# EDGAR Filing Document

**Accession Number:** 0000882381
**File Stem:** 0001104659-26-000188
**Filing Date:** 2026-1
**Character Count:** 272308
**Document Hash:** dfd17eca70a082a3d3aff57ba0825c19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-000188.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001104659-26-000188

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY INCOME OPPORTUNITIES FUND
- **CENTRAL INDEX KEY:** 0000882381

**ORGANIZATION NAME:**
- **EIN:** 133647664
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06515
- **FILM NUMBER:** 26502253

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY GLOBAL FIXED INCOME OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 20120307

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY FIXED INCOME OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 20111220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MORGAN STANLEY FLEXIBLE INCOME TRUST
- **DATE OF NAME CHANGE:** 20030711

## Series and Classes Contracts Data

### Income Opportunities Fund (Series ID: S000002382)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000006295 | A            | DINAX           |
| C000006297 | L            | DINCX           |
| C000006298 | I            | DINDX           |
| C000126926 | CLASS R6     | MGFOX           |
| C000155980 | Class C      | MSIPX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington** **, D.C. 20549**

**Form N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-06515

Morgan Stanley Income Opportunities Fund

(Exact Name of Registrant as Specified in Charter)

1585 Broadway, New York, New York 10036

(Address of Principal Executive Offices)

John H. Gernon

1585 Broadway, New York, New York 10036

(Name and Address of Agent for Services)

(212) 762-1886

(Registrant's Telephone Number)

October 31,

Date of Fiscal Year End

October 31, 2025

Date of Reporting Period

**Item 1. Reports to Stockholders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to shareholders is attached herewith.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Morgan Stanley Income Opportunities Fund](#classname52f7dae0-aa5c-4bd1-ab52-bc777f6b999b)<br> **[Class A - DINAX](#classname52f7dae0-aa5c-4bd1-ab52-bc777f6b999b)**  |
|  [Morgan Stanley Income Opportunities Fund](#classnamecf119091-b37e-4e22-8781-c3901f9f0654)<br> **[Class C - MSIPX](#classnamecf119091-b37e-4e22-8781-c3901f9f0654)**  |
|  [Morgan Stanley Income Opportunities Fund](#classnamee3471daa-7d0d-42cf-b9e7-077e6b8618fc)<br> **[Class I - DINDX](#classnamee3471daa-7d0d-42cf-b9e7-077e6b8618fc)**  |
|  [Morgan Stanley Income Opportunities Fund](#classnamefd28c1ca-c1cc-41c5-81cd-0b14c480a4fc)<br> **[Class L - DINCX](#classnamefd28c1ca-c1cc-41c5-81cd-0b14c480a4fc)**  |
|  [Morgan Stanley Income Opportunities Fund](#classname54347e82-ca91-45bf-a40d-4f230cfb4170)<br> **[Class R6 - MGFOX](#classname54347e82-ca91-45bf-a40d-4f230cfb4170)**  |

---

# Morgan Stanley Income Opportunities Fund
![Image](tm2530347d3_tsrimg007.jpg)

# Class A DINAX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Income Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $96 | 0.92% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Index:

↑ Exposure to emerging markets debt.

↑ Exposure to non-agency mortgage-backed securities (MBS) and asset-backed securities (ABS).

↑ Exposure to agency MBS, most notably an off-benchmark exposure to agency collateralized mortgage obligations (CMOs).

↓ Underweight exposure to U.S. Treasury securities.

↓ Shorter-than-benchmark duration positioning, which was unfavorable as interest rates generally declined.

↓ Off-benchmark investments in U.S. Treasury futures and credit default swaps, which are derivative securities used primarily for duration and risk management.

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2530347d3_tsrimg008.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with maximum sales charge** | **Bloomberg U.S. Aggregate Index** | **Global Fixed Income Opportunities Blend Index** | **Bloomberg Global Aggregate (Hedged USD) Index** |
| **10/15** | $9667 | $10000 | $10000 | $10000 |
| **11/15** | $9677 | $9974 | $9834 | $10005 |
| **12/15** | $9550 | $9941 | $9887 | $9978 |
| **1/16** | $9449 | $10078 | $9972 | $10123 |
| **2/16** | $9382 | $10150 | $10194 | $10221 |
| **3/16** | $9603 | $10243 | $10470 | $10305 |
| **4/16** | $9698 | $10282 | $10609 | $10322 |
| **5/16** | $9686 | $10285 | $10467 | $10366 |
| **6/16** | $9746 | $10470 | $10773 | $10563 |
| **7/16** | $9915 | $10536 | $10854 | $10627 |
| **8/16** | $10012 | $10524 | $10801 | $10621 |
| **9/16** | $10035 | $10517 | $10860 | $10620 |
| **10/16** | $10026 | $10437 | $10559 | $10517 |
| **11/16** | $9941 | $10190 | $10140 | $10343 |
| **12/16** | $10033 | $10205 | $10093 | $10371 |
| **1/17** | $10096 | $10225 | $10056 | $10334 |
| **2/17** | $10175 | $10293 | $10142 | $10422 |
| **3/17** | $10219 | $10288 | $10138 | $10417 |
| **4/17** | $10319 | $10367 | $10206 | $10488 |
| **5/17** | $10418 | $10447 | $10266 | $10549 |
| **6/17** | $10461 | $10437 | $10237 | $10520 |
| **7/17** | $10543 | $10481 | $10271 | $10554 |
| **8/17** | $10587 | $10575 | $10364 | $10650 |
| **9/17** | $10631 | $10525 | $10317 | $10601 |
| **10/17** | $10694 | $10531 | $10360 | $10646 |
| **11/17** | $10738 | $10518 | $10376 | $10663 |
| **12/17** | $10764 | $10566 | $10399 | $10686 |
| **1/18** | $10866 | $10444 | $10325 | $10610 |
| **2/18** | $10816 | $10345 | $10302 | $10586 |
| **3/18** | $10842 | $10412 | $10387 | $10674 |
| **4/18** | $10835 | $10334 | $10349 | $10634 |
| **5/18** | $10770 | $10408 | $10387 | $10674 |
| **6/18** | $10761 | $10395 | $10407 | $10694 |
| **7/18** | $10850 | $10398 | $10409 | $10697 |
| **8/18** | $10823 | $10465 | $10441 | $10730 |
| **9/18** | $10871 | $10397 | $10402 | $10689 |
| **10/18** | $10807 | $10315 | $10381 | $10668 |
| **11/18** | $10759 | $10377 | $10432 | $10720 |
| **12/18** | $10758 | $10567 | $10583 | $10875 |
| **1/19** | $10968 | $10679 | $10695 | $10990 |
| **2/19** | $11040 | $10673 | $10708 | $11003 |
| **3/19** | $11152 | $10878 | $10899 | $11200 |
| **4/19** | $11244 | $10881 | $10906 | $11207 |
| **5/19** | $11316 | $11074 | $11063 | $11368 |
| **6/19** | $11530 | $11213 | $11218 | $11528 |
| **7/19** | $11622 | $11238 | $11306 | $11618 |
| **8/19** | $11715 | $11529 | $11563 | $11882 |
| **9/19** | $11682 | $11468 | $11509 | $11827 |
| **10/19** | $11731 | $11502 | $11489 | $11806 |
| **11/19** | $11720 | $11496 | $11476 | $11792 |
| **12/19** | $11798 | $11488 | $11452 | $11768 |
| **1/20** | $11911 | $11709 | $11659 | $11981 |
| **2/20** | $11900 | $11920 | $11802 | $12127 |
| **3/20** | $10872 | $11850 | $11618 | $11938 |
| **4/20** | $11171 | $12061 | $11806 | $12132 |
| **5/20** | $11469 | $12117 | $11839 | $12166 |
| **6/20** | $11768 | $12193 | $11898 | $12227 |
| **7/20** | $11984 | $12375 | $12028 | $12360 |
| **8/20** | $11989 | $12275 | $11941 | $12271 |
| **9/20** | $12013 | $12269 | $11985 | $12316 |
| **10/20** | $12016 | $12214 | $11986 | $12317 |
| **11/20** | $12230 | $12334 | $12054 | $12387 |
| **12/20** | $12352 | $12351 | $12091 | $12425 |
| **1/21** | $12334 | $12262 | $12026 | $12358 |
| **2/21** | $12272 | $12085 | $11839 | $12166 |
| **3/21** | $12232 | $11934 | $11793 | $12118 |
| **4/21** | $12277 | $12028 | $11823 | $12150 |
| **5/21** | $12325 | $12068 | $11850 | $12177 |
| **6/21** | $12352 | $12153 | $11908 | $12236 |
| **7/21** | $12401 | $12288 | $12056 | $12388 |
| **8/21** | $12428 | $12265 | $12032 | $12364 |
| **9/21** | $12369 | $12159 | $11918 | $12247 |
| **10/21** | $12331 | $12155 | $11887 | $12215 |
| **11/21** | $12270 | $12191 | $11972 | $12302 |
| **12/21** | $12319 | $12160 | $11923 | $12252 |
| **1/22** | $12236 | $11898 | $11736 | $12060 |
| **2/22** | $12068 | $11765 | $11580 | $11899 |
| **3/22** | $11945 | $11439 | $11330 | $11643 |
| **4/22** | $11755 | $11005 | $11025 | $11330 |
| **5/22** | $11676 | $11076 | $11010 | $11314 |
| **6/22** | $11398 | $10902 | $10843 | $11142 |
| **7/22** | $11565 | $11168 | $11119 | $11426 |
| **8/22** | $11489 | $10853 | $10829 | $11128 |
| **9/22** | $11234 | $10384 | $10481 | $10771 |
| **10/22** | $11232 | $10249 | $10446 | $10734 |
| **11/22** | $11436 | $10626 | $10712 | $11007 |
| **12/22** | $11429 | $10578 | $10585 | $10877 |
| **1/23** | $11707 | $10904 | $10829 | $11128 |
| **2/23** | $11586 | $10622 | $10656 | $10951 |
| **3/23** | $11729 | $10891 | $10893 | $11193 |
| **4/23** | $11797 | $10957 | $10949 | $11251 |
| **5/23** | $11724 | $10838 | $10906 | $11207 |
| **6/23** | $11769 | $10800 | $10899 | $11200 |
| **7/23** | $11838 | $10792 | $10903 | $11204 |
| **8/23** | $11835 | $10723 | $10889 | $11190 |
| **9/23** | $11764 | $10451 | $10701 | $10997 |
| **10/23** | $11711 | $10286 | $10625 | $10919 |
| **11/23** | $12021 | $10751 | $10991 | $11294 |
| **12/23** | $12381 | $11163 | $11342 | $11655 |
| **1/24** | $12430 | $11132 | $11320 | $11632 |
| **2/24** | $12385 | $10975 | $11242 | $11552 |
| **3/24** | $12511 | $11076 | $11343 | $11656 |
| **4/24** | $12392 | $10797 | $11161 | $11469 |
| **5/24** | $12544 | $10980 | $11259 | $11570 |
| **6/24** | $12647 | $11084 | $11357 | $11671 |
| **7/24** | $12854 | $11343 | $11577 | $11896 |
| **8/24** | $12990 | $11505 | $11703 | $12026 |
| **9/24** | $13152 | $11660 | $11839 | $12166 |
| **10/24** | $13036 | $11370 | $11679 | $12001 |
| **11/24** | $13193 | $11491 | $11818 | $12144 |
| **12/24** | $13173 | $11303 | $11727 | $12051 |
| **1/25** | $13280 | $11363 | $11772 | $12097 |
| **2/25** | $13440 | $11613 | $11914 | $12243 |
| **3/25** | $13414 | $11617 | $11864 | $12192 |
| **4/25** | $13489 | $11663 | $11981 | $12312 |
| **5/25** | $13541 | $11579 | $11942 | $12271 |
| **6/25** | $13753 | $11757 | $12125 | $12389 |
| **7/25** | $13789 | $11726 | $12093 | $12379 |
| **8/25** | $13995 | $11866 | $12238 | $12447 |
| **9/25** | $14125 | $11996 | $12371 | $12538 |
| **10/25** | $14234 | $12071 | $12449 | $12637 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class A | 9.19% | 3.45% | 3.95% |
| Class A, with 3.25% maximum front end sales charge | 5.69% | 2.77% | 3.59% |
| Bloomberg U.S. Aggregate Index | 6.16% | (0.24)% | 1.90% |
| Global Fixed Income Opportunities Blend Index<sup>Footnote Reference1</sup> | 6.59% | 0.76% | 2.21% |
| Bloomberg Global Aggregate (Hedged USD) Index | 5.30% | 0.52% | 2.37% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Global Fixed Income Opportunities Blend Index is a performance linked benchmark of the old benchmarks represented by Bloomberg Global Aggregate Index (unhedged USD) (a benchmark that provides a broad-based measure of the global investment grade fixed rate debt markets with returns in unhedged USD) from the Fund's inception to December 31, 2016, the Bloomberg Global Aggregate (Hedged USD) Index from January 1, 2017 to May 30, 2025 and the new benchmark represented by Bloomberg U.S. Aggregate Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $324846625 |
| # of Portfolio Holdings | 333 |
| Portfolio Turnover Rate | 304% |
| Total Advisory Fees Paid | $1859896 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530347d3_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Senior Loan Interests | 0.5% |
| Short-Term Investments | 0.8% |
| Investment Companies | 3.8% |
| Commercial Mortgage-Backed Securities | 4.3% |
| Collateralized Mortgage Obligations - Agency Collateral Series | 10.0% |
| Asset-Backed Securities | 13.2% |
| Mortgages - Other | 13.8% |
| Agency Fixed Rate Mortgages | 15.9% |
| Sovereign | 17.9% |
| Corporate Bonds | 19.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](tm2530347d3_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 9.4% |
| Not Rated | 3.7% |
| D | 2.8% |
| CC | 1.0% |
| CCC | 7.4% |
| B | 18.0% |
| BB | 21.9% |
| BBB | 25.9% |
| A | 4.7% |
| AA | 3.1% |
| AAA | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information please contact us at 1-800-869-6397.

At a meeting held on April 23-24, 2025, the Board of Trustees (the "Trustees") of the Fund, formerly Morgan Stanley Global Fixed Income Opportunities Fund (the "Acquired Fund") unanimously approved the reorganiztion of the Acquired Fund into a newly-created exchange-traded fund ("ETF"), which will be managed by Morgan Stanley Investment Management, Inc. The Trustees, who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Acquired Fund, determined that participation in the Reorganization (as defined below) is in the best interest of the Acquired Fund and the interests of the existing shareholders of the Acquired Fund will not be diluted as a result of the Reorganization. Subject to shareholder approval, the Acquired Fund will be reorganized into a newly-created ETF, Eaton Vance Income Opportunities ETF, a series of Morgan Stanley ETF Trust (the "Reorganization"). On September 15, 2025, a special meeting of shareholders was held and the Reorganization was approved. The Reorganization occurred at the close of busness on November 7, 2025.

## Additional Information
![QR Code](tm2530347d3_tsrimg001.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# DINAX -TSR-AR

# Morgan Stanley Income Opportunities Fund
![Image](tm2530347d3_tsrimg007.jpg)

# Class C MSIPX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Income Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $168 | 1.61% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Index:

↑ Exposure to emerging markets debt.

↑ Exposure to non-agency mortgage-backed securities (MBS) and asset-backed securities (ABS).

↑ Exposure to agency MBS, most notably an off-benchmark exposure to agency collateralized mortgage obligations (CMOs).

↓ Underweight exposure to U.S. Treasury securities.

↓ Shorter-than-benchmark duration positioning, which was unfavorable as interest rates generally declined.

↓ Off-benchmark investments in U.S. Treasury futures and credit default swaps, which are derivative securities used primarily for duration and risk management.

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2530347d3_tsrimg005.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **Bloomberg U.S. Aggregate Index** | **Global Fixed Income Opportunities Blend Index** | **Bloomberg Global Aggregate (Hedged USD) Index** |
| **10/15** | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $9988 | $9974 | $9834 | $10005 |
| **12/15** | $9870 | $9941 | $9887 | $9978 |
| **01/16** | $9742 | $10078 | $9972 | $10123 |
| **02/16** | $9687 | $10150 | $10194 | $10221 |
| **03/16** | $9891 | $10243 | $10470 | $10305 |
| **04/16** | $10002 | $10282 | $10609 | $10322 |
| **05/16** | $9984 | $10285 | $10467 | $10366 |
| **06/16** | $10022 | $10470 | $10773 | $10563 |
| **07/16** | $10190 | $10536 | $10854 | $10627 |
| **08/16** | $10302 | $10524 | $10801 | $10621 |
| **09/16** | $10321 | $10517 | $10860 | $10620 |
| **10/16** | $10303 | $10437 | $10559 | $10517 |
| **11/16** | $10192 | $10190 | $10140 | $10343 |
| **12/16** | $10280 | $10205 | $10093 | $10371 |
| **01/17** | $10358 | $10225 | $10056 | $10334 |
| **02/17** | $10415 | $10293 | $10142 | $10422 |
| **03/17** | $10454 | $10288 | $10138 | $10417 |
| **04/17** | $10550 | $10367 | $10206 | $10488 |
| **05/17** | $10646 | $10447 | $10266 | $10549 |
| **06/17** | $10703 | $10437 | $10237 | $10520 |
| **07/17** | $10780 | $10481 | $10271 | $10554 |
| **08/17** | $10819 | $10575 | $10364 | $10650 |
| **09/17** | $10858 | $10525 | $10317 | $10601 |
| **10/17** | $10897 | $10531 | $10360 | $10646 |
| **11/17** | $10935 | $10518 | $10376 | $10663 |
| **12/17** | $10955 | $10566 | $10399 | $10686 |
| **01/18** | $11053 | $10444 | $10325 | $10610 |
| **02/18** | $10997 | $10345 | $10302 | $10586 |
| **03/18** | $11017 | $10412 | $10387 | $10674 |
| **04/18** | $11022 | $10334 | $10349 | $10634 |
| **05/18** | $10929 | $10408 | $10387 | $10674 |
| **06/18** | $10914 | $10395 | $10407 | $10694 |
| **07/18** | $10997 | $10398 | $10409 | $10697 |
| **08/18** | $10982 | $10465 | $10441 | $10730 |
| **09/18** | $11005 | $10397 | $10402 | $10689 |
| **10/18** | $10933 | $10315 | $10381 | $10668 |
| **11/18** | $10879 | $10377 | $10432 | $10720 |
| **12/18** | $10871 | $10567 | $10583 | $10875 |
| **01/19** | $11077 | $10679 | $10695 | $10990 |
| **02/19** | $11164 | $10673 | $10708 | $11003 |
| **03/19** | $11250 | $10878 | $10899 | $11200 |
| **04/19** | $11335 | $10881 | $10906 | $11207 |
| **05/19** | $11401 | $11074 | $11063 | $11368 |
| **06/19** | $11610 | $11213 | $11218 | $11528 |
| **07/19** | $11696 | $11238 | $11306 | $11618 |
| **08/19** | $11782 | $11529 | $11563 | $11882 |
| **09/19** | $11762 | $11468 | $11509 | $11827 |
| **10/19** | $11783 | $11502 | $11489 | $11806 |
| **11/19** | $11765 | $11496 | $11476 | $11792 |
| **12/19** | $11837 | $11488 | $11452 | $11768 |
| **01/20** | $11944 | $11709 | $11659 | $11981 |
| **02/20** | $11926 | $11920 | $11802 | $12127 |
| **03/20** | $10886 | $11850 | $11618 | $11938 |
| **04/20** | $11180 | $12061 | $11806 | $12132 |
| **05/20** | $11472 | $12117 | $11839 | $12166 |
| **06/20** | $11765 | $12193 | $11898 | $12227 |
| **07/20** | $11973 | $12375 | $12028 | $12360 |
| **08/20** | $11971 | $12275 | $11941 | $12271 |
| **09/20** | $11988 | $12269 | $11985 | $12316 |
| **10/20** | $11982 | $12214 | $11986 | $12317 |
| **11/20** | $12189 | $12334 | $12054 | $12387 |
| **12/20** | $12303 | $12351 | $12091 | $12425 |
| **01/21** | $12276 | $12262 | $12026 | $12358 |
| **02/21** | $12208 | $12085 | $11839 | $12166 |
| **03/21** | $12161 | $11934 | $11793 | $12118 |
| **04/21** | $12199 | $12028 | $11823 | $12150 |
| **05/21** | $12260 | $12068 | $11850 | $12177 |
| **06/21** | $12258 | $12153 | $11908 | $12236 |
| **07/21** | $12299 | $12288 | $12056 | $12388 |
| **08/21** | $12319 | $12265 | $12032 | $12364 |
| **09/21** | $12253 | $12159 | $11918 | $12247 |
| **10/21** | $12207 | $12155 | $11887 | $12215 |
| **11/21** | $12140 | $12191 | $11972 | $12302 |
| **12/21** | $12181 | $12160 | $11923 | $12252 |
| **01/22** | $12091 | $11898 | $11736 | $12060 |
| **02/22** | $11917 | $11765 | $11580 | $11899 |
| **03/22** | $11788 | $11439 | $11330 | $11643 |
| **04/22** | $11593 | $11005 | $11025 | $11330 |
| **05/22** | $11508 | $11076 | $11010 | $11314 |
| **06/22** | $11226 | $10902 | $10843 | $11142 |
| **07/22** | $11405 | $11168 | $11119 | $11426 |
| **08/22** | $11323 | $10853 | $10829 | $11128 |
| **09/22** | $11065 | $10384 | $10481 | $10771 |
| **10/22** | $11034 | $10249 | $10446 | $10734 |
| **11/22** | $11227 | $10626 | $10712 | $11007 |
| **12/22** | $11213 | $10578 | $10585 | $10877 |
| **01/23** | $11502 | $10904 | $10829 | $11128 |
| **02/23** | $11353 | $10622 | $10656 | $10951 |
| **03/23** | $11486 | $10891 | $10893 | $11193 |
| **04/23** | $11568 | $10957 | $10949 | $11251 |
| **05/23** | $11466 | $10838 | $10906 | $11207 |
| **06/23** | $11503 | $10800 | $10899 | $11200 |
| **07/23** | $11586 | $10792 | $10903 | $11204 |
| **08/23** | $11552 | $10723 | $10889 | $11190 |
| **09/23** | $11476 | $10451 | $10701 | $10997 |
| **10/23** | $11417 | $10286 | $10625 | $10919 |
| **11/23** | $11718 | $10751 | $10991 | $11294 |
| **12/23** | $12069 | $11163 | $11342 | $11655 |
| **01/24** | $12118 | $11132 | $11320 | $11632 |
| **02/24** | $12074 | $10975 | $11242 | $11552 |
| **03/24** | $12196 | $11076 | $11343 | $11656 |
| **04/24** | $12081 | $10797 | $11161 | $11469 |
| **05/24** | $12229 | $10980 | $11259 | $11570 |
| **06/24** | $12329 | $11084 | $11357 | $11671 |
| **07/24** | $12531 | $11343 | $11577 | $11896 |
| **08/24** | $12664 | $11505 | $11703 | $12026 |
| **09/24** | $12821 | $11660 | $11839 | $12166 |
| **10/24** | $12708 | $11370 | $11679 | $12001 |
| **11/24** | $12862 | $11491 | $11818 | $12144 |
| **12/24** | $12842 | $11303 | $11727 | $12051 |
| **01/25** | $12946 | $11363 | $11772 | $12097 |
| **02/25** | $13102 | $11613 | $11914 | $12243 |
| **03/25** | $13077 | $11617 | $11864 | $12192 |
| **04/25** | $13150 | $11663 | $11981 | $12312 |
| **05/25** | $13200 | $11579 | $11942 | $12271 |
| **06/25** | $13407 | $11757 | $12125 | $12389 |
| **07/25** | $13442 | $11726 | $12093 | $12379 |
| **08/25** | $13643 | $11866 | $12238 | $12447 |
| **09/25** | $13770 | $11996 | $12371 | $12538 |
| **10/25** | $13876 | $12071 | $12449 | $12637 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 8.23% | 2.68% | 3.33% |
| Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years | 7.23% | 2.68% | 3.33% |
| Bloomberg U.S. Aggregate Index | 6.16% | (0.24)% | 1.90% |
| Global Fixed Income Opportunities Blend Index<sup>Footnote Reference1</sup> | 6.59% | 0.76% | 2.21% |
| Bloomberg Global Aggregate (Hedged USD) Index | 5.30% | 0.52% | 2.37% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Global Fixed Income Opportunities Blend Index is a performance linked benchmark of the old benchmarks represented by Bloomberg Global Aggregate Index (unhedged USD) (a benchmark that provides a broad-based measure of the global investment grade fixed rate debt markets with returns in unhedged USD) from the Fund's inception to December 31, 2016, the Bloomberg Global Aggregate (Hedged USD) Index from January 1, 2017 to May 30, 2025 and the new benchmark represented by Bloomberg U.S. Aggregate Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $324846625 |
| # of Portfolio Holdings | 333 |
| Portfolio Turnover Rate | 304% |
| Total Advisory Fees Paid | $1859896 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530347d3_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Senior Loan Interests | 0.5% |
| Short-Term Investments | 0.8% |
| Investment Companies | 3.8% |
| Commercial Mortgage-Backed Securities | 4.3% |
| Collateralized Mortgage Obligations - Agency Collateral Series | 10.0% |
| Asset-Backed Securities | 13.2% |
| Mortgages - Other | 13.8% |
| Agency Fixed Rate Mortgages | 15.9% |
| Sovereign | 17.9% |
| Corporate Bonds | 19.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](tm2530347d3_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 9.4% |
| Not Rated | 3.7% |
| D | 2.8% |
| CC | 1.0% |
| CCC | 7.4% |
| B | 18.0% |
| BB | 21.9% |
| BBB | 25.9% |
| A | 4.7% |
| AA | 3.1% |
| AAA | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information please contact us at 1-800-869-6397.

At a meeting held on April 23-24, 2025, the Board of Trustees (the "Trustees") of the Fund, formerly Morgan Stanley Global Fixed Income Opportunities Fund (the "Acquired Fund") unanimously approved the reorganiztion of the Acquired Fund into a newly-created exchange-traded fund ("ETF"), which will be managed by Morgan Stanley Investment Management, Inc. The Trustees, who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Acquired Fund, determined that participation in the Reorganization (as defined below) is in the best interest of the Acquired Fund and the interests of the existing shareholders of the Acquired Fund will not be diluted as a result of the Reorganization. Subject to shareholder approval, the Acquired Fund will be reorganized into a newly-created ETF, Eaton Vance Income Opportunities ETF, a series of Morgan Stanley ETF Trust (the "Reorganization"). On September 15, 2025, a special meeting of shareholders was held and the Reorganization was approved. The Reorganization occurred at the close of busness on November 7, 2025.

## Additional Information
![QR Code](tm2530347d3_tsrimg001.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# MSIPX -TSR-AR

# Morgan Stanley Income Opportunities Fund
![Image](tm2530347d3_tsrimg007.jpg)

# Class I DINDX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Income Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $61 | 0.58% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Index:

↑ Exposure to emerging markets debt.

↑ Exposure to non-agency mortgage-backed securities (MBS) and asset-backed securities (ABS).

↑ Exposure to agency MBS, most notably an off-benchmark exposure to agency collateralized mortgage obligations (CMOs).

↓ Underweight exposure to U.S. Treasury securities.

↓ Shorter-than-benchmark duration positioning, which was unfavorable as interest rates generally declined.

↓ Off-benchmark investments in U.S. Treasury futures and credit default swaps, which are derivative securities used primarily for duration and risk management.

## Fund Performance
Comparison of the change in value of a $1,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2530347d3_tsrimg009.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Index** | **Global Fixed Income Opportunities Blend Index** | **Bloomberg Global Aggregate (Hedged USD) Index** |
| **10/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **11/15** | $999571 | $997358 | $983444 | $1000460 |
| **12/15** | $988695 | $994135 | $988671 | $997753 |
| **1/16** | $976749 | $1007816 | $997239 | $1012349 |
| **2/16** | $972074 | $1014965 | $1019445 | $1022079 |
| **3/16** | $993098 | $1024277 | $1046993 | $1030494 |
| **4/16** | $1004917 | $1028209 | $1060920 | $1032243 |
| **5/16** | $1003978 | $1028473 | $1046687 | $1036607 |
| **6/16** | $1010383 | $1046952 | $1077253 | $1056340 |
| **7/16** | $1027908 | $1053571 | $1085373 | $1062651 |
| **8/16** | $1038136 | $1052366 | $1080101 | $1062109 |
| **9/16** | $1040830 | $1051750 | $1086048 | $1061982 |
| **10/16** | $1039988 | $1043705 | $1055905 | $1051685 |
| **11/16** | $1031591 | $1019017 | $1013952 | $1034316 |
| **12/16** | $1041325 | $1020455 | $1009294 | $1037150 |
| **1/17** | $1048046 | $1022457 | $1005618 | $1033372 |
| **2/17** | $1056509 | $1029329 | $1014226 | $1042218 |
| **3/17** | $1061261 | $1028789 | $1013758 | $1041737 |
| **4/17** | $1071792 | $1036728 | $1020633 | $1048802 |
| **5/17** | $1082280 | $1044708 | $1026590 | $1054924 |
| **6/17** | $1087016 | $1043657 | $1023717 | $1051971 |
| **7/17** | $1097595 | $1048148 | $1027082 | $1055429 |
| **8/17** | $1100536 | $1057549 | $1036442 | $1065048 |
| **9/17** | $1107245 | $1052512 | $1031658 | $1060131 |
| **10/17** | $1112079 | $1053122 | $1036009 | $1064602 |
| **11/17** | $1116904 | $1051770 | $1037614 | $1066252 |
| **12/17** | $1119832 | $1056597 | $1039933 | $1068635 |
| **1/18** | $1132603 | $1044429 | $1032510 | $1061006 |
| **2/18** | $1127790 | $1034528 | $1030182 | $1058614 |
| **3/18** | $1128778 | $1041163 | $1038723 | $1067391 |
| **4/18** | $1130248 | $1033419 | $1034858 | $1063420 |
| **5/18** | $1121787 | $1040794 | $1038724 | $1067392 |
| **6/18** | $1123131 | $1039514 | $1040660 | $1069382 |
| **7/18** | $1130528 | $1039761 | $1040945 | $1069675 |
| **8/18** | $1129923 | $1046452 | $1044145 | $1072963 |
| **9/18** | $1135329 | $1039713 | $1040150 | $1068858 |
| **10/18** | $1127012 | $1031497 | $1038118 | $1066769 |
| **11/18** | $1124430 | $1037654 | $1043197 | $1071989 |
| **12/18** | $1122541 | $1056718 | $1058266 | $1087473 |
| **1/19** | $1146579 | $1067939 | $1069475 | $1098992 |
| **2/19** | $1154238 | $1067321 | $1070760 | $1100312 |
| **3/19** | $1166028 | $1087815 | $1089938 | $1120019 |
| **4/19** | $1173705 | $1088094 | $1090587 | $1120687 |
| **5/19** | $1183486 | $1107409 | $1106280 | $1136813 |
| **6/19** | $1205832 | $1121316 | $1121792 | $1152753 |
| **7/19** | $1213578 | $1123782 | $1130619 | $1161824 |
| **8/19** | $1225546 | $1152902 | $1156260 | $1188172 |
| **9/19** | $1222387 | $1146761 | $1150902 | $1182666 |
| **10/19** | $1227665 | $1150215 | $1148915 | $1180625 |
| **11/19** | $1226819 | $1149630 | $1147567 | $1179239 |
| **12/19** | $1235249 | $1148828 | $1145214 | $1176822 |
| **1/20** | $1247217 | $1170937 | $1165881 | $1198059 |
| **2/20** | $1246360 | $1192012 | $1180151 | $1212722 |
| **3/20** | $1138056 | $1184998 | $1161784 | $1193848 |
| **4/20** | $1169309 | $1206062 | $1180591 | $1213175 |
| **5/20** | $1202594 | $1211678 | $1183938 | $1216614 |
| **6/20** | $1233802 | $1219310 | $1189846 | $1222685 |
| **7/20** | $1256393 | $1237523 | $1202849 | $1236047 |
| **8/20** | $1257264 | $1227534 | $1194132 | $1227090 |
| **9/20** | $1259992 | $1226861 | $1198495 | $1231572 |
| **10/20** | $1260539 | $1221383 | $1198582 | $1231662 |
| **11/20** | $1285202 | $1233367 | $1205421 | $1238690 |
| **12/20** | $1298213 | $1235067 | $1209124 | $1242495 |
| **1/21** | $1296560 | $1226212 | $1202639 | $1235831 |
| **2/21** | $1288277 | $1208504 | $1183931 | $1216607 |
| **3/21** | $1284404 | $1193414 | $1179267 | $1211814 |
| **4/21** | $1291613 | $1202842 | $1182350 | $1214982 |
| **5/21** | $1296837 | $1206772 | $1184989 | $1217694 |
| **6/21** | $1297729 | $1215251 | $1190768 | $1223632 |
| **7/21** | $1303089 | $1228839 | $1205567 | $1238840 |
| **8/21** | $1306224 | $1226499 | $1203152 | $1236358 |
| **9/21** | $1300389 | $1215880 | $1191793 | $1224686 |
| **10/21** | $1296676 | $1215545 | $1188677 | $1221483 |
| **11/21** | $1292955 | $1219141 | $1197156 | $1230196 |
| **12/21** | $1298391 | $1216021 | $1192300 | $1225207 |
| **1/22** | $1287781 | $1189823 | $1173568 | $1205958 |
| **2/22** | $1270511 | $1176549 | $1157957 | $1189916 |
| **3/22** | $1258012 | $1143863 | $1132996 | $1164266 |
| **4/22** | $1238579 | $1100455 | $1102545 | $1132975 |
| **5/22** | $1230621 | $1107551 | $1101028 | $1131416 |
| **6/22** | $1201923 | $1090175 | $1084319 | $1114245 |
| **7/22** | $1219558 | $1116813 | $1111937 | $1142626 |
| **8/22** | $1211994 | $1085256 | $1082909 | $1112797 |
| **9/22** | $1185722 | $1038366 | $1048145 | $1077074 |
| **10/22** | $1183379 | $1024917 | $1044558 | $1073387 |
| **11/22** | $1204847 | $1062609 | $1071176 | $1100740 |
| **12/22** | $1206802 | $1057816 | $1058534 | $1087749 |
| **1/23** | $1236067 | $1090358 | $1082915 | $1112803 |
| **2/23** | $1223706 | $1062167 | $1065643 | $1095054 |
| **3/23** | $1238911 | $1089148 | $1089273 | $1119336 |
| **4/23** | $1248686 | $1095749 | $1094881 | $1125099 |
| **5/23** | $1238873 | $1083818 | $1090570 | $1120669 |
| **6/23** | $1243799 | $1079952 | $1089919 | $1120001 |
| **7/23** | $1251217 | $1079200 | $1090272 | $1120363 |
| **8/23** | $1251217 | $1072306 | $1088902 | $1118956 |
| **9/23** | $1244051 | $1045057 | $1070124 | $1099659 |
| **10/23** | $1238795 | $1028565 | $1062526 | $1091851 |
| **11/23** | $1273848 | $1075145 | $1099059 | $1129392 |
| **12/23** | $1309172 | $1116300 | $1134183 | $1165486 |
| **1/24** | $1314616 | $1113235 | $1131960 | $1163201 |
| **2/24** | $1310167 | $1097507 | $1124193 | $1155220 |
| **3/24** | $1323575 | $1107641 | $1134330 | $1165637 |
| **4/24** | $1313956 | $1079664 | $1116067 | $1146869 |
| **5/24** | $1330058 | $1097968 | $1125942 | $1157018 |
| **6/24** | $1341056 | $1108362 | $1135712 | $1167057 |
| **7/24** | $1362887 | $1134250 | $1157653 | $1189603 |
| **8/24** | $1377377 | $1150549 | $1170332 | $1202633 |
| **9/24** | $1394562 | $1165955 | $1183913 | $1216588 |
| **10/24** | $1382830 | $1137040 | $1167892 | $1200125 |
| **11/24** | $1399520 | $1149062 | $1181764 | $1214380 |
| **12/24** | $1397669 | $1130257 | $1172695 | $1205061 |
| **1/25** | $1409160 | $1136253 | $1177239 | $1209730 |
| **2/25** | $1426070 | $1161253 | $1191414 | $1224296 |
| **3/25** | $1423779 | $1161690 | $1186443 | $1219188 |
| **4/25** | $1431899 | $1166255 | $1198124 | $1231191 |
| **5/25** | $1437605 | $1157905 | $1194163 | $1227121 |
| **6/25** | $1460180 | $1175709 | $1212525 | $1238873 |
| **7/25** | $1464290 | $1172608 | $1209327 | $1237881 |
| **8/25** | $1489061 | $1186633 | $1223791 | $1244665 |
| **9/25** | $1500824 | $1199578 | $1237141 | $1253833 |
| **10/25** | $1513354 | $1207072 | $1244870 | $1263731 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class I | 9.44% | 3.72% | 4.23% |
| Bloomberg U.S. Aggregate Index | 6.16% | (0.24)% | 1.90% |
| Global Fixed Income Opportunities Blend Index<sup>Footnote Reference1</sup> | 6.59% | 0.76% | 2.21% |
| Bloomberg Global Aggregate (Hedged USD) Index | 5.30% | 0.52% | 2.37% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Global Fixed Income Opportunities Blend Index is a performance linked benchmark of the old benchmarks represented by Bloomberg Global Aggregate Index (unhedged USD) (a benchmark that provides a broad-based measure of the global investment grade fixed rate debt markets with returns in unhedged USD) from the Fund's inception to December 31, 2016, the Bloomberg Global Aggregate (Hedged USD) Index from January 1, 2017 to May 30, 2025 and the new benchmark represented by Bloomberg U.S. Aggregate Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $324846625 |
| # of Portfolio Holdings | 333 |
| Portfolio Turnover Rate | 304% |
| Total Advisory Fees Paid | $1859896 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530347d3_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Senior Loan Interests | 0.5% |
| Short-Term Investments | 0.8% |
| Investment Companies | 3.8% |
| Commercial Mortgage-Backed Securities | 4.3% |
| Collateralized Mortgage Obligations - Agency Collateral Series | 10.0% |
| Asset-Backed Securities | 13.2% |
| Mortgages - Other | 13.8% |
| Agency Fixed Rate Mortgages | 15.9% |
| Sovereign | 17.9% |
| Corporate Bonds | 19.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](tm2530347d3_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 9.4% |
| Not Rated | 3.7% |
| D | 2.8% |
| CC | 1.0% |
| CCC | 7.4% |
| B | 18.0% |
| BB | 21.9% |
| BBB | 25.9% |
| A | 4.7% |
| AA | 3.1% |
| AAA | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information please contact us at 1-800-869-6397.

At a meeting held on April 23-24, 2025, the Board of Trustees (the "Trustees") of the Fund, formerly Morgan Stanley Global Fixed Income Opportunities Fund (the "Acquired Fund") unanimously approved the reorganiztion of the Acquired Fund into a newly-created exchange-traded fund ("ETF"), which will be managed by Morgan Stanley Investment Management, Inc. The Trustees, who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Acquired Fund, determined that participation in the Reorganization (as defined below) is in the best interest of the Acquired Fund and the interests of the existing shareholders of the Acquired Fund will not be diluted as a result of the Reorganization. Subject to shareholder approval, the Acquired Fund will be reorganized into a newly-created ETF, Eaton Vance Income Opportunities ETF, a series of Morgan Stanley ETF Trust (the "Reorganization"). On September 15, 2025, a special meeting of shareholders was held and the Reorganization was approved. The Reorganization occurred at the close of busness on November 7, 2025.

## Additional Information
![QR Code](tm2530347d3_tsrimg001.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# DINDX -TSR-AR

# Morgan Stanley Income Opportunities Fund
![Image](tm2530347d3_tsrimg007.jpg)

# Class L DINCX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Income Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class L | $127 | 1.22% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Index:

↑ Exposure to emerging markets debt.

↑ Exposure to non-agency mortgage-backed securities (MBS) and asset-backed securities (ABS).

↑ Exposure to agency MBS, most notably an off-benchmark exposure to agency collateralized mortgage obligations (CMOs).

↓ Underweight exposure to U.S. Treasury securities.

↓ Shorter-than-benchmark duration positioning, which was unfavorable as interest rates generally declined.

↓ Off-benchmark investments in U.S. Treasury futures and credit default swaps, which are derivative securities used primarily for duration and risk management.

## Fund Performance
Comparison of the change in value of a $10,000 investment for the period indicated.

![Growth of 10K Chart](tm2530347d3_tsrimg003.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class L** | **Bloomberg U.S. Aggregate Index** | **Global Fixed Income Opportunities Blend Index** | **Bloomberg Global Aggregate (Hedged USD) Index** |
| **10/15** | $10000 | $10000 | $10000 | $10000 |
| **11/15** | $9991 | $9974 | $9834 | $10005 |
| **12/15** | $9876 | $9941 | $9887 | $9978 |
| **01/16** | $9769 | $10078 | $9972 | $10123 |
| **02/16** | $9699 | $10150 | $10194 | $10221 |
| **03/16** | $9907 | $10243 | $10470 | $10305 |
| **04/16** | $10022 | $10282 | $10609 | $10322 |
| **05/16** | $10008 | $10285 | $10467 | $10366 |
| **06/16** | $10068 | $10470 | $10773 | $10563 |
| **07/16** | $10240 | $10536 | $10854 | $10627 |
| **08/16** | $10338 | $10524 | $10801 | $10621 |
| **09/16** | $10361 | $10517 | $10860 | $10620 |
| **10/16** | $10348 | $10437 | $10559 | $10517 |
| **11/16** | $10258 | $10190 | $10140 | $10343 |
| **12/16** | $10351 | $10205 | $10093 | $10371 |
| **01/17** | $10414 | $10225 | $10056 | $10334 |
| **02/17** | $10494 | $10293 | $10142 | $10422 |
| **03/17** | $10536 | $10288 | $10138 | $10417 |
| **04/17** | $10637 | $10367 | $10206 | $10488 |
| **05/17** | $10737 | $10447 | $10266 | $10549 |
| **06/17** | $10780 | $10437 | $10237 | $10520 |
| **07/17** | $10861 | $10481 | $10271 | $10554 |
| **08/17** | $10905 | $10575 | $10364 | $10650 |
| **09/17** | $10948 | $10525 | $10317 | $10601 |
| **10/17** | $11011 | $10531 | $10360 | $10646 |
| **11/17** | $11035 | $10518 | $10376 | $10663 |
| **12/17** | $11058 | $10566 | $10399 | $10686 |
| **01/18** | $11181 | $10444 | $10325 | $10610 |
| **02/18** | $11127 | $10345 | $10302 | $10586 |
| **03/18** | $11152 | $10412 | $10387 | $10674 |
| **04/18** | $11141 | $10334 | $10349 | $10634 |
| **05/18** | $11072 | $10408 | $10387 | $10674 |
| **06/18** | $11061 | $10395 | $10407 | $10694 |
| **07/18** | $11150 | $10398 | $10409 | $10697 |
| **08/18** | $11120 | $10465 | $10441 | $10730 |
| **09/18** | $11168 | $10397 | $10402 | $10689 |
| **10/18** | $11100 | $10315 | $10381 | $10668 |
| **11/18** | $11049 | $10377 | $10432 | $10720 |
| **12/18** | $11046 | $10567 | $10583 | $10875 |
| **01/19** | $11259 | $10679 | $10695 | $10990 |
| **02/19** | $11330 | $10673 | $10708 | $11003 |
| **03/19** | $11442 | $10878 | $10899 | $11200 |
| **04/19** | $11514 | $10881 | $10906 | $11207 |
| **05/19** | $11606 | $11074 | $11063 | $11368 |
| **06/19** | $11822 | $11213 | $11218 | $11528 |
| **07/19** | $11894 | $11238 | $11306 | $11618 |
| **08/19** | $12007 | $11529 | $11563 | $11882 |
| **09/19** | $11971 | $11468 | $11509 | $11827 |
| **10/19** | $12016 | $11502 | $11489 | $11806 |
| **11/19** | $12002 | $11496 | $11476 | $11792 |
| **12/19** | $12079 | $11488 | $11452 | $11768 |
| **01/20** | $12191 | $11709 | $11659 | $11981 |
| **02/20** | $12177 | $11920 | $11802 | $12127 |
| **03/20** | $11122 | $11850 | $11618 | $11938 |
| **04/20** | $11406 | $12061 | $11806 | $12132 |
| **05/20** | $11730 | $12117 | $11839 | $12166 |
| **06/20** | $12012 | $12193 | $11898 | $12227 |
| **07/20** | $12230 | $12375 | $12028 | $12360 |
| **08/20** | $12255 | $12275 | $11941 | $12271 |
| **09/20** | $12277 | $12269 | $11985 | $12316 |
| **10/20** | $12255 | $12214 | $11986 | $12317 |
| **11/20** | $12493 | $12334 | $12054 | $12387 |
| **12/20** | $12615 | $12351 | $12091 | $12425 |
| **01/21** | $12592 | $12262 | $12026 | $12358 |
| **02/21** | $12527 | $12085 | $11839 | $12166 |
| **03/21** | $12462 | $11934 | $11793 | $12118 |
| **04/21** | $12527 | $12028 | $11823 | $12150 |
| **05/21** | $12573 | $12068 | $11850 | $12177 |
| **06/21** | $12598 | $12153 | $11908 | $12236 |
| **07/21** | $12645 | $12288 | $12056 | $12388 |
| **08/21** | $12648 | $12265 | $12032 | $12364 |
| **09/21** | $12606 | $12159 | $11918 | $12247 |
| **10/21** | $12562 | $12155 | $11887 | $12215 |
| **11/21** | $12497 | $12191 | $11972 | $12302 |
| **12/21** | $12544 | $12160 | $11923 | $12252 |
| **01/22** | $12433 | $11898 | $11736 | $12060 |
| **02/22** | $12259 | $11765 | $11580 | $11899 |
| **03/22** | $12153 | $11439 | $11330 | $11643 |
| **04/22** | $11958 | $11005 | $11025 | $11330 |
| **05/22** | $11874 | $11076 | $11010 | $11314 |
| **06/22** | $11589 | $10902 | $10843 | $11142 |
| **07/22** | $11756 | $11168 | $11119 | $11426 |
| **08/22** | $11676 | $10853 | $10829 | $11128 |
| **09/22** | $11414 | $10384 | $10481 | $10771 |
| **10/22** | $11385 | $10249 | $10446 | $10734 |
| **11/22** | $11589 | $10626 | $10712 | $11007 |
| **12/22** | $11602 | $10578 | $10585 | $10877 |
| **01/23** | $11881 | $10904 | $10829 | $11128 |
| **02/23** | $11755 | $10622 | $10656 | $10951 |
| **03/23** | $11873 | $10891 | $10893 | $11193 |
| **04/23** | $11961 | $10957 | $10949 | $11251 |
| **05/23** | $11884 | $10838 | $10906 | $11207 |
| **06/23** | $11902 | $10800 | $10899 | $11200 |
| **07/23** | $11992 | $10792 | $10903 | $11204 |
| **08/23** | $11986 | $10723 | $10889 | $11190 |
| **09/23** | $11886 | $10451 | $10701 | $10997 |
| **10/23** | $11851 | $10286 | $10625 | $10919 |
| **11/23** | $12160 | $10751 | $10991 | $11294 |
| **12/23** | $12496 | $11163 | $11342 | $11655 |
| **01/24** | $12566 | $11132 | $11320 | $11632 |
| **02/24** | $12518 | $10975 | $11242 | $11552 |
| **03/24** | $12642 | $11076 | $11343 | $11656 |
| **04/24** | $12518 | $10797 | $11161 | $11469 |
| **05/24** | $12668 | $10980 | $11259 | $11570 |
| **06/24** | $12768 | $11084 | $11357 | $11671 |
| **07/24** | $12974 | $11343 | $11577 | $11896 |
| **08/24** | $13108 | $11505 | $11703 | $12026 |
| **09/24** | $13266 | $11660 | $11839 | $12166 |
| **10/24** | $13143 | $11370 | $11679 | $12001 |
| **11/24** | $13298 | $11491 | $11818 | $12144 |
| **12/24** | $13247 | $11303 | $11727 | $12051 |
| **01/25** | $13377 | $11363 | $11772 | $12097 |
| **02/25** | $13533 | $11613 | $11914 | $12243 |
| **03/25** | $13478 | $11617 | $11864 | $12192 |
| **04/25** | $13576 | $11663 | $11981 | $12312 |
| **05/25** | $13624 | $11579 | $11942 | $12271 |
| **06/25** | $13833 | $11757 | $12125 | $12389 |
| **07/25** | $13838 | $11726 | $12093 | $12379 |
| **08/25** | $14068 | $11866 | $12238 | $12447 |
| **09/25** | $14199 | $11996 | $12371 | $12538 |
| **10/25** | $14308 | $12071 | $12449 | $12637 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class L | 8.86% | 3.15% | 3.65% |
| Bloomberg U.S. Aggregate Index | 6.16% | (0.24)% | 1.90% |
| Global Fixed Income Opportunities Blend Index<sup>Footnote Reference1</sup> | 6.59% | 0.76% | 2.21% |
| Bloomberg Global Aggregate (Hedged USD) Index | 5.30% | 0.52% | 2.37% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Global Fixed Income Opportunities Blend Index is a performance linked benchmark of the old benchmarks represented by Bloomberg Global Aggregate Index (unhedged USD) (a benchmark that provides a broad-based measure of the global investment grade fixed rate debt markets with returns in unhedged USD) from the Fund's inception to December 31, 2016, the Bloomberg Global Aggregate (Hedged USD) Index from January 1, 2017 to May 30, 2025 and the new benchmark represented by Bloomberg U.S. Aggregate Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $324846625 |
| # of Portfolio Holdings | 333 |
| Portfolio Turnover Rate | 304% |
| Total Advisory Fees Paid | $1859896 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530347d3_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Senior Loan Interests | 0.5% |
| Short-Term Investments | 0.8% |
| Investment Companies | 3.8% |
| Commercial Mortgage-Backed Securities | 4.3% |
| Collateralized Mortgage Obligations - Agency Collateral Series | 10.0% |
| Asset-Backed Securities | 13.2% |
| Mortgages - Other | 13.8% |
| Agency Fixed Rate Mortgages | 15.9% |
| Sovereign | 17.9% |
| Corporate Bonds | 19.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](tm2530347d3_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 9.4% |
| Not Rated | 3.7% |
| D | 2.8% |
| CC | 1.0% |
| CCC | 7.4% |
| B | 18.0% |
| BB | 21.9% |
| BBB | 25.9% |
| A | 4.7% |
| AA | 3.1% |
| AAA | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information please contact us at 1-800-869-6397.

At a meeting held on April 23-24, 2025, the Board of Trustees (the "Trustees") of the Fund, formerly Morgan Stanley Global Fixed Income Opportunities Fund (the "Acquired Fund") unanimously approved the reorganiztion of the Acquired Fund into a newly-created exchange-traded fund ("ETF"), which will be managed by Morgan Stanley Investment Management, Inc. The Trustees, who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Acquired Fund, determined that participation in the Reorganization (as defined below) is in the best interest of the Acquired Fund and the interests of the existing shareholders of the Acquired Fund will not be diluted as a result of the Reorganization. Subject to shareholder approval, the Acquired Fund will be reorganized into a newly-created ETF, Eaton Vance Income Opportunities ETF, a series of Morgan Stanley ETF Trust (the "Reorganization"). On September 15, 2025, a special meeting of shareholders was held and the Reorganization was approved. The Reorganization occurred at the close of busness on November 7, 2025.

## Additional Information
![QR Code](tm2530347d3_tsrimg001.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# DINCX -TSR-AR

# Morgan Stanley Income Opportunities Fund
![Image](tm2530347d3_tsrimg007.jpg)

# Class R6 MGFOX

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about Morgan Stanley Income Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $57 | 0.55% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Index:

↑ Exposure to emerging markets debt.

↑ Exposure to non-agency mortgage-backed securities (MBS) and asset-backed securities (ABS).

↑ Exposure to agency MBS, most notably an off-benchmark exposure to agency collateralized mortgage obligations (CMOs).

↓ Underweight exposure to U.S. Treasury securities.

↓ Shorter-than-benchmark duration positioning, which was unfavorable as interest rates generally declined.

↓ Off-benchmark investments in U.S. Treasury futures and credit default swaps, which are derivative securities used primarily for duration and risk management.

## Fund Performance
Comparison of the change in value of a $5,000,000 investment for the period indicated.

![Growth of 10K Chart](tm2530347d3_tsrimg002.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Index** | **Global Fixed Income Opportunities Blend Index** | **Bloomberg Global Aggregate (Hedged USD) Index** |
| **10/15** | $5000000 | $5000000 | $5000000 | $5000000 |
| **11/15** | $5006970 | $4986791 | $4917219 | $5002302 |
| **12/15** | $4943706 | $4970676 | $4943356 | $4988766 |
| **1/16** | $4884089 | $5039078 | $4986194 | $5061744 |
| **2/16** | $4860834 | $5074825 | $5097225 | $5110396 |
| **3/16** | $4966317 | $5121386 | $5234967 | $5152468 |
| **4/16** | $5025757 | $5141044 | $5304599 | $5161217 |
| **5/16** | $5021423 | $5142363 | $5233437 | $5183035 |
| **6/16** | $5053800 | $5234760 | $5386264 | $5281698 |
| **7/16** | $5141803 | $5267855 | $5426865 | $5313254 |
| **8/16** | $5202660 | $5261831 | $5400506 | $5310546 |
| **9/16** | $5207207 | $5258748 | $5430242 | $5309912 |
| **10/16** | $5203383 | $5218525 | $5279525 | $5258426 |
| **11/16** | $5161621 | $5095087 | $5069761 | $5171578 |
| **12/16** | $5210579 | $5102273 | $5046469 | $5185749 |
| **1/17** | $5244459 | $5112285 | $5028088 | $5166860 |
| **2/17** | $5287028 | $5146644 | $5071131 | $5211091 |
| **3/17** | $5311051 | $5143946 | $5068791 | $5208687 |
| **4/17** | $5364002 | $5183642 | $5103166 | $5244010 |
| **5/17** | $5416790 | $5223541 | $5132951 | $5274618 |
| **6/17** | $5450416 | $5218283 | $5118586 | $5259856 |
| **7/17** | $5494031 | $5240739 | $5135412 | $5277146 |
| **8/17** | $5518708 | $5287747 | $5182212 | $5325238 |
| **9/17** | $5542999 | $5262562 | $5158290 | $5300656 |
| **10/17** | $5567332 | $5265611 | $5180046 | $5323012 |
| **11/17** | $5591711 | $5258852 | $5188070 | $5331258 |
| **12/17** | $5606604 | $5282987 | $5199667 | $5343175 |
| **1/18** | $5670765 | $5222144 | $5162548 | $5305031 |
| **2/18** | $5646857 | $5172641 | $5150908 | $5293070 |
| **3/18** | $5661849 | $5205813 | $5193614 | $5336955 |
| **4/18** | $5659658 | $5167095 | $5174290 | $5317098 |
| **5/18** | $5617695 | $5203972 | $5193621 | $5336962 |
| **6/18** | $5624767 | $5197571 | $5203301 | $5346910 |
| **7/18** | $5662216 | $5198807 | $5204727 | $5348375 |
| **8/18** | $5659630 | $5232259 | $5220724 | $5364813 |
| **9/18** | $5686776 | $5198566 | $5200752 | $5344290 |
| **10/18** | $5645258 | $5157485 | $5190590 | $5333847 |
| **11/18** | $5632621 | $5188272 | $5215985 | $5359944 |
| **12/18** | $5623474 | $5283588 | $5291329 | $5437366 |
| **1/19** | $5744256 | $5339697 | $5347374 | $5494958 |
| **2/19** | $5782915 | $5336603 | $5353799 | $5501561 |
| **3/19** | $5842279 | $5439076 | $5449688 | $5600097 |
| **4/19** | $5881038 | $5440468 | $5452935 | $5603433 |
| **5/19** | $5930420 | $5537045 | $5531399 | $5684063 |
| **6/19** | $6042745 | $5606580 | $5608960 | $5763764 |
| **7/19** | $6092379 | $5618912 | $5653096 | $5809118 |
| **8/19** | $6142169 | $5764508 | $5781298 | $5940859 |
| **9/19** | $6137261 | $5733806 | $5754509 | $5913330 |
| **10/19** | $6154054 | $5751077 | $5744575 | $5903123 |
| **11/19** | $6150155 | $5748149 | $5737836 | $5896197 |
| **12/19** | $6192755 | $5744142 | $5726072 | $5884109 |
| **1/20** | $6253077 | $5854686 | $5829407 | $5990295 |
| **2/20** | $6259848 | $5960062 | $5900754 | $6063612 |
| **3/20** | $5706479 | $5924988 | $5808919 | $5969242 |
| **4/20** | $5863611 | $6030311 | $5902957 | $6065876 |
| **5/20** | $6030986 | $6058388 | $5919688 | $6083068 |
| **6/20** | $6187933 | $6096551 | $5949232 | $6113427 |
| **7/20** | $6301653 | $6187615 | $6014243 | $6180233 |
| **8/20** | $6306427 | $6137670 | $5970662 | $6135449 |
| **9/20** | $6331403 | $6134305 | $5992473 | $6157862 |
| **10/20** | $6323638 | $6106914 | $5992909 | $6158310 |
| **11/20** | $6447681 | $6166836 | $6027104 | $6193449 |
| **12/20** | $6513283 | $6175334 | $6045621 | $6212477 |
| **1/21** | $6505303 | $6131058 | $6013193 | $6179154 |
| **2/21** | $6464082 | $6042522 | $5919656 | $6083036 |
| **3/21** | $6445113 | $5967071 | $5896334 | $6059070 |
| **4/21** | $6481751 | $6014211 | $5911748 | $6074909 |
| **5/21** | $6508464 | $6033860 | $5924943 | $6088468 |
| **6/21** | $6513414 | $6076254 | $5953840 | $6118162 |
| **7/21** | $6552021 | $6144193 | $6027837 | $6194202 |
| **8/21** | $6557030 | $6132494 | $6015761 | $6181792 |
| **9/21** | $6539531 | $6079400 | $5958965 | $6123429 |
| **10/21** | $6510184 | $6077723 | $5943383 | $6107417 |
| **11/21** | $6491936 | $6095705 | $5985778 | $6150982 |
| **12/21** | $6519688 | $6080107 | $5961502 | $6126036 |
| **1/22** | $6466906 | $5949117 | $5867839 | $6029788 |
| **2/22** | $6380624 | $5882747 | $5789787 | $5949582 |
| **3/22** | $6318336 | $5719313 | $5664981 | $5821331 |
| **4/22** | $6221161 | $5502277 | $5512725 | $5664873 |
| **5/22** | $6181621 | $5537753 | $5505142 | $5657081 |
| **6/22** | $6037884 | $5450877 | $5421593 | $5571226 |
| **7/22** | $6126930 | $5584067 | $5559686 | $5713130 |
| **8/22** | $6089219 | $5426280 | $5414547 | $5563985 |
| **9/22** | $5957421 | $5191830 | $5240727 | $5385368 |
| **10/22** | $5946214 | $5124584 | $5222789 | $5366936 |
| **11/22** | $6066303 | $5313044 | $5355882 | $5503701 |
| **12/22** | $6064698 | $5289078 | $5292672 | $5438747 |
| **1/23** | $6212171 | $5451791 | $5414577 | $5564016 |
| **2/23** | $6150338 | $5310833 | $5328214 | $5475269 |
| **3/23** | $6227087 | $5445741 | $5446363 | $5596679 |
| **4/23** | $6276577 | $5478746 | $5474403 | $5625494 |
| **5/23** | $6227851 | $5419090 | $5452851 | $5603347 |
| **6/23** | $6253195 | $5399762 | $5449597 | $5600003 |
| **7/23** | $6291099 | $5395998 | $5451362 | $5601816 |
| **8/23** | $6291759 | $5361532 | $5444512 | $5594778 |
| **9/23** | $6256407 | $5225287 | $5350621 | $5498295 |
| **10/23** | $6230647 | $5142825 | $5312631 | $5459256 |
| **11/23** | $6407452 | $5375725 | $5495295 | $5646962 |
| **12/23** | $6585708 | $5581502 | $5670915 | $5827429 |
| **1/24** | $6626369 | $5566175 | $5659799 | $5816006 |
| **2/24** | $6591684 | $5487534 | $5620964 | $5776099 |
| **3/24** | $6672539 | $5538206 | $5671651 | $5828185 |
| **4/24** | $6611830 | $5398319 | $5580333 | $5734347 |
| **5/24** | $6693531 | $5489838 | $5629711 | $5785088 |
| **6/24** | $6749533 | $5541812 | $5678560 | $5835286 |
| **7/24** | $6860107 | $5671252 | $5788264 | $5948017 |
| **8/24** | $6933752 | $5752747 | $5851660 | $6013163 |
| **9/24** | $7034111 | $5829773 | $5919563 | $6082940 |
| **10/24** | $6962140 | $5685201 | $5839459 | $6000624 |
| **11/24** | $7046822 | $5745310 | $5908820 | $6071901 |
| **12/24** | $7038255 | $5651284 | $5863476 | $6025304 |
| **1/25** | $7096889 | $5681265 | $5886194 | $6048649 |
| **2/25** | $7196283 | $5806263 | $5957070 | $6121482 |
| **3/25** | $7171819 | $5808448 | $5932213 | $6095939 |
| **4/25** | $7213557 | $5831276 | $5990620 | $6155957 |
| **5/25** | $7243133 | $5789523 | $5970815 | $6135606 |
| **6/25** | $7384861 | $5878545 | $6062624 | $6194363 |
| **7/25** | $7392128 | $5863039 | $6046633 | $6189406 |
| **8/25** | $7517089 | $5933164 | $6118953 | $6223323 |
| **9/25** | $7560318 | $5997888 | $6185704 | $6269163 |
| **10/25** | $7591418 | $6035360 | $6224350 | $6318654 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | *1 Year* | *5 Years* | *10 Years* |
| Class R6 | 9.04% | 3.72% | 4.26% |
| Bloomberg U.S. Aggregate Index | 6.16% | (0.24)% | 1.90% |
| Global Fixed Income Opportunities Blend Index<sup>Footnote Reference1</sup> | 6.59% | 0.76% | 2.21% |
| Bloomberg Global Aggregate (Hedged USD) Index | 5.30% | 0.52% | 2.37% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Global Fixed Income Opportunities Blend Index is a performance linked benchmark of the old benchmarks represented by Bloomberg Global Aggregate Index (unhedged USD) (a benchmark that provides a broad-based measure of the global investment grade fixed rate debt markets with returns in unhedged USD) from the Fund's inception to December 31, 2016, the Bloomberg Global Aggregate (Hedged USD) Index from January 1, 2017 to May 30, 2025 and the new benchmark represented by Bloomberg U.S. Aggregate Index for periods thereafter. It is not possible to invest directly in an index. |

---

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

**THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.**

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $324846625 |
| # of Portfolio Holdings | 333 |
| Portfolio Turnover Rate | 304% |
| Total Advisory Fees Paid | $1859896 |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](tm2530347d3_tsrimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Senior Loan Interests | 0.5% |
| Short-Term Investments | 0.8% |
| Investment Companies | 3.8% |
| Commercial Mortgage-Backed Securities | 4.3% |
| Collateralized Mortgage Obligations - Agency Collateral Series | 10.0% |
| Asset-Backed Securities | 13.2% |
| Mortgages - Other | 13.8% |
| Agency Fixed Rate Mortgages | 15.9% |
| Sovereign | 17.9% |
| Corporate Bonds | 19.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Credit Rating Chart](tm2530347d3_tsrimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | 9.4% |
| Not Rated | 3.7% |
| D | 2.8% |
| CC | 1.0% |
| CCC | 7.4% |
| B | 18.0% |
| BB | 21.9% |
| BBB | 25.9% |
| A | 4.7% |
| AA | 3.1% |
| AAA | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since October 31, 2024. For more complete information please contact us at 1-800-869-6397.

At a meeting held on April 23-24, 2025, the Board of Trustees (the "Trustees") of the Fund, formerly Morgan Stanley Global Fixed Income Opportunities Fund (the "Acquired Fund") unanimously approved the reorganiztion of the Acquired Fund into a newly-created exchange-traded fund ("ETF"), which will be managed by Morgan Stanley Investment Management, Inc. The Trustees, who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Acquired Fund, determined that participation in the Reorganization (as defined below) is in the best interest of the Acquired Fund and the interests of the existing shareholders of the Acquired Fund will not be diluted as a result of the Reorganization. Subject to shareholder approval, the Acquired Fund will be reorganized into a newly-created ETF, Eaton Vance Income Opportunities ETF, a series of Morgan Stanley ETF Trust (the "Reorganization"). On September 15, 2025, a special meeting of shareholders was held and the Reorganization was approved. The Reorganization occurred at the close of busness on November 7, 2025.

## Additional Information
![QR Code](tm2530347d3_tsrimg001.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.desktop.html.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Annual Shareholder Report October 31, 2025

# MGFOX -TSR-AR
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics**

The registrant has adopted a code of ethics (the "Code of Ethics") that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1 (212) 259-1155. The Registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

**Item 3. Audit Committee Financial Expert**

The registrant's Board of Trustees has determined that Jakki L. Haussler, an "independent" Trustee, is an "audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

**Item 4. Principal Accountant Fees and Services**

(a) – (d)

The following table presents the aggregate fees billed to the registrant for the registrant's fiscal years ended October 31, 2024 and October 31, 2025 by the registrant's principal accountant, Ernst & Young LLP, for professional services rendered for the audit of the registrant's annual financial statements and fees billed for other services rendered by Ernst & Young LLP during those periods.

2025

---

| | | |
|:---|:---|:---|
|  | Registrant | Covered Entities<sup>(1)</sup> |
| Audit Fees | $80324 | $N/A |
| Non-Audit Fees |  |  |
| &nbsp;&nbsp;&nbsp;Audit Related Fees | $—<sup>(2)</sup> | $—<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Tax Fees | $—<sup>(3)</sup> | $—<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;All Other Fees | $— | $—<sup>(5)</sup> |
| Total Non-Audit Fees | $— | $— |
| Total | $80324 | $— |

---

2024

---

| | | |
|:---|:---|:---|
|  | Registrant | Covered Entities<sup>(1)</sup> |
| Audit Fees | $80324 | $N/A |
| Non-Audit Fees |  |  |
| &nbsp;&nbsp;&nbsp;Audit Related Fees | $—<sup>(2)</sup> | $—<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Tax Fees | $—<sup>(3)</sup> | $—<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;All Other Fees | $— | $372395<sup>(5)</sup> |
| Total Non-Audit Fees | $— | $372395 |
| Total | $80324 | $372395 |

---

N/A – Not applicable, as not required by Item 4.

(1) Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.

(2) Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities' and funds advised by the Adviser or its affiliates, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

(3) Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant's tax returns.

(4) Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of Covered Entities' tax returns.

(5) The Fees included under "All Other Fees" are for services provided by Ernst & Young LLP related to surprise examinations for certain investment accounts to satisfy SEC Custody Rules and consulting services related to merger integration for sister entity to the Adviser.

(e)(1) The registrant's audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant's principal accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant's audit committee at least annually. The registrant's audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant's principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant's audit committee pursuant to the "de minimis exception" set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) See table above.

(h) The registrant's audit committee has considered whether the provision by the registrant's principal accountant of non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants**

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") whose members are:

Nancy C. Everett, Eddie A. Grier and Jakki L. Haussler.

**Item 6. Schedule of Investments**

(a) Please
 see the schedule of investments contained in the Financial Statements and Financial Highlights
 included under Item 7 of this Form N-CSR.

(b) Not
 applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

![](j25303474_aa001.jpg)

Morgan Stanley

Income Opportunities Fund

(formerly Morgan Stanley Global Fixed Income Opportunities Fund)

Annual Financial Statements and Additional Information

October 31, 2025

![](j25303474_aa002.jpg)

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Table of Contents (unaudited)**

---

| | |
|:---|:---|
| Items 6 and 7 of Form N-CSR: | Items 6 and 7 of Form N-CSR: |
| [Portfolio of Investments](#PortfolioofInvestments-4) | 3 |
| [Statement of Assets and Liabilities](#StatementofAssetsandLiabilities-4) | 25 |
| [Statement of Operations](#StatementofOperations-4) | 27 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-4) | 29 |
| [Notes to Financial Statements](#NotestoFinancialStatements-4) | 30 |
| [Financial Highlights](#FinancialHighlights-4) | 53 |
| [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-4) | 58 |
| Item 9 of Form N-CSR: | Item 9 of Form N-CSR: |
| [Special Meeting of Shareholders](#ResultsofSpecialMeetingofShareholders-4) | 59 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| [Investment Advisory Agreement Approval](#InvestmentAdvisoryAgreementApproval-4) | 60 |
| [Federal Tax Notice](#FederalTaxNotice-4) | 63 |

---

Item 8 of Form N-CSR is Not Applicable. For Item 10 of Form N-CSR, see Item 7.

**This material must be preceded or accompanied by a prospectus for the fund being offered.**

**There is no assurance that the Fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.**

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Corporate Bonds (24.2%)** | **Corporate Bonds (24.2%)** | **Corporate Bonds (24.2%)** | **Corporate Bonds (24.2%)** |
| | **Angola (0.3%)** | **Angola (0.3%)** | **Angola (0.3%)** | **Angola (0.3%)** |
|  | *Energy* | *Energy* | *Energy* | *Energy* |
| $965 | Azule Energy Finance PLC | 8.125% | 01/23/30 | $970751 |
|  | **Argentina (0.1%)** | **Argentina (0.1%)** | **Argentina (0.1%)** | **Argentina (0.1%)** |
|  | *Energy* | *Energy* | *Energy* | *Energy* |
| 403 | YPF SA | 8.25 | 01/17/34 | 406741 |
|  | **Brazil (1.1%)** | **Brazil (1.1%)** | **Brazil (1.1%)** | **Brazil (1.1%)** |
|  | *Basic Materials* | *Basic Materials* | *Basic Materials* | *Basic Materials* |
| 205 | Braskem Netherlands Finance BV | 4.50 | 01/10/28 | 92373 |
| 1369 | Braskem Netherlands Finance BV | 4.50 | 01/31/30 | 551830 |
| 1419 | Samarco Mineracao SA, 9.00% PIK (a) | 9.50 | 06/30/31 | 1420333 |
|  |  |  |  | 2064536 |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 685 | Gol Finance, Inc. (b) | 14.375 | 06/06/30 | 695994 |
|  | *Energy* | *Energy* | *Energy* | *Energy* |
| 400 | Raizen Fuels Finance SA | 6.25 | 07/08/32 | 340500 |
| 442 | Raizen Fuels Finance SA | 6.70 | 02/25/37 | 369514 |
| 245 | Yinson Boronia Production BV (b) | 8.947 | 07/31/42 | 268131 |
|  |  |  |  | 978145 |
|  | **Total Brazil** |  |  | 3738675 |
|  | **Canada (0.7%)** | **Canada (0.7%)** | **Canada (0.7%)** | **Canada (0.7%)** |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 501 | New Flyer Holdings, Inc. (b) | 9.25 | 07/01/30 | 533857 |
| 794 | Superior Plus LP/Superior General Partner, Inc. (b) | 4.50 | 03/15/29 | 770541 |
|  |  |  |  | 1304398 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 330 | Alexandrite Lake Lux Holdings SARL | 6.75 | 07/30/30 | 390160 |
|  | *Industrials* | *Industrials* | *Industrials* | *Industrials* |
| 570 | Toucan FinCo Ltd./Toucan FinCo Can, Inc./<br>Toucan FinCo U.S. LLC | 8.25 | 05/15/30 | 608446 |
|  | **Total Canada** |  |  | 2303004 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **China (0.3%)** | **China (0.3%)** | **China (0.3%)** | **China (0.3%)** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| $300 | Alibaba Group Holding Ltd. | 0.50 % | 06/01/31 | $531150 |
| 200 | PDD Holdings, Inc. | 0.00 <br> (c) | 12/01/25 | 199160 |
|  |  |  |  | 730310 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 298 | Longfor Group Holdings Ltd. | 3.95 | 09/16/29 | 250380 |
|  | **Total China** |  |  | 980690 |
|  | **Colombia (0.5%)** | **Colombia (0.5%)** | **Colombia (0.5%)** | **Colombia (0.5%)** |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 605 | Avianca Midco 2 PLC (b) | 9.00 | 12/01/28 | 605442 |
| 417 | Avianca Midco 2 PLC (b) | 9.625 | 02/14/30 | 414125 |
|  |  |  |  | 1019567 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 512 | Bancolombia SA | 8.625 | 12/24/34 | 547639 |
|  | **Total Colombia** |  |  | 1567206 |
|  | **France (0.4%)** | **France (0.4%)** | **France (0.4%)** | **France (0.4%)** |
|  | *Technology* | *Technology* | *Technology* | *Technology* |
| 535 | Atos SE (d) | 9.00 | 12/18/29 | 705656 |
| 465 | IPD 3 BV | 5.50 | 06/15/31 | 547385 |
|  | **Total France** |  |  | 1253041 |
|  | **Germany (0.6%)** | **Germany (0.6%)** | **Germany (0.6%)** | **Germany (0.6%)** |
|  | *Basic Materials* | *Basic Materials* | *Basic Materials* | *Basic Materials* |
| 240 | ASK Chemicals Deutschland Holding GmbH | 10.00 | 11/15/29 | 261100 |
| $500 | Cerdia Finanz GmbH (b) | 9.375 | 10/03/31 | 523407 |
|  |  |  |  | 784507 |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 445 | IHO Verwaltungs GmbH, 6.75% Cash or 7.5% PIK (a) | 6.75 | 11/15/29 | 545639 |
|  | *Industrials* | *Industrials* | *Industrials* | *Industrials* |
| 500 | Dynamo Newco II GmbH | 6.25 | 10/15/31 | 581543 |
|  | **Total Germany** |  |  | 1911689 |
|  | **Ghana (0.1%)** | **Ghana (0.1%)** | **Ghana (0.1%)** | **Ghana (0.1%)** |
|  | *Energy* | *Energy* | *Energy* | *Energy* |
| $236 | Tullow Oil PLC | 10.25 | 05/15/26 | 200010 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Greece (0.1%)** | **Greece (0.1%)** | **Greece (0.1%)** | **Greece (0.1%)** |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 250 | Intralot Capital Luxembourg SA | 6.75 % | 10/15/31 | $291329 |
|  | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** |
|  | *Industrials* | *Industrials* | *Industrials* | *Industrials* |
| $1128 | Seaspan Corp. (b) | 5.50 | 08/01/29 | 1087292 |
|  | **Ireland (0.2%)** | **Ireland (0.2%)** | **Ireland (0.2%)** | **Ireland (0.2%)** |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 501 | Phoenix Aviation Capital Ltd. (b) | 9.25 | 07/15/30 | 528223 |
|  | **Israel (0.3%)** | **Israel (0.3%)** | **Israel (0.3%)** | **Israel (0.3%)** |
|  | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* |
| 714 | Teva Pharmaceutical Finance Netherlands II BV | 4.125 | 06/01/31 | 843344 |
|  | **Italy (1.2%)** | **Italy (1.2%)** | **Italy (1.2%)** | **Italy (1.2%)** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| 830 | Fibercop SpA | 5.125 | 06/30/32 | 977798 |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 595 | Duomo Bidco SpA, 3 Month EURIBOR + 4.13% | 6.151<br> (e) | 07/15/31 | 690563 |
|  | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* |
| 600 | La Doria SpA, 3 Month EURIBOR + 3.38% | 5.449<br> (e) | 12/30/30 | 694324 |
|  | *Industrials* | *Industrials* | *Industrials* | *Industrials* |
| 250 | Fiber Midco SpA, 10.75% PIK (a) | 10.75 | 06/15/29 | 257656 |
|  | *Technology* | *Technology* | *Technology* | *Technology* |
| 585 | Almaviva-The Italian Innovation Co. SpA | 5.00 | 10/30/30 | 684475 |
| 480 | TeamSystem SpA, 3 Month EURIBOR + 3.50% | 5.526<br> (e) | 07/31/31 | 556773 |
|  |  |  |  | 1241248 |
|  | **Total Italy** |  |  | 3861589 |
|  | **Jamaica (0.1%)** | **Jamaica (0.1%)** | **Jamaica (0.1%)** | **Jamaica (0.1%)** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| $360 | Digicel International Finance Ltd./Difl U.S. LLC (b) | 8.625 | 08/01/32 | 358717 |
|  | **Jersey (0.1%)** | **Jersey (0.1%)** | **Jersey (0.1%)** | **Jersey (0.1%)** |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 280 | Waga Bondco Ltd. | 8.50 | 06/15/30 | 335924 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Mexico (0.6%)** | **Mexico (0.6%)** | **Mexico (0.6%)** | **Mexico (0.6%)** |
|  | *Basic Materials* | *Basic Materials* | *Basic Materials* | *Basic Materials* |
| $435 | Braskem Idesa SAPI | 6.99% | 02/20/32 | $279131 |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| 400 | Total Play Telecomunicaciones SA de CV (b) | 11.125 | 12/31/32 | 385600 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 1083 | Banco Actinver SA/Grupo GICSA SAB de CV (b) | 4.80 | 12/18/34 | 845042 |
| 448 | Banco Mercantil del Norte SA (b) | 8.375 | (f) | 469107 |
|  |  |  |  | 1314149 |
|  | **Total Mexico** |  |  | 1978880 |
|  | **Netherlands (0.1%)** | **Netherlands (0.1%)** | **Netherlands (0.1%)** | **Netherlands (0.1%)** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| 225 | Summer BidCo BV, 10.00% Cash or 10.75% PIK (a) | 10.00 | 02/15/29 | 266798 |
|  | **Pakistan (0.2%)** | **Pakistan (0.2%)** | **Pakistan (0.2%)** | **Pakistan (0.2%)** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| $684 | Veon Midco BV | 3.375 | 11/25/27 | 642674 |
|  | **Peru (0.2%)** | **Peru (0.2%)** | **Peru (0.2%)** | **Peru (0.2%)** |
|  | *Energy* | *Energy* | *Energy* | *Energy* |
| 900 | Petroleos del Peru SA | 5.625 | 06/19/47 | 648949 |
|  | **Saudi Arabia (0.3%)** | **Saudi Arabia (0.3%)** | **Saudi Arabia (0.3%)** | **Saudi Arabia (0.3%)** |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 350 | Riyad Sukuk Ltd. | 6.209 | 07/14/35 | 357601 |
| 360 | Saudi Awwal Bank | 5.947 | 09/04/35 | 364522 |
| 350 | SNB Funding Ltd. | 6.00 | 06/24/35 | 360283 |
|  | **Total Saudi Arabia** |  |  | 1082406 |
|  | **Slovenia (0.1%)** | **Slovenia (0.1%)** | **Slovenia (0.1%)** | **Slovenia (0.1%)** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| 365 | United Group BV | 5.25 | 02/01/30 | 417100 |
|  | **Spain (0.4%)** | **Spain (0.4%)** | **Spain (0.4%)** | **Spain (0.4%)** |
|  | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* |
| 670 | Grifols SA | 7.50 | 05/01/30 | 813993 |
|  | *Utilities* | *Utilities* | *Utilities* | *Utilities* |
| 490 | California Buyer Ltd./Atlantica Sustainable <br>Infrastructure PLC | 5.625 | 02/15/32 | 581256 |
|  | **Total Spain** |  |  | 1395249 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Switzerland (0.3%)** | **Switzerland (0.3%)** | **Switzerland (0.3%)** | **Switzerland (0.3%)** |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| $1040 | VistaJet Malta Finance PLC/Vista Management <br>Holding, Inc. (b) | 6.375% | 02/01/30 | $1005349 |
|  | **Turkey (0.8%)** | **Turkey (0.8%)** | **Turkey (0.8%)** | **Turkey (0.8%)** |
|  | *Basic Materials* | *Basic Materials* | *Basic Materials* | *Basic Materials* |
| 1325 | Eldorado Gold Corp. (b) | 6.25 | 09/01/29 | 1328711 |
| 304 | WE Soda Investments Holding PLC | 9.50 | 10/06/28 | 305335 |
|  |  |  |  | 1634046 |
|  | *Utilities* | *Utilities* | *Utilities* | *Utilities* |
| 1000 | Zorlu Enerji Elektrik Uretim AS | 11.00 | 04/23/30 | 899264 |
|  | **Total Turkey** |  |  | 2533310 |
|  | **United Kingdom (1.7%)** | **United Kingdom (1.7%)** | **United Kingdom (1.7%)** | **United Kingdom (1.7%)** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| 570 | British Telecommunications PLC | 6.375 | 12/03/55 | 767592 |
| 405 | Virgin Media Vendor Financing Notes III DAC | 4.875 | 07/15/28 | 519792 |
| 430 | Vmed O2 U.K. Financing I PLC | 4.50 | 07/15/31 | 513318 |
| $763 | Vmed O2 U.K. Financing I PLC (b) | 4.75 | 07/15/31 | 706783 |
| 460 | Vmed O2 U.K. Financing I PLC | 5.625 | 04/15/32 | 540763 |
|  |  |  |  | 3048248 |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 460 | CD&R Firefly Bidco PLC | 8.625 | 04/30/29 | 633911 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 460 | Galaxy Bidco Ltd. | 8.125 | 12/19/29 | 631692 |
| 350 | Sherwood Financing PLC | 7.625 | 12/15/29 | 398026 |
|  |  |  |  | 1029718 |
|  | *Industrials* | *Industrials* | *Industrials* | *Industrials* |
| 635 | Edge Finco PLC | 8.125 | 08/15/31 | 884566 |
|  | **Total United Kingdom** |  |  | 5596443 |
|  | **United States (12.9%)** | **United States (12.9%)** | **United States (12.9%)** | **United States (12.9%)** |
|  | *Basic Materials* | *Basic Materials* | *Basic Materials* | *Basic Materials* |
| $534 | Celanese U.S. Holdings LLC | 7.20 | 11/15/33 | 548006 |
| 64 | Cleveland-Cliffs, Inc. (b) | 7.625 | 01/15/34 | 66588 |
| 555 | Olympus Water U.S. Holding Corp. (b) | 6.125 | 02/15/33 | 635185 |
|  |  |  |  | 1249779 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| $844 | Arches Buyer, Inc. (b) | 4.25% | 06/01/28 | $825349 |
| 497 | CCO Holdings LLC/CCO Holdings Capital Corp. (b) | 4.50 | 08/15/30 | 466258 |
| 699 | EchoStar Corp. | 10.75 | 11/30/29 | 770022 |
| 40 | Level 3 Financing, Inc. (b) | 7.00 | 03/31/34 | 41128 |
| 961 | McGraw-Hill Education, Inc. (b) | 7.375 | 09/01/31 | 987147 |
| 503 | Sinclair Television Group, Inc. (b) | 8.125 | 02/15/33 | 513198 |
| 426 | Univision Communications, Inc. (b) | 9.375 | 08/01/32 | 450126 |
| 95 | Versant Media Group, Inc. (b) | 7.25 | 01/30/31 | 96895 |
| 176 | Windstream Services LLC (b) | 7.50 | 10/15/33 | 175969 |
| 187 | WULF Compute LLC (b) | 7.75 | 10/15/30 | 194397 |
|  |  |  |  | 4520489 |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 534 | Asbury Automotive Group, Inc. (b) | 5.00 | 02/15/32 | 514655 |
| 537 | Ashton Woods USA LLC/Ashton Woods Finance <br>Co. (b) | 4.625 | 08/01/29 | 508892 |
| 475 | Beach Acquisition Bidco LLC | 5.25 | 07/15/32 | 564067 |
| $739 | Beach Acquisition Bidco LLC, 10.00% Cash or <br>10.75% PIK (a)(b) | 10.00 | 07/15/33 | 795287 |
| 475 | Boots Group Finco LP | 5.375 | 08/31/32 | 568762 |
| $124 | Clarios Global LP/Clarios U.S. Finance Co. (b) | 6.75 | 09/15/32 | 126970 |
| 101 | Dream Finders Homes, Inc. (b) | 6.875 | 09/15/30 | 100591 |
| 851 | Ford Motor Credit Co. LLC | 7.35 | 03/06/30 | 910549 |
| 561 | JB Poindexter & Co., Inc. (b) | 8.75 | 12/15/31 | 587766 |
| 499 | Mohegan Tribal Gaming Authority/MS Digital <br>Entertainment Holdings LLC (b) | 8.25 | 04/15/30 | 518340 |
| 267 | New Home Co., Inc. (b) | 8.50 | 11/01/30 | 276630 |
| 253 | New Home Co., Inc. (b) | 9.25 | 10/01/29 | 265654 |
| 370 | Park River Holdings, Inc. (b) | 8.00 | 03/15/31 | 381205 |
| 657 | Patrick Industries, Inc. (b) | 6.375 | 11/01/32 | 670549 |
| 250 | PetSmart LLC/PetSmart Finance Corp. (b) | 7.50 | 09/15/32 | 249988 |
| 250 | PetSmart LLC/PetSmart Finance Corp. (b) | 10.00 | 09/15/33 | 251683 |
| 586 | Real Hero Merger Sub 2, Inc. (b) | 6.25 | 02/01/29 | 351011 |
| 676 | Sonic Automotive, Inc. (b) | 4.625 | 11/15/29 | 657935 |
| 266 | Specialty Building Products Holdings LLC/SBP <br>Finance Corp. (b) | 7.75 | 10/15/29 | 267906 |
| 499 | Voyager Parent LLC (b) | 9.25 | 07/01/32 | 523505 |
| 333 | White Cap Buyer LLC (b) | 6.875 | 10/15/28 | 333211 |
| 185 | White Cap Supply Holdings LLC (b)(g) | 7.375 | 11/15/30 | 187258 |
|  |  |  |  | 9612414 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
|  | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* |
| $549 | 1261229 BC Ltd. (b) | 10.00 % | 04/15/32 | $574405 |
| 880 | Allied Universal Holdco LLC/Allied Universal <br>Finance Corp./Atlas Luxco 4 SARL (b) | 4.625 | 06/01/28 | 862509 |
| 595 | Bausch & Lomb Netherlands BV & Bausch & <br>Lomb, Inc., 3 Month EURIBOR + 3.88% | 5.872<br> (e) | 01/15/31 | 695610 |
| $743 | Chobani LLC/Chobani Finance Corp., Inc. (b) | 7.625 | 07/01/29 | 773652 |
| 54 | Global Medical Response, Inc. (b) | 7.375 | 10/01/32 | 56543 |
| 72 | Heartland Dental LLC/Heartland Dental Finance <br>Corp. (b) | 10.50 | 04/30/28 | 76032 |
| 249 | Herc Holdings, Inc. (b) | 7.00 | 06/15/30 | 260787 |
| 267 | Herc Holdings, Inc. (b) | 7.25 | 06/15/33 | 281703 |
| 647 | IQVIA, Inc. (b) | 6.25 | 06/01/32 | 675155 |
| 1055 | LifePoint Health, Inc. (b) | 9.875 | 08/15/30 | 1140311 |
| 450 | Perrigo Finance Unlimited Co. | 5.375 | 09/30/32 | 539620 |
| $402 | Team Health Holdings, Inc. (b) | 8.375 | 06/30/28 | 406581 |
| 470 | VT Topco, Inc. (b) | 8.50 | 08/15/30 | 489266 |
| 604 | Wand NewCo 3, Inc. (b) | 7.625 | 01/30/32 | 631859 |
|  |  |  |  | 7464033 |
|  | *Energy* | *Energy* | *Energy* | *Energy* |
| 333 | Civitas Resources, Inc. (b) | 8.625 | 11/01/30 | 344550 |
| 519 | Global Partners LP/GLP Finance Corp. (b) | 7.125 | 07/01/33 | 526913 |
| 269 | NGL Energy Operating LLC/NGL Energy Finance <br>Corp. (b) | 8.125 | 02/15/29 | 275551 |
| 98 | Sunoco LP (b) | 5.875 | 03/15/34 | 98047 |
| 356 | Sunoco LP (b) | 7.875  | (f) | 361790 |
| 629 | Transocean International Ltd. (b) | 8.75 | 02/15/30 | 659987 |
| 500 | Venture Global LNG, Inc. (b) | 8.375 | 06/01/31 | 513758 |
| 228 | Venture Global LNG, Inc. (b) | 9.00 | (f) | 213323 |
|  |  |  |  | 2993919 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 505 | Alliant Holdings Intermediate LLC/Alliant Holdings <br>Co-Issuer (b) | 7.375 | 10/01/32 | 521691 |
| 200 | Ardagh Packaging Finance PLC | 9.50 | 12/01/30 | 213500 |
| 536 | Azorra Finance Ltd. (b) | 7.25 | 01/15/31 | 561976 |
| 895 | Focus Financial Partners LLC (b) | 6.75 | 09/15/31 | 923335 |
| 532 | Hightower Holding LLC (b) | 6.75 | 04/15/29 | 535487 |
| 502 | Panther Escrow Issuer LLC (b) | 7.125 | 06/01/31 | 519219 |
| 251 | Rocket Cos., Inc. (b) | 6.375 | 08/01/33 | 261788 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** | **VALUE** |
| $301 | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br>Inc. (b) | 4.00% | 10/15/33 | $ | 277433 |
|  |  |  |  |  | 3814429 |
|  | *Industrials* | *Industrials* | *Industrials* | *Industrials* | *Industrials* |
| 503 | AmeriTex HoldCo Intermediate LLC (b) | 7.625 | 08/15/33 |  | 526559 |
| 265 | Ardagh Metal Packaging Finance USA LLC/Ardagh <br>Metal Packaging Finance PLC | 3.00 | 09/01/29 |  | 285555 |
| $845 | Artera Services LLC (b) | 8.50 | 02/15/31 |  | 731980 |
| 667 | Calderys Financing LLC (b) | 11.25 | 06/01/28 |  | 705536 |
| 500 | Clydesdale Acquisition Holdings, Inc. (b) | 6.75 | 04/15/32 |  | 502106 |
| 498 | Clydesdale Acquisition Holdings, Inc. (b) | 8.75 | 04/15/30 |  | 499447 |
| 334 | CP Atlas Buyer, Inc. (b) | 9.75 | 07/15/30 |  | 348717 |
| 865 | Masterbrand, Inc. (b) | 7.00 | 07/15/32 |  | 898725 |
| 571 | TopBuild Corp. (b) | 4.125 | 02/15/32 |  | 538181 |
|  |  |  |  |  | 5036806 |
|  | *Technology* | *Technology* | *Technology* | *Technology* | *Technology* |
| 671 | Amentum Holdings, Inc. (b) | 7.25 | 08/01/32 |  | 698920 |
| 940 | AthenaHealth Group, Inc. (b) | 6.50 | 02/15/30 |  | 921086 |
| 937 | Cloud Software Group, Inc. (b) | 6.50 | 03/31/29 |  | 944658 |
| 1282 | McAfee Corp. (b) | 7.375 | 02/15/30 |  | 1175313 |
| 336 | Playtika Holding Corp. (b) | 4.25 | 03/15/29 |  | 303776 |
|  |  |  |  |  | 4043753 |
|  | *Utilities* | *Utilities* | *Utilities* | *Utilities* | *Utilities* |
| 333 | Alpha Generation LLC (b) | 6.75 | 10/15/32 |  | 342498 |
| 503 | Leeward Renewable Energy Operations LLC (b) | 4.25 | 07/01/29 |  | 481109 |
| 220 | VoltaGrid LLC (b)(g) | 7.375 | 11/01/30 |  | 223889 |
| 890 | XPLR Infrastructure Operating Partners LP (b) | 8.375 | 01/15/31 |  | 931783 |
| 982 | XPLR Infrastructure Operating Partners LP (b) | 8.625 | 03/15/33 |  | 1031068 |
|  |  |  |  |  | 3010347 |
|  | **Total United States** |  |  |  | 41745969 |
|  | **Zambia (0.2%)** | **Zambia (0.2%)** | **Zambia (0.2%)** | **Zambia (0.2%)** | **Zambia (0.2%)** |
|  | *Basic Materials* | *Basic Materials* | *Basic Materials* | *Basic Materials* | *Basic Materials* |
| 500 | First Quantum Minerals Ltd. (b) | 8.00 | 03/01/33 |  | 532017 |
|  | **Total Corporate Bonds** *(Cost $78,500,267)* |  |  |  | 78483369 |
|  | **Sovereign (21.7%)** | **Sovereign (21.7%)** | **Sovereign (21.7%)** | **Sovereign (21.7%)** | **Sovereign (21.7%)** |
|  | **Albania (0.7%)** | **Albania (0.7%)** | **Albania (0.7%)** | **Albania (0.7%)** | **Albania (0.7%)** |
| 1850 | Albania Government International Bond (b) | 4.75 | 02/14/35 |  | 2197300 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Angola (1.0%)** | **Angola (1.0%)** | **Angola (1.0%)** | **Angola (1.0%)** |
| $720 | Angolan Government International Bond | 8.75 % | 04/14/32 | $676746 |
| 450 | Angolan Government International Bond | 9.125 | 11/26/49 | 378456 |
| 537 | Angolan Government International Bond | 9.244 | 01/15/31 | 524980 |
| 435 | Angolan Government International Bond | 9.375 | 05/08/48 | 373850 |
| 1433 | Angolan Government International Bond | 9.875 | 10/15/35 | 1388923 |
|  | **Total Angola** |  |  | 3342955 |
|  | **Benin (0.4%)** | **Benin (0.4%)** | **Benin (0.4%)** | **Benin (0.4%)** |
| 907 | Benin Government International Bond | 4.95 | 01/22/35 | 979240 |
| 346 | Benin Government International Bond | 6.875 | 01/19/52 | 369408 |
|  | **Total Benin** |  |  | 1348648 |
|  | **Bosnia and Herzegovina (0.1%)** | **Bosnia and Herzegovina (0.1%)** | **Bosnia and Herzegovina (0.1%)** | **Bosnia and Herzegovina (0.1%)** |
| 188 | Federation of Bosnia & Herzegovina Eurobond | 5.50 | 07/17/30 | 226059 |
|  | **Brazil (0.5%)** | **Brazil (0.5%)** | **Brazil (0.5%)** | **Brazil (0.5%)** |
| 2100 | Brazil Notas do Tesouro Nacional | 6.00 | 08/15/30 | 1654899 |
|  | **Dominican Republic (0.9%)** | **Dominican Republic (0.9%)** | **Dominican Republic (0.9%)** | **Dominican Republic (0.9%)** |
| 153300 | Dominican Republic International Bond | 13.625 | 02/03/33 | 2879125 |
|  | **Ecuador (0.6%)** | **Ecuador (0.6%)** | **Ecuador (0.6%)** | **Ecuador (0.6%)** |
| $788 | Ecuador Government International Bond | 0.00<br> (c) | 07/31/30 | 617496 |
| 1300 | Ecuador Government International Bond (d) | 6.90 | 07/31/30 - 07/31/35 | 1170362 |
|  | **Total Ecuador** |  |  | 1787858 |
|  | **Egypt (1.5%)** | **Egypt (1.5%)** | **Egypt (1.5%)** | **Egypt (1.5%)** |
| 179674 | Egypt Government Bond | 19.945 | 07/08/30 | 3889886 |
| 48844 | Egypt Government Bond | 24.439 | 08/05/28 | 1072666 |
|  | **Total Egypt** |  |  | 4962552 |
|  | **Ethiopia (0.8%)** | **Ethiopia (0.8%)** | **Ethiopia (0.8%)** | **Ethiopia (0.8%)** |
| $2300 | Ethiopia International Bond (h)(i) | 6.625 | 12/11/24 | 2438000 |
|  | **Israel (0.3%)** | **Israel (0.3%)** | **Israel (0.3%)** | **Israel (0.3%)** |
| 219 | Israel Government International Bond | 5.75 | 03/12/54 | 214732 |
| 1199 | State of Israel | 3.80 | 05/13/60 | 826318 |
|  | **Total Israel** |  |  | 1041050 |
|  | **Japan (0.8%)** | **Japan (0.8%)** | **Japan (0.8%)** | **Japan (0.8%)** |
| 453650 | Japan Government Thirty Year Bond | 2.40 | 03/20/55 | 2559586 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Lebanon (0.3%)** | **Lebanon (0.3%)** | **Lebanon (0.3%)** | **Lebanon (0.3%)** |
| $4250 | Lebanon Government International Bond (h)(i) | 0.00% | 03/20/28 | $979625 |
|  | **Mexico (3.2%)** | **Mexico (3.2%)** | **Mexico (3.2%)** | **Mexico (3.2%)** |
| 100040 | Mexican Bonos | 7.75 | 11/23/34 | 5079634 |
| 50426 | Mexican Bonos | 8.50 | 11/18/38 | 2592751 |
| 35572 | Mexico Udibonos | 2.75 | 11/27/31 | 1748229 |
| 919 | Petroleos Mexicanos | 2.75 | 04/21/27 | 1048848 |
|  | **Total Mexico** |  |  | 10469462 |
|  | **Montenegro (0.4%)** | **Montenegro (0.4%)** | **Montenegro (0.4%)** | **Montenegro (0.4%)** |
| 1140 | Montenegro Government International Bond (b) | 4.875 | 04/01/32 | 1339045 |
|  | **New Zealand (0.6%)** | **New Zealand (0.6%)** | **New Zealand (0.6%)** | **New Zealand (0.6%)** |
| 3425 | New Zealand Government Inflation Linked Bond | 3.25 | 09/20/50 | 2074471 |
|  | **Peru (2.7%)** | **Peru (2.7%)** | **Peru (2.7%)** | **Peru (2.7%)** |
| 12449 | Peru Government Bond | 6.15 | 08/12/32 | 3914307 |
| 15476 | Peru Government Bond | 6.85 | 08/12/35 | 4855294 |
|  | **Total Peru** |  |  | 8769601 |
|  | **Poland (0.1%)** | **Poland (0.1%)** | **Poland (0.1%)** | **Poland (0.1%)** |
| 1611 | Republic of Poland Government Bond | 2.00 | 08/25/36 | 394475 |
|  | **Romania (1.1%)** | **Romania (1.1%)** | **Romania (1.1%)** | **Romania (1.1%)** |
| 1215 | Romanian Government International Bond | 2.625 | 12/02/40 | 931470 |
| 930 | Romanian Government International Bond | 6.125 | 10/07/37 | 1074482 |
| 600 | Romanian Government International Bond | 6.50 | 10/07/45 | 686972 |
| 837 | Romanian Government International Bond | 6.75 | 07/11/39 | 1004139 |
|  | **Total Romania** |  |  | 3697063 |
|  | **South Africa (1.7%)** | **South Africa (1.7%)** | **South Africa (1.7%)** | **South Africa (1.7%)** |
| 47768 | Republic of South Africa Government Bond | 8.75 | 01/31/44 | 2468949 |
| 54781 | Republic of South Africa Government Bond | 8.875 | 02/28/35 | 3166935 |
|  | **Total South Africa** |  |  | 5635884 |
|  | **Sri Lanka (0.4%)** | **Sri Lanka (0.4%)** | **Sri Lanka (0.4%)** | **Sri Lanka (0.4%)** |
| $1363 | Sri Lanka Government International Bond (b)(d) | 3.10 | 01/15/30 | 1288035 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Suriname (0.9%)** | **Suriname (0.9%)** | **Suriname (0.9%)** | **Suriname (0.9%)** |
| $537 | Suriname Government International Bond (b)(g) | 7.70% | 11/06/30 | $540893 |
| 2362 | Suriname Government International Bond (b)(g) | 8.50 | 11/06/35 | 2435813 |
|  | **Total Suriname** |  |  | 2976706 |
|  | **Turkey (1.0%)** | **Turkey (1.0%)** | **Turkey (1.0%)** | **Turkey (1.0%)** |
| 30572 | Turkiye Government Bond | 26.20 | 10/05/33 | 656368 |
| 121316 | Turkiye Government Bond | 27.70 | 09/27/34 | 2672803 |
|  | **Total Turkey** |  |  | 3329171 |
|  | **Ukraine (0.6%)** | **Ukraine (0.6%)** | **Ukraine (0.6%)** | **Ukraine (0.6%)** |
| $3500 | Ukraine Government International Bond (d) | 3.00 | 02/01/35 | 1797011 |
|  | **Venezuela (1.1%)** | **Venezuela (1.1%)** | **Venezuela (1.1%)** | **Venezuela (1.1%)** |
| 3193 | Petroleos de Venezuela SA (h)(i) | 0.00 | 11/17/21 - 04/12/37 | 748847 |
| 1000 | Petroleos de Venezuela SA (h)(i) | 6.00 | 10/28/22 | 197540 |
| 465 | Petroleos de Venezuela SA (h)(i) | 8.50 | 10/27/20 | 464035 |
| 2516 | Venezuela Government International Bond (h)(i) | 0.00 | 12/09/20 - 10/13/49 | 608400 |
| 1367 | Venezuela Government International Bond (h)(i) | 7.00 | 12/01/18 | 323090 |
| 3576 | Venezuela Government International Bond (h)(i) | 13.625 | 08/15/18 | 1055277 |
|  | **Total Venezuela** |  |  | 3397189 |
|  | **Total Sovereign** *(Cost $66,153,182)* |  |  | 70585770 |
|  | **Agency Fixed Rate Mortgages (19.3%)** | **Agency Fixed Rate Mortgages (19.3%)** | **Agency Fixed Rate Mortgages (19.3%)** | **Agency Fixed Rate Mortgages (19.3%)** |
| 1 | Federal Home Loan Mortgage Corporation, <br>Gold Pool: | 6.50 | 10/01/32 | 496 |
|  | Federal National Mortgage Association,<br>Conventional Pools: |  |  |  |
| 9 |  | 6.50 | 05/01/28 - 01/01/32 | 8869 |
| 2 |  | 7.00 | 11/01/32 | 1669 |
| 57200 | Federal National Mortgage Association, <br>November TBA: (j) | 5.50 | 11/01/54 | 57803280 |
| 2200 | Government National Mortgage Association,<br>December TBA (j) | 5.00 | 12/20/54 | 2190104 |
|  | Various Pools: |  |  |  |
| 2689 |  | 6.00 | 08/20/53 | 2802462 |
| 1 |  | 8.00 | 01/15/30 - 05/15/30 | 1127 |
|  | **Total Agency Fixed Rate Mortgages** *(Cost $62,619,257)* |  |  | 62808007 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Asset-Backed Securities (16.0%)** | **Asset-Backed Securities (16.0%)** | **Asset-Backed Securities (16.0%)** | **Asset-Backed Securities (16.0%)** |
| $1246 | AMSR Trust (b) | 5.00 % | 03/17/39 | $1224546 |
|  | Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. | Barings CLO Ltd. |
| 740 | Class D2, 3 Month Term SOFR + 3.65% (b) | 7.534<br> (e) | 04/20/38 | 745495 |
| 1110 | Class D2R, 3 Month Term SOFR + 4.60% (b) | 8.505<br> (e) | 07/15/37 | 1118620 |
| 1110 | Class E, 3 Month Term SOFR + 4.60% (b) | 8.484<br> (e) | 04/20/38 | 1094884 |
| 1110 | Battalion CLO XXV Ltd., Class D<br>3 Month Term SOFR + 4.35% (b) | 8.234<br> (e) | 03/13/37 | 1117715 |
| 798 | Bayview Financial Revolving Asset Trust<br>1 Month Term SOFR + 1.11% (b) | 5.101<br> (e) | 02/28/40 | 776805 |
| 740 | Benefit Street Partners CLO XV Ltd., Class D2R<br>3 Month Term SOFR + 4.50% (b) | 8.405<br> (e) | 07/15/37 | 745879 |
| 1000 | Birch Grove CLO 14 Ltd., Class D1<br>3 Month Term SOFR + 3.50% (b) | 7.83 <br> (e) | 07/22/37 | 1002121 |
|  | Bryant Park Funding Ltd. | Bryant Park Funding Ltd. | Bryant Park Funding Ltd. | Bryant Park Funding Ltd. |
| 1110 | Class D, 3 Month Term SOFR + 4.30% (b) | 8.205<br> (e) | 04/15/37 | 1118560 |
| 1110 | Class D1R, 3 Month Term SOFR + 2.80% (b) | 6.705<br> (e) | 04/15/38 | 1111739 |
| 596 | Cascade MH Asset Trust (b) | 4.00 <br> (e) | 11/25/44 | 573411 |
| 533 | ECAF I Ltd., Class A2 (Cayman Islands) (b) | 4.947 | 06/15/40 | 486780 |
| 1110 | Elmwood CLO 32 Ltd., Class D1<br>3 Month Term SOFR + 2.85% (b) | 6.734<br> (e) | 10/18/37 | 1117340 |
| 1110 | Elmwood CLO 40 Ltd., Class E<br>3 Month Term SOFR + 5.25% (b) | 9.132<br> (e) | 03/22/38 | 1124599 |
| 740 | Elmwood CLO VIII Ltd., Class DR<br>3 Month Term SOFR + 3.80% (b) | 7.684<br> (e) | 04/20/37 | 744355 |
| 1110 | Empower CLO Ltd., Class D1<br>3 Month Term SOFR + 3.75% (b) | 7.608<br> (e) | 04/25/37 | 1117411 |
|  | FMC GMSR Issuer Trust | FMC GMSR Issuer Trust | FMC GMSR Issuer Trust | FMC GMSR Issuer Trust |
| 2220 | Class A (b) | 7.90 | 07/25/27 | 2233460 |
| 2960 | Class B (b) | 7.17 | 04/25/27 | 2971561 |
| 2133 | GAIA Aviation Ltd. (Cayman Islands) (b) | 7.00 | 12/15/44 | 1844629 |
| 740 | Galaxy 33 CLO Ltd., Class D1<br>3 Month Term SOFR + 3.55% (b) | 7.434<br> (e) | 04/20/37 | 742485 |
| 1110 | Golub Capital Partners CLO 72 B Ltd., Class D<br>3 Month Term SOFR + 4.00% (b) | 7.858<br> (e) | 04/25/37 | 1116529 |
|  | Harvest SBA Loan Trust, Class A | Harvest SBA Loan Trust, Class A | Harvest SBA Loan Trust, Class A | Harvest SBA Loan Trust, Class A |
| 1995 | SOFR30A + 2.25% (b) | 6.50 <br> (e) | 12/25/51 | 2012539 |
| 906 | SOFR30A + 3.25% (b) | 7.522<br> (e) | 10/25/50 | 939546 |
| 1110 | Harvest U.S. CLO Ltd., Class D1<br>3 Month Term SOFR + 3.25% (b) | 7.155<br> (e) | 10/15/37 | 1114678 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| $338 | LoanMe Trust Prime, Class B (b) | 6.00 % | 09/15/34 | $337563 |
| 1110 | Madison Park Funding LV Ltd., Class D1R<br>3 Month Term SOFR + 3.15% (b) | 7.034<br> (e) | 07/18/37 | 1117435 |
|  | Magnetite XXII Ltd. | Magnetite XXII Ltd. | Magnetite XXII Ltd. | Magnetite XXII Ltd. |
| 740 | Class DJ, 3 Month Term SOFR + 4.15% (b) | 8.055<br> (e) | 07/15/36 | 741795 |
| 740 | Class DRR, 3 Month Term SOFR + 2.90% (b) | 6.805<br> (e) | 07/15/36 | 741509 |
| 568 | METAL LLC, Class A (b) | 4.581 | 10/15/42 | 394537 |
| 1810 | Mortgage Subordinate Trust, Class A (b) | 0.00 <br> (e) | 12/29/31 | 1572124 |
| 334 | Newtek Small Business Loan Trust<br>Daily U.S. Prime Rate + 0.10% (b) | 7.35 <br> (e) | 12/25/48 | 329929 |
| 2057 | NRM FNT1 Excess LLC, Class A (b) | 7.398 | 11/25/31 | 2095420 |
| 920 | Oaktree CLO Ltd., Class D2RR<br>3 Month Term SOFR + 4.70% (b) | 8.584<br> (e) | 07/20/37 | 924736 |
| 2828 | Oakwood Mortgage Investors, Inc., Class A4 | 7.405<br> (e) | 06/15/31 | 200619 |
|  | OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. | OCP CLO Ltd. |
| 1110 | Class D1, 3 Month Term SOFR + 3.75% (b) | 7.61 <br> (e) | 04/23/37 | 1118601 |
| 740 | Class D2R, 3 Month Term SOFR + 4.40% (b) | 8.284<br> (e) | 10/20/37 | 747708 |
|  | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
| 1110 | Class CR, 3 Month Term SOFR + 3.90% (b) | 7.784<br> (e) | 04/18/37 | 1117087 |
| 740 | Class ER, 3 Month Term SOFR + 6.40% (b) | 10.284<br> (e) | 07/20/38 | 746163 |
| 2960 | PNMAC GMSR Issuer Trust, Class A<br>1 Month Term SOFR + 3.20% (b) | 7.191<br> (e) | 03/25/29 | 2989971 |
| 2093 | Raptor Aircraft Finance I LLC, Class A (b) | 4.213 | 08/23/44 | 1897175 |
| 1178 | ReadyCap Lending Small Business Loan Trust, <br>Class A Daily U.S. Prime Rate + 0.07% (b) | 7.32 <br> (e) | 04/25/48 | 1194063 |
| 1154 | Shenton Aircraft Investment Ltd., Class A (b) | 4.75 | 10/15/42 | 1119509 |
| 465 | Start II Ltd., Class A (Bermuda) (b) | 4.089 | 03/15/44 | 462010 |
| 740 | TICP CLO VI Ltd.<br>3 Month Term SOFR + 6.51% (b) | 10.416<br> (e) | 01/15/34 | 741927 |
|  | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
| 740 | 3 Month Term SOFR + 4.01% (b) | 7.87 <br> (e) | 01/25/34 | 741149 |
| 740 | 3 Month Term SOFR + 7.08% (b) | 10.936<br> (e) | 01/25/34 | 722364 |
| 1850 | VINE Trust, Class E1 (b) | 4.75 | 12/17/40 | 1762039 |
|  | **Total Asset-Backed Securities** *(Cost $52,210,826)* |  |  | 52011120 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Collateralized Mortgage Obligations - Agency Collateral Series (12.2%)** | | | |
| $3865 | Federal Home Loan Mortgage Corporation, REMIC<br>21.06% - 3 x SOFR30A | 8.16 <br> (k)% | 08/25/55 | $4031108 |
|  | Federal National Mortgage Association, |  |  |  |
|  | IO REMIC |  |  |  |
| 154 |  | 1.73 <br> (e) | 03/25/44 | 9233 |
| 309 |  | 1.801<br> (e) | 10/25/39 | 17590 |
| 22 | 6.44% - SOFR30A | 2.253<br> (k) | 08/25/41 | 331 |
|  | Government National Mortgage Association, |  |  |  |
| 458 | IO REMIC<br>6.14% - 1 Month Term SOFR | 2.104<br> (k) | 12/20/42 | 51868 |
|  | REMIC |  |  |  |
| 2424 | 22.73% - SOFR30A | 7.393<br> (k) | 10/20/52 | 2546314 |
| 2945 | SOFR30A + 3.30% | 7.484<br> (e) | 04/20/55 | 3007239 |
| 1000 | 26.40% - 4 x SOFR30A | 7.60 <br> (k) | 10/20/55 | 1041224 |
| 27681 | 21.30% - 3 x SOFR30A | 8.40 <br> (k) | 06/20/55 - 07/20/55 | 28852016 |
|  | **Total Collateralized Mortgage Obligations - Agency Collateral Series**<br> *(Cost $38,553,025)* |  |  | 39556923 |
|  | **Commercial Mortgage-Backed Securities (5.3%)** |  |  |  |
| 1674 | Bayview Commercial Asset Trust, Class A4A<br>1 Month Term SOFR + 2.36% (b) | 6.356<br> (e) | 12/25/37 | 1499680 |
| 670 | Citigroup Commercial Mortgage Trust (b) | 3.503<br> (e) | 12/10/41 | 577431 |
|  | Credit Suisse Mortgage Trust, Class A |  |  |  |
| 1811 | 1 Month Term SOFR + 3.57% (b) | 7.607<br> (e) | 05/09/26 | 1787118 |
| 3069 | 1 Month Term SOFR + 3.83% (b) | 7.862<br> (e) | 08/15/26 | 2931285 |
|  | Federal Home Loan Mortgage Corporation, IO |  |  |  |
| 5170 |  | 2.628<br> (e) | 01/25/49 | 604748 |
| 4750 |  | 3.067<br> (e) | 11/25/36 | 1104672 |
| 7336 |  | 4.334<br> (e) | 11/25/55 | 1762376 |
| 189 | FREMF Mortgage Trust, IO<br>SOFR30A + 5.36% (b) | 9.672<br> (e) | 07/25/26 | 10658 |
|  | Harvest Commercial Capital Loan Trust, Class A |  |  |  |
| 1850 | (b) | 5.964<br> (e) | 04/25/52 | 1714438 |
| 1110 | (b) | 6.337<br> (e) | 09/25/46 | 1074779 |
| 136 | JPMBB Commercial Mortgage Securities Trust (b) | 4.037<br> (e) | 09/15/47 | 123665 |
| 2220 | SG Commercial Mortgage Securities Trust (b) | 3.477<br> (e) | 09/15/39 | 1891272 |
| 500 | Sutherland Commercial Mortgage Trust (b) | 2.23 <br> (e) | 12/25/41 | 441013 |
| 1661 | VCC Trust, Class A1 (b) | 8.163 | 05/25/55 | 1652404 |
|  | **Total Commercial Mortgage-Backed Securities** *(Cost $17,538,428)* |  |  | 17175539 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Mortgages - Other (16.8%)** | | | |
| $1850 | ATLX Trust, Class M1 (b) | 4.408<br> (e)% | 04/25/64 | $1778334 |
| 590 | Banna RMBS DAC<br>3 Month GBP SONIA + 3.50% (United Kingdom) | 7.488<br> (e) | 12/30/63 | 871241 |
| 2960 | Boston Lending Trust (b) | 3.25 <br> (e) | 05/25/62 | 2841279 |
|  | Cascade Funding Mortgage Trust |  |  |  |
| 797 | Class M2 (b) | 2.00 <br> (e) | 02/25/52 | 754293 |
| 1160 | Class M4 (b) | 3.00 <br> (e) | 05/25/34 | 1099796 |
| 2220 | Class M4 (b) | 3.00 <br> (e) | 03/25/35 | 2073193 |
| 2960 | Class M5 (b) | 3.00 <br> (e) | 06/25/34 | 2704967 |
|  | Champs Trust, Class A |  |  |  |
| 2140 | (b) | 7.848<br> (e) | 04/25/60 | 2240275 |
| 1866 | (b) | 8.587<br> (e) | 11/25/59 | 1951183 |
| 2222 | (b) | 8.784<br> (e) | 07/25/59 | 2304589 |
| 1378 | Eurohome Italy Mortgages Srl, Class A<br>3 Month EURIBOR + 0.60% (Italy) | 2.594<br> (e) | 11/02/54 | 1504710 |
| 378 | Eurohome Mortgages PLC<br>3 Month EURIBOR + 0.21% (Germany) | 2.26 <br> (e) | 08/02/50 | 411035 |
| 88524 | GMAC Financiera SA de CV Sociedad Financiera de <br>Objeto Ltdo, Class A (Mexico) | 3.99 | 03/25/36 | 923187 |
| 1030 | Great Hall Mortgages No. 1 PLC<br>3 Month GBP SONIA + 3.12% (United Kingdom) | 7.107<br> (e) | 06/18/38 | 1328899 |
| $578 | GSR Mortgage Loan Trust, PAC | 5.50 | 03/25/35 | 518640 |
| 945 | Merrill Lynch Mortgage Investors Trust, IO (b) | 0.00 <br> (e) | 02/25/36 | 9 |
| 1480 | Mortgage Funding PLC<br>3 Month GBP SONIA + 3.32% (United Kingdom) | 7.307<br> (e) | 03/13/46 | 1933261 |
| 417 | Newgate Funding PLC<br>3 Month GBP SONIA + 3.12% (United Kingdom) | 7.107<br> (e) | 12/15/50 | 535797 |
| $1100 | Onity Loan Investment Trust (b) | 5.00 <br> (e) | 08/25/37 | 1056076 |
| 1145 | PRPM LLC (b) | 4.00 | 05/25/54 | 1057861 |
| 615 | Riverview HECM Pass-Through Certificates Trust<br>1 Month Term SOFR + 0.38% | 4.376<br> (e) | 05/25/47 | 536093 |
|  | RMF Buyout Issuance Trust |  |  |  |
| 2590 | Class M2 (b) | 3.63 <br> (e) | 10/25/50 | 2263453 |
| 890 | Class M3 (b) | 3.69 <br> (e) | 11/25/31 | 851021 |
| 2960 | Class M4 (b) | 4.50 <br> (e) | 04/25/32 | 2579598 |
| 9451 | Class M5 (b) | 6.00 | 10/25/50 | 7576015 |
| 4529 | (b) | 6.00 <br> (e) | 11/25/31 | 4212469 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
|  | RMF Proprietary Issuance Trust |  |  |  |
| $1984 | Class M1 (b) | 3.25 <br> (e)% | 04/26/60 | $1788421 |
| 2220 | Class M3 (b) | 3.75 <br> (e) | 06/25/62 | 1986390 |
|  | Saluda Grade Alternative Mortgage Trust |  |  |  |
| 1967 | Class A1 (b) | 7.118 | 01/25/30 | 1975166 |
| 1850 | Class M1 (b) | 7.50 <br> (e) | 05/25/50 | 1897127 |
| 1117 | TDA 27 FTA<br>3 Month EURIBOR + 0.19% (Spain) | 2.17 <br> (e) | 12/28/50 | 1188094 |
|  | **Total Mortgages - Other** *(Cost $52,330,233)* |  |  | 54742472 |
|  | **Senior Loan Interests (0.6%)** |  |  |  |
| $1875 | Cuenca Enterprises, Inc.<br>3 Month USD LIBOR + 7.33% (Cayman Islands) (l)<br>(acquired 12/07/2021)<br>*(Cost 1,875,000)* | 12.882<br> (e) | 12/15/26 | 1875000 |
|  | **Short-Term Investments (5.6%)** |  |  |  |
|  | *U.S. Treasury Securities (0.8%)* |  |  |  |
|  | U.S. Treasury Bill |  |  |  |
| 200 | (m)(n) | 4.082 | 11/20/25 | 199633 |
| 400 | (m)(n) | 4.095 | 11/20/25 | 399267 |
| 2000 | (m)(n) | 4.303 | 11/20/25 | 1996333 |
|  | **Total U.S. Treasury Securities** *(Cost $2,594,310)* |  |  | 2595233 |
| **NUMBER OF<br>SHARES<br>(000)** |  |  |  |  |
|  | *Investment Company (4.6%)* |  |  |  |
| 14971 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - <br>Institutional Class, 3.95% (See Note 7) *(Cost $14,971,381)* |  |  | 14971381 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | | **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** | **Sovereign (0.2%)** |
| | | **Uruguay (0.2%)** | **Uruguay (0.2%)** | **Uruguay (0.2%)** | **Uruguay (0.2%)** |
| UYU | 17408 | Uruguay Monetary Regulation Bill (m) <br>*(Cost $421,038)* | 9.375% | 12/19/25 | $432305 |
|  |  | **Total Short-Term Investments** *(Cost $17,986,729)* |  |  | 17998919 |
|  |  | **Total Investments** *(Cost $387,766,947) (o)(p)* |  | 121.7% | 395237119 |
|  |  | **Liabilities in Excess of Other Assets** |  | (21.7) | (70390494) |
|  |  | **Net Assets** |  | 100.0% | $324846625 |

---

*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.*

&nbsp;&nbsp;&nbsp;&nbsp;*CLO Collateralized Loan Obligation.*

&nbsp;&nbsp;&nbsp;&nbsp;*CR Custodial Receipts.*

&nbsp;&nbsp;&nbsp;&nbsp;*DAC Designated Activity Company.*

&nbsp;&nbsp;&nbsp;&nbsp;*EURIBOR Euro Interbank Offered Rate.*

&nbsp;&nbsp;&nbsp;&nbsp;*HECM Home Equity Conversion Mortgage.*

&nbsp;&nbsp;&nbsp;&nbsp;*IO Interest Only Security.*

&nbsp;&nbsp;&nbsp;&nbsp;*LIBOR London Interbank Offered Rate.*

&nbsp;&nbsp;&nbsp;&nbsp;*PAC Planned Amortization Class.*

&nbsp;&nbsp;&nbsp;&nbsp;*PIK Payment-in-Kind.*

&nbsp;&nbsp;&nbsp;&nbsp;*REMIC Real Estate Mortgage Investment Conduit.*

&nbsp;&nbsp;&nbsp;&nbsp;*SOFR Secured Overnight Financing Rate.*

&nbsp;&nbsp;&nbsp;&nbsp;*SOFR30A 30-Day Average Secured Overnight Financing Rate.*

&nbsp;&nbsp;&nbsp;&nbsp;*SONIA Sterling Overnight Index Average.*

&nbsp;&nbsp;&nbsp;&nbsp;*TBA To Be Announced.*

&nbsp;&nbsp;&nbsp;&nbsp;*(a) Income may be paid in additional securities and/or cash at the discretion of the issuer.*

&nbsp;&nbsp;&nbsp;&nbsp;*(b) 144A security - Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.*

&nbsp;&nbsp;&nbsp;&nbsp;*(c) Capital appreciation bond.*

&nbsp;&nbsp;&nbsp;&nbsp;*(d) Multi-step - Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of October 31, 2025. Maturity date disclosed is the ultimate maturity date.*

&nbsp;&nbsp;&nbsp;&nbsp;*(e) Floating or variable rate securities: The rates disclosed are as of October 31, 2025. 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.*

&nbsp;&nbsp;&nbsp;&nbsp;*(f) 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 October 31, 2025.*

&nbsp;&nbsp;&nbsp;&nbsp;*(g) When-issued security.*

&nbsp;&nbsp;&nbsp;&nbsp;*(h) Issuer in bankruptcy.*

&nbsp;&nbsp;&nbsp;&nbsp;*(i) Non-income producing security; bond in default.*

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

&nbsp;&nbsp;&nbsp;&nbsp;*(j) Security is subject to delayed delivery.*

&nbsp;&nbsp;&nbsp;&nbsp;*(k) Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at October 31, 2025.*

&nbsp;&nbsp;&nbsp;&nbsp;*(l) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at October 31, 2025 amounts to $1,875,000 and represents 0.6% of net assets.*

&nbsp;&nbsp;&nbsp;&nbsp;*(m) Rate shown is the yield to maturity at October 31, 2025.*

&nbsp;&nbsp;&nbsp;&nbsp;*(n) All or a portion of the security was pledged to cover margin requirements for swap agreements.*

&nbsp;&nbsp;&nbsp;&nbsp;*(o) Securities are available for collateral in connection with purchase of when-issued securities, securities purchased on a forward commitment basis, open foreign currency forward exchange contracts, futures contracts and swap agreements.*

&nbsp;&nbsp;&nbsp;&nbsp;*(p) At October 31, 2025, the aggregate cost for federal income tax purposes is $388,627,916. The aggregate gross unrealized appreciation is $12,885,037 and the aggregate gross unrealized depreciation is $5,783,032, resulting in net unrealized appreciation of $7,102,005.*

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS<br>TO DELIVER** | **IN EXCHANGE<br>FOR** | **DELIVERY<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)** |
| Barclays Bank PLC | 346062 | 1476956 | 12/17/25 | $(82) |
| Barclays Bank PLC | 390469752 | $2576420 | 12/17/25 | 31791 |
| Barclays Bank PLC | 3343488 | $1936453 | 12/17/25 | 19641 |
| Barclays Bank PLC | 3925923 | 924346 | 12/17/25 | 5383 |
| Barclays Bank PLC | $3498416 | 2995000 | 12/5/25 | (40187) |
| Barclays Bank PLC | $267139 | 231772 | 11/7/25 | 58 |
| Barclays Bank PLC | $3147278 | 13200000 | 12/17/25 | 9005 |
| Barclays Bank PLC | $534431 | 9294421 | 12/17/25 | 74 |
| Barclays Bank PLC | 106814625 | $6168301 | 12/17/25 | 25586 |
| BNP Paribas SA | $6829189 | 9771183943 | 12/17/25 | 42603 |
| Goldman Sachs International | 13130850 | $15355873 | 1/30/26 | 147796 |
| Goldman Sachs International | 3218150 | $4250115 | 1/30/26 | 22381 |
| Goldman Sachs International | 30750539 | $9046937 | 12/17/25 | (75335) |
| Goldman Sachs International | $3004110 | 16300000 | 12/2/25 | 3883 |
| Goldman Sachs International | $1944615 | 1832800000 | 12/17/25 | 209 |
| Goldman Sachs International | $326039 | 1103934 | 12/17/25 | 1448 |
| Goldman Sachs International | $2538713 | 110753525 | 12/17/25 | 4133 |
| Goldman Sachs International | $1207666 | 48361000 | 12/17/25 | 1228 |
| JPMorgan Chase Bank NA | 205001559 | $11051476 | 12/17/25 | 66733 |
| JPMorgan Chase Bank NA | 17600000 | $948802 | 12/17/25 | 5729 |
| JPMorgan Chase Bank NA | $12873754 | 620000000 | 12/17/25 | 40979 |
| JPMorgan Chase Bank NA | $1210503 | 22579761 | 12/17/25 | (596) |
| Standard Chartered Bank | 1543470 | $1803017 | 12/5/25 | 20822 |
| Standard Chartered Bank | 407435 | $475949 | 12/5/25 | 5496 |
| Standard Chartered Bank | 1925000 | $2248703 | 12/5/25 | 25969 |
| Standard Chartered Bank | 907707 | $1060345 | 12/5/25 | 12245 |
| Standard Chartered Bank | 900000 | $1051342 | 12/5/25 | 12141 |
| Standard Chartered Bank | 1176013 | $1373768 | 12/5/25 | 15865 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS<br>TO DELIVER** | **IN EXCHANGE<br>FOR** | **DELIVERY<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)** |
| Standard Chartered Bank | 1399709 | $1635080 | 12/5/25 | $18882 |
| Standard Chartered Bank | 2995000 | $3466791 | 11/7/25 | 14021 |
| Standard Chartered Bank | $402195 | 347031 | 12/5/25 | (1490) |
| Standard Chartered Bank | $226196 | 195871 | 12/5/25 | (29) |
| UBS AG | 1530000 | $1795461 | 11/7/25 | 31609 |
|  |  |  |  | $467991 |

---

**Futures Contracts:**

The Fund had the following futures contracts open at October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **NUMBER<br>OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **NOTIONAL<br>AMOUNT<br>(000)** | **VALUE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)** |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| U.S. Treasury 5 yr. Note (United States) | 725 | Dec-25 | $72500 | $79177930 | $189828 |
| U.S. Treasury 10 yr. Note (United States) | 618 | Dec-25 | 61800 | 69631219 | 475000 |
| U.S. Treasury 10 yr. Ultra Note (United States) | 35 | Dec-25 | 3500 | 4041953 | 60078 |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| Euro-Buxl 30 yr. Bond Index (Germany) | 4 | Dec-25 | (400) | (535383) | (14685) |
| TSE Japanese 10 Year Bond (Japan) | 8 | Dec-25 | (800000) | (7061969) | 58659 |
| German Euro-Bobl Index (Germany) | 13 | Dec-25 | (1300) | (1772061) | (6293) |
| German Euro-Bund Index (Germany) | 49 | Dec-25 | (4900) | (7307928) | (67211) |
| U.S. Treasury Long Bond (United States) | 21 | Dec-25 | $(2100) | (2463562) | (46781) |
| U.S. Treasury 2 yr. Note (United States) | 10 | Dec-25 | (2000) | (2082422) | 578 |
| Ultra U.S. Treasury Bond (United States) | 196 | Dec-25 | (19600) | (23771125) | (820813) |
|  |  |  |  |  | $(171640) |

---

**Credit Default Swap Agreements:**

The Fund had the following credit default swap agreements open at October 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP<br>COUNTERPARTY<br>AND REFERENCE<br>OBLIGATION** | **CREDIT<br>RATING OF <br>REFERENCE<br>OBLIGATION** | **BUY/SELL <br>PROTECTION** | **PAY/<br>RECEIVED<br>FIXED<br>RATE** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT<br>(000)** | **VALUE** | **UPFRONT <br>PAYMENT <br>RECEIVED** | **UNREALIZED<br>APPRECIATION** |
| Goldman Sachs <br>International <br>Petroleos <br>Mexicanos | NR | Sell | 1.000% | Quarterly | 6/20/27 | $1260 | $(8176) | $(32572) | $24396 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP<br>COUNTERPARTY<br>AND REFERENCE<br>OBLIGATION** | **CREDIT<br>RATING OF <br>REFERENCE<br>OBLIGATION** | **BUY/SELL <br>PROTECTION** | **PAY/<br>RECEIVED<br>FIXED<br>RATE** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT<br>(000)** | **VALUE** | **UPFRONT <br>PAYMENT <br>RECEIVED** | **UNREALIZED<br>APPRECIATION** |
| JPMorgan <br>Chase Bank NA<br>Petroleos <br>Mexicanos | NR | Sell | 1.000% | Quarterly | 6/20/27 | $560 | $(3634) | $(16081) | $12447 |
| Barclays Bank PLC<br>Petroleos <br>Mexicanos | NR | Sell | 1.000 | Quarterly | 12/20/26 | 1120 | (2364) | (18959) | 16595 |
| Barclays Bank PLC<br>Petroleos <br>Mexicanos | NR | Sell | 1.000 | Quarterly | 6/20/27 | 840 | (5451) | (22066) | 16615 |
|  |  |  |  |  |  |  | $(19625) | $(89678) | $70053 |

---

**Centrally Cleared Interest Rate Swap Agreements:**

The Fund had the following centrally cleared interest rate swap agreements open at October 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP <br>COUNTERPARTY** | **FLOATING <br>RATE<br>INDEX** | **PAY/<br>RECEIVE<br>FLOATING <br>RATE** | **FIXED<br>RATE** | **PAYMENT<br>FREQUENCY<br>PAID/RECEIVED** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT<br>(000)** | **NOTIONAL<br>AMOUNT<br>(000)** | **VALUE** | **UPFRONT <br>PAYMENT <br>PAID** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)** |
| Morgan <br>Stanley & <br>Co. LLC | <br>1 Month <br>TIIE | <br>Pay | 6.930% | <br>Monthly/<br>Monthly | <br>12/15/27 | MXN | 94400 | $(4035) | $— | $(4035) |
| Morgan <br>Stanley & <br>Co. LLC | <br>3 Month <br>JIBAR | <br>Pay | 8.470 | <br>Quarterly/<br>Quarterly | <br>9/17/35 | ZAR | 29507 | 81684 |  | 81684 |
| Morgan <br>Stanley & <br>Co. LLC | <br>3 Month <br>JIBAR | <br>Pay | 8.640 | <br>Quarterly/<br>Quarterly | <br>9/17/35 |  | 23300 | 81048 |  | 81048 |
| Morgan <br>Stanley & <br>Co. LLC | <br>3 Month <br>JIBAR | <br>Pay | 8.660 | <br>Quarterly/<br>Quarterly | <br>9/17/35 |  | 54600 | 193203 |  | 193203 |
| Morgan <br>Stanley & <br>Co. LLC | <br>3 Month <br>TAIBO | <br>Receive | 1.630 | <br>Quarterly/<br>Quarterly | <br>9/17/30 | TWD | 225000 | 19720 |  | 19720 |
| Morgan <br>Stanley & <br>Co. LLC | <br>3 Month <br>WIBOR | <br>Receive | 4.610 | <br>Annual/<br>Quarterly | <br>9/9/32 | PLN | 99350 | (82558) |  | (82558) |
| Morgan <br>Stanley & <br>Co. LLC | <br>3 Month <br>WIBOR | <br>Receive | 4.490 | <br>Annual/<br>Quarterly | <br>8/12/32 |  | 18518 | (6664) |  | (6664) |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP <br>COUNTERPARTY** | **FLOATING <br>RATE<br>INDEX** | **PAY/<br>RECEIVE<br>FLOATING <br>RATE** | **FIXED<br>RATE** | **PAYMENT<br>FREQUENCY<br>PAID/RECEIVED** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT<br>(000)** | **NOTIONAL<br>AMOUNT<br>(000)** | **VALUE** | **UPFRONT <br>PAYMENT <br>PAID** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)** |
| Morgan <br>Stanley & <br>Co. LLC | <br>3 Month <br>WIBOR | <br>Receive | 4.490% | <br>Annual/<br>Quarterly | <br>8/12/32 |  | 4630 | $(1666) | $— | $(1666) |
| Morgan <br>Stanley & <br>Co. LLC | <br>3 Month <br>WIBOR | <br>Receive | 4.360 | <br>Annual/<br>Quarterly | <br>9/17/26 |  | 44040 | (19855) |  | (19855) |
| Morgan <br>Stanley & <br>Co. LLC | <br>6 Month <br>WIBOR | <br>Pay | 4.590 | <br>Semi-Annual/<br>Annual | <br>8/12/32 |  | 23148 | 9959 |  | 9959 |
| Morgan <br>Stanley & <br>Co. LLC | <br>6 Month <br>WIBOR | <br>Pay | 4.710 | <br>Semi-Annual/<br>Annual | <br>9/9/32 |  | 99350 | 87335 |  | 87335 |
| Morgan <br>Stanley & <br>Co. LLC | <br>MIBOR | <br>Pay | 5.690 | <br>Semi-Annual/<br>Semi-Annual | <br>9/17/30 | INR | 524800 | (152030) |  | (152030) |
| Morgan <br>Stanley & <br>Co. LLC | <br>SHIR | <br>Pay | 3.520 | <br>Annual/<br>Annual | <br>12/17/30 | ILS | 2509 | (2251) |  | (2251) |
| Morgan <br>Stanley & <br>Co. LLC | <br>SHIR | <br>Pay | 3.660 | <br>Annual/<br>Annual | <br>10/15/30 |  | 3073 | 2102 |  | 2102 |
| Morgan <br>Stanley & <br>Co. LLC | <br>SHIR | <br>Pay | 3.800 | <br>Annual/<br>Annual | <br>12/17/35 |  | 1338 | 252 |  | 252 |
| Morgan <br>Stanley & <br>Co. LLC | <br>SHIR | <br>Pay | 3.910 | <br>Annual/<br>Annual | <br>12/17/35 |  | 1336 | 3747 |  | 3747 |
|  |  |  |  |  |  |  |  | $209991 | $— | $209991 |

---

*JIBAR Johannesburg Interbank Agreed Rate.*

*MIBOR Mumbai Interbank Offered Rate.*

*SHIR Shekel Overnight Interest Rate.*

*TIIE Interbank Equilibrium Interest Rate.*

*TSE Tokyo Stock Exchange.*

*WIBOR Warsaw Interbank Offered Rate.*

BRL — Brazilian Real

CLP — Chilean Peso

DOP — Dominican Peso

EGP — Egyptian Pound

EUR — Euro

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Portfolio of Investments** ◼ **October 31, 2025** *continued*

GBP — British Pound

ILS — Israeli Shekel

INR — Indian Rupee

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

MYR — Malaysian Ringgit

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

PLN — Polish Zloty

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — United States Dollar

UYU — Uruguay Peso

ZAR — South African Rand

**Portfolio Composition**

---

| | | |
|:---|:---|:---|
| **CLASSIFICATION** | **CLASSIFICATION** | **CLASSIFICATION** |
| Corporate Bonds | 19.8 | % |
| Sovereign | 17.9 |  |
| Agency Fixed Rate Mortgages | 15.9 |  |
| Mortgages - Other | 13.8 |  |
| Asset-Backed Securities | 13.2 |  |
| Collateralized Mortgage Obligations - Agency Collateral Series | 10.0 |  |
| Short-Term Investments | 4.6 |  |
| Commercial Mortgage-Backed Securities | 4.3 |  |
| Senior Loan Interests | 0.5 |  |
| Total | 100.0 | %\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;*\* Does not include open futures contracts with a value of $197,845,552 and net unrealized depreciation of $171,640. Does not include open foreign currency forward exchange contracts with net unrealized appreciation of $467,991. Also does not include open swap agreements with net unrealized appreciation of $280,044.*

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Financial Statements**

**Statement of Assets and Liabilities** *October 31, 2025*

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $372,795,566) | $380265738 |
| Investment in affiliate, at value (cost $14,971,381) | 14971381 |
| Total investments in securities, at value (cost $387,766,947) | 395237119 |
| Unrealized appreciation on open foreign currency forward exchange contracts | 585710 |
| Receivable for: | Receivable for: |
| Investments sold | 21875854 |
| Interest | 3400608 |
| Variation margin on open futures contracts | 2013511 |
| Shares of beneficial interest sold | 111756 |
| Unrealized appreciation on swap agreements | 70053 |
| Dividends from affiliate | 16094 |
| Securities lending income | 1616 |
| Swap agreements termination | 1388 |
| Foreign withholding taxes reclaimed | 243 |
| Due from broker | 4232180 |
| Prepaid expenses and other assets | 29262 |
| **Total Assets** | 427575394 |
| **Liabilities:** | **Liabilities:** |
| Payable to Bank (including foreign currency valued at $3,760,210) | 7489060 |
| Unrealized depreciation on open foreign currency forward exchange contracts | 117719 |
| Upfront Payment Received on Open Swap Agreements | 89678 |
| Due to broker | 524975 |
| Payable for: | Payable for: |
| Investments purchased | 75701375 |
| Shares of beneficial interest redeemed | 18130606 |
| Variation Margin on Swap Agreements | 153670 |
| Dividends to shareholders | 130237 |
| Transfer and sub transfer agency fees | 88527 |
| Administration fee | 25881 |
| Advisory fee | 25776 |
| Deferred capital gain country tax | 59663 |
| Accrued expenses and other payables | 191602 |
| **Total Liabilities** | 102728769 |
| **Net Assets** | $324846625 |
| **Composition of Net Assets:** | **Composition of Net Assets:** |
| Paid-in-Capital | 367447416  |
| Total Accumulated Loss | (42600791) |
| **Net Assets** | $324846625 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Financial Statements** *continued*

**Statement of Assets and Liabilities** *October 31, 2025*

---

| | |
|:---|:---|
| **Class A Shares:** | **Class A Shares:** |
| Net Assets | $57642676 |
| Shares Outstanding *(unlimited shares authorized, $0.01 par value)* | 10834003 |
| **Net Asset Value Per Share** | $5.32 |
| **Maximum Offering Price Per Share,**<br> *(net asset value plus 3.36% of net asset value)* | $5.50 |
| **Class L Shares:** | **Class L Shares:** |
| Net Assets | $2195646 |
| Shares Outstanding *(unlimited shares authorized, $0.01 par value)* | 412894 |
| **Net Asset Value Per Share** | $5.32 |
| **Class I Shares:** | **Class I Shares:** |
| Net Assets | $233262141 |
| Shares Outstanding *(unlimited shares authorized, $0.01 par value)* | 43170085 |
| **Net Asset Value Per Share** | $5.40 |
| **Class C Shares:** | **Class C Shares:** |
| Net Assets | $9890084 |
| Shares Outstanding *(unlimited shares authorized, $0.01 par value)* | 1861650 |
| **Net Asset Value Per Share** | $5.31 |
| **Class R6 Shares:** | **Class R6 Shares:** |
| Net Assets | $21856078 |
| Shares Outstanding *(unlimited shares authorized, $0.01 par value)* | 4063820 |
| **Net Asset Value Per Share** | $5.38 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Financial Statements** *continued*

**Statement of Operations** *For the year ended October 31, 2025*

---

| | |
|:---|:---|
| **Net Investment Income:<br>Income** | **Net Investment Income:<br>Income** |
| Interest (net of $183,729 foreign withholding tax) | $36719568 |
| Dividends from affiliates (Note 9) | 2437376 |
| Dividends | 1045162 |
| Income from securities loaned - net | 135810 |
| **Total Income** | 40337916 |
| **Expenses** | **Expenses** |
| Advisory fee (Note 4) | 2194974 |
| Administration fee (Note 4) | 548744 |
| Reorganization Expense | 446177 |
| Sub transfer agency fees and expenses (Class A) | 65972 |
| Sub transfer agency fees and expenses (Class L) | 2549 |
| Sub transfer agency fees and expenses (Class I) | 348546 |
| Sub transfer agency fees and expenses (Class C) | 7685 |
| Professional fees | 352496 |
| Distribution fee (Class A) (Note 5) | 143055 |
| Distribution fee (Class L) (Note 5) | 11476 |
| Distribution fee (Class C) (Note 5) | 105006 |
| Registration fees | 185641 |
| Custodian fees | 100901 |
| Transfer agency fees and expenses (Class A) (Note 6) | 12670 |
| Transfer agency fees and expenses (Class L) (Note 6) | 3253 |
| Transfer agency fees and expenses (Class I) (Note 6) | 18082 |
| Transfer agency fees and expenses (Class C) (Note 6) | 7095 |
| Transfer agency fees and expenses (Class R6) (Note 6) | 4274 |
| Transfer agency fees and expenses (Class IR) (Note 6) | 2053 |
| Shareholder reports and notices | 43775 |
| Trustees' fees and expenses | 21822 |
| Other | 100217 |
| **Total Expenses** | 4726463 |
| Less: reimbursement of class specific expenses (Class L) (Note 4) | (967) |
| Less: reimbursement of class specific expenses (Class I) (Note 4) | (245246) |
| Less: reimbursement of class specific expenses (Class R6) (Note 4) | (4254) |
| Less: reimbursement of class specific expenses (Class IR) (Note 4) | (2053) |
| Less: rebate from Morgan Stanley afilliates (Note 9) | (129697) |
| Less: waiver of advisory fees (Note 4) | (82558) |
| Less: waiver of shareholder services fees — Class A (Note 5) | (12217) |
| Less: waiver of shareholder services fees — Class L (Note 5) | (934) |
| Less: waiver of shareholder services fees — Class C (Note 5) | (8579) |
| **Net Expenses** | 4239958 |
| **Net Investment Income** | 36097958 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Financial Statements** *continued*

**Statement of Operations** *For the year ended October 31, 2025*

---

| | |
|:---|:---|
| **Realized and Unrealized Gain (Loss):<br>Realized Gain (Loss) on:** | **Realized and Unrealized Gain (Loss):<br>Realized Gain (Loss) on:** |
| Investments (Net of $43,655 of Capital Gain Country Tax) | $18001710 |
| Foreign currency forward exchange contracts | (12819718) |
| Foreign currency transaction | 856720 |
| Futures contracts | (2515902) |
| Swap agreements | (153455) |
| **Net Realized Gain** | 3369355 |
| **Change in Unrealized Appreciation (Depreciation) on:** | **Change in Unrealized Appreciation (Depreciation) on:** |
| Investments (Net of increase in deferred capital gain country tax of $44,185) | 12391705 |
| Investments in affiliates (Note 9) | 171810 |
| Foreign currency forward exchange contracts | (186071) |
| Foreign currency translation | 51583 |
| Futures contracts | 3319033 |
| Swap agreements | 1033498 |
| **Net Change in Unrealized Appreciation (Depreciation)** | 16781558 |
| **Net Gain** | 20150913 |
| **Net Increase in Net Assets Resulting from Operations** | $56248871 |

---

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Financial Statements** *continued*

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| | **FOR THE YEAR<br>ENDED<br>OCTOBER 31, 2025** | **FOR THE YEAR<br>ENDED<br>OCTOBER 31, 2024** |
| **Increase (Decrease) in Net Assets:<br>Operations:** | **Increase (Decrease) in Net Assets:<br>Operations:** | **Increase (Decrease) in Net Assets:<br>Operations:** |
| Net investment income | $36097958 | $41300975 |
| Net realized gain | 3369355 | 4652896 |
| Net change in unrealized appreciation (depreciation) | 16781558 | 42339491 |
| **Net Increase in Net Assets Resulting from Operations** | 56248871 | 88293362 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class A | (2637589) | (2432366) |
| Class L | (98828) | (96973) |
| Class I | (18682496) | (21098941) |
| Class C | (422103) | (474674) |
| Class R6 | (8467063) | (11630275) |
| Class IR\* | (600) | (524) |
| **Paid-In-Capital:** | **Paid-In-Capital:** | **Paid-In-Capital:** |
| Class A | (420943) | (407229) |
| Class L | (15880) | (17644) |
| Class I | (3129482) | (3950928) |
| Class C | (61742) | (89401) |
| Class R6 | (2379714) | (2031880) |
| Class IR\* | (97) | (91) |
| **Total Dividends and Distributions to Shareholders** | (36316537) | (42230926) |
| Net decrease from transactions in shares of beneficial interest | (483838284) | (23297253) |
| **Net Increase (Decrease)** | (463905950) | 22765183 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 788752575 | 765987392 |
| **End of Period** | $324846625 | $788752575 |

---

*\* On October 31, 2025, Class IR shares were liquidated.*

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025**

**1. Organization and Accounting Policies**

Morgan Stanley Income Opportunities Fund (formerly Global Fixed Income Opportunities Fund) (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company. The Fund's primary investment objective is to seek a high level of current income and, as a secondary objective, to maximize total return, but only to the extent consistent with its primary objective. The Fund was organized as a Massachusetts business trust on December 20, 1991 and commenced operations on April 9, 1992. On July 28, 1997, the Fund converted to a multiple class share structure.

The Fund applies Investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the Fund's Statement of Assets and Liabilities through the date that the financial statements were issued.

The Fund offers Class A shares, Class L shares, Class I shares, Class C shares and Class R6 shares. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. The six classes are substantially the same except that most Class A shares are subject to a sales charge imposed at the time of purchase and some Class A shares and most Class C shares are subject to a contingent deferred sales charge imposed on shares redeemed within one year. Class L shares, Class I shares and Class R6 shares are not subject to a sales charge Additionally, Class A shares, Class L shares and Class C shares incur distribution expenses. On October 31, 2025, Class IR shares were liquidated as a share class of the Fund and there were no shares outstanding as of October 31, 2025. Accordingly, no financial highlights have been presented for Class IR.

The Fund suspended offering Class L shares to all investors (April 30, 2015). Class L shareholders of the Fund do not have the option of purchasing additional Class L shares. However, the existing Class L shareholders may invest through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

The following is a summary of significant accounting policies:

**A. Valuation of Investments —** (1) Fixed income 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. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited (the "Sub-Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

service/vendor does not reflect the security's fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/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 reputable brokers/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/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/dealers; (4) when market quotations are not readily available as defined by Rule 2a-5 under the Act, 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 approved by and under the general supervision of the Trustees. Each business day, the Fund uses a third-party pricing service approved by the Trustees to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (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 reputable broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (8) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

an independent pricing vendor at the spot and forward rates, respectively, as of 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 ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Fund's Adviser as its valuation designee. The valuation designee has responsibility for 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, as valuation designee, 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.

**B. Accounting for Investments —** Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on security transactions are determined by the identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities and are included in interest income. Interest income is accrued daily as earned, net of applicable withholding taxes.

**C. When-Issued/Delayed Delivery Securities —** The Fund may purchase or sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When the Fund enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to the Fund's commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.

**D. Multiple Class Allocations —** Investment income, realized and unrealized gain (loss) and non-class specific expenses are allocated daily based upon the proportion of net assets of each class. Class specific expenses are borne by the respective share classes and include Distribution, Transfer Agency, Sub Transfer Agency and Co-Transfer Agency fees.

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

**E. Senior Loans —** Senior Loans are typically structured by a syndicate of lenders ("Lenders"), one or more of which administers the Senior Loan on behalf of the Lenders ("Agent"). Lenders may sell interests in Senior Loans to third parties ("Participations") or may assign all or a portion of their interest in a Senior Loan to third parties ("Assignments"). Senior Loans are exempt from registration under the Securities Act of 1933.

**F. Foreign Currency Translation and Foreign Investments —** The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

— investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

— investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency translations for the period is reflected in the Statement of Operations.

**G. Securities Lending —** The Fund may lend securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund receives cash or securities as collateral in an

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from securities loaned — net" in the Fund's Statement of Operations.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

At October 31, 2025 the Fund did not have any outstanding securities on loan.

**H. Dividends and Distributions to Shareholders —** Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed at least annually.

**I. Use of Estimates —** The preparation of financial statements in accordance with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

**J. Indemnifications —** The Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**K. Segment Reporting —** During the year ended October 31, 2025, the Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07)*, which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund's President act as the Fund's Chief Operating Decision Maker ("CODM"), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

**2. Fair Valuation Measurements**

FASB ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENT TYPE** | **LEVEL 1<br>UNADJUSTED<br>QUOTED<br>PRICES** | **LEVEL 2<br>OTHER<br>SIGNIFICANT<br>OBSERVABLE<br>INPUTS** | **LEVEL 3<br>SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS** | **TOTAL** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Corporate Bonds | $— | $78483369 | $— | $78483369 |
| Sovereign |  | 70585770 |  | 70585770 |
| Agency Fixed Rate Mortgages |  | 62808007 |  | 62808007 |
| Asset-Backed Securities |  | 52011120 |  | 52011120 |

---

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **INVESTMENT TYPE** | **LEVEL 1<br>UNADJUSTED<br>QUOTED<br>PRICES** | **LEVEL 2<br>OTHER<br>SIGNIFICANT<br>OBSERVABLE<br>INPUTS** | **LEVEL 3<br>SIGNIFICANT<br>UNOBSERVABLE<br>INPUTS** | **TOTAL** |
| **Assets (cont'd):** | **Assets (cont'd):** | **Assets (cont'd):** | **Assets (cont'd):** | **Assets (cont'd):** |
| Collateralized Mortgage Obligations — <br>Agency Collateral Series | $— | $39556923 | $— | $39556923 |
| Commercial Mortgage-Backed Securities |  | 17175539 |  | 17175539 |
| Mortgages — Other |  | 54742472 |  | 54742472 |
| Senior Loan Interests |  | 1875000 |  | 1875000 |
| **Total Fixed Income Securities** | **—** | **377238200** | **—** | **377238200** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| U.S. Treasury Securities |  | 2595233 |  | 2595233 |
| Investment Company | 14971381 |  |  | 14971381 |
| Sovereign |  | 432305 |  | 432305 |
| **Total Short-Term Investments** | **14971381** | **3027538** | **—** | **17998919** |
| **Foreign Currency Forward Exchange Contracts** |  | 585710 |  | 585710 |
| **Futures Contracts** | 784143 |  |  | 784143 |
| **Credit Default Swap Agreements** |  | 70053 |  | 70053 |
| **Centrally Cleared Interest Rate Swap <br>Agreements** |  | 479050 |  | 479050 |
| **Total Assets** | **15755524** | **381400551** | **—** | **397156075** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward Exchange Contracts** |  | (117719) |  | (117719) |
| **Futures Contracts** | (955783) |  |  | (955783) |
| **Centrally Cleared Interest Rate Swap <br>Agreements** |  | (269059) |  | (269059) |
| **Total Liabilities** | **(955783)** | **(386778)** | **—** | **(1342561)** |
| **Total** | $**14799741** | $**381013773** | $**—** | $**395813514** |

---

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

**3. Derivatives**

The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser and/or Sub-Adviser may seek to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

***Foreign Currency Forward Exchange Contracts —*** The Fund entered into contracts with banks and brokers/dealers to purchase or sell foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, the Fund may use cross currency hedging or proxy hedging with respect to currencies in which the Fund has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. To the extent hedged by the use of currency contracts, the precise matching of the currency contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. Furthermore, such

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

transactions may reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken. There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency contracts involves the risk of loss from the insolvency or bankruptcy of the counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the contract. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

***Futures —*** A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin) and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contract. A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time.

***Swaps —*** The Fund may enter into OTC swap contracts or cleared swap transactions. An OTC swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

traded on exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the counterparty or clearing-house based on changes in the value of the contract or variation margin, respectively. The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis based on the type of market participant and U.S. Commodities Futures Trading Commission ("CFTC") approval of contracts for central clearing and exchange trading.

The Fund's use of swaps during the period included those based on the credit of an underlying security commonly referred to as "credit default swaps." The Fund may be either the buyer or seller in a credit default swap. Where the Fund is the buyer of a credit default swap contract, it would typically be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract only in the event of a default or similar event by the issuer of the debt obligation. If no default occurs, the Fund would have paid to the counterparty a periodic stream of payments over the term of the contract and received no benefit from the contract. When the Fund is the seller of a credit default swap contract, it typically receives the stream of payments but is obligated to pay an amount equal to the par (or other agreed-upon) value of a referenced debt obligation upon the default or similar event by the issuer of the referenced debt obligation. The use of credit default swaps could result in losses to the Fund if the Adviser fails to correctly evaluate the creditworthiness of the issuer of the referenced debt obligation.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap agreement and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap agreement and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The Fund's maximum risk of loss from counterparty risk as of the date of the statement of assets and liabilities, either as the protection seller or as the protection buyer, is the fair value of the swap agreement.

If applicable, the current credit rating of each individual issuer is included in the table following the Portfolio of Investments and serves as an indicator of the current status of the payment/performance risk of the credit derivative. Alternatively, for credit default swaps on an index of credits, the quoted market prices and current values serve as an indicator of the current status of the payment/performance risk of the credit derivative. Generally, lower credit ratings and increasing market values, in absolute terms, represent a deterioration of the credit and a greater likelihood of an adverse credit event of the issuer.

The Fund may enter into interest rate swaps which is an agreement between two parties to exchange their respective commitments to pay or receive interest. Interest rate swaps are generally entered into on a net basis. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of market loss with respect to interest rate swaps is typically limited to the net amount of interest payments that a Fund is contractually obligated to make.

When the Fund has an unrealized loss on an OTC swap agreement, the Fund has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. If applicable, cash collateral is included with "Due from (to) broker" in the Statement of Assets and Liabilities.

Upfront payments paid or received by the Fund will be reflected as an asset or liability, respectively, in the Statement of Assets and Liabilities. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. For OTC swaps once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreement in the the Statement Operations, in addition to any realized gains (loss) recorded upon the termination of swap agreements.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRIMARY RISK EXPOSURE** | **ASSET DERIVATIVES<br>STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** | **LIABILITY DERIVATIVES<br>STATEMENT OF ASSETS<br>AND LIABILITIES LOCATION** | **FAIR VALUE** |
| Interest Rate Risk | Variation margin on open <br>futures contracts | $784143<br> (a) | Variation margin on open <br>futures contracts | $(955783)(a) |
| Currency Risk | Unrealized appreciation on <br>open foreign currency <br>forward exchange contracts | 585710 | Unrealized depreciation on <br>open foreign currency <br>forward exchange contracts | (117719) |
| Interest Rate Risk | Variation margin on open <br>swap agreements | 479050<br> (a) | Variation margin on <br>open swap agreements | (269059)(a) |
| Credit Risk | Unrealized appreciation on <br>open swap agreements | 70053 | Unrealized depreciation on <br>open swap agreements |  |
|  |  | $1918956 |  | $(1342561) |

---

*(a) Includes cumulative appreciation (depreciation) as reported in the Portfolio of Investments. Only current day's net variation margin is reported within the Statement of Assets and Liabilities.*

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended October 31, 2025 in accordance with ASC 815:

**AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVES**

---

| | | | |
|:---|:---|:---|:---|
| **PRIMARY RISK EXPOSURE** | **FUTURES<br>CONTRACTS** | **FOREIGN CURRENCY<br>FORWARD EXCHANGE<br>CONTRACTS** | **SWAP<br>AGREEMENTS** |
| Interest Rate Risk | $(2515902) | $— | $(809844) |
| Currency Risk |  | (12819718) |  |
| Credit Risk |  |  | 656389 |
| Total | $(2515902) | $(12819718) | $(153455) |

---

**CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES**

---

| | | | |
|:---|:---|:---|:---|
| **PRIMARY RISK EXPOSURE** | **FUTURES<br>CONTRACTS** | **FOREIGN CURRENCY<br>FORWARD EXCHANGE<br>CONTRACTS** | **SWAP<br>AGREEMENTS** |
| Interest Rate Risk | $3319033 | $— | $963445 |
| Currency Risk |  | (186071) |  |
| Credit Risk |  |  | 70053 |
| Total | $3319033 | $(186071) | $1033498 |

---

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

At October 31, 2025, the Fund's derivative assets and liabilities are as follows:

**GROSS AMOUNTS OF ASSETS AND LIABILITIES PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
| **DERIVATIVE(a)** | **ASSETS(b)** | **LIABILITIES(b)** |
| Foreign Currency Forward Exchange Contracts | $585710 | $(117719) |
| Swap Agreements | 70053 |  |
| Total | $655763 | $(117719) |

---

*(a) Excludes exchange-traded derivatives.*

*(b) Absent an event of default or early termination, over-the-counter ("OTC") derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.*

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of October 31, 2025:

**GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **GROSS ASSET DERIVATIVES<br>PRESENTED IN THE STATEMENT<br>OF ASSETS AND LIABILITIES** | **FINANCIAL<br>INSTRUMENT** | **COLLATERAL<br>RECEIVED(a)** | **NET AMOUNT<br>(NOT LESS THAN $0)** |
| Barclays Bank PLC | $124748 | $(40269) | $— | $84479 |
| BNP Paribas SA | 42603 |  |  | 42603 |
| Goldman Sachs International | 205474 | (75335) |  | 130139 |
| JPMorgan Chase Bank NA | 125888 | (596) | (20000) | 105292 |
| Standard Chartered Bank | 125441 | (1519) | (30) | 123892 |
| UBS AG | 31609 |  | (31609) | 0 |
| Total | $655763 | $(117719) | $(51639) | $486405 |

---

**GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **GROSS LIABILITY DERIVATIVES<br>PRESENTED IN THE STATEMENT<br>OF ASSETS AND LIABILITIES** | **FINANCIAL<br>INSTRUMENT** | **COLLATERAL<br>PLEDGED** | **NET AMOUNT<br>(NOT LESS THAN $0)** |
| Barclays Bank PLC | $40269 | $(40269) | $— | $0 |
| Goldman Sachs International | 75335 | (75335) |  | 0 |
| JPMorgan Chase Bank NA | 596 | (596) |  | 0 |
| Standard Chartered Bank | 1519 | (1519) |  | 0 |
| Total | $117719 | $(117719) | $— | $— |

---

*(a) In some instances, the actual collateral received may be more than the amount shown here due to overcollateralization.*

For the year ended October 31, 2025, the average monthly amount outstanding for each derivative type is as follows:

---

| | |
|:---|:---|
| **Foreign Currency Forward Exchange Contracts:** | **Foreign Currency Forward Exchange Contracts:** |
| Average monthly principal amount | $360353719 |
| **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $329142785 |
| **Swap Agreements:** | **Swap Agreements:** |
| Average monthly notional amount | $74591325 |

---

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

**4. Advisory/Administration and Sub-Advisory Agreements**

Pursuant to an Investment Advisory Agreement with the Adviser, the Fund pays an advisory fee, accrued daily and paid monthly, by applying the annual rate of 0.32% to the average net assets of the Fund determined as of the close of each business day.

The Adviser also serves as the Administrator to the Fund and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Fund. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

Under a Sub-Advisory Agreement between the Adviser and the Sub-Adviser, the Sub-Adviser provides the Fund with advisory services, subject to the overall supervision of the Adviser and the Fund's Officers and Trustees. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

The Adviser/Administrator has agreed to reduce its advisory fee, its administration fee and/or reimburse the Fund so that total annual operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.95% for Class A, 1.24% for Class L, 0.60% for Class I, 1.70% for Class C and 0.57% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time that the Trustees act to discontinue all or a portion of such waivers and/or expense reimbursements when they deem such action is appropriate. For the year ended October 31, 2025, $82,558 of advisory fees were waived and $252,520 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

**5. Plan of Distribution**

Shares of the Fund are distributed by Morgan Stanley Distribution, Inc. (the "Distributor"), an affiliate of the Adviser/Administrator and Sub-Adviser. The Fund has adopted a Plan of Distribution (the "Plan") pursuant to Rule 12b-1 under the Act. The Plan provides that the Fund will pay the Distributor a fee which is accrued daily and paid monthly at the following annual rates: (i) Class A — up to 0.25% of the average daily net assets of Class A shares; (ii) Class L — up to 0.50% of the average daily net assets of Class L shares; and (iii) Class C — up to 1.00% of the average daily net assets of Class C shares.

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

In the case of Class A shares, Class L shares and Class C shares, expenses incurred pursuant to the Plan in any calendar year in excess of 0.25%, 0.50% and 1.00% of the average daily net assets of Class A shares, Class L shares and Class C shares, respectively, will not be reimbursed by the Fund through payments in any subsequent year. For the year ended October 31, 2025, the distribution fee was accrued for Class A shares, Class L shares and Class C shares at the annual rate of 0.25%, 0.50% and 1.00%, respectively.

The Distributor has informed the Fund that for the year ended October 31, 2025, it received contingent deferred sales charges ("CDSC") from certain redemptions of the Fund's Class A shares of $1,709, and received $5,978 in front-end sales charges from sales of the Fund's Class A shares. The respective shareholders pay such charges, which are not an expense of the Fund.

Effective October 1, 2025, the following fees and charges were waived: (i) the sales charges on purchases of Class A shares; (ii) the CDSC on Class A and Class C shares; (iii) the 12b-1 fees for Class A, Class L and Class C shares; and (iv) any finder's fee payments applicable to any class of shares. For the year end October 31, 2025, $21,730 of 12b-1 fees were waived pursuant to this arrangement.

**6. Dividend Disbursing and Transfer/Co-Transfer Agent**

The Fund's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). Pursuant to a Transfer Agency Agreement, the Fund pays SS&C GIDS a fee based on the number of classes, accounts and transactions relating to the Fund.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended October 31, 2025, co-transfer agency fees and expenses incurred to EVM, included in "Transfer agent fees and expenses" in the Statement of Operations, amounted to $4,590.

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

**7. Shares of Beneficial Interest**

Transactions in shares of beneficial interest, including direct exchanges pursuant to share class conversions for all periods presented, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **FOR THE YEAR<br>ENDED<br>OCTOBER 31, 2025** | **FOR THE YEAR<br>ENDED<br>OCTOBER 31, 2025** | **FOR THE YEAR<br>ENDED<br>OCTOBER 31, 2024** | **FOR THE YEAR<br>ENDED<br>OCTOBER 31, 2024** |
| | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **CLASS A SHARES** | **CLASS A SHARES** | **CLASS A SHARES** | **CLASS A SHARES** | **CLASS A SHARES** |
| Sold | 2042565 | $10656524 | 2526327 | $12856305 |
| Reinvestment of dividends | 548204 | 2864017 | 525898 | 2681367 |
| Redeemed | (2895842) | (15090437) | (2511036) | (12791519) |
| Net increase (decrease) — Class A | (305073) | (1569896) | 541189 | 2746153 |
| **CLASS L SHARES** | **CLASS L SHARES** | **CLASS L SHARES** | **CLASS L SHARES** | **CLASS L SHARES** |
| Exchanged |  |  | 2 | 10 |
| Reinvestment of dividends | 21075 | 110116 | 20992 | 106982 |
| Redeemed | (63237) | (331572) | (62302) | (317158) |
| Net decrease — Class L | (42162) | (221456) | (41308) | (210166) |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |
| Sold | 17224677 | 90936415 | 23229035 | 119731833 |
| Reinvestment of dividends | 3884998 | 20587369 | 4483699 | 23193703 |
| Redeemed | (65141067) | (347226578) | (37260470) | (192449962) |
| Net decrease — Class I | (44031392) | (235702794) | (9547736) | (49524426) |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |
| Sold | 457495 | 2393043 | 123456 | 621836 |
| Reinvestment of dividends | 89925 | 469339 | 102304 | 520940 |
| Redeemed | (931613) | (4858454) | (848613) | (4324924) |
| Net decrease — Class C | (384193) | (1996072) | (622853) | (3182148) |
| **CLASS R6 SHARES** | **CLASS R6 SHARES** | **CLASS R6 SHARES** | **CLASS R6 SHARES** | **CLASS R6 SHARES** |
| Sold | 22032414 | 115886527 | 2912870 | 14680959 |
| Reinvestment of dividends | 1913341 | 10080369 | 2638655 | 13662155 |
| Redeemed | (70091555) | (370302692) | (279935) | (1470395) |
| Net increase (decrease) — Class R6 | (46145800) | (244335796) | 5271590 | 26872719 |
| **CLASS IR SHARES\*** | **CLASS IR SHARES\*** | **CLASS IR SHARES\*** | **CLASS IR SHARES\*** | **CLASS IR SHARES\*** |
| Reinvestment of dividends | 117 | 620 | 119 | 615 |
| Redeemed | (2383) | (12890) |  |  |
| Net increase (decrease) — Class IR | (2266) | (12270) | 119 | 615 |
| Net decrease in Fund | (90910886) | $(483838284) | (4398999) | $(23297253) |

---

*\* On October 31, 2025, Class IR shares were liquidated.*

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

**8. Custodian Fees**

State Street (the "Custodian") also serves as Custodian for the Fund in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Fund as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

**9. Security Transactions and Transactions with Affiliates**

The cost of purchases and proceeds from sales of investment securities, excluding short-term investments, for the year ended October 31, 2025, aggregated $1,992,934,325 and $2,210,690,337, respectively. Included in the aforementioned are purchases and sales of U.S. Government securities of $1,447,941,819 and $1,400,247,545, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Fund"), 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 Fund. For the year ended October 31, 2025, advisory fees paid were reduced by $82,080 relating to the Fund's investment in the Liquidity Fund.

The Fund invests in Eaton Vance Floating-Rate ETF, an open-end management investment company advised by an affiliate of the Adviser. 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 Eaton Vance Floating-Rate ETF. For the year ended October 31, 2025, advisory fees paid were reduced by $47,617 relating to the Fund's investment in the Eaton Vance Floating-Rate ETF.

A summary of the Fund's transactions in shares of affiliated investments during the year ended October 31, 2025 is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATED<br>INVESTMENT<br>COMPANY/<br>ISSUER** | **VALUE<br>OCTOBER 31,<br>2024** | **PURCHASES<br>AT COST** | **PROCEEDS<br>FROM SALES** | **DIVIDEND<br>INCOME** | **REALIZED<br>GAIN <br>(LOSS)** | **CHANGE IN<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)** | **VALUE<br>OCTOBER 31,<br>2025** |
| Liquidity Fund | $53529777 | $656129469 | $694687865 | $1425614 | $— | $— | $14971381 |
| Eaton Vance <br>Floating-Rate ETF | 17889000 | 12171401 | 29387674 | 1011762 | (844537) | 171810 |  |
| Total | $71418777 | $668300870 | $724075539 | $2437376 | $(844537) | $171810 | $14971381 |

---

Each Trustee receives an annual retainer fee for serving as a Trustee of the Morgan Stanley Funds. The aggregate compensation paid to each Trustee is paid by the Morgan Stanley Funds, and is allocated on

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Fund also reimburses such Trustees for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded noncontributory defined benefit pension plan covering certain independent Trustees of the Fund who will have served as independent Trustees for at least five years at the time of retirement. Benefits under this plan are based on factors which include years of service and compensation. The Trustees voted to close the plan to new participants and eliminate the future benefits growth due to increases to compensation after July 31, 2003. Aggregate pension costs for the year ended October 31, 2025, included in "Trustees' fees and expenses" in the Statement of Operations amounted to $3,785.

Each Trustee receives an annual retainer fee for serving as a Trustee of the Morgan Stanley Funds. The aggregate compensation paid to each Trustee is paid by the Morgan Stanley Funds, and is allocated on a pro rata basis among each of the operational funds of the Morgan Stanley Funds based on the relative net assets of each of the funds. The Fund also reimburses such Trustees for travel and other out-of-pocket expenses incurred by them in connection with attending such meetings.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

**10. Federal Income Tax Status**

It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended October 31, 2025 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2025 DISTRIBUTIONS PAID FROM:** | **2025 DISTRIBUTIONS PAID FROM:** | **2024 DISTRIBUTIONS PAID FROM:** | **2024 DISTRIBUTIONS PAID FROM:** |
| **ORDINARY<br>INCOME** | **PAID-IN-<br>CAPITAL** | **ORDINARY<br>INCOME** | **PAID-IN-<br>CAPITAL** |
| $30308679 | $6007858 | $35733753 | $6497173 |

---

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to tax basis adjustments on securities sold resulted in the following reclassifications among the components of net assets at October 31, 2025:

---

| | |
|:---|:---|
| **TOTAL <br>ACCUMULATED<br>LOSS** | **<br>PAID-IN<br>CAPITAL** |
| $69452 | $(69452) |

---

At October 31, 2025, the Fund had no distributable earnings on a tax basis.

At October 31, 2025, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of $16,156,380 and $33,352,016, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

ended October 31, 2025, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of $10,617,378.

**11. Credit Facility**

The Fund and other Morgan Stanley funds participated in a $500,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the year ended October 31, 2025, the Fund did not have any borrowings under the Facility.

**12. Other**

At October 31, 2025, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 62.1%.

**13. Market Risk and Risks Relating to Certain Financial Instruments**

The Fund may invest in mortgage securities, including securities issued by the Federal National Mortgage Association ("FNMA") and Federal Home Loan Mortgage Corporation ("FHLMC"). These are fixed income securities that derive their value from or represent interests in a pool of mortgages or mortgage securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Fund. The risk of such defaults is generally higher in the case of mortgage pools that include sub-prime mortgages. Sub-prime mortgages refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their mortgages. The securities held by the Fund are not backed by sub-prime mortgages.

Additionally, securities issued by FNMA and FHLMC are not backed by or entitled to the full faith and credit of the United States; rather, they are supported by the right of the issuer to borrow from the U.S. Department of the Treasury.

The Federal Housing Finance Agency ("FHFA") serves as conservator of FNMA and FHLMC and the U.S. Department of the Treasury has agreed to provide capital as needed to ensure FNMA and FHLMC continue to provide liquidity to the housing and mortgage markets.

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

The Fund may lend securities to qualified financial institutions, such as broker/dealers, to earn additional income. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, the threat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund's portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund's investments (and, in turn, the Fund's investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund's investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Notes to Financial Statements** ◼ **October 31, 2025** *continued*

**14. LIBOR Discontinuance or Unavailability Risk**

The Fund's investments, payment obligations and financing terms may be based on floating rates, such as the London Interbank Offered Rates (collectively, "LIBOR"), Euro Interbank Offered Rate, Secured Overnight Financing Rate ("SOFR") and other similar types of reference rates (each, a "Reference Rate"). These Reference Rates are generally intended to represent the rate at which contributing banks may obtain short-term borrowings from each other within certain financial markets. LIBOR was the basic rate of interest used in lending transactions between banks on the London interbank market and was widely used as a reference for setting the interest rate on loans globally. As a result of benchmark reforms, publication of most LIBOR settings has ceased. However, the publication of certain other LIBORs will continue to be published on a temporary, synthetic and non-representative basis (e.g., the 1-month, 3-month, and 6-month USD LIBOR settings which are expected to be continued to be published until the end of September 2024). As these synthetic LIBOR settings are expected to be published for a limited period of time and are considered non-representative of the underlying market, regulators have advised that these settings should be used only in limited circumstances. Various financial industry groups have been planning for the transition from LIBOR and certain regulators and industry groups have taken actions to establish alternative reference rates (e.g., the SOFR, which measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities and is intended to replace U.S. dollar LIBORs with certain adjustments).There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR. These developments could negatively impact financial markets in general and present heightened risks, including with respect to the Fund's investments. As a result of the uncertainty and developments relating to the transition process, performance, price volatility, liquidity and value of the Fund and its assets may be adversely affected.

**15. Subsequent Event**

At a meeting held on April 23-24, 2025, the Trustees of the Fund (the "Acquired Fund") unanimously approved the reorganization of the Acquired Fund into a newly-created exchange-traded fund ("ETF"), which will be managed by the Adviser. The Trustees, who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Acquired Fund, determined that participation in the Reorganization (as defined below) is in the best interests of the Acquired Fund and the interests of existing shareholders of the Acquired Fund will not be diluted as a result of the Reorganization. Subject to shareholder approval, the Acquired Fund will be reorganized into a newly-created ETF, Eaton Vance Income Opportunities ETF, a series of Morgan Stanley ETF Trust (the "Reorganization").

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Financial Highlights**

Selected ratios and per share data for a share of beneficial interest outstanding throughout each period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
| **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** |
| Net asset value, beginning of period | $5.14 | $4.86 | $4.97 | $5.68 | $5.70 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income<sup>(1)</sup> | 0.26 | 0.25 | 0.23 | 0.17 | 0.14 |
| Net realized and unrealized gain (loss) | 0.20 | 0.29 | (0.02) | (0.67) | (0.01) |
| Total income (loss) from investment <br>operations | 0.46 | 0.54 | 0.21 | (0.50) | 0.13 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.24) | (0.22) | (0.27) | (0.21) | (0.14) |
| Net realized gain |  |  |  |  | (0.01) |
| Paid-in-capital | (0.04) | (0.04) | (0.05) |  |  |
| Total distributions | (0.28) | (0.26) | (0.32) | (0.21) | (0.15) |
| Net asset value, end of period | $5.32 | $5.14 | $4.86 | $4.97 | $5.68 |
| **Total Return** | 9.19%<sup>(2)</sup> | 11.31%<sup>(2)(3)</sup> | 4.26%<sup>(2)</sup> | (8.91)%<sup>(2)</sup> | 2.26%<sup>(4)</sup> |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net expenses | 0.92%<sup>(5)</sup> | 0.82%<sup>(5)(6)</sup> | 0.85%<sup>(5)</sup> | 0.83%<sup>(5)</sup> | 0.83%<sup>(5)</sup> |
| Net expenses excluding interest expenses | N/A | N/A | N/A | 0.83%<sup>(5)</sup> | N/A |
| Net investment income | 4.96%<sup>(5)</sup> | 4.91%<sup>(5)(6)</sup> | 4.56%<sup>(5)</sup> | 3.18%<sup>(5)</sup> | 2.52%<sup>(5)</sup> |
| Rebate from Morgan Stanley affiliate | 0.02% | 0.01% | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net assets, end of period, in thousands | $57643 | $57292 | $51476 | $61181 | $92889 |
| Portfolio turnover rate | 304% | 155% | 118% | 62% | 115% |

---

*(1) The per share amounts were computed using an average number of shares outstanding during the period.*

*(2) Does not reflect the deduction of sales charge. Calculated based on the net asset value as of the last business day of the period.*

*(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.*

*(4) Calculated using the NAV for US GAAP financial reporting purposes and as such differs from the total return presented in the Fund Report and Performance Summary. Does not reflect the deduction of sales charge.*

*(5) The ratios reflect the rebate of certain Fund expenses in connection with investments in a Morgan Stanley affiliate during the period. The effect of the rebate on the ratios is disclosed in the above table as "Rebate from Morgan Stanley affiliate."*

*(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the net expenses and net investment income ratios, would have been as follows for Class A shares:*

---

| | | |
|:---|:---|:---|
| *PERIOD ENDED* | *EXPENSE<br>RATIO* | *NET INVESTMENT<br>INCOME RATIO* |
| *October 31, 2024* | *0.84%* | *4.89%* |

---

*(7) Amount is less than 0.005%.*

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Financial Highlights** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class L Shares** | **Class L Shares** | **Class L Shares** | **Class L Shares** | **Class L Shares** | **Class L Shares** |
| **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** |
| Net asset value, beginning of period | $5.14 | $4.86 | $4.96 | $5.68 | $5.70 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income<sup>(1)</sup> | 0.24 | 0.23 | 0.21 | 0.15 | 0.13 |
| Net realized and unrealized gain (loss) | 0.20 | 0.29 | (0.01) | (0.67) | (0.01) |
| Total income (loss) from investment <br>operations | 0.44 | 0.52 | 0.20 | (0.52) | 0.12 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.22) | (0.20) | (0.25) | (0.20) | (0.13) |
| Net realized gain |  |  |  |  | (0.01) |
| Paid-in-capital | (0.04) | (0.04) | (0.05) |  |  |
| Total distributions | (0.26) | (0.24) | (0.30) | (0.20) | (0.14) |
| Net asset value, end of period | $5.32 | $5.14 | $4.86 | $4.96 | $5.68 |
| **Total Return** | 8.86%<sup>(2)</sup> | 10.91%<sup>(2)(3)</sup> | 4.09%<sup>(2)</sup> | (9.37)%<sup>(2)</sup> | 1.96%<sup>(4)</sup> |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net expenses | 1.22%<sup>(5)(6)</sup> | 1.18%<sup>(5)(7)</sup> | 1.22%<sup>(5)</sup> | 1.14%<sup>(5)</sup> | 1.12%<sup>(5)</sup> |
| Net expenses excluding interest expenses | N/A | N/A | N/A | 1.14%<sup>(5)</sup> | N/A |
| Net investment income | 4.66%<sup>(5)(6)</sup> | 4.55%<sup>(5)(7)</sup> | 4.19%<sup>(5)</sup> | 2.90%<sup>(5)</sup> | 2.23%<sup>(5)</sup> |
| Rebate from Morgan Stanley affiliate | 0.02% | 0.01% | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net assets, end of period, in thousands | $2196 | $2339 | $2410 | $3152 | $4125 |
| Portfolio turnover rate | 304% | 155% | 118% | 62% | 115% |

---

*(1) The per share amounts were computed using an average number of shares outstanding during the period.*

*(2) Calculated based on the net asset value as of the last business day of the period.*

*(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.*

*(4) Calculated using the NAV for US GAAP financial reporting purposes and as such differs from the total return presented in the Fund Report and Performance Summary.*

*(5) The ratios reflect the rebate of certain Fund expenses in connection with investments in a Morgan Stanley affiliate during the period. The effect of the rebate on the ratios is disclosed in the above table as "Rebate from Morgan Stanley affiliate."*

*(6) If the Fund had borne all of its expenses that were waived by the Adviser/Administrator, the annualized expense and net investment income ratios would have been as follows for Class L shares:*

---

| | | |
|:---|:---|:---|
| *PERIOD ENDED* | *EXPENSE<br>RATIO* | *NET INVESTMENT<br>INCOME RATIO* |
| *October 31, 2025* | *1.34%* | *4.78%* |

---

*(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the net expenses and net investment income ratios, would have been as follows for Class L shares:*

---

| | | |
|:---|:---|:---|
| *PERIOD ENDED* | *EXPENSE<br>RATIO* | *NET INVESTMENT<br>INCOME RATIO* |
| *October 31, 2024*  | *1.20%* | *4.53%* |

---

*(8) Amount is less than 0.005%.*

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Financial Highlights** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** |
| **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** |
| Net asset value, beginning of period | $5.22 | $4.93 | $5.03 | $5.75 | $5.77 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income<sup>(1)</sup> | 0.28 | 0.27 | 0.24 | 0.19 | 0.16 |
| Net realized and unrealized gain (loss) | 0.20 | 0.29 | (0.01) | (0.68) | (0.01) |
| Total income (loss) from investment <br>operations | 0.48 | 0.56 | 0.23 | (0.49) | 0.15 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.26) | (0.23) | (0.28) | (0.23) | (0.16) |
| Net realized gain |  |  |  |  | (0.01) |
| Paid-in-capital | (0.04) | (0.04) | (0.05) |  |  |
| Total distributions | (0.30) | (0.27) | (0.33) | (0.23) | (0.17) |
| Net asset value, end of period | $5.40 | $5.22 | $4.93 | $5.03 | $5.75 |
| **Total Return** | 9.44%<sup>(2)</sup> | 11.63%<sup>(2)(3)</sup> | 4.68%<sup>(2)</sup> | (8.74)%<sup>(2)</sup> | 2.51%<sup>(4)</sup> |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net expenses | 0.58%<sup>(5)(6)</sup> | 0.57%<br><sup>(5)(6)(7)</sup> | 0.59%<sup>(5)</sup> | 0.56%<sup>(5)</sup> | 0.55%<sup>(5)</sup> |
| Net expenses excluding interest expenses | N/A | N/A | N/A | 0.56%<sup>(5)</sup> | N/A |
| Net investment income | 5.30%<sup>(5)(6)</sup> | 5.16%<br><sup>(5)(6)(7)</sup> | 4.82%<sup>(5)</sup> | 3.42%<sup>(5)</sup> | 2.79%<sup>(5)</sup> |
| Rebate from Morgan Stanley affiliate | 0.02% | 0.01% | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net assets, end of period, in thousands | $233262 | $455296 | $476677 | $419470 | $683692 |
| Portfolio turnover rate | 304% | 155% | 118% | 62% | 115% |

---

*(1) The per share amounts were computed using an average number of shares outstanding during the period.*

*(2) Calculated based on the net asset value as of the last business day of the period.*

*(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class I shares.*

*(4) Calculated using the NAV for US GAAP financial reporting purposes and as such differs from the total return presented in the Fund Report and Performance Summary.*

*(5) The ratios reflect the rebate of certain Fund expenses in connection with investments in a Morgan Stanley affiliate during the period. The effect of the rebate on the ratios is disclosed in the above table as "Rebate from Morgan Stanley affiliate."*

*(6) If the Fund had borne all of its expenses that were waived by the Adviser/Administrator, the annualized expense and net investment income ratios would have been as follows for Class I shares:*

---

| | | |
|:---|:---|:---|
| *PERIOD ENDED* | *EXPENSE<br>RATIO* | *NET INVESTMENT<br>INCOME RATIO* |
| *October 31, 2025* | *0.67%* | *5.39%* |
| *October 31, 2024* | *0.62* | *5.11* |

---

*(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the net expenses and net investment income ratios, would have been as follows for Class I shares:*

---

| | | |
|:---|:---|:---|
| *PERIOD ENDED* | *EXPENSE <br>RATIO* | *NET INVESTMENT<br>INCOME RATIO* |
| *October 31, 2024*  | *0.59%* | *5.14%* |

---

*(8) Amount is less than 0.005%.*

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Financial Highlights** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
| **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** |
| Net asset value, beginning of period | $5.14 | $4.85 | $4.96 | $5.67 | $5.69 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income<sup>(1)</sup> | 0.22 | 0.21 | 0.19 | 0.13 | 0.10 |
| Net realized and unrealized gain (loss) | 0.19 | 0.30 | (0.02) | (0.67) | (0.01) |
| Total income (loss) from investment <br>operations | 0.41 | 0.51 | 0.17 | (0.54) | 0.09 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.20) | (0.18) | (0.23) | (0.17) | (0.10) |
| Net realized gain |  |  |  |  | (0.01) |
| Paid-in-capital | (0.04) | (0.04) | (0.05) |  |  |
| Total distributions | (0.24) | (0.22) | (0.28) | (0.17) | (0.11) |
| Net asset value, end of period | $5.31 | $5.14 | $4.85 | $4.96 | $5.67 |
| **Total Return** | 8.23%<sup>(2)</sup> | 10.70%<sup>(2)(3)</sup> | 3.47%<sup>(2)</sup> | (9.61)%<sup>(2)</sup> | 1.52%<sup>(4)</sup> |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net expenses | 1.61%<sup>(5)</sup> | 1.57%<sup>(5)(6)</sup> | 1.61%<sup>(5)</sup> | 1.57%<sup>(5)</sup> | 1.56%<sup>(5)</sup> |
| Net expenses excluding interest expenses | N/A | N/A | N/A | 1.57%<sup>(5)</sup> | N/A |
| Net investment income | 4.27%<sup>(5)</sup> | 4.16%<sup>(5)(6)</sup> | 3.80%<sup>(5)</sup> | 2.43%<sup>(5)</sup> | 1.79%<sup>(5)</sup> |
| Rebate from Morgan Stanley affiliate | 0.02% | 0.01% | 0.01% | 0.00%<sup>(7)</sup> | 0.00%<sup>(7)</sup> |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net assets, end of period, in thousands | $9890 | $11535 | $13914 | $17957 | $28359 |
| Portfolio turnover rate | 304% | 155% | 118% | 62% | 115% |

---

*(1) The per share amounts were computed using an average number of shares outstanding during the period.*

*(2) Does not reflect the deduction of sales charge. Calculated based on the net asset value as of the last business day of the period.*

*(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class C shares.*

*(4) Calculated using the NAV for US GAAP financial reporting purposes and as such differs from the total return presented in the Fund Report and Performance Summary. Does not reflect the deduction of sales charge.*

*(5) The ratios reflect the rebate of certain Fund expenses in connection with investments in a Morgan Stanley affiliate during the period. The effect of the rebate on the ratios is disclosed in the above table as "Rebate from Morgan Stanley affiliate."*

*(6) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the net expenses and net investment income ratios, would have been as follows for Class C shares:*

---

| | | |
|:---|:---|:---|
| *PERIOD ENDED* | *EXPENSE<br>RATIO* | *NET INVESTMENT<br>INCOME RATIO* |
| *October 31, 2024* | *1.59%* | *4.14%* |

---

*(7) Amount is less than 0.005%.*

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Financial Highlights** *continued*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** | **FOR THE YEAR ENDED OCTOBER 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Class R6 Shares\*** | **Class R6 Shares\*** | **Class R6 Shares\*** | **Class R6 Shares\*** | **Class R6 Shares\*** | **Class R6 Shares\*** |
| **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** | **Selected Per Share Data:** |
| Net asset value, beginning of period | $5.22 | $4.93 | $5.03 | $5.75 | $5.77 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income<sup>(1)</sup> | 0.28 | 0.27 | 0.25 | 0.19 | 0.17 |
| Net realized and unrealized gain (loss) | 0.18 | 0.30 | (0.01) | (0.68) | (0.02) |
| Total income (loss) from investment <br>operations | 0.46 | 0.57 | 0.24 | (0.49) | 0.15 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.26) | (0.24) | (0.29) | (0.23) | (0.16) |
| Net realized gain |  |  |  |  | (0.01) |
| Paid-in-capital | (0.04) | (0.04) | (0.05) |  |  |
| Total distributions | (0.30) | (0.28) | (0.34) | (0.23) | (0.17) |
| Net asset value, end of period | $5.38 | $5.22 | $4.93 | $5.03 | $5.75 |
| **Total Return** | 9.04%<sup>(2)</sup> | 11.74%<sup>(2)(3)</sup> | 4.78%<sup>(2)</sup> | (8.66)%<sup>(2)</sup> | 2.59%<sup>(4)</sup> |
| **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** |
| Net expenses | 0.55%<sup>(5)(6)</sup> | 0.46%<sup>(5)(7)</sup> | 0.49%<sup>(5)</sup> | 0.48%<sup>(5)</sup> | 0.47%<sup>(5)</sup> |
| Net expenses excluding interest expenses | N/A | N/A | N/A | 0.48%<sup>(5)</sup> | N/A |
| Net investment income | 5.33%<sup>(5)(6)</sup> | 5.27%<sup>(5)(7)</sup> | 4.92%<sup>(5)</sup> | 3.55%<sup>(5)</sup> | 2.87%<sup>(5)</sup> |
| Rebate from Morgan Stanley affiliate | 0.02% | 0.01% | 0.01% | 0.00%<sup>(8)</sup> | 0.00%<sup>(8)</sup> |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net assets, end of period, in thousands | $21856 | $262278 | $221499 | $187940 | $237872 |
| Portfolio turnover rate | 304% | 155% | 118% | 62% | 115% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*\* Effective April 29, 2022, Class IS shares were renamed Class R6 shares.*

*(1) The per share amounts were computed using an average number of shares outstanding during the period.*

*(2) Calculated based on the net asset value as of the last business day of the period.*

*(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2024. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class R6 shares.*

*(4) Calculated using the NAV for US GAAP financial reporting purposes and as such differs from the total return presented in the Fund Report and Performance Summary.*

*(5) The ratios reflect the rebate of certain Fund expenses in connection with investments in a Morgan Stanley affiliate during the period. The effect of the rebate on the ratios is disclosed in the above table as "Rebate from Morgan Stanley affiliate."*

*(6) If the Fund had borne all of its expenses that were waived by the Adviser/Administrator, the annualized expense and net investment income ratios would have been as follows for Class R6 shares:*

---

| | | |
|:---|:---|:---|
| *PERIOD ENDED* | *EXPENSE<br>RATIO* | *NET INVESTMENT<br>INCOME RATIO* |
| *October 31, 2025* | *0.58%* | *5.36%* |

---

*(7) If the Fund had not received the reimbursement of transfer agency and sub transfer agency fees from the Adviser, the net expenses and net investment income ratios, would have been as follows for Class R6 shares:*

---

| | | |
|:---|:---|:---|
| *PERIOD ENDED* | *EXPENSE<br>RATIO* | *NET INVESTMENT<br>INCOME RATIO* |
| *October 31, 2024* | *0.48%* | *5.25%* |

---

*(8) Amount is less than 0.005%.*

See Notes to Financial Statements

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Trustees of Morgan Stanley Income Opportunities Fund** **(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Morgan Stanley Income Opportunities Fund (formerly Morgan Stanley Global Fixed Income Opportunities Fund) (the "Fund"), including the portfolio of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25303474_fa003.jpg)

We have served as the auditor of one or more Morgan Stanley investment companies since 2000.

Boston, Massachusetts

December 24, 2025

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Results of Special Meeting of Shareholders (unaudited)**

On September 15, 2025, a Special Meeting of Shareholders of the Fund was held to approve the Reorganization. The voting results were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FOR** | **FOR** | **AGAINST** | **AGAINST** | **ABSTAIN** | **ABSTAIN** |
| | 60,819,165 | | 123,663 | | 224,095 |

---

The Reorganization occurred at the close of business on November 7, 2025.

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Investment Advisory Agreement Approval (unaudited)**

**Nature, Extent and Quality of Services**

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Adviser under the advisory agreement, including portfolio management, investment research and equity and fixed income securities trading. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Administrator under the administration agreement, including accounting, operations, clerical, bookkeeping, compliance, business management and planning, legal services and the provision of supplies, office space and utilities at the Adviser's expense. The Board also considered the Adviser's investment in personnel and infrastructure that benefits the Fund. (The Adviser and Administrator together are referred to as the "Adviser" and the advisory and administration agreements together are referred to as the "Management Agreement.") The Board also considered that the Adviser serves a variety of other investment advisory clients and has experience overseeing service providers. The Board also compared the nature of the services provided by the Adviser with similar services provided by non-affiliated advisers as prepared by Broadridge Financial Solutions, Inc. ("Broadridge").

The Board reviewed and considered the qualifications of the portfolio managers, the senior administrative managers and other key personnel of the Adviser who provide the advisory and administrative services to the Fund. The Board determined that the Adviser's portfolio managers and key personnel are well qualified by education and/or training and experience to perform the services in an efficient and professional manner. The Board concluded that the nature and extent of the advisory and administrative services provided were necessary and appropriate for the conduct of the business and investment activities of the Fund and supported its decision to approve the Management Agreement.

**Performance, Fees and Expenses of the Fund**

The Board reviewed the performance, fees and expenses of the Fund compared to its peers, as prepared by Broadridge, and to appropriate benchmarks where applicable. The Board discussed with the Adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the Board and the Adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance, as of December 31, 2024, or since inception, as applicable). When a fund underperforms its benchmark and/or its peer group average, the Board and the Adviser discuss the causes of such underperformance and, where necessary, they discuss specific changes to investment strategy or investment personnel. The Board noted that the Fund's performance was better than its peer group average for the one-, three- and five-year periods. The Board discussed with the Adviser the level of the advisory and administration fees (together, the "management fee") for this Fund relative to comparable funds and/or other accounts advised by the Adviser and/or compared to its peers as prepared by Broadridge. In addition to the management fee, the Board also reviewed the Fund's total expense ratio. The Board noted that the Fund's management fee and total expense ratio were lower than its peer group averages. After discussion, the Board concluded

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Investment Advisory Agreement Approval (unaudited)** *continued*

that the Fund's performance, management fee and total expense ratio were competitive with its peer group averages.

**Economies of Scale**

The Board considered the size and growth prospects of the Fund and how that relates to the Fund's total expense ratio and particularly the Fund's management fee rate, which does not include breakpoints. In conjunction with its review of the Adviser's profitability, the Board discussed with the Adviser how a change in assets can affect the efficiency or effectiveness of managing the Fund and whether the management fee level is appropriate relative to current and projected asset levels and/or whether the management fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and/or potential economies of scale of the Fund supports its decision to approve the Management Agreement.

**Profitability of the Adviser and Affiliates**

The Board considered information concerning the costs incurred and profits realized by the Adviser and its affiliates during the last year from their relationship with the Fund and during the last two years from their relationship with the Morgan Stanley Fund Complex and reviewed with the Adviser the cost allocation methodology used to determine the profitability of the Adviser and affiliates. The Board has determined that its review of the analysis of the Adviser's expenses and profitability supports its decision to approve the Management Agreement.

**Other Benefits of the Relationship**

The Board considered other direct and indirect benefits to the Adviser and/or its affiliates derived from their relationship with the Fund and other funds advised by the Adviser. These benefits may include, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agents, and research received by the Adviser generated from commission dollars spent on funds' portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the Adviser's costs relative to the services performed. The Board has determined that its review of the other benefits received by the Adviser or its affiliates supports its decision to approve the Management Agreement.

**Resources of the Adviser and Historical Relationship Between the Fund and the Adviser**

The Board considered whether the Adviser is financially sound and has the resources necessary to perform its obligations under the Management Agreement. The Board also reviewed and considered the historical relationship between the Fund and the Adviser, including the organizational structure of the Adviser, the policies and procedures formulated and adopted by the Adviser for managing the Fund's operations and the Board's confidence in the competence and integrity of the senior managers and key

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Investment Advisory Agreement Approval (unaudited)** *continued*

personnel of the Adviser. The Board concluded that the Adviser has the financial resources necessary to fulfill its obligations under the Management Agreement and that it is beneficial for the Fund to continue its relationship with the Adviser.

**Other Factors and Current Trends**

The Board considered the controls and procedures adopted and implemented by the Adviser and monitored by the Fund's Chief Compliance Officer and concluded that the conduct of business by the Adviser indicates a good faith effort on its part to adhere to high ethical standards in the conduct of the Fund's business.

**General Conclusion**

After considering and weighing all of the above factors, with various written materials and verbal information presented by the Adviser, the Board concluded that it would be in the best interest of the Fund and its shareholders to approve renewal of the Management Agreement for another year. In reaching this conclusion the Board did not give particular weight to any single piece of information or factor referenced above. The Board considered these factors and information over the course of the year and in numerous meetings, some of which were in executive session with only the independent Board members and their counsel present. It is possible that individual Board members may have weighed these factors, and the information presented, differently in reaching their individual decisions to approve the Management Agreement.

------

**Morgan Stanley Income Opportunities Fund**

**(formerly Morgan Stanley Global Fixed Income Opportunities Fund)**

**Federal Tax Notice (unaudited)**

For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during its taxable year ended October 31, 2025.

The Fund designated $20,377,429 of its distributions paid as qualified interest income.

The Fund designated $30,308,679 of its distributions paid as business interest income.

In January, the Fund provides tax information to shareholders for the preceding calendar year.

------

This report is submitted for the general information of the shareholders of the Fund. For more detailed information about the Fund, its fees and expenses and other pertinent information, please read its Prospectus. The Fund's Statement of Additional Information contains additional information about the Fund, including its Trustees. It is available, without charge, by calling 1 (800) 869-6397.

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus. Please read the Prospectus carefully before investing.

Morgan Stanley Distribution, Inc., member FINRA.© 2025 Morgan Stanley

![](j25303474_za004.jpg)

DINAX-NCSR 10.31.25

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

This information is disclosed as part of the Financial Statements and Additional Information under Item 7 of this Form N-CSR.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

This information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

This information is disclosed as part of the Financial Statements and Additional Information under Item 7 of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.

**Item 16. Controls and Procedures**

(a) It
 is the conclusion of the registrant's principal executive officer and principal financial
 officer that the effectiveness of the registrant's current disclosure controls and
 procedures (such disclosure controls and procedures having been evaluated within 90 days
 of the date of this filing) provide reasonable assurance that the information required to
 be disclosed by the registrant has been recorded, processed, summarized and reported within
 the time period specified in the Commission's rules and forms and that the information
 required to be disclosed by the registrant has been accumulated and communicated to the registrant's
 principal executive officer and principal financial officer in order to allow timely decisions
 regarding required disclosure.

(b) There
 have been no changes in the registrant's internal controls over financial reporting
 during the period covered by this report that has materially affected, or is reasonably likely
 to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

(a)(1) Registrant's Code of Ethics For Principal Executive and Senior financial Officers - Not applicable (please see Item 2).

---

| | |
|:---|:---|
| (a)(2)(i) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not applicable |

---

---

| | |
|:---|:---|
| [(a)(3)](tm2530347d3_ex99-cert.htm) | [Separate certifications by the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act are attached](tm2530347d3_ex99-cert.htm) |

---

---

| | |
|:---|:---|
| (a)(4) | A written solicitation to purchase securities under Rule 23c-1 under the 1940 Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons – Not applicable |

---

(a)(5) Change in the registrant's independent public accountant – Not applicable

[(b)](tm2530347d3_ex99-906cert.htm) [A certification by the registrant's principal executive officer and principal financial officer, required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act, and Section 1350 of Chapter 63 of Title 18 of the United States Code is attached](tm2530347d3_ex99-906cert.htm)

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Income Opportunities Fund

---

| | |
|:---|:---|
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | December 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |
| Date: | December 26, 2025 |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | December 26, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**MORGAN STANLY** Income Opportunities Fund;

**FORM N-CSR**

**Exhibit 19(a)(3)**

**<u>CERTIFICATION</u>**

I, Francis J. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Morgan Stanley Income Opportunities Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of trustees (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 26, 2025 | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |

---

**MORGAN STANLEY** Income Opportunities Fund;

**FORM N-CSR**

**Exhibit 19(a)(3)**

**<u>CERTIFICATION</u>**

I, John H. Gernon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Morgan Stanley Income Opportunities Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of trustees (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 26, 2025 | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Form N-CSR Item 19(b) Exhibit**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Morgan Stanley Income Opportunities Fund (the "Trust"), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Annual Report of the Trust on Form N-CSR for the period ended October
 31, 2025 (the "Report") fully complies with the requirements of Section 13(a)
 or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the information contained in the Report fairly presents, in all material
 respects, the financial condition and the results of operations of the **Trust** for such
 period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.**

---

| |
|:---|
| Morgan Stanley Income Opportunities Fund |
| Date: December 26, 2025 |
| /s/ Francis J. Smith |
| Francis J. Smith |
| Principal Financial Officer |
| Date: December 26, 2025 |
| /s/ John H. Gernon |
| John H. Gernon |
| Principal Executive Officer |

---