Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited)
PRINCIPAL AMOUNT (000) | | | | | | COUPON RATE | | | MATURITY DATE | | VALUE | |
| | | | Corporate Bonds (37.7%) | | | | | | | | | | |
| | | | Australia (1.6%) | | | | | | | | | | |
| | | | Basic Materials | | | | | | | | | | |
$ | 2,200 | | | Glencore Funding LLC (a) | | | 3.875 | % | | 10/27/27 | | $ | 2,407,658 | |
| 245 | | | Infrabuild Australia Pty Ltd. (a) | | | 12.00 | | | 10/01/24 | | | 231,525 | |
| 1,275 | | | Newcastle Coal Infrastructure Group Pty Ltd. (a) | | | 4.40 | | | 09/29/27 | | | 1,239,661 | |
| | | | | | | | | | | | | 3,878,844 | |
| | | | Consumer, Non-Cyclical | | | | | | | | | | |
| 1,550 | | | Woolworths Group Ltd. (a) | | | 4.00 | | | 09/22/20 | | | 1,555,992 | |
| | | | | | | | | | | | | | |
| | | | Energy | | | | | | | | | | |
EUR | 1,000 | | | APT Pipelines Ltd. | | | 2.00 | | | 03/22/27 | | | 1,263,929 | |
$ | 1,200 | | | APT Pipelines Ltd. (a) | | | 4.20 | | | 03/23/25 | | | 1,327,743 | |
| 2,098 | | | Santos Finance Ltd. | | | 4.125 | | | 09/14/27 | | | 2,196,772 | |
| | | | | | | | | | | | | 4,788,444 | |
| | | | Finance | | | | | | | | | | |
| 1,375 | | | Macquarie Group Ltd. (a) | | | 4.15 | | | 03/27/24 | | | 1,482,110 | |
| | | | | | | | | | | | | | |
| | | | Industrials | | | | | | | | | | |
EUR | 1,600 | | | Aurizon Network Pty Ltd. | | | 3.125 | | | 06/01/26 | | | 2,111,948 | |
| | | | Total Australia | | | | | | | | | 13,817,338 | |
| | | | | | | | | | | | | | |
| | | | Belgium (0.5%) | | | | | | | | | | |
| | | | Basic Materials | | | | | | | | | | |
| 1,000 | | | Solvay Finance SA | | | 5.118 | | | (b) | | | 1,211,218 | |
| 700 | | | Solvay Finance SA | | | 5.425 | | | (b) | | | 908,076 | |
| | | | | | | | | | | | | 2,119,294 | |
| | | | Consumer, Non-Cyclical | | | | | | | | | | |
| 1,750 | | | Anheuser-Busch InBev SA | | | 3.70 | | | 04/02/40 | | | 2,638,928 | |
| | | | Total Belgium | | | | | | | | | 4,758,222 | |
| | | | | | | | | | | | | | |
| | | | Brazil (1.3%) | | | | | | | | | | |
| | | | Basic Materials | | | | | | | | | | |
$ | 1,160 | | | Braskem Netherlands Finance BV (a) | | | 4.50 | | | 01/31/30 | | | 1,076,480 | |
| | | | | | | | | | | | | | |
| | | | Consumer, Non-Cyclical | | | | | | | | | | |
| 1,225 | | | Minerva Luxembourg SA (a) | | | 5.875 | | | 01/19/28 | | | 1,280,125 | |
| | | | | | | | | | | | | | |
| | | | Energy | | | | | | | | | | |
| 1,800 | | | Petrobras Global Finance BV (a) | | | 5.093 | | | 01/15/30 | | | 1,856,700 | |
| 880 | | | Petrobras Global Finance BV | | | 6.75 | | | 06/03/50 | | | 958,967 | |
| | | | | | | | | | | | | 2,815,667 | |
| | | | Finance | | | | | | | | | | |
| 2,870 | | | Banco Bradesco SA (a) | | | 3.20 | | | 01/27/25 | | | 2,912,189 | |
| 3,725 | | | Itau Unibanco Holding SA (a) | | | 2.90 | | | 01/24/23 | | | 3,725,968 | |
| | | | | | | | | | | | | 6,638,157 | |
| | | | Total Brazil | | | | | | | | | 11,810,429 | |
| | | | | | | | | | | | | | |
| | | | Burkina Faso (0.2%) | | | | | | | | | | |
| | | | Basic Materials | | | | | | | | | | |
| 1,750 | | | IAMGOLD Corp. (a) | | | 7.00 | | | 04/15/25 | | | 1,826,379 | |
| | | | | | | | | | | | | | |
| | | | Canada (1.1%) | | | | | | | | | | |
| | | | Basic Materials | | | | | | | | | | |
| 350 | | | Baffinland Iron Mines Corp. / Baffinland Iron Mines LP (a) | | | 8.75 | | | 07/15/26 | | | 364,065 | |
| 1,600 | | | NOVA Chemicals Corp. (a) | | | 4.875 | | | 06/01/24 | | | 1,603,368 | |
| | | | | | | | | | | | | 1,967,433 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | Consumer, Non-Cyclical | | | | | | | | | | |
| 2,070 | | | Garda World Security Corp. (a) | | | 9.50 | | | 11/01/27 | | | 2,259,798 | |
| | | | | | | | | | | | | | |
| | | | Energy | | | | | | | | | | |
| 1,275 | | | TransCanada PipeLines Ltd. | | | 4.10 | | | 04/15/30 | | | 1,508,856 | |
| | | | | | | | | | | | | | |
| | | | Finance | | | | | | | | | | |
| 1,825 | | | Bank of Nova Scotia (The) | | | 2.00 | | | 11/15/22 | | | 1,889,273 | |
| 1,750 | | | National Bank of Canada (a) | | | 2.15 | | | 10/07/22 | | | 1,808,838 | |
| | | | | | | | | | | | | 3,698,111 | |
| | | | Industrials | | | | | | | | | | |
| 122 | | | Titan Acquisition Ltd. / Titan Co-Borrower LLC (a) | | | 7.75 | | | 04/15/26 | | | 120,830 | |
| | | | Total Canada | | | | | | | | | 9,555,028 | |
| | | | | | | | | | | | | | |
| | | | Cayman Islands (0.2%) | | | | | | | | | | |
| | | | Finance | | | | | | | | | | |
| 2,000 | | | Banco del Pacifico SA | | | 1.00 | | | 12/20/24 | | | 1,850,000 | |
| | | | | | | | | | | | | | |
| | | | China (0.9%) | | | | | | | | | | |
| | | | Basic Materials | | | | | | | | | | |
| 1,080 | | | CNAC HK Finbridge Co. Ltd. | | | 3.875 | | | 06/19/29 | | | 1,212,413 | |
| | | | | | | | | | | | | | |
| | | | Communications | | | | | | | | | | |
| 2,000 | | | Baidu, Inc. | | | 2.875 | | | 07/06/22 | | | 2,057,090 | |
| 400 | | | Tencent Holdings Ltd. | | | 2.985 | | | 01/19/23 | | | 416,802 | |
| 2,100 | | | Tencent Holdings Ltd. (a) | | | 3.595 | | | 01/19/28 | | | 2,371,023 | |
| | | | | | | | | | | | | 4,844,915 | |
| | | | Finance | | | | | | | | | | |
| 1,720 | | | Country Garden Holdings Co., Ltd. | | | 7.25 | | | 04/08/26 | | | 1,898,513 | |
| | | | Total China | | | | | | | | | 7,955,841 | |
| | | | | | | | | | | | | | |
| | | | Colombia (0.1%) | | | | | | | | | | |
| | | | Communications | | | | | | | | | | |
| 325 | | | Millicom International Cellular SA | | | 6.625 | | | 10/15/26 | | | 355,002 | |
| | | | | | | | | | | | | | |
| | | | Finance | | | | | | | | | | |
| 920 | | | Grupo Aval Ltd. (a) | | | 4.375 | | | 02/04/30 | | | 884,120 | |
| | | | Total Colombia | | | | | | | | | 1,239,122 | |
| | | | | | | | | | | | | | |
| | | | Denmark (0.1%) | | | | | | | | | | |
| | | | Finance | | | | | | | | | | |
| 850 | | | Danske Bank A/S (a) | | | 5.00 | | | 01/12/23 | | | 892,310 | |
| | | | | | | | | | | | | | |
| | | | France (1.9%) | | | | | | | | | | |
| | | | Communications | | | | | | | | | | |
EUR | 1,750 | | | Orange SA | | | 5.00 | | | (b) | | | 2,451,637 | |
| | | | | | | | | | | | | | |
| | | | Energy | | | | | | | | | | |
| 1,900 | | | TOTAL SA | | | 2.708 | | | (b) | | | 2,315,294 | |
$ | 600 | | | TOTAL SA, Series FP | | | 0.50 | | | 12/02/22 | | | 591,984 | |
| | | | | | | | | | | | | 2,907,278 | |
| | | | Finance | | | | | | | | | | |
EUR | 1,900 | | | AXA SA | | | 3.25 | | | 05/28/49 | | | 2,535,009 | |
$ | 2,400 | | | BNP Paribas SA (a) | | | 2.819 | | | 11/19/25 | | | 2,551,171 | |
EUR | 1,500 | | | BNP Paribas SA | | | 2.875 | | | 10/01/26 | | | 1,964,685 | |
$ | 1,875 | | | BPCE SA (a) | | | 5.15 | | | 07/21/24 | | | 2,105,186 | |
EUR | 2,000 | | | Credit Agricole Assurances SA | | | 4.50 | | | (b) | | | 2,630,074 | |
| | | | | | | | | | | | | 11,786,125 | |
| | | | Total France | | | | | | | | | 17,145,040 | |
| | | | | | | | | | | | | | |
| | | | Germany (1.8%) | | | | | | | | | | |
| | | | Consumer, Cyclical | | | | | | | | | | |
$ | 1,300 | | | Daimler Finance North America LLC (a) | | | 2.70 | | | 06/14/24 | | | 1,372,199 | |
EUR | 1,400 | | | Volkswagen International Finance N.V. | | | 4.625 | | | (b) | | | 1,740,341 | |
| 1,400 | | | Volkswagen International Finance N.V., Series 10Y | | | 1.875 | | | 03/30/27 | | | 1,742,737 | |
| | | | | | | | | | | | | 4,855,277 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | Consumer, Non-Cyclical | | | | | | | | | | |
$ | 2,750 | | | Bayer US Finance LLC (a) | | | 3.00 | | | 10/08/21 | | | 2,823,514 | |
EUR | 825 | | | Techem Verwaltungsgesellschaft 675 mbH (a) | | | 2.00 | | | 07/15/25 | | | 936,338 | |
| | | | | | | | | | | | | 3,759,852 | |
| | | | Energy | | | | | | | | | | |
| 2,400 | | | Wintershall Dea Finance BV | | | 1.332 | | | 09/25/28 | | | 2,722,785 | |
| | | | | | | | | | | | | | |
| | | | Finance | | | | | | | | | | |
$ | 2,625 | | | Deutsche Bank AG | | | 3.15 | | | 01/22/21 | | | 2,649,459 | |
EUR | 1,200 | | | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | 3.25 | | | 05/26/49 | | | 1,646,848 | |
| | | | | | | | | | | | | 4,296,307 | |
| | | | Total Germany | | | | | | | | | 15,634,221 | |
| | | | | | | | | | | | | | |
| | | | India (0.4%) | | | | | | | | | | |
| | | | Communications | | | | | | | | | | |
$ | 1,150 | | | Bharti Airtel International Netherlands BV (a) | | | 5.35 | | | 05/20/24 | | | 1,242,255 | |
| 600 | | | Bharti Airtel Ltd. | | | 4.375 | | | 06/10/25 | | | 637,203 | |
| | | | | | | | | | | | | 1,879,458 | |
| | | | Energy | | | | | | | | | | |
| 1,800 | | | ONGC Videsh Vankorneft Pte Ltd. | | | 3.75 | | | 07/27/26 | | | 1,859,021 | |
| | | | Total India | | | | | | | | | 3,738,479 | |
| | | | | | | | | | | | | | |
| | | | Ireland (0.5%) | | | | | | | | | | |
| | | | Communications | | | | | | | | | | |
EUR | 1,250 | | | Eircom Finance DAC | | | 3.50 | | | 05/15/26 | | | 1,499,030 | |
| | | | | | | | | | | | | | |
| | | | Finance | | | | | | | | | | |
$ | 1,775 | | | Avolon Holdings Funding Ltd. (a) | | | 2.875 | | | 02/15/25 | | | 1,528,723 | |
| | | | | | | | | | | | | | |
| | | | Industrials | | | | | | | | | | |
| 1,275 | | | Park Aerospace Holdings Ltd. (a) | | | 5.25 | | | 08/15/22 | | | 1,229,045 | |
| | | | Total Ireland | | | | | | | | | 4,256,798 | |
| | | | | | | | | | | | | | |
| | | | Israel (0.0%) | | | | | | | | | | |
| | | | Consumer, Non-Cyclical | | | | | | | | | | |
| 421 | | | Teva Pharmaceutical Finance Netherlands III BV | | | 2.20 | | | 07/21/21 | | | 418,800 | |
| | | | | | | | | | | | | | |
| | | | Italy (1.2%) | | | | | | | | | | |
| | | | Finance | | | | | | | | | | |
EUR | 1,900 | | | Assicurazioni Generali SpA | | | 5.50 | | | 10/27/47 | | | 2,630,918 | |
$ | 1,000 | | | Intesa Sanpaolo SpA (a) | | | 6.50 | | | 02/24/21 | | | 1,026,247 | |
| 2,150 | | | UniCredit SpA (a) | | | 6.572 | | | 01/14/22 | | | 2,285,950 | |
| | | | | | | | | | | | | 5,943,115 | |
| | | | Utilities | | | | | | | | | | |
| 3,000 | | | Enel Finance International N.V. (a) | | | 4.25 | | | 09/14/23 | | | 3,278,405 | |
EUR | 1,400 | | | Enel SpA | | | 2.50 | | | 11/24/78 | | | 1,679,145 | |
| | | | | | | | | | | | | 4,957,550 | |
| | | | Total Italy | | | | | | | | | 10,900,665 | |
| | | | | | | | | | | | | | |
| | | | Luxembourg (0.1%) | | | | | | | | | | |
| | | | Basic Materials | | | | | | | | | | |
| 100 | | | INEOS Finance PLC | | | 2.125 | | | 11/15/25 | | | 114,144 | |
| | | | | | | | | | | | | | |
| | | | Consumer, Non-Cyclical | | | | | | | | | | |
| 500 | | | Eurofins Scientific SE | | | 4.875 | | | (b) | | | 622,105 | |
| | | | Total Luxembourg | | | | | | | | | 736,249 | |
| | | | | | | | | | | | | | |
| | | | Mexico (0.4%) | | | | | | | | | | |
| | | | Energy | | | | | | | | | | |
| 2,100 | | | Petroleos Mexicanos | | | 2.50 | | | 08/21/21 | | | 2,427,315 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | Finance | | | | | | | | | | |
$ | 1,600 | | | Banco Actinver SA/Grupo GICSA SAB de CV (a) | | | 4.80 | | | 12/18/34 | | | 1,179,200 | |
| | | | Total Mexico | | | | | | | | | 3,606,515 | |
| | | | | | | | | | | | | | |
| | | | Netherlands (0.9%) | | | | | | | | | | |
| | | | Communications | | | | | | | | | | |
EUR | 1,500 | | | UPC Holding BV | | | 3.875 | | | 06/15/29 | | | 1,689,514 | |
| | | | | | | | | | | | | | |
| | | | Consumer, Non-Cyclical | | | | | | | | | | |
| 1,000 | | | Q-Park Holding I BV (a) | | | 1.50 | | | 03/01/25 | | | 1,104,980 | |
| | | | | | | | | | | | | | |
| | | | Finance | | | | | | | | | | |
| 1,600 | | | ASR Nederland N.V. | | | 5.00 | | | 09/30/24 | | | 2,105,105 | |
| 2,000 | | | NN Group N.V. | | | 4.50 | | | (b) | | | 2,618,737 | |
| | | | | | | | | | | | | 4,723,842 | |
| | | | Utilities | | | | | | | | | | |
$ | 310 | | | InterGen (a) | | | 7.00 | | | 06/30/23 | | | 303,025 | |
| | | | Total Netherlands | | | | | | | | | 7,821,361 | |
| | | | | | | | | | | | | | |
| | | | Norway (0.2%) | | | | | | | | | | |
| | | | Energy | | | | | | | | | | |
| 1,825 | | | Aker BP ASA (a) | | | 4.75 | | | 06/15/24 | | | 1,868,401 | |
| | | | | | | | | | | | | | |
| | | | Peru (0.1%) | | | | | | | | | | |
| | | | Industrials | | | | | | | | | | |
| 1,000 | | | Lima Metro Line 2 Finance Ltd. (a) | | | 4.35 | | | 04/05/36 | | | 1,107,670 | |
| | | | | | | | | | | | | | |
| | | | Spain (1.2%) | | | | | | | | | | |
| | | | Communications | | | | | | | | | | |
EUR | 1,000 | | | Telefonica Europe BV | | | 5.875 | | | (b) | | | 1,294,353 | |
| | | | | | | | | | | | | | |
| | | | Consumer, Non-Cyclical | | | | | | | | | | |
| 425 | | | Grifols SA (a) | | | 2.25 | | | 11/15/27 | | | 498,489 | |
| | | | | | | | | | | | | | |
| | | | Energy | | | | | | | | | | |
| 1,000 | | | Repsol International Finance BV | | | 4.50 | | | 03/25/75 | | | 1,230,180 | |
| | | | | | | | | | | | | | |
| | | | Finance | | | | | | | | | | |
| 1,600 | | | Banco Santander SA | | | 3.125 | | | 01/19/27 | | | 2,064,492 | |
| 2,300 | | | CaixaBank SA | | | 2.25 | | | 04/17/30 | | | 2,733,423 | |
| 900 | | | Inmobiliaria Colonial Socimi SA | | | 2.00 | | | 04/17/26 | | | 1,092,128 | |
| | | | | | | | | | | | | 5,890,043 | |
| | | | Utilities | | | | | | | | | | |
| 900 | | | IE2 Holdco SAU | | | 2.875 | | | 06/01/26 | | | 1,205,547 | |
| 237 | | | NorteGas Energia Distribucion SAU | | | 2.065 | | | 09/28/27 | | | 303,726 | |
| | | | | | | | | | | | | 1,509,273 | |
| | | | Total Spain | | | | | | | | | 10,422,338 | |
| | | | | | | | | | | | | | |
| | | | Sweden (0.2%) | | | | | | | | | | |
| | | | Finance | | | | | | | | | | |
| 1,450 | | | Intrum AB (c) | | | 3.125 | | | 07/15/24 | | | 1,632,790 | |
| | | | | | | | | | | | | | |
| | | | Switzerland (0.5%) | | | | | | | | | | |
| | | | Basic Materials | | | | | | | | | | |
$ | 1,000 | | | Syngenta Finance N.V. (a) | | | 4.441 | | | 04/24/23 | | | 1,052,471 | |
| | | | | | | | | | | | | | |
| | | | Finance | | | | | | | | | | |
| 1,300 | | | Credit Suisse Group AG (a) | | | 2.593 | | | 09/11/25 | | | 1,363,625 | |
| 1,375 | | | UBS AG | | | 5.125 | | | 05/15/24 | | | 1,503,906 | |
| | | | | | | | | | | | | 2,867,531 | |
| | | | Industrials | | | | | | | | | | |
CHF | 660 | | | Sika AG | | | 0.15 | | | 06/05/25 | | | 875,793 | |
| | | | Total Switzerland | | | | | | | | | 4,795,795 | |
| | | | | | | | | | | | | | |
| | | | Turkey (0.2%) | | | | | | | | | | |
| | | | Basic Materials | | | | | | | | | | |
$ | 1,525 | | | Eldorado Gold Corp. (a) | | | 9.50 | | | 06/01/24 | | | 1,671,621 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | United Kingdom (2.5%) | | | | | | | | | | |
| | | | Consumer, Cyclical | | | | | | | | | | |
| 200 | | | eG Global Finance PLC (a) | | | 8.50 | | | 10/30/25 | | | 218,880 | |
| | | | | | | | | | | | | | |
| | | | Consumer, Non-Cyclical | | | | | | | | | | |
| 2,326 | | | BAT Capital Corp. | | | 3.222 | | | 08/15/24 | | | 2,514,840 | |
| 2,350 | | | Imperial Brands Finance PLC (a) | | | 3.125 | | | 07/26/24 | | | 2,499,290 | |
| | | | | | | | | | | | | 5,014,130 | |
| | | | Energy | | | | | | | | | | |
GBP | 900 | | | BP Capital Markets PLC | | | 2.274 | | | 07/03/26 | | | 1,276,984 | |
$ | 1,075 | | | BP Capital Markets PLC | | | 4.375 | | | 06/22/25 | | | 1,132,727 | |
| 1,075 | | | BP Capital Markets PLC | | | 4.875 | | | 03/22/30 | | | 1,155,625 | |
| | | | | | | | | | | | | 3,565,336 | |
| | | | Finance | | | | | | | | | | |
EUR | 1,700 | | | Aviva PLC | | | 3.875 | | | 07/03/44 | | | 2,168,484 | |
$ | 1,500 | | | HSBC Holdings PLC | | | 2.633 | | | 11/07/25 | | | 1,570,623 | |
| 1,000 | | | HSBC Holdings PLC | | | 4.375 | | | 11/23/26 | | | 1,129,402 | |
GBP | 1,200 | | | Lloyds Banking Group PLC | | | 2.25 | | | 10/16/24 | | | 1,636,833 | |
$ | 1,375 | | | Lloyds Banking Group PLC | | | 4.375 | | | 03/22/28 | | | 1,635,454 | |
EUR | 900 | | | Lloyds Banking Group PLC | | | 4.947 | | | (b) | | | 1,040,278 | |
$ | 501 | | | Santander UK PLC (a) | | | 5.00 | | | 11/07/23 | | | 551,413 | |
| 1,926 | | | Standard Chartered PLC (a) | | | 4.644 | | | 04/01/31 | | | 2,252,320 | |
| | | | | | | | | | | | | 11,984,807 | |
| | | | Utilities | | | | | | | | | | |
GBP | 850 | | | NGG Finance PLC | | | 5.625 | | | 06/18/73 | | | 1,282,830 | |
| | | | Total United Kingdom | | | | | | | | | 22,065,983 | |
| | | | | | | | | | | | | | |
| | | | United States (19.6%) | | | | | | | | | | |
| | | | Basic Materials | | | | | | | | | | |
$ | 325 | | | Chemours Co. (The) (c) | | | 7.00 | | | 05/15/25 | | | 330,200 | |
| 375 | | | Cornerstone Chemical Co. (a) | | | 6.75 | | | 08/15/24 | | | 346,367 | |
| 1,600 | | | Georgia-Pacific LLC (a) | | | 2.30 | | | 04/30/30 | | | 1,731,865 | |
| 325 | | | Hexion, Inc. (a)(c) | | | 7.875 | | | 07/15/27 | | | 323,385 | |
| 300 | | | JW Aluminum Continuous Cast Co. (a) | | | 10.25 | | | 06/01/26 | | | 313,818 | |
| 119 | | | Neon Holdings, Inc. (a) | | | 10.125 | | | 04/01/26 | | | 121,380 | |
| 350 | | | Rain CII Carbon LLC / CII Carbon Corp. (a) | | | 7.25 | | | 04/01/25 | | | 344,965 | |
| | | | | | | | | | | | | 3,511,980 | |
| | | | Communications | | | | | | | | | | |
EUR | 1,100 | | | AT&T, Inc. | | | 1.80 | | | 09/05/26 | | | 1,391,558 | |
$ | 1,800 | | | AT&T, Inc. (d) | | | 2.25 | | | 02/01/32 | | | 1,848,393 | |
| 1,675 | | | AT&T, Inc. | | | 2.75 | | | 06/01/31 | | | 1,797,428 | |
GBP | 1,200 | | | AT&T, Inc. | | | 2.90 | | | 12/04/26 | | | 1,730,464 | |
$ | 1,100 | | | Booking Holdings, Inc. | | | 0.90 | | | 09/15/21 | | | 1,172,893 | |
| 900 | | | Charter Communications Operating LLC/Charter Communications Operating Capital | | | 4.908 | | | 07/23/25 | | | 1,045,668 | |
| 1,675 | | | Comcast Corp. | | | 1.95 | | | 01/15/31 | | | 1,753,928 | |
| 775 | | | Comcast Corp. | | | 3.40 | | | 04/01/30 | | | 911,118 | |
| 325 | | | Consolidated Communications, Inc. (c) | | | 6.50 | | | 10/01/22 | | | 318,297 | |
| 2,175 | | | Level 3 Financing, Inc. (a) | | | 3.40 | | | 03/01/27 | | | 2,348,554 | |
| 350 | | | Liberty Interactive LLC | | | 8.25 | | | 02/01/30 | | | 369,920 | |
| 1,000 | | | MDC Partners, Inc. (a) | | | 6.50 | | | 05/01/24 | | | 949,010 | |
| 2,010 | | | Netflix, Inc. (a) | | | 4.875 | | | 06/15/30 | | | 2,367,177 | |
| 1,175 | | | Omnicom Group, Inc. | | | 4.20 | | | 06/01/30 | | | 1,398,974 | |
| 350 | | | ORBCOMM, Inc. (a) | | | 8.00 | | | 04/01/24 | | | 337,642 | |
| 785 | | | Palo Alto Networks, Inc. | | | 0.75 | | | 07/01/23 | | | 907,540 | |
| 350 | | | Photo Holdings Merger Sub, Inc. (a) | | | 8.50 | | | 10/01/26 | | | 324,527 | |
| 300 | | | Radiate Holdco LLC / Radiate Finance, Inc. (a) | | | 6.625 | | | 02/15/25 | | | 308,627 | |
| 300 | | | Radiate Holdco LLC / Radiate Finance, Inc. (a) | | | 6.875 | | | 02/15/23 | | | 305,594 | |
| 2,700 | | | Sprint Spectrum Co., LLC/Sprint Spectrum Co., II LLC/Sprint Spectrum Co., III LLC (a) | | | 4.738 | | | 09/20/29 | | | 2,946,091 | |
| 1,025 | | | T-Mobile USA, Inc. (a) | | | 2.55 | | | 02/15/31 | | | 1,066,103 | |
| 1,410 | | | TEGNA, Inc. (a) | | | 4.625 | | | 03/15/28 | | | 1,396,957 | |
| 1,660 | | | Twitter, Inc. | | | 1.00 | | | 09/15/21 | | | 1,639,250 | |
| | | | | | | | | | | | | 28,635,713 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | Consumer, Cyclical | | | | | | | | | | |
| 1,427 | | | American Axle & Manufacturing, Inc. | | | 6.50 | | | 04/01/27 | | | 1,465,351 | |
| 400 | | | American Greetings Corp. (a) | | | 8.75 | | | 04/15/25 | | | 373,458 | |
| 645 | | | Aramark Services, Inc. (a) | | | 6.375 | | | 05/01/25 | | | 681,281 | |
| 1,210 | | | Boyd Gaming Corp. (a) | | | 4.75 | | | 12/01/27 | | | 1,165,726 | |
| 300 | | | Carvana Co. (a) | | | 8.875 | | | 10/01/23 | | | 312,750 | |
| 1,000 | | | Century Communities, Inc. | | | 5.875 | | | 07/15/25 | | | 1,032,725 | |
| 1,600 | | | Dollar Tree, Inc. | | | 4.20 | | | 05/15/28 | | | 1,905,180 | |
| 699 | | | Ford Motor Credit Co., LLC | | | 3.096 | | | 05/04/23 | | | 694,631 | |
| 1,825 | | | General Motors Financial Co., Inc. | | | 2.90 | | | 02/26/25 | | | 1,890,684 | |
| 2,375 | | | General Motors Financial Co., Inc. | | | 4.30 | | | 07/13/25 | | | 2,593,134 | |
| 425 | | | Global Partners LP/GLP Finance Corp. | | | 7.00 | | | 06/15/23 | | | 420,259 | |
| 900 | | | Hyundai Capital America (a) | | | 2.375 | | | 02/10/23 | | | 918,325 | |
EUR | 1,525 | | | International Game Technology PLC | | | 3.50 | | | 06/15/26 | | | 1,722,066 | |
$ | 3,975 | | | Las Vegas Sands Corp. | | | 3.20 | | | 08/08/24 | | | 3,991,814 | |
| 750 | | | Las Vegas Sands Corp. | | | 3.50 | | | 08/18/26 | | | 752,989 | |
| 300 | | | PetSmart, Inc. (a)(c) | | | 8.875 | | | 06/01/25 | | | 310,875 | |
| 3,904 | | | Resort at Summerlin LP, Series B (e)(f)(g)(h)(i) | | | 13.00 | | | 12/15/07 | | | — | |
| 3,700 | | | Resorts World Las Vegas LLC/RWLV Capital, Inc. (a) | | | 4.625 | | | 04/16/29 | | | 3,660,294 | |
| 400 | | | Rite Aid Corp. | | | 7.70 | | | 02/15/27 | | | 337,262 | |
| 260 | | | Rite Aid Corp. (a) | | | 8.00 | | | 11/15/26 | | | 269,074 | |
| 525 | | | Target Corp. | | | 2.65 | | | 09/15/30 | | | 592,065 | |
| 1,675 | | | TJX Cos., Inc. (The) | | | 3.875 | | | 04/15/30 | | | 2,023,868 | |
| 325 | | | TPro Acquisition Corp. (a) | | | 11.00 | | | 10/15/24 | | | 320,125 | |
| 325 | | | Vista Outdoor, Inc. | | | 5.875 | | | 10/01/23 | | | 326,185 | |
| | | | | | | | | | | | | 27,760,121 | |
| | | | Consumer, Non-Cyclical | | | | | | | | | | |
| 320 | | | Air Medical Group Holdings, Inc. (a)(c) | | | 6.375 | | | 05/15/23 | | | 305,166 | |
| 300 | | | Allied Universal Holdco LLC / Allied Universal Finance Corp. (a) | | | 9.75 | | | 07/15/27 | | | 333,978 | |
| 1,650 | | | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (a)(c) | | | 5.75 | | | 07/15/27 | | | 1,545,274 | |
| 260 | | | Bausch Health Cos., Inc. (a) | | | 5.00 | | | 01/30/28 | | | 261,620 | |
| 920 | | | BioMarin Pharmaceutical, Inc. (c) | | | 0.599 | | | 08/01/24 | | | 1,111,665 | |
| 1,750 | | | Bristol-Myers Squibb Co. | | | 2.75 | | | 02/15/23 | | | 1,852,107 | |
| 325 | | | Capitol Investment Merger Sub 2 LLC (a) | | | 10.00 | | | 08/01/24 | | | 336,993 | |
| 900 | | | Cigna Corp. | | | 3.05 | | | 10/15/27 | | | 1,006,089 | |
| 600 | | | Cigna Corp. | | | 4.375 | | | 10/15/28 | | | 727,049 | |
| 2,100 | | | CVS Health Corp. | | | 3.75 | | | 04/01/30 | | | 2,468,740 | |
| 1,825 | | | CVS Health Corp. | | | 4.10 | | | 03/25/25 | | | 2,075,744 | |
| 307 | | | Dole Food Co., Inc. (a) | | | 7.25 | | | 06/15/25 | | | 303,514 | |
| 400 | | | H-Food Holdings LLC/Hearthside Finance Co., Inc. (a) | | | 8.50 | | | 06/01/26 | | | 381,610 | |
| 300 | | | HLF Financing Sarl LLC / Herbalife International, Inc. (a) | | | 7.25 | | | 08/15/26 | | | 315,470 | |
| 1,050 | | | Intercept Pharmaceuticals, Inc. | | | 3.25 | | | 07/01/23 | | | 829,413 | |
| 925 | | | Jazz Investments I Ltd. | | | 1.875 | | | 08/15/21 | | | 911,703 | |
| 325 | | | MPH Acquisition Holdings LLC (a) | | | 7.125 | | | 06/01/24 | | | 333,938 | |
| 1,450 | | | Post Holdings, Inc. (a) | | | 5.50 | | | 12/15/29 | | | 1,593,151 | |
| 1,150 | | | Procter & Gamble Co. (The) | | | 3.00 | | | 03/25/30 | | | 1,358,115 | |
| 325 | | | Radiology Partners, Inc. (a) | | | 9.25 | | | 02/01/28 | | | 326,625 | |
| 1,850 | | | Select Medical Corp. (a) | | | 6.25 | | | 08/15/26 | | | 1,996,224 | |
| 1,500 | | | Sotheby's (a)(c) | | | 7.375 | | | 10/15/27 | | | 1,517,535 | |
EUR | 2,400 | | | Thermo Fisher Scientific, Inc. | | | 0.875 | | | 10/01/31 | | | 2,906,506 | |
$ | 300 | | | US Renal Care, Inc. (a) | | | 10.625 | | | 07/15/27 | | | 320,381 | |
| | | | | | | | | | | | | 25,118,610 | |
| | | | Diversified | | | | | | | | | | |
| 395 | | | Trident TPI Holdings, Inc. (a) | | | 6.625 | | | 11/01/25 | | | 389,527 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | Energy | | | | | | | | | | |
| 2,350 | | | Concho Resources, Inc. | | | 4.30 | | | 08/15/28 | | | 2,665,514 | |
| 2,050 | | | Diamondback Energy, Inc. | | | 2.875 | | | 12/01/24 | | | 2,085,860 | |
| 1,460 | | | Endeavor Energy Resources LP/EER Finance, Inc. (a) | | | 5.75 | | | 01/30/28 | | | 1,501,705 | |
| 975 | | | Global Partners LP/GLP Finance Corp. | | | 7.00 | | | 08/01/27 | | | 946,174 | |
| 3,725 | | | Occidental Petroleum Corp. | | | 2.90 | | | 08/15/24 | | | 3,513,308 | |
| 1,025 | | | PBF Holding Co., LLC/PBF Finance Corp. (a) | | | 6.00 | | | 02/15/28 | | | 823,664 | |
| 2,250 | | | Rockies Express Pipeline LLC (a) | | | 3.60 | | | 05/15/25 | | | 2,192,344 | |
| | | | | | | | | | | | | 13,728,569 | |
| | | | Finance | | | | | | | | | | |
| 80 | | | Acrisure LLC/Acrisure Finance, Inc. (a) | | | 10.125 | | | 08/01/26 | | | 88,587 | |
| 800 | | | Air Lease Corp. | | | 2.25 | | | 01/15/23 | | | 791,450 | |
| 1,525 | | | Air Lease Corp. | | | 2.30 | | | 02/01/25 | | | 1,471,343 | |
| 1,000 | | | American Tower Corp. | | | 2.40 | | | 03/15/25 | | | 1,071,212 | |
| 3,875 | | | Bank of America Corp. MTN | | | 4.25 | | | 10/22/26 | | | 4,466,842 | |
| 700 | | | Citigroup, Inc. | | | 2.572 | | | 06/03/31 | | | 745,194 | |
| 175 | | | Citigroup, Inc. | | | 2.666 | | | 01/29/31 | | | 187,311 | |
| 3,050 | | | Citigroup, Inc. | | | 5.50 | | | 09/13/25 | | | 3,640,024 | |
| 525 | | | Crown Castle International Corp. | | | 3.30 | | | 07/01/30 | | | 597,634 | |
| 1,950 | | | Discover Bank | | | 2.45 | | | 09/12/24 | | | 2,067,599 | |
| 350 | | | Enova International, Inc. (a) | | | 8.50 | | | 09/01/24 | | | 318,026 | |
| 325 | | | Enova International, Inc. (a) | | | 8.50 | | | 09/15/25 | | | 293,313 | |
| 300 | | | Five Point Operating Co. LP / Five Point Capital Corp. (a) | | | 7.875 | | | 11/15/25 | | | 290,816 | |
EUR | 1,800 | | | Goldman Sachs Group, Inc. (The) | | | 2.00 | | | 11/01/28 | | | 2,344,884 | |
$ | 1,000 | | | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | | | 6.25 | | | 05/15/26 | | | 1,059,110 | |
| 400 | | | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | | | 6.375 | | | 12/15/25 | | | 417,042 | |
| 1,125 | | | Jefferies Finance LLC/JFIN Co-Issuer Corp. (a) | | | 6.25 | | | 06/03/26 | | | 1,102,500 | |
| 1,975 | | | JPMorgan Chase & Co. | | | 3.702 | | | 05/06/30 | | | 2,296,164 | |
| 2,625 | | | JPMorgan Chase & Co. | | | 4.125 | | | 12/15/26 | | | 3,080,397 | |
| 800 | | | JPMorgan Chase Bank NA (j) | | | 0.00 | | | 12/30/20 | | | 837,294 | |
| 1,000 | | | Lions Gate Capital Holdings LLC (a) | | | 5.875 | | | 11/01/24 | | | 1,001,145 | |
| 2,075 | | | Metropolitan Life Global Funding I (a) | | | 2.95 | | | 04/09/30 | | | 2,386,647 | |
EUR | 1,850 | | | Prologis Euro Finance LLC | | | 1.875 | | | 01/05/29 | | | 2,410,984 | |
$ | 373 | | | Provident Funding Associates LP/PFG Finance Corp. (a) | | | 6.375 | | | 06/15/25 | | | 357,575 | |
| 1,075 | | | Synchrony Bank | | | 3.00 | | | 06/15/22 | | | 1,107,771 | |
| 375 | | | Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC (a) | | | 7.125 | | | 12/15/24 | | | 354,606 | |
| 1,325 | | | Wells Fargo & Co. | | | 2.879 | | | 10/30/30 | | | 1,439,706 | |
| 1,425 | | | Wells Fargo & Co. | | | 5.013 | | | 04/04/51 | | | 2,045,681 | |
| | | | | | | | | | | | | 38,270,857 | |
| | | | Industrials | | | | | | | | | | |
| 1,350 | | | Berry Global, Inc. (a)(c) | | | 4.50 | | | 02/15/26 | | | 1,387,375 | |
| 1,775 | | | Boeing Co. (The) | | | 2.70 | | | 02/01/27 | | | 1,715,729 | |
| 1,650 | | | Boeing Co. (The) | | | 5.15 | | | 05/01/30 | | | 1,803,641 | |
| 525 | | | Deere & Co. | | | 3.10 | | | 04/15/30 | | | 612,312 | |
| 895 | | | Grinding Media, Inc./Moly-Cop AltaSteel Ltd. (a) | | | 7.375 | | | 12/15/23 | | | 912,332 | |
| 300 | | | LABL Escrow Issuer LLC (a) | | | 10.50 | | | 07/15/27 | | | 328,314 | |
| 1,475 | | | Mauser Packaging Solutions Holding Co. (a) | | | 7.25 | | | 04/15/25 | | | 1,417,844 | |
| 240 | | | Werner FinCo LP / Werner FinCo, Inc. (a) | | | 8.75 | | | 07/15/25 | | | 207,275 | |
| | | | | | | | | | | | | 8,384,822 | |
| | | | Technology | | | | | | | | | | |
| 939 | | | Akamai Technologies, Inc. (a) | | | 0.375 | | | 09/01/27 | | | 1,079,273 | |
| 325 | | | Banff Merger Sub, Inc. (a) | | | 9.75 | | | 09/01/26 | | | 344,461 | |
| 325 | | | Blackboard, Inc. (a) | | | 10.375 | | | 11/15/24 | | | 321,141 | |
| 2,150 | | | Dell International LLC/EMC Corp. (a) | | | 4.00 | | | 07/15/24 | | | 2,333,752 | |
EUR | 2,150 | | | Fidelity National Information Services, Inc. | | | 1.50 | | | 05/21/27 | | | 2,707,019 | |
$ | 300 | | | Granite Merger Sub 2, Inc. (a) | | | 11.00 | | | 07/15/27 | | | 313,630 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| 1,825 | | | Intel Corp. | | | 3.90 | | | 03/25/30 | | | 2,231,214 | |
| 1,500 | | | International Business Machines Corp. | | | 3.00 | | | 05/15/24 | | | 1,636,124 | |
| 1,275 | | | Nuance Communications, Inc. | | | 1.00 | | | 12/15/35 | | | 1,604,362 | |
| 1,325 | | | NVIDIA Corp. | | | 2.85 | | | 04/01/30 | | | 1,486,969 | |
| 2,475 | | | Oracle Corp. | | | 2.95 | | | 04/01/30 | | | 2,825,524 | |
| 300 | | | Rackspace Hosting, Inc. (a) | | | 8.625 | | | 11/15/24 | | | 313,800 | |
| 1,150 | | | Splunk, Inc. | | | 0.50 | | | 09/15/23 | | | 1,740,025 | |
| 1,000 | | | Verint Systems, Inc. | | | 1.50 | | | 06/01/21 | | | 1,005,662 | |
| 300 | | | Veritas US, Inc. / Veritas Bermuda Ltd. (a) | | | 7.50 | | | 02/01/23 | | | 301,156 | |
| | | | | | | | | | | | | 20,244,112 | |
| | | | Utilities | | | | | | | | | | |
| 1,725 | | | Calpine Corp. (a) | | | 4.50 | | | 02/15/28 | | | 1,783,961 | |
| 3,525 | | | NextEra Energy Capital Holdings, Inc. | | | 2.75 | | | 05/01/25 | | | 3,863,011 | |
| 775 | | | NiSource, Inc. | | | 3.60 | | | 05/01/30 | | | 912,975 | |
| 1,625 | | | Pacific Gas and Electric Co. | | | 2.50 | | | 02/01/31 | | | 1,634,469 | |
| | | | | | | | | | | | | 8,194,416 | |
| | | | Total United States | | | | | | | | | 174,238,727 | |
| | | | Total Corporate Bonds (Cost $323,269,920) | | | | | | | | | 335,766,122 | |
| | | | | | | | | | | | | | |
| | | | Sovereign (19.2%) | | | | | | | | | | |
| | | | Angola (0.1%) | | | | | | | | | | |
| 350 | | | Angolan Government International Bond (a) | | | 8.00 | | | 11/26/29 | | | 292,603 | |
| 350 | | | Angolan Government International Bond | | | 8.25 | | | 05/09/28 | | | 298,304 | |
| | | | Total Angola | | | | | | | | | 590,907 | |
| | | | | | | | | | | | | | |
| | | | Australia (3.1%) | | | | | | | | | | |
AUD | 2,700 | | | Australia Government Bond | | | 1.00 | | | 12/21/30 | | | 1,955,254 | |
| 19,300 | | | Australia Government Bond | | | 2.50 | | | 05/21/30 | | | 15,974,367 | |
| 6,800 | | | Australia Government Bond | | | 2.75 | | | 11/21/29 | | | 5,712,513 | |
| 4,100 | | | Australia Government Bond | | | 3.00 | | | 03/21/47 | | | 3,774,654 | |
| | | | Total Australia | | | | | | | | | 27,416,788 | |
| | | | | | | | | | | | | | |
| | | | Austria (0.4%) | | | | | | | | | | |
EUR | 1,050 | | | Republic of Austria Government Bond (a) | | | 0.85 | | | 06/30/20 | | | 1,494,377 | |
| 800 | | | Republic of Austria Government Bond (a) | | | 2.10 | | | 09/20/17 | | | 1,987,649 | |
| | | | Total Austria | | | | | | | | | 3,482,026 | |
| | | | | | | | | | | | | | |
| | | | Belarus (0.1%) | | | | | | | | | | |
$ | 1,100 | | | Republic of Belarus Ministry of Finance (a) | | | 6.378 | | | 02/24/31 | | | 1,064,644 | |
| | | | | | | | | | | | | | |
| | | | Brazil (0.9%) | | | | | | | | | | |
BRL | 28,800 | | | Brazil Notas do Tesouro Nacional F | | | 10.00 | | | 01/01/27 | | | 6,659,737 | |
$ | 1,500 | | | Brazilian Government International Bond | | | 3.875 | | | 06/12/30 | | | 1,531,140 | |
| | | | Total Brazil | | | | | | | | | 8,190,877 | |
| | | | | | | | | | | | | | |
| | | | China (0.5%) | | | | | | | | | | |
CNY | 34,000 | | | China Government Bond | | | 3.13 | | | 11/21/29 | | | 4,901,149 | |
| | | | | | | | | | | | | | |
| | | | Croatia (0.5%) | | | | | | | | | | |
EUR | 3,200 | | | Croatia Government International Bond | | | 2.75 | | | 01/27/30 | | | 4,402,931 | |
| | | | | | | | | | | | | | |
| | | | Dominican Republic (0.1%) | | | | | | | | | | |
$ | 1,400 | | | Dominican Republic International Bond (a) | | | 5.875 | | | 01/30/60 | | | 1,347,500 | |
| | | | | | | | | | | | | | |
| | | | Ecuador (0.1%) | | | | | | | | | | |
| 820 | | | Ecuador Government International Bond (f)(g) | | | 8.875 | | | 10/23/27 | | | 419,225 | |
| 640 | | | Ecuador Government International Bond (f)(g) | | | 9.50 | | | 03/27/30 | | | 333,600 | |
| | | | Total Ecuador | | | | | | | | | 752,825 | |
| | | | | | | | | | | | | | |
| | | | Egypt (0.7%) | | | | | | | | | | |
EUR | 2,800 | | | Egypt Government International Bond (a) | | | 4.75 | | | 04/16/26 | | | 3,133,481 | |
| 1,300 | | | Egypt Government International Bond (a) | | | 6.375 | | | 04/11/31 | | | 1,425,260 | |
$ | 1,000 | | | Egypt Government International Bond (a) | | | 8.15 | | | 11/20/59 | | | 934,940 | |
| 680 | | | Egypt Government International Bond (a) | | | 8.875 | | | 05/29/50 | | | 682,441 | |
| | | | Total Egypt | | | | | | | | | 6,176,122 | |
| | | | | | | | | | | | | | |
| | | | El Salvador (0.2%) | | | | | | | | | | |
| 2,000 | | | El Salvador Government International Bond (a) | | | 7.125 | | | 01/20/50 | | | 1,670,500 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | Ghana (0.4%) | | | | | | | | | | |
| 2,000 | | | Ghana Government International Bond | | | 8.627 | | | 06/16/49 | | | 1,780,000 | |
| 2,100 | | | Ghana Government International Bond (a) | | | 8.95 | | | 03/26/51 | | | 1,906,191 | |
| | | | Total Ghana | | | | | | | | | 3,686,191 | |
| | | | | | | | | | | | | | |
| | | | Greece (0.7%) | | | | | | | | | | |
EUR | 1,635 | | | Hellenic Republic Government Bond (a) | | | 1.50 | | | 06/18/30 | | | 2,002,281 | |
| 3,000 | | | Hellenic Republic Government Bond (a) | | | 3.375 | | | 02/15/25 | | | 3,996,688 | |
| | | | Total Greece | | | | | | | | | 5,998,969 | |
| | | | | | | | | | | | | | |
| | | | Indonesia (2.2%) | | | | | | | | | | |
| 1,500 | | | Indonesia Government International Bond | | | 1.45 | | | 09/18/26 | | | 1,787,544 | |
| 3,100 | | | Indonesia Government International Bond | | | 1.75 | | | 04/24/25 | | | 3,759,097 | |
$ | 1,000 | | | Indonesia Government International Bond | | | 4.20 | | | 10/15/50 | | | 1,199,009 | |
IDR | 83,000,000 | | | Indonesia Treasury Bond | | | 7.00 | | | 09/15/30 | | | 5,770,205 | |
| 34,673,000 | | | Indonesia Treasury Bond | | | 8.25 | | | 05/15/29 | | | 2,595,488 | |
| 39,000,000 | | | Indonesia Treasury Bond | | | 8.375 | | | 03/15/34 | | | 2,906,569 | |
$ | 1,400 | | | Perusahaan Listrik Negara PT (a) | | | 6.25 | | | 01/25/49 | | | 1,911,000 | |
| | | | Total Indonesia | | | | | | | | | 19,928,912 | |
| | | | | | | | | | | | | | |
| | | | Italy (0.6%) | | | | | | | | | | |
EUR | 4,000 | | | Italy Buoni Poliennali Del Tesoro (a) | | | 1.65 | | | 12/01/30 | | | 4,976,606 | |
| | | | | | | | | | | | | | |
| | | | Jamaica (0.2%) | | | | | | | | | | |
$ | 1,400 | | | Jamaica Government International Bond | | | 8.00 | | | 03/15/39 | | | 1,848,700 | |
| | | | | | | | | | | | | | |
| | | | Mexico (2.8%) | | | | | | | | | | |
MXN | 51,000 | | | Mexican Bonos | | | 7.50 | | | 06/03/27 | | | 2,566,362 | |
| 63,000 | | | Mexican Bonos | | | 8.50 | | | 05/31/29 | | | 3,381,505 | |
| 282,000 | | | Mexican Bonos | | | 10.00 | | | 12/05/24 | | | 15,192,774 | |
$ | 2,400 | | | Petroleos Mexicanos (a) | | | 6.49 | | | 01/23/27 | | | 2,294,400 | |
| 600 | | | Petroleos Mexicanos (a) | | | 6.95 | | | 01/28/60 | | | 496,515 | |
| 700 | | | Petroleos Mexicanos | | | 7.69 | | | 01/23/50 | | | 616,658 | |
| | | | Total Mexico | | | | | | | | | 24,548,214 | |
| | | | | | | | | | | | | | |
| | | | New Zealand (0.7%) | | | | | | | | | | |
NZD | 8,000 | | | New Zealand Government Bond | | | 2.75 | | | 04/15/37 | | | 6,645,427 | |
| | | | | | | | | | | | | | |
| | | | Nigeria (0.6%) | | | | | | | | | | |
$ | 1,500 | | | Africa Finance Corp. (a) | | | 4.375 | | | 04/17/26 | | | 1,606,380 | |
| 3,200 | | | Nigeria Government International Bond (a) | | | 9.248 | | | 01/21/49 | | | 3,313,200 | |
| | | | Total Nigeria | | | | | | | | | 4,919,580 | |
| | | | | | | | | | | | | | |
| | | | Paraguay (0.2%) | | | | | | | | | | |
| 1,440 | | | Paraguay Government International Bond (a) | | | 4.95 | | | 04/28/31 | | | 1,688,400 | |
| | | | | | | | | | | | | | |
| | | | Peru (0.1%) | | | | | | | | | | |
PEN | 4,600 | | | Peruvian Government International Bond (a) | | | 5.35 | | | 08/12/40 | | | 1,354,627 | |
| | | | | | | | | | | | | | |
| | | | Qatar (0.5%) | | | | | | | | | | |
$ | 1,200 | | | Qatar Government International Bond (a) | | | 3.75 | | | 04/16/30 | | | 1,413,200 | |
| 2,100 | | | Qatar Government International Bond | | | 5.103 | | | 04/23/48 | | | 3,091,809 | |
| | | | Total Qatar | | | | | | | | | 4,505,009 | |
| | | | | | | | | | | | | | |
| | | | Russia (0.9%) | | | | | | | | | | |
RUB | 313,000 | | | Russian Federal Bond - OFZ | | | 7.95 | | | 10/07/26 | | | 4,827,423 | |
$ | 2,200 | | | Russian Foreign Bond - Eurobond | | | 5.625 | | | 04/04/42 | | | 3,015,509 | |
| | | | Total Russia | | | | | | | | | 7,842,932 | |
| | | | | | | | | | | | | | |
| | | | Senegal (0.1%) | | | | | | | | | | |
| 1,200 | | | Senegal Government International Bond | | | 6.25 | | | 05/23/33 | | | 1,193,322 | |
| | | | | | | | | | | | | | |
| | | | Serbia (0.2%) | | | | | | | | | | |
EUR | 1,200 | | | Serbia International Bond (a) | | | 3.125 | | | 05/15/27 | | | 1,507,188 | |
| | | | | | | | | | | | | | |
| | | | South Africa (1.0%) | | | | | | | | | | |
$ | 1,500 | | | Eskom Holdings SOC Ltd. | | | 7.125 | | | 02/11/25 | | | 1,436,423 | |
ZAR | 138,000 | | | Republic of South Africa Government Bond | | | 8.00 | | | 01/31/30 | | | 7,462,611 | |
| | | | Total South Africa | | | | | | | | | 8,899,034 | |
| | | | | | | | | | | | | | |
| | | | Spain (1.0%) | | | | | | | | | | |
EUR | 7,100 | | | Spain Government Bond (a) | | | 1.25 | | | 10/31/30 | | | 9,137,805 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | Supernational (0.3%) | | | | | | | | | | |
$ | 2,400 | | | Banque Ouest Africaine de Developpement (a) | | | 4.70 | | | 10/22/31 | | | 2,459,808 | |
| | | | Total Sovereign (Cost $160,237,179) | | | | | | | | | 171,136,993 | |
| | | | | | | | | | | | | | |
| | | | Agency Fixed Rate Mortgages (0.0%) | | | | | | | | | | |
| 1 | | | Federal Home Loan Mortgage Corporation, Gold Pool: | | | 6.50 | | | 10/01/32 | | | 783 | |
| | | | Federal National Mortgage Association, Conventional Pools: | | | | | | | | | | |
| 26 | | | | | | 6.50 | | | 05/01/28–01/01/32 | | | 30,730 | |
| 4 | | | | | | 7.00 | | | 07/01/31–11/01/32 | | | 3,874 | |
| | | | Government National Mortgage Association, Various Pools: | | | | | | | | | | |
| 8 | | | | | | 7.50 | | | 07/20/25 | | | 8,161 | |
| 28 | | | | | | 8.00 | | | 02/15/22–05/15/30 | | | 31,107 | |
| | | | Total Agency Fixed Rate Mortgages (Cost $68,973) | | | | | | | | | 74,655 | |
| | | | | | | | | | | | | | |
| | | | Asset-Backed Securities (16.7%) | | | | | | | | | | |
| 621 | | | Aaset Trust (a) | | | 3.844 | | | 05/15/39 | | | 569,837 | |
| 1,011 | | | ABFC Trust, 1 Month USD LIBOR + 1.05% | | | 1.222 | (k) | | 08/25/33 | | | 991,828 | |
| 1,285 | | | Accredited Mortgage Loan Trust, 1 Month USD LIBOR + 0.60% | | | 0.772 | (k) | | 04/25/34 | | | 1,258,751 | |
| 864 | | | American Credit Acceptance Receivables Trust (a) | | | 3.80 | | | 09/12/25 | | | 856,049 | |
| 1,000 | | | American Homes 4 Rent (a) | | | 5.885 | | | 04/17/52 | | | 1,014,451 | |
| 1,500 | | | American Homes 4 Rent Trust (a) | | | 6.231 | | | 10/17/36 | | | 1,678,481 | |
| 2,449 | | | AMSR Trust (a) | | | 3.867 | (k) | | 01/19/39 | | | 2,385,217 | |
| 1,400 | | | Aqua Finance Trust (a) | | | 3.47 | | | 07/16/40 | | | 1,383,400 | |
| 133 | | | Asset-Backed Securities Corp. Home Equity Loan Trust, 1 Month USD LIBOR + 0.19% | | | 0.362 | (k) | | 03/25/36 | | | 130,402 | |
| | | | Avant Loans Funding Trust | | | | | | | | | | |
| 700 | | | (a) | | | 3.15 | | | 10/15/26 | | | 697,979 | |
| 1,075 | | | (a) | | | 5.00 | | | 11/17/25 | | | 1,070,602 | |
| 533 | | | Bear Stearns Asset-Backed Securities Trust | | | 3.954 | (k) | | 07/25/36 | | | 528,532 | |
| 837 | | | Business Loan Express Business Loan Trust, 1 Month USD LIBOR + 0.40% (a) | | | 0.587 | (k) | | 10/20/40 | | | 749,855 | |
| 1,000 | | | Carnow Auto Receivables Trust (a) | | | 3.36 | | | 06/17/24 | | | 1,008,790 | |
| 1,800 | | | Cascade Funding Mortgage Trust (a) | | | 7.302 | (k) | | 04/25/30 | | | 1,867,579 | |
| 2,000 | | | (a) | | | 9.798 | (k) | | 04/25/30 | | | 2,055,796 | |
| 1,527 | | | Cascade MH Asset Trust (a) | | | 4.00 | (k) | | 11/25/44 | | | 1,525,485 | |
| 1,000 | | | CFMT 2020-HB3 LLC (a) | | | 9.799 | (k) | | 05/25/30 | | | 1,039,550 | |
EUR | 213 | | | Chapel B.V., 3 Month EURIBOR + 2.70% (Netherlands) | | | 2.289 | (k) | | 11/17/64 | | | 3,130 | |
$ | 1,180 | | | Chase Funding Loan Acquisition Trust | | | 5.50 | | | 08/25/34 | | | 1,239,119 | |
| 408 | | | CIM Small Business Loan Trust, 1 Month USD LIBOR + 1.40% (a) | | | 1.587 | (k) | | 03/20/43 | | | 399,351 | |
| 800 | | | Citigroup Mortgage Loan Trust, Inc., 1 Month USD LIBOR + 2.00% (a) | | | 2.172 | (k) | | 07/25/44 | | | 828,222 | |
| 594 | | | CLUB Credit Trust (a) | | | 5.02 | | | 09/15/23 | | | 596,960 | |
| | | | Conn's Receivables Funding LLC | | | | | | | | | | |
| 1,200 | | | (a) | | | 3.62 | | | 06/17/24 | | | 1,161,943 | |
| 3,500 | | | (a) | | | 4.60 | | | 06/17/24 | | | 3,350,238 | |
| 1,793 | | | (a) | | | 5.29 | | | 10/16/23 | | | 1,714,795 | |
| 226 | | | (a) | | | 5.95 | | | 11/15/22 | | | 226,216 | |
| | | | Consumer Loan Underlying Bond Credit Trust | | | | | | | | | | |
| 2,250 | | | (a) | | | 3.48 | | | 12/15/26 | | | 2,194,238 | |
| 2,500 | | | (a) | | | 4.41 | | | 10/15/26 | | | 2,288,100 | |
| 1,031 | | | (a) | | | 5.21 | | | 07/15/25 | | | 1,005,047 | |
| 1,500 | | | CWABS Asset-Backed Certificates Trust, 1 Month USD LIBOR + 1.575% | | | 1.747 | (k) | | 03/25/35 | | | 1,427,938 | |
| 2,075 | | | Diamond Resorts Owner Trust (a) | | | 4.02 | | | 02/20/32 | | | 1,949,321 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | DT Auto Owner Trust | | | | | | | | | | |
| 600 | | | (a) | | | 4.94 | | | 02/17/26 | | | 607,127 | |
| 1,100 | | | (a) | | | 5.33 | | | 11/17/25 | | | 1,128,946 | |
| 1,200 | | | (a) | | | 5.42 | | | 03/17/25 | | | 1,223,358 | |
| 481 | | | EMC Mortgage Loan Trust, 1 Month USD LIBOR + 1.50% (a) | | | 1.672 | (k) | | 11/25/30 | | | 478,238 | |
| | | | Exeter Automobile Receivables Trust | | | | | | | | | | |
| 2,000 | | | (a) | | | 4.00 | | | 08/17/26 | | | 1,972,631 | |
| 750 | | | (a) | | | 5.20 | | | 01/15/26 | | | 773,442 | |
| 600 | | | (a) | | | 5.38 | | | 07/15/25 | | | 612,828 | |
| 600 | | | (a) | | | 5.43 | | | 08/15/24 | | | 639,844 | |
| | | | Finance of America HECM Buyout | | | | | | | | | | |
| 2,200 | | | (a) | | | 3.50 | | | 12/27/49 | | | 2,214,080 | |
| 1,695 | | | (a) | | | 4.048 | (k) | | 02/25/30 | | | 1,455,835 | |
| 3,000 | | | (a) | | | 6.00 | (k) | | 02/25/30 | | | 2,346,000 | |
| 1,000 | | | (a) | | | 4.57 | (k) | | 07/25/30 | | | 1,000,560 | |
| 700 | | | First Investors Auto Owner Trust (a) | | | 5.36 | | | 01/15/25 | | | 723,253 | |
| | | | Flagship Credit Auto Trust | | | | | | | | | | |
| 500 | | | (a) | | | 5.10 | | | 05/15/25 | | | 504,822 | |
| 805 | | | (a) | | | 5.28 | | | 12/15/25 | | | 829,202 | |
| 1,300 | | | FREED ABS Trust (a) | | | 3.19 | | | 11/18/26 | | | 1,254,187 | |
| 1,280 | | | GAIA Aviation Ltd. (Cayman Islands) (a) | | | 7.00 | | | 12/15/44 | | | 549,119 | |
| | | | GLS Auto Receivables Issuer Trust | | | | | | | | | | |
| 700 | | | (a) | | | 3.84 | | | 05/15/26 | | | 691,989 | |
| 550 | | | (a) | | | 4.94 | | | 12/15/25 | | | 557,108 | |
| 1,250 | | | GLS Auto Receivables Trust (a) | | | 5.02 | | | 01/15/25 | | | 1,254,858 | |
| | | | GSAA Home Equity Trust | | | | | | | | | | |
| 174 | | | 1 Month USD LIBOR + 1.875% | | | 2.047 | (k) | | 12/25/34 | | | 174,068 | |
| 459 | | | | | | 6.002 | | | 11/25/36 | | | 261,249 | |
| 1,400 | | | Home Partners of America Trust, 1 Month USD LIBOR + 2.35% (a) | | | 2.531 | (k) | | 07/17/37 | | | 1,348,748 | |
| 450 | | | InSite Issuer LLC (a) | | | 6.414 | | | 11/15/46 | | | 455,000 | |
| | | | Invitation Homes Trust | | | | | | | | | | |
| 2,000 | | | 1 Month USD LIBOR + 2.00% (a) | | | 2.175 | (k) | | 06/17/37 | | | 1,947,751 | |
| 1,500 | | | 1 Month USD LIBOR + 2.00% (a) | | | 2.181 | (k) | | 07/17/37 | | | 1,460,813 | |
| 88 | | | 1 Month USD LIBOR + 2.25% (a) | | | 2.50 | (k) | | 07/17/37 | | | 84,756 | |
| 258 | | | JOL Air Ltd. (Cayman Islands) (a) | | | 4.948 | | | 04/15/44 | | | 158,698 | |
| 316 | | | MASTR Specialized Loan Trust, 1 Month USD LIBOR + 0.35% (a) | | | 0.522 | (k) | | 05/25/37 | | | 283,274 | |
| 1,132 | | | METAL LLC (Cayman Islands) (a) | | | 4.581 | | | 10/15/42 | | | 834,490 | |
| 1,768 | | | MFA LLC (a) | | | 4.164 | | | 07/25/48 | | | 1,770,892 | |
| | | | Nationstar HECM Loan Trust | | | | | | | | | | |
| 700 | | | (a) | | | 5.06 | (k) | | 07/25/28 | | | 699,265 | |
| 3,610 | | | (a) | | | 5.682 | (k) | | 11/25/29 | | | 3,577,474 | |
| 2,500 | | | (a) | | | 5.804 | (k) | | 06/25/29 | | | 2,305,750 | |
| 3,200 | | | (a) | | | 6.00 | (k) | | 11/25/28 | | | 3,080,544 | |
| 160 | | | Nationstar Home Equity Loan Trust, 1 Month USD LIBOR + 0.25% | | | 0.422 | (k) | | 04/25/37 | | | 159,633 | |
| 2,341 | | | New Residential Advance Receivables Trust (a) | | | 4.39 | | | 08/15/53 | | | 2,234,744 | |
| 2,395 | | | New Residential Mortgage LLC (a) | | | 5.437 | | | 06/25/25 | | | 2,405,131 | |
| 464 | | | (a) | | | 4.69 | | | 05/25/23 | | | 451,469 | |
| 2,000 | | | (a) | | | 5.437 | | | 07/25/25 | | | 1,999,950 | |
GBP | 1,000 | | | Newday Funding PLC, 1 Month GBP SONIA + 3.00% (United Kingdom) (a) | | | 3.063 | (k) | | 09/15/27 | | | 1,268,342 | |
$ | 901 | | | Newtek Small Business Loan Trust, 1 Month USD LIBOR + 1.70% (a) | | | 1.872 | (k) | | 02/25/44 | | | 879,513 | |
| | | | NRZ Excess Spread-Collateralized Notes | | | | | | | | | | |
| 501 | | | (a) | | | 4.374 | | | 01/25/23 | | | 490,791 | |
| 844 | | | (a) | | | 4.593 | | | 02/25/23 | | | 813,230 | |
| 2,828 | | | Oakwood Mortgage Investors, Inc. | | | 7.405 | (k) | | 06/15/31 | | | 734,878 | |
| 500 | | | OnDeck Asset Securitization Trust LLC (a) | | | 4.52 | | | 04/18/22 | | | 265,000 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| 1,089 | | | Ownit Mortgage Loan Trust, 1 Month USD LIBOR + 0.27% | | | 0.442 | (k) | | 03/25/37 | | | 1,043,671 | |
| | | | PNMAC GMSR Issuer Trust | | | | | | | | | | |
| 2,500 | | | 1 Month USD LIBOR + 2.35% (a) | | | 2.522 | (k) | | 04/25/23 | | | 2,415,770 | |
| 2,507 | | | 1 Month USD LIBOR + 2.65% (a) | | | 2.822 | (k) | | 08/25/25 | | | 2,398,180 | |
| 2,000 | | | 1 Month USD LIBOR + 2.85% (a) | | | 3.022 | (k) | | 02/25/23 | | | 1,965,390 | |
| | | | Progress Residential Trust | | | | | | | | | | |
| 1,100 | | | (a) | | | 4.38 | | | 03/17/35 | | | 1,118,823 | |
| 1,200 | | | (a) | | | 4.778 | | | 03/17/35 | | | 1,172,295 | |
| 800 | | | (a) | | | 4.836 | | | 12/17/34 | | | 795,989 | |
| 550 | | | (a) | | | 4.953 | | | 08/17/35 | | | 555,299 | |
| 1,000 | | | (a) | | | 5.35 | | | 08/17/34 | | | 1,027,469 | |
| 1,200 | | | (a) | | | 5.368 | | | 10/17/35 | | | 1,237,511 | |
| 392 | | | Prosper Marketplace Issuance Trust (a) | | | 4.87 | | | 06/17/24 | | | 393,090 | |
| | | | PRPM LLC | | | | | | | | | | |
| 1,111 | | | (a) | | | 3.351 | | | 11/25/24 | | | 1,106,254 | |
| 293 | | | (a) | | | 3.75 | (k) | | 04/25/23 | | | 295,581 | |
| 1,273 | | | (a) | | | 3.967 | | | 04/25/24 | | | 1,284,368 | |
| 2,551 | | | Raptor Aircraft Finance I LLC (a) | | | 4.213 | | | 08/23/44 | | | 2,132,388 | |
| | | | RCO V Mortgage LLC | | | | | | | | | | |
| 2,075 | | | (a) | | | 3.475 | | | 11/25/24 | | | 2,071,440 | |
| 848 | | | (a) | | | 4.458 | | | 10/25/23 | | | 853,021 | |
| 849 | | | ReadyCap Lending Small Business Loan Trust, Daily U.S. Prime Rate - 0.50% (a) | | | 2.75 | (k) | | 12/27/44 | | | 792,158 | |
| 2,544 | | | SFS Asset Securitization LLC (a) | | | 4.238 | | | 06/10/25 | | | 2,551,046 | |
| | | | Skopos Auto Receivables Trust | | | | | | | | | | |
| 900 | | | (a) | | | 3.63 | | | 09/16/24 | | | 909,021 | |
| 2,500 | | | (a) | | | 4.77 | | | 04/17/23 | | | 2,485,578 | |
EUR | 2,600 | | | SLM Student Loan Trust, 3 Month EURIBOR + 0.55% (United States) | | | 0.097 | (k) | | 01/25/40 | | | 2,658,136 | |
$ | 527 | | | Sprite Ltd. (a) | | | 6.90 | | | 12/15/37 | | | 230,497 | |
| 2,339 | | | Stanwich Mortgage Loan Co. 2019-NPL-B-1 LLC (a) | | | 3.375 | | | 08/15/24 | | | 2,322,866 | |
| 3,442 | | | Stanwich Mortgage Loan Trust (a) | | | 3.475 | | | 11/16/24 | | | 3,416,168 | |
| 1,201 | | | START Ireland (Bermuda) (a) | | | 4.089 | | | 03/15/44 | | | 1,070,004 | |
| 1,090 | | | Start Ltd. (Bermuda) (a) | | | 4.089 | | | 05/15/43 | | | 998,689 | |
| | | | Tricon American Homes Trust | | | | | | | | | | |
| 1,000 | | | (a) | | | 4.216 | | | 01/17/36 | | | 1,024,664 | |
| 2,500 | | | (a) | | | 5.104 | | | 01/17/36 | | | 2,605,125 | |
| 700 | | | (a) | | | 5.151 | | | 09/17/34 | | | 716,853 | |
| 1,114 | | | (a) | | | 5.769 | | | 11/17/33 | | | 1,106,324 | |
| 905 | | | Truman Capital Mortgage Loan Trust, 1 Month USD LIBOR + 0.26% (a) | | | 0.432 | (k) | | 03/25/36 | | | 892,137 | |
| 800 | | | United Auto Credit Securitization Trust (a) | | | 4.29 | | | 08/12/24 | | | 797,231 | |
| 1,500 | | | Upgrade Receivables Trust (a) | | | 5.17 | | | 11/15/24 | | | 1,481,779 | |
| | | | Upstart Securitization Trust | | | | | | | | | | |
| 2,200 | | | (a) | | | 3.734 | | | 09/20/29 | | | 2,150,224 | |
| 2,050 | | | (a) | | | 3.829 | | | 01/21/30 | | | 2,028,664 | |
| 805 | | | (a) | | | 5.59 | | | 03/20/25 | | | 814,264 | |
| 1,029 | | | VCAT LLC (a) | | | 3.573 | (k) | | 11/25/49 | | | 1,028,116 | |
| | | | Vericrest Opportunity Loan Trust | | | | | | | | | | |
| 1,478 | | | (a) | | | 3.179 | | | 10/25/49 | | | 1,472,897 | |
| 1,446 | | | (a) | | | 3.352 | | | 09/25/49 | | | 1,448,287 | |
| 1,000 | | | Veros Automobile Receivables Trust (a) | | | 5.74 | | | 08/15/25 | | | 1,003,372 | |
| 783 | | | VOLT LXXXIV LLC (a) | | | 3.426 | | | 12/27/49 | | | 785,756 | |
| | | | Total Asset-Backed Securities (Cost $152,918,720) | | | | | | | | | 148,816,477 | |
| | | | | | | | | | | | | | |
| | | | Collateralized Mortgage Obligations - Agency Collateral Series (0.1%) | | | | | | | | | | |
| | | | Federal Home Loan Mortgage Corporation | | | | | | | | | | |
| 219 | | | 1 Month USD LIBOR + 5.05% | | | 5.212 | (k) | | 07/25/23 | | | 213,378 | |
| 102 | | | 1 Month USD LIBOR + 5.25% (a) | | | 5.412 | (k) | | 07/25/26 | | | 102,647 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | Federal National Mortgage Association, | | | | | | | | | | |
| | | | IO REMIC | | | | | | | | | | |
| 1,113 | | | | | | 3.191 | (k) | | 10/25/39 | | | 48,742 | |
| 620 | | | | | | 3.30 | (k) | | 03/25/44 | | | 32,187 | |
| 395 | | | 6.55% - 1 Month USD LIBOR | | | 6.378 | (l) | | 08/25/41 | | | 47,442 | |
| 1,287 | | | Government National Mortgage Association, IO, 6.25% - 1 Month USD LIBOR | | | 6.063 | (l) | | 12/20/42 | | | 255,436 | |
| | | | Total Collateralized Mortgage Obligations - Agency Collateral Series (Cost $400,127) | | | | | | | | | 699,832 | |
| | | | | | | | | | | | | | |
| | | | Commercial Mortgage-Backed Securities (3.1%) | | | | | | | | | | |
| 1,200 | | | BAMLL Commercial Mortgage Securities Trust, 1 Month USD LIBOR + 3.20% (a) | | | 3.375 | (k) | | 03/15/34 | | | 1,018,248 | |
| 681 | | | BX Trust, 1 Month USD LIBOR + 1.975% (a) | | | 2.15 | (k) | | 09/15/37 | | | 531,153 | |
| 761 | | | CG-CCRE Commercial Mortgage Trust, 1 Month USD LIBOR + 1.854% (a) | | | 2.029 | (k) | | 11/15/31 | | | 700,233 | |
| 900 | | | Citigroup Commercial Mortgage Trust (a) | | | 3.62 | | | 12/10/41 | | | 817,409 | |
| | | | COMM Mortgage Trust | | | | | | | | | | |
| 1,300 | | | (a) | | | 3.40 | (k) | | 08/15/57 | | | 1,304,249 | |
| 1,000 | | | (a) | | | 3.461 | (k) | | 08/10/29 | | | 980,370 | |
| 225 | | | (a) | | | 4.091 | (k) | | 03/10/46 | | | 163,144 | |
| 300 | | | | | | 4.623 | (k) | | 02/10/47 | | | 250,665 | |
| 139 | | | (a) | | | 4.725 | (k) | | 07/15/47 | | | 109,935 | |
| 473 | | | (a) | | | 4.887 | (k) | | 11/10/46 | | | 326,702 | |
| | | | Commercial Mortgage Pass-Through Certificates | | | | | | | | | | |
| 335 | | | (a) | | | 4.623 | (k) | | 02/10/47 | | | 279,910 | |
| | | | IO | | | | | | | | | | |
| 3,426 | | | | | | 0.585 | (k) | | 02/10/47 | | | 61,197 | |
| 1,175 | | | COOF Securitization Trust, IO (a) | | | 3.606 | (k) | | 10/25/40 | | | 71,248 | |
| 8,557 | | | COOF Securitization Trust II, IO (a) | | | 2.388 | (k) | | 08/25/41 | | | 564,638 | |
| 31,675 | | | GS Mortgage Securities Corp. II, IO (a) | | | 0.457 | (k) | | 10/10/32 | | | 294,011 | |
| 1,000 | | | GS Mortgage Securities Trust (a) | | | 4.512 | (k) | | 11/10/47 | | | 676,994 | |
| 1,229 | | | HPLY Trust, 1 Month USD LIBOR + 2.35% (a) | | | 2.525 | (k) | | 11/15/36 | | | 1,113,554 | |
| 443 | | | InTown Hotel Portfolio Trust, 1 Month USD LIBOR + 2.05% (a) | | | 2.225 | (k) | | 01/15/33 | | | 428,217 | |
| 4,368 | | | JP Morgan Chase Commercial Mortgage Securities Trust, IO | | | 0.939 | (k) | | 07/15/47 | | | 85,813 | |
| | | | JPMBB Commercial Mortgage Securities Trust | | | | | | | | | | |
| 600 | | | (a) | | | 3.807 | (k) | | 02/15/48 | | | 483,988 | |
| 136 | | | (a) | | | 3.972 | (k) | | 09/15/47 | | | 112,278 | |
| 405 | | | (a) | | | 4.677 | (k) | | 04/15/47 | | | 344,373 | |
| 466 | | | (a) | | | 10.978 | | | 08/15/48 | | | 463,011 | |
| | | | IO | | | | | | | | | | |
| 3,334 | | | | | | 1.002 | (k) | | 08/15/47 | | | 102,543 | |
| | | | KGS-Alpha SBA COOF Trust, | | | | | | | | | | |
| | | | IO | | | | | | | | | | |
| 732 | | | (a) | | | 2.975 | (k) | | 07/25/41 | | | 91,330 | |
| 1,053 | | | (a) | | | 4.253 | (k) | | 04/25/40 | | | 65,495 | |
| 1,000 | | | MKT 2020-525M Mortgage Trust (a) | | | 2.941 | (k) | | 02/12/40 | | | 889,913 | |
| 2,200 | | | Morgan Stanley Capital I Trust, 1 Month USD LIBOR + 2.24% (a)(m) | | | 3.744 | (k) | | 12/15/36 | | | 2,013,303 | |
| 2,595 | | | Multifamily Connecticut Avenue Securities Trust, 1 Month USD LIBOR + 1.95% (a) | | | 2.122 | (k) | | 03/25/50 | | | 2,471,371 | |
| | | | Natixis Commercial Mortgage Securities Trust | | | | | | | | | | |
| 1,500 | | | (a) | | | 4.135 | (k) | | 05/15/39 | | | 1,453,812 | |
| 2,500 | | | (a) | | | 4.299 | | | 10/15/36 | | | 2,335,071 | |
| 2,000 | | | (a) | | | 4.409 | (k) | | 02/15/39 | | | 1,973,983 | |
| 1,000 | | | SG Commercial Mortgage Securities Trust (a) | | | 4.509 | (k) | | 02/15/41 | | | 928,353 | |
| 968 | | | VCC 2020-MC1 Trust (a) | | | 4.50 | | | 06/25/45 | | | 953,508 | |
| 1,507 | | | VMC Finance 2019-FL3 LLC, 1 Month USD LIBOR + 2.05% (a) | | | 2.231 | (k) | | 09/15/36 | | | 1,404,823 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| 900 | | | Wells Fargo Commercial Mortgage Trust (a) | | | 4.373 | (k) | | 04/15/50 | | | 740,022 | |
| | | | WFRBS Commercial Mortgage Trust | | | | | | | | | | |
| 419 | | | (a) | | | 3.996 | (k) | | 10/15/57 | | | 352,531 | |
| 541 | | | (a) | | | 5.021 | (k) | | 09/15/46 | | | 307,340 | |
| | | | Total Commercial Mortgage-Backed Securities (Cost $29,074,626) | | | | | | | | | 27,264,738 | |
| | | | | | | | | | | | | | |
| | | | Mortgages - Other (9.4%) | | | | | | | | | | |
| | | | Aggregator of Loans-Backed by Assets PLC | | | | | | | | | | |
GBP | 400 | | | | | | 2.20 | | | 04/24/49 | | | 526,947 | |
| 1,000 | | | | | | 2.768 | | | 04/24/49 | | | 1,276,037 | |
| | | | Alternative Loan Trust | | | | | | | | | | |
$ | 143 | | | 1 Month USD LIBOR + 0.18% | | | 0.352 | (k) | | 05/25/47 | | | 126,359 | |
| 304 | | | 1 Month USD LIBOR + 0.50% | | | 0.672 | (k) | | 10/25/35 | | | 221,315 | |
| 160 | | | | | | 3.199 | (k) | | 10/25/35 | | | 147,185 | |
| 210 | | | | | | 3.216 | (k) | | 05/25/36 | | | 167,959 | |
| 83 | | | | | | 3.236 | (k) | | 08/25/35 | | | 78,328 | |
| 26 | | | | | | 5.50 | | | 02/25/36 | | | 21,409 | |
| 387 | | | | | | 6.00 | | | 04/25/36 | | | 250,554 | |
| 205 | | | | | | 6.00 | | | 07/25/37 | | | 176,073 | |
| | | | PAC | | | | | | | | | | |
| 20 | | | | | | 5.50 | | | 02/25/36 | | | 16,454 | |
| 57 | | | | | | 6.00 | | | 04/25/36 | | | 41,078 | |
| 137 | | | Banc of America Alternative Loan Trust, 1 Month USD LIBOR + 0.65% | | | 0.822 | (k) | | 07/25/46 | | | 99,852 | |
| | | | Banc of America Funding Trust | | | | | | | | | | |
| 67 | | | | | | 5.25 | | | 07/25/37 | | | 66,620 | |
| 879 | | | | | | 5.50 | | | 09/25/35 | | | 988,434 | |
| 73 | | | | | | 6.00 | | | 07/25/37 | | | 69,570 | |
GBP | 800 | | | Banna RMBS DAC, 3 Month GBP SONIA LIBOR + 3.50% (United Kingdom) | | | 3.567 | (k) | | 12/30/63 | | | 812,583 | |
$ | 116 | | | BCAP LLC Trust (a) | | | 3.643 | (k) | | 03/26/37 | | | 97,654 | |
| | | | Bear Stearns Trust | | | | | | | | | | |
| 314 | | | | | | 3.557 | (k) | | 05/25/36 | | | 285,919 | |
| 67 | | | | | | 3.567 | (k) | | 05/25/47 | | | 62,820 | |
| | | | Cascade Funding Mortgage Trust | | | | | | | | | | |
| 3,212 | | | (a) | | | 4.00 | (k) | | 10/25/68 | | | 3,263,263 | |
| 400 | | | (a) | | | 5.804 | | | 06/25/48 | | | 357,642 | |
| 119 | | | Chase Mortgage Finance Trust, 1 Month USD LIBOR + 0.60% | | | 0.772 | (k) | | 02/25/37 | | | 39,250 | |
| 79 | | | ChaseFlex Trust | | | 6.50 | | | 02/25/35 | | | 76,107 | |
| | | | CHL Mortgage Pass-Through Trust | | | | | | | | | | |
| 334 | | | | | | 2.172 | (k) | | 09/25/34 | | | 299,939 | |
| 233 | | | | | | 5.50 | | | 05/25/34 | | | 235,455 | |
| 1,018 | | | | | | 6.00 | | | 12/25/36 | | | 882,420 | |
| 116 | | | Citigroup Mortgage Loan Trust | | | 3.713 | (k) | | 11/25/36 | | | 105,254 | |
| | | | CSFB Mortgage-Backed Pass-Through Certificates | | | | | | | | | | |
| 476 | | | | | | 6.50 | | | 12/25/33 | | | 493,503 | |
| 422 | | | | | | 7.50 | | | 10/25/32 | | | 443,621 | |
| | | | CSMC Mortgage-Backed Trust | | | | | | | | | | |
| 893 | | | | | | 5.587 | (k) | | 04/25/37 | | | 393,068 | |
| 1,833 | | | | | | 6.50 | | | 05/25/36 | | | 844,513 | |
EUR | 1,724 | | | Dssv Sarl (Spain) | | | 3.00 | | | 10/15/24 | | | 1,969,825 | |
| 800 | | | E-Mac de, 3 Month EURIBOR + 0.21% (Germany) | | | 3.468 | (k) | | 05/25/57 | | | 897,204 | |
| 1,586 | | | E-MAC Program BV, 3 Month EURIBOR + 0.13% (Netherlands) | | | 0.907 | (k) | | 04/25/39 | | | 1,749,993 | |
| 478 | | | EMF-NL Prime, 3 Month EURIBOR + 0.80% (Netherlands) | | | 0.357 | (k) | | 04/17/41 | | | 531,081 | |
| 1,032 | | | Eurohome Mortgages PLC, 3 Month EURIBOR + 0.21% (Germany) | | | 0.00 | (k) | | 08/02/50 | | | 1,091,122 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | FMC GMSR Issuer Trust | | | | | | | | | | |
$ | 2,200 | | | (a) | | | 4.23 | (k) | | 09/25/24 | | | 2,110,349 | |
| 2,000 | | | (a) | | | 5.07 | (k) | | 05/25/24 | | | 1,977,245 | |
| 156 | | | GreenPoint Mortgage Funding Trust, 1 Month USD LIBOR + 0.16% | | | 0.332 | (k) | | 02/25/37 | | | 162,425 | |
EUR | 1,091 | | | Grifonas Finance PLC, 6 Month EURIBOR + 0.28% (Greece) | | | 0.00 | (k) | | 08/28/39 | | | 1,221,955 | |
| | | | GSR Mortgage Loan Trust | | | | | | | | | | |
$ | 125 | | | | | | 3.575 | (k) | | 03/25/37 | | | 101,174 | |
| 20 | | | | | | 3.735 | (k) | | 05/25/35 | | | 19,260 | |
| 796 | | | | | | 4.038 | (k) | | 12/25/34 | | | 796,214 | |
| 1,594 | | | | | | 5.50 | | | 03/25/35 | | | 1,720,917 | |
| 455 | | | HarborView Mortgage Loan Trust | | | 3.642 | (k) | | 05/19/33 | | | 456,086 | |
EUR | 352 | | | Hipocat 11 FTA, 3 Month EURIBOR + 0.13% (Spain) | | | 0.00 | (k) | | 01/15/50 | | | 397,013 | |
| 953 | | | IM Pastor 4 FTA, 3 Month EURIBOR + 0.14% (Spain) | | | 0.00 | (k) | | 03/22/44 | | | 1,020,373 | |
| | | | Impac CMB Trust | | | | | | | | | | |
$ | 85 | | | 1 Month USD LIBOR + 0.75% | | | 0.922 | (k) | | 04/25/35 | | | 76,726 | |
| 56 | | | 1 Month USD LIBOR + 0.78% | | | 0.952 | (k) | | 10/25/35 | | | 54,041 | |
| 200 | | | JP Morgan Alternative Loan Trust | | | 6.00 | | | 12/25/35 | | | 183,752 | |
EUR | 1,295 | | | Lansdowne Mortgage Securities No. 2 PLC, 3 Month EURIBOR + 0.34% (Ireland) | | | 0.00 | (k) | | 09/16/48 | | | 1,322,261 | |
$ | 2,462 | | | Legacy Mortgage Asset Trust (a) | | | 3.25 | | | 02/25/60 | | | 2,485,145 | |
| | | | Lehman Mortgage Trust | | | | | | | | | | |
| 107 | | | | | | 5.50 | | | 02/25/36 | | | 86,435 | |
| 382 | | | | | | 6.50 | | | 09/25/37 | | | 202,154 | |
| | | | LHOME Mortgage Trust | | | | | | | | | | |
| 1,200 | | | (a) | | | 3.868 | | | 07/25/24 | | | 1,210,122 | |
| 1,200 | | | (a) | | | 4.58 | | | 10/25/23 | | | 1,204,938 | |
| | | | Ludgate Funding PLC | | | | | | | | | | |
EUR | 1,162 | | | 3 Month EURIBOR + 0.42% | | | 0.113 | (k) | | 12/01/60 | | | 1,171,218 | |
| 1,082 | | | 3 Month EURIBOR + 0.85% | | | 0.437 | (k) | | 01/01/61 | | | 1,158,268 | |
| 618 | | | 3 Month EURIBOR + 1.10% | | | 0.687 | (k) | | 01/01/61 | | | 642,639 | |
| | | | Mansard Mortgages PLC | | | | | | | | | | |
GBP | 544 | | | 3 Month GBP LIBOR + 1.10% | | | 1.182 | (k) | | 10/15/48 | | | 661,588 | |
| 568 | | | 3 Month GBP LIBOR + 2.00% | | | 2.193 | (k) | | 12/15/49 | | | 719,089 | |
$ | 107 | | | MASTR Adjustable Rate Mortgages Trust | | | 4.422 | (k) | | 02/25/36 | | | 106,110 | |
| | | | MASTR Alternative Loan Trust | | | | | | | | | | |
| 968 | | | | | | 5.50 | | | 02/25/35 | | | 1,024,284 | |
| 1,104 | | | | | | 6.00 | | | 05/25/33 | | | 1,161,921 | |
| 51 | | | MASTR Asset Securitization Trust | | | 6.00 | | | 06/25/36 | | | 45,833 | |
| 1,534 | | | Merrill Lynch Mortgage Investors Trust, IO (a) | | | 2.659 | (k) | | 02/25/36 | | | 91,485 | |
GBP | 1,200 | | | Mortgage Funding PLC, 3 Month GBP LIBOR + 3.20% (United Kingdom) | | | 3.393 | (k) | | 03/13/46 | | | 1,562,933 | |
$ | 288 | | | MortgageIT Trust, 1 Month USD LIBOR + 0.45% | | | 0.622 | (k) | | 10/25/35 | | | 282,759 | |
| 1,974 | | | New Residential Mortgage Loan Trust (a) | | | 4.335 | | | 07/25/50 | | | 1,980,083 | |
GBP | 968 | | | Newgate Funding PLC, 3 Month GBP LIBOR + 3.00% (United Kingdom) | | | 3.193 | (k) | | 12/15/50 | | | 1,183,497 | |
| | | | Nomura Asset Acceptance Corp. Alternative Loan Trust | | | | | | | | | | |
$ | 186 | | | 1 Month USD LIBOR + 0.06% | | | 0.232 | (k) | | 10/25/36 | | | 157,918 | |
| 460 | | | | | | 4.105 | (k) | | 06/25/36 | | | 400,480 | |
| 1,999 | | | | | | 5.755 | (k) | | 06/25/36 | | | 846,868 | |
| 2,489 | | | NYMT Loan Trust (a) | | | 3.962 | | | 06/25/25 | | | 2,497,904 | |
GBP | 892 | | | Paragon Mortgages No. 13 PLC, 3 Month GBP LIBOR + 0.80% (United Kingdom) | | | 0.882 | (k) | | 01/15/39 | | | 1,080,886 | |
$ | 1,561 | | | PMC PLS ESR Issuer LLC (a) | | | 5.069 | | | 11/25/24 | | | 1,522,108 | |
| 1,762 | | | PRPM LLC (a) | | | 3.50 | (k) | | 10/25/24 | | | 1,757,654 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | RALI Trust | | | | | | | | | | |
| 94 | | | | | | 6.00 | | | 04/25/36 | | | 90,959 | |
| 128 | | | | | | 6.00 | | | 08/25/36 | | | 121,833 | |
| 42 | | | | | | 6.00 | | | 01/25/37 | | | 38,699 | |
| | | | PAC | | | | | | | | | | |
| 52 | | | | | | 6.00 | | | 04/25/36 | | | 49,930 | |
AUD | 1,020 | | | RedZed Trust, 1 Month BBSW + 1.95% (Australia) | | | 2.04 | (k) | | 03/09/56 | | | 728,529 | |
| | | | Reperforming Loan REMIC Trust | | | | | | | | | | |
$ | 266 | | | (a) | | | 6.50 | | | 03/25/35 | | | 273,116 | |
| 315 | | | (a) | | | 7.50 | | | 11/25/34 | | | 326,820 | |
| 608 | | | Residential Asset Securitization Trust | | | 6.00 | | | 05/25/36 | | | 595,554 | |
EUR | 813 | | | ResLoC UK PLC, 3 Month EURIBOR + 0.45% (United Kingdom) | | | 0.092 | (k) | | 12/15/43 | | | 817,363 | |
$ | 534 | | | RFMSI Series Trust | | | 6.00 | | | 07/25/36 | | | 501,576 | |
GBP | 702 | | | RMAC Securities No. 1 PLC, 3 Month GBP LIBOR + 0.47% (United Kingdom) | | | 0.668 | (k) | | 06/12/44 | | | 819,837 | |
$ | 1,100 | | | RMF Buyout Issuance Trust (a) | | | 4.23 | (k) | | 07/25/29 | | | 1,077,274 | |
GBP | 1,200 | | | Rochester Financing No 2 PLC, 3 Month GBP LIBOR + 3.25% (United Kingdom) | | | 3.408 | (k) | | 06/18/45 | | | 1,558,489 | |
| | | | Seasoned Credit Risk Transfer Trust | | | | | | | | | | |
$ | 1,600 | | | (a) | | | 3.75 | (k) | | 09/25/55 | | | 1,448,620 | |
| 2,600 | | | (a) | | | 4.25 | (k) | | 08/25/59 | | | 2,344,839 | |
| 1,000 | | | (a) | | | 4.50 | (k) | | 02/25/59 | | | 875,994 | |
| 2,200 | | | | | | 4.75 | (k) | | 10/25/58 | | | 2,050,187 | |
| 2,000 | | | Seasoned Loans Structured Transaction | | | 3.00 | (k) | | 04/25/58 | | | 1,973,837 | |
| 340 | | | Sequoia Mortgage Trust, 1 Month USD LIBOR + 0.62% | | | 0.807 | (k) | | 07/20/33 | | | 321,991 | |
| 1,000 | | | SG Commercial Mortgage Securities Trust (a) | | | 3.593 | (k) | | 09/15/39 | | | 948,835 | |
| 124 | | | STARM Mortgage Loan Trust | | | 3.635 | (k) | | 10/25/37 | | | 111,917 | |
| | | | Structured Adjustable Rate Mortgage Loan Trust | | | | | | | | | | |
| 441 | | | | | | 2.132 | (k) | | 11/25/34 | | | 399,122 | |
| 642 | | | | | | 3.392 | (k) | | 02/25/35 | | | 610,688 | |
| 815 | | | Structured Asset Mortgage Investments II Trust | | | 1.514 | (k) | | 04/19/35 | | | 750,654 | |
| 1,653 | | | Structured Asset Securities Corp., IO (a) | | | 4.428 | (k) | | 07/25/35 | | | 272,012 | |
| 1,878 | | | Structured Asset Securities Corp. Reverse Mortgage Loan Trust, 1 Month USD LIBOR + 1.85% (a) | | | 2.022 | (k) | | 05/25/47 | | | 1,504,843 | |
EUR | 2,000 | | | TDA 27 FTA, 3 Month EURIBOR + 0.19% (Spain) | | | 0.00 | (k) | | 12/28/50 | | | 1,874,963 | |
$ | 1,400 | | | Toorak Mortgage Corp. Ltd. | | | 3.721 | | | 09/25/22 | | | 1,401,884 | |
GBP | 800 | | | Trinity Square PLC, 3 Month GBP LIBOR + 3.40% (United Kingdom) | | | 3.482 | (k) | | 07/15/51 | | | 1,009,743 | |
$ | 972 | | | Verus Securitization Trust (a) | | | 3.504 | (k) | | 12/25/59 | | | 990,426 | |
GBP | 1,500 | | | Warwick Finance Residential Mortgages No 1 PLC, 3 Month GBP LIBOR + 3.70% (United Kingdom) | | | 3.882 | (k) | | 09/21/49 | | | 1,970,596 | |
$ | 308 | | | Wells Fargo Alternative Loan Trust | | | 4.495 | (k) | | 07/25/37 | | | 283,439 | |
| | | | Total Mortgages - Other (Cost $84,482,561) | | | | | | | | | 84,215,089 | |
| | | | | | | | | | | | | | |
| | | | U.S. Treasury Securities (4.2%) | | | | | | | | | | |
| | | | U.S. Treasury Bonds | | | | | | | | | | |
| 2,700 | | | | | | 1.125 | | | 05/15/40 | | | 2,772,193 | |
| 11,600 | | | | | | 3.125 | | | 05/15/48 | | | 16,979,500 | |
| 16,300 | | | U.S. Treasury Note | | | 2.125 | | | 05/15/25 | | | 17,787,057 | |
| | | | Total U.S. Treasury Securities (Cost $35,907,515) | | | | | | | | | 37,538,750 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
| | | | Senior Loan Interests (1.7%) | | | | | | | | | | |
| 1,469 | | | American Airlines, Inc., Term Loan B, 1 Month LIBOR + 2.00% | | | 2.18 | (k) | | 04/28/23 | | | 1,125,551 | |
| 1,214 | | | Associated Asphalt Partners LLC, Term B, 1 Month LIBOR + 5.25% | | | 6.25 | (k) | | 04/05/24 | | | 879,078 | |
| 1,014 | | | BJ's Wholesale Club, Inc., Term Loan, 1 Month LIBOR + 2.00% | | | 2.18 | (k) | | 02/03/24 | | | 1,003,539 | |
| 888 | | | Dell International LLC, Term Loan A6, 1 Month LIBOR + 1.75% | | | 1.93 | (k) | | 03/13/24 | | | 877,381 | |
| 496 | | | Forest City Enterprises, L.P., Term Loan B, 1 Month LIBOR + 3.50% | | | 3.66 | (k) | | 12/08/25 | | | 474,720 | |
| 1,031 | | | Garda World Security Corp., Term Loan B, 1 Month LIBOR + 4.75% (Canada) | | | 4.93 | (k) | | 10/30/26 | | | 1,023,513 | |
| 1,201 | | | Hearthside Food Solutions, LLC, Term Loan B, 1 Month LIBOR + 3.69% | | | 3.85 | (k) | | 05/23/25 | | | 1,162,612 | |
EUR | 980 | | | Ineos Finance PLC, Term Loan B, 1 EURIBOR + 2.00% (Luxembourg) | | | 2.50 | (k) | | 04/01/24 | | | 1,118,018 | |
$ | 1,219 | | | Navistar International Corp., Term Loan B, 1 Month LIBOR + 3.50% | | | 3.69 | (k) | | 11/06/24 | | | 1,184,723 | |
| 882 | | | NCI Building Systems, Inc., Term Loan, 1 Month LIBOR + 3.75% | | | 3.93 | (k) | | 04/12/25 | | | 868,774 | |
| 1,470 | | | Playa Resorts Holding B.V., 2017 Term Loan B, 1 Month LIBOR + 2.75% | | | 3.75 | (k) | | 04/29/24 | | | 1,267,754 | |
| 1,376 | | | Reynolds Group Holdings Inc., Term Loan, 1 Month LIBOR + 2.75% | | | 2.91 | (k) | | 02/05/23 | | | 1,352,569 | |
| 333 | | | SAExploration Holdings, Inc., Term Loan | | | 12.50 | | | 01/04/21 | | | 283,333 | |
| 758 | | | Scientific Games International, Inc., Term Loan B5, 1 Month LIBOR + 2.75% | | | 2.91 | (k) | | 08/14/24 | | | 692,223 | |
| 1,219 | | | Surgery Center Holdings, Inc., Term Loan B, 1 Month LIBOR + 3.25% | | | 4.25 | (k) | | 09/03/24 | | | 1,155,837 | |
| 779 | | | Titan Acquisition Limited, 2018 Term Loan B, 1 Month LIBOR + 3.00% (Canada) | | | 3.36 | (k) | | 03/28/25 | | | 720,999 | |
| | | | Total Senior Loan Interests (Cost $16,382,724) | | | | | | | | | 15,190,624 | |
NUMBER OF SHARES | | | | | VALUE | |
| | | | Investment Companies (2.0%) | | | | |
| 109,400 | | | iShares iBoxx Investment Grade Corporate Bond ETF | | | 15,135,490 | |
| 31,800 | | | iShares iBoxx High Yield Corporate Bond ETF | | | 2,715,402 | |
| | | | Total Investment Companies (Cost $16,342,909) | | | 17,850,892 | |
PRINCIPAL AMOUNT (000) | | | | | COUPON RATE | | | MATURITY DATE | | | |
| | | Short-Term Investments (7.7%) | | | |
| | | U.S. Treasury Securities (0.8%) | | | |
| | | | U.S. Treasury Bills | | | | | | | | | | |
| 95 | | | (n)(o) | | | 0.115 | % | | 01/28/21 | | | 94,955 | |
| 1,800 | | | (n) | | | 0.124 | | | 10/15/20 | | | 1,799,662 | |
| 5,185 | | | (n) | | | 0.159 | | | 01/28/21 | | | 5,182,565 | |
| | | | Total U.S. Treasury Securities (Cost $7,075,429) | | | | | | | | | 7,077,182 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
NUMBER OF SHARES (000) | | | | | | | | | |
| | | | Securities held as Collateral on Loaned Securities (0.6%) | | | | | | | | |
| | | | Investment Company (0.6%) | | | | | | | | |
| 5,006 | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (p) (Cost $5,005,803) | | | | | | | 5,005,803 | |
| | | | Investment Company (6.3%) | | | | | | | | |
| 56,557 | | | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (p) (Cost $56,557,048) | | | | | | | 56,557,048 | |
| | | | Total Short-Term Investments (Cost $68,638,280) | | | | | | | 68,640,033 | |
| | | | Total Investments (Cost $887,723,534) (q)(r)(s) | | | 101.8 | % | | | 907,194,205 | |
| | | | Liabilities in Excess of Other Assets | | | (1.8 | ) | | | (16,242,148 | ) |
| | | | Net Assets | | | 100.0 | % | | $ | 890,952,057 | |
Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications. |
BBSW | | Australia's Bank Bill Swap. |
ETF | | Exchange Traded Fund. |
EURIBOR | | Euro Interbank Offered Rate. |
IO | | Interest Only. |
LIBOR | | London Interbank Offered Rate. |
OFZ | | Obilgatsyi Federal’novo Zaima (Russian Federal Loan Obligation). |
PAC | | Planned Amortization Class. |
REMIC | | Real Estate Mortgage Investment Conduit. |
SONIA | | Sterling Overnight Interbank Average Rate. |
(a) | | 144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid. |
(b) | | Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of July 31, 2020. |
(c) | | All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at July 31, 2020, were $7,253,319 and $7,403,705, respectively. The Fund received cash collateral of $5,005,803, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of $2,397,903 in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. |
(d) | | When-issued security. |
(e) | | PIK: Payment-in-kind security for which part of the income earned may be paid as additional principal. |
(f) | | Issuer in bankruptcy. |
(g) | | Non-income producing security; bond in default. |
(h) | | Acquired through exchange offer. |
(i) | | At July 31, 2020, the Fund held a fair valued security valued at $0, representing 0.0% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Fund's Trustees. |
(j) | | Capital appreciation bond. |
(k) | | Floating or variable rate securities: The rates disclosed are as of July 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments. |
(l) | | Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at July 31, 2020. |
(m) | | For the nine months ended July 31, 2020, the cost of purchases of Morgan Stanley Capital I Trust, Commercial Mortgage-Backed Security, and its affiliated broker-dealers, which may be deemed affiliates of the Adviser/ Administrator and Distributor under the Investment Company Act of 1940, was $2,202,750. |
(n) | | Rate shown is the yield to maturity at July 31, 2020. |
(o) | | All or a portion of the security was pledged to cover margin requirements for swap agreements. |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
(p) | | The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the nine months ended July 31, 2020, advisory fees paid were reduced by $67,508 relating to the Fund's investment in the Liquidity Funds. |
(q) | | Securities are available for collateral in connection with purchase of open foreign currency forward exchange contracts, futures contracts and swap agreements. |
(r) | | The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the nine months ended July 31, 2020, the Fund did not engage in any cross-trade transactions. |
(s) | | At July 31, 2020, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $43,431,451 and the aggregate gross unrealized depreciation is $30,676,227, resulting in net unrealized appreciation of $12,755,224. |
Foreign Currency Forward Exchange Contracts: The Fund had the following foreign currency forward exchange contracts open at July 31, 2020: | |
COUNTERPARTY | | CONTRACTS TO DELIVER | | IN EXCHANGE FOR | | DELIVERY DATE | | UNREALIZED APPRECIATION (DEPRECIATION) | |
Australia And New Zealand Banking Group | | AUD | | | 5,787,750 | | | $ | | | 4,059,609 | | | 09/03/20 | | $ | (75,895 | ) |
Bank of America NA | | HUF | | | 356,118,041 | | | $ | | | 1,161,741 | | | 09/03/20 | | | (56,001 | ) |
Bank of America NA | | MXN | | | 421,502,231 | | | $ | | | 19,093,666 | | | 09/03/20 | | | 227,454 | |
Bank of America NA | | MXN | | | 10,886,021 | | | $ | | | 475,850 | | | 09/03/20 | | | (11,402 | ) |
Bank of America NA | | MXN | | | 4,142,750 | | | $ | | | 186,248 | | | 09/03/20 | | | 820 | |
Bank of America NA | | MXN | | | 2,441,848 | | | $ | | | 109,151 | | | 09/03/20 | | | (145 | ) |
Bank of America NA | | $ | | | 3,226,579 | | | EUR | | | 2,835,000 | | | 09/03/20 | | | 115,023 | |
Bank of America NA | | $ | | | 907,440 | | | HUF | | | 284,297,248 | | | 09/03/20 | | | 64,711 | |
Bank of America NA | | ZAR | | | 1,865,895 | | | $ | | | 109,489 | | | 09/03/20 | | | 689 | |
Barclays Bank PLC | | AUD | | | 25,455,140 | | | $ | | | 17,626,870 | | | 09/03/20 | | | (561,517 | ) |
Barclays Bank PLC | | AUD | | | 6,810,000 | | | $ | | | 4,732,814 | | | 09/03/20 | | | (133,116 | ) |
Barclays Bank PLC | | CHF | | | 27,607 | | | $ | | | 28,881 | | | 09/03/20 | | | (1,331 | ) |
Barclays Bank PLC | | MXN | | | 18,640,851 | | | $ | | | 836,278 | | | 09/03/20 | | | 1,924 | |
Barclays Bank PLC | | NZD | | | 9,936,253 | | | $ | | | 6,531,574 | | | 09/03/20 | | | (58,438 | ) |
Barclays Bank PLC | | $ | | | 2,298,333 | | | AUD | | | 3,215,000 | | | 09/03/20 | | | (1,129 | ) |
Barclays Bank PLC | | $ | | | 6,336,438 | | | JPY | | | 679,000,000 | | | 09/03/20 | | | 80,073 | |
Barclays Bank PLC | | $ | | | 4,084,943 | | | NOK | | | 38,580,000 | | | 09/03/20 | | | 154,381 | |
Barclays Bank PLC | | $ | | | 7,958,933 | | | ZAR | | | 132,450,171 | | | 09/03/20 | | | (235,778 | ) |
Barclays Bank PLC | | $ | | | 3,162,244 | | | ZAR | | | 52,787,332 | | | 09/03/20 | | | (84,220 | ) |
BNP Paribas SA | | AUD | | | 2,514,147 | | | $ | | | 1,760,199 | | | 09/03/20 | | | (36,227 | ) |
BNP Paribas SA | | BRL | | | 11,596,594 | | | $ | | | 2,281,950 | | | 09/03/20 | | | 61,855 | |
BNP Paribas SA | | CHF | | | 1,444,595 | | | $ | | | 1,512,139 | | | 09/03/20 | | | (68,785 | ) |
BNP Paribas SA | | CNH | | | 20,855,000 | | | $ | | | 2,944,432 | | | 09/03/20 | | | (33,421 | ) |
BNP Paribas SA | | EUR | | | 96,039,380 | | | $ | | | 109,079,559 | | | 09/03/20 | | | (4,121,639 | ) |
BNP Paribas SA | | EUR | | | 1,524,014 | | | $ | | | 1,725,232 | | | 09/03/20 | | | (71,117 | ) |
BNP Paribas SA | | EUR | | | 1,897,726 | | | $ | | | 2,124,878 | | | 09/03/20 | | | (111,963 | ) |
BNP Paribas SA | | EUR | | | 511,456 | | | $ | | | 574,970 | | | 09/03/20 | | | (27,881 | ) |
BNP Paribas SA | | EUR | | | 2,819,327 | | | $ | | | 3,198,325 | | | 09/03/20 | | | (124,803 | ) |
BNP Paribas SA | | EUR | | | 2,663,270 | | | $ | | | 3,084,025 | | | 09/03/20 | | | (55,160 | ) |
BNP Paribas SA | | IDR | | | 112,695,810,210 | | | $ | | | 7,882,480 | | | 09/03/20 | | | 186,104 | |
BNP Paribas SA | | IDR | | | 9,238,401,000 | | | $ | | | 624,706 | | | 09/03/20 | | | (6,216 | ) |
BNP Paribas SA | | IDR | | | 35,417,562,199 | | | $ | | | 2,401,191 | | | 09/03/20 | | | (17,594 | ) |
BNP Paribas SA | | JPY | | | 243,937,299 | | | AUD | | | 3,240,000 | | | 09/03/20 | | | 9,874 | |
BNP Paribas SA | | PLN | | | 8,720,000 | | | $ | | | 2,208,993 | | | 09/03/20 | | | (119,715 | ) |
BNP Paribas SA | | $ | | | 476,582 | | | GBP | | | 374,049 | | | 09/03/20 | | | 13,128 | |
BNP Paribas SA | | $ | | | 93,532 | | | GBP | | | 75,232 | | | 09/03/20 | | | 4,963 | |
BNP Paribas SA | | $ | | | 112,007 | | | GBP | | | 89,769 | | | 09/03/20 | | | 5,520 | |
BNP Paribas SA | | $ | | | 195,369 | | | HUF | | | 60,324,110 | | | 09/03/20 | | | 10,908 | |
BNP Paribas SA | | $ | | | 164,591 | | | IDR | | | 2,388,209,600 | | | 09/03/20 | | | (1,492 | ) |
BNP Paribas SA | | $ | | | 310,691 | | | JPY | | | 33,788,178 | | | 09/03/20 | | | 8,606 | |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
BNP Paribas SA | | $ | | | 310,321 | | | MXN | | | 7,042,146 | | | 09/03/20 | | | 4,882 | |
Canadian Imperial Bank Of Commerce | | JPY | | | 1,279,390 | | | $ | | | 11,948 | | | 09/03/20 | | | (142 | ) |
Canadian Imperial Bank Of Commerce | | JPY | | | 245,000,000 | | | $ | | | 2,287,894 | | | 09/03/20 | | | (27,342 | ) |
Canadian Imperial Bank Of Commerce | | PLN | | | 27,000 | | | $ | | | 6,795 | | | 09/03/20 | | | (415 | ) |
Citibank NA | | AUD | | | 576,027 | | | $ | | | 402,158 | | | 09/03/20 | | | (9,428 | ) |
Citibank NA | | EUR | | | 318,298 | | | $ | | | 369,984 | | | 09/03/20 | | | (5,193 | ) |
Citibank NA | | EUR | | | 1,492,282 | | | $ | | | 1,734,393 | | | 09/03/20 | | | (24,553 | ) |
Citibank NA | | GBP | | | 15,545,233 | | | $ | | | 19,506,466 | | | 09/03/20 | | | (845,552 | ) |
Citibank NA | | RUB | | | 518,182,000 | | | $ | | | 7,467,116 | | | 09/03/20 | | | 508,276 | |
Citibank NA | | $ | | | 1,764,254 | | | EUR | | | 1,567,497 | | | 09/03/20 | | | 83,348 | |
Citibank NA | | $ | | | 2,234,212 | | | PLN | | | 8,747,000 | | | 09/03/20 | | | 101,706 | |
Citibank NA | | ZAR | | | 172,117,125 | | | $ | | | 10,103,735 | | | 09/03/20 | | | 67,604 | |
Goldman Sachs International | | AUD | | | 3,121,380 | | | $ | | | 2,235,891 | | | 09/03/20 | | | 5,581 | |
Goldman Sachs International | | CNH | | | 14,653,182 | | | $ | | | 2,063,305 | | | 09/03/20 | | | (29,000 | ) |
Goldman Sachs International | | EUR | | | 410 | | | $ | | | 464 | | | 09/03/20 | | | (19 | ) |
Goldman Sachs International | | MXN | | | 23,168,250 | | | $ | | | 1,027,895 | | | 09/03/20 | | | (9,104 | ) |
Goldman Sachs International | | MXN | | | 4,834,617 | | | $ | | | 207,197 | | | 09/03/20 | | | (9,198 | ) |
Goldman Sachs International | | $ | | | 947,442 | | | HUF | | | 297,075,702 | | | 09/03/20 | | | 68,405 | |
Goldman Sachs International | | $ | | | 4,663,469 | | | NOK | | | 43,330,000 | | | 09/03/20 | | | 97,804 | |
Goldman Sachs International | | $ | | | 3,586,013 | | | NZD | | | 5,480,000 | | | 09/03/20 | | | 48,482 | |
Goldman Sachs International | | ZAR | | | 14,095,000 | | | $ | | | 820,333 | | | 09/03/20 | | | (1,545 | ) |
HSBC Bank PLC | | HUF | | | 347,432,280 | | | $ | | | 1,111,687 | | | 09/03/20 | | | (76,354 | ) |
HSBC Bank PLC | | $ | | | 2,659,561 | | | GBP | | | 2,050,000 | | | 09/03/20 | | | 24,325 | |
JPMorgan Chase Bank NA | | AUD | | | 201,572 | | | $ | | | 144,019 | | | 09/03/20 | | | (10 | ) |
JPMorgan Chase Bank NA | | BRL | | | 9,205,849 | | | $ | | | 1,816,824 | | | 09/03/20 | | | 54,423 | |
JPMorgan Chase Bank NA | | BRL | | | 1,775,000 | | | $ | | | 330,429 | | | 09/03/20 | | | (9,383 | ) |
JPMorgan Chase Bank NA | | BRL | | | 2,638,097 | | | $ | | | 494,841 | | | 09/03/20 | | | (10,206 | ) |
JPMorgan Chase Bank NA | | BRL | | | 9,394,002 | | | $ | | | 1,748,372 | | | 09/03/20 | | | (50,050 | ) |
JPMorgan Chase Bank NA | | CHF | | | 682 | | | $ | | | 720 | | | 09/03/20 | | | (26 | ) |
JPMorgan Chase Bank NA | | EUR | | | 723,289 | | | $ | | | 819,520 | | | 09/03/20 | | | (33,018 | ) |
JPMorgan Chase Bank NA | | EUR | | | 1,261,191 | | | $ | | | 1,433,032 | | | 09/03/20 | | | (53,528 | ) |
JPMorgan Chase Bank NA | | EUR | | | 580,159 | | | $ | | | 653,932 | | | 09/03/20 | | | (29,899 | ) |
JPMorgan Chase Bank NA | | GBP | | | 6,915,298 | | | EUR | | | 7,675,000 | | | 09/03/20 | | | (7,107 | ) |
JPMorgan Chase Bank NA | | IDR | | | 16,885,882,000 | | | $ | | | 1,142,018 | | | 09/03/20 | | | (11,175 | ) |
JPMorgan Chase Bank NA | | JPY | | | 467,571,488 | | | $ | | | 4,292,163 | | | 09/03/20 | | | (126,361 | ) |
JPMorgan Chase Bank NA | | NOK | | | 3,034,751 | | | $ | | | 324,822 | | | 09/03/20 | | | (8,649 | ) |
JPMorgan Chase Bank NA | | PEN | | | 4,755,000 | | | $ | | | 1,384,562 | | | 09/03/20 | | | 39,613 | |
JPMorgan Chase Bank NA | | $ | | | 31,366 | | | AUD | | | 44,818 | | | 09/03/20 | | | 658 | |
JPMorgan Chase Bank NA | | $ | | | 1,048,538 | | | AUD | | | 1,522,014 | | | 09/03/20 | | | 38,982 | |
JPMorgan Chase Bank NA | | $ | | | 47,134 | | | AUD | | | 67,841 | | | 09/03/20 | | | 1,340 | |
JPMorgan Chase Bank NA | | $ | | | 197,342 | | | BRL | | | 1,007,035 | | | 09/03/20 | | | (4,551 | ) |
JPMorgan Chase Bank NA | | $ | | | 13,413 | | | GBP | | | 10,683 | | | 09/03/20 | | | 573 | |
JPMorgan Chase Bank NA | | $ | | | 32,262 | | | GBP | | | 25,622 | | | 09/03/20 | | | 1,283 | |
JPMorgan Chase Bank NA | | $ | | | 344,001 | | | NOK | | | 3,219,251 | | | 09/03/20 | | | 9,744 | |
JPMorgan Chase Bank NA | | $ | | | 301,409 | | | RUB | | | 20,905,000 | | | 09/03/20 | | | (20,669 | ) |
Royal Bank of Canada (UK) | | AUD | | | 3,240,000 | | | JPY | | | 247,992,840 | | | 09/03/20 | | | 28,450 | |
Royal Bank of Canada (UK) | | $ | | | 163,895 | | | ZAR | | | 2,840,517 | | | 09/03/20 | | | 1,736 | |
State Street Bank and Trust Co. | | EUR | | | 802,755 | | | $ | | | 905,782 | | | 09/03/20 | | | (40,422 | ) |
State Street Bank and Trust Co. | | EUR | | | 13,245 | | | $ | | | 15,094 | | | 09/03/20 | | | (518 | ) |
State Street Bank and Trust Co. | | $ | | | 200,204 | | | HUF | | | 61,853,261 | | | 09/03/20 | | | 11,302 | |
UBS AG | | CAD | | | 5,895,000 | | | $ | | | 4,345,666 | | | 09/03/20 | | | (55,682 | ) |
UBS AG | | $ | | | 3,389,113 | | | EUR | | | 2,966,614 | | | 09/03/20 | | | 107,622 | |
UBS AG | | $ | | | 739,529 | | | MXN | | | 16,373,416 | | | 09/03/20 | | | (6,664 | ) |
UBS AG | | $ | | | 4,639,954 | | | NZD | | | 7,206,856 | | | 09/03/20 | | | 139,842 | |
| | | | | | | | | | | | | | | | $ | (5,128,734 | ) |
Morgan Stanley Global Fixed Income Opportunities Fund
Portfolio of Investments ▪ July 31, 2020 (unaudited) continued
Futures Contracts:
The Fund had the following futures contracts open at July 31, 2020:
| | NUMBER OF Contracts | | | EXPIRATION DATE | | NOTIONAL AMOUNT (000) | | | VALUE | | | UNREALIZED APPRECIATION (DEPRECIATION) | |
Long: | | | |
U.S. Treasury 10 yr. Note | | | 10 | | | Sep-20 | | $ | | | 1,000 | | | $ | 1,400,781 | | | $ | 3,891 | |
Short: | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury 30 yr. Bond | | | 8 | | | Sep-20 | | | | | (800 | ) | | | (1,458,250 | ) | | | (6,000 | ) |
U.S. Treasury Ultra Long Bond | | | 13 | | | Sep-20 | | | | | (1,300 | ) | | | (2,070,250 | ) | | | (32,089 | ) |
German Euro Bund | | | 75 | | | Sep-20 | | EUR | | | (7,500 | ) | | | (15,683,235 | ) | | | (173,693 | ) |
| | | | | | | | | | | | | | | | | | $ | (207,891 | ) |
Credit Default Swap Agreements: The Fund had the following credit default swap agreements open at July 31, 2020: | |
SWAP COUNTERPARTY AND REFERENCE OBLIGATION | | CREDIT RATING OF REFERENCE OBLIGATION† | | BUY/SELL PROTECTION | | PAY/RECEIVE FIXED RATE | | | PAYMENT FREQUENCY | | MATURITY DATE | | NOTIONAL AMOUNT (000) | | | VALUE | | | UPFRONT PAYMENT PAID (RECEIVED) | | | UNREALIZED APPRECIATION (DEPRECIATION) | |
Morgan Stanley & Co. LLC* | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CDX.NA.HY.33 | | NR | | Buy | | | 5.00 | % | | Quarterly | | 12/20/24 | | $ | 18,200 | | | $ | (628,548 | ) | | $ | (1,088,439 | ) | | $ | 459,891 | |
Morgan Stanley & Co. LLC* | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CDX.NA.HY.34 | | NR | | Buy | | | 5.00 | | | Quarterly | | 6/20/25 | | | 40,514 | | | | (1,327,277 | ) | | | 511,436 | | | | (1,838,713 | ) |
| | | | | | | | | | | | | | | | | | $ | (1,955,825 | ) | | $ | (577,003 | ) | | $ | (1,378,822 | ) |
† | | Credit rating as issued by Standard & Poor's. |
* | | Cleared swap agreement, the broker is Morgan Stanley & Co. LLC. |
LIBOR | | London Interbank Offered Rate. |
NR | | Not rated. |
Currency Abbreviations: |
|
AUD | — | Australian Dollar |
BRL | — | Brazilian Real |
CAD | — | Canadian Dollar |
CHF | — | Swiss Franc |
CNH | — | Chinese Yuan Renminbi Offshore |
CNY | — | Chinese Yuan Renminbi |
EUR | — | Euro |
GBP | — | British Pound |
HUF | — | Hungarian Forint |
IDR | — | Indonesian Rupiah |
JPY | — | Japanese Yen |
MXN | — | Mexican Peso |
NOK | — | Norwegian Krone |
NZD | — | New Zealand Dollar |
PEN | — | Peruvian Nuevo Sol |
PLN | — | Polish Zloty |
RUB | — | Russian Ruble |
USD | — | United States Dollar |
ZAR | — | South African Rand |
PORTFOLIO COMPOSITION** as of 07/31/20 | | Percentage of Total Investments | |
Corporate Bonds | | | 37.2 | % |
Sovereign | | | 19.0 | |
Asset-Backed Securities | | | 16.5 | |
Mortgages - Other | | | 9.3 | |
Short-Term Investments | | | 7.0 | |
U.S. Treasury Securities | | | 4.2 | |
Commercial Mortgage-Backed Securities | | | 3.0 | |
Investment Companies | | | 2.0 | |
Variable Rate Senior Loan Interests | | | 1.7 | |
Collateralized Mortgage Obligations - Agency Collateral Series | | | 0.1 | |
Agency Fixed Rate Mortgages | | | 0.0 | *** |
| | | 100.0 | %**** |
** | Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of July 31, 2020. |
*** | Amount is less than 0.05%. |
**** | Does not include open long/short futures contracts with a value of $20,612,516 and net unrealized depreciation of $207,891. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of $5,128,734. Also does not include open swap agreements with net unrealized depreciation of $1,378,822. |
Morgan Stanley Global Fixed Income Opportunities Fund
Notes to Portfolio of Investments ▪ July 31, 2020 (unaudited)
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2018-13, Fair Value Measurement (Topic 820) - Disclosures Framework - Changes to Disclosure Requirements of Fair Value Measurement (“ASU 2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The impact of the Fund’s adoption was limited to changes in the Fund’s financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, when applicable.
Valuation of Investments - (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Fund's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc.(the “Adviser”) or Morgan Stanley Investment Management Limited (the “Sub-Adviser”), each a wholly-owned subsidiary of the Morgan Stanley determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security’s fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from the brokers or dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (4) when market quotations are not readily available, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees). Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business on the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (5) certain senior collateralized loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (6) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (7) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (8) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; and (9) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.
The Trustees have responsibility for determining in good faith the fair value of the investments, and the Trustees may appoint others, such as the Fund’s Adviser or a valuation committee, to assist the Trustees in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Fund's Adviser has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Fund’s valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Fair Valuation Measurements
FASB Accounting Standards CodificationTM ("ASC") 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:
• Level 1 – unadjusted quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.
The following is a summary of the inputs used to value the Fund's investments as of July 31, 2020:
Investment Type | | Level 1 Unadjusted quoted prices | | | Level 2 Other significant observable inputs | | | Level 3 Significant unobservable inputs | | | Total | |
Assets: | | | | | | | | | | | | | | | | |
Fixed Income Securities | | | | | | | | | | | | | | | | |
Corporate Bonds | | $ | — | | | $ | 335,766,122 | | | $ | — | † | | $ | 335,766,122 | † |
Sovereign | | | — | | | | 171,136,993 | | | | — | | | | 171,136,993 | |
Agency Fixed Rate Mortgages | | | — | | | | 74,655 | | | | — | | | | 74,655 | |
Asset-Backed Securities | | | — | | | | 148,816,477 | | | | — | | | | 148,816,477 | |
Collateralized Mortgage Obligations - Agency Collateral Series | | | — | | | | 699,832 | | | | — | | | | 699,832 | |
Commercial Mortgage-Backed Securities | | | — | | | | 27,264,738 | | | | — | | | | 27,264,738 | |
Mortgages - Other | | | — | | | | 84,215,089 | | | | — | | | | 84,215,089 | |
U.S. Treasury Securities | | | — | | | | 37,538,750 | | | | — | | | | 37,538,750 | |
Senior Loan Interests | | | — | | | | 15,190,624 | | | | — | | | | 15,190,624 | |
Total Fixed Income Securities | | | — | | | | 820,703,280 | | | | — | † | | | 820,703,280 | † |
Investment Companies | | | 17,850,892 | | | | — | | | | — | | | | 17,850,892 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
U.S. Treasury Securities | | | — | | | | 7,077,182 | | | | — | | | | 7,077,182 | |
Investment Company | | | 61,562,851 | | | | — | | | | — | | | | 61,562,851 | |
Total Short-Term Investments | | | 61,562,851 | | | | 7,077,182 | | | | — | | | | 68,640,033 | |
Foreign Currency Forward Exchange Contracts | | | — | | | | 2,392,014 | | | | — | | | | 2,392,014 | |
Futures Contracts | | | 3,891 | | | | — | | | | — | | | | 3,891 | |
Credit Default Swap Agreement | | | — | | | | 459,891 | | | | — | | | | 459,891 | |
Total Assets | | | 79,417,634 | | | | 830,632,367 | | | | — | † | | | 910,050,001 | † |
Liabilities: | | | | | | | | | | | | | | | | |
Foreign Currency Forward Exchange Contracts | | | — | | | | (7,520,748 | ) | | | — | | | | (7,520,748 | ) |
Futures Contracts | | | (211,782 | ) | | | — | | | | — | | | | (211,782 | ) |
Credit Default Swap Agreement | | | — | | | | (1,838,713 | ) | | | — | | | | (1,838,713 | ) |
Total Liabilities | | | (211,782 | ) | | | (9,359,461 | ) | | | — | | | | (9,571,243 | ) |
Total | | $ | 79,205,852 | | | $ | 821,272,906 | | | $ | — | † | | $ | 900,478,758 | † |
† | Includes one security valued at zero. |
Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.
Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
| | Corporate Bond | |
Beginning Balance | | $ | - | † |
Purchases | | | - | |
Sales | | | - | |
Amortization of discount | | | - | |
Transfers in | | | - | |
Transfers out | | | - | |
Corporate actions | | | - | |
Change in unrealized appreciation (depreciation) | | | - | |
Realized gains (losses) | | | - | |
Ending Balance | | $ | - | † |
| | | | |
Net change in unrealized appreciation (depreciation) from investments still held as of July 31, 2020 | | $ | - | |
† | Includes one security valued at zero. |