 0.36 GSK plc GBP 495 12,802 0.15 Halma plc GBP 43 2,236 0.03 Informa plc GBP 1,479 17,791 0.20 National Grid plc GBP 236 3,903 0.04 Pearson plc GBP 1,088 17,244 0.20 RELX plc GBP 149 4,670 0.05 SSE plc GBP 290 9,323 0.11 Standard Chartered plc GBP 645 17,542 0.20
199,104 2.29
United States of America Abbott Laboratories USD 82 7,523 0.09 Accenture plc 'A' USD 230 28,364 0.33 Adobe, Inc. USD 70 14,346 0.16 Advanced Micro Devices, Inc. USD 237 132,191 1.52 AECOM USD 98 6,769 0.08 Agilent Technologies, Inc. USD 138 18,104 0.21 Alnylam Pharmaceuticals, Inc. USD 8 2,406 0.03 Alphabet, Inc. 'A' USD 1,195 420,473 4.84 American Express Co. USD 213 73,189 0.84 American Tower Corp., REIT USD 148 24,343 0.28 Analog Devices, Inc. USD 113 44,988 0.52 Apple, Inc. USD 1,465 417,979 4.81 Applied Materials, Inc. USD 166 120,291 1.38 Autodesk, Inc. USD 223 43,318 0.50 Automatic Data Processing, Inc. USD 253 56,945 0.65 AvalonBay Communities, Inc., REIT USD 59 11,148 0.13 Best Buy Co., Inc. USD 375 28,478 0.33 BlackRock, Inc. USD 69 66,639 0.77 Boston Scientific Corp. USD 70 2,995 0.03 Bristol-Myers Squibb Co. USD 631 36,604 0.42 Cadence Design Systems, Inc. USD 89 33,858 0.39 Capital One Financial Corp. USD 30 6,133 0.07 CBRE Group, Inc. 'A' USD 157 21,220 0.24 Church & Dwight Co., Inc. USD 172 16,601 0.19 Cintas Corp. USD 20 3,368 0.04 Cisco Systems, Inc. USD 874 103,927 1.19 Citizens Financial Group, Inc. USD 265 18,569 0.21 Consolidated Edison, Inc. USD 546 60,524 0.70 CRH plc USD 213 23,194 0.27 Danaher Corp. USD 30 5,731 0.07 Deckers Outdoor Corp. USD 109 10,904 0.13 Deere & Co. USD 12 7,474 0.09 Dick's Sporting Goods, Inc. USD 50 11,477 0.13 Eaton Corp. plc USD 201 84,016 0.97 eBay, Inc. USD 348 38,464 0.44 Ecolab, Inc. USD 222 61,636 0.71 Edwards Lifesciences Corp. USD 271 24,447 0.28 Electronic Arts, Inc. USD 12 2,465 0.03 Eli Lilly & Co. USD 104 125,631 1.44 Emerson Electric Co. USD 510 72,690 0.84 Exelon Corp. USD 946 44,140 0.51 Expeditors International of Washington, Inc. USD 21 3,388 0.04
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
Equities (continued)
United States of America (continued) Fifth Third Bancorp USD 53 2,983 0.03 First Solar, Inc. USD 51 12,172 0.14 Flex Ltd. USD 269 43,820 0.50 General Mills, Inc. USD 891 31,951 0.37 Gilead Sciences, Inc. USD 376 47,004 0.54 Hartford Insurance Group, Inc. (The) USD 266 35,343 0.41 Hewlett Packard Enterprise Co. USD 794 34,976 0.40 Hologic, Inc.* USD 2,907 29 Home Depot, Inc. (The) USD 139 48,533 0.56 HP, Inc. USD 1,204 26,777 0.31 Humana, Inc. USD 6 2,342 0.03 IDEXX Laboratories, Inc. USD 48 25,092 0.29 Ingersoll Rand, Inc. USD 32 2,592 0.03 Intercontinental Exchange, Inc. USD 328 40,485 0.47 Intuit, Inc. USD 100 26,455 0.30 IQVIA Holdings, Inc. USD 34 6,572 0.08 JB Hunt Transport Services, Inc. USD 101 28,785 0.33 Keysight Technologies, Inc. USD 83 29,017 0.33 KLA Corp. USD 310 91,053 1.05 Lam Research Corp. USD 255 110,504 1.27 Linde plc USD 47 24,230 0.28 Lowe's Cos., Inc. USD 105 22,911 0.26 Lululemon Athletica, Inc. USD 43 4,840 0.06 Lumentum Holdings, Inc. USD 28 24,002 0.28 Mastercard, Inc. 'A' USD 154 78,800 0.91 McCormick & Co., Inc. (Non-Voting) USD 414 21,288 0.24 MercadoLibre, Inc. USD 2 3,361 0.04 Merck & Co., Inc. USD 595 76,029 0.87 Micron Technology, Inc. USD 154 177,808 2.04 Microsoft Corp. USD 801 297,604 3.42 Moody's Corp. USD 15 6,760 0.08 Motorola Solutions, Inc. USD 35 14,536 0.17 Nasdaq, Inc. USD 389 30,303 0.35 Neurocrine Biosciences, Inc. USD 63 10,706 0.12 NextEra Energy, Inc. USD 289 25,305 0.29 NIKE, Inc. 'B' USD 60 2,471 0.03 NVIDIA Corp. USD 2,499 494,340 5.69 NXP Semiconductors NV USD 83 23,258 0.27 Omnicom Group, Inc. USD 583 42,547 0.49 ON Semiconductor Corp. USD 211 19,581 0.22 Palo Alto Networks, Inc. USD 279 94,930 1.09 Parker-Hannifin Corp. USD 135 131,548 1.51 PayPal Holdings, Inc. USD 288 12,568 0.14 Pentair plc USD 223 17,075 0.20 Pfizer, Inc. USD 269 6,451 0.07 PNC Financial Services Group, Inc. (The) USD 282 69,482 0.80 PPG Industries, Inc. USD 284 34,142 0.39 Prologis, Inc., REIT USD 420 57,179 0.66 Public Service Enterprise Group, Inc. USD 667 54,350 0.62 QUALCOMM, Inc. USD 136 25,896 0.30 Regeneron Pharmaceuticals, Inc. USD 14 8,818 0.10 Regions Financial Corp. USD 50 1,513 0.02 Rockwell Automation, Inc. USD 85 41,391 0.48 Ross Stores, Inc. USD 94 19,471 0.22 S&P Global, Inc. USD 159 64,753 0.74 Salesforce, Inc. USD 361 56,413 0.65 Seagate Technology Holdings plc USD 52 51,483 0.59 ServiceNow, Inc. USD 49 4,816 0.05 State Street Corp. USD 378 64,317 0.74 Steel Dynamics, Inc. USD 261 60,489 0.70 Synopsys, Inc. USD 83 37,020 0.43
Calvert Sustainable Developed Markets Equity Select
Fund (continued)
Page 30
26 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
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
Equities (continued)
United States of America (continued) Sysco Corp. USD 447 37,262 0.43 Tapestry, Inc. USD 178 25,917 0.30 TE Connectivity plc USD 127 25,677 0.29 Teradyne, Inc. USD 54 25,591 0.29 Thermo Fisher Scientific, Inc. USD 52 26,007 0.30 TJX Cos., Inc. (The) USD 372 55,707 0.64 Trane Technologies plc USD 149 72,585 0.83 Truist Financial Corp. USD 393 19,701 0.23 Ulta Beauty, Inc. USD 32 14,427 0.17 United Rentals, Inc. USD 40 45,088 0.52 United Therapeutics Corp. USD 43 23,204 0.27 Veeva Systems, Inc. 'A' USD 121 21,288 0.24 Ventas, Inc., REIT USD 29 2,551 0.03 Verisk Analytics, Inc. 'A' USD 95 16,950 0.19 Verizon Communications, Inc. USD 1,544 65,558 0.75 Vertex Pharmaceuticals, Inc. USD 61 30,195 0.35 Visa, Inc. 'A' USD 237 81,123 0.93 Waste Management, Inc. USD 15 3,334 0.04 Waters Corp. USD 9 3,319 0.04 Westinghouse Air Brake Technologies Corp. USD 187 50,462 0.58 Williams-Sonoma, Inc. USD 109 25,781 0.30 Workday, Inc. 'A' USD 10 1,223 0.01 WW Grainger, Inc. USD 4 5,497 0.06 Xylem, Inc. USD 233 27,245 0.31
6,003,912 69.05
Total Equities 8,611,362 99.04 Total Transferable securities and money market instruments admitted to official exchange listing or dealt in on another regulated market 8,611,362 99.04
Total Investments 8,611,362 99.04 Cash 58,851 0.68 Other Assets/(Liabilities) 24,369 0.28
Total Net Assets 8,694,582 100.00
* Security is valued at its fair value under the direction of the Board of Directors. The country disclosed within the Schedule of Investments refers to the country of risk. The country of incorporation may differ.
Calvert Sustainable Developed Markets Equity Select
Fund (continued)
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) USD
% of Net Assets
EUR Hedged Share Class EUR 482,803 USD 549,381 31/07/2026 J.P. Morgan 1,463 0.02 Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts - Assets 1,463 0.02 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 1,463 0.02
Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 1,463 0.02
DERIVATIVES
Over-the-counter (OTC) and exchange traded derivatives as at 30 June 2026, expressed in US Dollars.
Page 31
Morgan Stanley Investment Funds 30 June 2026 27
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 long-term capital appreciation,
measured in US Dollars, primarily investing in
companies located in the world’s emerging
markets that are involved in economic
activities that address global environmental or
societal challenges that relate to areas such
as environmental sustainability and resource
efficiency, diversity, equity and inclusion,
respect for human rights, product
responsibility, human capital management and
accountable governance and transparent
operations, or are leaders in managing
financially material environmental or social
risks and opportunities. This strategy further
takes into account the long-term carbon
reduction objectives of the Paris Agreement
and advancement of diversity, equity and
inclusion.
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
Equities
Brazil B3 SA - Brasil Bolsa Balcao BRL 103,600 289,948 0.26 Banco do Brasil SA BRL 81,700 314,974 0.28 Engie Brasil Energia SA BRL 42,860 280,885 0.25 Hapvida Participacoes e Investimentos S/A, Reg. S BRL 15,540 30,346 0.03 Localiza Rent a Car SA BRL 30,400 242,972 0.22 Natura Cosmeticos SA BRL 39,400 63,544 0.06 Raia Drogasil SA BRL 121,934 387,186 0.35 Telefonica Brasil SA BRL 133,200 867,272 0.78 TIM SA BRL 141,200 595,635 0.53 TOTVS SA BRL 59,250 319,404 0.28 WEG SA BRL 78,400 705,961 0.63
4,098,127 3.67 Chile Banco Santander Chile CLP 2,637,702 215,265 0.19 Enel Americas SA CLP 3,873,912 341,153 0.31 Enel Chile SA CLP 4,542,892 406,707 0.36 Falabella SA CLP 137,652 885,312 0.79
1,848,437 1.65 China AAC Technologies Holdings, Inc. HKD 228,500 1,247,630 1.12 BeOne Medicines Ltd. 'H' HKD 70,600 1,537,841 1.38 BYD Co. Ltd. 'H' HKD 127,300 1,179,340 1.05 China Mengniu Dairy Co. Ltd. HKD 562,000 1,154,393 1.03 China Merchants Bank Co. Ltd. 'H' HKD 302,000 1,732,068 1.55 China Minsheng Banking Corp. Ltd. 'H' HKD 2,251,500 902,007 0.81 Far East Horizon Ltd. HKD 1,616,000 1,103,130 0.99 Geely Automobile Holdings Ltd. HKD 629,000 1,354,277 1.21 Huatai Securities Co. Ltd., Reg. S 'H' HKD 361,100 769,801 0.69 JD Health International, Inc., Reg. S HKD 247,450 1,038,390 0.93 JD Logistics, Inc., Reg. S HKD 1,064,300 1,597,313 1.43 Kingdee International Software Group Co. Ltd. HKD 495,500 375,067 0.33 Tencent Holdings Ltd. HKD 53,000 2,909,250 2.60 Tingyi Cayman Islands Holding Corp. HKD 410,000 511,560 0.46 Yadea Group Holdings Ltd., Reg. S HKD 440,000 499,831 0.45 Yum China Holdings, Inc. USD 23,103 941,447 0.84
18,853,345 16.87 Colombia Grupo Cibest SA COP 30,248 696,017 0.62
696,017 0.62 Czech Republic Moneta Money Bank A/S, Reg. S CZK 9,511 84,049 0.08
84,049 0.08
Calvert Sustainable Emerging Markets Equity Select
Fund
Page 32
28 Morgan Stanley Investment Funds 30 June 2026
The accompanying notes are an integral part of these financial statements.
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
Equities (continued)
Egypt Commercial International Bank - Egypt (CIB) EGP 328,354 850,399 0.76
850,399 0.76 Greece Eurobank SA EUR 133,870 640,383 0.57 Hellenic Telecommunications Organization SA EUR 28,197 625,902 0.56
1,266,285 1.13 India ABB India Ltd. INR 7,418 551,487 0.49 Ashok Leyland Ltd. INR 219,747 366,783 0.33 Axis Bank Ltd. INR 85,433 1,215,635 1.09 Bajaj Finance Ltd. INR 84,736 900,777 0.81 Dabur India Ltd. INR 119,996 535,569 0.48 HDFC Bank Ltd. INR 230,553 1,945,497 1.74 Kotak Mahindra Bank Ltd. INR 86,811 360,094 0.32 Mahindra & Mahindra Ltd. INR 30,982 1,006,283 0.90 Siemens Ltd. INR 14,089 536,305 0.48 Sona Blw Precision Forgings Ltd., Reg. S INR 5,797 38,014 0.03 Suzlon Energy Ltd. INR 55,000 34,272 0.03 Tata Elxsi Ltd. INR 10,830 438,470 0.39 Tech Mahindra Ltd. INR 80,810 1,200,351 1.07 Titan Co. Ltd. INR 24,419 1,137,125 1.02 Wipro Ltd. INR 530,134 955,435 0.86
11,222,097 10.04 Malaysia AMMB Holdings Bhd. MYR 332,900 520,412 0.47 Axiata Group Bhd. MYR 467,100 242,213 0.22 CIMB Group Holdings Bhd. MYR 426,400 775,835 0.69 Gamuda Bhd. MYR 375,400 402,817 0.36 IHH Healthcare Bhd. MYR 689,700 1,423,308 1.27 Maxis Bhd. MYR 325,700 270,164 0.24 Public Bank Bhd. MYR 841,000 990,981 0.89
4,625,730 4.14 Mexico Grupo Aeroportuario del Pacifico SAB de CV 'B' MXN 4,080 103,827 0.09 Grupo Aeroportuario del Sureste SAB de CV 'B' MXN 7,858 241,502 0.22 Wal-Mart de Mexico SAB de CV MXN 307,800 892,069 0.80
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