# EDGAR Filing Document

**Accession Number:** 0001782524
**File Stem:** 0001104659-23-005833
**Filing Date:** 2023-1
**Character Count:** 14483
**Document Hash:** 9a3836202a886936e130b80805468720
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-005833.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001104659-23-005833

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**GROUP MEMBERS**: MORGAN STANLEY

**GROUP MEMBERS**: MS HOLDINGS INC

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Direct Lending Fund
- **CENTRAL INDEX KEY:** 0001782524
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91454
- **FILM NUMBER:** 23544846

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212 761 0380

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Morgan Stanley Direct Lending Fund LLC
- **DATE OF NAME CHANGE:** 20190923

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Morgan Stanley BDC LLC
- **DATE OF NAME CHANGE:** 20190715
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MS Credit Partners Holdings Inc.
- **CENTRAL INDEX KEY:** 0001790614
- **IRS NUMBER:** 270279273
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-761-0380

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 13G**

**Under the Securities Exchange Act of 1934**

**(Amendment No. 4)\***

**MORGAN STANLEY DIRECT LENDING FUND**

(Name of Issuer)

**Common Stock, par value $0.001 per share**

(Title of Class of Securities)

**Not Applicable**

(CUSIP Number)

**December 31, 2022**

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

---

| | |
|:---|:---|
| ¨ | Rule 13d-1(b) |
| ¨ | Rule 13d-1(c) |
| x | Rule 13d-1(d) |

---

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, *see the Notes).*

---

| | | |
|:---|:---|:---|
| **CUSIP NO.: N/A** | **CUSIP NO.: N/A** | **CUSIP NO.: N/A** |
| **1** | **NAME OF REPORTING PERSON**<br>Morgan Stanley | **NAME OF REPORTING PERSON**<br>Morgan Stanley |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | (a) ◻<br> (b) ◻ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** | ◻ | ◻ |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION**<br> Delaware | **CITIZENSHIP OR PLACE OF ORGANIZATION**<br> Delaware |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON WITH** | **5** | **SOLE VOTING POWER** <br> 0 |
| **NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON WITH** | **6** | **SHARED VOTING POWER** <br> 8,414,292.94 shares of common stock |
| **NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** <br> 0 |
| **NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** <br> 8,414,292.94 shares of common stock |

---

---

| | | |
|:---|:---|:---|
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON**<br> 8,414,292.94 shares of common stock | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON**<br> 8,414,292.94 shares of common stock |
| **10** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | ◻ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** <br> 11.9% | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** <br> 11.9% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** <br> CO, HC | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** <br> CO, HC |

---

 

---

| | | |
|:---|:---|:---|
| **CUSIP NO.: N/A** | **CUSIP NO.: N/A** | **CUSIP NO.: N/A** |
| **1** | **NAME OF REPORTING PERSON**<br>MS Holdings Incorporated | **NAME OF REPORTING PERSON**<br>MS Holdings Incorporated |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | (a) ◻<br> (b) ◻ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** | ◻ | ◻ |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION**<br> Delaware | **CITIZENSHIP OR PLACE OF ORGANIZATION**<br> Delaware |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON WITH** | **5** | **SOLE VOTING POWER** <br> 0 |
| **NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON WITH** | **6** | **SHARED VOTING POWER** <br> 8,414,292.94 shares of common stock |
| **NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** <br> 0 |
| **NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** <br> 8,414,292.94 shares of common stock |

---

---

| | | |
|:---|:---|:---|
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON**<br> 8,414,292.94 shares of common stock | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON**<br> 8,414,292.94 shares of common stock |
| **10** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | ◻ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** <br> 11.9% | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** <br> 11.9% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** <br> CO | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** <br> CO |

---

---

| | | |
|:---|:---|:---|
| **CUSIP NO.: N/A** | **CUSIP NO.: N/A** | **CUSIP NO.: N/A** |
| **1** | **NAME OF REPORTING PERSON**<br>MS Credit Partners Holdings Inc. | **NAME OF REPORTING PERSON**<br>MS Credit Partners Holdings Inc. |
| **2** | **CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP** | (a) ◻<br> (b) ◻ |
| **3** | **SEC USE ONLY** | **SEC USE ONLY** |
| **3** | ◻ | ◻ |
| **4** | **CITIZENSHIP OR PLACE OF ORGANIZATION**<br> Delaware | **CITIZENSHIP OR PLACE OF ORGANIZATION**<br> Delaware |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON WITH** | **5** | **SOLE VOTING POWER** <br> 0 |
| **NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON WITH** | **6** | **SHARED VOTING POWER** <br> 8,414,292.94 shares of common stock |
| **NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON WITH** | **7** | **SOLE DISPOSITIVE POWER** <br> 0 |
| **NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY <br> EACH <br> REPORTING <br> PERSON WITH** | **8** | **SHARED DISPOSITIVE POWER** <br> 8,414,292.94 shares of common stock |

---

---

| | | |
|:---|:---|:---|
| **9** | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON**<br> 8,414,292.94 shares of common stock | **AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON**<br> 8,414,292.94 shares of common stock |
| **10** | **CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)** | ◻ |
| **11** | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** <br> 11.9% | **PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** <br> 11.9% |
| **12** | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** <br> CO | **TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)** <br> CO |

---

**Item 1(a). Name of Issuer:**

Morgan Stanley Direct Lending Fund

**Item 1(b). Address of Issuer's Principal Executive Offices:**

1585 Broadway, New York, New York 10036

**Item 2(a). Name of Person Filing:**

This statement is being filed jointly on behalf of (i) Morgan Stanley, a Delaware corporation ("MS Parent"), (ii) MS Holdings Incorporated, a Delaware corporation ("MS Holdings") and (iii) MS Credit Partners Holdings Inc., a Delaware corporation ("MS Credit Partners" and, collectively, the "Reporting Persons"). The Reporting Persons have entered into a joint filing agreement, dated as of March 10, 2020, a copy of which is attached as Exhibit 99.1 to the Reporting Persons' initial filing on Schedule 13G with respect to the issuer's securities filed on March 10, 2020.

**Item 2(b). Address of Principal Business Office or, if None, Residence:**

The address of the principal business office of each of MS Parent, MS Holdings, and MS Credit Partners is 1585 Broadway, New York, NY 10036.

**Item 2(c). Citizenship:**

Delaware

**Item 2(d). Title of Class of Securities:**

Common Stock, par value $0.001 per share

**Item 2(e) CUSIP No:**

Not Applicable

**Item 3. If this Statement is Filed Pursuant to §§240.13d-1(b), or 240.13d-2(b) or (c), Check Whether the Person Filing is a:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ◻ Broker or dealer registered under Section 15 of the Act (15 U.S.C.
 78o);

(b) ◻ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c) ◻ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C.
 78c);

(d) ◻ Investment
 company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e) ◻ An investment
 adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) ◻ An employee benefit plan or endowment fund in accordance with §
 240.13d-1(b)(1)(ii)(F);

(g) ◻ A parent holding company or control person in accordance with §
 240.13d-1(b)(1)(ii)(G);

(h) ◻ A savings association as defined in Section 3(b) of the Federal Deposit
 Insurance Act (12 U.S.C. 1813);

(i) ◻ A church
 plan that is excluded from the definition of an investment company under section 3(c)(14)
 of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) ◻ A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) ◻ Group, in accordance with § 240.13d-1(b)(1)(ii)(K).

If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution: _____________

**Item 4. Ownership.**

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount beneficially owned:

8,414,292.94 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Percent of class:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 %

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Number of shares as to which such person has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Sole power to vote or to direct the vote** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Shared power to vote or to direct the vote

8,414,292.94 shares of common stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Sole power to dispose or to direct the disposition of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Shared power to dispose or to direct the disposition of

8,414,292.94 shares of common stock

**Item 5. Ownership of Five Percent or Less of a Class.**

Not Applicable

**Item 6. Ownership of More than Five Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.**

See Exhibit 99.2 to the Reporting Persons' initial filing on Schedule 13G with respect to the issuer's securities filed on March 10, 2020

**Item 8. Identification and Classification of Members of the Group.**

Not Applicable

**Item 9. Notice of Dissolution of Group.**

Not Applicable

**Item 10. Certifications.**

In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

**SIGNATURE**

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | | |
|:---|:---|:---|
|  | MORGAN STANLEY | MORGAN STANLEY |
| Date: January 23, 2023 | By: | /s/ Mark Egnal |
|  | Name: | Mark Egnal |
|  | Title: | Authorized Person |
|  | MS HOLDINGS INCORPORATED | MS HOLDINGS INCORPORATED |
| Date: January 23, 2023 | By: | /s/ Christopher H. Norris |
|  | Name: | Christopher H. Norris |
|  | Title: | Director and President |
|  | MS CREDIT PARTNERS HOLDINGS INC. | MS CREDIT PARTNERS HOLDINGS INC. |
| Date: January 23, 2023 | By: | /s/ Orit Mizrachi |
|  | Name: | Orit Mizrachi |
|  | Title: | Executive Officer |

---