| Morgan Stanley Private Markets and Alternative Balanced Fund | ||||||||||||||
| PORTFOLIO OF INVESTMENTS (Unaudited) | ||||||||||||||
| June 30, 2026 | ||||||||||||||
| Cost | Fair Value | % of Net Assets | Initial Acquisition Date | Liquidity (1) | ||||||||||
| INVESTMENT INTERESTS - 92.86% | ||||||||||||||
| INFRASTRUCTURE - 18.01% | ||||||||||||||
| Brookfield Infrastructure Income Fund, Inc. | 168,275,031 | 173,738,913 | 14.02% | 8/1/2025 | Quarterly | |||||||||
| KKR Infrastructure Conglomerate LLC | 48,867,537 | 49,457,380 | 3.99% | 8/1/2025 | Quarterly | |||||||||
| TOTAL INFRASTRUCTURE | 217,142,568 | 223,196,293 | 18.01% | |||||||||||
| PRIVATE CREDIT - 21.42% | ||||||||||||||
| Apollo Asset Backed Credit Company LLC | 51,383,760 | 51,470,300 | 4.15% | 8/1/2025 | Quarterly | |||||||||
| Apollo Debt Solutions BDC | 90,653,610 | 89,480,557 | 7.21% | 8/1/2025 | Quarterly | |||||||||
| Blue Owl Alternative Credit SCSp | 51,721,570 | 51,775,187 | 4.18% | 11/1/2025 | Quarterly | |||||||||
| Carlyle Tactical Private Credit Fund | 74,742,919 | 72,742,502 | 5.88% | 8/1/2025 | Quarterly | |||||||||
| TOTAL PRIVATE CREDIT | 268,501,859 | 265,468,546 | 21.42% | |||||||||||
| PRIVATE EQUITY - 41.65% | ||||||||||||||
| Carlyle AlpInvest Private Markets SICAV | 155,358,850 | 165,740,484 | 13.37% | 8/1/2025 | Monthly | |||||||||
| Franklin Lexington Private Markets Fund SICAV SA | 131,492,170 | 146,552,695 | 11.82% | 8/1/2025 | Quarterly | |||||||||
| KKR Private Equity Conglomerate LLC | 144,183,500 | 154,052,363 | 12.43% | 8/1/2025 | Quarterly | |||||||||
| StepStone (Luxembourg) SCA Class A | 40,185,503 | 49,897,183 | 4.03% | 9/2/2025 | Quarterly | |||||||||
| TOTAL PRIVATE EQUITY | 471,220,023 | 516,242,725 | 41.65% | |||||||||||
| REAL ESTATE - 11.78% | ||||||||||||||
| Blue Owl Real Estate Net Lease Trust | 47,275,536 | 49,508,649 | 3.99% | 8/1/2025 | Quarterly | |||||||||
| Hines Global Income Trust, Inc. | 46,835,578 | 48,218,423 | 3.89% | 8/1/2025 | Monthly | |||||||||
| Nuveen Global Cities REIT, Inc. | 47,819,145 | 48,374,925 | 3.90% | 8/1/2025 | Monthly | |||||||||
| TOTAL REAL ESTATE | 141,930,259 | 146,101,997 | 11.78% | |||||||||||
| TOTAL INVESTMENT INTERESTS | 1,098,794,709 | 1,151,009,561 | 92.86% | |||||||||||
| Shares | ||||||||||||||
| SHORT TERM INVESTMENTS - 4.28% | ||||||||||||||
| Fidelity Treasury Portfolio Class I, 3.55% (2) | 53,110,651 | 53,110,651 | 53,110,651 | 4.28% | ||||||||||
| TOTAL SHORT TERM INVESTMENTS | 53,110,651 | 53,110,651 | 4.28% | |||||||||||
| TOTAL INVESTMENTS - 97.14% (Cost - $1,151,905,360) | 1,204,120,212 | |||||||||||||
| ASSETS IN EXCESS OF OTHER LIABILITIES - 2.86% | 35,398,281 | |||||||||||||
| NET ASSETS - 100.0% | 1,239,518,493 | |||||||||||||
| (1) Available frequency of redemptions after the initial lock up period, if any. Different tranches may have varying liquidity terms. | ||||||||||||||
| (2) Money market fund; interest rate reflects seven-day effective yield on June 30, 2026. | ||||||||||||||