open/document-extraction

Added by Kamaji | Added: 2026-10-23 22:38 | Edited: 2026-10-23 22:38 | Views: 9 | Model: dorsalhub/pdf-extractor

This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.

Morgan Stanley

Funds (UK)

Semi-Annual Report (unaudited) | 30 June 2026

Page 2

2 Morgan Stanley Funds (UK) (the “Company”) 3 Directory 4 Report of the Authorised Corporate Director of Morgan Stanley Funds (UK) (the “Company”)

FUND REVIEWS & FINANCIAL STATEMENTS Equity Funds 6 American Resilience Equity Fund 10 Global Brands Fund 15 Global Brands Equity Income Fund 22 Global Quality Select Fund 28 US Advantage Fund

Fixed Interest Funds 34 Global Corporate Bond Fund 1 37 Global Government Bond Fund 2 40 MS Calvert Fixed Income Opportunities Fund 3 43 Sterling Corporate Bond Fund

52 Notes to the Financial Statements

56 Further information

1 The Fund closed, with all shares redeemed, on 11 May 2026 and is in the process of being terminated. 2 The Fund is due to close, and redeem all outstanding shares, on 6 August 2026. 3 The Fund closed, with all shares redeemed, on 22 June 2026, and is in the process of being terminated.

Morgan Stanley Funds (UK) 30 June 2026 1

Table of Contents

Page 3

The Company is an investment company with variable capital (“ICVC”), also known as an Open-Ended Investment Company (“OEIC”). The Company is incorporated in England and Wales, and is authorised by the Financial Conduct Authority (“FCA”). The Company is an Undertakings for Collective Investment in Transferable Securities (“UK UCITS”) Scheme and is structured as an umbrella company with nine sub-funds (“Funds”), each with a different investment objective.

2 Morgan Stanley Funds (UK) 30 June 2026

Morgan Stanley Funds (UK) (the “Company”)

Page 4

REGISTERED OFFICE 25 Cabot Square Canary Wharf London E14 4QA United Kingdom

AUTHORISED CORPORATE DIRECTOR Morgan Stanley Investment Management (ACD) Limited 25 Cabot Square Canary Wharf London E14 4QA United Kingdom Authorised and regulated by the FCA

DIRECTORS Simon Ellis Tim Cornick Zoe Parish Barry Hunt Chris Van Aeken Catherine Suprun

REGISTRAR SS&C Financial Services International Limited SS&C House St Nicholas Lane Basildon Essex SS15 5FS United Kingdom

INVESTMENT MANAGER Morgan Stanley Investment Management Limited 25 Cabot Square Canary Wharf London E14 4QA United Kingdom Authorised and regulated by the FCA

ADMINISTRATOR State Street Bank and Trust Company 20 Churchill Place London E14 5HJ United Kingdom

DEPOSITARY State Street Trustees Limited 10 Nightingale Way Edinburgh EH3 9EG United Kingdom Authorised and regulated by the FCA

INDEPENDENT AUDITORS Ernst & Young LLP Atria One 144 Morrison Street Edinburgh EH3 8EX United Kingdom

LEGAL ADVISERS Eversheds Sutherland (International) LLP One Wood Street London EC2V 7WS United Kingdom

SUB–INVESTMENT MANAGERS Morgan Stanley Investment Management Inc. 522 Fifth Avenue New York NY 10036 United States of America

Morgan Stanley Investment Management Company 23 Church Street 16-01 Capital Square Singapore, 049481

Morgan Stanley Funds (UK) 30 June 2026 3

Directory

Page 5

The Authorised Corporate Director (“ACD”) of the Company is Morgan Stanley Investment Management (ACD) Limited. The ACD is the sole director of the Company. The Depositary is State Street Trustees Limited and the Independent Auditor is Ernst & Young LLP.

The Company is an authorised open-ended investment company with variable capital under Regulation 12 (Authorisation) of the OEIC regulations and the shareholders are not liable for the debts of the Company. The Company is structured as an umbrella company with each underlying Fund having the investment powers equivalent to those of a securities company. In the future, there may be other Funds within the Company.

The investment objective of each Fund, the Company’s policy for pursuing that objective and a review of each Fund’s investment activities for the year are set out in the individual Fund reviews contained in this Semi-annual Report and Financial Statements.

The financial statements of the MS Calvert Fixed Income Opportunities Fund, Global Corporate Bond Fund and Global Government Bond Fund have been prepared on a basis other than going concern, as the funds have either closed or are scheduled to close, and the ACD intends to terminate the Funds. Therefore, the ACD does not consider it appropriate to adopt the going concern basis of accounting.

On 30 March 2026, approval was received from the FCA to terminate the MS Calvert Fixed Income Opportunities Fund. The fund subsequently redeemed all shares on 22 June 2026 with the fund scheduled to formally terminate before the year-end.

On 15 July 2026 the FCA approved the application to terminate MS Global Corporate Bond Fund and MS Global Government Bond Fund. All shares in MS Global Corporate Bond Fund had previously been redeemed on 11 May 2026. The final redemption for MS Global Government Bond is scheduled for 6 August 2026 with both funds scheduled to formally terminate before the year-end.

CROSSHOLDINGS As at 30 June 2026, there were no crossholdings.

STATEMENT OF AUTHORISED CORPORATE DIRECTOR’S RESPONSIBILITIES These semi-annual financial statements have been prepared by the ACD in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Investment Association in October 2025 comprising UK Financial Reporting Standard 104 (FRS 104) the Financial Reporting Standard applicable in the UK and Republic of Ireland and the rules contained in the Financial Conduct Authority’s Collective Investment Scheme Sourcebook (together the “Regulations”) and give a true and fair view of the net revenue/expenses and gains/losses of the scheme property of each Fund and the financial position of each Fund at the end of the accounting year.

The ACD is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Company and enables the ACD to ensure that the financial statements comply with the Regulations. In preparing this annual report, the Authorised Corporate Director has:

• prepared the financial statements on a going concern basis, with the exception of MS Calvert Fixed Income Opportunities Fund, MS Global Corporate Bond Fund and the MS Global Government Bond Fund. For the reasons stated in Note 2, the financial statements for the MS Calvert Fixed Income Opportunities Fund, MS Global Corporate Bond Fund and MS Global Government Bond Fund have been prepared on a basis other than going concern;

• selected suitable accounting policies and applied them consistently;

• made judgements and estimates that are reasonable and prudent;

• followed applicable accounting standards; and

• prepared financial statements in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Investment Association (“IA”) in October 2025, and the UK GAAP comprising FRS 104 the Financial Reporting Standard applicable in the UK and Republic of Ireland.

4 Morgan Stanley Funds (UK) 30 June 2026

Report of the Authorised Corporate Director

of Morgan Stanley Funds (UK) (the “Company”)

For the six month period ended 30 June 2026

Page 6

The ACD confirms that they have complied with the above requirements in preparing the financial statements. The ACD is responsible for the management of the Company in accordance with the Company’s Instrument of Incorporation, Prospectus and the Regulations. The ACD is responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Director on behalf of Morgan Stanley Investment Management (ACD) Limited as Authorised Corporate Director of Morgan Stanley Funds (UK) 21 August 2026

Morgan Stanley Funds (UK) 30 June 2026 5

Report of the Authorised Corporate Director

of Morgan Stanley Funds (UK) (the “Company”)

For the six month period ended 30 June 2026 (continued)

Page 7

Fund Review

INVESTMENT OBJECTIVE The Fund aims to grow your investment over 5 years or more.

RISK AND REWARD PROFILE Lower risk Higher risk

Potential lower rewards Potentially higher rewards

1234 5 67

The Fund has not changed the risk level category during the financial period.

The risk and reward category shown is based on historic data.

• Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.

• As such this category may change in the future.

• The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.

• The Fund is in this category because it invests in company shares and the Fund’s simulated and/or realised return has experienced high rises and falls historically.

• The Fund may be impacted by movements in the exchange rates between the Fund’s currency and the currencies of the Fund’s investments.

This rating does not take into account other risk factors which should be considered before investing, these include:

• The Fund relies on other parties to fulfil certain services, investments or transactions. If these parties become insolvent, it may expose the Fund to financial loss.

• Sustainability factors can pose risks to investments, for example: impact asset values and increased operational costs.

• There may be an insufficient number of buyers or sellers which may affect the Fund's ability to buy or sell securities.

• Where information is sourced from ESG third party providers, there may be limitations in the accuracy, completeness and availability of this information. How ESG factors are considered may vary between different investments.

NET ASSET VALUES

Date

Net asset value of class ( £ ) Shares in issue

Net asset value per share ( £ )

Percentage Change (%) Share Class F - Accumulation* 30.06.26 4,903,694 470,000 10.43 (7.04) 31.12.25 5,272,765 470,000 11.22 Share Class F - Income* 30.06.26 102,987 10,000 10.30 (7.29) 31.12.25 111,102 10,000 11.11 Share Class I - Accumulation* 30.06.26 103,780 10,000 10.38 (7.07) 31.12.25 111,702 10,000 11.17 Share Class I - Income* 30.06.26 102,948 10,000 10.29 (7.38) 31.12.25 111,059 10,000 11.11

* Current period figures are valued on a mid-market basis. Comparative figures are valued on a bid basis.

OPERATING CHARGES

Date Share Class F - Accumulation 30.06.26 0.65% 31.12.25 0.65% Share Class F - Income 30.06.26 0.65% 31.12.25 0.65% Share Class I - Accumulation 30.06.26 0.85% 31.12.25 0.85% Share Class I - Income 30.06.26 0.85% 31.12.25 0.85%

Operating charges show the annual expenses of the Fund as a percentage of the average net asset value.

PERFORMANCE REVIEW For the six months ending 30 June 2026, the Fund’s I Accumulation class shares returned -7.07% (net of fees in sterling), while the S&P 500 Index returned 11.69%.

The largest contributors to absolute performance during the six-month period were Texas Instruments ( + 309 basis points (bps)) as improving demand across its industrial end markets, alongside continued strength in data centre applications, reinforced confidence in the company's long-term growth outlook;

6 Morgan Stanley Funds (UK) 30 June 2026

American Resilience Equity Fund

as at 30 June 2026

Page 8

Fund Review (continued)

PERFORMANCE REVIEW (continued) Coca-Cola ( + 97 bps), after first quarter results highlighted broad-based demand across the franchise and sustained pricing power; and Alphabet ( + 95 bps) after first quarter results highlighted resilience in Search and accelerating Google Cloud growth, driving a sharp rerating through May before the shares eased back in June. The largest absolute detractors were Microsoft (-166 bps), despite reporting strong results during the April earnings season, and Zoetis (-113 bps), which we exited in the second quarter, as it declined following disappointing first quarter results that raised cyclical and structural concerns around its core U.S. companion animal business. Financial exchange Intercontinental Exchange (-113 bps) was weak in the second quarter as trading volumes moderated from the exceptionally high levels seen earlier in the year and the emergence of perpetual futures products in the U.S. raised concerns over the long-term economics of traditional exchange operators. We believe the impact on the franchise is likely to be limited and continue to see its core competitive position as intact, with retail demand the primary driver of perpetual future adoption and the incumbent exchanges well positioned to launch competing products should institutional demand develop.

MARKET REVIEW For the purposes of the market review, sector and benchmark performance is provided in U.S. dollar (USD) terms and not the base currency of the Fund. The S&P 500 Index was up + 10.2% in USD terms in the six-month period after an exceptionally strong second quarter of 2026 comfortably offset the declines experienced during the first quarter. Performance remained concentrated in AI infrastructure and selected cyclical areas: industrials ( + 22%) was the standout performer, supported by strength in capital goods ( + 28%), with information technology ( + 21%) a close second, driven by semiconductors ( + 48%). Energy ( + 21%) was also strong, supported by higher oil prices.

PORTFOLIO ACTIVITY We initiated five new positions in the period: Netflix, Amazon and Cencora in the first quarter, and McKesson and Ferguson in the second quarter.

Final sales in the first quarter were Broadridge Financial Solutions due to growing concerns around AI disruption and the potential impact on parts of its business model, ADP following a reassessment of its relative quality profile amid the accelerating AI narrative, and Roper Technologies after a modest organic growth miss and slightly softer forward guidance highlighted limited room for execution missteps at a premium valuation. In the second quarter there were three final sales: Zoetis, after disappointing first quarter results exposed a deterioration in the core U.S. companion animal business (around 45% of group sales); 1 Abbott Laboratories, after a period of persistent underperformance in its higher quality medical devices business together with management's decision to allocate additional capital towards lower-growth divisions reduced our confidence in both the future earnings mix and the long-term investment case; and Arthur J. Gallagher, as we sought to consolidate our insurance broker exposure into our highest-conviction name, Aon.

Morgan Stanley Funds (UK) 30 June 2026 7

American Resilience Equity Fund

Page 9

Holdings Investments

Market Value ( £ )

% of Net Asset Value 30 Jun 2026

% of Net Asset Value 31 Dec 2025

Communication Services – 13.04% 1,533 Alphabet, Inc. 410,260 7.87 4,832 Netflix, Inc. 269,582 5.17 679,842 13.04 6.36 Consumer Discretionary – 14.64% 1,146 Amazon.com, Inc. 208,838 4.00 91 AutoZone, Inc. 216,882 4.16 645 Booking Holdings, Inc. 89,178 1.71 891 Ferrari NV (New York Listing) 248,478 4.77 763,376 14.64 10.32 Consumer Staples – 12.93% 5,134 Coca-Cola Co. 320,717 6.15 1,119 Philip Morris International, Inc. 154,775 2.97 1,771 Procter & Gamble Co. 198,286 3.81 673,778 12.93 10.49 Financials – 22.52% 1,006 Aon PLC 248,972 4.78 731 CME Group, Inc. 120,582 2.31 2,211 Intercontinental Exchange, Inc. 205,659 3.94 328 MSCI, Inc. 138,661 2.66 547 S&P Global, Inc. 169,278 3.25 1,128 Visa, Inc. 290,926 5.58 1,174,078 22.52 26.00 Health Care – 11.50% 529 Cencora, Inc. 112,607 2.16 250 McKesson Corp. 141,294 2.71 1,059 STERIS PLC 170,838 3.28 456 Thermo Fisher Scientific, Inc. 174,906 3.35 599,645 11.50 12.30 Industrials – 9.34% 597 Equifax, Inc. 71,738 1.37 455 Ferguson Enterprises, Inc. 82,170 1.58 3,181 Otis Worldwide Corp. 175,508 3.37 2,755 Uber Technologies, Inc. 157,592 3.02 487,008 9.34 13.83 Information Technology – 14.31% 988 Microsoft Corp. 276,431 5.30 512 Synopsys, Inc. 173,712 3.33 1,372 Texas Instruments, Inc. 295,805 5.68 745,948 14.31 Technology – 0.00% - - 19.10 Portfolio of investments 5,123,675 98.28 98.40 Net other assets 89,734 1.72 1.60 Net assets 5,213,409 100.00 100.00

All holdings are ordinary shares unless otherwise stated.

8 Morgan Stanley Funds (UK) 30 June 2026

American Resilience Equity Fund

Portfolio Statement (unaudited)

AS AT 30 JUNE 2026

Page 10

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Income Net capital (losses) (409,292) (356,978) Revenue 37,913 36,488 Expenses (15,884) (18,418) Net revenue before taxation 22,029 18,070 Taxation (5,389) (4,551) Net revenue after taxation 16,640 13,519 Total return before distributions (392,652) (343,459) Distributions (16,645) (13,519) Change in net assets attributable to shareholders from investment activities (409,297) (356,978)

Statement of Change in Net Assets Attributable to Shareholders

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Opening net assets attributable to shareholders 5,606,628 6,106,338 Change in net assets attributable to shareholders from investment activities (409,297) (356,978) Retained distributions on accumulation shares 16,078 13,086 Closing net assets attributable to shareholders 5,213,409 5,762,446

Balance Sheet

AS AT 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 31 Dec 2025 ( £ ) Assets Investments 5,123,675 5,517,029 Amounts receivable 27,786 8,728 Cash and Cash equivalents 111,326 114,063 Total assets 5,262,787 5,639,820 Liabilities Other amounts payable 48,811 32,717 Distribution payable on income shares 567 475 Total liabilities 49,378 33,192 Net assets attributable to shareholders 5,213,409 5,606,628 All items within the Balance sheet are deemed current. The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Inve stment Association in October 2025. The accounting policies applied are consistent with those of the annual financial statement for the year ended 31 December 2025 and are described in th ose annual financial statements.

Morgan Stanley Funds (UK) 30 June 2026 9

American Resilience Equity Fund

Statement of Total Return

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

The accompanying notes are an integral part of these Financial Statements.

Page 11

Fund Review

INVESTMENT OBJECTIVE The Fund aims to grow your investment over 5 years or more.

RISK AND REWARD PROFILE Lower risk Higher risk

Potential lower rewards Potentially higher rewards

1234 5 67

The Fund has not changed the risk level category during the financial period.

The risk and reward category shown is based on historic data.

• Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.

• As such this category may change in the future.

• The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.

• The Fund is in this category because it invests in company shares and the Fund’s simulated and/or realised return has experienced high rises and falls historically.

• The Fund may be impacted by movements in the exchange rates between the Fund’s currency and the currencies of the Fund’s investments.

This rating does not take into account other risk factors which should be considered before investing, these include:

• The Fund relies on other parties to fulfil certain services, investments or transactions. If these parties become insolvent, it may expose the Fund to financial loss.

• Sustainability factors can pose risks to investments, for example: impact asset values and increased operational costs.

• There may be an insufficient number of buyers or sellers which may affect the Fund's ability to buy or sell securities.

• Investment in China A-Shares via Shanghai-Hong Kong Stock Connect program may also entail additional risks, such as risks linked to the ownership of shares.

NET ASSET VALUES

Date

Net asset value of class ( £ ) Shares in issue

Net asset value per share ( £ )

Percentage Change (%) Share Class I - Accumulation* 30.06.26 228,580,934 1,700,307 134.44 (10.60) 31.12.25 437,755,481 2,910,953 150.38 Share Class I - Income* 30.06.26 62,212,774 1,720,551 36.16 (10.89) 31.12.25 146,299,825 3,605,156 40.58 Share Class I Hedge - Accumulation* 30.06.26 10,724,130 657,019 16.32 (11.50) 31.12.25 31,269,507 1,695,516 18.44 Share Class I Hedge - Income* 30.06.26 1,465,062 95,677 15.31 (11.81) 31.12.25 1,954,409 112,608 17.36

* Current period figures are valued on a mid-market basis. Comparative figures are valued on a bid basis.

OPERATING CHARGES

Date Share Class I - Accumulation 30.06.26 0.90% 31.12.25 0.90% Share Class I - Income 30.06.26 0.90% 31.12.25 0.90% Share Class I Hedge - Accumulation 30.06.26 0.90% 31.12.25 0.90% Share Class I Hedge - Income 30.06.26 0.90% 31.12.25 0.90%

Operating charges show the annual expenses of the Fund as a percentage of the average net asset value.

PERFORMANCE REVIEW For the six months ending 30 June 2026, the Fund’s I Accumulation class shares returned -10.56% (net of fees in sterling), while the MSCI World (Net) Index returned + 11.17%.

The largest contributors to absolute performance during the six-month period were TSMC ( + 98 basis points (bps)), which performed strongly following a record-breaking first quarter, with robust demand for its artificial intelligence (AI) processors and raised full year revenue growth guidance supporting its growth outlook;

10 Morgan Stanley Funds (UK) 30 June 2026

Global Brands Fund

as at 30 June 2026

Page 12

Fund Review (continued)

PERFORMANCE REVIEW (continued) Coca-Cola ( + 82 bps), after first quarter results highlighted broad-based demand across the franchise and sustained pricing power; and Alphabet ( + 76 bps), after first quarter results highlighted resilience in Search and accelerating Google Cloud growth, driving a sharp rerating through May before the shares eased back in June. The largest absolute detractors included SAP (-204 bps), which more than reversed the moderate gains made following its well received Sapphire conference in May as software in general weakened in June. While investors continue to debate the long-term implications of AI for enterprise software, we believe SAP's position as a deeply embedded system of record gives it a solid base, along with the right to compete for the new market as agentic capabilities are increasingly layered onto existing enterprise systems. Zoetis (-92 bps), which we exited in the second quarter, declined following disappointing first quarter results that raised cyclical and structural concerns around its core U.S. companion animal business. Microsoft (-164 bps) also detracted, despite reporting strong results during the April earnings season.

Looking at relative performance, while sector allocation was negative, stock selection posed the greater headwind, with outperformance in consumer staples outweighed by weaker selection in information technology, financials and industrials. This continued the trend that has characterised relative performance over the past 12 months, where software and other data-skewed sub-sectors have materially lagged AI infrastructure and more cyclical parts of the market.

MARKET REVIEW For the purposes of the market review, sector and benchmark performance is provided in U.S. dollar (USD) terms and not the base currency of the Fund. The MSCI World Net Index was up + 9.7% in USD terms in the six month period after global equity markets delivered an exceptionally strong second quarter of 2026, comfortably offsetting the declines experienced during the first quarter. Performance remained concentrated in AI infrastructure and selected cyclical areas: information technology ( + 22%) was the standout performer, driven by semiconductors ( + 54%) and hardware ( + 26%), while industrials ( + 15%), helped by the AI infrastructure buildout, also delivered double-digit returns, supported by the cyclical capital goods ( + 20%). Geographically, the Netherlands led the index in the first six months of the year, rising + 40% in USD terms, driven by strong gains in semiconductor equipment companies.

PORTFOLIO ACTIVITY We initiated seven new positions in the period: Netflix, Amazon, TSMC and Cencora in the first quarter, and Hermès International, McKesson and Schneider International in the second quarter. Final sales in the first quarter were Broadridge Financial Solutions due to growing concerns around AI disruption and the potential impact on parts of its business model, ADP following a reassessment of its relative quality profile amid the accelerating AI narrative, and Roper Technologies after a modest organic growth miss and slightly softer forward guidance highlighted limited room for execution missteps at a premium valuation. In the second quarter there were three final sales: Zoetis, after disappointing first quarter results exposed a deterioration in the core U.S. companion animal business (around 45% of group sales); 1 Abbott Laboratories, after a period of persistent underperformance in its higher quality medical devices business together with management's decision to allocate additional capital towards lower-growth divisions, which reduced our confidence in both the future earnings mix and the long-term investment case; and Arthur J. Gallagher, as we sought to consolidate our insurance broker exposure into our highest conviction name, Aon.

Morgan Stanley Funds (UK) 30 June 2026 11

Global Brands Fund

Page 13

Holdings Investments

Market Value ( £ )

% of Net Asset Value 30 Jun 2026

% of Net Asset Value 31 Dec 2025

France – 7.33% 2,241 Hermes International SCA 3,093,581 1.02 42,645 L'Oreal SA 14,113,899 4.66 20,316 Schneider Electric SE 5,017,063 1.65 22,224,543 7.33 3.54 Germany – 2.41% 63,069 SAP SE 7,305,175 2.41 7,305,175 2.41 7.52 Italy – 3.43% 18,629 Ferrari NV (Italy Listing) 5,200,237 1.72 18,643 Ferrari NV (New York Listing) 5,199,064 1.71 10,399,301 3.43 2.29 Taiwan – 5.89% 311,000 Taiwan Semiconductor Manufacturing Co. Ltd. 17,837,124 5.89 17,837,124 5.89 United Kingdom – 8.64% 319,452 Experian PLC 8,157,207 2.69 2,270,500 Haleon PLC 8,036,435 2.65 363,896 RELX (London Listing) 8,651,627 2.86 55,810 RELX (Netherlands Listing) 1,328,356 0.44 26,173,625 8.64 9.27 United States – 71.02% 72,294 Alphabet, Inc. 19,347,268 6.39 60,402 Amazon.com, Inc. 11,007,203 3.63 55,458 Aon PLC 13,725,153 4.53 3,254 AutoZone, Inc. 7,755,330 2.56 25,412 Booking Holdings, Inc. 3,513,453 1.16 24,919 Cencora, Inc. 5,304,448 1.75 42,996 CME Group, Inc. 7,092,391 2.34 231,931 Coca-Cola Co. 14,488,525 4.78 19,905 Equifax, Inc. 2,391,871 0.79 101,038 Intercontinental Exchange, Inc. 9,398,159 3.10 10,327 McKesson Corp. 5,836,564 1.93 50,690 Microsoft Corp. 14,182,466 4.68 14,659 MSCI, Inc. 6,197,034 2.05 222,654 Netflix, Inc. 12,422,072 4.10 128,032 Otis Worldwide Corp. 7,064,010 2.33 53,930 Philip Morris International, Inc. 7,459,361 2.46 86,979 Procter & Gamble Co. 9,738,417 3.21 25,792 S&P Global, Inc. 7,981,737 2.63 47,260 STERIS PLC 7,624,013 2.52 26,788 Synopsys, Inc. 9,088,679 3.00 23,363 Thermo Fisher Scientific, Inc. 8,961,250 2.96 138,642 Uber Technologies, Inc. 7,930,644 2.62 64,584 Visa, Inc. 16,657,091 5.50 215,167,139 71.02 75.65

12 Morgan Stanley Funds (UK) 30 June 2026

Global Brands Fund

Portfolio Statement (unaudited)

AS AT 30 JUNE 2026

Page 14

Forward Currency Exchange Contracts – Hedged Share Classes – 0.00%

The exposure obtained through financial derivative instruments and identity of counterparties as at 30 June 2026 was as follows:

Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty Unrealised Gain/(Loss)

% of Net Asset Value 30 Jun 2026

% of Net Asset Value 31 Dec 2025 GBP 1,550,929 EUR 1,795,907 31/07/2026 State Street Bank 2,018 GBP 9,294,669 USD 12,288,659 31/07/2026 State Street Bank 9,847 Unrealised gain on Forward Currency Exchange Contracts – Hedged Share Classes 11,865 - EUR 114,770 GBP 99,112 31/07/2026 State Street Bank (126) USD 739,971 GBP 559,698 31/07/2026 State Street Bank (605) Unrealised loss on Forward Currency Exchange Contracts – Hedged Share Classes (731) - (0.02) Net Unrealised gain on Forward Currency Exchange Contracts – Hedged Share Classes 11,134 - (0.02) Portfolio of investments 299,118,041 98.72 98.25 Net other assets 3,864,859 1.28 1.75 Net assets 302,982,900 100.00 100.00

All holdings are ordinary shares unless otherwise stated. The country classifications within the Portfolio Statement are determined by the Country of Risk of the securities.

Morgan Stanley Funds (UK) 30 June 2026 13

Global Brands Fund

Portfolio Statement (unaudited)

AS AT 30 JUNE 2026

Page 15

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Income Net capital (losses) (58,823,423) (20,923,207) Revenue 3,368,370 6,669,476 Expenses (1,904,822) (4,027,426) Net revenue before taxation 1,463,548 2,642,050 Taxation (338,353) (618,432) Net revenue after taxation 1,125,195 2,023,618 Total return before distributions (57,698,228) (18,899,589) Distributions (1,125,324) (2,023,618) Change in net assets attributable to shareholders from investment activities (58,823,552) (20,923,207)

Statement of Change in Net Assets Attributable to Shareholders

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Opening net assets attributable to shareholders 617,279,222 924,961,737 Issue of shares 405,896 19,408,895 Cancellation of shares (256,701,363) (80,995,355) (256,295,467) (61,586,460) Dilution adjustment charged 38,862 Change in net assets attributable to shareholders from investment activities (58,823,552) (20,923,207) Retained distributions on accumulation shares 783,835 1,537,992 Closing net assets attributable to shareholders 302,982,900 843,990,062

Balance Sheet

AS AT 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 31 Dec 2025 ( £ ) Assets Investments 299,118,772 606,585,868 Amounts receivable 1,027,531 986,203 Cash and Cash equivalents 6,060,995 11,463,723 Total assets 306,207,298 619,035,794 Liabilities Investments 731 92,795 Other amounts payable 3,014,452 1,646,992 Distribution payable on income shares 209,215 16,785 Total liabilities 3,224,398 1,756,572 Net assets attributable to shareholders 302,982,900 617,279,222 All items within the Balance sheet are deemed current. The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Inve stment Association in October 2025. The accounting policies applied are consistent with those of the annual financial statement for the year ended 31 December 2025 and are described in th ose annual financial statements.

14 Morgan Stanley Funds (UK) 30 June 2026

Global Brands Fund

Statement of Total Return

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

The accompanying notes are an integral part of these Financial Statements.

Page 16

Fund Review

INVESTMENT OBJECTIVE The Fund aims to provide a regular income stream and to grow your investment over 5 years or more.

RISK AND REWARD PROFILE Lower risk Higher risk

Potential lower rewards Potentially higher rewards

1234 5 67

The Fund has not changed the risk level category during the financial period.

The risk and reward category shown is based on historic data.

• Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.

• As such this category may change in the future.

• The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.

• The Fund is in this category because it invests in company shares and the Fund’s simulated and/or realised return has experienced high rises and falls historically.

• The Fund may be impacted by movements in the exchange rates between the Fund’s currency and the currencies of the Fund’s investments.

This rating does not take into account other risk factors which should be considered before investing, these include:

• The value of financial derivative instruments are highly sensitive and may result in losses in excess of the amount invested by the Fund.

• The Fund relies on other parties to fulfil certain services, investments or transactions. If these parties become insolvent, it may expose the Fund to financial loss.

• Sustainability factors can pose risks to investments, for example: impact asset values and increased operational costs.

• There may be an insufficient number of buyers or sellers which may affect the Fund's ability to buy or sell securities.

• Investment in China A-Shares via Shanghai-Hong Kong Stock Connect program may also entail additional risks, such as risks linked to the ownership of shares.

• The derivative strategy aims to increase the income paid to investors, but there is a potential for the Fund to suffer losses.

NET ASSET VALUES

Date

Net asset value of class ( £ ) Shares in issue

Net asset value per share ( £ )

Percentage Change (%) Share Class F - Income* 30.06.26 6,865,385 654,764 10.49 (14.78) 31.12.25 15,750,779 1,279,451 12.31 Share Class I - Accumulation* 30.06.26 3,670,399 222,135 16.52 (13.01) 31.12.25 5,390,620 283,796 18.99 Share Class I - Income* 30.06.26 5,914,070 533,352 11.09 (14.95) 31.12.25 9,658,552 740,591 13.04

* Current period figures are valued on a mid-market basis. Comparative figures are valued on a bid basis.

OPERATING CHARGES

Date Share Class F - Income 30.06.26 0.65% 31.12.25 0.65% Share Class I - Accumulation 30.06.26 1.00% 31.12.25 1.00% Share Class I - Income 30.06.26 1.00% 31.12.25 1.00%

Operating charges show the annual expenses of the Fund as a percentage of the average net asset value.

PERFORMANCE REVIEW For the six months ending 30 June 2026, the Fund’s I Accumulation class shares returned -12.97% (net of fees in sterling), while the MSCI World (Net) Index returned + 11.17%.

The largest contributors to absolute performance during the six-month period were TSMC ( + 101 basis points (bps)), which performed strongly following a record-breaking first quarter, with robust demand for its artificial intelligence (AI) processors and raised full year revenue growth guidance supporting its growth outlook;

Morgan Stanley Funds (UK) 30 June 2026 15

Global Brands Equity Income Fund

as at 30 June 2026

Page 17

Fund Review (continued)

PERFORMANCE REVIEW (continued) Coca-Cola ( + 81 bps), after first quarter results highlighted broad-based demand across the franchise and sustained pricing power; and Alphabet ( + 75 bps), after first quarter results highlighted resilience in Search and accelerating Google Cloud growth, driving a sharp rerating through May before the shares eased back in June. The largest absolute detractors included SAP (-198 bps), which more than reversed the moderate gains made following its well received Sapphire conference in May as software in general weakened in June. While investors continue to debate the long-term implications of AI for enterprise software, we believe SAP's position as a deeply embedded system of record gives it a solid base, along with the right to compete for the new market as agentic capabilities are increasingly layered onto existing enterprise systems. Zoetis (-93 bps), which we exited in the second quarter, declined following disappointing first quarter results that raised cyclical and structural concerns around its core U.S. companion animal business. Microsoft (-159 bps) also detracted, despite reporting strong results during the April earnings season.

In the first six months of 2026, the overwrite (the sale of index call options) detracted -236 bps from performance. The year-to-date swap impact was negative despite the positive coupon collection of around 0.25% per month. Over the period equity markets performance has been strong with almost double-digit positive performance leading to negative contribution from the overwriting strategy, which sells call options. With volatility increasing and equity markets declining overall in March due to the Middle East conflict, the strategy impact became positive over the first quarter of 2026. However, this positive impact was offset in the second quarter as markets rallied and volatility decreased as a result of the ceasefire between the United States and Iran, particularly during April and May.

MARKET REVIEW For the purposes of the market review, sector and benchmark performance is provided in U.S. dollar (USD) terms and not the base currency of the Fund. The MSCI World Net Index was up + 9.7% in USD terms in the six-month period after global equity markets delivered an exceptionally strong second quarter of 2026, comfortably offsetting the declines experienced during the first quarter. Performance remained concentrated in AI infrastructure and selected cyclical areas: information technology ( + 22%) was the standout performer, driven by semiconductors ( + 54%) and hardware ( + 26%), while industrials ( + 15%), helped by the AI infrastructure buildout, also delivered double digit returns, supported by the cyclical capital goods ( + 20%). Geographically, the Netherlands led the index in the first six months of the year, rising + 40% in USD terms, driven by strong gains in semiconductor equipment companies.

16 Morgan Stanley Funds (UK) 30 June 2026

Global Brands Equity Income Fund

Page 18

Fund Review (continued)

Morgan Stanley Funds (UK) 30 June 2026 17

Global Brands Equity Income Fund

Page 19

Holdings Investments

Market Value ( £ )

% of Net Asset Value 30 Jun 2026

% of Net Asset Value 31 Dec 2025

France – 7.40% 123 Hermes International SCA 169,795 1.03 2,334 L'Oreal SA 772,467 4.70 1,112 Schneider Electric SE 274,610 1.67 1,216,872 7.40 3.58 Germany – 2.43% 3,451 SAP SE 399,723 2.43 399,723 2.43 7.61 Italy – 3.46% 1,019 Ferrari NV (Italy Listing) 284,451 1.73 1,020 Ferrari NV (New York Listing) 284,453 1.73 568,904 3.46 2.32 Taiwan – 5.93% 17,000 Taiwan Semiconductor Manufacturing Co. Ltd. 975,020 5.93 975,020 5.93 United Kingdom – 8.70% 17,481 Experian PLC 446,377 2.71 124,246 Haleon PLC 439,769 2.67 19,913 RELX (London Listing) 473,432 2.88 3,054 RELX (Netherlands Listing) 72,688 0.44 1,432,266 8.70 9.38 United States – 71.56% 3,956 Alphabet, Inc. 1,058,702 6.44 3,305 Amazon.com, Inc. 602,278 3.66 3,035 Aon PLC 751,124 4.57 178 AutoZone, Inc. 424,231 2.58 1,391 Booking Holdings, Inc. 192,319 1.17 1,364 Cencora, Inc. 290,352 1.76 2,353 CME Group, Inc. 388,138 2.36 12,692 Coca-Cola Co. 792,858 4.82 1,089 Equifax, Inc. 130,859 0.79 5,529 Intercontinental Exchange, Inc. 514,286 3.13 561 McKesson Corp. 317,063 1.93 2,774 Microsoft Corp. 776,133 4.72 802 MSCI, Inc. 339,042 2.06 12,184 Netflix, Inc. 679,757 4.13 7,006 Otis Worldwide Corp. 386,548 2.35 2,951 Philip Morris International, Inc. 408,169 2.48 4,760 Procter & Gamble Co. 532,943 3.24 1,411 S&P Global, Inc. 436,656 2.65 2,586 STERIS PLC 417,175 2.54 1,466 Synopsys, Inc. 497,387 3.02 1,278 Thermo Fisher Scientific, Inc. 490,197 2.98 7,587 Uber Technologies, Inc. 433,994 2.64 3,534 Visa, Inc. 911,467 5.54 11,771,678 71.56 76.58

18 Morgan Stanley Funds (UK) 30 June 2026

Global Brands Equity Income Fund

Portfolio Statement (unaudited)

AS AT 30 JUNE 2026

Page 20

Swaps Contracts – 0.27%

Counterparty Currency Nominal amount Security description Maturity date Market Value

% of Net Asset Value 30 Jun 2026

% of Net Asset Value 31 Dec 2025 Morgan Stanley USD 2,615,845 Total Return Equity Swap Pay 0% 06/05/2027 1,558 0.01 Morgan Stanley USD 5,857,583 Total Return Equity Swap Pay 0% 06/05/2027 14,026 0.09 Morgan Stanley USD 5,784,704 Total Return Equity Swap Pay 0% 06/05/2027 18,931 0.12 Morgan Stanley USD 2,559,856 Total Return Equity Swap Pay 0% 28/05/2027 223 Morgan Stanley USD 5,564,969 Total Return Equity Swap Pay 0% 28/05/2027 3,340 0.02 Morgan Stanley USD 5,454,806 Total Return Equity Swap Pay 0% 28/05/2027 5,521 0.03 43,599 0.27 0.32 Portfolio of investments 16,408,062 99.75 99.79 Net other assets 41,792 0.25 0.21 Net assets 16,449,854 100.00 100.00

All holdings are ordinary shares unless otherwise stated. The country classifications within the Portfolio Statement are determined by the Country of Risk of the securities.

FINANCIAL DERIVATIVE INSTRUMENT RISK EXPOSURE The exposure obtained through financial derivative instruments and identity of counterparties as at 30 June 2026 was as follows:

Swap Contracts

Counterparty

Notional value ( £ )

Value of exposure ( £ ) Morgan Stanley 27,837,763 43,599 Total 27,837,763 43,599

The exposure obtained through financial derivative instruments and identity of counterparties as at 31 December 2025 was as follows:

Swap Contracts

Counterparty

Notional value ( £ )

Value of exposure ( £ ) Morgan Stanley 53,206,600 98,252 Total 53,206,600 98,252

Morgan Stanley Funds (UK) 30 June 2026 19

Global Brands Equity Income Fund

Portfolio Statement (unaudited)

AS AT 30 JUNE 2026

Page 21

In accordance with COLL 4.5.8AA, AB and AC, the Fund’s sole involvement in and exposure related to securities financing transactions is its engagement in total return swap activity for the year ended 30 June 2026 as detailed below:

1) Global Data Assets engaged in Total Return Swaps £ % Total Net Assets 16,449,854 Unrealised Gain and Loss in Fund Currency (in absolute value): Total return swaps 43,599 % of Total Net Asset Value 0.27%

2) Concentration Data The following table provides details of all counterparties in respect of as the total return swaps at the reporting date.

Counterparty Name Incorporation Country Unrealised Gain and Loss in GBP (in absolute value) Morgan Stanley United States 43,599

3) Aggregate transaction data The following table provides an analysis of the maturity tenor, based on the contractual maturity date, in respect of the Total Return Swaps as at the reporting date:

Maturity Tenor of Total Return Swaps (remaining period to maturity)

Type Less than one day One day to one week One week to one month One to three months Three months to one year

Above one year

Open transactions Total Total return swaps - - - - 43,599 - - 43,599 - - - - 43,599 - - 43,599

4) Return and Cost All returns from total return swap will accrue to the Fund and are not subject to any returns sharing arrangements with the Fund’s ACD or any other third parties.

The following table provides an analysis of return and cost in respect of the total return swaps as at the reporting date:

Global Brands Equity Income Fund £ Return Interest received on total return swap transactions 366,642 Net realised gain/(loss) on total return swap contracts (809,392) Net change in unrealised appreciation/(depreciation) on total return swap contracts (54,653) (497,403) Cost Interest paid on total return swap transactions Net Return (497,403)

20 Morgan Stanley Funds (UK) 30 June 2026

Global Brands Equity Income Fund

Securities Financing Transactions (unaudited)

AS AT 30 JUNE 2026

Page 22

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Income Net capital (losses) (3,774,535) (2,648,474) Revenue 543,130 1,184,039 Expenses (82,126) (193,363) Interest payable and similar charges - (90) Net revenue before taxation 461,004 990,586 Taxation (75,052) (157,552) Net revenue after taxation 385,952 833,034 Total return before distributions (3,388,583) (1,815,440) Distributions (468,079) (1,026,393) Change in net assets attributable to shareholders from investment activities (3,856,662) (2,841,833)

Statement of Change in Net Assets Attributable to Shareholders

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Opening net assets attributable to shareholders 30,799,951 54,093,221 Issue of shares 1,563,263 2,608,718 Cancellation of shares (12,147,135) (7,934,680) (10,583,872) (5,325,962) Dilution adjustment charged 2,905 Change in net assets attributable to shareholders from investment activities (3,856,662) (2,841,833) Retained distributions on accumulation shares 87,532 150,895 Closing net assets attributable to shareholders 16,449,854 46,076,321

Balance Sheet

AS AT 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 31 Dec 2025 ( £ ) Assets Investments 16,408,062 30,736,706 Amounts receivable 191,387 86,148 Cash and Cash equivalents 274,164 568,872 Total assets 16,873,613 31,391,726 Liabilities Other amounts payable 265,882 350,763 Distribution payable on income shares 157,877 241,012 Total liabilities 423,759 591,775 Net assets attributable to shareholders 16,449,854 30,799,951 All items within the Balance sheet are deemed current. The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Inve stment Association in October 2025. The accounting policies applied are consistent with those of the annual financial statement for the year ended 31 December 2025 and are described in th ose annual financial statements.

Morgan Stanley Funds (UK) 30 June 2026 21

Global Brands Equity Income Fund

Statement of Total Return

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

The accompanying notes are an integral part of these Financial Statements.

Page 23

Fund Review

INVESTMENT OBJECTIVE The Fund aims to grow your investment over 5 years or more.

The Investment Manager will also apply environmental,social and governance (“ESG”) criteria that seeks to achieve a greenhouse gas (“GHG”) emissions intensity fort he Fund that is 50% lower than that of the reference universe (which term is used only for the purposes of comparing GHG emissions intensity and comprises companies within the MSCI AC World Index).

RISK AND REWARD PROFILE Lower risk Higher risk

Potential lower rewards Potentially higher rewards

1234 5 67

The Fund has not changed the risk level category during the financial period.

The risk and reward category shown is based on historic data.

• Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.

• As such this category may change in the future.

• The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.

• The Fund is in this category because it invests in company shares and the Fund’s simulated and/or realised return has experienced high rises and falls historically.

• The Fund may be impacted by movements in the exchange rates between the Fund’s currency and the currencies of the Fund’s investments.

This rating does not take into account other risk factors which should be considered before investing, these include:

• The Fund relies on other parties to fulfil certain services, investments or transactions. If these parties become insolvent, it may expose the Fund to financial loss.

• Sustainability factors can pose risks to investments, for example: impact asset values and increased operational costs.

• There may be an insufficient number of buyers or sellers which may affect the Fund’s ability to buy or sell securities.

• Investment in China A-Shares via Shanghai-Hong Kong Stock Connect program may also entail additional risks, such as risks linked to the ownership of shares.

NET ASSET VALUES

Date

Net asset value of class ( £ ) Shares in issue

Net asset value per share ( £ )

Percentage Change (%) Share Class F - Accumulation* 30.06.26 6,566,476 438,126 14.99 (1.96) 31.12.25 19,419,131 1,270,038 15.29 Share Class F - Income* 30.06.26 10,915,719 756,368 14.43 (2.37) 31.12.25 11,890,857 804,551 14.78 Share Class F Hedge - Accumulation* 30.06.26 6,356,410 435,514 14.60 (2.08) 31.12.25 85,259,116 5,716,746 14.91 Share Class I - Accumulation* 30.06.26 10,138,891 683,507 14.83 (2.05) 31.12.25 18,270,564 1,206,423 15.14 Share Class I Hedge - Accumulation* 30.06.26 380,248 26,173 14.53 (1.96) 31.12.25 2,082,855 140,542 14.82

* Current period figures are valued on a mid-market basis. Comparative figures are valued on a bid basis.

OPERATING CHARGES

Date Share Class F - Accumulation 30.06.26 0.65% 31.12.25 0.65% Share Class F - Income 30.06.26 0.65% 31.12.25 0.65% Share Class F Hedge - Accumulation 30.06.26 0.65% 31.12.25 0.65% Share Class I - Accumulation 30.06.26 0.80% 31.12.25 0.80% Share Class I Hedge - Accumulation 30.06.26 0.80% 31.12.25 0.80%

Operating charges show the annual expenses of the Fund as a percentage of the average net asset value.

22 Morgan Stanley Funds (UK) 30 June 2026

Global Quality Select Fund

as at 30 June 2026

Page 24

Fund Review (continued)

PERFORMANCE REVIEW For the six months ending 30 June 2026, the Fund’s I Accumulation class shares returned -2.04% (net of fees in sterling), while the MSCI World (Net) Index returned + 11.17%.

The largest contributors to absolute performance during the six-month period were TSMC ( + 274 basis points (bps)), which performed strongly following a record-breaking first quarter, with robust demand for its artificial intelligence (AI) processors and raised full-year revenue growth guidance supporting its growth outlook; ASML ( + 242 bps), following strong first quarter results in April, where robust demand across both logic and memory customers, together with increased 2026 guidance, improved visibility around future EUV (extreme ultraviolet lithography) demand; and Texas Instruments ( + 176 bps) as improving demand across its industrial end markets, alongside continued strength in data centre applications, reinforced confidence in the company's long-term growth outlook. The largest absolute detractors included SAP (-204 bps), which more than reversed the moderate gains made following its well-received Sapphire conference in May as software in general weakened in June. While investors continue to debate the long-term implications of AI for enterprise software, we believe SAP's position as a deeply embedded system of record gives it a solid base, along with the right to compete for the new market as agentic capabilities are increasingly layered onto existing enterprise systems. Financial exchange Intercontinental Exchange (-78 bps) was weak in the second quarter as trading volumes moderated from the exceptionally high levels seen earlier in the year and the emergence of perpetual futures products in the U.S. raised concerns over the long-term economics of traditional exchange operators. We believe the impact on the franchise is likely to be limited and continue to see its core competitive position as intact, with retail demand the primary driver of perpetual future adoption and the incumbent exchanges well positioned to launch competing products should institutional demand develop. Microsoft (-115 bps) also detracted, despite reporting strong results during the April earnings season.

MARKET REVIEW For the purposes of the market review, sector and benchmark performance is provided in U.S. dollar (USD) terms and not the base currency of the Fund. The MSCI World Net Index was up + 9.7% in USD terms in the six-month period after global equity markets delivered an exceptionally strong second quarter of 2026, comfortably offsetting the declines experienced during the first quarter. Performance remained concentrated in AI infrastructure and selected cyclical areas: information technology ( + 22%) was the standout performer, driven by semiconductors ( + 54%) and hardware ( + 26%), while industrials ( + 15%), helped by the AI infrastructure buildout, also delivered double digit returns, supported by the cyclical capital goods ( + 20%). Geographically, the Netherlands led the index in the first six months of the year, rising + 40% in USD terms, driven by strong gains in semiconductor equipment companies.

PORTFOLIO ACTIVITY We initiated eight new positions in the period: Netflix, Amazon and Cencora in the first quarter, and Nintendo, Hermès International, McKesson, Ferguson and Schneider International in the second quarter. Final sales in the first quarter were Broadridge Financial Solutions due to growing concerns around AI disruption and the potential impact on parts of its business model, ADP following a reassessment of its relative quality profile amid the accelerating AI narrative, and Roper Technologies after a modest organic growth miss and slightly softer forward guidance highlighted limited room for execution missteps at a premium valuation. In the second quarter there were three final sales: Zoetis, after disappointing first quarter results exposed a deterioration in the core U.S. companion animal business (around 45% of group sales); 1 Abbott Laboratories, after a period of persistent underperformance in its higher quality medical devices business together with management's decision to allocate additional capital towards lower-growth divisions, which reduced our confidence in both the future earnings mix and the long-term investment case; and Arthur J. Gallagher, as we sought to consolidate our insurance broker exposure into our highest conviction name, Aon. 1 Source: Zoetis company reports; International Equity Team analysis.

Morgan Stanley Funds (UK) 30 June 2026 23

Global Quality Select Fund

Page 25

Fund Review (continued)

SUSTAINABILITY The Fund seeks to achieve a greenhouse gas (GHG) emissions intensity that is 50% lower than that of the reference universe (which is defined, only for the purposes of comparing GHG emissions intensity, as companies of the MSCI All Country World Index), measured as a weighted average of Scope 1 and Scope 2 emissions per $1 million of company sales. Please refer to the Fund Prospectus for further information.

As at 30 June 2026, the Fund’s GHG emissions intensity was 80% lower than the MSCI All Country World Index. 2

STRATEGY & OUTLOOK The portfolio is deliberately positioned for today’s environment. It combines selective exposure to AI through carefully chosen enablers where we believe competitive advantages are durable, with a collection of high quality businesses whose long-term fundamentals remain intact despite substantial AI-driven deratings. As these companies increasingly demonstrate that AI can enhance, rather than impair, their long-term earnings power, we believe there is significant scope for valuations to recover. It also maintains a meaningful allocation to defensive, high quality businesses – including long-standing core holdings and newer opportunities in areas such as luxury and media – whose investment cases are largely independent of the AI debate, and which we believe should provide resilient earnings through the cycle. All information is provided for informational purposes only and should not be deemed as a recommendation to purchase or sell the securities mentioned. 2 Source: Trucost. WACI is calculated using Scope 1 & 2 emissions per $million of company revenue. The term carbon refers to greenhouse gas (GHG) emissions, measured in metrics tonnes of carbon dioxide equivalent (CO2e) emissions. Our data provider’s methodology follows the GHG protocol and includes carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6) and nitrogen trifluoride (NF3), calculated in metric tonnes of CO2 equivalent. Some carbon/carbon equivalents data may be estimated by the data provider. Data excludes cash. Data Limitations: In general, Morgan Stanley Investment Management uses a range of data sources and internal analysis as inputs into its ESG processes. This may include use of data sourced from third party data providers, including for making the disclosures in this report. Such data may be subject to methodological limitations and may be subject to data lags, data coverage gaps or other issues impacting the quality of the data. ESG-related information, including where obtained from third-party data providers, is often based on qualitative or subjective assessment, and any one data source may not in itself present a complete picture relating to the ESG metric that it represents. Minimal discrepancies may also arise in reported data on the Fund’s portfolio weightings where the Fund has made use of different underlying sources of holdings data to produce the disclosures included in the report. Morgan Stanley Investment Management takes reasonable steps to mitigate the risk of these limitations. However, it does not make any representation or warranty as to the completeness or accuracy of such data. Any such data may also be subject to change by the third-party provider without notice. As such, Morgan Stanley Investment Management may choose to take such action (or inaction) based on any change in data provided by a third-party data provider as it deems appropriate in the circumstances.

24 Morgan Stanley Funds (UK) 30 June 2026

Global Quality Select Fund

Page 26

Holdings Investments

Market Value ( £ )

% of Net Asset Value 30 Jun 2026

% of Net Asset Value 31 Dec 2025

Canada – 0.00% 2,418 Constellation Software Warrant 31/03/2040* - --France – 5.57% 254 Hermes International SCA 350,634 1.02 3,574 L'Oreal SA 1,182,860 3.44 1,541 Schneider Electric SE 380,552 1.11 1,914,046 5.57 2.78 Germany – 2.25% 6,668 SAP SE 772,343 2.25 772,343 2.25 5.56 Italy – 2.92% 1,795 Ferrari NV (Italy Listing) 501,069 1.46 1,801 Ferrari NV (New York Listing) 502,254 1.46 1,003,323 2.92 1.87 Japan – 5.50% 4,100 Keyence Corp. 1,545,639 4.50 10,800 Nintendo Co. Ltd. 343,185 1.00 1,888,824 5.50 3.17 Netherlands – 5.08% 1,210 ASML Holding NV 1,746,431 5.08 1,746,431 5.08 3.10 Spain – 1.18% 9,112 Amadeus IT Group SA 406,912 1.18 406,912 1.18 2.48 Sweden – 2.03% 45,753 Atlas Copco AB 698,903 2.03 698,903 2.03 1.43 Taiwan – 6.88% 41,191 Taiwan Semiconductor Manufacturing Co. Ltd. 2,362,473 6.88 2,362,473 6.88 4.38 United Kingdom – 6.56% 27,942 Experian PLC 713,499 2.08 214,011 Haleon PLC 757,492 2.21 32,870 RELX (London Listing) 781,484 2.27 2,252,475 6.56 7.78 United States – 60.99% 6,711 Alphabet, Inc. 1,795,993 5.23 6,705 Amazon.com, Inc. 1,221,869 3.56 5,024 Aon PLC 1,243,376 3.62 312 AutoZone, Inc. 743,596 2.16 1,517 Booking Holdings, Inc. 209,740 0.61 2,782 Cencora, Inc. 592,198 1.72 4,239 CME Group, Inc. 699,243 2.04 21,723 Coca-Cola Co. 1,357,017 3.95 1,806 Equifax, Inc. 217,017 0.63 1,925 Ferguson Enterprises, Inc. 347,640 1.01 9,964 Intercontinental Exchange, Inc. 926,812 2.70

Morgan Stanley Funds (UK) 30 June 2026 25

Global Quality Select Fund

Portfolio Statement (unaudited)

AS AT 30 JUNE 2026

Page 27

Holdings Investments

Market Value ( £ )

% of Net Asset Value 30 Jun 2026

% of Net Asset Value 31 Dec 2025

United States – 60.99% (continued) 811 McKesson Corp. 458,357 1.33 3,815 Microsoft Corp. 1,067,392 3.11 1,534 MSCI, Inc. 648,492 1.89 22,680 Netflix, Inc. 1,265,338 3.68 11,235 Otis Worldwide Corp. 619,878 1.80 9,214 Procter & Gamble Co. 1,031,626 3.00 2,595 S&P Global, Inc. 803,063 2.34 4,409 STERIS PLC 711,263 2.07 2,710 Synopsys, Inc. 919,453 2.68 3,910 Texas Instruments, Inc. 843,002 2.45 2,469 Thermo Fisher Scientific, Inc. 947,024 2.76 12,748 Uber Technologies, Inc. 729,215 2.12 6,029 Visa, Inc. 1,554,961 4.53 20,953,565 60.99 65.66 Forward Currency Exchange Contracts – Hedged Share Classes – 0.02%

The exposure obtained through financial derivative instruments and identity of counterparties as at 30 June 2026 was as follows:

Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty Unrealised Gain/(Loss)

% of Net Asset Value 30 Jun 2026

% of Net Asset Value 31 Dec 2025 GBP 32 CAD 61 31/07/2026 State Street Bank - GBP 1,058,274 EUR 1,225,462 31/07/2026 State Street Bank 1,352 GBP 1,245 HKD 12,893 31/07/2026 State Street Bank - GBP 387,299 JPY 82,459,888 31/07/2026 State Street Bank 2,601 0.01 GBP 138,238 SEK 1,767,619 31/07/2026 State Street Bank 641 GBP 4,264,498 USD 5,637,833 31/07/2026 State Street Bank 4,775 0.01 Unrealised gain on Forward Currency Exchange Contracts – Hedged Share Classes 9,369 0.02 0.01 EUR 24,407 GBP 21,075 31/07/2026 State Street Bank (26) HKD 137 GBP 13 31/07/2026 State Street Bank - JPY 3,977,690 GBP 18,705 31/07/2026 State Street Bank (148) SEK 34,809 GBP 2,715 31/07/2026 State Street Bank (5) USD 112,874 GBP 85,554 31/07/2026 State Street Bank (271) Unrealised loss on Forward Currency Exchange Contracts – Hedged Share Classes (450) - (0.15) Net Unrealised gain on Forward Currency Exchange Contracts – Hedged Share Classes 8,919 0.02 (0.14) Portfolio of investments 34,008,214 98.98 98.07 Net other assets 349,530 1.02 1.93 Net assets 34,357,744 100.00 100.00

All holdings are ordinary shares unless otherwise stated. The country classifications within the Portfolio Statement are determined by the Country of Risk of the securities. * The security is valued at its fair value under the direction of the Board of Directors.

26 Morgan Stanley Funds (UK) 30 June 2026

Global Quality Select Fund

Portfolio Statement (unaudited)

AS AT 30 JUNE 2026

Page 28

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Income Net capital (losses)/gains (4,176,337) 1,333,394 Revenue 722,572 944,556 Expenses (309,642) (463,867) Interest payable and similar charges - (100) Net revenue before taxation 412,930 480,589 Taxation (92,036) (115,393) Net revenue after taxation 320,894 365,196 Total return before distributions (3,855,443) 1,698,590 Distributions (320,895) (365,183) Change in net assets attributable to shareholders from investment activities (4,176,338) 1,333,407

Statement of Change in Net Assets Attributable to Shareholders

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Opening net assets attributable to shareholders 136,922,523 145,755,031 Issue of shares 3,599,859 8,378,493 Cancellation of shares (102,126,297) (19,508,701) (98,526,438) (11,130,208) Dilution adjustment charged 56,117 Change in net assets attributable to shareholders from investment activities (4,176,338) 1,333,407 Retained distributions on accumulation shares 81,880 320,814 Closing net assets attributable to shareholders 34,357,744 136,279,044

Balance Sheet

AS AT 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 31 Dec 2025 ( £ ) Assets Investments 34,008,664 134,488,927 Amounts receivable 142,921 169,436 Cash and Cash equivalents 572,258 3,121,128 Total assets 34,723,843 137,779,491 Liabilities Investments 450 213,299 Other amounts payable 323,848 623,071 Distribution payable on income shares 41,801 20,598 Total liabilities 366,099 856,968 Net assets attributable to shareholders 34,357,744 136,922,523 All items within the Balance sheet are deemed current. The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Inve stment Association in October 2025. The accounting policies applied are consistent with those of the annual financial statement for the year ended 31 December 2025 and are described in th ose annual financial statements.

Morgan Stanley Funds (UK) 30 June 2026 27

Global Quality Select Fund

Statement of Total Return

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

The accompanying notes are an integral part of these Financial Statements.

Page 29

Fund Review

INVESTMENT OBJECTIVE The Fund aims to grow your investment over 5 years or more.

RISK AND REWARD PROFILE Lower risk Higher risk

Potential lower rewards Potentially higher rewards

123456 7

The Fund has not changed the risk level category during the financial period.

The risk and reward category shown is based on simulated historic data.

• Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.

• As such this category may change in the future.

• The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.

• The Fund is in this category because it invests in company shares and the Fund’s simulated and/or realised return has experienced high rises and falls historically.

• The Fund may be impacted by movements in the exchange rates between the Fund’s currency and the currencies of the Fund’s investments.

This rating does not take into account other risk factors which should be considered before investing, these include:

• The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.

• Sustainability factors can pose risks to investments, for example: impact asset values, increased operational costs.

• There may be an insufficient number of buyers or sellers which may affect the Fund's ability to buy or sell securities.

• Investment in China A-Shares via Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs may also entail additional risks, such as risks linked to the ownership of shares.

• There are increased risks of investing in emerging markets as political, legal and operational systems may be less developed than in developed markets.

NET ASSET VALUES

Date

Net asset value of class ( £ ) Shares in issue

Net asset value per share ( £ )

Percentage Change (%) Share Class F - Accumulation* 30.06.26 4,905,858 193,559 25.35 (2.16) 31.12.25 6,429,996 248,172 25.91 Share Class F Hedge - Accumulation* 30.06.26 174,497 11,657 14.97 (3.98) 31.12.25 260,277 16,700 15.59 Share Class I - Accumulation* 30.06.26 29,791,773 1,115,983 26.70 (2.31) 31.12.25 37,141,833 1,359,014 27.33 Share Class I Hedge - Accumulation* 30.06.26 2,675,730 172,905 15.48 (4.09) 31.12.25 5,624,143 348,374 16.14

* Current period figures are valued on a mid-market basis. Comparative figures are valued on a bid basis.

OPERATING CHARGES

Date Share Class F - Accumulation 30.06.26 0.55% 31.12.25 0.55% Share Class F Hedge - Accumulation 30.06.26 0.55% 31.12.25 0.55% Share Class I - Accumulation 30.06.26 0.85% 31.12.25 0.85% Share Class I Hedge - Accumulation 30.06.26 0.85% 31.12.25 0.85%

Operating charges show the annual expenses of the Fund as a percentage of the average net asset value.

PERFORMANCE REVIEW For the six-month period ended 30 June 2026, the Fund’s I Accumulation class shares underperformed the benchmark S&P 500 Index by 14.03%, returning -2 -2.34% (net of fees in sterling) versus 11.69% for the Index.

Counterpoint Global 1 seeks high quality companies, which we define primarily as those with sustainable competitive advantages. We manage concentrated portfolios that are highly differentiated from the benchmark, with securities weighted on our assessment of the quality of the company and our conviction.

28 Morgan Stanley Funds (UK) 30 June 2026

US Advantage Fund

as at 30 June 2026

Page 30

Fund Review (continued)

PERFORMANCE REVIEW (continued) The value added or detracted in any period of time will typically result from stock selection, given our philosophy and process.

The long-term investment horizon and conviction weighted, highly active investment approach embraced by Counterpoint Global can result in periods of performance deviation from the benchmark and peers. The portfolio underperformed the S&P 500 Index this period largely due to the adverse impact of stock selection.

Stock selection in information technology, industrials and communication services were the largest relative detractors. Shopify, a software and services company that provides merchants with world-class commerce tools, enabling them to sell directly to consumers and manage their businesses across all sales channels, was the greatest detractor across the portfolio. We believe Shopify benefits from efficient scale and cost-related competitive advantages and is well positioned to continue acquiring merchants of all sizes while offering a comprehensive suite of services. We believe the company can be a beneficiary of the continued secular shift away from offline retail toward ecommerce as consumers increasingly value convenience, cost and selection advantages. Its shares underperformed, driven by weaker sentiment across the software sector and concerns around potential disruption from artificial intelligence (AI), despite strong quarterly results, robust merchant activity, and an encouraging outlook supported by continued innovation and partnerships across emerging AI-driven commerce channels.

Stock selection in health care contributed positively to relative performance, as did average underweights in financials and communication services. The greatest contributor across the portfolio was Royalty Pharma, one of the largest buyers of biopharmaceutical royalties and a leading funder of innovation across academic institutions, non-profits, biotechnology and pharmaceutical companies. We believe the company benefits from intellectual property and brand related competitive advantages and is well positioned due to the growing capital needs for biotechnology companies and increasing demand for innovative therapies. Its shares outperformed, supported by strong results, better-than-expected outlook, and multiple anticipated milestones across its development portfolio.

MARKET REVIEW U.S. large-cap equities, as measured by the S&P 500 Index, advanced in sterling terms over the six-month period. Industrials, information technology and energy were the index’s best performing sectors. Financials, consumer discretionary and communication services were the greatest underperformers in the index.

PORTFOLIO ACTIVITY As of the end of the reporting period, the Fund’s largest sector allocations were information technolog y, y, health care and consumer discretionar y. y. The Fund had no exposure to the consumer staples, energ y, y, materials and utilities sectors.

STRATEGY & OUTLOOK Counterpoint Global looks to own a portfolio of unique companies with diverse business drivers, strong competitive advantages and positioning, and healthy secular growth prospects whose market value we believe can increase significantly over the long term for underlying fundamental reasons, independent of the macro or market environment. We find these companies through fundamental research. Our emphasis is on secular growth, and as a result short term market events are not as meaningful in the stock selection process.

Counterpoint Global 1 believes having a market outlook can be an anchor. We focus on assessing company prospects over a five-year investment horizon. Current portfolio positioning reflects what we believe are the best long-term investment opportunities.

All information is provided for informational purposes only and should not be deemed as a recommendation to purchase or sell the securities mentioned. 1 Counterpoint Global is one of Morgan Stanley Investment Management’s Active Fundamental Equity teams.

Morgan Stanley Funds (UK) 30 June 2026 29

US Advantage Fund

Page 31

Holdings Investments

Market Value ( £ )

% of Net Asset Value 30 Jun 2026

% of Net Asset Value 31 Dec 2025

Communication Services – 10.80% 38,413 ROBLOX Corp. 1,587,668 4.23 14,069 Space Exploration Technologies Corp. 1,744,448 4.64 2,074 Spotify Technology SA 724,644 1.93 4,056,760 10.80 6.85 Consumer Discretionary – 15.11% 9,359 Airbnb, Inc. 1,044,265 2.78 14,269 DoorDash, Inc. 2,001,924 5.33 8,491 Tesla, Inc. 2,626,505 7.00 5,672,694 15.11 24.42 Consumer Staples – 0.52% 8,598 Celsius Holdings, Inc. 193,967 0.52 193,967 0.52 Financials – 10.07% 27,766 Affirm Holdings, Inc. 1,724,484 4.59 2,986 Coinbase Global, Inc. 343,193 0.91 187,413 Federal National Mortgage Association 975,692 2.60 1,749 MSCI, Inc. 739,383 1.97 3,782,752 10.07 6.74 Health Care – 18.80% 1,946 Biogen, Inc. 318,283 0.85 2,178 Danaher Corp. 316,108 0.84 55,140 Medline, Inc. 1,653,228 4.40 69,088 Roivant Sciences Ltd. 1,816,299 4.84 68,525 Royalty Pharma PLC 2,957,360 7.87 7,061,278 18.80 13.94 Industrials – 14.14% 31,603 Copart, Inc. 672,694 1.79 27,077 Core & Main, Inc. 984,253 2.62 47,227 Madison Air Solutions Corp. 1,324,697 3.53 75,678 QXO, Inc. 1,022,352 2.72 19,791 Rollins, Inc. 632,774 1.69 4,960 Verisk Analytics, Inc. 671,826 1.79 5,308,596 14.14 5.19 Information Technology – 29.76% 6,099 AppLovin Corp. 2,311,298 6.16 18,754 Cloudflare, Inc. 3,469,804 9.24 1,908 Crowdstrike Holdings, Inc. 1,072,831 2.86 42,916 Samsara, Inc. 1,044,545 2.78 19,770 Shopify, Inc. 1,716,311 4.57 3,075 Snowflake, Inc. 583,786 1.55 14,284 Strategy, Inc. 975,224 2.60 11,173,799 29.76 Real Estate – 0.00% - - 1.17 Technology – 0.00% - - 40.53

30 Morgan Stanley Funds (UK) 30 June 2026

US Advantage Fund

Portfolio Statement (unaudited)

AS AT 30 JUNE 2026

Page 32

Forward Currency Exchange Contracts – Hedged Share Classes – 0.01%

The exposure obtained through financial derivative instruments and identity of counterparties as at 30 June 2026 was as follows:

Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty Unrealised Gain/(Loss)

% of Net Asset Value 30 Jun 2026

% of Net Asset Value 31 Dec 2025 GBP 61 CAD 114 31/07/2026 State Street Bank 1 GBP 12 CHF 13 31/07/2026 State Street Bank - GBP 1,511 EUR 1,750 31/07/2026 State Street Bank 3 GBP 2,856,437 USD 3,776,985 31/07/2026 State Street Bank 2,700 0.01 Unrealised gain on Forward Currency Exchange Contracts – Hedged Share Classes 2,704 0.01 USD 91,694 GBP 69,529 31/07/2026 State Street Bank (248) Unrealised loss on Forward Currency Exchange Contracts – Hedged Share Classes (248) - (0.04) Net Unrealised gain on Forward Currency Exchange Contracts – Hedged Share Classes 2,456 0.01 (0.04)

Options – 0.01%

Counterparty Currency Sold Quantity Security description

Base Market Value

% of Net Asset Value 30 Jun 2026

% of Net Asset Value 31 Dec 2025 Barclays Bank USD 19,891,255 Currency Option USD Call CNH Put 7.203 February 2027 2,049 0.01 Standard Chartered USD 24,234,422 Currency Option USD Call CNH Put 7.317 December 2026 440 Standard Chartered USD 32,484,130 Currency Option USD Call CNH Put 7.58 August 2026 - 2,489 0.01 0.06 Portfolio of investments 37,254,791 99.22 98.86 Net other assets 293,067 0.78 1.14 Net assets 37,547,858 100.00 100.00

All holdings are ordinary shares unless otherwise stated.

FINANCIAL DERIVATIVE INSTRUMENT RISK EXPOSURE The exposure obtained through financial derivative instruments and identity of counterparties as at 30 June 2026 was as follows:

Options Contracts

Counterparty

Notional value ( £ )

Value of exposure ( £ ) Barclays Bank 19,891,255 2,049 Standard Chartered 56,718,552 440 Total 76,609,807 2,489

The exposure obtained through financial derivative instruments and identity of counterparties as at 31 December 2025 was as follows:

Morgan Stanley Funds (UK) 30 June 2026 31

US Advantage Fund

Portfolio Statement (unaudited)

AS AT 30 JUNE 2026

Page 33

FINANCIAL DERIVATIVE INSTRUMENT RISK EXPOSURE (continued)

Options Contracts

Counterparty

Notional value ( £ )

Value of exposure ( £ ) Goldman Sachs 18,417,270 191 JP Morgan 22,639,901 Standard Chartered 69,671,620 31,325 Total 110,728,791 31,516

32 Morgan Stanley Funds (UK) 30 June 2026

US Advantage Fund

Portfolio Statement (unaudited)

AS AT 30 JUNE 2026

Page 34

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Income Net capital (losses)/gains (1,510,703) 4,140,880 Revenue 47,675 123,021 Expenses (150,867) (252,550) Interest payable and similar charges (82) (1,267) Net expense before taxation (103,274) (130,796) Taxation (2,340) (11,674) Net expense after taxation (105,614) (142,470) Total return before distributions (1,616,317) 3,998,410 Equalisation 8,644 (5,496) Change in net assets attributable to shareholders from investment activities (1,607,673) 3,992,914

Statement of Change in Net Assets Attributable to Shareholders

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Opening net assets attributable to shareholders 49,456,249 69,903,530 Issue of shares 4,537,046 29,864,980 Cancellation of shares (14,839,765) (26,679,117) (10,302,719) 3,185,863 Dilution adjustment charged 2,001 20,245 Change in net assets attributable to shareholders from investment activities (1,607,673) 3,992,914 Closing net assets attributable to shareholders 37,547,858 77,102,552

Balance Sheet

AS AT 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 31 Dec 2025 ( £ ) Assets Investments 37,255,039 48,912,613 Amounts receivable 125,353 167,775 Cash and Cash equivalents 381,022 863,291 Total assets 37,761,414 49,943,679 Liabilities Investments 248 21,446 Other amounts payable 213,308 458,552 Cash due to broker - 7,432 Total liabilities 213,556 487,430 Net assets attributable to shareholders 37,547,858 49,456,249 All items within the Balance sheet are deemed current. The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Inve stment Association in October 2025. The accounting policies applied are consistent with those of the annual financial statement for the year ended 31 December 2025 and are described in th ose annual financial statements.

Morgan Stanley Funds (UK) 30 June 2026 33

US Advantage Fund

Statement of Total Return

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

The accompanying notes are an integral part of these Financial Statements.

Page 35

Fund Review

INVESTMENT OBJECTIVE The Fund aims to provide capital growth and income by outperforming, net of fees, the Bloomberg Global Aggregate Corporate Total Return Index Value Hedged GBP over 3 years or more.

RISK AND REWARD PROFILE Lower risk Higher risk

Potential lower rewards Potentially higher rewards

123 4 567

The Fund has not changed the risk level category during the financial period.

The risk and reward category shown is based on historic data.

• Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.

• As such this category may change in the future.

• The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.

• The Fund is in this category because it invests in company shares and the Fund’s simulated and/or realised return has experienced high rises and falls historically.

• The Fund may be impacted by movements in the exchange rates between the Fund’s currency and the currencies of the Fund’s investments.

This rating does not take into account other risk factors which should be considered before investing, these include:

• The value of bonds are likely to decrease if interest rates rise and vice versa.

• The value of financial derivative instruments are highly sensitive and may result in losses in excess of the amount invested by the Fund.

• Issuers may not be able to repay their debts, if this happens the value of your investment will decrease. This risk is higher where the Fund invests in a bond with a lower credit rating.

• The Fund relies on other parties to fulfil certain services, investments or transactions. If these parties become insolvent, it may expose the Fund to financial loss.

• Sustainability factors can pose risks to investments, for example: impact asset values and increased operational costs.

• There may be an insufficient number of buyers or sellers which may affect the Fund's ability to buy or sell securities.

• Investments in China involves a risk of a total loss due to factors such as government action or inaction, market volatility and reliance on primary trading partners.

• There are increased risks of investing in emerging markets as political, legal and operational systems may be less developed than in developed markets.

PERFORMANCE REVIEW For the period from 1 January 2026 to 11 May 2026, the Fund’s I Accumulation class shares underperformed the benchmark, the Bloomberg Global Aggregate Corporate Index GBP Hedged, by 0.32%, returning 0.20% (net of fees in sterling) versus 0.52% for the Index. The performance review reflects an abbreviated time period due to the Fund’s closure and full redemption of its shares prior to 30 June 2026.

Relative performance was driven by the positive contribution from underweight exposure to investment grade corporate bonds. The Fund’s performance also benefited from a positive contribution from strong security and sector selection within financials (with the banking and insurance sector contributing most to returns), whilst its allocation to high yield bonds was a positive contributor primarily due to the industrial sector. The Fund’s duration positioning was the primary detractor from performance mainly due to negative yield curve contributions from United States dollar rates.

34 Morgan Stanley Funds (UK) 30 June 2026

Global Corporate Bond Fund*

as at 30 June 2026

* The Fund closed, with all shares redeemed, on 11 May 2026 and is in the process of being terminated.

Page 36

Fund Review (continued)

MARKET REVIEW (continued) Economic growth remained resilient early in the year but softened later as higher energy costs weighed on activity, particularly in Europe, where stagflation concerns emerged. U.S. economic data remained comparatively strong, supported by robust labour markets and resilient demand. Credit market performance reflected these dynamics, with financials and energy outperforming, while autos, technology and lower-rated credit lagged. Corporate earnings generally proved resilient, especially among banks and energy companies, while merger and acquisition activity remained elevated. Technicals stayed supportive despite geopolitical uncertainty, with strong investor demand absorbing record levels of issuance, particularly in the U.S. where artificial intelligence- and technology-related funding drove issuance to near-record highs and is expected to remain a key driver into the second half of the year.

PORTFOLIO ACTIVITY The Fund closed on 11 May 2026.

Prior to closing, the Fund increased its overweight duration position versus the benchmark over the period primarily by initiating an overweight to United States dollar rates. Within spread sectors, the Fund increased its exposure to investment grade corporate bonds by decreasing the overweight to the industrial subsector. The Fund also increased its long exposure to high yield corporate debt over the period. Ahead of the Fund’s closure, all positions were sold. All information is provided for informational purposes only and should not be deemed as a recommendation to purchase or sell the securities mentioned.

Morgan Stanley Funds (UK) 30 June 2026 35

Global Corporate Bond Fund*

* The Fund closed, with all shares redeemed, on 11 May 2026 and is in the process of being terminated.

Page 37

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Income Net capital (losses)/gains (165,646) 158,385 Revenue 225,879 277,270 Expenses (25,437) (32,541) Interest payable and similar charges (9,861) Net revenue before taxation 190,581 244,729 Taxation (764) (29) Net revenue after taxation 189,817 244,700 Total return before distributions 24,171 403,085 Distributions (192,763) (244,662) Change in net assets attributable to shareholders from investment activities (168,592) 158,423

Statement of Change in Net Assets Attributable to Shareholders

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Opening net assets attributable to shareholders 12,733,846 11,921,064 Cancellation of shares (12,698,294) (12,698,294) Change in net assets attributable to shareholders from investment activities (168,592) 158,423 Retained distributions on accumulation shares 133,040 244,662 Closing net assets attributable to shareholders - 12,324,149

Balance Sheet

AS AT 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 31 Dec 2025 ( £ ) Assets Investments - 12,158,319 Amounts receivable 18,821 174,468 Cash and Cash equivalents 37,965 464,950 Total assets 56,786 12,797,737 Liabilities Investments - 15,444 Other amounts payable 52,942 48,447 Bank overdrafts 3,844 Total liabilities 56,786 63,891 Net assets attributable to shareholders - 12,733,846 All items within the Balance sheet are deemed current. The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Inve stment Association in October 2025. The accounting policies applied are consistent with those of the annual financial statement for the year ended 31 December 2025 and are described in th ose annual financial statements.

36 Morgan Stanley Funds (UK) 30 June 2026

Global Corporate Bond Fund*

Statement of Total Return

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

* The Fund closed, with all shares redeemed, on 11 May 2026 and is in the process of being terminated.

The accompanying notes are an integral part of these Financial Statements.

Page 38

Fund Review

INVESTMENT OBJECTIVE The Fund aims to provide capital growth and income by outperforming, net of fees, the Bloomberg Global Aggregate Treasuries Total Return Index Value Hedged GBP over 3 years or more .

RISK AND REWARD PROFILE Lower risk Higher risk

Potential lower rewards Potentially higher rewards

12 3 4567

The Fund has not changed the risk level category during the financial period.

The risk and reward category shown is based on historic data.

• Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.

• As such this category may change in the future.

• The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.

• The Fund is in this category because it invests in company shares and the Fund’s simulated and/or realised return has experienced high rises and falls historically.

• The Fund may be impacted by movements in the exchange rates between the Fund’s currency and the currencies of the Fund’s investments.

This rating does not take into account other risk factors which should be considered before investing, these include:

• The value of bonds are likely to decrease if interest rates rise and vice versa.

• The value of financial derivative instruments can be complex and volatile, and may result in losses in excess of the amount invested by the Fund.

• Issuers may not be able to repay their debts, if this happens the value of your investment will decrease. This risk is higher where the Fund invests in a bond with a lower credit rating.

• The Fund relies on other parties to fulfil certain services, investments or transactions. If these parties become insolvent, it may expose the Fund to financial loss.

• Sustainability factors can pose risks to investments, for example: impact asset values and increased operational costs.

• There may be an insufficient number of buyers or sellers which may affect the Fund's ability to buy or sell securities.

• Investments in China involves a risk of a total loss due to factors such as government action or inaction, market volatility and reliance on primary trading partners.

• There are increased risks of investing in emerging markets as political, legal and operational systems may be less developed than in developed markets.

NET ASSET VALUES

Date

Net asset value of class ( £ ) Shares in issue

Net asset value per share ( £ )

Percentage Change (%) Share Class F - Accumulation* 30.06.26 10,388 1,000 10.39 (0.10) 31.12.25 10,399 1,000 10.40 Share Class I - Accumulation* 30.06.26 9,965 922 10.81 (0.18) 31.12.25 11,876,721 1,096,811 10.83

* Current period figures are valued on a mid-market basis. Comparative figures are valued on a bid basis.

OPERATING CHARGES

Date Share Class F - Accumulation 30.06.26 0.35% 31.12.25 0.35% Share Class I - Accumulation 30.06.26 0.60% 31.12.25 0.60%

Operating charges show the annual expenses of the Fund as a percentage of the average net asset value.

PERFORMANCE REVIEW For the six months ending 30 June 2026, the Fund’s I Accumulation class shares underperformed the benchmark, the Bloomberg Aggregate Treasury Hedged Index (GBP), returning -0.19% (net of fees in sterling) versus 0.78% for the Index. The Fund is expected to close in August 2026 and during the review period has unwound substantially all of its positions.

Macro decisions overall detracted from relative performance.

Morgan Stanley Funds (UK) 30 June 2026 37

Global Government Bond Fund*

as at 30 June 2026

* The Fund is due to close, and redeem all outstanding shares, on 6 August 2026.

Page 39

Fund Review (continued)

PERFORMANCE REVIEW (continued) U.S. duration detracted with the underweight Treasury bonds stance held through most of the first quarter of 2026 incurring a meaningful carry drag against the benchmark's substantial U.S. allocation, more than offsetting a positive contribution from nominal Treasury duration as the 10-year yield drifted modestly lower on the pre-Iran war disinflation path before the March sell-off.

Emerging markets (EM) hard-currency debt detracted from performance as EM hard-currency sovereign spreads widened through the war-driven risk repricing, with Saudi Arabia, Chile and Romania the principal drags, reflecting a mix of oil-exporter and regional-proximity dynamics.

MARKET REVIEW The first half of 2026 was defined by the Iran war and its unwinding. Late-February conflict escalation shut the Strait of Hormuz and drove Brent crude above $120 per barrel, repricing inflation risk premia across major markets. The temporary U.S.-Iran ceasefire announced in early April and subsequent negotiations culminating in a mid-June 60-day memorandum of understanding brought oil back near pre war levels in the second quarter, unwinding much of the earlier risk premium. Developed market central banks turned or leaned hawkish against this backdrop. The U.S. Federal Reserve held the federal funds rate at 3.50%3.75% across all four meetings in the first half of the year, with June's statement under new Chair Warsh removing prior policy easing language and shifting the median Summary of Economic Projections “dot plot” toward an interest rate hike by year-end. The European Central Bank delivered its first rate hike since September 2023 in June, lifting the deposit facility rate 25 basis points to 2.25% with May inflation at 3.2%. The Bank of Japan hiked its rate 25 basis points to 1.00% in June, the highest policy rate since 1995. The Reserve Bank of Australia hiked its rate three consecutive times to 4.35% before pausing in June. Banxico concluded its easing cycle with cuts in March and May to 6.50% and a unanimous end-of-cycle hold in June. In credit markets, investment grade corporate spreads widened modestly from January's cycle-tight starting valuations as the war-driven risk-off sentiment repriced quality carry, while high yield corporate spreads held up better through most of the period on continued demand for income and low realised defaults before giving back gains late in the second quarter. Covered bonds delivered steady carry supported by deep programme fundamentals.

Within securitised sectors, non-agency commercial mortgage-backed securities spreads tightened through the first half of the year on resilient collateral performance and technical demand, asset-backed securities carried well with the sector's shorter spread duration insulating it from rate volatility, and agency residential mortgage-backed securities were firm on improved basis conditions and steady government sponsored enterprise-related demand.

PORTFOLIO ACTIVITY Ahead of the Fund’s planned closure in August 2026, the Fund sold substantially all of its positions and held cash from May onward. All information is provided for informational purposes only and should not be deemed as a recommendation to purchase or sell the securities mentioned.

38 Morgan Stanley Funds (UK) 30 June 2026

Global Government Bond Fund*

* The Fund is due to close, and redeem all outstanding shares, on 6 August 2026.

Page 40

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Income Net capital (losses)/gains (135,784) 84,893 Revenue 139,260 194,706 Expenses (19,553) (28,521) Interest payable and similar charges (4,269) (176) Net revenue before taxation 115,438 166,009 Taxation (403) (287) Net revenue after taxation 115,035 165,722 Total return before distributions (20,749) 250,615 Distributions (119,301) (165,722) Change in net assets attributable to shareholders from investment activities (140,050) 84,893

Statement of Change in Net Assets Attributable to Shareholders

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 30 Jun 2026 ( £ ) 30 Jun 2025 ( £ ) 30 Jun 2025 ( £ ) Opening net assets attributable to shareholders 11,887,120 11,472,797 Issue of shares - 6,908 Cancellation of shares (11,809,421) (11,809,421) 6,908 Change in net assets attributable to shareholders from investment activities (140,050) 84,893 Retained distributions on accumulation shares 82,704 165,732 Closing net assets attributable to shareholders 20,353 11,730,330

Balance Sheet

AS AT 30 JUNE 2026 (UNAUDITED)

30 Jun 2026 ( £ ) 31 Dec 2025 ( £ ) Assets Investments - 11,688,460 Amounts receivable 33,167 156,716 Cash and Cash equivalents 63,548 167,842 Total assets 96,715 12,013,018 Liabilities Investments - 38,106 Other amounts payable 76,362 87,792 Total liabilities 76,362 125,898 Net assets attributable to shareholders 20,353 11,887,120 All items within the Balance sheet are deemed current. The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Inve stment Association in October 2025. The accounting policies applied are consistent with those of the annual financial statement for the year ended 31 December 2025 and are described in th ose annual financial statements.

Morgan Stanley Funds (UK) 30 June 2026 39

Global Government Bond Fund*

Statement of Total Return

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2026 (UNAUDITED)

* The Fund is due to close, and redeem all outstanding shares, on 6 August 2026.

The accompanying notes are an integral part of these Financial Statements.

Page 41

Fund Review

INVESTMENT OBJECTIVE The Fund aims to provide income and capital growth over 3 years or more.

RISK AND REWARD PROFILE Lower risk Higher risk

Potential lower rewards Potentially higher rewards

12 3 4567

The Fund has not changed the risk level category during the financial period.

The risk and reward category shown is based on historic data.

• Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.

• As such this category may change in the future.

• The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.

• The Fund is in this category because it invests in fixed interest securities and the Fund’s simulated and/or realised return has experienced medium rises and falls historically.