# EDGAR Filing Document

**Accession Number:** 0000882381
**File Stem:** 0001104659-25-060502
**Filing Date:** 2025-6
**Character Count:** 214338
**Document Hash:** 9b55b7faa8e476538057e8ee374ab293
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-060502.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001104659-25-060502

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**EFFECTIVENESS DATE**: 20250618

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06515
- **FILM NUMBER:** 251055406

**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           |
| C000198830 | Class IR     | MFIRX           |

?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

**<u>Morgan Stanley Global Fixed Income Opportunities Fund</u>**

(Exact Name of Registrant as Specified in Charter)

<u>1585 Broadway, New York, New York 10036</u>

(Address of Principal Executive Offices)

John H. Gernon

<u>1585 Broadway, New York, New York 10036</u>

(Name and Address of Agent for Services)

<u>(212) 762-1886</u>

(Registrant's Telephone Number)

<u>October 31,</u>

Date of Fiscal Year End

<u>April 30, 2025</u>

Date of Reporting Period

**Item 1. Reports to Stockholders**

(a) **TABLE OF CONTENTS**

---

| |
|:---|
|  [Morgan Stanley Global Fixed Income Opportunities Fund](#classname2a0f301a-455a-439a-bca1-e6c1c9595b70)<br> **[DINAX](#classname2a0f301a-455a-439a-bca1-e6c1c9595b70)**  |
|  [Morgan Stanley Global Fixed Income Opportunities Fund](#classnamecedfb5d3-53dd-4532-a07b-80099de82fd9)<br> **[MSIPX](#classnamecedfb5d3-53dd-4532-a07b-80099de82fd9)**  |
|  [Morgan Stanley Global Fixed Income Opportunities Fund](#classname9ccbd5cd-9298-4785-aa79-4406eb08c1d0)<br> **[DINDX](#classname9ccbd5cd-9298-4785-aa79-4406eb08c1d0)**  |
|  [Morgan Stanley Global Fixed Income Opportunities Fund](#classnamebebb256e-4059-4700-b789-18788703e698)<br> **[MFIRX](#classnamebebb256e-4059-4700-b789-18788703e698)**  |
|  [Morgan Stanley Global Fixed Income Opportunities Fund](#classname9367b8a0-cc51-4f52-879b-12b5b6356de9)<br> **[DINCX](#classname9367b8a0-cc51-4f52-879b-12b5b6356de9)**  |
|  [Morgan Stanley Global Fixed Income Opportunities Fund](#classname4642f49b-f711-43c0-916b-fb7c88d6b362)<br> **[MGFOX](#classname4642f49b-f711-43c0-916b-fb7c88d6b362)**  |

---

# Morgan Stanley Global Fixed Income Opportunities Fund

# Class A DINAX
![Image](tm2514635d5_inlinepkgimg007.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Global Fixed Income Opportunities Fund for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 | $41 | 0.82%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $834581450 |
| # of Portfolio Holdings | 407 |
| Portfolio Turnover Rate | 140% |

---

## 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)
![Credit Rating Chart](tm2514635d5_inlinepkgimg009.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Senior Loan Interests | 0.3% |
| Collateralized Mortgage Obligations - Agency Collateral Series | 0.3% |
| Supranational | 0.6% |
| Investment Companies | 0.8% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Agency Fixed Rate Mortgages | 7.5% |
| Sovereign | 9.2% |
| Asset-Backed Securities | 12.0% |
| Short-Term Investments | 12.9% |
| Mortgages - Other | 19.9% |
| Corporate Bonds | 32.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2514635d5_inlinepkgimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | -3.1% |
| Not Rated | 24.5% |
| CCC | 2.4% |
| B | 5.1% |
| BB | 10.8% |
| BBB | 27.2% |
| A | 10.3% |
| AA | 1.8% |
| AAA | 21.0% |

---

---

| | |
|:---|:---|
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.morganstanley.com/im/shareholderreports](tm2514635d5_inlinepkgimg003.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
Semi-Annual Shareholder Report April 30, 2025

# DINAX -TSR-SAR

# Morgan Stanley Global Fixed Income Opportunities Fund

# Class C MSIPX
![Image](tm2514635d5_inlinepkgimg007.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Global Fixed Income Opportunities Fund for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 | $79 | 1.58%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $834581450 |
| # of Portfolio Holdings | 407 |
| Portfolio Turnover Rate | 140% |

---

## 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)
![Credit Rating Chart](tm2514635d5_inlinepkgimg004.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Senior Loan Interests | 0.3% |
| Collateralized Mortgage Obligations - Agency Collateral Series | 0.3% |
| Supranational | 0.6% |
| Investment Companies | 0.8% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Agency Fixed Rate Mortgages | 7.5% |
| Sovereign | 9.2% |
| Asset-Backed Securities | 12.0% |
| Short-Term Investments | 12.9% |
| Mortgages - Other | 19.9% |
| Corporate Bonds | 32.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2514635d5_inlinepkgimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | -3.1% |
| Not Rated | 24.5% |
| CCC | 2.4% |
| B | 5.1% |
| BB | 10.8% |
| BBB | 27.2% |
| A | 10.3% |
| AA | 1.8% |
| AAA | 21.0% |

---

---

| | |
|:---|:---|
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.morganstanley.com/im/shareholderreports](tm2514635d5_inlinepkgimg003.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
Semi-Annual Shareholder Report April 30, 2025

# MSIPX -TSR-SAR

# Morgan Stanley Global Fixed Income Opportunities Fund

# Class I DINDX
![Image](tm2514635d5_inlinepkgimg007.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Global Fixed Income Opportunities Fund for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 | $29 | 0.57%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $834581450 |
| # of Portfolio Holdings | 407 |
| Portfolio Turnover Rate | 140% |

---

## 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)
![Credit Rating Chart](tm2514635d5_inlinepkgimg014.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Senior Loan Interests | 0.3% |
| Collateralized Mortgage Obligations - Agency Collateral Series | 0.3% |
| Supranational | 0.6% |
| Investment Companies | 0.8% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Agency Fixed Rate Mortgages | 7.5% |
| Sovereign | 9.2% |
| Asset-Backed Securities | 12.0% |
| Short-Term Investments | 12.9% |
| Mortgages - Other | 19.9% |
| Corporate Bonds | 32.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2514635d5_inlinepkgimg013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | -3.1% |
| Not Rated | 24.5% |
| CCC | 2.4% |
| B | 5.1% |
| BB | 10.8% |
| BBB | 27.2% |
| A | 10.3% |
| AA | 1.8% |
| AAA | 21.0% |

---

---

| | |
|:---|:---|
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.morganstanley.com/im/shareholderreports](tm2514635d5_inlinepkgimg003.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
Semi-Annual Shareholder Report April 30, 2025

# DINDX -TSR-SAR

# Morgan Stanley Global Fixed Income Opportunities Fund

# Class IR MFIRX
![Image](tm2514635d5_inlinepkgimg007.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Global Fixed Income Opportunities Fund for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 IR | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $834581450 |
| # of Portfolio Holdings | 407 |
| Portfolio Turnover Rate | 140% |

---

## 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)
![Credit Rating Chart](tm2514635d5_inlinepkgimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Senior Loan Interests | 0.3% |
| Collateralized Mortgage Obligations - Agency Collateral Series | 0.3% |
| Supranational | 0.6% |
| Investment Companies | 0.8% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Agency Fixed Rate Mortgages | 7.5% |
| Sovereign | 9.2% |
| Asset-Backed Securities | 12.0% |
| Short-Term Investments | 12.9% |
| Mortgages - Other | 19.9% |
| Corporate Bonds | 32.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2514635d5_inlinepkgimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | -3.1% |
| Not Rated | 24.5% |
| CCC | 2.4% |
| B | 5.1% |
| BB | 10.8% |
| BBB | 27.2% |
| A | 10.3% |
| AA | 1.8% |
| AAA | 21.0% |

---

---

| | |
|:---|:---|
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.morganstanley.com/im/shareholderreports](tm2514635d5_inlinepkgimg003.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
Semi-Annual Shareholder Report April 30, 2025

# MFIRX -TSR-SAR

# Morgan Stanley Global Fixed Income Opportunities Fund

# Class L DINCX
![Image](tm2514635d5_inlinepkgimg007.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Global Fixed Income Opportunities Fund for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 | $60 | 1.19%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $834581450 |
| # of Portfolio Holdings | 407 |
| Portfolio Turnover Rate | 140% |

---

## 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)
![Credit Rating Chart](tm2514635d5_inlinepkgimg006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Senior Loan Interests | 0.3% |
| Collateralized Mortgage Obligations - Agency Collateral Series | 0.3% |
| Supranational | 0.6% |
| Investment Companies | 0.8% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Agency Fixed Rate Mortgages | 7.5% |
| Sovereign | 9.2% |
| Asset-Backed Securities | 12.0% |
| Short-Term Investments | 12.9% |
| Mortgages - Other | 19.9% |
| Corporate Bonds | 32.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2514635d5_inlinepkgimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | -3.1% |
| Not Rated | 24.5% |
| CCC | 2.4% |
| B | 5.1% |
| BB | 10.8% |
| BBB | 27.2% |
| A | 10.3% |
| AA | 1.8% |
| AAA | 21.0% |

---

---

| | |
|:---|:---|
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.morganstanley.com/im/shareholderreports](tm2514635d5_inlinepkgimg003.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
Semi-Annual Shareholder Report April 30, 2025

# DINCX -TSR-SAR

# Morgan Stanley Global Fixed Income Opportunities Fund

# Class R6 MGFOX
![Image](tm2514635d5_inlinepkgimg007.jpg)

#### Semi-Annual Shareholder Report April 30, 2025
This semi-annual shareholder report contains important information about Morgan Stanley Global Fixed Income Opportunities Fund for the period of November 1, 2024 to April 30, 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.

## What were the Fund costs for the last six months?
(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 | $23 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $834581450 |
| # of Portfolio Holdings | 407 |
| Portfolio Turnover Rate | 140% |

---

## 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)
![Credit Rating Chart](tm2514635d5_inlinepkgimg001.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Senior Loan Interests | 0.3% |
| Collateralized Mortgage Obligations - Agency Collateral Series | 0.3% |
| Supranational | 0.6% |
| Investment Companies | 0.8% |
| Commercial Mortgage-Backed Securities | 3.7% |
| Agency Fixed Rate Mortgages | 7.5% |
| Sovereign | 9.2% |
| Asset-Backed Securities | 12.0% |
| Short-Term Investments | 12.9% |
| Mortgages - Other | 19.9% |
| Corporate Bonds | 32.8% |

---

### Credit Quality (% of net assets)<sup>**Footnote Reference a**</sup>
![Group By Asset Type Chart](tm2514635d5_inlinepkgimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash and Equivalents | -3.1% |
| Not Rated | 24.5% |
| CCC | 2.4% |
| B | 5.1% |
| BB | 10.8% |
| BBB | 27.2% |
| A | 10.3% |
| AA | 1.8% |
| AAA | 21.0% |

---

---

| | |
|:---|:---|
| 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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.morganstanley.com/im/shareholderreports](tm2514635d5_inlinepkgimg003.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
Semi-Annual Shareholder Report April 30, 2025

# MGFOX -TSR-SAR
(b) Not applicable.

**Item 2. Code of Ethics**

Not required in this filing.

**Item 3. Audit Committee Financial Expert**

Not required in this filing.

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

Not required in this filing.

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

Not applicable.

**Item 6. Schedule of Investments**

(a) Please see 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**

![](j25146356_aa001.jpg)

Morgan Stanley

Global Fixed Income

Opportunities Fund

Semi-Annual Financial Statements and Additional Information

April 30, 2025

![](j25146356_aa002.jpg)

------

**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 | 3 |
| Statement of Assets and Liabilities | 27 |
| Statement of Operations | 29 |
| Statements of Changes in Net Assets | 31 |
| Notes to Financial Statements | 32 |
| Financial Highlights | 55 |
| Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7. | Items 8, 9 and 11 of Form N-CSR are 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 Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Corporate Bonds (35.4%)** | **Corporate Bonds (35.4%)** | **Corporate Bonds (35.4%)** | **Corporate Bonds (35.4%)** |
| | **Australia (1.5%)** | **Australia (1.5%)** | **Australia (1.5%)** | **Australia (1.5%)** |
|  | *Basic Materials* | *Basic Materials* | *Basic Materials* | *Basic Materials* |
| $887 | Newcastle Coal Infrastructure Group Pty. Ltd. (a) | 4.40% | 09/29/27 | $872870 |
| 1881 | Newcastle Coal Infrastructure Group Pty. Ltd. (a) | 4.70 | 05/12/31 | 1781143 |
|  |  |  |  | 2654013 |
|  | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* |
| 1405 | Transurban Finance Co. Pty. Ltd. | 4.225 | 04/26/33 | 1670754 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 2630 | Australia & New Zealand Banking Group Ltd. | 5.101 | 02/03/33 | 3124022 |
| $4000 | Westpac Banking Corp. | 2.668 | 11/15/35 | 3480881 |
|  |  |  |  | 6604903 |
|  | *Industrials* | *Industrials* | *Industrials* | *Industrials* |
| 1200 | Sydney Airport Finance Co. Pty. Ltd. | 4.375 | 05/03/33 | 1431509 |
|  | **Total Australia** |  |  | 12361179 |
|  | **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** | **Austria (0.1%)** |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 900 | JAB Holdings BV | 4.75 | 06/29/32 | 1079734 |
|  | **Brazil (0.2%)** | **Brazil (0.2%)** | **Brazil (0.2%)** | **Brazil (0.2%)** |
|  | *Industrials* | *Industrials* | *Industrials* | *Industrials* |
| $1955 | MV24 Capital BV | 6.748 | 06/01/34 | 1865433 |
|  | **Burkina Faso (0.3%)** | **Burkina Faso (0.3%)** | **Burkina Faso (0.3%)** | **Burkina Faso (0.3%)** |
|  | *Basic Materials* | *Basic Materials* | *Basic Materials* | *Basic Materials* |
| 2130 | IAMGOLD Corp. (a)(b) | 5.75 | 10/15/28 | 2112114 |
|  | **Canada (0.6%)** | **Canada (0.6%)** | **Canada (0.6%)** | **Canada (0.6%)** |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 2000 | Superior Plus LP/Superior General Partner, Inc. (a) | 4.50 | 03/15/29 | 1869599 |
|  | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* |
| 1370 | Garda World Security Corp. (a) | 6.00 | 06/01/29 | 1283687 |
| 2200 | Garda World Security Corp. (a) | 8.375 | 11/15/32 | 2172299 |
|  |  |  |  | 3455986 |
|  | **Total Canada** |  |  | 5325585 |
|  | **China (0.2%)** | **China (0.2%)** | **China (0.2%)** | **China (0.2%)** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| 2000 | Prosus NV | 2.031 | 08/03/32 | 1950174 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Colombia (0.2%)** | **Colombia (0.2%)** | **Colombia (0.2%)** | **Colombia (0.2%)** |
|  | *Energy* | *Energy* | *Energy* | *Energy* |
| $1800 | Ecopetrol SA | 8.875% | 01/13/33 | $1802948 |
|  | **Denmark (0.5%)** | **Denmark (0.5%)** | **Denmark (0.5%)** | **Denmark (0.5%)** |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 26005 | Realkredit Danmark AS | 4.00 | 10/01/56 | 3926823 |
|  | **France (5.0%)** | **France (5.0%)** | **France (5.0%)** | **France (5.0%)** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| 3500 | Orange SA | 5.00 | (c) | 4063110 |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 1500 | RCI Banque SA | 5.50 | 10/09/34 | 1765718 |
|  | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* |
| 1450 | Loxam SAS (a) | 4.25 | 02/15/30 | 1641079 |
|  | *Energy* | *Energy* | *Energy* | *Energy* |
| 6480 | TotalEnergies SE | 2.00 | (c) | 6648012 |
| 1330 | TotalEnergies SE | 3.25 | (c) | 1291061 |
|  |  |  |  | 7939073 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 2200 | AXA SA | 3.25 | 05/28/49 | 2475025 |
| 2000 | Banque Federative du Credit Mutuel SA | 5.125 | 01/13/33 | 2427402 |
| 2100 | BPCE SA | 5.75 | 06/01/33 | 2540931 |
| 2000 | Credit Agricole Assurances SA | 1.50 | 10/06/31 | 1961794 |
| 4000 | Societe Generale SA | 1.00 | 11/24/30 | 4478160 |
| $1850 | Societe Generale SA (a) | 5.50 | 04/13/29 | 1879568 |
|  |  |  |  | 15762880 |
|  | *Industrials* | *Industrials* | *Industrials* | *Industrials* |
| 1000 | Calderys Financing II LLC, 11.75% PIK (a)(d) | 11.75 | 06/01/28 | 983221 |
|  | *Utilities* | *Utilities* | *Utilities* | *Utilities* |
| 3200 | Electricite de France SA | 2.625 | (c) | 3524977 |
| 1200 | Engie SA | 1.875 | (c) | 1190294 |
| 1000 | Engie SA | 3.875 | 03/06/36 | 1148603 |
| 3200 | Engie SA | 4.75 | (c) | 3702384 |
| 300 | Engie SA | 5.125 | (c) | 348481 |
|  |  |  |  | 9914739 |
|  | **Total France** |  |  | 42069820 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Germany (2.2%)** | **Germany (2.2%)** | **Germany (2.2%)** | **Germany (2.2%)** |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 600 | Volkswagen International Finance NV | 3.875% | (c) | $668842 |
| 2000 | Volkswagen International Finance NV | 4.625 | (c) | 2274894 |
| 1700 | Volkswagen International Finance NV | 7.50 | (c) | 2063086 |
|  |  |  |  | 5006822 |
|  | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* |
| 2580 | Bayer AG | 4.625 | 05/26/33 | 3075103 |
|  | *Energy* | *Energy* | *Energy* | *Energy* |
| 2400 | Wintershall Dea Finance BV | 1.332 | 09/25/28 | 2540491 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 300 | Allianz SE | 2.121 | 07/08/50 | 316748 |
| 1900 | Allianz SE | 5.824 | 07/25/53 | 2390317 |
| 1000 | Deutsche Bank AG | 4.50 | 07/12/35 | 1160805 |
| 1900 | Muenchener Rueckversicherungs-Gesellschaft AG in <br>Muenchen | 3.25 | 05/26/49 | 2133322 |
| 2000 | Vonovia SE | 0.625 | 12/14/29 | 2035977 |
|  |  |  |  | 8037169 |
|  | **Total Germany** |  |  | 18659585 |
|  | **Greece (1.3%)** | **Greece (1.3%)** | **Greece (1.3%)** | **Greece (1.3%)** |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 1900 | Eurobank Ergasias Services & Holdings SA | 4.25 | 04/30/35 | 2131776 |
| 3400 | National Bank of Greece SA | 8.00 | 01/03/34 | 4354761 |
| 3310 | Piraeus Financial Holdings SA | 7.25 | 04/17/34 | 4151133 |
|  | **Total Greece** |  |  | 10637670 |
|  | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** |
|  | *Industrials* | *Industrials* | *Industrials* | *Industrials* |
| $2280 | Seaspan Corp. (a) | 5.50 | 08/01/29 | 2083505 |
|  | **Italy (1.5%)** | **Italy (1.5%)** | **Italy (1.5%)** | **Italy (1.5%)** |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 3000 | Generali | 5.50 | 10/27/47 | 3566270 |
| $2825 | Intesa Sanpaolo SpA (a) | 7.20 | 11/28/33 | 3134219 |
|  |  |  |  | 6700489 |
|  | *Utilities* | *Utilities* | *Utilities* | *Utilities* |
| 4850 | Enel SpA | 6.375 | (c) | 5890260 |
|  | **Total Italy** |  |  | 12590749 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Japan (0.1%)** | **Japan (0.1%)** | **Japan (0.1%)** | **Japan (0.1%)** |
|  | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* |
| 1000 | JT International Financial Services BV | 3.625% | 04/11/34 | $1120980 |
|  | **Luxembourg (0.5%)** | **Luxembourg (0.5%)** | **Luxembourg (0.5%)** | **Luxembourg (0.5%)** |
|  | *Basic Materials* | *Basic Materials* | *Basic Materials* | *Basic Materials* |
| 1440 | INEOS Finance PLC (a) | 5.625 | 08/15/30 | 1566501 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 1000 | Blackstone Property Partners Europe <br>Holdings SARL | 1.25 | 04/26/27 | 1092844 |
| 1550 | Logicor Financing SARL | 3.25 | 11/13/28 | 1751308 |
|  |  |  |  | 2844152 |
|  | **Total Luxembourg** |  |  | 4410653 |
|  | **Mexico (0.6%)** | **Mexico (0.6%)** | **Mexico (0.6%)** | **Mexico (0.6%)** |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| $1503 | Banco Actinver SA/Grupo GICSA SAB de CV (a) | 4.80 | 12/18/34 | 1157310 |
| 1800 | Banco Mercantil del Norte SA (a)(b) | 8.375 | (c) | 1774218 |
| 510 | BBVA Mexico SA Institucion De Banca Multiple <br>Grupo Financiero BBVA Mexico (a) | 7.625 | 02/11/35 | 513825 |
| 1700 | BBVA Mexico SA Institucion De Banca Multiple <br>Grupo Financiero BBVA Mexico (a) | 8.45 | 06/29/38 | 1766622 |
|  | **Total Mexico** |  |  | 5211975 |
|  | **Netherlands (1.2%)** | **Netherlands (1.2%)** | **Netherlands (1.2%)** | **Netherlands (1.2%)** |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 3300 | ING Groep NV | 1.00 | 11/13/30 | 3693703 |
|  | *Industrials* | *Industrials* | *Industrials* | *Industrials* |
| $1000 | Trivium Packaging Finance BV (a)(b) | 8.50 | 08/15/27 | 989732 |
|  | *Utilities* | *Utilities* | *Utilities* | *Utilities* |
| 2350 | Alliander NV | 4.50 | (c) | 2695604 |
| 2360 | TenneT Holding BV | 4.625 | (c) | 2727826 |
|  |  |  |  | 5423430 |
|  | **Total Netherlands** |  |  | 10106865 |
|  | **Panama (0.2%)** | **Panama (0.2%)** | **Panama (0.2%)** | **Panama (0.2%)** |
|  | *Utilities* | *Utilities* | *Utilities* | *Utilities* |
| $1535 | AES Panama Generation Holdings SRL | 4.375 | 05/31/30 | 1343466 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Portugal (0.3%)** | **Portugal (0.3%)** | **Portugal (0.3%)** | **Portugal (0.3%)** |
|  | *Utilities* | *Utilities* | *Utilities* | *Utilities* |
| 1800 | EDP - Energias de Portugal SA | 1.70% | 07/20/80 | $2032249 |
|  | **Spain (2.7%)** | **Spain (2.7%)** | **Spain (2.7%)** | **Spain (2.7%)** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| 1800 | Telefonica Emisiones SA | 4.055 | 01/24/36 | 2074413 |
| 1800 | Telefonica Europe BV | 2.502 | (c) | 2001290 |
|  |  |  |  | 4075703 |
|  | *Energy* | *Energy* | *Energy* | *Energy* |
| 2050 | Repsol International Finance BV | 2.50 | (c) | 2272548 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 4000 | Banco Santander SA | 5.75 | 08/23/33 | 4833533 |
| 2000 | CaixaBank SA | 4.375 | 08/08/36 | 2301824 |
|  |  |  |  | 7135357 |
|  | *Utilities* | *Utilities* | *Utilities* | *Utilities* |
| 5600 | Iberdrola Finanzas SA | 4.875 | (c) | 6569158 |
| 1200 | Iberdrola International BV | 1.45 | (c) | 1319525 |
| 1000 | NorteGas Energia Distribucion SA | 0.905 | 01/22/31 | 963424 |
|  |  |  |  | 8852107 |
|  | **Total Spain** |  |  | 22335715 |
|  | **Sweden (0.6%)** | **Sweden (0.6%)** | **Sweden (0.6%)** | **Sweden (0.6%)** |
|  | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* |
| 1770 | Verisure Holding AB | 3.25 | 02/15/27 | 1984071 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 3025 | Akelius Residential Property Financing BV | 1.125 | 01/11/29 | 3149326 |
|  | **Total Sweden** |  |  | 5133397 |
|  | **Switzerland (0.8%)** | **Switzerland (0.8%)** | **Switzerland (0.8%)** | **Switzerland (0.8%)** |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| $2100 | VistaJet Malta Finance PLC/Vista Management <br>Holding, Inc. (a)(b) | 6.375 | 02/01/30 | 1815567 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 3000 | UBS Group AG | 2.875 | 04/02/32 | 3296296 |
| $1550 | UBS Group AG (a) | 9.016 | 11/15/33 | 1894863 |
|  |  |  |  | 5191159 |
|  | **Total Switzerland** |  |  | 7006726 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Turkey (0.6%)** | **Turkey (0.6%)** | **Turkey (0.6%)** | **Turkey (0.6%)** |
|  | *Basic Materials* | *Basic Materials* | *Basic Materials* | *Basic Materials* |
| $2670 | Eldorado Gold Corp. (a) | 6.25% | 09/01/29 | $2634541 |
| 1920 | WE Soda Investments Holding PLC | 9.50 | 10/06/28 | 1966982 |
|  | **Total Turkey** |  |  | 4601523 |
|  | **United Kingdom (1.8%)** | **United Kingdom (1.8%)** | **United Kingdom (1.8%)** | **United Kingdom (1.8%)** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| 2350 | Virgin Media Secured Finance PLC | 4.25 | 01/15/30 | 2823986 |
| $1400 | Vmed O2 U.K. Financing I PLC (a) | 4.75 | 07/15/31 | 1231940 |
| 1340 | Zegona Finance PLC (a) | 8.625 | 07/15/29 | 1428889 |
|  |  |  |  | 5484815 |
|  | *Energy* | *Energy* | *Energy* | *Energy* |
| 3700 | BP Capital Markets PLC | 3.625 | (c) | 4116038 |
| $2175 | BP Capital Markets PLC (b) | 4.875 | (c) | 2071097 |
|  |  |  |  | 6187135 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 2100 | HSBC Holdings PLC | 4.856 | 05/23/33 | 2555476 |
|  | *Utilities* | *Utilities* | *Utilities* | *Utilities* |
| 850 | NGG Finance PLC | 5.625 | 06/18/73 | 1132150 |
|  | **Total United Kingdom** |  |  | 15359576 |
|  | **United States (12.1%)** | **United States (12.1%)** | **United States (12.1%)** | **United States (12.1%)** |
|  | *Communications* | *Communications* | *Communications* | *Communications* |
| $2200 | Arches Buyer, Inc. (a) | 4.25 | 06/01/28 | 2070985 |
| 2000 | CCO Holdings LLC/CCO Holdings Capital Corp. (a) | 4.50 | 08/15/30 | 1859018 |
| 2900 | Charter Communications Operating LLC/Charter <br>Communications Operating Capital | 4.80 | 03/01/50 | 2161874 |
| 1660 | Clear Channel Outdoor Holdings, Inc. (a)(b) | 7.75 | 04/15/28 | 1379087 |
| 1500 | Comcast Corp. | 3.25 | 09/26/32 | 1682915 |
| $2300 | McGraw-Hill Education, Inc. (a) | 5.75 | 08/01/28 | 2255468 |
|  |  |  |  | 11409347 |
|  | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* | *Consumer, Cyclical* |
| 2720 | American Airlines, Inc./AAdvantage Loyalty IP <br>Ltd. (a) | 5.75 | 04/20/29 | 2641156 |
| 5650 | Ford Motor Credit Co. LLC | 7.35 | 03/06/30 | 5846085 |
| 1725 | Las Vegas Sands Corp. (e) | 5.625 | 06/15/28 | 1729604 |
| 3138 | Las Vegas Sands Corp. | 6.00 | 08/15/29 | 3174966 |
| 700 | Las Vegas Sands Corp.(e) | 6.00 | 06/14/30 | 704248 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| $2581 | PetSmart, Inc./PetSmart Finance Corp. (a) | 4.75% | 02/15/28 | $2469713 |
| 1870 | Sonic Automotive, Inc. (a)(b) | 4.625 | 11/15/29 | 1756182 |
| 2250 | Warnermedia Holdings, Inc. | 4.279 | 03/15/32 | 1927439 |
|  |  |  |  | 20249393 |
|  | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* | *Consumer, Non-Cyclical* |
| 1180 | Allied Universal Holdco LLC/Allied Universal <br>Finance Corp. (a)(b) | 6.00 | 06/01/29 | 1108516 |
| 1980 | Allied Universal Holdco LLC/Allied Universal <br>Finance Corp./Atlas Luxco 4 SARL (a) | 4.625 | 06/01/28 | 1905093 |
| 3800 | Centene Corp. | 2.50 | 03/01/31 | 3225429 |
| 1700 | Chobani LLC/Chobani Finance Corp., Inc. (a) | 7.625 | 07/01/29 | 1782698 |
| 2640 | LifePoint Health, Inc. (a) | 9.875 | 08/15/30 | 2811529 |
| 1500 | Upjohn Finance BV | 1.362 | 06/23/27 | 1648539 |
|  |  |  |  | 12481804 |
|  | *Energy* | *Energy* | *Energy* | *Energy* |
| $3725 | Occidental Petroleum Corp. | 7.50 | 05/01/31 | 3979142 |
| 4050 | ONEOK, Inc. | 5.05 | 11/01/34 | 3842775 |
|  |  |  |  | 7821917 |
|  | *Finance* | *Finance* | *Finance* | *Finance* |
| 2080 | Ally Financial, Inc. | 6.848 | 01/03/30 | 2159956 |
| 1775 | American National Group, Inc. | 5.75 | 10/01/29 | 1805231 |
| 2270 | Bank of America Corp. | 2.824 | 04/27/33 | 2456115 |
| $1800 | Focus Financial Partners LLC (a) | 6.75 | 09/15/31 | 1812443 |
| 1180 | Global Atlantic Fin Co. (a) | 4.70 | 10/15/51 | 1121852 |
| 925 | Global Atlantic Fin Co. (a) | 7.95 | 10/15/54 | 941668 |
| 3573 | HAT Holdings I LLC/HAT Holdings II LLC (a) | 8.00 | 06/15/27 | 3674370 |
| 3025 | PNC Financial Services Group, Inc. | 6.875 | 10/20/34 | 3326449 |
| 1275 | VICI Properties LP | 5.125 | 11/15/31 | 1262553 |
| 3825 | VICI Properties LP/VICI Note Co., Inc. (a) | 5.75 | 02/01/27 | 3869202 |
|  |  |  |  | 22429839 |
|  | *Industrials* | *Industrials* | *Industrials* | *Industrials* |
| 1700 | Artera Services LLC (a) | 8.50 | 02/15/31 | 1614915 |
| 3825 | Boeing Co. | 6.298 | 05/01/29 | 4024662 |
| 1600 | Calderys Financing LLC (a) | 11.25 | 06/01/28 | 1692470 |
| 1740 | Masterbrand, Inc. (a) | 7.00 | 07/15/32 | 1746308 |
| 1600 | Vontier Corp. | 1.80 | 04/01/26 | 1555262 |
|  |  |  |  | 10633617 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
|  | *Technology* | *Technology* | *Technology* | *Technology* |
| $1900 | AthenaHealth Group, Inc. (a)(b) | 6.50% | 02/15/30 | 1817942 |
| 1881 | Cloud Software Group, Inc. (a) | 6.50 | 03/31/29 | 1883462 |
| 3600 | Concentrix Corp. | 6.65 | 08/02/26 | 3668098 |
| 2580 | McAfee Corp. (a) | 7.375 | 02/15/30 | 2231241 |
| 1520 | Seagate HDD Cayman | 9.625 | 12/01/32 | 1716996 |
| 776 | West Technology Group LLC (a) | 8.50 | 04/10/27 | 508280 |
|  |  |  |  | 11826019 |
|  | *Utilities* | *Utilities* | *Utilities* | *Utilities* |
| 1800 | Duke Energy Corp. | 3.85 | 06/15/34 | 2020045 |
| $1800 | XPLR Infrastructure Operating Partners LP (a)(b) | 8.375 | 01/15/31 | 1808344 |
|  |  |  |  | 3828389 |
|  | **Total United States** |  |  | 100680325 |
|  | **Total Corporate Bonds** *(Cost $289,791,488)* |  |  | 295808769 |
|  | **Sovereign (10.0%)** | **Sovereign (10.0%)** | **Sovereign (10.0%)** | **Sovereign (10.0%)** |
|  | **Albania (0.3%)** | **Albania (0.3%)** | **Albania (0.3%)** | **Albania (0.3%)** |
| 2500 | Albania Government International Bond (a) | 4.75 | 02/14/35 | 2705301 |
|  | **Angola (0.1%)** | **Angola (0.1%)** | **Angola (0.1%)** | **Angola (0.1%)** |
| $970 | Angolan Government International Bond | 8.75 | 04/14/32 | 751006 |
|  | **Australia (1.0%)** | **Australia (1.0%)** | **Australia (1.0%)** | **Australia (1.0%)** |
| 7370 | Treasury Corp. of Victoria | 2.00 | 09/17/35 | 3568777 |
| 7630 | Treasury Corp. of Victoria, MTN | 4.75 | 09/15/36 | 4730561 |
|  | **Total Australia** |  |  | 8299338 |
|  | **Egypt (0.3%)** | **Egypt (0.3%)** | **Egypt (0.3%)** | **Egypt (0.3%)** |
| $3000 | Egypt Government International Bond | 7.625 | 05/29/32 | 2553990 |
|  | **Ghana (0.1%)** | **Ghana (0.1%)** | **Ghana (0.1%)** | **Ghana (0.1%)** |
| 1500 | Ghana Government International Bond (a)(f) | 5.00 | 07/03/29 - 07/03/35 | 1159342 |
|  | **Greece (1.0%)** | **Greece (1.0%)** | **Greece (1.0%)** | **Greece (1.0%)** |
| 4880 | Hellenic Republic Government Bond | 3.375 | 06/15/34 | 5611871 |
| 2200 | Hellenic Republic Government Bond | 4.375 | 07/18/38 | 2679713 |
|  | **Total Greece** |  |  | 8291584 |
|  | **Ivory Coast (0.3%)** | **Ivory Coast (0.3%)** | **Ivory Coast (0.3%)** | **Ivory Coast (0.3%)** |
| 2189 | Ivory Coast Government International Bond (a) | 4.875 | 01/30/32 | 2147602 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Japan (1.3%)** | | | |
| 1579850 | Japan Government Thirty Year Bond | 2.40% | 03/20/55 | $10504117 |
|  | **Mexico (0.7%)** |  |  |  |
| 2930 | Petroleos Mexicanos | 2.75 | 04/21/27 | 3073500 |
| $1400 | Petroleos Mexicanos | 6.50 | 03/13/27 | 1368761 |
| 1400 | Petroleos Mexicanos | 6.84 | 01/23/30 | 1247904 |
|  | **Total Mexico** |  |  | 5690165 |
|  | **Montenegro (0.5%)** |  |  |  |
| 3679 | Montenegro Government International Bond (a) | 4.875 | 04/01/32 | 4050707 |
|  | **New Zealand (2.2%)** |  |  |  |
| 5740 | New Zealand Government Bond | 4.25 | 05/15/34 | 3386091 |
| 24904 | New Zealand Government Bond | 4.50 | 05/15/35 | 14858267 |
|  | **Total New Zealand** |  |  | 18244358 |
|  | **Nigeria (0.1%)** |  |  |  |
| $1400 | Nigeria Government International Bond | 7.375 | 09/28/33 | 1145102 |
|  | **Peru (1.4%)** |  |  |  |
| 43100 | Peru Government Bond | 6.15 | 08/12/32 | 11997977 |
|  | **Saudi Arabia (0.2%)** |  |  |  |
| $1500 | Saudi Government International Bond (a) | 5.125 | 01/13/28 | 1524259 |
|  | **Uzbekistan (0.5%)** |  |  |  |
| 3440 | Republic of Uzbekistan International Bond (a) | 5.10 | 02/25/29 | 3971553 |
|  | **Total Sovereign** *(Cost $80,472,514)* |  |  | 83036401 |
|  | **Agency Fixed Rate Mortgages (8.2%)** |  |  |  |
|  | Federal Home Loan Mortgage Corporation,<br>Conventional Pools: |  |  |  |
| $3035 |  | 6.00 | 06/01/54 - 09/01/54 | 3085159 |
| 1 | Gold Pool | 6.50 | 10/01/32 | 524 |
|  | Federal National Mortgage Association,<br>Conventional Pools: |  |  |  |
| 10 |  | 6.50 | 05/01/28 - 01/01/32 | 10483 |
| 2 |  | 7.00 | 11/01/32 | 1853 |
| 61300 | May TBA (g) | 5.50 | 05/01/55 | 61173091 |
|  | Government National Mortgage Association,<br>Various Pools: |  |  |  |
| 3667 |  | 6.00 | 08/20/53 | 3777692 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** | **VALUE** |
| $— | @ |  | 7.50 % | 07/20/25 | $| 53 |
| 1 |  |  | 8.00 | 01/15/30 - 05/15/30 |  | 1245 |
|  |  | **Total Agency Fixed Rate Mortgages** *(Cost $67,460,509)* |  |  |  | 68050100 |
|  |  | **Asset-Backed Securities (12.9%)** | **Asset-Backed Securities (12.9%)** | **Asset-Backed Securities (12.9%)** | **Asset-Backed Securities (12.9%)** | **Asset-Backed Securities (12.9%)** |
| 571 |  | ABFC Trust<br>1 Month Term SOFR + 1.16% | 5.491<br> (h) | 08/25/33 |  | 567189 |
| 2649 |  | AMSR Trust (a) | 3.867 | 01/19/39 |  | 2555229 |
| 500 |  | Apidos CLO XXXV Ltd.<br>3 Month Term SOFR + 6.01% (a) | 10.281<br> (h) | 04/20/34 |  | 492502 |
|  |  | Barings CLO Ltd., | Barings CLO Ltd., | Barings CLO Ltd., | Barings CLO Ltd., | Barings CLO Ltd., |
| 1000 |  | Class D2, 3 Month Term SOFR + 3.65% (a) | 7.935<br> (h) | 04/20/38 |  | 974434 |
| 1500 |  | Class D2R, 3 Month Term SOFR + 4.60% (a) | 8.856<br> (h) | 07/15/37 |  | 1500928 |
| 1500 |  | Class E, 3 Month Term SOFR + 4.60% (a) | 8.885<br> (h) | 04/20/38 |  | 1440809 |
| 1500 |  | Battalion CLO XXV Ltd., Class D<br>3 Month Term SOFR + 4.35% (a) | 8.62 <br> (h) | 03/13/37 |  | 1501993 |
| 1147 |  | Bayview Financial Revolving Asset Trust<br>1 Month Term SOFR + 1.11% (a) | 5.435<br> (h) | 02/28/40 |  | 1100005 |
| 1000 |  | Benefit Street Partners CLO XV Ltd., Class D2R<br>3 Month Term SOFR + 4.50% (a) | 8.756<br> (h) | 07/15/37 |  | 989512 |
| 843 |  | Blackbird Capital Aircraft Lease <br>Securitization Ltd. (a) | 4.213 | 12/16/41 |  | 841800 |
| 750 |  | Brookhaven Park CLO Ltd., Class D<br>3 Month Term SOFR + 3.60% (a) | 7.87 <br> (h) | 04/19/37 |  | 751865 |
|  |  | Bryant Park Funding Ltd., | Bryant Park Funding Ltd., | Bryant Park Funding Ltd., | Bryant Park Funding Ltd., | Bryant Park Funding Ltd., |
| 1500 |  | Class D, 3 Month Term SOFR + 4.30% (a) | 8.556<br> (h) | 04/15/37 |  | 1505574 |
| 1500 |  | Class D1R, 3 Month Term SOFR + 2.80% (a) | 7.093<br> (h) | 04/15/38 |  | 1470812 |
| 288 |  | Business Loan Express Business Loan Trust<br>1 Month Term SOFR + 0.51% (a) | 4.834<br> (h) | 10/20/40 |  | 266270 |
| 874 |  | Cascade MH Asset Trust (a) | 4.00 <br> (h) | 11/25/44 |  | 831970 |
| 437 |  | Chase Funding Loan Acquisition Trust | 5.50 | 08/25/34 |  | 421746 |
| 105 |  | Citigroup Mortgage Loan Trust, Inc.<br>1 Month Term SOFR + 3.11% (a) | 7.441<br> (h) | 07/25/44 |  | 166682 |
| 1286 |  | Conn's Receivables Funding LLC (a) | 10.00 | 01/17/28 |  | 1290432 |
| 1500 |  | Countrywide Asset-Backed Certificates Trust<br>1 Month Term SOFR + 1.69% | 3.481<br> (h) | 03/25/35 |  | 1306174 |
| 1123 |  | ECAF I Ltd. (Cayman Islands) (a) | 4.947 | 06/15/40 |  | 943402 |
| 1500 |  | Elmwood CLO 32 Ltd., Class D1<br>3 Month Term SOFR + 2.85% (a) | 7.122<br> (h) | 10/18/37 |  | 1499790 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| $1500 | Elmwood CLO 40 Ltd., Class E<br>3 Month Term SOFR + 5.25% (a) | 9.526<br> (h)% | 03/22/38 | $1483905 |
| 1000 | Elmwood CLO VIII Ltd., Class DR<br>3 Month Term SOFR + 3.80% (a) | 8.07 <br> (h) | 04/20/37 | 1000500 |
| 1500 | Empower CLO Ltd., Class D1<br>3 Month Term SOFR + 3.75% (a) | 8.032<br> (h) | 04/25/37 | 1503076 |
| 6000 | Finance of America HECM Buyout (a) | 6.00 <br> (h) | 10/01/34 | 5432089 |
| 2893 | FirstKey Homes Trust, Class F3 (a) | 3.686 | 08/17/38 | 2791704 |
|  | FMC GMSR Issuer Trust, | FMC GMSR Issuer Trust, | FMC GMSR Issuer Trust, | FMC GMSR Issuer Trust, |
| 4000 | Class A, (a) | 3.62 <br> (h) | 07/25/26 | 3770137 |
| 2000 | Class A, (a) | 4.45 <br> (h) | 01/25/26 | 1948400 |
| 3000 | Class A, (a) | 7.90 | 07/25/27 | 3050519 |
| 1600 | Class B, (a) | 4.44 <br> (h) | 10/25/26 | 1497058 |
| 4000 | Class B, (a) | 7.17 | 04/25/27 | 4034062 |
| 2764 | GAIA Aviation Ltd. (Cayman Islands) (a) | 7.00 | 12/15/44 | 2165145 |
| 1000 | Galaxy 33 CLO Ltd., Class D1<br>3 Month Term SOFR + 3.55% (a) | 7.82 <br> (h) | 04/20/37 | 988895 |
| 1500 | Golub Capital Partners CLO 72 B Ltd., Class D<br>3 Month Term SOFR + 4.00% (a) | 8.282<br> (h) | 04/25/37 | 1504461 |
|  | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
| 37 | 1 Month Term SOFR + 1.99% | 6.316<br> (h) | 12/25/34 | 37247 |
| 319 |  | 6.502 | 11/25/36 | 115343 |
|  | Harvest SBA Loan Trust, Class A | Harvest SBA Loan Trust, Class A | Harvest SBA Loan Trust, Class A | Harvest SBA Loan Trust, Class A |
| 2852 | SOFR30A + 2.25% (a) | 6.685<br> (h) | 12/25/51 | 2873554 |
| 1424 | SOFR30A + 3.25% (a) | 7.685<br> (h) | 10/25/50 | 1447707 |
| 1500 | Harvest U.S. CLO Ltd., Class D1<br>3 Month Term SOFR + 3.25% (a) | 7.506<br> (h) | 10/15/37 | 1475748 |
| 495 | Hestia Financing<br>3 Month EURIBOR + 2.50% (Cyprus) | 4.736<br> (h) | 12/31/46 | 531464 |
| $2427 | Horizon Aircraft Finance IV Ltd., Class A (a) | 5.375 | 09/15/49 | 2390780 |
| 168 | JOL Air Ltd. (Cayman Islands) (a) | 4.948 | 04/15/44 | 164790 |
| 500 | KKR CLO 16 Ltd.<br>3 Month Term SOFR + 7.37% (a) | 11.641<br> (h) | 10/20/34 | 483097 |
| 682 | LoanMe Trust Prime (a) | 5.00 | 09/15/34 | 673704 |
| 1500 | Madison Park Funding LV Ltd., Class D1R<br>3 Month Term SOFR + 3.15% (a) | 7.42 <br> (h) | 07/18/37 | 1491676 |
|  | Magnetite XXII Ltd., | Magnetite XXII Ltd., | Magnetite XXII Ltd., | Magnetite XXII Ltd., |
| 1000 | Class DJ, 3 Month Term SOFR + 4.15% (a) | 8.406<br> (h) | 07/15/36 | 1001989 |
| 1000 | Class DRR, 3 Month Term SOFR + 2.90% (a) | 7.156<br> (h) | 07/15/36 | 993602 |
| 853 | METAL LLC (a) | 4.581 | 10/15/42 | 567497 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| $1810 | Mortgage Subordinate Trust, Class A (a) | 0.00 <br> (h)% | 12/29/31 | $1521976 |
| 487 | Newtek Small Business Loan Trust<br>Daily U.S. Prime Rate + 0.10% (a) | 7.60 <br> (h) | 12/25/48 | 478266 |
| 3115 | NRM FNT1 Excess LLC, Class A (a) | 7.398 | 11/25/31 | 3144630 |
|  | NRZ Excess Spread-Collateralized Notes, Class A | NRZ Excess Spread-Collateralized Notes, Class A | NRZ Excess Spread-Collateralized Notes, Class A | NRZ Excess Spread-Collateralized Notes, Class A |
| 557 | (a) | 2.981 | 03/25/26 | 543661 |
| 998 | (a) | 3.104 | 07/25/26 | 968168 |
| 1250 | Oaktree CLO Ltd., Class D2RR<br>3 Month Term SOFR + 4.70% (a) | 8.97 <br> (h) | 07/20/37 | 1250795 |
| 2828 | Oakwood Mortgage Investors, Inc., Class A4 | 7.405<br> (h) | 06/15/31 | 228092 |
|  | OCP CLO Ltd., Class DR | OCP CLO Ltd., Class DR | OCP CLO Ltd., Class DR | OCP CLO Ltd., Class DR |
| 1000 | 3 Month Term SOFR + 3.35% (a) | 7.611<br> (h) | 07/16/35 | 1001397 |
| 1500 | 3 Month Term SOFR + 3.75% (a) | 8.029<br> (h) | 04/23/37 | 1503405 |
| 1000 | 3 Month Term SOFR + 4.40% (a) | 8.67 <br> (h) | 10/20/37 | 984718 |
| 1500 | Palmer Square CLO Ltd., Class CR<br>3 Month Term SOFR + 3.90% (a) | 8.17 <br> (h) | 04/18/37 | 1501779 |
| 3000 | PMT FMSR Issuer Trust<br>1 Month Term SOFR + 3.11% (a) | 7.441<br> (h) | 03/25/26 | 2996972 |
| 4000 | PNMAC GMSR Issuer Trust, Class A<br>1 Month Term SOFR + 3.20% (a) | 7.527<br> (h) | 03/25/29 | 4055209 |
| 2500 | Progress Residential Trust, Class F (a) | 4.053 | 11/17/40 | 2409461 |
| 3033 | Raptor Aircraft Finance I LLC (a) | 4.213 | 08/23/44 | 2704453 |
|  | ReadyCap Lending Small Business Loan Trust | ReadyCap Lending Small Business Loan Trust | ReadyCap Lending Small Business Loan Trust | ReadyCap Lending Small Business Loan Trust |
| 96 | Daily U.S. Prime Rate - 0.50% (a) | 7.00 <br> (h) | 12/27/44 | 95630 |
| 2054 | Daily U.S. Prime Rate + 0.07% (a) | 7.57 <br> (h) | 04/25/48 | 2087517 |
| 1716 | Shenton Aircraft Investment Ltd. (a) | 4.75 | 10/15/42 | 1667697 |
|  | STAR Trust, Class D | STAR Trust, Class D | STAR Trust, Class D | STAR Trust, Class D |
| 800 | 1 Month Term SOFR + 2.45% (a) | 6.772<br> (h) | 02/17/42 | 809184 |
| 3000 | 1 Month Term SOFR + 2.55% (a) | 6.872<br> (h) | 05/17/39 | 3017294 |
| 788 | Start II Ltd. (Bermuda) (a) | 4.089 | 03/15/44 | 776778 |
| 949 | Start Ltd. (a) | 4.089 | 05/15/43 | 936439 |
| 1000 | TICP CLO VI Ltd.<br>3 Month Term SOFR + 6.51% (a) | 10.768<br> (h) | 01/15/34 | 1002616 |
|  | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
| 1000 | 3 Month Term SOFR + 4.01% (a) | 8.293<br> (h) | 01/25/34 | 988997 |
| 1000 | 3 Month Term SOFR + 7.08% (a) | 11.359<br> (h) | 01/25/34 | 924701 |
| 2500 | VINE Trust (a) | 4.75 | 12/17/40 | 2346667 |
|  | **Total Asset-Backed Securities** *(Cost $108,954,507)* |  |  | 107783769 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Collateralized Mortgage Obligations - Agency Collateral Series (0.3%)** | | | |
|  | Federal National Mortgage Association, |  |  |  |
|  | IO REMIC |  |  |  |
| $174 |  | 1.872<br> (h)% | 03/25/44 | $9923 |
| 31 | 6.44% - SOFR30A | 2.082 <br> (i) | 08/25/41 | 596 |
| 342 |  | 2.376<br> (h) | 10/25/39 | 20260 |
| 488 | Government National Mortgage Association, <br>IO<br>6.14% - 1 Month Term SOFR | 1.817 <br> (i) | 12/20/42 | 56782 |
| 2522 | RCO VII Mortgage LLC, Class A1 (a) | 7.021 | 01/25/29 | 2536655 |
|  | **Total Collateralized Mortgage Obligations - Agency Collateral Series**<br> *(Cost $2,530,240)* |  |  | 2624216 |
|  | **Commercial Mortgage-Backed Securities (3.9%)** |  |  |  |
| 1165 | BAHA Trust, Class B (Bahamas) (a) | 7.069<br> (h) | 12/10/41 | 1193369 |
| 2582 | Bayview Commercial Asset Trust, Class A4A<br>1 Month Term SOFR + 1.61% (a) | 5.941<br> (h) | 12/25/37 | 2254898 |
| 1755 | BPR Trust, Class A<br>1 Month Term SOFR + 1.86% (a) | 6.187<br> (h) | 06/15/38 | 1738980 |
| 900 | Citigroup Commercial Mortgage Trust (a) | 3.62 <br> (h) | 12/10/41 | 734063 |
| 1500 | Commercial Mortgage Trust (a) | 3.513<br> (h) | 08/15/57 | 1348019 |
| 1542 | COOF Securitization Trust, IO (a) | 2.171<br> (h) | 10/25/40 | 82253 |
|  | Credit Suisse Mortgage Trust, Class A |  |  |  |
| 2447 | 1 Month Term SOFR + 3.57% (a) | 7.896<br> (h) | 05/09/25 | 2391747 |
| 4330 | 1 Month Term SOFR + 3.83% (a) | 8.151<br> (h) | 08/15/26 | 3996572 |
|  | Federal Home Loan Mortgage Corporation, |  |  |  |
|  | IO |  |  |  |
| 7000 |  | 2.719<br> (h) | 01/25/49 | 886848 |
| 6430 |  | 3.173<br> (h) | 11/25/36 | 1550967 |
| 9926 |  | 4.481<br> (h) | 11/25/55 | 2540645 |
| 189 | FREMF Mortgage Trust<br>SOFR30A + 5.36% (a) | 9.698<br> (h) | 07/25/26 | 59902 |
|  | Harvest Commercial Capital Loan Trust, Class A |  |  |  |
| 2944 |  | 6.164 | 10/25/56 | 3056317 |
| 2500 | (a) | 5.964<br> (h) | 04/25/52 | 2302539 |
| 1500 | (a) | 6.337<br> (h) | 09/25/46 | 1441654 |
| 136 | JPMBB Commercial Mortgage Securities Trust (a) | 4.20 <br> (h) | 09/15/47 | 117091 |
|  | KGS-Alpha SBA COOF Trust |  |  |  |
|  | IO |  |  |  |
| 166 | (a) | 2.556<br> (h) | 04/25/40 | 6844 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| $364 | (a) | 2.839<br> (h)% | 07/25/41 | $22054 |
| 2000 | Natixis Commercial Mortgage Securities Trust (a) | 4.272<br> (h) | 05/15/39 | 1786299 |
| 3000 | SG Commercial Mortgage Securities Trust (a) | 3.593<br> (h) | 09/15/39 | 2501221 |
| 675 | Sutherland Commercial Mortgage Trust (a) | 2.23 <br> (h) | 12/25/41 | 583231 |
| 316 | Taurus 2018-1 IT SRL<br>3 Month EURIBOR + 2.78% (Italy) | 5.302<br> (h) | 05/18/32 | 360352 |
|  | Velocity Commercial Capital Loan Trust |  |  |  |
| $200 | (a) | 6.90 | 05/25/47 | 199646 |
| 1786 | (a) | 6.58 <br> (h) | 04/25/54 | 1805832 |
|  | **Total Commercial Mortgage-Backed Securities** *(Cost $33,746,871)* |  |  | 32961343 |
|  | **Mortgages - Other (21.5%)** |  |  |  |
| 2500 | ATLX Trust, Class M1 (a) | 4.304<br> (h) | 04/25/64 | 2339284 |
| 64 | Banc of America Alternative Loan Trust<br>1 Month Term SOFR + 0.76% | 5.091<br> (h) | 07/25/46 | 49491 |
|  | Banc of America Funding Trust |  |  |  |
| 4 |  | 5.25 | 07/25/37 | 3415 |
| 281 |  | 5.50 | 09/25/35 | 263755 |
| 41 |  | 6.00 | 07/25/37 | 34587 |
| 800 | Banna RMBS DAC<br>3 Month GBP SONIA + 3.50% (United Kingdom) | 7.983<br> (h) | 12/30/63 | 1063062 |
| $60 | BCAP LLC Trust (a) | 4.773<br> (h) | 03/26/37 | 55726 |
| 42 | Bear Stearns ARM Trust | 4.237<br> (h) | 05/25/47 | 35747 |
| 18 | Bear Stearns Asset Backed Securities Trust | 5.246<br> (h) | 07/25/36 | 18326 |
| 4000 | Boston Lending Trust (a) | 3.25 <br> (h) | 05/25/62 | 3638904 |
|  | Brean Asset Backed Securities Trust |  |  |  |
| 5325 | (a) | 4.00 | 09/25/63 | 5078144 |
| 2554 | (a) | 4.50 <br> (h) | 03/25/78 | 2493362 |
|  | Cascade Funding Mortgage Trust, Class M1 |  |  |  |
| 2411 | (a) | 2.00 <br> (h) | 09/25/50 | 2369976 |
| 1066 | (a) | 2.00 <br> (h) | 02/25/52 | 978157 |
| 2000 | (a) | 3.00 <br> (h) | 05/25/34 | 1714452 |
| 4000 | (a) | 3.00 <br> (h) | 06/25/34 | 3371866 |
| 3000 | (a) | 3.00 <br> (h) | 03/25/35 | 2608690 |
| 4500 | (a) | 3.25 <br> (h) | 11/25/35 | 4407884 |
| 5500 | (a) | 4.25 <br> (h) | 04/25/33 | 5059256 |
| 2362 | (a) | 6.405 | 11/25/29 | 2370874 |
|  | Champs Trust, Class A |  |  |  |
| 3940 | (a) | 7.841<br> (h) | 04/25/60 | 4107584 |
| 2880 | (a) | 8.774<br> (h) | 07/25/59 | 2965118 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| $2447 | (a) | 9.576<br> (h)% | 11/25/59 | $2547164 |
| 52 | ChaseFlex Trust | 6.50 | 02/25/35 | 35437 |
|  | CHL Mortgage Pass-Through Trust |  |  |  |
| 225 |  | 4.936<br> (h) | 09/25/34 | 204064 |
| 66 |  | 5.50 | 05/25/34 | 64287 |
| 640 |  | 6.00 | 12/25/36 | 357359 |
| 52 | Citigroup Mortgage Loan Trust, Inc. | 5.08 <br> (h) | 11/25/36 | 45972 |
|  | Countrywide Alternative Loan Trust |  |  |  |
| 39 |  | 4.151<br> (h) | 05/25/36 | 36241 |
| 31 |  | 4.454<br> (h) | 08/25/35 | 28578 |
| 100 |  | 4.493<br> (h) | 10/25/35 | 93181 |
| 72 | 1 Month Term SOFR + 0.47% | 4.801<br> (h) | 05/25/47 | 65539 |
| 149 | 1 Month Term SOFR + 0.61% | 4.941<br> (h) | 10/25/35 | 87472 |
| 16 |  | 5.50 | 02/25/36 | 8106 |
| 333 |  | 6.00 | 04/25/36 | 155673 |
|  | Countrywide Reperforming Loan REMIC Trust |  |  |  |
|  | REMIC |  |  |  |
| 86 | (a) | 6.50 | 03/25/35 | 90679 |
| 67 | (a) | 7.50 | 11/25/34 | 56023 |
| 6323 | Credit Suisse First Boston Mortgage Securities <br>Corp., Class B<br>1 Month Term SOFR + 2.96% (a) | 4.078<br> (h) | 03/25/45 | 7014461 |
|  | CSFB Mortgage-Backed Pass-Through Certificates |  |  |  |
| 149 |  | 6.50 | 12/25/33 | 150072 |
| 197 |  | 7.50 | 10/25/32 | 197242 |
| 1653 | CSMC Mortgage-Backed Trust | 6.50 | 05/25/36 | 414218 |
| 2691 | Ellington Financial Mortgage Trust (a) | 4.50 <br> (h) | 03/25/54 | 2523316 |
| 59 | EMF-NL Prime BV<br>3 Month EURIBOR + 0.80% (Netherlands) | 3.063<br> (h) | 04/17/41 | 65913 |
| 2045 | Eurohome Italy Mortgages Srl, Class A<br>3 Month EURIBOR + 0.60% (Italy) | 3.189<br> (h) | 11/02/54 | 2172481 |
| 567 | Eurohome Mortgages PLC<br>3 Month EURIBOR + 0.21% (Germany) | 2.816<br> (h) | 08/02/50 | 597143 |
|  | Finance of America Structured Securities Trust, <br>Class A1 |  |  |  |
| $3588 | (a) | 2.00 <br> (h) | 06/25/52 | 3565365 |
| 2789 | (a) | 3.50 | 04/25/74 | 2692677 |
| 3931 | (a) | 3.50 | 11/25/74 | 3747028 |
| 798 | GITSIT Mortgage Loan Trust, Class A1 (a) | 7.466 | 06/25/54 | 798235 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| 1400 | Great Hall Mortgages No. 1 PLC<br>3 Month GBP SONIA + 3.12% (United Kingdom) | 7.602<br> (h)% | 06/18/38 | $1807502 |
|  | GSR Mortgage Loan Trust |  |  |  |
| $76 |  | 4.169<br> (h) | 03/25/37 | 39681 |
| 9 |  | 4.306<br> (h) | 05/25/35 | 6528 |
| 241 |  | 5.549<br> (h) | 12/25/34 | 223910 |
| 799 | PAC | 5.50 | 03/25/35 | 697774 |
| 140 | HarborView Mortgage Loan Trust | 5.456<br> (h) | 05/19/33 | 129937 |
| 478 | IM Pastor 4 FTA<br>3 Month EURIBOR + 0.14% (Spain) | 2.527<br> (h) | 03/22/44 | 478867 |
| $2355 | Imperial Fund Mortgage Trust, Class A1 (a) | 7.369 | 11/25/67 | 2370029 |
| 109 | JP Morgan Alternative Loan Trust | 6.00 | 12/25/35 | 73182 |
| 3298 | La Hipotecaria Panamanian Mortgage Trust <br>(Panama) (a) | 4.35 | 07/13/52 | 3010945 |
| 657 | Lansdowne Mortgage Securities No. 2 PLC<br>3 Month EURIBOR + 0.34% (Ireland) | 2.841<br> (h) | 09/16/48 | 688540 |
| $338 | Lehman Mortgage Trust | 6.50 | 09/25/37 | 123733 |
| 2200 | LHOME Mortgage Trust, Class A1 (a) | 8.00 | 08/25/28 | 2222833 |
|  | Ludgate Funding PLC |  |  |  |
| 794 | 3 Month EURIBOR + 0.85% (United Kingdom) | 3.178<br> (h) | 01/01/61 | 865903 |
| 454 | 3 Month EURIBOR + 1.10% (United Kingdom) | 3.428<br> (h) | 01/01/61 | 489680 |
|  | Mansard Mortgages PLC |  |  |  |
| 348 | 3 Month GBP SONIA + 1.22% (United Kingdom) | 5.703<br> (h) | 10/15/48 | 436001 |
| 239 | 3 Month GBP SONIA + 2.12% (United Kingdom) | 6.601<br> (h) | 12/15/49 | 317287 |
| 513 | 3 Month GBP SONIA + 3.12% (United Kingdom) | 7.601<br> (h) | 12/15/49 | 682705 |
| $378 | MASTR Alternative Loan Trust | 6.00 | 05/25/33 | 362821 |
| 25 | MASTR Asset Securitization Trust<br>1 Month Term SOFR + 6.00% | 6.00 <br> (h) | 06/25/36 | 15708 |
| 975 | Merrill Lynch Mortgage Investors Trust, IO (a) | 0.033<br> (h) | 02/25/36 | 10 |
| 2000 | Mortgage Funding PLC<br>3 Month GBP SONIA + 3.32% (United Kingdom) | 7.802<br> (h) | 03/13/46 | 2660344 |
| $52 | MortgageIT Trust<br>1 Month Term SOFR + 1.01% | 5.341<br> (h) | 10/25/35 | 51729 |
| 567 | Newgate Funding PLC<br>3 Month GBP SONIA + 3.12% (United Kingdom) | 7.601<br> (h) | 12/15/50 | 730533 |
|  | Nomura Asset Acceptance Corp. Alternative <br>Loan Trust |  |  |  |
| $1940 |  | 5.755<br> (h) | 06/25/36 | 525139 |
| 96 |  | 7.061<br> (h) | 06/25/36 | 78193 |
| 3394 | NRM FHT1 Excess Owner LLC, Class A (a) | 6.545 | 03/25/32 | 3424073 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
|  | NYMT Loan Trust, Class A |  |  |  |
| $2305 | (a) | 6.381 % | 02/25/30 | $2306530 |
| 1630 | (a) | 7.154 | 02/25/29 | 1641806 |
|  | Ocwen Loan Investment Trust, Class M1 |  |  |  |
| 3000 | (a) | 3.00 <br> (h) | 06/25/36 | 2895078 |
| 1900 | (a) | 3.00 | 02/25/37 | 1765230 |
| 1500 | Onity Loan Investment Trust (a) | 5.00 <br> (h) | 08/25/37 | 1352928 |
|  | PRET LLC, Class A1 |  |  |  |
| 2270 | (a) | 4.843 | 09/25/51 | 2263191 |
| 4394 | (a) | 7.52 | 04/27/54 | 4411912 |
| 1195 | PRKCM 2023-AFC1 Trust, Class A1 (a) | 6.598 | 02/25/58 | 1199981 |
| 1527 | PRKCM 2023-AFC4 Trust, Class A1 (a) | 7.225 | 11/25/58 | 1555187 |
| 3000 | PRPM Fundido DAC, Class A<br>3 Month EURIBOR + 1.00% (Spain) (a) | 3.181<br> (h) | 04/29/75 | 3321753 |
| $1555 | PRPM LLC (a) | 4.00 | 05/25/54 | 1385289 |
|  | Residential Accredit Loans, Inc. Trust |  |  |  |
| 47 |  | 6.00 | 04/25/36 | 34603 |
| 26 |  | 6.00 | 01/25/37 | 20560 |
| 197 | RFMSI Trust | 6.00 | 07/25/36 | 173097 |
| 962 | RiverView HECM Trust<br>1 Month Term SOFR + 0.38% | 4.711<br> (h) | 05/25/47 | 844034 |
| 380 | RMAC Securities No. 1 PLC<br>3 Month GBP SONIA + 0.59% (United Kingdom) | 5.072<br> (h) | 06/12/44 | 493244 |
|  | RMF Buyout Issuance Trust, Class M2 |  |  |  |
| $3500 | (a) | 3.63 <br> (h) | 10/25/50 | 3156029 |
| 1200 | (a) | 3.69 <br> (h) | 11/25/31 | 1132814 |
| 4000 | (a) | 4.50 <br> (h) | 04/25/32 | 3337134 |
| 9127 | (a) | 6.00 | 10/25/50 | 6521586 |
| 4455 | RMF Buyout Issuance Trust (a) | 6.00 <br> (h) | 11/25/31 | 3976282 |
|  | RMF Proprietary Issuance Trust, Class A1 |  |  |  |
| 2684 | (a) | 3.00 <br> (h) | 01/25/62 | 2461026 |
| 2645 | (a) | 3.25 <br> (h) | 04/26/60 | 2319926 |
| 3000 | (a) | 3.75 <br> (h) | 06/25/62 | 2609951 |
| 996 | (a) | 4.00 <br> (h) | 08/25/62 | 958142 |
|  | Saluda Grade Alternative Mortgage Trust, |  |  |  |
| 3127 | Class A1, (a) | 7.118 | 01/25/30 | 3132122 |
| 4000 | Class A1, (a) | 7.50 | 02/25/30 | 4016871 |
| 4000 | Class A1, (a) | 7.762 | 04/25/30 | 4046341 |
| 2500 | Class M1, (a) | 7.50 <br> (h) | 05/25/50 | 2511180 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
|  | Seasoned Credit Risk Transfer Trust, Class M |  |  |  |
| $3250 | (a) | 4.25 <br> (h)% | 08/25/59 | $3117379 |
| 2500 | (a) | 4.25 <br> (h) | 05/25/60 | 2396984 |
| 5500 | (a) | 4.50 <br> (h) | 02/25/59 | 5228068 |
| 4217 |  | 4.75 <br> (h) | 10/25/58 | 4121741 |
| 125 | Sequoia Mortgage Trust<br>1 Month Term SOFR + 0.73% | 5.054<br> (h) | 07/20/33 | 115805 |
| 178 | Stanwich Mortgage Loan Co. LLC (a) | 6.235 | 10/16/26 | 178364 |
| 42 | STARM Mortgage Loan Trust | 5.029<br> (h) | 10/25/37 | 36500 |
|  | Structured Adjustable Rate Mortgage Loan Trust |  |  |  |
| 250 |  | 4.235<br> (h) | 11/25/34 | 220213 |
| 244 |  | 5.528<br> (h) | 02/25/35 | 237398 |
| 335 | Structured Asset Mortgage Investments II Trust | 3.743<br> (h) | 04/19/35 | 296626 |
| 948 | Structured Asset Securities Corp., IO (a) | 0.015<br> (h) | 07/25/35 | 26179 |
| 1608 | TDA 27 FTA<br>3 Month EURIBOR + 0.19% (Spain) | 2.559<br> (h) | 12/28/50 | 1655547 |
| $195 | Wells Fargo Alternative Loan Trust | 7.948<br> (h) | 07/25/37 | 192158 |
|  | **Total Mortgages - Other** *(Cost $175,269,162)* |  |  | 179021962 |
|  | **Senior Loan Interests (0.3%)** |  |  |  |
| 2625 | Cuenca Enterprises, Inc.<br>3 Month USD LIBOR + 7.33% (Cayman Islands) (j)<br>(acquired 12/07/2021)<br>*(Cost $2,625,000)* | 12.882<br> (h) | 12/15/26 | 2625000 |
|  | **Supranational (0.6%)** |  |  |  |
| 1800 | African Export-Import Bank (a) | 3.798 | 05/17/31 | 1593063 |
|  | Banque Ouest Africaine de Developpement |  |  |  |
| 1970 |  | 2.75 | 01/22/33 | 1887288 |
| $1840 | (a) | 4.70 | 10/22/31 | 1667960 |
|  | **Total Supranational** *(Cost $5,162,212)* |  |  | 5148311 |
| **NUMBER OF<br>SHARES<br>(000)** |  |  |  |  |
|  | **Investment Company (0.8%)** |  |  |  |
| 139 | Eaton Vance Floating-Rate ETF (See Note 9) *(Cost $6,986,667)* |  |  | 6815774 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRINCIPAL<br>AMOUNT<br>(000)** | | **COUPON<br>RATE** | **MATURITY<br>DATE** | **VALUE** |
| | **Short-Term Investments (15.3%)** | | | |
|  | *U.S. Treasury Securities (8.3%)* |  |  |  |
|  | U.S. Treasury Bill |  |  |  |
| $2000 | (k) | 4.288% | 06/12/25 | $1990216 |
| 10000 | (k) | 4.294 | 07/22/25 | 9904694 |
| 12040 | (k) | 4.31 | 06/12/25 | 11981341 |
| 5000 | (k) | 4.31 | 06/12/25 | 4975383 |
| 25860 | (k)(l) | 4.317 | 08/05/25 | 25572092 |
| 5000 | (k) | 4.318 | 07/22/25 | 4952347 |
| 300 | (k) | 4.321 | 07/22/25 | 297141 |
| 10000 | (k) | 5.16 | 06/12/25 | 9950872 |
|  | **Total U.S. Treasury Securities** *(Cost $69,621,829)* |  |  | 69624086 |
| **NUMBER OF<br>SHARES<br>(000)** |  |  |  |  |
|  | *Investment Company (5.6%)* |  |  |  |
| 46734 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - <br>Institutional Class, 4.26% (See Note 9) *(Cost $46,734,183)* |  |  | 46734183 |
|  | **Securities held as Collateral on Loaned Securities (1.4%)** |  |  |  |
|  | *Investment Company (1.4%)* |  |  |  |
| 11513 | Morgan Stanley Institutional Liquidity Funds - Government Portfolio - <br>Institutional Class, 4.26% (See Note 9) *(Cost $11,512,518)* |  |  | 11512518 |
|  | **Total Short-Term Investments** *(Cost $127,868,530)* |  |  | 127870787 |
|  | **Total Investments** *(Cost $900,867,700)<br>including $11,285,827 of Securities Loaned (m)(n)* |  | 109.2% | 911746432 |
|  | **Liabilities in Excess of Other Assets** |  | (9.2) | (77164982) |
|  | **Net Assets** |  | 100.0% | $834581450 |

---

*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;*ARM Adjustable Rate Mortgages.*

&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;*ETF Exchange Traded Fund.*

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

&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;*MTN Medium Term Note.*

&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;*@ Value is less than $500.*

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b) All or a portion of this security was on loan at April 30, 2025.*

&nbsp;&nbsp;&nbsp;&nbsp;*(c) 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 April 30, 2025.*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(f) Multi-step - Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of April 30, 2025. Maturity date disclosed is the ultimate maturity date.*

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

&nbsp;&nbsp;&nbsp;&nbsp;*(h) Floating or variable rate securities: The rates disclosed are as of April 30, 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;*(i) Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at April 30, 2025.*

&nbsp;&nbsp;&nbsp;&nbsp;*(j) 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 April 30, 2025 amounts to $2,625,000 and represents 0.3% of net assets.*

&nbsp;&nbsp;&nbsp;&nbsp;*(k) Rate shown is the yield to maturity at April 30, 2025.*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(n) At April 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is $31,068,002 and the aggregate gross unrealized depreciation is $25,254,775, resulting in net unrealized appreciation of $5,813,227.*

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

**Foreign Currency Forward Exchange Contracts:**

The Fund had the following foreign currency forward exchange contracts open at April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS<br>TO DELIVER** | **IN EXCHANGE<br>FOR** | **DELIVERY<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)** |
| Australia & New Zealand Banking Group Ltd. | $966679 | 1509740 | 6/26/25 | $977 |
| Australia & New Zealand Banking Group Ltd. | $1219271 | 2045248 | 6/26/25 | (2332) |
| Bank of America NA | 25492634 | $3765502 | 6/26/25 | (118368) |
| Bank of America NA | 4786620 | $5438015 | 6/26/25 | (1926) |
| Barclays Bank PLC | 21158438 | $14995084 | 6/26/25 | (396082) |
| Barclays Bank PLC | 14160429 | $7951860 | 6/26/25 | (473708) |
| Barclays Bank PLC | 45598147 | $12334274 | 6/26/25 | (82740) |
| Barclays Bank PLC | $8465921 | 13951403 | 6/26/25 | 476119 |
| Barclays Bank PLC | $5123463 | 4495336 | 6/26/25 | (14563) |
| Barclays Bank PLC | $272773 | 204157 | 6/26/25 | (634) |
| BNP Paribas SA | 20410000 | $12387298 | 6/26/25 | (694327) |
| BNP Paribas SA | 2952542 | $1877431 | 6/26/25 | (14977) |
| BNP Paribas SA | 171829870 | $188459908 | 6/26/25 | (6822851) |
| BNP Paribas SA | 4048190 | $4455950 | 6/26/25 | (144773) |
| BNP Paribas SA | $4474871 | 648555800 | 5/20/25 | 70302 |
| BNP Paribas SA | $13059505 | 1892466000 | 6/26/25 | 258418 |
| BNP Paribas SA | $25235451 | 508837433 | 6/26/25 | 532103 |
| Citibank NA | 848474 | $966823 | 6/26/25 | 2542 |
| Citibank NA | 3191080 | $3657434 | 6/26/25 | 30807 |
| Citibank NA | $14164493 | 12424405 | 6/26/25 | (44293) |
| Citibank NA | $2187130 | 3114692500 | 6/26/25 | 11081 |
| Citibank NA | $2187054 | 3114692500 | 6/26/25 | 11157 |
| Citibank NA | $225458 | 830249 | 6/26/25 | 630 |
| Goldman Sachs International | 59091 | 24320000 | 6/26/25 | 788 |
| HSBC Bank PLC | 713447 | $813266 | 6/26/25 | 2442 |
| HSBC Bank PLC | 1514346916 | $10705669 | 6/26/25 | 48698 |
| JPMorgan Chase Bank NA | 4308605 | $2728162 | 6/26/25 | (33404) |
| JPMorgan Chase Bank NA | 31777500 | $4327754 | 6/26/25 | (60673) |
| JPMorgan Chase Bank NA | 31777500 | $4327977 | 6/26/25 | (60450) |
| JPMorgan Chase Bank NA | 275000 | 10911 | 6/26/25 | (100) |
| JPMorgan Chase Bank NA | 1279115000 | $8731399 | 6/26/25 | (270166) |
| JPMorgan Chase Bank NA | 648555800 | $4422914 | 5/20/25 | (122259) |
| JPMorgan Chase Bank NA | 1211040000 | $8506128 | 6/26/25 | (16370) |
| JPMorgan Chase Bank NA | 6229385000 | $4284898 | 6/26/25 | (111524) |
| JPMorgan Chase Bank NA | 497547141 | $23890672 | 6/26/25 | (1305140) |
| JPMorgan Chase Bank NA | $13213899 | 18650000 | 6/26/25 | 352568 |
| JPMorgan Chase Bank NA | $23014 | 149023 | 6/26/25 | (310) |
| JPMorgan Chase Bank NA | $2156442 | 1885000 | 6/26/25 | (14160) |
| JPMorgan Chase Bank NA | $3055781 | 2650000 | 6/26/25 | (44085) |
| JPMorgan Chase Bank NA | $4441326 | 648555800 | 6/26/25 | 122780 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **CONTRACTS<br>TO DELIVER** | **IN EXCHANGE<br>FOR** | **DELIVERY<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)** |
| JPMorgan Chase Bank NA | $3725579 | 544037000 | 6/26/25 | $102993 |
| JPMorgan Chase Bank NA | $2431204 | 349435000 | 6/26/25 | 27888 |
| JPMorgan Chase Bank NA | $2425717 | 349435000 | 6/26/25 | 33375 |
| Royal Bank of Canada | 35484000 | $1674450 | 6/26/25 | (122462) |
| Royal Bank of Canada | 18623525 | $11040920 | 6/26/25 | (40226) |
| Standard Chartered Bank | 2935647 | $3400608 | 6/26/25 | 64277 |
| Standard Chartered Bank | $874579 | 788000 | 6/26/25 | 20974 |
| State Street Bank and Trust Co. | 10919 | 275000 | 6/26/25 | 91 |
| State Street Bank and Trust Co. | 24320000 | 59423 | 6/26/25 | (412) |
| UBS AG | 241000 | $275963 | 6/26/25 | 2069 |
| UBS AG | 3300000 | $4216390 | 6/26/25 | (182459) |
| UBS AG | 5969040 | $7626087 | 6/26/25 | (330552) |
| UBS AG | $1793464 | 2530000 | 6/26/25 | 46920 |
|  |  |  |  | $(9306327) |

---

**Futures Contracts:**

The Fund had the following futures contracts open at April 30, 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:** |
| German Euro-Bobl Index (Germany) | 539 | Jun-25 | 53900 | $73046847 | $846852 |
| German Euro-Bund Index (Germany) | 125 | Jun-25 | 12500 | 18660880 | 145315 |
| U.S. Treasury 5 yr. Note (United States) | 826 | Jun-25 | $82600 | 90195329 | 1749197 |
| U.S. Treasury 10 yr. Note (United States) | 882 | Jun-25 | 88200 | 98976937 | 875267 |
| U.S. Treasury 10 yr. Ultra Note (United States) | 128 | Jun-25 | 12800 | 14686000 | 77204 |
| **Short:** | **Short:** | **Short:** | **Short:** | **Short:** | **Short:** |
| Euro-Buxl 30 yr. Bond Index (Germany) | 94 | Jun-25 | (9400) | (13215154) | 67672 |
| French Government Bond Index (France) | 42 | Jun-25 | (4200) | (5977916) | (12520) |
| SFE 10 yr. Australian Bond Index (Australia) | 69 | Jun-25 | (6900) | (5081528) | (71091) |
| TSE Japanese 10 Yr. Bond (Japan) | 30 | Jun-25 | (3000000) | (29511120) | (57721) |
| U.S. Treasury Ultra Long Bond (United States) | 115 | Jun-25 | $(11500) | (13918594) | (250796) |
|  |  |  |  |  | $3369379 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

**Centrally Cleared Interest Rate Swap Agreements:**

The Fund had the following centrally cleared interest rate swap agreements open at April 30, 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** |
| Morgan <br>Stanley & <br>Co. LLC | <br>1 Month <br>TIIE | <br>Pay | 8.590% | <br>Monthly/<br>Monthly | <br>12/13/27 | MXN | 165765 | $214184 | $— | $214184 |
| Morgan <br>Stanley & <br>Co. LLC | <br>1 Month <br>TIIE | <br>Pay | 8.590 | <br>Monthly/<br>Monthly | <br>12/13/27 |  | 165765 | 214184 |  | 214184 |
| Morgan <br>Stanley & <br>Co. LLC | <br>1 Month <br>TIIE | <br>Pay | 8.610 | <br>Monthly/<br>Monthly | <br>12/10/27 |  | 112720 | 147849 |  | 147849 |
| Morgan <br>Stanley & <br>Co. LLC | <br>1 Month <br>TIIE | <br>Pay | 8.640 | <br>Monthly/<br>Monthly | <br>12/10/27 |  | 218810 | 295226 |  | 295226 |
|  |  |  |  |  |  |  |  | $871443 | $— | $871443 |

---

*SFE Sydney Futures Exchange.*

*TIIE Interbank Equilibrium Interest Rate.*

*TSE Tokyo Stock Exchange.*

AUD — Australian Dollar

CAD — Canadian Dollar

CNH — Chinese Yuan Renminbi Offshore

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HUF — Hungarian Forint

JPY — Japanese Yen

KRW — South Korean Won

MXN — Mexican Peso

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

USD — United States Dollar

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Portfolio of Investments** ◼ **April 30, 2025 (unaudited)** *continued*

**Portfolio Composition\***

---

| | | |
|:---|:---|:---|
| **CLASSIFICATION** | **CLASSIFICATION** | **CLASSIFICATION** |
| Corporate Bonds | 32.8 | % |
| Mortgages - Other | 19.9 |  |
| Short-Term Investments | 12.9 |  |
| Asset-Backed Securities | 12.0 |  |
| Sovereign | 9.2 |  |
| Agency Fixed Rate Mortgages | 7.5 |  |
| Commercial Mortgage-Backed Securities | 3.7 |  |
| Investment Company | 0.8 |  |
| Supranational | 0.6 |  |
| Collateralized Mortgage Obligations - Agency Collateral Series | 0.3 |  |
| Senior Loan Interests | 0.3 |  |
| Total | 100.0 | %\*\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;*\* Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of April 30, 2025.*

&nbsp;&nbsp;&nbsp;&nbsp;*\*\* Does not include open futures contracts with a value of $363,270,305 and net unrealized appreciation of $3,369,379. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of $9,306,327. Also does not include open swap agreements with with total unrealized appreciation of $871,443.*

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Financial Statements**

**Statement of Assets and Liabilities** *April 30, 2025 (unaudited)*

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in securities, at value (cost $835,634,332) (Including $11,285,827 for securities loaned) | $846683957 |
| Investment in affiliate, at value (cost $65,233,368) | 65062475 |
| Total investments in securities, at value (cost $900,867,700) | 911746432 |
| Unrealized appreciation on open foreign currency forward exchange contracts | 2219999 |
| Receivable for: | Receivable for: |
| Interest | 8016889 |
| Investments sold | 7700473 |
| Variation margin on open futures contracts | 4374303 |
| Shares of beneficial interest sold | 308734 |
| Dividends from affiliate | 257914 |
| Variation margin on open swap agreements | 60757 |
| Dividends receivable | 43127 |
| Securities lending income | 16605 |
| Foreign withholding taxes reclaimed | 7005 |
| Prepaid expenses and other assets | 126601 |
| **Total Assets** | 934878839 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on open foreign currency forward exchange contracts | 11526326 |
| Collateral on securities loaned, at value | 11512518 |
| Payable to Bank | 1258304 |
| Due to broker | 300000 |
| Payable for: | Payable for: |
| Investments purchased | 73261777 |
| Shares of beneficial interest redeemed | 1640541 |
| Advisory fee | 210661 |
| Dividends to shareholders | 128239 |
| Transfer and sub transfer agency fees | 88320 |
| Administration fee | 56209 |
| Trustees' fees | 34671 |
| Distribution fee | 21240 |
| Deferred capital gain country tax | 14683 |
| Accrued expenses and other payables | 243900 |
| **Total Liabilities** | 100297389 |
| **Net Assets** | $834581450 |
| **Composition of Net Assets:** | **Composition of Net Assets:** |
| Paid-in-Capital | $895660384 |
| Total Accumulated Loss | (61078934) |
| **Net Assets** | $834581450 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Financial Statements** *continued*

**Statement of Assets and Liabilities** *April 30, 2025 (unaudited)*

---

| | |
|:---|:---|
| **Class A Shares:** | **Class A Shares:** |
| Net Assets | $57709789 |
| Shares Outstanding *(unlimited shares authorized, $0.01 par value)* | 11120469 |
| **Net Asset Value Per Share** | $5.19 |
| **Maximum Offering Price Per Share,**<br> *(net asset value plus 3.36% of net asset value)* | $5.36 |
| **Class L Shares:** | **Class L Shares:** |
| Net Assets | $2318159 |
| Shares Outstanding *(unlimited shares authorized, $0.01 par value)* | 446902 |
| **Net Asset Value Per Share** | $5.19 |
| **Class I Shares:** | **Class I Shares:** |
| Net Assets | $411912092 |
| Shares Outstanding *(unlimited shares authorized, $0.01 par value)* | 78163226 |
| **Net Asset Value Per Share** | $5.27 |
| **Class C Shares:** | **Class C Shares:** |
| Net Assets | $10193729 |
| Shares Outstanding *(unlimited shares authorized, $0.01 par value)* | 1967050 |
| **Net Asset Value Per Share** | $5.18 |
| **Class R6 Shares:** | **Class R6 Shares:** |
| Net Assets | $352435427 |
| Shares Outstanding *(unlimited shares authorized, $0.01 par value)* | 66839394 |
| **Net Asset Value Per Share** | $5.27 |
| **Class IR Shares:** | **Class IR Shares:** |
| Net Assets | $12254 |
| Shares Outstanding *(unlimited shares authorized, $0.01 par value)* | 2325 |
| **Net Asset Value Per Share** | $5.27 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Financial Statements** *continued*

**Statement of Operations** *For the six months ended April 30, 2025 (unaudited)*

---

| | |
|:---|:---|
| **Net Investment Income:<br>Income** | **Net Investment Income:<br>Income** |
| Interest (net of $101,000 foreign withholding tax) | $19829185 |
| Dividends from affiliates (Note 9) | 2058312 |
| Dividends | 989954 |
| Income from securities loaned - net | 60712 |
| **Total Income** | 22938163 |
| **Expenses** | **Expenses** |
| Advisory fee (Note 4) | 1340355 |
| Administration fee (Note 4) | 335089 |
| Sub transfer agency fees and expenses (Class A) | 31128 |
| Sub transfer agency fees and expenses (Class L) | 1292 |
| Sub transfer agency fees and expenses (Class I) | 262763 |
| Sub transfer agency fees and expenses (Class C) | 3778 |
| Distribution fee (Class A) (Note 5) | 71572 |
| Distribution fee (Class L) (Note 5) | 5753 |
| Distribution fee (Class C) (Note 5) | 54220 |
| Professional fees | 118786 |
| Custodian fees (Note 8) | 65976 |
| Registration fees | 48727 |
| Shareholder reports and notices | 21912 |
| Transfer agency fees and expenses (Class A) (Note 6) | 5758 |
| Transfer agency fees and expenses (Class L) (Note 6) | 1525 |
| Transfer agency fees and expenses (Class I) (Note 6) | 8042 |
| Transfer agency fees and expenses (Class C) (Note 6) | 3458 |
| Transfer agency fees and expenses (Class R6) (Note 6) | 1397 |
| Transfer agency fees and expenses (Class IR) (Note 6) | 927 |
| Trustees' fees and expenses | 8277 |
| Other | 46731 |
| **Total Expenses** | 2437466 |
| Less: rebate from Morgan Stanley affiliates (Note 9) | (113485) |
| Less: reimbursement of class specific expenses (Class IR) (Note 4) | (920) |
| **Net Expenses** | 2323061 |
| **Net Investment Income** | 20615102 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Financial Statements** *continued*

**Statement of Operations** *For the six months ended April 30, 2025 (unaudited)*

---

| | |
|:---|:---|
| **Realized and Unrealized Gain (Loss):<br>Realized Gain (Loss) on:** | **Realized and Unrealized Gain (Loss):<br>Realized Gain (Loss) on:** |
| Investments (Net of $589 of Capital Gain Country Tax) | $(1680972) |
| Investments in affiliates (Note 9) | (759779) |
| Foreign currency forward exchange contracts | 1665184 |
| Foreign currency transaction | 451239 |
| Futures contracts | (4873366) |
| Swap agreements | (1062857) |
| **Net Realized Loss** | (6260551) |
| **Change in Unrealized Appreciation (Depreciation) on:** | **Change in Unrealized Appreciation (Depreciation) on:** |
| Investments (Net of decrease in deferred capital gain country tax of $795) | 16016138 |
| Investments in affiliates (Note 9) | 917 |
| Foreign currency forward exchange contracts | (9960389) |
| Foreign currency translation | 220061 |
| Futures contracts | 6860052 |
| Swap agreements | 1624897 |
| **Net Change in Unrealized Appreciation (Depreciation)** | 14761676 |
| **Net Gain** | 8501125 |
| **Net Increase in Net Assets Resulting from Operations** | $29116227 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Financial Statements** *continued*

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| | **FOR THE SIX<br>MONTHS ENDED<br>APRIL 30, 2025** | **FOR THE YEAR <br>ENDED<br>OCTOBER 31, 2024** |
|  | *(unaudited)* |  |
| **Increase (Decrease) in Net Assets:<br>Operations:** | **Increase (Decrease) in Net Assets:<br>Operations:** | **Increase (Decrease) in Net Assets:<br>Operations:** |
| Net investment income | $20615102 | $41300975 |
| Net realized gain (loss) | (6260551) | 4652896 |
| Net change in unrealized appreciation (depreciation) | 14761676 | 42339491 |
| **Net Increase in Net Assets Resulting from Operations** | 29116227 | 88293362 |
| **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** | **Dividends and Distributions to Shareholders:** |
| Class A | (1415467) | (2432366) |
| Class L | (52628) | (96973) |
| Class I | (11097651) | (21098941) |
| Class C | (223944) | (474674) |
| Class R6 | (8794723) | (11630275) |
| Class IR | (313) | (524) |
| **Paid-In-Capital:** | **Paid-In-Capital:** | **Paid-In-Capital:** |
| Class A |  | (407229) |
| Class L |  | (17644) |
| Class I |  | (3950928) |
| Class C |  | (89401) |
| Class R6 |  | (2031880) |
| Class IR |  | (91) |
| **Total Dividends and Distributions to Shareholders** | (21584726) | (42230926) |
| Net increase (decrease) from transactions in shares of beneficial interest | 38297374 | (23297253) |
| **Net Increase** | 45828875 | 22765183 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 788752575 | 765987392 |
| **End of Period** | $834581450 | $788752575 |

---

See Notes to Financial Statements

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)**

**1. Organization and Accounting Policies**

Morgan Stanley 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, Class R6 shares and Class IR 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, Class R6 shares and Class IR shares are not subject to a sales charge. Additionally, Class A shares, Class L shares and Class C shares incur distribution expenses.

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 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

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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 an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE;

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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 Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *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. Presently, Senior Loans are not readily marketable and are often subject to restrictions on resale.

**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

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

term of the loan would remain in the Fund. The Fund receives cash or securities as collateral in an 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.

The following table presents financial instruments that are subject to enforceable netting arrangements as of April 30, 2025:

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

---

| | | | |
|:---|:---|:---|:---|
| **GROSS ASSET AMOUNT<br>PRESENTED IN THE STATEMENT<br>OF ASSETS AND LIABILITIES** | **FINANCIAL<br>INSTRUMENT** | **COLLATERAL<br>RECEIVED** | **NET AMOUNT<br>(NOT LESS THAN $0)** |
| $11285827<br> (a) | $— | $(11285827)(b)(c) | $0 |

---

*(a) Represents market value of loaned securities at period end.*

*(b) The Fund received cash collateral of $11,512,518, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of $70,550 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.*

*(c) The actual collateral received is greater than the amount shown here due to overcollateralization.*

Financial Accounting Standards Board ("FASB") ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS** | **REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS** | **REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS** | **REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS** | **REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS** |
| | **OVERNIGHT AND<br>CONTINUOUS** | **<30 DAYS** | **BETWEEN<br>30 & 90 DAYS** | **>90 DAYS** | **TOTAL** |
| **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** | **Securities Lending Transactions** |
| Corporate Bonds | $11512518 | $— | $— | $— | $11512518 |
| **Total Borrowings** | $**11512518** | $**—** | $**—** | $**—** | $**11512518** |
| **Gross amount of recognized liabilities for securities lending transactions** | **Gross amount of recognized liabilities for securities lending transactions** | **Gross amount of recognized liabilities for securities lending transactions** | **Gross amount of recognized liabilities for securities lending transactions** | **Gross amount of recognized liabilities for securities lending transactions** | $**11512518** |

---

**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 reporting period, the Fund adopted 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 at the beginning of the Notes to the Financial Statements. In connection with the adoption of ASU 2023-07, the Fund's President has been designated 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.

**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

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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 April 30, 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 | $— | $295808769 | $— | $295808769 |
| Sovereign |  | 83036401 |  | 83036401 |
| Agency Fixed Rate Mortgages |  | 68050100 |  | 68050100 |
| Asset-Backed Securities |  | 107783769 |  | 107783769 |
| Collateralized Mortgage Obligations — <br>Agency Collateral Series |  | 2624216 |  | 2624216 |
| Commercial Mortgage-Backed Securities |  | 32961343 |  | 32961343 |
| Mortgages — Other |  | 179021962 |  | 179021962 |

---

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *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):** |
| Senior Loan Interests | $— | $2625000 | $— | $2625000 |
| Supranational |  | 5148311 |  | 5148311 |
| **Total Fixed Income Securities** | **—** | **777059871** | **—** | **777059871** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| **Investment Company** | 6815774 |  |  | 6815774 |
| U.S. Treasury Securities |  | 69624086 |  | 69624086 |
| Investment Company | 58246701 |  |  | 58246701 |
| **Total Short-Term Investments** | **58246701** | **69624086** | **—** | **127870787** |
| **Foreign Currency Forward Exchange Contracts** |  | 2219999 |  | 2219999 |
| **Futures Contracts** | 3761507 |  |  | 3761507 |
| **Centrally Cleared Interest Rate Swap <br>Agreements** |  | 871443 |  | 871443 |
| **Total Assets** | **68823982** | **849775399** | **—** | **918599381** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| **Foreign Currency Forward Exchange Contracts** |  | (11526326) |  | (11526326) |
| **Futures Contracts** | (392128) |  |  | (392128) |
| **Total Liabilities** | **(392128)** | **(11526326)** | **—** | **(11918454)** |
| **Total** | $**68431854** | $**838249073** | $**—** | $**906680927** |

---

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 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

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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 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

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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 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

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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 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.

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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.

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.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of April 30, 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 | $3761507<br> (a) | Variation margin on open<br>futures contracts | $(392128)(a) |
| Currency Risk | Unrealized appreciation on<br>open foreign currency <br>forward exchange contracts | 2219999 | Unrealized depreciation on<br>open foreign currency <br>forward exchange contracts | (11526326) |
| Interest Rate Risk | Variation margin on open<br>swap agreements | 871443<br> (a) | Variation margin on open <br>swap agreements |  |
|  |  | $6852949 |  | $(11918454) |

---

*(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.*

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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 six months ended April 30, 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 | $(4873366) | $— | $(1710336) |
| Currency Risk |  | 1665184 |  |
| Credit Risk |  |  | 647479 |
| Total | $(4873366) | $1665184 | $(1062857) |

---

**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 | $6860052 | $— | $1624897 |
| Currency Risk |  | (9960389) |  |
| Total | $6860052 | $(9960389) | $1624897 |

---

At April 30, 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**

---

| | | |
|:---|:---|:---|
| **DERIVATIVES(a)** | **ASSETS(b)** | **LIABILITIES(b)** |
| Foreign Currency Forward Exchange Contracts | $2219999 | $(11526326) |

---

*(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

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of April 30, 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)** |
| Australia & New Zealand Banking Group Ltd. | $977 | $(977) | $— | $0 |
| Barclays Bank PLC | 476119 | (476119) |  | 0 |
| BNP Paribas SA | 860823 | (860823) |  | 0 |
| Citibank NA | 56217 | (44293) |  | 11924 |
| Goldman Sachs International | 788 |  | (788) | 0 |
| HSBC Bank PLC | 51140 |  |  | 51140 |
| JPMorgan Chase Bank NA | 639604 | (639604) |  | 0 |
| Standard Chartered Bank | 85251 |  |  | 85251 |
| State Street Bank and Trust Co. | 91 | (91) |  | 0 |
| UBS AG | 48989 | (48989) |  | 0 |
| Total | $2219999 | $(2070896) | $(788) | $148315 |

---

**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(a)** | **NET AMOUNT<br>(NOT LESS THAN $0)** |
| Australia & New Zealand Banking Group Ltd. | $2332 | $(977) | $— | $1355 |
| Bank of America NA | 120294 |  |  | 120294 |
| Barclays Bank PLC | 967727 | (476119) | (491608) | 0 |
| BNP Paribas SA | 7676928 | (860823) |  | 6816105 |
| Citibank NA | 44293 | (44293) |  | 0 |
| JPMorgan Chase Bank NA | 2038641 | (639604) |  | 1399037 |
| Royal Bank of Canada | 162688 |  |  | 162688 |
| State Street Bank and Trust Co. | 412 | (91) |  | 321 |
| UBS AG | 513011 | (48989) | (351726) | 112296 |
| Total | $11526326 | $(2070896) | $(843334) | $8612096 |

---

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

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

For the six months ended April 30, 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 | $419833993 |
| **Futures Contracts:** | **Futures Contracts:** |
| Average monthly notional value | $352112739 |
| **Swap Agreements:** | **Swap Agreements:** |
| Average monthly notional amount | $93154927 |

---

**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, 0.57% for Class R6 and 0.57% for Class IR. 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 six months ended April 30, 2025, $920 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

**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.

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 six months ended April 30, 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 six months ended April 30, 2025, it received contingent deferred sales charges from certain redemptions of the Fund's Class A shares of $172, and received $1,872 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.

**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 six months ended April 30, 2025, co-transfer agency fees and expenses incurred to EVM, included in "Transfer agent fees and expenses" in the Statement of Operations, amounted to $2,280.

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *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 SIX <br>MONTHS ENDED<br>APRIL 30, 2025** | **FOR THE SIX <br>MONTHS ENDED<br>APRIL 30, 2025** | **FOR THE YEAR<br>ENDED<br>OCTOBER 31, 2024** | **FOR THE YEAR<br>ENDED<br>OCTOBER 31, 2024** |
|  | *(unaudited)* | *(unaudited)* |  |  |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **CLASS A SHARES** | **CLASS A SHARES** | **CLASS A SHARES** | **CLASS A SHARES** | **CLASS A SHARES** |
| Sold | 1095150 | $5657889 | 2526327 | $12856305 |
| Reinvestment of dividends | 255223 | 1321530 | 525898 | 2681367 |
| Redeemed | (1368980) | (7083284) | (2511036) | (12791519) |
| Net increase (decrease) — Class A | (18607) | (103865) | 541189 | 2746153 |
| **CLASS L SHARES** | **CLASS L SHARES** | **CLASS L SHARES** | **CLASS L SHARES** | **CLASS L SHARES** |
| Exchanged |  |  | 2 | 10 |
| Reinvestment of dividends | 9508 | 49217 | 20992 | 106982 |
| Redeemed | (17662) | (91256) | (62302) | (317158) |
| Net decrease — Class L | (8154) | (42039) | (41308) | (210166) |
| **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |
| Sold | 11118506 | 58391547 | 23229035 | 119731833 |
| Reinvestment of dividends | 1960219 | 10305858 | 4483699 | 23193703 |
| Redeemed | (22116976) | (116057562) | (37260470) | (192449962) |
| Net decrease — Class I | (9038251) | (47360157) | (9547736) | (49524426) |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |
| Sold | 166932 | 863008 | 123456 | 621836 |
| Reinvestment of dividends | 41621 | 215232 | 102304 | 520940 |
| Redeemed | (487346) | (2517640) | (848613) | (4324924) |
| Net decrease — Class C | (278793) | (1439400) | (622853) | (3182148) |
| **CLASS R6 SHARES** | **CLASS R6 SHARES** | **CLASS R6 SHARES** | **CLASS R6 SHARES** | **CLASS R6 SHARES** |
| Sold | 18737994 | 98334982 | 2912870 | 14680959 |
| Reinvestment of dividends | 1671872 | 8794723 | 2638655 | 13662155 |
| Redeemed | (3780092) | (19887183) | (279935) | (1470395) |
| Net increase — Class R6 | 16629774 | 87242522 | 5271590 | 26872719 |
| **CLASS IR SHARES** | **CLASS IR SHARES** | **CLASS IR SHARES** | **CLASS IR SHARES** | **CLASS IR SHARES** |
| Reinvestment of dividends | 59 | 313 | 119 | 615 |
| Net increase (decrease) in Fund | 7286028 | $38297374 | (4398999) | $(23297253) |

---

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *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 six months ended April 30, 2025, aggregated $1,166,934,248 and $1,107,619,863, respectively. Included in the aforementioned are purchases and sales of U.S. Government securities of $848,740,260 and $821,984,417, 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 six months ended April 30, 2025, advisory fees paid were reduced by $37,149 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 six months ended April 30, 2025, advisory fees paid were reduced by $76,336 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 six months ended April 30, 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>APRIL 30,<br>2025** |
| Liquidity Fund | $53529777 | $340595631 | $335878707 | $1099426 | $— | $— | $58246701 |
| Eaton Vance <br>Floating-Rate ETF | 17889000 | 12171401 | 22485765 | 958886 | (759779) | 917 | 6815774 |
| Total | $71418777 | $352767032 | $358364472 | $2058312 | $(759779) | $917 | $65062475 |

---

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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 six months ended April 30, 2025, included in "Trustees' fees and expenses" in the Statement of Operations amounted to $847. At April 30, 2025, the Fund had an accrued pension liability of $34,671, which is reflected as "Trustees' fees" in the Statement of Assets and Liabilities.

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 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

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

benefits as shown 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, 2024 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 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **2024 DISTRIBUTIONS PAID FROM:** | **2024 DISTRIBUTIONS PAID FROM:** | **2023 DISTRIBUTIONS PAID FROM:** | **2023 DISTRIBUTIONS PAID FROM:** |
| **ORDINARY<br>INCOME** | **PAID-IN-<br>CAPITAL** | **ORDINARY<br>INCOME** | **PAID-IN-<br>CAPITAL** |
| $35733753 | $6497173 | $42968263 | $6969930 |

---

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.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended October 31, 2024.

At October 31, 2024, the Fund had no distributable earnings on a tax basis.

At October 31, 2024, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of $19,688,540 and $40,446,171, 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.

**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

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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 six months ended April 30, 2025, the Fund did not have any borrowings under the Facility.

**12. Other**

At April 30, 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 64.1%.

**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.

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.

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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.

**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. Certain regulators and industry groups have taken

------

**Morgan Stanley Global Fixed Income Opportunities Fund**

**Notes to Financial Statements** ◼ **April 30, 2025 (unaudited)** *continued*

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.

**15. Subsequent Event**

The Board of Trustees of the Fund (the "Board") has approved various changes to the Fund, including: (i) changing the Fund's name from "Morgan Stanley Global Fixed Income Opportunities Fund" to "Morgan Stanley Income Opportunities Fund"; (ii) changing the Fund's benchmark from the Bloomberg Global Aggregate (Hedged USD) Index to the Bloomberg U.S. Aggregate Index; (iii) terminating the Sub-Advisory Agreement between Morgan Stanley Investment Management Inc. and Morgan Stanley Investment Management Limited with respect to the Fund; and (iv) amending the Fund's principal investment strategies to (a) remove the Fund's non-fundamental investment policy to normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of fixed-income securities, (b) remove the limitation to invest no more than 20% of the Fund's net assets in loan-related investments, (c) add a minimum average credit quality for the Fund of BBB- or higher as rated by S&P Global Ratings Group or Fitch Ratings, Inc. or Baa3 or higher as rated by Moody's Investors Service, Inc. and (d) distinguish that agency and non-agency residential and commercial mortgage-backed securities are different asset classes or market segments for purposes of the Fund's strategy to invest, under normal circumstances, up to 65% of its net assets in any one asset class or market segment. In addition, the portfolio managers for the Fund will change from Michael Kushma, Utkarsh Sharma, Leon Grenyer and Vishal Khanduja to Michael Kushma, Andrew Szczurowski, Brian Shaw and Justin Bourgette. Each of these changes will be effective May 30, 2025 (the "Effective Date").

In addition, the Board unanimously approved the reorganization of the Fund (the "Acquired Fund") into an exchange-traded fund ("ETF"), which will be managed by the Adviser. The Board, which is comprised solely of 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 interest 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 Eaton Vance Income Opportunities ETF, a series of Morgan Stanley ETF Trust (the "Reorganization"). If approved by Acquired Fund Shareholders, the Reorganization is anticipated to occur (after the close of trading) on or about November 7, 2025.

------

**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,** |
| | **FOR THE SIX** <br>**MONTHS ENDED**<br>**APRIL 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | *(unaudited)* |  |  |  |  |  |
| **Class A Shares** | **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:** | **Selected Per Share Data:** |
| Net asset value, beginning of period | $5.14 | $4.86 | $4.97 | $5.68 | $5.70 | $5.73 |
| 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: | Income (loss) from investment operations: |
| Net investment income<sup>(1)</sup> | 0.12 | 0.25 | 0.23 | 0.17 | 0.14 | 0.15 |
| Net realized and unrealized gain (loss) | 0.06 | 0.29 | (0.02) | (0.67) | (0.01) | (0.00)<sup>(2)</sup> |
| Total income (loss) from investment <br>operations | 0.18 | 0.54 | 0.21 | (0.50) | 0.13 | 0.15 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.13) | (0.22) | (0.27) | (0.21) | (0.14) | (0.18) |
| Net realized gain |  |  |  |  | (0.01) |  |
| Paid-in-capital |  | (0.04) | (0.05) |  |  |  |
| Total distributions | (0.13) | (0.26) | (0.32) | (0.21) | (0.15) | (0.18) |
| Net asset value, end of period | $5.19 | $5.14 | $4.86 | $4.97 | $5.68 | $5.70 |
| **Total Return** | 3.48%<sup>(3)(4)</sup> | 11.31%<sup>(3)(5)</sup> | 4.26%<sup>(3)</sup> | (8.91)%<sup>(3)</sup> | 2.26%<sup>(6)</sup> | 2.79%<sup>(6)</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:** | **Ratios to Average Net Assets:** |
| Net expenses | 0.82%<sup>(7)(8)</sup> | 0.82%<sup>(7)(9)</sup> | 0.85%<sup>(7)</sup> | 0.83%<sup>(7)</sup> | 0.83%<sup>(7)</sup> | 0.82%<sup>(7)</sup> |
| Net expenses excluding interest expenses | N/A | N/A | N/A | 0.83%<sup>(7)</sup> | N/A | 0.82%<sup>(7)</sup> |
| Net investment income | 4.66%<sup>(7)(8)</sup> | 4.91%<sup>(7)(9)</sup> | 4.56%<sup>(7)</sup> | 3.18%<sup>(7)</sup> | 2.52%<sup>(7)</sup> | 2.71%<sup>(7)</sup> |
| Rebate from Morgan Stanley affiliate | 0.03%<sup>(8)</sup> | 0.01% | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net assets, end of period, in thousands | $57710 | $57292 | $51476 | $61181 | $92889 | $112310 |
| Portfolio turnover rate | 140%<sup>(4)</sup> | 155% | 118% | 62% | 115% | 106% |

---

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

*(2) Amount is less than $0.005 per share.*

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

*(4) Not annualized.*

*(5) 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.*

*(6) 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.*

*(7) 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."*

*(8) Annualized.*

*(9) 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%* |

---

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

See Notes to Financial Statements

------

**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,** |
| | **FOR THE SIX** <br>**MONTHS ENDED**<br>**APRIL 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | *(unaudited)* |  |  |  |  |  |
| **Class L Shares** | **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:** | **Selected Per Share Data:** |
| Net asset value, beginning of period | $5.14 | $4.86 | $4.96 | $5.68 | $5.70 | $5.73 |
| 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: | Income (loss) from investment operations: |
| Net investment income<sup>(1)</sup> | 0.11 | 0.23 | 0.21 | 0.15 | 0.13 | 0.14 |
| Net realized and unrealized gain (loss) | 0.06 | 0.29 | (0.01) | (0.67) | (0.01) | (0.00)<sup>(2)</sup> |
| Total income (loss) from investment <br>operations | 0.17 | 0.52 | 0.20 | (0.52) | 0.12 | 0.14 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.12) | (0.20) | (0.25) | (0.20) | (0.13) | (0.17) |
| Net realized gain |  |  |  |  | (0.01) |  |
| Paid-in-capital |  | (0.04) | (0.05) |  |  |  |
| Total distributions | (0.12) | (0.24) | (0.30) | (0.20) | (0.14) | (0.17) |
| Net asset value, end of period | $5.19 | $5.14 | $4.86 | $4.96 | $5.68 | $5.70 |
| **Total Return** | 3.29%<sup>(3)(4)</sup> | 10.91%<sup>(3)(5)</sup> | 4.09%<sup>(3)</sup> | (9.37)%<sup>(3)</sup> | 1.96%<sup>(6)</sup> | 2.53%<sup>(6)</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:** | **Ratios to Average Net Assets:** |
| Net expenses | 1.19%<sup>(7)(8)</sup> | 1.18%<sup>(7)(9)</sup> | 1.22%<sup>(7)</sup> | 1.14%<sup>(7)</sup> | 1.12%<sup>(7)</sup> | 1.07%<sup>(7)</sup> |
| Net expenses excluding interest expenses | N/A | N/A | N/A | 1.14%<sup>(7)</sup> | N/A | 1.07%<sup>(7)</sup> |
| Net investment income | 4.29%<sup>(7)(8)</sup> | 4.55%<sup>(7)(9)</sup> | 4.19%<sup>(7)</sup> | 2.90%<sup>(7)</sup> | 2.23%<sup>(7)</sup> | 2.47%<sup>(7)</sup> |
| Rebate from Morgan Stanley affiliate | 0.03%<sup>(8)</sup> | 0.01% | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net assets, end of period, in thousands | $2318 | $2339 | $2410 | $3152 | $4125 | $4667 |
| Portfolio turnover rate | 140%<sup>(4)</sup> | 155% | 118% | 62% | 115% | 106% |

---

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

*(2) Amount is less than $0.005 per share.*

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

*(4) Not annualized.*

*(5) 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.*

*(6) 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.*

*(7) 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."*

*(8) Annualized.*

*(9) 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%* |

---

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

See Notes to Financial Statements

------

**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,** |
| | **FOR THE SIX** <br>**MONTHS ENDED**<br>**APRIL 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | *(unaudited)* |  |  |  |  |  |
| **Class I Shares** | **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:** | **Selected Per Share Data:** |
| Net asset value, beginning of period | $5.22 | $4.93 | $5.03 | $5.75 | $5.77 | $5.80 |
| 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: | Income (loss) from investment operations: |
| Net investment income<sup>(1)</sup> | 0.13 | 0.27 | 0.24 | 0.19 | 0.16 | 0.17 |
| Net realized and unrealized gain (loss) | 0.05 | 0.29 | (0.01) | (0.68) | (0.01) | (0.00)<sup>(2)</sup> |
| Total income (loss) from investment <br>operations | 0.18 | 0.56 | 0.23 | (0.49) | 0.15 | 0.17 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.13) | (0.23) | (0.28) | (0.23) | (0.16) | (0.20) |
| Net realized gain |  |  |  |  | (0.01) |  |
| Paid-in-capital |  | (0.04) | (0.05) |  |  |  |
| Total distributions | (0.13) | (0.27) | (0.33) | (0.23) | (0.17) | (0.20) |
| Net asset value, end of period | $5.27 | $5.22 | $4.93 | $5.03 | $5.75 | $5.77 |
| **Total Return** | 3.55%<sup>(3)(4)</sup> | 11.63%<sup>(3)(5)</sup> | 4.68%<sup>(3)</sup> | (8.74)%<sup>(3)</sup> | 2.51%<sup>(6)</sup> | 3.03%<sup>(6)</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:** | **Ratios to Average Net Assets:** |
| Net expenses | 0.57%<sup>(7)(8)</sup> | 0.57%<sup>(7)(9)(10)</sup> | 0.59%<sup>(7)</sup> | 0.56%<sup>(7)</sup> | 0.55%<sup>(7)</sup> | 0.55%<sup>(7)</sup> |
| Net expenses excluding interest expenses | N/A | N/A | N/A | 0.56%<sup>(7)</sup> | N/A | 0.55%<sup>(7)</sup> |
| Net investment income | 4.91%<sup>(7)(8)</sup> | 5.16%<sup>(7)(9)(10)</sup> | 4.82%<sup>(7)</sup> | 3.42%<sup>(7)</sup> | 2.79%<sup>(7)</sup> | 2.97%<sup>(7)</sup> |
| Rebate from Morgan Stanley affiliate | 0.03%<sup>(8)</sup> | 0.01% | 0.01% | 0.00%<sup>(11)</sup> | 0.00%<sup>(11)</sup> | 0.01% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net assets, end of period, in thousands | $411912 | $455296 | $476677 | $419470 | $683692 | $635329 |
| Portfolio turnover rate | 140%<sup>(4)</sup> | 155% | 118% | 62% | 115% | 106% |

---

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

*(2) Amount is less than $0.005.*

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

*(4) Not annualized.*

*(5) 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.*

*(6) 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.*

*(7) 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."*

*(8) Annualized.*

*(9) 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%* |

---

*(10) 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:*

---

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

---

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

See Notes to Financial Statements

------

**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,** |
| | **FOR THE SIX**<br>**MONTHS ENDED**<br>**APRIL 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | *(unaudited)* |  |  |  |  |  |
| **Class C Shares** | **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:** | **Selected Per Share Data:** |
| Net asset value, beginning of period | $5.14 | $4.85 | $4.96 | $5.67 | $5.69 | $5.72 |
| 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: | Income (loss) from investment operations: |
| Net investment income<sup>(1)</sup> | 0.10 | 0.21 | 0.19 | 0.13 | 0.10 | 0.11 |
| Net realized and unrealized gain (loss) | 0.05 | 0.30 | (0.02) | (0.67) | (0.01) | (0.00)<sup>(2)</sup> |
| Total income (loss) from investment <br>operations | 0.15 | 0.51 | 0.17 | (0.54) | 0.09 | 0.11 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.11) | (0.18) | (0.23) | (0.17) | (0.10) | (0.14) |
| Net realized gain |  |  |  |  | (0.01) |  |
| Paid-in-capital |  | (0.04) | (0.05) |  |  |  |
| Total distributions | (0.11) | (0.22) | (0.28) | (0.17) | (0.11) | (0.14) |
| Net asset value, end of period | $5.18 | $5.14 | $4.85 | $4.96 | $5.67 | $5.69 |
| **Total Return** | 2.89%<sup>(3)(4)</sup> | 10.70%<sup>(3)(5)</sup> | 3.47%<sup>(3)</sup> | (9.61)%<sup>(3)</sup> | 1.52%<sup>(6)</sup> | 2.05%<sup>(6)</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:** | **Ratios to Average Net Assets:** |
| Net expenses | 1.58%<sup>(7)(8)</sup> | 1.57%<sup>(7)(9)</sup> | 1.61%<sup>(7)</sup> | 1.57%<sup>(7)</sup> | 1.56%<sup>(7)</sup> | 1.55%<sup>(7)</sup> |
| Net expenses excluding interest expenses | N/A | N/A | N/A | 1.57%<sup>(7)</sup> | N/A | 1.55%<sup>(7)</sup> |
| Net investment income | 3.89%<sup>(7)(8)</sup> | 4.16%<sup>(7)(9)</sup> | 3.80%<sup>(7)</sup> | 2.43%<sup>(7)</sup> | 1.79%<sup>(7)</sup> | 1.98%<sup>(7)</sup> |
| Rebate from Morgan Stanley affiliate | 0.03%<sup>(8)</sup> | 0.01% | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net assets, end of period, in thousands | $10194 | $11535 | $13914 | $17957 | $28359 | $32395 |
| Portfolio turnover rate | 140%<sup>(4)</sup> | 155% | 118% | 62% | 115% | 106% |

---

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

*(2) Amount is less than $0.005 per share.*

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

*(4) Not annualized.*

*(5) 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.*

*(6) 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.*

*(7) 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."*

*(8) Annualized.*

*(9) 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%* |

---

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

See Notes to Financial Statements

------

**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,** |
| | **FOR THE SIX**<br>**MONTHS ENDED**<br>**APRIL 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | *(unaudited)* |  |  |  |  |  |
| **Class R6 Shares\*** | **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:** | **Selected Per Share Data:** |
| Net asset value, beginning of period | $5.22 | $4.93 | $5.03 | $5.75 | $5.77 | $5.80 |
| 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: | Income (loss) from investment operations: |
| Net investment income<sup>(1)</sup> | 0.13 | 0.27 | 0.25 | 0.19 | 0.17 | 0.17 |
| Net realized and unrealized gain (loss) | 0.06 | 0.30 | (0.01) | (0.68) | (0.02) | (0.00)<sup>(2)</sup> |
| Total income (loss) from investment <br>operations | 0.19 | 0.57 | 0.24 | (0.49) | 0.15 | 0.17 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.14) | (0.24) | (0.29) | (0.23) | (0.16) | (0.20) |
| Net realized gain |  |  |  |  | (0.01) |  |
| Paid-in-capital |  | (0.04) | (0.05) |  |  |  |
| Total distributions | (0.14) | (0.28) | (0.34) | (0.23) | (0.17) | (0.20) |
| Net asset value, end of period | $5.27 | $5.22 | $4.93 | $5.03 | $5.75 | $5.77 |
| **Total Return** | 3.61%<sup>(3)(4)</sup> | 11.74%<sup>(3)(5)</sup> | 4.78%<sup>(3)</sup> | (8.66)%<sup>(3)</sup> | 2.59%<sup>(6)</sup> | 3.11%<sup>(6)</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:** | **Ratios to Average Net Assets:** |
| Net expenses | 0.45%<sup>(7)(8)</sup> | 0.46%<sup>(7)(9)</sup> | 0.49%<sup>(7)</sup> | 0.48%<sup>(7)</sup> | 0.47%<sup>(7)</sup> | 0.47%<sup>(7)</sup> |
| Net expenses excluding interest expenses | N/A | N/A | N/A | 0.48%<sup>(7)</sup> | N/A | 0.47%<sup>(7)</sup> |
| Net investment income | 5.02%<sup>(7)(8)</sup> | 5.27%<sup>(7)(9)</sup> | 4.92%<sup>(7)</sup> | 3.55%<sup>(7)</sup> | 2.87%<sup>(7)</sup> | 3.07%<sup>(7)</sup> |
| Rebate from Morgan Stanley affiliate | 0.03%<sup>(8)</sup> | 0.01% | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net assets, end of period, in thousands | $352435 | $262278 | $221499 | $187940 | $237872 | $189052 |
| Portfolio turnover rate | 140%<sup>(4)</sup> | 155% | 118% | 62% | 115% | 106% |

---

&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) Amount is less than $0.005 per share.*

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

*(4) Not annualized.*

*(5) Reflects prior period 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.*

*(6) 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.*

*(7) 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."*

*(8) Annualized.*

*(9) If the Fund had not received the reimbursement of 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%* |

---

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

See Notes to Financial Statements

------

**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,** |
| | **FOR THE SIX**<br>**MONTHS ENDED**<br>**APRIL 30, 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  | *(unaudited)* |  |  |  |  |  |
| **Class IR Shares** | **Class IR Shares** | **Class IR Shares** | **Class IR Shares** | **Class IR Shares** | **Class IR Shares** | **Class IR 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:** | **Selected Per Share Data:** |
| Net asset value, beginning of period | $5.22 | $4.93 | $5.03 | $5.75 | $5.77 | $5.81 |
| 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: | Income (loss) from investment operations: |
| Net investment income<sup>(1)</sup> | 0.13 | 0.27 | 0.25 | 0.18 | 0.16 | 0.17 |
| Net realized and unrealized gain (loss) | 0.06 | 0.30 | (0.01) | (0.67) | (0.01) | (0.01) |
| Total income (loss) from investment <br>operations | 0.19 | 0.57 | 0.24 | (0.49) | 0.15 | 0.16 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.14) | (0.24) | (0.29) | (0.23) | (0.16) | (0.20) |
| Net realized gain |  |  |  |  | (0.01) |  |
| Paid-in-capital |  | (0.04) | (0.05) |  |  |  |
| Total distributions | (0.14) | (0.28) | (0.34) | (0.23) | (0.17) | (0.20) |
| Net asset value, end of period | $5.27 | $5.22 | $4.93 | $5.03 | $5.75 | $5.77 |
| **Total Return** | 3.61%<sup>(2)(3)</sup> | 11.74%<sup>(2)(4)</sup> | 4.78%<sup>(2)</sup> | (8.66)%<sup>(2)</sup> | 2.59%<sup>(5)</sup> | 2.93%<sup>(5)</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:** | **Ratios to Average Net Assets:** |
| Net expenses | 0.45%<sup>(6)(7)(8)</sup> | 0.46%<sup>(6)(7)(9)</sup> | 0.49%<sup>(6)(7)</sup> | 0.48%<sup>(6)(7)</sup> | 0.47%<sup>(6)(7)</sup> | 0.47%<sup>(6)(7)</sup> |
| Net expenses excluding interest expenses | N/A | N/A | N/A | 0.48%<sup>(6)(7)</sup> | N/A | 0.47%<sup>(6)(7)</sup> |
| Net investment income | 5.02%<sup>(6)(7)(8)</sup> | 5.27%<sup>(6)(7)(9)</sup> | 4.92%<sup>(6)(7)</sup> | 3.32%<sup>(6)(7)</sup> | 2.74%<sup>(6)(7)</sup> | 2.97%<sup>(6)(7)</sup> |
| Rebate from Morgan Stanley affiliate | 0.03%<sup>(8)</sup> | 0.01% | 0.01% | 0.00%<sup>(10)</sup> | 0.00%<sup>(10)</sup> | 0.01% |
| **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** | **Supplemental Data:** |
| Net assets, end of period, in thousands | $12 | $12 | $11 | $10 | $11 | $11 |
| Portfolio turnover rate | 140%<sup>(3)</sup> | 155% | 118% | 62% | 115% | 106% |

---

*(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) Not annualized.*

*(4) Reflects prior period 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 IR shares.*

*(5) 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.*

*(6) 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."*

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

---

| | | |
|:---|:---|:---|
| *PERIOD ENDED* | *EXPENSE<br>RATIO* | *NET INVESTMENT<br>LOSS RATIO* |
| *April 30, 2025* | *15.99%* | *(10.52*<br>*)%* |
| *October 31, 2024* | *19.12* | *(13.39*<br>*)* |
| *October 31, 2023* | *20.67* | *(15.26*<br>*)* |
| *October 31, 2022* | *18.79* | *(14.99*<br>*)* |
| *October 31, 2021* | *19.14* | *(15.93*<br>*)* |
| *October 31, 2020* | *19.09* | *(15.65*<br>*)* |

---

*(8) Annualized.*

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

---

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

---

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

See Notes to Financial Statements

------

(This page has been left blank intentionally.)

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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

![](j25146356_za003.jpg)

DINAX-NCSR 4.30.25

------

**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**

Not applicable.

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

The 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**

Not applicable

**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 – Not applicable (please see Item 2). |
| [(a)(2)(i)](tm2514635d5_ex99-cert.htm#a_001) | [Principal Financial Officer's Section 302 certification.](tm2514635d5_ex99-cert.htm#a_001) |
| [(a)(2)(ii)](tm2514635d5_ex99-cert.htm#a_002) | [Principal Executive Officer's Section 302 certification.](tm2514635d5_ex99-cert.htm#a_002) |
| [(b)](tm2514635d5_ex99-906cert.htm) | [Combined Section 906 certification.](tm2514635d5_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.

---

| | |
|:---|:---|
| <u>Morgan Stanley Global Fixed Income Opportunities Fund</u> | <u>Morgan Stanley Global Fixed Income Opportunities Fund</u> |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | June 16, 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: | June 16, 2025 |
| By: | /s/ John H. Gernon |
|  | John H. Gernon |
|  | Principal Executive Officer |
| Date: | June 16, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**MORGAN STANLY Global Fixed Income Opportunities Fund**

**FORM N-CSR**

**Exhibit 19(a)(2)(i)**

**<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 Global Fixed 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: June 16, 2025 | /s/ Francis J. Smith |
|  | Francis J. Smith |
|  | Principal Financial Officer |

---

**MORGAN STANLEY Global Fixed Income Opportunities Fund**

**FORM N-CSR**

**Exhibit 19(a)(2)(ii)**

**<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 Global Fixed 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: June 16, 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 Global Fixed Income Opportunities Fund that:

(a) the Semiannual Report of the **Morgan Stanley Global Fixed Income Opportunities Fund** on Form N-CSR for the period ended April 30, 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

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations
of the **Morgan Stanley Global Fixed Income Opportunities Fund** for such period.

**A signed original of this written statement required by section 906 has been provided to the Morgan Stanley Global Fixed Income Opportunities Fund and will be retained by the Morgan Stanley Global Fixed Income Opportunities Fund and furnished to the Securities and Exchange Commission or its staff upon request.**

---

| |
|:---|
| Morgan Stanley Global Fixed Income Opportunities Fund |
| Date: June 16, 2025 |
| /s/ Francis J. Smith |
| Francis J. Smith |
| Principal Financial Officer |
| Date: June 16, 2025 |
| /s/ John H. Gernon |
| John H. Gernon |
| Principal Executive Officer |

---