UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2024

OR

        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01332

Morgan Stanley Direct Lending Fund

(Exact name of registrant as specified in its charter)

Delaware	84-2009506
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1585 Broadway	10036
New York, NY	(Zip Code)
(Address of principal executive offices)

1 (212) 761-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	MSDL	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x	Smaller reporting company	¨
Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No ☒

As of November 6, 2024, the Registrant had 88,770,021 shares of common stock, $0.001 par value, outstanding.

MORGAN STANLEY DIRECT LENDING FUND

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS

Part I. Financial Information
Item 1.	Consolidated Financial Statements (unaudited)
	Consolidated Statements of Assets and Liabilities	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Net Assets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	56
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	78
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	87
Item 4.	Controls and Procedures	88
Part II. Other Information
Item 1.	Legal Proceedings	88
Item 1A.	Risk Factors	88
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	89
Item 3.	Defaults Upon Senior Securities	89
Item 4.	Mine Safety Disclosures	89
Item 5.	Other Information	89
Item 6.	Exhibits	90

SIGNATURES

2

Morgan Stanley Direct Lending Fund

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share amounts)

	As of
	September 30, 2024		December 31, 2023
	(Unaudited)		(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,662,618 and $3,226,776)	$	3,640,324	$	3,193,561
Cash and cash equivalents (restricted cash of $2,000 and $0)	90,428		69,705
Deferred financing costs	17,499		14,317
Interest and dividend receivable from non-controlled/non-affiliated investments	31,793		28,884
Subscription receivable	—		41
Receivable for investments sold	1,869		173
Prepaid expenses and other assets	11,455		53
Total assets	3,793,368		3,306,734
Liabilities
Debt (net of unamortized debt issuance costs of $7,420 and $5,564)	1,841,565		1,496,032
Payable for investment purchased	7,101		8
Payable to affiliates (Note 3)	173		2,870
Dividends payable	53,537		49,968
Management fees payable	6,825		2,012
Income based incentive fees payable	8,448		11,766
Interest payable	16,284		18,823
Accrued expenses and other liabilities	5,713		4,104
Total liabilities	1,939,646		1,585,583
Commitments and contingencies (Note 7)
Net assets
Preferred stock, $0.001 par value (1,000,000 shares authorized; no shares issued and outstanding)	—		—
Common stock, par value $0.001 (100,000,000 shares authorized; 89,008,972 and 83,278,831 shares issued and outstanding)	89		83
Paid-in capital in excess of par value	1,823,833		1,712,609
Total distributable earnings (loss)	29,800		8,459
Total net assets	$	1,853,722	$	1,721,151
Total liabilities and net assets	$	3,793,368	$	3,306,734
Net asset value per share	$	20.83	$	20.67

The accompanying notes are an integral part of these unaudited consolidated financial statements

3

Morgan Stanley Direct Lending Fund

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share amounts)

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Investment Income:
From non-controlled/non-affiliated investments:
Interest income	$	105,129	$	90,977	$	298,832	$	259,267
Payment-in-kind	2,150		1,141		7,644		2,204
Dividend income	670		564		1,881		1,564
Other income	1,803		1,769		4,684		3,949
Total investment income	109,752		94,451		313,041		266,984
Expenses:
Interest and other financing expenses	33,153		29,686		89,715		84,260
Management fees	9,100		7,754		25,969		22,503
Income based incentive fees	10,128		10,727		33,018		30,246
Professional fees	1,708		1,296		4,612		3,385
Directors’ fees	130		85		404		253
Administrative service fees	138		27		180		141
General and other expenses	120		118		279		483
Total expenses	54,477		49,693		154,177		141,271
Management fees waiver (Note 3)	(2,275)		(5,816)		(7,532)		(16,878)
Incentive fees waiver (Note 3)	(1,680)		—		(4,542)		—
Net expenses	50,522		43,877		142,103		124,393
Net investment income (loss) before taxes	59,230		50,574		170,938		142,591
Excise tax expense	501		—		1,437		—
Net investment income (loss) after taxes	58,729		50,574		169,501		142,591
Net realized and unrealized gain (loss):
Net realized gain (loss) on non-controlled/non-affiliated investments	(10,965)		5		(16,482)		127
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments	5,442		22,829		10,916		30,909
Net realized and unrealized gain (loss)	(5,523)		22,834		(5,566)		31,036
Net increase (decrease) in net assets resulting from operations	$	53,206	$	73,408	$	163,935	$	173,627
Net investment income (loss) per share (basic and diluted)	$	0.66	$	0.70	$	1.91	$	2.00
Earnings per share (basic and diluted)	$	0.60	$	1.02	$	1.85	$	2.43
Weighted average shares outstanding	89,264,686		71,874,113		88,633,994		71,361,910

    

The accompanying notes are an integral part of these unaudited consolidated financial statements

4

Morgan Stanley Direct Lending Fund

Consolidated Statements of Changes in Net Assets (Unaudited)

(In thousands, except share and per share amount)

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net assets at the beginning of period	$	1,861,961	$	1,440,001	$	1,721,151	$	1,397,305
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	58,729		50,574		169,501		142,591
Net realized gain (loss)	(10,965)		5		(16,482)		127
Net change in unrealized appreciation (depreciation)	5,442		22,829		10,916		30,909
Net increase in net assets resulting from operations	53,206		73,408		163,935		173,627
Distributions to stockholders from:
Distributable earnings	(53,443)		(43,211)		(142,594)		(119,323)
Total distributions to stockholders	(53,443)		(43,211)		(142,594)		(119,323)
Capital transactions:
Issuance of common stock, net of underwriting and offering costs	—		—		95,847		—
Reinvestment of dividends	—		11,274		23,385		29,863
Repurchase of common Stock	(8,002)		—		(8,002)		—
Net increase (decrease) in net assets resulting from capital transactions	(8,002)		11,274		111,230		29,863
Total increase (decrease) in net assets	(8,239)		41,471		132,571		84,167
Net assets at end of period	$	1,853,722	$	1,481,472	$	1,853,722	$	1,481,472
Dividends per share	$	0.60	$	0.60	$	1.60	$	1.67

The accompanying notes are an integral part of these unaudited consolidated financial statements

5

Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	For the Nine Months Ended
	September 30, 2024		September 30, 2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	163,935	$	173,627
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments	(10,916)		(30,909)
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes	(33)		—
Net realized (gain) loss on investments	16,482		(127)
Net accretion of discount and amortization of premium on investments	(11,901)		(7,283)
Payment-in-kind interest and dividend capitalized	(9,220)		(3,539)
Amortization of deferred financing costs	2,726		2,313
Amortization of debt issuance costs and original issuance discount on unsecured notes	2,692		1,906
Purchases of investments and change in payable for investments purchased	(1,037,967)		(378,239)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid	612,161		170,399
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable	(2,909)		(5,267)
(Increase) decrease in prepaid expenses and other assets	(271)		(23,847)
(Decrease) increase in payable to affiliates	(2,697)		(1,384)
(Decrease) increase in management fees payable	4,813		155
(Decrease) increase in incentive fees payable	(3,318)		2,609
(Decrease) increase in interest payable	(2,539)		(8,086)
(Decrease) increase in accrued expenses and other liabilities	1,609		903
Net cash provided by (used in) operating activities	(277,353)		(106,769)
Cash flows from financing activities:
Borrowings on debt	968,835		338,000
Repayments on debt	(633,000)		(145,000)
Deferred financing costs paid	(5,908)		(9,942)
Debt issuance costs paid	(4,097)		—
Dividends paid in cash	(115,640)		(79,307)
Capital call proceeds received in advance	—		7,332
Repurchases of common stock	(8,002)		—
Proceeds from issuance of common stock, net of underwriting & offering costs	95,888		2,556
Net cash provided by (used in) financing activities	298,076		113,639
Net increase (decrease) in cash, cash equivalents and restricted cash	20,723		6,870
Cash, cash equivalents and restricted cash, beginning of period	69,705		81,215
Cash, cash equivalents and restricted cash, end of period	$	90,428	$	88,085

6

Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Supplemental information and non-cash activities:
Excise tax paid	$	1,516	$	361
Interest expense paid	$	86,869	$	88,128
Reinvestment of dividends	$	23,385	$	29,863
Dividends payable	$	53,537	$	43,211
Non-cash purchases of investments	$	(24,930)	$	—
Non-cash sales of investments	$	24,930	$	—

The accompanying notes are an integral part of these unaudited consolidated financial statements

7

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Debt Investments
Aerospace & Defense
Jonathan Acquisition Company	(6) (8)	First Lien Debt	S +	5.00%	9.70%	12/22/2026	3,398	$	3,349	$	3,380	0.18	%
Mantech International CP	(6) (9)	First Lien Debt	S +	5.00%	10.25%	9/14/2029	4,204	4,200		4,204		0.23
Mantech International CP	(6) (9) (16)	First Lien Debt	S +	5.00%	10.25%	9/14/2029	—	(1)		—		—
Mantech International CP	(6) (9) (16)	First Lien Debt	S +	5.00%	10.25%	9/14/2028	—	(1)		—		—
PCX Holding Corp.	(6) (7) (8)	First Lien Debt	S +	6.25%	11.00%	4/22/2027	17,908	17,820		16,629		0.90
PCX Holding Corp.	(6) (8)	First Lien Debt	S +	6.25%	11.00%	4/22/2027	18,032	17,846		16,745		0.90
PCX Holding Corp.	(6) (8)	First Lien Debt	S +	6.25%	11.00%	4/22/2027	1,851	1,843		1,719		0.09
Two Six Labs, LLC	(6) (9)	First Lien Debt	S +	5.25%	9.86%	8/20/2027	34,454	33,988		34,226		1.85
Two Six Labs, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	9.86%	8/20/2027	4,215	4,150		4,140		0.22
Two Six Labs, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	9.86%	8/20/2027	—	(21)		(25)		—
								83,173		81,018		4.37
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(6) (9)	First Lien Debt	S +	5.75%	10.52%	6/11/2027	14,154	13,981		14,154		0.76
RoadOne IntermodaLogistics	(6) (8)	First Lien Debt	S +	6.25%	11.10%	12/29/2028	1,643	1,605		1,607		0.09
RoadOne IntermodaLogistics	(6) (8)	First Lien Debt	S +	6.25%	11.10%	12/29/2028	151	147		147		0.01
RoadOne IntermodaLogistics	(6) (8) (16)	First Lien Debt	S +	6.25%	11.10%	12/29/2028	20	13		13		—
								15,746		15,921		0.86
Automobile Components
Continental Battery Company	(6) (8) (14)	First Lien Debt	S +	7.00% (incl. 4.08% PIK)	11.75%	1/20/2027	6,406	6,342		4,783		0.26
PAI Holdco, Inc.	(6) (8)	Second Lien Debt	S +	7.50% (incl. 2.00% PIK)	12.90%	10/28/2028	26,972	26,522		24,041		1.30
Randy's Holdings, Inc.	(6) (8)	First Lien Debt	S +	6.25%	11.56%	11/1/2028	6,625	6,476		6,620		0.36
Randy's Holdings, Inc.	(6) (8) (16)	First Lien Debt	S +	6.25%	11.56%	11/1/2028	666	634		664		0.04
Randy's Holdings, Inc.	(6) (8) (16)	First Lien Debt	S +	6.25%	11.56%	11/1/2028	208	190		207		0.01
Sonny's Enterprises, LLC	(6) (7) (8)	First Lien Debt	S +	5.25%	10.53%	8/5/2028	45,665	45,189		45,382		2.45
Sonny's Enterprises, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	10.53%	8/5/2028	113	103		104		0.01
Spectrum Automotive Holdings Corp.	(6) (7) (9)	First Lien Debt	S +	5.25%	9.85%	6/29/2028	23,230	23,017		22,951		1.24
Spectrum Automotive Holdings Corp.	(6) (9) (16)	First Lien Debt	S +	5.25%	9.85%	6/29/2028	6,427	6,299		6,236		0.34
Spectrum Automotive Holdings Corp.	(6) (9) (16)	First Lien Debt	S +	5.25%	9.85%	6/29/2027	—	(6)		(11)		—
								114,766		110,977		5.99
Automobiles
ARI Network Services, Inc.	(6) (9)	First Lien Debt	S +	5.00%	9.85%	8/28/2026	20,666	20,492		20,575		1.11
ARI Network Services, Inc.	(6) (7) (9)	First Lien Debt	S +	5.00%	9.85%	8/28/2026	3,566	3,536		3,550		0.19
ARI Network Services, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	9.85%	8/28/2026	1,380	1,372		1,366		0.07

8

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
COP Collisionright Parent, LLC	(6) (7) (8)	First Lien Debt	S +	5.50%	10.75%	1/29/2030	6,380	$	6,263	$	6,286	0.34	%
COP Collisionright Parent, LLC	(6) (8) (16)	First Lien Debt	S +	5.50%	10.75%	1/29/2030	1,165	1,121		1,111		0.06
COP Collisionright Parent, LLC	(6) (8) (16)	First Lien Debt	S +	5.50%	10.75%	1/29/2030	154	136		139		0.01
Drivecentric Holdings, LLC	(6) (9)	First Lien Debt	S +	4.75%	9.87%	8/15/2031	26,470	26,209		26,209		1.41
Drivecentric Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	9.87%	8/15/2031	—	(35)		(35)		—
LeadVenture, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	9.85%	8/28/2026	368	360		360		0.02
Turbo Buyer, Inc.	(6) (8)	First Lien Debt	S +	6.00%	10.75%	12/2/2025	37,267	37,045		35,641		1.92
Turbo Buyer, Inc.	(6) (8)	First Lien Debt	S +	6.00%	10.75%	12/2/2025	37,450	37,180		35,816		1.93
Vehlo Purchaser, LLC	(6) (9)	First Lien Debt	S +	5.25%	10.49%	5/24/2028	2,936	2,909		2,911		0.16
Vehlo Purchaser, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	10.49%	5/24/2028	713	626		587		0.03
Vehlo Purchaser, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	10.49%	5/24/2028	14	13		13		—
								137,227		134,529		7.26
Biotechnology
GraphPad Software, LLC	(6) (9)	First Lien Debt	S +	4.75%	9.35%	6/30/2031	26,891	26,761		26,892		1.45
GraphPad Software, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	9.35%	6/30/2031	798	760		798		0.04
GraphPad Software, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	9.35%	6/30/2031	—	(14)		—		—
								27,507		27,690		1.49
Building Products
Project Potter Buyer, LLC	(6) (8)	First Lien Debt	S +	6.00%	10.60%	4/23/2027	13,653	13,653		13,653		0.74
Project Potter Buyer, LLC	(6) (8) (16)	First Lien Debt	S +	6.00%	10.60%	4/23/2026	—	—		—		—
								13,653		13,653		0.74
Chemicals
Tank Holding Corp.	(7) (9)	First Lien Debt	S +	5.75%	10.52%	3/31/2028	15,594	15,373		15,297		0.83
Tank Holding Corp.	(9) (16)	First Lien Debt	S +	5.75%	10.52%	3/31/2028	332	322		324		0.02
Tank Holding Corp.	(9) (16)	First Lien Debt	S +	5.75%	10.52%	3/31/2028	567	557		551		0.03
V Global Holdings, LLC	(6) (7) (9)	First Lien Debt	S +	5.75%	10.96%	12/22/2027	4,817	4,755		4,505		0.24
V Global Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.75%	10.96%	12/22/2025	513	508		469		0.03
								21,515		21,146		1.14
Commercial Services & Supplies
365 Retail Markets, LLC	(6) (8)	First Lien Debt	S +	4.75%	10.23%	12/23/2026	16,973	16,834		16,972		0.92
365 Retail Markets, LLC	(6) (8)	First Lien Debt	S +	4.75%	10.23%	12/23/2026	5,446	5,412		5,445		0.29
Apryse Software Corp.	(6) (7) (8) (11)	First Lien Debt	S +	5.00%	10.25%	7/15/2027	39,455	39,077		39,313		2.12
Atlas Us Finco, Inc.	(6) (8) (11)	First Lien Debt	S +	5.75%	11.03%	12/9/2029	8,993	8,818		8,993		0.49
Atlas Us Finco, Inc.	(6) (8) (11) (16)	First Lien Debt	S +	5.75%	11.03%	12/9/2028	—	(4)		—		—
BPG Holdings IV Corp.	(6) (9)	First Lien Debt	S +	6.00%	10.60%	7/29/2029	11,559	10,956		10,574		0.57
Consor Intermediate II, LLC	(6) (9)	First Lien Debt	S +	4.75%	9.35%	5/12/2031	5,034	4,986		4,991		0.27

9

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Consor Intermediate II, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	9.35%	5/12/2031	—	$	(22)	$	(39)	—	%
Consor Intermediate II, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	9.35%	5/12/2031	—	(12)		(10)		—
CRCI Longhorn Holdings, Inc.	(6) (7) (9)	First Lien Debt	S +	5.00%	9.85%	8/27/2031	9,882	9,784		9,784		0.53
CRCI Longhorn Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	9.85%	8/27/2031	—	(12)		(12)		—
CRCI Longhorn Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	9.85%	8/27/2031	824	807		807		0.04
Encore Holdings, LLC	(6) (9)	First Lien Debt	S +	5.25%	10.20%	11/23/2028	1,817	1,796		1,803		0.10
Encore Holdings, LLC	(6) (9)	First Lien Debt	S +	5.25%	10.20%	11/23/2028	10,383	10,214		10,216		0.55
Encore Holdings, LLC	(6) (16)	First Lien Debt	P +	4.00%	12.00%	11/23/2027	—	(5)		(4)		—
Energy Labs Holdings Corp.	(6) (8)	First Lien Debt	S +	5.00%	9.95%	4/7/2028	468	463		461		0.02
Energy Labs Holdings Corp.	(6) (8) (16)	First Lien Debt	S +	5.00%	9.95%	4/7/2028	36	32		29		—
Energy Labs Holdings Corp.	(6) (8) (16)	First Lien Debt	S +	5.00%	9.95%	4/7/2028	—	(3)		(3)		—
FLS Holding, Inc.	(6) (8) (11)	First Lien Debt	S +	5.25%	10.31%	12/15/2028	18,881	18,626		17,378		0.94
FLS Holding, Inc.	(6) (8) (11)	First Lien Debt	S +	5.25%	10.31%	12/15/2028	4,427	4,365		4,075		0.22
FLS Holding, Inc.	(6) (8) (11) (16)	First Lien Debt	S +	5.25%	10.31%	12/17/2027	901	882		758		0.04
Ground Penetrating Radar Systems, LLC	(6) (7) (8)	First Lien Debt	S +	5.75%	10.83%	4/2/2031	20,512	20,219		20,337		1.10
Ground Penetrating Radar Systems, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	10.83%	4/2/2031	—	(54)		(66)		—
Ground Penetrating Radar Systems, LLC	(6) (16)	First Lien Debt	P +	4.75%	12.75%	4/2/2031	391	354		369		0.02
Helios Service Partners, LLC	(6) (8)	First Lien Debt	S +	6.25%	10.87%	3/19/2027	6,807	6,683		6,799		0.37
Helios Service Partners, LLC	(6) (8) (16)	First Lien Debt	S +	6.25%	10.87%	3/19/2027	10,449	10,199		10,401		0.56
Helios Service Partners, LLC	(6) (8) (16)	First Lien Debt	S +	6.25%	10.87%	3/19/2027	258	236		256		0.01
Hercules Borrower, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	9.95%	12/15/2026	479	456		451		0.02
HSI Halo Acquisition, Inc.	(6) (9)	First Lien Debt	S +	5.00%	9.85%	6/30/2031	13,587	13,455		13,587		0.73
HSI Halo Acquisition, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	9.85%	6/30/2031	563	547		563		0.03
HSI Halo Acquisition, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	9.85%	6/28/2030	—	(21)		—		—
Iris Buyer, LLC	(6) (8)	First Lien Debt	S +	6.25%	11.50%	10/2/2030	6,955	6,783		6,902		0.37
Iris Buyer, LLC	(6) (8) (16)	First Lien Debt	S +	6.25%	11.50%	10/2/2030	656	636		648		0.03
Iris Buyer, LLC	(6) (8) (16)	First Lien Debt	S +	6.25%	11.50%	10/2/2029	—	(23)		(8)		—
PDFTron Systems, Inc.	(6) (7) (8) (11) (16)	First Lien Debt	S +	5.00%	10.25%	7/15/2026	5,133	5,078		5,106		0.28
Procure Acquireco, Inc. (Procure Analytics)	(6) (9)	First Lien Debt	S +	5.00%	9.99%	12/20/2028	3,859	3,807		3,859		0.21
Procure Acquireco, Inc. (Procure Analytics)	(6) (9)	First Lien Debt	S +	5.00%	9.99%	12/20/2028	191	188		191		0.01
Procure Acquireco, Inc. (Procure Analytics)	(6) (9) (16)	First Lien Debt	S +	5.00%	9.99%	12/20/2028	—	(3)		—		—
Pye-Barker Fire & Safety, LLC	(6) (9)	First Lien Debt	S +	4.50%	9.10%	5/26/2031	26,325	26,325		26,325		1.42
Pye-Barker Fire & Safety, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	9.10%	5/26/2031	635	581		635		0.03
Pye-Barker Fire & Safety, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	9.10%	5/24/2030	456	421		456		0.02
Routeware, Inc.	(6) (8)	First Lien Debt	S +	5.25%	10.11%	9/18/2031	3,182	3,150		3,150		0.17
Routeware, Inc.	(6) (8) (16)	First Lien Debt	S +	5.25%	10.11%	9/18/2031	—	(7)		(7)		—

10

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
Routeware, Inc.	(6) (8) (16)	First Lien Debt	S +	5.25%	10.11%	09/18/2031	—		$	(3)	$	(3)	—	%
Sherlock Buyer Corp.	(6) (8)	First Lien Debt	S +	5.75%	10.45%	12/8/2028	10,866		10,719		10,866		0.59
Sherlock Buyer Corp.	(6) (8) (16)	First Lien Debt	S +	5.75%	10.45%	12/8/2027	—		(14)		—		—
Surewerx Purchaser III, Inc.	(6) (9) (11)	First Lien Debt	S +	5.25%	9.85%	12/28/2029	5,406		5,273		5,385		0.29
Surewerx Purchaser III, Inc.	(6) (9) (11)	First Lien Debt	S +	5.25%	9.85%	12/28/2029	C$	256	186		189		0.01
Surewerx Purchaser III, Inc.	(6) (9) (11) (16)	First Lien Debt	S +	5.25%	9.85%	12/28/2029	—		(17)		(4)		—
Surewerx Purchaser III, Inc.	(6) (9) (11) (16)	First Lien Debt	S +	5.25%	9.85%	12/28/2028	648		625		644		0.03
Sweep Midco, LLC	(6) (13)	Second Lien Debt				3/12/2036	4,872		—		—		—
Sweep Midco, LLC	(6) (13)	Second Lien Debt				3/12/2034	1,674		836		837		0.05
Sweep Purchaser, LLC	(6) (8)	First Lien Debt	S +	5.75% PIK	10.80%	6/30/2027	5,985		5,985		5,985		0.32
Sweep Purchaser, LLC	(6) (8)	First Lien Debt	S +	5.75%	10.80%	6/30/2027	3,171		3,171		3,171		0.17
Sweep Purchaser, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	10.80%	6/30/2027	—		—		—		—
Tamarack Intermediate, LLC	(6) (9)	First Lien Debt	S +	5.75%	10.83%	3/13/2028	7,037		6,951		7,036		0.38
Tamarack Intermediate, LLC	(6) (9)	First Lien Debt	S +	5.75%	10.83%	3/13/2028	597		584		597		0.03
Tamarack Intermediate, LLC	(6) (9) (16)	First Lien Debt	S +	5.75%	10.83%	3/13/2028	—		(10)		—		—
Transit Technologies, LLC	(6) (7) (9)	First Lien Debt	S +	4.75%	9.71%	8/20/2031	7,955		7,876		7,876		0.42
Transit Technologies, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	9.71%	8/20/2031	—		(14)		(14)		—
Transit Technologies, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	9.71%	8/20/2030	—		(17)		(17)		—
United Flow Technologies Intermediate Holdco II, LLC	(6) (8)	First Lien Debt	S +	5.25%	9.85%	6/23/2031	8,910		8,780		8,910		0.48
United Flow Technologies Intermediate Holdco II, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	9.85%	6/23/2031	50		13		50		—
United Flow Technologies Intermediate Holdco II, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	9.85%	6/21/2030	—		(14)		—		—
US Infra Svcs Buyer, LLC	(6) (7) (8)	First Lien Debt	S +	7.25% (incl. 4.75% PIK)	12.79%	4/13/2027	13,673		13,559		12,373		0.67
US Infra Svcs Buyer, LLC	(6) (7) (8)	First Lien Debt	S +	7.25% (incl. 4.75% PIK)	12.79%	4/13/2027	1,930		1,919		1,746		0.09
US Infra Svcs Buyer, LLC	(6) (8) (16)	First Lien Debt	S +	7.25% (incl. 4.75% PIK)	12.79%	4/13/2027	1,350		1,339		1,136		0.06
Vensure Employer Services, Inc.	(6) (10)	First Lien Debt	S +	5.00%	9.64%	9/29/2031	7,789		7,711		7,711		0.42
Vensure Employer Services, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	9.64%	9/29/2031	—		(11)		(11)		—
VRC Companies, LLC	(6) (8)	First Lien Debt	S +	5.75%	10.88%	6/29/2027	72,443		71,857		72,443		3.91
VRC Companies, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	10.88%	6/29/2027	403		397		403		0.02
VRC Companies, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	10.88%	6/29/2027	—		(11)		—		—
									379,674		378,794		20.43
Construction & Engineering
Arcoro Holdings Corp.	(6) (8)	First Lien Debt	S +	5.50%	10.10%	3/28/2030	13,011		12,767		12,879		0.69

11

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Arcoro Holdings Corp.	(6) (8) (16)	First Lien Debt	S +	5.50%	10.10%	3/28/2030	—	$	(36)	$	(20)	—	%
KPSKY Acquisition, Inc.	(6) (9)	First Lien Debt	S +	5.50%	10.85%	10/19/2028	33,604	33,166		29,700		1.60
KPSKY Acquisition, Inc.	(6) (9)	First Lien Debt	S +	5.50%	10.85%	10/19/2028	7,695	7,587		6,801		0.37
LJ Avalon Holdings, LLC	(6) (8)	First Lien Debt	S +	5.25%	10.48%	2/1/2030	4,100	3,998		4,100		0.22
LJ Avalon Holdings, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	10.48%	2/1/2030	1,678	1,629		1,678		0.09
LJ Avalon Holdings, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	10.48%	2/1/2029	—	(15)		—		—
Superman Holdings, LLC	(6) (9)	First Lien Debt	S +	4.50%	9.56%	8/29/2031	20,048	19,948		19,948		1.08
Superman Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	9.56%	8/29/2031	—	(16)		(16)		—
Superman Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	9.56%	8/29/2031	—	(14)		(14)		—
								79,014		75,056		4.05
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.	(6) (9)	First Lien Debt	S +	5.25%	10.46%	2/3/2031	22,452	22,254		22,452		1.21
PDI TA Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	10.46%	2/3/2031	—	(35)		—		—
PDI TA Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	10.46%	2/3/2031	—	(21)		—		—
								22,198		22,452		1.21
Containers & Packaging
BP Purchaser, LLC	(6) (9)	First Lien Debt	S +	5.50%	10.69%	12/11/2028	17,030	16,800		15,792		0.85
FORTIS Solutions Group, LLC	(6) (9)	First Lien Debt	S +	5.50%	10.20%	10/13/2028	26,745	26,397		26,745		1.44
FORTIS Solutions Group, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	10.20%	10/13/2028	98	93		98		0.01
FORTIS Solutions Group, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	10.20%	10/15/2027	720	692		720		0.04
								43,982		43,355		2.34
Distributors
48Forty Solutions, LLC	(6) (8)	First Lien Debt	S +	6.00%	11.30%	11/30/2026	17,587	17,382		15,476		0.83
48Forty Solutions, LLC	(6) (8) (16)	First Lien Debt	S +	6.00%	11.30%	11/30/2026	2,253	2,228		1,927		0.10
ABB Concise Optical Group, LLC	(6) (9)	First Lien Debt	S +	7.50%	12.31%	2/23/2028	17,008	16,732		15,254		0.82
Avalara, Inc.	(6) (9)	First Lien Debt	S +	6.25%	10.85%	10/19/2028	10,402	10,215		10,402		0.56
Avalara, Inc.	(6) (9) (16)	First Lien Debt	S +	6.25%	10.85%	10/19/2028	—	(17)		—		—
Bradyifs Holdings, LLC	(6) (7) (8)	First Lien Debt	S +	6.00%	11.25%	10/31/2029	7,388	7,257		7,388		0.40
Bradyifs Holdings, LLC	(6) (8) (16)	First Lien Debt	S +	6.00%	11.25%	10/31/2029	583	570		583		0.03
PT Intermediate Holdings III, LLC	(6) (9)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	9.60%	4/9/2030	41,409	41,040		41,339		2.23
PT Intermediate Holdings III, LLC	(6) (9) (16)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	9.60%	4/9/2030	—	(4)		(5)		—
								95,403		92,364		4.98
Diversified Consumer Services
Any Hour, LLC	(6) (7)	First Lien Debt	S +	5.00%	9.60%	5/23/2030	23,664	23,325		23,293		1.26
Any Hour, LLC	(6) (16)	First Lien Debt	S +	5.00%	9.60%	5/23/2030	670	616		561		0.03

12

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Any Hour, LLC	(6) (16)	First Lien Debt	S +	5.00%	9.60%	5/23/2030	1,108	$	1,059	$	1,054	0.06	%
Any Hour, LLC	(6)	Other Debt		13.00% PIK	13.00%	5/23/2031	6,166	6,052		6,070		0.33
Apex Service Partners, LLC	(6) (7) (8)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.69%	10/24/2030	37,008	36,413		36,838		1.99
Apex Service Partners, LLC	(6) (8)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.69%	10/24/2030	8,811	8,650		8,770		0.47
Apex Service Partners, LLC	(6) (8) (16)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.69%	10/24/2029	1,592	1,547		1,578		0.09
Assembly Intermediate, LLC	(6) (8)	First Lien Debt	S +	5.25%	9.85%	10/19/2027	20,741	20,501		20,741		1.12
Assembly Intermediate, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	9.85%	10/19/2027	3,630	3,579		3,630		0.20
Assembly Intermediate, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	9.85%	10/19/2027	—	(21)		—		—
Eclipse Buyer, Inc.	(6) (10)	First Lien Debt	S +	4.75%	9.74%	9/8/2031	4,244	4,202		4,202		0.23
Eclipse Buyer, Inc.	(6) (10) (16)	First Lien Debt	S +	4.75%	9.74%	9/8/2031	—	(4)		(4)		—
Eclipse Buyer, Inc.	(6) (10) (16)	First Lien Debt	S +	4.75%	9.74%	9/8/2031	—	(4)		(4)		—
Essential Services Holding Corporation	(6) (9)	First Lien Debt	S +	5.00%	10.29%	6/17/2031	17,245	17,077		17,151		0.93
Essential Services Holding Corporation	(6) (9) (16)	First Lien Debt	S +	5.00%	10.29%	6/17/2031	—	(23)		(26)		—
Essential Services Holding Corporation	(6) (9) (16)	First Lien Debt	S +	5.00%	10.29%	6/17/2030	—	(28)		(16)		—
EVDR Purchaser, Inc.	(6) (9)	First Lien Debt	S +	5.25%	10.10%	2/14/2031	20,480	20,096		20,480		1.10
EVDR Purchaser, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	10.10%	2/14/2031	—	(54)		—		—
EVDR Purchaser, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	10.10%	2/14/2031	—	(64)		—		—
FPG Intermediate Holdco, LLC	(6) (8) (14)	First Lien Debt	S +	6.75% (incl. 4.00% PIK)	11.25%	3/5/2027	429	424		366		0.02
Heartland Home Services	(6) (9)	First Lien Debt	S +	5.75%	10.45%	12/15/2026	1,931	1,923		1,809		0.10
Lightspeed Solution, LLC	(6) (9)	First Lien Debt	S +	6.50% (incl. 2.17% PIK)	11.10%	3/1/2028	8,123	8,026		8,123		0.44
Lightspeed Solution, LLC	(6) (9)	First Lien Debt	S +	6.50% (incl. 2.17% PIK)	11.10%	3/1/2028	535	528		535		0.03
LUV Car Wash Group, LLC	(6) (8)	First Lien Debt	S +	7.00%	12.31%	12/9/2026	889	885		889		0.05
Magnolia Wash Holdings	(6)(8)	First Lien Debt	S +	6.50%	11.83%	7/14/2028	3,263	3,217		3,004		0.16
Magnolia Wash Holdings	(6)(8)	First Lien Debt	S +	6.50%	11.83%	7/14/2028	693	683		638		0.03
Magnolia Wash Holdings	(6)(8)(16)	First Lien Debt	S +	6.50%	11.83%	7/14/2028	87	85		75		—
Project Accelerate Parent, LLC	(6) (9)	First Lien Debt	S +	5.25%	10.54%	2/24/2031	8,728	8,646		8,694		0.47
Project Accelerate Parent, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	10.54%	2/24/2031	—	(11)		(5)		—
Vertex Service Partners, LLC	(6) (7) (9)	First Lien Debt	S +	5.50%	10.49%	11/8/2030	1,765	1,725		1,745		0.09
Vertex Service Partners, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	10.49%	11/8/2030	3,375	3,298		3,336		0.18
Vertex Service Partners, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	10.49%	11/8/2030	66	56		60		—
								172,404		173,587		9.36
Electronic Equipment, Instruments & Components

13

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Abracon Group Holdings, LLC	(6) (9)	First Lien Debt	S +	6.00%	11.44%	7/6/2028	5,991	$	5,911	$	4,564	0.25	%
Abracon Group Holdings, LLC	(6) (9)	First Lien Debt	S +	6.00%	11.44%	7/6/2028	401	396		306		0.02
Dwyer Instruments, Inc.	(6) (9)	First Lien Debt	S +	5.75%	10.45%	7/21/2027	10,445	10,308		10,395		0.56
Dwyer Instruments, Inc.	(6) (9) (16)	First Lien Debt	S +	5.75%	10.45%	7/21/2027	2,007	1,957		1,980		0.11
Dwyer Instruments, Inc.	(6) (9) (16)	First Lien Debt	S +	5.75%	10.45%	7/21/2027	—	(11)		(4)		—
Infinite Bidco, LLC	(6) (10)	First Lien Debt	S +	6.25%	11.64%	3/2/2028	12,267	12,000		12,267		0.66
Infinite Bidco, LLC	(10)	Second Lien Debt	S +	7.00%	11.84%	3/2/2029	25,500	25,452		21,208		1.14
Magneto Components Buyco, LLC	(6) (7) (9)	First Lien Debt	S +	6.50% (incl. 2.65% PIK)	10.60%	12/5/2030	15,299	15,043		15,215		0.82
Magneto Components Buyco, LLC	(6) (9) (16)	First Lien Debt	S +	6.50% (incl. 2.65% PIK)	10.60%	12/5/2030	—	(25)		(17)		—
Magneto Components Buyco, LLC	(6) (9) (16)	First Lien Debt	S +	6.50% (incl. 2.65% PIK)	10.60%	12/5/2029	—	(40)		(14)		—
								70,991		65,900		3.56
Energy Equipment & Services
QBS Parent, Inc.	(6)	Second Lien Debt	S +	8.50%	13.45%	9/21/2026	15,000	14,888		15,000		0.81
Financial Services
Applitools, Inc.	(6) (9) (11)	First Lien Debt	S +	6.25% PIK	10.85%	5/25/2029	3,915	3,875		3,873		0.21
Applitools, Inc.	(6) (9) (11) (16)	First Lien Debt	S +	6.25%	11.58%	5/25/2028	—	(5)		(4)		—
Cerity Partners, LLC	(6) (9)	First Lien Debt	S +	5.25%	10.31%	7/30/2029	4,719	4,605		4,719		0.25
Cerity Partners, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	10.31%	7/30/2029	6,664	6,498		6,664		0.36
Cerity Partners, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	10.31%	7/30/2029	—	(2)		—		—
GC Waves Holdings, Inc.	(6) (9)	First Lien Debt	S +	5.25%	10.20%	8/10/2029	2,284	2,246		2,270		0.12
GC Waves Holdings, Inc.	(6) (9)	First Lien Debt	S +	5.25%	10.20%	8/10/2029	2,166	2,046		2,128		0.11
GC Waves Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	10.20%	8/10/2029	—	(5)		(2)		—
MAI Capital Management Intermediate, LLC	(6) (7) (9)	First Lien Debt	S +	4.75%	9.35%	8/29/2031	4,632	4,586		4,586		0.25
MAI Capital Management Intermediate, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	9.35%	8/29/2031	—	(14)		(14)		—
MAI Capital Management Intermediate, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	9.35%	8/29/2031	—	(10)		(10)		—
RFS Opco, LLC	(6) (10)	First Lien Debt	S +	5.00%	9.60%	4/4/2031	14,500	14,362		14,367		0.78
RFS Opco, LLC	(6) (10) (16)	First Lien Debt	S +	4.00%	8.60%	4/4/2029	—	(5)		(5)		—
SitusAMC Holdings Corp.	(6) (9)	First Lien Debt	S +	5.50%	10.20%	12/22/2027	3,871	3,853		3,853		0.21
SitusAMC Holdings Corp.	(6) (9)	First Lien Debt	S +	5.50%	10.20%	12/22/2027	3,346	3,325		3,343		0.18
Smarsh, Inc.	(6) (9)	First Lien Debt	S +	5.75%	10.35%	2/16/2029	4,286	4,225		4,286		0.23
Smarsh, Inc.	(6) (9) (16)	First Lien Debt	S +	5.75%	10.35%	2/16/2029	536	525		536		0.03
Smarsh, Inc.	(6) (9) (16)	First Lien Debt	S +	5.75%	10.35%	2/16/2029	—	(3)		—		—
Trintech, Inc.	(6) (7) (8)	First Lien Debt	S +	5.50%	10.35%	7/25/2029	33,830	33,255		33,174		1.79
Trintech, Inc.	(6) (8) (16)	First Lien Debt	S +	5.50%	10.35%	7/25/2029	837	790		780		0.04

14

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
								$	84,147	$	84,544	4.56	%
Food Products
AMCP Pet Holdings, Inc. (Brightpet)	(6) (8)	First Lien Debt	S +	7.00% (incl. 0.75% PIK)	11.95%	10/5/2026	41,683	41,116		41,074		2.22
AMCP Pet Holdings, Inc. (Brightpet)	(6) (8)	First Lien Debt	S +	7.00% (incl. 0.75% PIK)	11.95%	10/5/2026	5,862	5,802		5,777		0.31
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)	(6) (15)	Other Debt		16.25% PIK	16.25%	6/18/2026	1,500	1,500		759		0.04
Nellson Nutraceutical, Inc.	(6) (7) (8)	First Lien Debt	S +	5.75%	11.23%	12/23/2025	18,320	18,222		18,320		0.99
Teasdale Foods, Inc. (Teasdale Latin Foods)	(6) (8)	First Lien Debt	S +	7.25% (incl. 1.00% PIK)	11.65%	12/18/2025	10,817	10,757		10,436		0.56
								77,397		76,366		4.12
Ground Transportation
SV Newco 2, Inc.	(6) (9) (11)	First Lien Debt	S +	4.75%	9.81%	6/2/2031	22,910	22,578		22,600		1.22
SV Newco 2, Inc.	(6) (9) (11) (16)	First Lien Debt	S +	4.75%	9.81%	6/2/2031	—	(102)		(193)		(0.01)
SV Newco 2, Inc.	(6) (9) (11) (16)	First Lien Debt	S +	4.75%	9.81%	6/2/2031	—	(123)		(116)		(0.01)
								22,353		22,291		1.20
Health Care Equipment & Supplies
Performance Health & Wellness	(6) (7) (8)	First Lien Debt	S +	5.75%	11.11%	7/12/2027	9,398	9,296		9,397		0.51
PerkinElmer U.S., LLC	(6) (7) (8)	First Lien Debt	S +	5.00%	9.92%	3/13/2029	4,352	4,250		4,303		0.23
Tidi Legacy Products, Inc.	(6) (8)	First Lien Debt	S +	5.50%	10.36%	12/19/2029	1,862	1,829		1,851		0.10
Tidi Legacy Products, Inc.	(6) (8) (16)	First Lien Debt	S +	5.50%	10.36%	12/19/2029	—	(4)		(3)		—
Tidi Legacy Products, Inc.	(6) (8) (16)	First Lien Debt	S +	5.50%	10.36%	12/19/2029	—	(6)		(2)		—
YI, LLC	(6) (7) (8)	First Lien Debt	S +	5.75%	10.87%	12/3/2029	5,611	5,511		5,593		0.30
YI, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	10.87%	12/3/2029	—	(10)		(4)		—
YI, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	10.87%	12/3/2029	—	(15)		(3)		—
								20,851		21,132		1.14
Health Care Providers & Services
Advarra Holdings, Inc.	(6) (10)	First Lien Debt	S +	4.50%	9.35%	9/15/2031	451	441		446		0.02
Advarra Holdings, Inc.	(6) (10) (16)	First Lien Debt	S +	4.50%	9.35%	9/15/2031	—	—		—		—
DCA Investment Holdings, LLC	(6) (9)	First Lien Debt	S +	6.50%	11.01%	4/3/2028	20,337	20,063		20,109		1.08
DCA Investment Holdings, LLC	(6) (9)	First Lien Debt	S +	6.50%	11.01%	4/3/2028	1,787	1,751		1,767		0.10
Gateway US Holdings, Inc.	(6) (9) (11)	First Lien Debt	S +	5.50%	10.25%	9/22/2026	744	741		744		0.04
Gateway US Holdings, Inc.	(6) (9) (11)	First Lien Debt	S +	5.50%	10.25%	9/22/2026	210	209		210		0.01
Gateway US Holdings, Inc.	(6) (9) (11) (16)	First Lien Debt	S +	5.50%	10.25%	9/22/2026	—	—		—		—
Heartland Veterinary Partners, LLC	(6) (8)	First Lien Debt	S +	4.75%	9.70%	12/10/2026	1,833	1,824		1,833		0.10
Heartland Veterinary Partners, LLC	(6) (8)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	12/10/2027	4,102	4,054		4,090		0.22

15

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Heartland Veterinary Partners, LLC	(6) (8)	First Lien Debt	S +	4.75%	9.70%	12/10/2026	4,150	$	4,132	$	4,150	0.22	%
Heartland Veterinary Partners, LLC	(6) (8)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	12/10/2027	1,595	1,576		1,591		0.09
Heartland Veterinary Partners, LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	9.70%	12/10/2026	—	(2)		—		—
iCIMS, Inc.	(6) (9)	First Lien Debt	S +	7.25% (incl. 3.38% PIK)	12.17%	8/18/2028	7,081	6,993		7,081		0.38
iCIMS, Inc.	(6) (9) (16)	First Lien Debt	S +	7.25% (incl. 3.38% PIK)	12.17%	8/18/2028	—	—		—		—
iCIMS, Inc.	(6) (9) (16)	First Lien Debt	S +	7.25% (incl. 3.38% PIK)	12.17%	8/18/2028	14	13		14		—
Imagine 360, LLC	(6)	First Lien Debt	S +	5.00%	9.81%	10/2/2028	12,188	12,067		12,067		0.65
Imagine 360, LLC	(6) (16)	First Lien Debt	S +	5.00%	9.81%	10/2/2028	—	(8)		(8)		—
Imagine 360, LLC	(6) (16)	First Lien Debt	S +	5.00%	9.81%	10/2/2028	—	(11)		(11)		—
Intelerad Medical Systems Incorporated	(6) (8) (11)	First Lien Debt	S +	6.50%	11.90%	8/21/2026	491	483		471		0.03
Intelerad Medical Systems Incorporated	(6) (8) (11)	First Lien Debt	S +	6.50%	11.90%	8/21/2026	34	33		33		—
Invictus Buyer, LLC	(6) (9)	First Lien Debt	S +	5.00%	9.60%	6/3/2031	4,050	4,011		4,026		0.22
Invictus Buyer, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	9.60%	6/3/2031	—	(8)		(10)		—
Invictus Buyer, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	9.60%	6/3/2031	—	(6)		(4)		—
mPulse Mobile, Inc.	(6) (9)	First Lien Debt	S +	6.50%	11.20%	12/17/2027	12,019	11,875		11,981		0.65
mPulse Mobile, Inc.	(6) (9)	First Lien Debt	S +	6.50%	11.20%	12/17/2027	19,978	19,575		19,698		1.06
mPulse Mobile, Inc.	(6) (9) (16)	First Lien Debt	S +	6.50%	11.20%	12/17/2027	934	886		894		0.05
Pareto Health Intermediate Holdings, Inc.	(6) (8)	First Lien Debt	S +	6.25%	10.85%	6/1/2030	6,695	6,579		6,695		0.36
Pareto Health Intermediate Holdings, Inc.	(6) (8) (16)	First Lien Debt	S +	6.25%	10.85%	6/1/2029	—	(12)		—		—
PPV Intermediate Holdings, LLC	(6) (9)	First Lien Debt	S +	5.75%	10.81%	8/31/2029	4,346	4,204		4,325		0.23
PPV Intermediate Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.75%	10.81%	8/31/2029	9,412	9,305		9,412		0.51
Promptcare Infusion Buyer, Inc.	(6) (8)	First Lien Debt	S +	6.00%	11.02%	9/1/2027	8,912	8,813		8,763		0.47
Promptcare Infusion Buyer, Inc.	(6) (8) (16)	First Lien Debt	S +	6.00%	11.02%	9/1/2027	2,773	2,726		2,704		0.15
Stepping Stones Healthcare Services, LLC	(6) (9)	First Lien Debt	S +	5.00%	9.60%	1/2/2029	4,266	4,222		4,266		0.23
Stepping Stones Healthcare Services, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	9.60%	1/2/2029	1,082	1,062		1,069		0.06
Stepping Stones Healthcare Services, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	9.60%	12/30/2026	—	(4)		—		—
Suveto	(6) (9)	First Lien Debt	S +	4.25%	9.20%	9/9/2027	11,746	11,677		11,596		0.63
Suveto	(6) (9) (16)	First Lien Debt	S +	4.25%	9.20%	9/9/2027	697	686		680		0.04
Tivity Health, Inc.	(6) (9)	First Lien Debt	S +	5.00%	9.85%	6/28/2029	8,633	8,592		8,592		0.46
Vardiman Black Holdings, LLC	(6) (10)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.94%	3/18/2027	5,667	5,667		5,667		0.31
Vardiman Black Holdings, LLC	(6) (10) (14) (16)	First Lien Debt	S +	7.00% (incl. 2.00% PIK)	11.94%	3/18/2027	562	546		562		0.03
								154,755		155,503		8.39

16

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
Health Care Technology
Hyland Software, Inc.	(6) (7) (9)	First Lien Debt	S +	6.00%	10.85%	9/19/2030	39,358		$	38,829	$	39,359	2.12	%
Hyland Software, Inc.	(6) (9) (16)	First Lien Debt	S +	6.00%	10.85%	09/19/2029	—		(23)		—		—
Lightspeed Buyer, Inc.	(6) (8)	First Lien Debt	S +	5.25%	10.15%	02/03/2026	11,813		11,714		11,813		0.64
Lightspeed Buyer, Inc.	(6) (8)	First Lien Debt	S +	5.25%	10.15%	02/03/2026	9,834		9,745		9,834		0.53
									60,265		61,006		3.29
Industrial Conglomerates
Aptean, Inc.	(6) (7) (9)	First Lien Debt	S +	5.25%	10.10%	1/30/2031	11,133		11,032		11,062		0.60
Aptean, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	10.10%	1/30/2031	27		19		19		—
Aptean, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	10.10%	1/30/2031	—		(9)		(6)		—
Excelitas Technologies Corp.	(6) (9)	First Lien Debt	S +	5.25%	9.85%	8/13/2029	1,298		1,278		1,278		0.07
Excelitas Technologies Corp.	(6) (9)	First Lien Debt	E +	5.25%	8.60%	8/13/2029	€	238	242		261		0.01
Excelitas Technologies Corp.	(6) (9) (16)	First Lien Debt	S +	5.25%	9.85%	8/13/2029	—		(14)		(29)		—
Excelitas Technologies Corp.	(6) (9) (16)	First Lien Debt	S +	5.25%	9.85%	8/14/2028	—		(2)		(2)		—
Raptor Merger Sub Debt, LLC	(6) (7) (9)	First Lien Debt	S +	5.50%	10.10%	4/1/2029	31,988		31,252		31,988		1.73
Raptor Merger Sub Debt, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	10.10%	4/1/2029	488		432		488		0.03
									44,230		45,059		2.43
Insurance Services
Amerilife Holdings, LLC	(6) (9)	First Lien Debt	S +	5.00%	9.70%	8/31/2029	2,870		2,827		2,870		0.15
Amerilife Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	9.70%	8/31/2029	818		811		817		0.04
Amerilife Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	9.70%	8/31/2028	—		(6)		—		—
Fetch Insurance Services, LLC	(6)	Other Debt		12.75% (incl. 3.75% PIK)	12.75%	10/31/2027	2,010		1,973		1,980		0.11
Foundation Risk Partners Corp.	(6) (9)	First Lien Debt	S +	5.25%	9.92%	10/29/2030	42,208		41,727		42,031		2.27
Foundation Risk Partners Corp.	(6) (9)	First Lien Debt	S +	5.25%	9.92%	10/29/2030	9,180		9,076		9,141		0.49
Foundation Risk Partners Corp.	(6) (9) (16)	First Lien Debt	S +	5.25%	9.92%	10/29/2029	—		(63)		(28)		—
Galway Borrower, LLC	(6) (9)	First Lien Debt	S +	4.50%	9.10%	9/29/2028	30,515		30,124		30,124		1.63
Galway Borrower, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	9.10%	9/29/2028	1,554		1,531		1,501		0.08
Galway Borrower, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	9.10%	9/29/2028	581		554		541		0.03
Higginbotham Insurance Agency, Inc.	(6) (7) (8)	First Lien Debt	S +	4.50%	9.35%	11/24/2028	23,721		23,535		23,534		1.27
Higginbotham Insurance Agency, Inc.	(6) (8) (16)	First Lien Debt	S +	4.50%	9.35%	11/24/2028	1,387		1,345		1,342		0.07
High Street Buyer, Inc.	(6) (7) (9)	First Lien Debt	S +	5.25%	9.85%	4/14/2028	9,814		9,700		9,814		0.53
High Street Buyer, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	9.85%	4/14/2028	39,415		38,866		39,366		2.12
High Street Buyer, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	9.85%	4/16/2027	—		(18)		—		—
Inszone Mid, LLC	(6) (8)	First Lien Debt	S +	5.75%	10.00%	11/30/2029	4,426		4,348		4,385		0.24
Inszone Mid, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	10.00%	11/30/2029	3,961		3,868		3,901		0.21
Inszone Mid, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	10.00%	11/30/2029	—		(48)		(48)		—

17

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Inszone Mid, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	10.00%	11/30/2029	—	$	(21)	$	(15)	—	%
Integrity Marketing Acquisition, LLC	(6) (7) (9)	First Lien Debt	S +	5.00%	10.08%	8/25/2028	44,566	44,566		44,566		2.40
Integrity Marketing Acquisition, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	10.08%	8/25/2028	—	—		—		—
Long Term Care Group, Inc.	(6) (9) (14)	First Lien Debt	S +	7.00% (incl. 6.00% PIK)	11.54%	9/8/2027	5,342	5,283		4,537		0.24
Majesco	(6) (7) (8)	First Lien Debt	S +	4.75%	9.35%	9/21/2028	33,643	33,135		33,643		1.81
Majesco	(6) (8) (16)	First Lien Debt	S +	4.75%	9.35%	9/21/2027	—	(16)		—		—
Patriot Growth Insurance Services, LLC	(6) (7) (9)	First Lien Debt	S +	5.00%	9.75%	10/16/2028	61,882	61,068		61,882		3.34
Patriot Growth Insurance Services, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	9.75%	10/16/2028	748	696		748		0.04
Peter C. Foy & Associates Insurance Services, LLC	(6) (9)	First Lien Debt	S +	5.50%	10.35%	11/1/2028	20,050	19,897		20,050		1.08
Peter C. Foy & Associates Insurance Services, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	10.35%	11/1/2028	8,243	8,173		8,229		0.44
Peter C. Foy & Associates Insurance Services, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	10.35%	11/1/2027	—	(4)		—		—
RSC Acquisition, Inc.	(6) (9)	First Lien Debt	S +	4.75%	9.71%	11/1/2029	32,212	31,848		32,184		1.74
RSC Acquisition, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	9.71%	11/1/2029	3,732	3,708		3,730		0.20
Summit Acquisition, Inc.	(6) (7) (9)	First Lien Debt	S +	6.50%	11.10%	5/1/2030	7,297	7,109		7,297		0.39
Summit Acquisition, Inc.	(6) (9) (16)	First Lien Debt	S +	6.50%	11.10%	5/1/2030	—	(20)		—		—
Summit Acquisition, Inc.	(6) (9) (16)	First Lien Debt	S +	6.50%	11.10%	5/1/2029	—	(19)		—		—
World Insurance Associates, LLC	(6) (7) (8)	First Lien Debt	S +	6.00%	10.60%	4/3/2028	66,840	65,592		66,524		3.59
World Insurance Associates, LLC	(6) (8) (16)	First Lien Debt	S +	6.00%	10.60%	4/3/2028	—	(8)		(24)		—
								451,137		454,622		24.52
Interactive Media & Services
FMG Suite Holdings, LLC	(6) (8)	First Lien Debt	S +	5.50%	10.66%	10/30/2026	23,554	23,312		23,351		1.26
FMG Suite Holdings, LLC	(6) (8)	First Lien Debt	S +	5.50%	10.66%	10/30/2026	4,533	4,499		4,490		0.24
FMG Suite Holdings, LLC	(6) (8) (16)	First Lien Debt	S +	4.00%	9.10%	10/30/2026	151	133		129		0.01
Spectrio, LLC	(6) (7) (8)	First Lien Debt	S +	6.00%	11.06%	12/9/2026	31,805	31,574		30,361		1.64
Spectrio, LLC	(6) (8)	First Lien Debt	S +	6.00%	11.06%	12/9/2026	12,830	12,799		12,247		0.66
Spectrio, LLC	(6) (8)	First Lien Debt	S +	6.00%	11.06%	12/9/2026	4,036	4,007		3,853		0.21
Triple Lift, Inc.	(6) (7) (9)	First Lien Debt	S +	5.75%	10.71%	5/5/2028	27,090	26,771		25,608		1.38
Triple Lift, Inc.	(6) (9) (16)	First Lien Debt	S +	5.75%	10.71%	5/5/2028	1,533	1,492		1,315		0.07
								104,587		101,354		5.47
IT Services
Atlas Purchaser, Inc.	(7) (9)	First Lien Debt	S +	7.50% (incl. 6.50% PIK)	12.47%	5/5/2028	2,467	2,467		1,974		0.11
Atlas Purchaser, Inc.	(7) (9)	First Lien Debt	S +	7.50% (incl. 5.50% PIK)	12.47%	5/5/2028	5,727	5,728		3,436		0.19
Catalis Intermediate, Inc.	(6) (7) (9)	First Lien Debt	S +	5.50%	10.25%	8/4/2027	39,055	38,528		37,782		2.04
Catalis Intermediate, Inc.	(6) (9)	First Lien Debt	S +	5.50%	10.25%	8/4/2027	8,787	8,679		8,501		0.46

18

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Catalis Intermediate, Inc.	(6) (9) (16)	First Lien Debt	S +	5.50%	10.25%	8/4/2027	1,460	$	1,409	$	1,321	0.07	%
Donuts, Inc.	(6) (8)	First Lien Debt	S +	5.25%	10.35%	12/29/2027	24,663	24,465		24,542		1.32
GI DI Cornfield Acquisition, LLC	(6)	First Lien Debt	S +	4.50%	9.36%	3/9/2028	30,393	29,972		29,989		1.62
GI DI Cornfield Acquisition, LLC	(6) (16)	First Lien Debt	S +	4.50%	9.36%	3/9/2028	—	(107)		(208)		(0.01)
Help/Systems Holdings, Inc.	(9)	Second Lien Debt	S +	6.75%	11.70%	11/19/2027	17,500	17,500		14,700		0.79
Idera, Inc.	(6) (9)	Second Lien Debt	S +	6.75%	12.15%	3/2/2029	2,607	2,594		2,607		0.14
Recovery Point Systems, Inc.	(6) (7) (8)	First Lien Debt	S +	6.00%	11.46%	8/12/2026	40,320	40,022		40,320		2.18
Recovery Point Systems, Inc.	(6) (8) (16)	First Lien Debt	S +	6.00%	11.46%	8/12/2026	—	(25)		—		—
Redwood Services Group, LLC	(6) (9)	First Lien Debt	S +	6.25%	10.95%	6/15/2029	10,747	10,662		10,747		0.58
Redwood Services Group, LLC	(6) (9) (16)	First Lien Debt	S +	6.25%	10.95%	6/15/2029	6,374	6,273		6,344		0.34
Ridge Trail US Bidco, Inc.	(6) (8) (11)	First Lien Debt	S +	4.75%	9.35%	9/30/2031	23,976	23,617		23,617		1.27
Ridge Trail US Bidco, Inc.	(6) (8) (11) (16)	First Lien Debt	S +	4.75%	9.35%	9/30/2031	—	(62)		(62)		—
Ridge Trail US Bidco, Inc.	(6) (8) (11) (16)	First Lien Debt	S +	4.75%	9.35%	3/31/2031	413	372		372		0.02
Syntax Systems, Ltd.	(6) (9) (11)	First Lien Debt	S +	5.00%	9.96%	10/29/2028	37,484	37,244		37,271		2.01
Thrive Buyer, Inc. (Thrive Networks)	(6) (8)	First Lien Debt	S +	6.00%	10.75%	1/22/2027	22,760	22,525		22,574		1.22
Thrive Buyer, Inc. (Thrive Networks)	(6) (8)	First Lien Debt	S +	6.00%	10.75%	1/22/2027	16,783	16,622		16,629		0.90
Thrive Buyer, Inc. (Thrive Networks)	(6) (16)	First Lien Debt	P +	6.00%	14.00%	1/22/2027	1,321	1,305		1,303		0.07
UpStack, Inc.	(6) (7) (9)	First Lien Debt	S +	5.00%	10.10%	8/25/2031	9,750	9,654		9,654		0.52
UpStack, Inc.	(6) (8) (16)	First Lien Debt	S +	5.00%	10.10%	8/25/2031	—	(18)		(18)		—
UpStack, Inc.	(6) (8) (16)	First Lien Debt	S +	5.00%	10.10%	8/25/2031	—	(15)		(15)		—
Victors Purchaser, LLC	(6) (10)	First Lien Debt	S +	4.75%	9.35%	8/15/2031	5,094	5,044		5,044		0.27
Victors Purchaser, LLC	(6) (10) (16)	First Lien Debt	S +	4.75%	9.35%	8/15/2031	—	(6)		(6)		—
Victors Purchaser, LLC	(6) (10) (16)	First Lien Debt	S +	4.75%	9.35%	8/15/2031	—	(7)		(7)		—
								304,442		298,411		16.10
Life Sciences Tools & Services
Model N, Inc.	(6) (9)	First Lien Debt	S +	5.00%	9.64%	6/27/2031	11,964	11,848		11,964		0.65
Model N, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	9.64%	6/27/2031	—	(16)		—		—
Model N, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	9.64%	6/27/2031	—	(17)		—		—
								11,815		11,964		0.65
Machinery
Answer Acquisition, LLC	(6) (8)	First Lien Debt	S +	5.75%	10.50%	12/30/2026	13,428	13,274		13,306		0.72
Answer Acquisition, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	10.50%	12/30/2026	—	(12)		(11)		—
Chase Intermediate, LLC	(6) (16)	First Lien Debt	S +	5.25%	9.90%	10/30/2028	4,314	4,210		4,262		0.23
Chase Intermediate, LLC	(6) (16)	First Lien Debt	S +	5.25%	9.90%	10/30/2028	—	(8)		—		—
MHE Intermediate Holdings, LLC	(6) (7) (8)	First Lien Debt	S +	6.00%	11.45%	7/21/2027	11,731	11,600		11,725		0.63
MHE Intermediate Holdings, LLC	(6) (8)	First Lien Debt	S +	6.00%	11.45%	7/21/2027	3,645	3,605		3,643		0.20

19

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
MHE Intermediate Holdings, LLC	(6) (8) (16)	First Lien Debt	S +	6.00%	11.45%	7/21/2027	—	$	(23)	$	(2)	—	%
								32,646		32,923		1.78
Multi-Utilities
AWP Group Holdings, Inc.	(6) (7) (8)	First Lien Debt	S +	4.75%	9.60%	12/23/2030	7,442	7,217		7,436		0.40
AWP Group Holdings, Inc.	(6) (8) (16)	First Lien Debt	S +	4.75%	9.60%	12/23/2030	—	(17)		(3)		—
AWP Group Holdings, Inc.	(6) (8) (16)	First Lien Debt	S +	4.75%	9.60%	12/23/2030	—	(14)		(1)		—
Vessco Midco Holdings, LLC	(6) (9)	First Lien Debt	S +	5.25%	10.22%	7/24/2031	11,199	11,090		11,090		0.60
Vessco Midco Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	10.22%	7/24/2031	548	529		529		0.03
Vessco Midco Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	10.22%	7/24/2031	—	(12)		(12)		—
								18,793		19,039		1.03
Pharmaceuticals
Caerus US 1, Inc.	(6) (9) (11)	First Lien Debt	S +	5.00%	9.60%	5/25/2029	10,954	10,785		10,342		0.56
Caerus US 1, Inc.	(6) (9) (11) (16)	First Lien Debt	S +	5.00%	9.60%	5/25/2029	707	690		618		0.03
Caerus US 1, Inc.	(6) (9) (11) (16)	First Lien Debt	S +	5.00%	9.60%	5/25/2029	549	532		483		0.03
								12,007		11,443		0.62
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (7) (8)	First Lien Debt	S +	6.25%	11.17%	3/10/2027	9,130	9,033		8,760		0.47
Abacus Data Holdings, Inc. (AbacusNext)	(6) (8) (16)	First Lien Debt	S +	6.25%	11.17%	3/10/2027	—	(13)		(57)		—
Ascend Partner Services, LLC	(6)	First Lien Debt	S +	4.50%	9.35%	8/11/2031	4,899	4,851		4,851		0.26
Ascend Partner Services, LLC	(6) (16)	First Lien Debt	S +	4.50%	9.35%	8/11/2031	—	(41)		(41)		—
Ascend Partner Services, LLC	(6) (16)	First Lien Debt	S +	4.50%	9.35%	8/11/2031	—	(16)		(16)		—
Bridgepointe Technologies, LLC	(6) (8)	First Lien Debt	S +	5.00%	9.60%	12/31/2027	17,099	16,679		16,872		0.91
Bridgepointe Technologies, LLC	(6) (8) (16)	First Lien Debt	S +	5.00%	9.60%	12/31/2027	14,735	14,297		14,524		0.78
Bullhorn, Inc.	(6) (8)	First Lien Debt	S +	5.00%	9.85%	10/1/2029	15,407	15,309		15,407		0.83
Bullhorn, Inc.	(6) (8)	First Lien Debt	S +	5.00%	9.85%	10/1/2029	1,919	1,908		1,919		0.10
Bullhorn, Inc.	(6) (8) (16)	First Lien Debt	S +	5.00%	9.85%	10/1/2029	—	(5)		—		—
Citrin Cooperman Advisors, LLC	(6) (9)	First Lien Debt	S +	5.00%	10.32%	10/1/2027	24,321	24,006		24,321		1.31
Citrin Cooperman Advisors, LLC	(6) (9)	First Lien Debt	S +	5.00%	10.32%	10/1/2027	12,126	11,926		12,126		0.65
ComPsych Investment Corp.	(6) (9)	First Lien Debt	S +	4.75%	10.03%	7/22/2031	13,973	13,905		13,905		0.75
ComPsych Investment Corp.	(6) (9) (16)	First Lien Debt	S +	4.75%	10.03%	7/22/2031	—	(10)		(10)		—
GPS Merger Sub, LLC	(6) (7) (8)	First Lien Debt	S +	6.00%	10.85%	10/2/2029	4,890	4,804		4,853		0.26
GPS Merger Sub, LLC	(6) (8) (16)	First Lien Debt	S +	6.00%	10.85%	10/2/2029	—	(11)		(10)		—
GPS Merger Sub, LLC	(6) (8) (16)	First Lien Debt	S +	6.00%	10.85%	10/2/2029	—	(17)		(8)		—
KENG Acquisition, Inc.	(6) (8)	First Lien Debt	S +	5.00%	9.85%	8/1/2029	3,197	3,128		3,184		0.17
KENG Acquisition, Inc.	(6) (8) (16)	First Lien Debt	S +	5.00%	9.85%	8/1/2029	1,088	1,040		1,068		0.06
KENG Acquisition, Inc.	(6) (8) (16)	First Lien Debt	S +	5.00%	9.85%	8/1/2029	—	(18)		(4)		—

20

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
KWOR Acquisition, Inc.	(6) (8) (15)	First Lien Debt	P +	4.25%	12.25%	12/22/2028	5,299	$	5,224	$	4,553	0.25	%
KWOR Acquisition, Inc.	(6) (8) (15)	First Lien Debt	P +	4.25%	12.25%	12/22/2028	1,292	1,272		1,110		0.06
KWOR Acquisition, Inc.	(6) (8) (15)	First Lien Debt	P +	4.25%	12.25%	12/22/2027	122	121		105		0.01
Project Boost Purchaser, LLC	(6) (9)	First Lien Debt	S +	5.25%	10.31%	5/2/2029	5,625	5,585		5,625		0.30
Project Boost Purchaser, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	10.31%	5/2/2028	105	102		105		0.01
Verdantas, LLC	(6) (9)	First Lien Debt	S +	5.25%	10.37%	5/6/2031	16,450	16,213		16,230		0.88
Verdantas, LLC	(6) (9)	First Lien Debt	S +	5.25%	10.37%	5/6/2031	695	682		685		0.04
Verdantas, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	10.37%	5/6/2030	—	(25)		(24)		—
								149,929		150,033		8.09
Real Estate Management & Development
Associations, Inc.	(6) (8)	First Lien Debt	S +	6.50%	12.00%	7/3/2028	10,921	10,911		10,903		0.59
Associations, Inc.	(6) (8) (16)	First Lien Debt	S +	6.50%	12.00%	7/3/2028	—	(1)		(1)		—
Associations, Inc.	(6) (8) (16)	First Lien Debt	S +	6.50%	12.00%	7/3/2028	—	(1)		(1)		—
MRI Software, LLC	(6) (7) (8)	First Lien Debt	S +	4.75%	9.35%	2/10/2027	58,802	58,473		58,637		3.16
MRI Software, LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	9.35%	2/10/2027	86	86		86		—
MRI Software, LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	9.35%	2/10/2027	—	(9)		(6)		—
Pritchard Industries, LLC	(6) (9)	First Lien Debt	S +	5.75%	11.01%	10/13/2027	25,080	24,793		24,692		1.33
Pritchard Industries, LLC	(6) (9)	First Lien Debt	S +	5.75%	11.01%	10/13/2027	5,997	5,925		5,904		0.32
Zarya Intermediate, LLC	(6) (8) (11)	First Lien Debt	S +	6.50%	11.56%	7/1/2027	35,231	35,231		35,108		1.89
Zarya Intermediate, LLC	(6) (8) (11) (16)	First Lien Debt	S +	6.50%	11.56%	7/1/2027	—	—		(13)		—
								135,408		135,309		7.30
Software
Alert Media, Inc.	(6) (8)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.05%	4/12/2027	19,751	19,561		19,460		1.05
Alert Media, Inc.	(6) (8) (16)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)	11.05%	4/12/2027	—	(33)		(60)		—
Anaplan, Inc.	(6) (9)	First Lien Debt	S +	5.25%	9.85%	6/21/2029	33,040	32,600		32,782		1.77
Appfire Technologies, LLC	(6) (8)	First Lien Debt	S +	4.75%	9.35%	3/9/2028	20,059	19,987		20,060		1.08
Appfire Technologies, LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	9.35%	3/9/2028	361	333		361		0.02
Appfire Technologies, LLC	(6) (16)	First Lien Debt	P +	3.75%	11.75%	3/9/2028	—	(1)		—		—
Artifact Bidco, Inc.	(6)	First Lien Debt	S +	4.50%	9.10%	7/1/2031	31,700	31,388		31,700		1.71
Artifact Bidco, Inc.	(6) (16)	First Lien Debt	S +	4.50%	9.10%	7/1/2031	—	(38)		—		—
Artifact Bidco, Inc.	(6) (16)	First Lien Debt	S +	4.50%	9.10%	7/1/2030	—	(54)		—		—
AuditBoard	(6)	First Lien Debt	S +	4.75%	9.35%	7/12/2031	22,200	21,983		21,983		1.19
AuditBoard	(6) (16)	First Lien Debt	S +	4.75%	9.35%	7/12/2031	—	(51)		(51)		—
AuditBoard	(6) (16)	First Lien Debt	S +	4.75%	9.35%	7/12/2031	—	(41)		(41)		—
Bottomline Technologies, Inc.	(6) (9)	First Lien Debt	S +	5.75%	10.17%	5/14/2029	3,665	3,610		3,662		0.20

21

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Bottomline Technologies, Inc.	(6) (9) (16)	First Lien Debt	S +	5.75%	10.17%	5/15/2028	—	$	(3)	$	—	—	%
CLEO Communications Holding, LLC	(6) (7) (8)	First Lien Debt	S +	5.50%	10.46%	6/9/2027	39,798	39,593		39,798		2.15
CLEO Communications Holding, LLC	(6) (8) (16)	First Lien Debt	S +	5.50%	10.46%	6/9/2027	—	(56)		—		—
Coupa Holdings, LLC	(6) (9)	First Lien Debt	S +	5.50%	10.75%	2/27/2030	2,258	2,211		2,238		0.12
Coupa Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	10.75%	2/27/2030	—	(10)		(10)		—
Coupa Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	10.75%	2/27/2029	—	(15)		(8)		—
Cyara AcquisitionCo, LLC	(6) (8)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.35%	6/28/2029	5,798	5,682		5,766		0.31
Cyara AcquisitionCo, LLC	(6) (8) (16)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	10.35%	6/28/2029	—	(7)		(2)		—
Diligent Corporation	(6) (9)	First Lien Debt	S +	5.00%	10.09%	8/2/2030	28,138	27,937		28,039		1.51
Diligent Corporation	(6) (9) (16)	First Lien Debt	S +	5.00%	10.09%	8/2/2030	—	(29)		(14)		—
Diligent Corporation	(6) (9) (16)	First Lien Debt	S +	5.00%	10.09%	8/2/2030	—	(19)		(10)		—
E-Discovery AcquireCo, LLC	(6) (8)	First Lien Debt	S +	6.50%	11.49%	8/29/2029	19,505	19,104		19,380		1.05
E-Discovery AcquireCo, LLC	(6) (8) (16)	First Lien Debt	S +	6.50%	11.49%	8/29/2029	—	(33)		(10)		—
Everbridge Holdings, LLC	(6) (9)	First Lien Debt	S +	5.00%	10.33%	7/2/2031	39,380	39,188		39,188		2.11
Everbridge Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	10.33%	7/2/2031	4,373	4,336		4,336		0.23
Everbridge Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	10.33%	7/2/2031	—	(22)		(22)		—
Formstack Acquisition Co	(6) (8)	First Lien Debt	S +	5.50%	10.10%	3/28/2030	10,917	10,764		10,819		0.58
Formstack Acquisition Co	(6) (8) (16)	First Lien Debt	S +	5.50%	10.10%	3/28/2030	1,096	1,058		1,056		0.06
Formstack Acquisition Co	(6) (8) (16)	First Lien Debt	S +	5.50%	10.10%	3/28/2030	—	(30)		(20)		—
Fullsteam Operations, LLC	(6) (8)	First Lien Debt	S +	8.25%	13.46%	11/27/2029	10,860	10,566		10,860		0.59
Fullsteam Operations, LLC	(6) (8) (16)	First Lien Debt	S +	8.25%	13.46%	11/27/2029	4,650	4,482		4,650		0.25
Fullsteam Operations, LLC	(6) (8) (16)	First Lien Debt	S +	8.25%	13.46%	11/27/2029	—	(16)		—		—
Granicus, Inc.	(6) (9)	First Lien Debt	S +	5.25% (incl. 2.25% PIK)	10.10%	1/17/2031	12,832	12,716		12,832		0.69
Granicus, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25% (incl. 2.25% PIK)	10.10%	1/17/2031	6,945	6,876		6,870		0.37
Granicus, Inc.	(6) (16)	First Lien Debt	P +	4.25%	12.25%	1/17/2031	—	(16)		—		—
GS AcquisitionCo, Inc.	(6) (7) (8)	First Lien Debt	S +	5.25%	9.85%	5/25/2028	74,743	74,349		74,743		4.03
GS AcquisitionCo, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	9.85%	5/25/2028	—	—		—		—
GS AcquisitionCo, Inc.	(6) (8) (16)	First Lien Debt	S +	5.25%	9.85%	5/25/2028	320	306		320		0.02
Hootsuite Inc.	(6) (11)	First Lien Debt	S +	5.50%	10.19%	5/22/2030	22,444	22,122		22,134		1.19
Hootsuite Inc.	(6) (11) (16)	First Lien Debt	S +	5.50%	10.19%	5/22/2030	—	(35)		(35)		—
Icefall Parent, Inc.	(6) (8)	First Lien Debt	S +	6.50%	11.35%	1/25/2030	5,323	5,225		5,212		0.28
Icefall Parent, Inc.	(6) (8) (16)	First Lien Debt	S +	6.50%	11.35%	1/25/2030	—	(9)		(11)		—
Kaseya, Inc.	(6) (9)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	10.75%	6/25/2029	14,364	14,208		14,364		0.77

22

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Kaseya, Inc.	(6) (9) (16)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	10.75%	6/25/2029	220	$	215	$	220	0.01	%
Kaseya, Inc.	(6) (9) (16)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	10.75%	6/25/2029	216	208		216		0.01
LegitScript, LLC	(6) (9)	First Lien Debt	S +	5.75%	10.60%	6/24/2029	26,367	25,976		26,367		1.42
LegitScript, LLC	(6) (9)	First Lien Debt	S +	5.75%	10.60%	6/24/2029	697	687		697		0.04
LegitScript, LLC	(6) (9) (16)	First Lien Debt	S +	5.75%	10.60%	6/24/2028	1,333	1,282		1,333		0.07
LogRhythm, Inc.	(6) (8)	First Lien Debt	S +	7.50%	12.10%	7/2/2029	9,091	8,828		8,828		0.48
LogRhythm, Inc.	(6) (8) (16)	First Lien Debt	S +	7.50%	12.10%	7/2/2029	—	(26)		(26)		—
Montana Buyer, Inc.	(6) (9)	First Lien Debt	S +	5.00%	9.85%	7/22/2029	8,533	8,471		8,533		0.46
Montana Buyer, Inc.	(6) (16)	First Lien Debt	P +	4.00%	12.00%	7/22/2028	139	133		139		0.01
Nasuni Corporation	(6) (9)	First Lien Debt	S +	5.75%	10.69%	9/10/2030	14,483	14,267		14,267		0.77
Nasuni Corporation	(6) (9) (16)	First Lien Debt	S +	5.75%	10.69%	9/10/2030	—	(45)		(45)		—
Netwrix Corporation And Concept Searching, Inc.	(6) (9)	First Lien Debt	S +	5.50%	10.56%	6/11/2029	6,919	6,868		6,912		0.37
Netwrix Corporation And Concept Searching, Inc.	(6) (9) (16)	First Lien Debt	S +	5.50%	10.56%	6/11/2029	—	(3)		—		—
Oak Purchaser, Inc.	(6) (9)	First Lien Debt	S +	5.50%	9.75%	4/28/2028	3,336	3,307		3,300		0.18
Oak Purchaser, Inc.	(6) (9) (16)	First Lien Debt	S +	5.50%	9.75%	4/28/2028	1,861	1,841		1,830		0.10
Oak Purchaser, Inc.	(6) (9) (16)	First Lien Debt	S +	5.50%	9.75%	4/28/2028	—	(2)		(4)		—
Pound Bidco, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	6.00%	11.35%	2/1/2027	21,398	21,216		21,341		1.15
Pound Bidco, Inc.	(6) (8) (11) (16)	First Lien Debt	S +	6.00%	11.35%	2/1/2027	333	333		327		0.02
Pound Bidco, Inc.	(6) (7) (8) (11) (16)	First Lien Debt	S +	6.00%	11.35%	2/1/2027	150	141		147		0.01
Project Leopard Holdings, Inc.	(10) (11)	First Lien Debt	S +	5.25%	10.60%	7/20/2029	6,170	5,842		5,516		0.30
Reorganized Mobileum Acquisition Co, LLC	(6)	First Lien Debt	S +	6.00% (incl. 5.00% PIK)	10.95%	11/9/2029	184	184		184		0.01
Revalize, Inc.	(6) (8)	First Lien Debt	S +	5.75%	10.50%	4/15/2027	19,307	19,249		18,130		0.98
Revalize, Inc.	(6) (8) (16)	First Lien Debt	S +	5.75%	10.50%	4/15/2027	39	39		35		—
Riskonnect Parent, LLC	(6) (9)	First Lien Debt	S +	5.50%	10.12%	12/7/2028	5,694	5,595		5,628		0.30
Riskonnect Parent, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	10.12%	12/7/2028	4,197	4,109		4,134		0.22
Riskonnect Parent, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	10.12%	12/7/2028	—	(16)		(11)		—
Securonix, Inc.	(6) (9)	First Lien Debt	S +	7.00%	12.32%	4/5/2028	21,010	20,768		19,027		1.03
Securonix, Inc.	(6) (9) (16)	First Lien Debt	S +	7.00%	12.32%	4/5/2028	85	47		(272)		(0.01)
Trunk Acquisition, Inc.	(6) (8)	First Lien Debt	S +	5.75%	10.50%	2/19/2027	8,891	8,845		8,822		0.48
Trunk Acquisition, Inc.	(6) (8) (16)	First Lien Debt	S +	5.75%	10.50%	2/19/2026	—	(3)		(7)		—
User Zoom Technologies, Inc.	(6) (9)	First Lien Debt	S +	7.00%	12.25%	4/5/2029	38,689	38,121		38,689		2.09
								626,144		626,576		33.80
Wireless Telecommunication Services

23

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Mobile Communications America, Inc.	(6) (7) (8)	First Lien Debt	S +	5.50%	10.26%	10/16/2029	5,910	$	5,832	$	5,910	0.32	%
Mobile Communications America, Inc.	(6) (8) (16)	First Lien Debt	S +	5.50%	10.26%	10/16/2029	258	244		258		0.01
Mobile Communications America, Inc.	(6) (8) (16)	First Lien Debt	S +	5.50%	10.26%	10/16/2029	—	(12)		—		—
								6,064		6,168		0.33
Total Debt Investments								$	3,609,111	$	3,585,185	193.40	%

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Equity Investments
Aerospace & Defense
PCX Holding Corp.	(6) (12) (13)	Common Equity			4/22/2021	6,538	$	654	$	515	0.03	%
							654		515		0.03
Automobile Components
Shelby Co-invest, LP (Spectrum Automotive)	(6) (12) (13)	Common Equity			6/29/2021	8,500	850		1,394		0.08
							850		1,394		0.08
Commercial Services & Supplies
Encore Holdings, LLC	(6) (12) (13)	Common Equity			11/23/2021	3,013	396		1,077		0.06
Procure Acquiom Financial, LLC (Procure Analytics)	(6) (12) (13)	Common Equity			12/20/2021	1,000,000	1,000		1,350		0.07
Surewerx Topco, LP	(6) (11) (12) (13)	Common Equity			12/28/2022	512	512		679		0.04
							1,908		3,106		0.17
Containers & Packaging
BP Purchaser, LLC	(6) (12) (13)	Common Equity			12/10/2021	1,383,156	1,379		738		0.04
BP Purchaser, LLC Rights	(6) (12) (13)	Common Equity			3/12/2024	1,666,989	75		83		0.00
FORTIS Solutions Group, LLC	(6) (12)	Preferred Equity		12.25%	6/24/2022	1,000,000	1,295		980		0.05
							2,749		1,801		0.10
Diversified Consumer Services
LUV Car Wash	(6) (12) (13)	Common Equity			4/6/2022	123	123		81		0.00
Eclipse Topco, Inc.	(6) (12)	Preferred Equity		12.50% PIK	9/5/2024	120	1,175		1,175		0.06
							1,298		1,256		0.07
Food Products
Pet Holdings, Inc. (Brightpet)	(6) (12) (13)	Common Equity			3/22/2021	17,543	2,013		1,367		0.07
							2,013		1,367		0.07
Health Care Providers & Services
mPulse Mobile, Inc.	(6) (12) (13)	Common Equity			12/17/2021	165,761	1,220		1,338		0.07
SDB Holdco, LLC	(6) (12) (13)	Common Equity			3/29/2024	5,460,555	—		—		0.00

24

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Suveto Buyer, LLC	(6) (11) (12) (13)	Common Equity			11/19/2021	19,257	$	1,926	$	1,859	0.10	%
Vardiman Black Holdings, LLC	(6) (12)	Preferred Equity		6.00% PIK	3/29/2024	2,649,446	1,768		1,166		0.06
							4,914		4,363		0.24
Insurance Services
Amerilife Holdings, LLC	(6) (12) (13)	Common Equity			9/1/2022	908	25		47		0.00
Frisbee Holdings, LP (Fetch)	(6) (12) (13)	Common Equity			10/31/2022	21,744	277		307		0.02
Integrity Marketing Acquisition, LLC	(6) (12)	Preferred Equity		10.50%	12/21/2021	3,250,000	4,285		4,193		0.23
							4,587		4,547		0.25
IT Services
CSC Thrive Holdings, LP (Thrive Networks)	(6) (12) (13)	Common Equity			3/1/2021	162,309	421		841		0.05
Help HP SCF Investor, LP (Help/Systems)	(11) (12) (13)	Common Equity			5/12/2021	9,619,564	12,460		15,584		0.84
Recovery Point Systems, Inc.	(6) (12) (13)	Common Equity			3/5/2021	1,000,000	1,000		570		0.03
							13,881		16,995		0.92
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (12) (13)	Common Equity			2/9/2024	67,388	2,981		1,368		0.07
Verdantas, LLC	(6) (12) (13)	Common Equity			5/3/2024	4,780	5		6		0.00
Verdantas, LLC	(6) (12)	Preferred Equity		10.00%	5/3/2024	473,220	473		563		0.03
							3,459		1,937		0.10
Real Estate Management & Development
Pritchard Industries, LLC	(6) (12) (13)	Common Equity			10/13/2021	1,882,739	1,938		1,676		0.09
							1,938		1,676		0.09
Software
Diligent Corporation	(6) (12)	Preferred Equity		10.50%	4/5/2021	5,000	6,674		7,105		0.38
Fullsteam Operations, LLC	(6) (12) (13)	Common Equity			11/27/2023	2,966	100		161		0.01
Knockout Intermediate Holdings I, Inc.	(6) (12)	Preferred Equity		11.75%	6/25/2022	2,790	3,465		3,624		0.20
Reorganized Mobileum Grandparent, LLC	(6) (12) (13)	Common Equity			9/12/2024	25,375	—		—		0.00
Revalize, Inc.	(6) (12)	Preferred Equity	S +	10.00%	12/14/2021	2,255	3,073		3,127		0.17
Reveal Data Solutions	(6) (12) (13)	Common Equity			8/29/2023	477,846	621		769		0.04
RSK Holdings, Inc. (Riskonnect)	(6) (12)	Preferred Equity	S +	10.50%	7/7/2022	1,012,200	1,323		1,396		0.08
							15,256		16,182		0.87
Total Equity Investments							$	53,507	$	55,139	2.97	%
Total Portfolio Investments							$	3,662,618	$	3,640,324	196.38	%
Cash and Cash Equivalents
J.P. Morgan US Government Money Market Fund							$	9,139	$	9,139	0.49	%
Cash							81,289		81,289		4.39

25

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1) (2)	Footnotes	Investment	Reference Rate and Spread	Acquisition Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Total Cash and Cash Equivalents						$	90,428	$	90,428	4.88	%
Total Portfolio Investments, Cash and Cash Equivalents						$	3,753,046	$	3,730,752	201.26	%

Interest Rate Swaps(a)(b)(c)

Counterparty

Hedged Instrument

Company Receives

Company Pays

Maturity Date

Notional Amount

Fair Value

Upfront Payments/Receipts

Change in Unrealized Appreciation/(Depreciation)

BNP Paribas

2029 Notes

6.41%

S + 2.37%

5/17/2029

$

350,000

$

11,131

$

—

$

11,131

(a)	Contains a variable rate structure. Bears interest at a rate determined by SOFR.
(b)	Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense.
(c)	For further details, see Note 6 “Debt” to our consolidated financial statements included in this report.

26

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

(1)	Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of September 30, 2024 the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of September 30, 2024, the Company is not an “affiliated person” of any of its portfolio companies.
(2)	Unless otherwise indicated, the Company’s investments are pledged as collateral supporting the amounts outstanding under the Truist Credit Facility (as defined below). See Note 6 “Debt”.
(3)	Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR ("E") or SOFR ("S") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2024. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at September 30, 2024. As of September 30, 2024, the reference rates for our variable rate loans were the 3-month E at 3.28%, 1-month S at 4.85%, 3-month S at 4.59%, 6-month S at 4.25% and the P at 8.00%.
(4)	Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound (“GBP”), or Canadian dollar ("CAD").
(5)	The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(6)	These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company's Valuation Designee, under the supervision of the Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(7)	Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”.
(8)	Loan includes interest rate floor of 1.00%.
(9)	Loan includes interest rate floor of 0.75%.
(10)	Loan includes interest rate floor of 0.50%.
(11)	The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2024, non-qualifying assets represented 7.51% of total assets as calculated in accordance with regulatory requirements.
(12)	Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of September 30, 2024, the aggregate fair value of these securities is $55,139 or 2.97% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(13)	Non-income producing security.
(14)	The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".
(15)	Investment was on non-accrual status as of September 30, 2024.

(16) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of September 30, 2024:

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
48Forty Solutions, LLC	Revolver	11/30/2026	$	461	$	(55)
ARI Network Services, Inc.	Revolver	8/28/2026	1,841		(8)
AWP Group Holdings, Inc.	Delayed Draw Term Loan	8/23/2026	837		(1)
AWP Group Holdings, Inc.	Delayed Draw Term Loan	8/23/2026	2,000		(2)
AWP Group Holdings, Inc.	Revolver	12/23/2030	790		(1)
Abacus Data Holdings, Inc. (AbacusNext)	Revolver	3/10/2027	1,400		(57)
Advarra Holdings, Inc.	Delayed Draw Term Loan	9/13/2026	41		—

27

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Alert Media, Inc.	Revolver	4/12/2027	$	3,043	$	(60)
Amerilife Holdings, LLC	Delayed Draw Term Loan	6/17/2026	1,776		—
Amerilife Holdings, LLC	Revolver	8/31/2028	437		—
Answer Acquisition, LLC	Revolver	12/30/2026	1,249		(11)
Any Hour, LLC	Delayed Draw Term Loan	5/23/2026	6,255		(98)
Any Hour, LLC	Revolver	5/23/2030	2,355		(37)
Apex Service Partners, LLC	Revolver	10/24/2029	1,320		(6)
Appfire Technologies, LLC	Delayed Draw Term Loan	3/31/2025	670		—
Appfire Technologies, LLC	Delayed Draw Term Loan	3/31/2025	4,005		—
Appfire Technologies, LLC	Revolver	3/9/2028	167		—
Applitools, Inc.	Revolver	5/25/2028	433		(4)
Aptean, Inc.	Delayed Draw Term Loan	1/30/2026	1,341		(9)
Aptean, Inc.	Revolver	1/30/2031	984		(6)
Arcoro Holdings Corp.	Revolver	3/28/2030	1,957		(20)
Artifact Bidco, Inc.	Delayed Draw Term Loan	5/22/2027	7,759		—
Artifact Bidco, Inc.	Revolver	7/26/2030	5,542		—
Ascend Partner Services, LLC	Delayed Draw Term Loan	8/9/2026	8,418		(41)
Ascend Partner Services, LLC	Revolver	8/11/2031	1,684		(16)
Assembly Intermediate, LLC	Delayed Draw Term Loan	10/19/2025	1,556		—
Assembly Intermediate, LLC	Revolver	10/19/2027	2,074		—
Associations, Inc.	Delayed Draw Term Loan	7/3/2028	846		(1)
Associations, Inc.	Revolver	7/3/2028	678		(1)
Atlas Us Finco, Inc.	Revolver	12/9/2028	186		—
AuditBoard	Delayed Draw Term Loan	7/12/2026	10,571		(51)
AuditBoard	Revolver	7/12/2031	4,229		(41)
Avalara, Inc.	Revolver	10/19/2028	1,040		—
Bottomline Technologies, Inc.	Revolver	5/15/2028	267		—
Bradyifs Holdings, LLC	Delayed Draw Term Loan	10/31/2025	234		—
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	6/3/2026	2,173		(17)
Bullhorn, Inc.	Delayed Draw Term Loan	5/11/2026	386		—
Bullhorn, Inc.	Revolver	10/1/2029	717		—
CLEO Communications Holding, LLC	Revolver	6/9/2027	12,502		—
COP Collisionright Parent, LLC	Delayed Draw Term Loan	1/29/2026	2,543		(37)
COP Collisionright Parent, LLC	Revolver	1/29/2030	884		(13)
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	8/27/2026	2,471		(12)
CRCI Longhorn Holdings, Inc.	Revolver	8/27/2031	824		(8)
Caerus US 1, Inc.	Delayed Draw Term Loan	10/28/2024	893		(50)

28

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Caerus US 1, Inc.	Revolver	5/25/2029	$	622	$	(35)
Catalis Intermediate, Inc.	Revolver	8/4/2027	2,778		(91)
Cerity Partners, LLC	Delayed Draw Term Loan	6/7/2026	2,062		—
Cerity Partners, LLC	Revolver	7/30/2029	236		—
Chase Intermediate, LLC	Delayed Draw Term Loan	8/31/2025	6,276		(31)
Chase Intermediate, LLC	Revolver	10/30/2028	530		—
Citrin Cooperman Advisors, LLC	Delayed Draw Term Loan	12/13/2025	4,395		—
ComPsych Investment Corp.	Delayed Draw Term Loan	7/23/2027	4,000		(10)
Consor Intermediate II, LLC	Delayed Draw Term Loan	5/10/2026	4,577		(39)
Consor Intermediate II, LLC	Revolver	5/12/2031	1,220		(10)
Coupa Holdings, LLC	Delayed Draw Term Loan	8/27/2025	1,085		(10)
Coupa Holdings, LLC	Revolver	2/27/2029	831		(8)
Cyara AcquisitionCo, LLC	Revolver	6/28/2029	313		(2)
Diligent Corporation	Delayed Draw Term Loan	4/30/2026	4,118		(14)
Diligent Corporation	Revolver	8/2/2030	2,745		(10)
Drivecentric Holdings, LLC	Revolver	8/15/2031	3,529		(35)
Dwyer Instruments, Inc.	Delayed Draw Term Loan	12/22/2025	2,954		(19)
Dwyer Instruments, Inc.	Revolver	7/21/2027	1,014		(4)
E-Discovery AcquireCo, LLC	Revolver	8/29/2029	1,618		(10)
EVDR Purchaser, Inc.	Delayed Draw Term Loan	8/14/2025	5,881		—
EVDR Purchaser, Inc.	Revolver	2/14/2031	3,528		—
Eclipse Buyer, Inc.	Delayed Draw Term Loan	9/6/2026	719		(3)
Eclipse Buyer, Inc.	Revolver	9/6/2031	365		(4)
Encore Holdings, LLC	Delayed Draw Term Loan	3/28/2026	1,926		(31)
Encore Holdings, LLC	Revolver	11/23/2027	539		(4)
Energy Labs Holdings Corp.	Delayed Draw Term Loan	5/24/2026	636		(7)
Energy Labs Holdings Corp.	Revolver	4/7/2028	222		(3)
Essential Services Holding Corporation	Delayed Draw Term Loan	6/17/2026	4,773		(26)
Essential Services Holding Corporation	Revolver	6/17/2030	2,983		(16)
Everbridge Holdings, LLC	Delayed Draw Term Loan	7/2/2026	6,783		(23)
Everbridge Holdings, LLC	Revolver	7/2/2031	4,463		(21)
Excelitas Technologies Corp.	Delayed Draw Term Loan	5/1/2025	44		(1)
Excelitas Technologies Corp.	Delayed Draw Term Loan	5/1/2025	2,000		(28)
Excelitas Technologies Corp.	Revolver	8/14/2028	131		(2)
FLS Holding, Inc.	Revolver	12/17/2027	901		(72)
FMG Suite Holdings, LLC	Revolver	10/30/2026	2,168		(21)
FORTIS Solutions Group, LLC	Delayed Draw Term Loan	6/24/2025	734		—

29

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
FORTIS Solutions Group, LLC	Revolver	10/15/2027	$	1,979	$	—
Formstack Acquisition Co	Delayed Draw Term Loan	3/30/2026	3,273		(29)
Formstack Acquisition Co	Revolver	3/28/2030	2,188		(20)
Foundation Risk Partners Corp.	Revolver	10/29/2029	6,709		(28)
Fullsteam Operations, LLC	Delayed Draw Term Loan	11/27/2025	170		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	8/25/2025	116		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	2/23/2026	4,500		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	11/27/2025	1,125		—
Fullsteam Operations, LLC	Revolver	11/27/2029	608		—
GC Waves Holdings, Inc.	Delayed Draw Term Loan	12/31/2024	3,863		(25)
GC Waves Holdings, Inc.	Revolver	8/10/2029	331		(2)
GI DI Cornfield Acquisition, LLC	Delayed Draw Term Loan	5/31/2026	15,667		(208)
GPS Merger Sub, LLC	Delayed Draw Term Loan	10/2/2025	1,274		(10)
GPS Merger Sub, LLC	Revolver	10/2/2029	1,019		(8)
GS AcquisitionCo, Inc.	Delayed Draw Term Loan	3/26/2026	66		—
GS AcquisitionCo, Inc.	Revolver	5/25/2028	2,149		—
Galway Borrower, LLC	Delayed Draw Term Loan	4/28/2025	1,280		(23)
Galway Borrower, LLC	Delayed Draw Term Loan	4/28/2025	126		(2)
Galway Borrower, LLC	Revolver	9/29/2028	1,633		(29)
Gateway US Holdings, Inc.	Revolver	9/22/2026	30		—
Granicus, Inc.	Delayed Draw Term Loan	8/2/2026	1,955		(16)
Granicus, Inc.	Revolver	1/17/2031	1,800		—
GraphPad Software, LLC	Delayed Draw Term Loan	6/28/2026	7,184		—
GraphPad Software, LLC	Revolver	6/30/2031	2,993		—
Ground Penetrating Radar Systems, LLC	Delayed Draw Term Loan	4/2/2027	7,733		(66)
Ground Penetrating Radar Systems, LLC	Revolver	4/2/2031	2,214		(19)
HSI Halo Acquisition, Inc.	Delayed Draw Term Loan	6/28/2026	2,685		—
HSI Halo Acquisition, Inc.	Revolver	6/28/2030	2,165		—
Heartland Veterinary Partners, LLC	Revolver	12/10/2026	375		—
Helios Service Partners, LLC	Delayed Draw Term Loan	2/10/2025	2,408		(3)
Helios Service Partners, LLC	Delayed Draw Term Loan	2/10/2025	3,473		(32)
Helios Service Partners, LLC	Revolver	3/19/2027	1,032		(1)
Hercules Borrower, LLC	Delayed Draw Term Loan	4/5/2026	4,519		(25)
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	3/27/2026	6,578		(37)
High Street Buyer, Inc.	Delayed Draw Term Loan	3/11/2026	7,587		(49)
High Street Buyer, Inc.	Revolver	4/16/2027	2,136		—
Hootsuite Inc.	Revolver	5/22/2030	2,500		(34)

30

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Hyland Software, Inc.	Revolver	9/19/2029	$	1,879	$	—
Icefall Parent, Inc.	Revolver	1/25/2030	507		(11)
Imagine 360, LLC	Delayed Draw Term Loan	9/20/2026	1,718		(8)
Imagine 360, LLC	Revolver	10/2/2028	1,064		(10)
Inszone Mid, LLC	Delayed Draw Term Loan	11/10/2025	2,565		(24)
Inszone Mid, LLC	Delayed Draw Term Loan	7/24/2026	10,025		(48)
Inszone Mid, LLC	Revolver	11/12/2029	1,569		(15)
Integrity Marketing Acquisition, LLC	Revolver	8/25/2028	434		—
Invictus Buyer, LLC	Delayed Draw Term Loan	6/3/2026	1,688		(10)
Invictus Buyer, LLC	Revolver	6/3/2031	625		(4)
Iris Buyer, LLC	Delayed Draw Term Loan	4/2/2025	340		(3)
Iris Buyer, LLC	Revolver	10/2/2029	1,001		(8)
KENG Acquisition, Inc.	Delayed Draw Term Loan	8/1/2025	1,346		(5)
KENG Acquisition, Inc.	Delayed Draw Term Loan	7/17/2026	1,465		(10)
KENG Acquisition, Inc.	Revolver	8/1/2029	878		(4)
Kaseya, Inc.	Delayed Draw Term Loan	6/23/2025	637		—
Kaseya, Inc.	Revolver	6/25/2029	642		—
LJ Avalon Holdings, LLC	Delayed Draw Term Loan	10/1/2025	1,339		—
LJ Avalon Holdings, LLC	Revolver	2/1/2029	675		—
LeadVenture, Inc.	Delayed Draw Term Loan	8/28/2026	826		(5)
LegitScript, LLC	Revolver	6/24/2028	2,833		—
LogRhythm, Inc.	Revolver	7/2/2029	909		(26)
MAI Capital Management Intermediate, LLC	Delayed Draw Term Loan	8/29/2026	2,736		(13)
MAI Capital Management Intermediate, LLC	Revolver	8/29/2031	1,032		(10)
MHE Intermediate Holdings, LLC	Revolver	7/21/2027	2,500		(2)
MRI Software, LLC	Delayed Draw Term Loan	8/27/2026	38		—
MRI Software, LLC	Revolver	2/10/2027	2,302		(6)
Magneto Components Buyco, LLC	Delayed Draw Term Loan	6/5/2025	3,035		(17)
Magneto Components Buyco, LLC	Revolver	12/5/2029	2,529		(14)
Magnolia Wash Holdings	Revolver	7/14/2028	71		(6)
Majesco	Revolver	9/21/2027	1,575		—
Mantech International CP	Delayed Draw Term Loan	6/14/2025	636		—
Mantech International CP	Revolver	9/14/2028	507		—
Mobile Communications America, Inc.	Delayed Draw Term Loan	10/16/2025	1,663		—
Mobile Communications America, Inc.	Revolver	10/16/2029	960		—
Model N, Inc.	Delayed Draw Term Loan	6/27/2026	3,265		—
Model N, Inc.	Revolver	6/27/2031	1,741		—

31

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Montana Buyer, Inc.	Revolver	7/22/2028	$	842	$	—
Nasuni Corporation	Revolver	9/10/2030	3,017		(45)
Netwrix Corporation And Concept Searching, Inc.	Revolver	6/11/2029	431		—
Oak Purchaser, Inc.	Delayed Draw Term Loan	2/2/2025	1,010		(11)
Oak Purchaser, Inc.	Revolver	4/28/2028	372		(4)
PDFTron Systems, Inc.	Revolver	7/15/2026	2,567		(9)
PDI TA Holdings, Inc.	Delayed Draw Term Loan	2/1/2026	5,212		—
PDI TA Holdings, Inc.	Revolver	2/3/2031	2,280		—
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan	9/6/2025	5,659		—
PT Intermediate Holdings III, LLC	Delayed Draw Term Loan	4/8/2026	2,937		(5)
Pareto Health Intermediate Holdings, Inc.	Revolver	6/1/2029	792		—
Patriot Growth Insurance Services, LLC	Revolver	10/16/2028	3,738		—
Peter C. Foy & Associates Insurance Services, LLC	Delayed Draw Term Loan	4/23/2026	558		(4)
Peter C. Foy & Associates Insurance Services, LLC	Revolver	11/1/2027	832		—
Pound Bidco, Inc.	Delayed Draw Term Loan	2/1/2027	1,826		(5)
Pound Bidco, Inc.	Revolver	2/1/2027	1,013		(3)
Procure Acquireco, Inc. (Procure Analytics)	Revolver	12/20/2028	238		—
Project Accelerate Parent, LLC	Revolver	2/24/2031	1,250		(5)
Project Boost Purchaser, LLC	Revolver	5/2/2028	344		—
Project Potter Buyer, LLC	Revolver	4/23/2026	1,173		—
Promptcare Infusion Buyer, Inc.	Delayed Draw Term Loan	10/19/2025	1,389		(23)
Pye-Barker Fire & Safety, LLC	Delayed Draw Term Loan	5/24/2026	4,279		—
Pye-Barker Fire & Safety, LLC	Delayed Draw Term Loan	5/24/2026	5,616		—
Pye-Barker Fire & Safety, LLC	Revolver	5/24/2030	3,189		—
RFS Opco, LLC	Revolver	4/4/2029	500		(5)
RSC Acquisition, Inc.	Delayed Draw Term Loan	2/14/2025	57		—
Randy's Holdings, Inc.	Delayed Draw Term Loan	11/1/2024	1,580		(1)
Randy's Holdings, Inc.	Revolver	11/1/2028	691		(1)
Raptor Merger Sub Debt, LLC	Revolver	4/1/2029	1,953		—
Recovery Point Systems, Inc.	Revolver	8/12/2026	4,000		—
Redwood Services Group, LLC	Delayed Draw Term Loan	2/5/2026	2,638		(28)
Revalize, Inc.	Revolver	4/15/2027	32		(2)
Ridge Trail US Bidco, Inc.	Delayed Draw Term Loan	8/30/207	8,268		(62)
Ridge Trail US Bidco, Inc.	Revolver	3/31/2031	2,342		(35)
Riskonnect Parent, LLC	Delayed Draw Term Loan	3/1/2026	1,264		(15)
Riskonnect Parent, LLC	Revolver	12/7/2028	915		(11)
RoadOne IntermodaLogistics	Revolver	12/29/2028	309		(7)

32

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Routeware, Inc.	Delayed Draw Term Loan	9/18/2026	$	1,477	$	(7)
Routeware, Inc.	Revolver	9/18/2031	341		(3)
SV Newco 2, Inc.	Delayed Draw Term Loan	5/31/2026	14,319		(193)
SV Newco 2, Inc.	Revolver	6/2/2031	8,591		(116)
Securonix, Inc.	Revolver	4/5/2028	3,697		(349)
Sherlock Buyer Corp.	Revolver	12/8/2027	1,286		—
Smarsh, Inc.	Delayed Draw Term Loan	2/18/2025	536		—
Smarsh, Inc.	Revolver	2/16/2029	268		—
Sonny's Enterprises, LLC	Delayed Draw Term Loan	6/5/2026	1,302		(8)
Spectrum Automotive Holdings Corp.	Delayed Draw Term Loan	3/24/2026	49		(1)
Spectrum Automotive Holdings Corp.	Delayed Draw Term Loan	3/24/2026	9,424		(113)
Spectrum Automotive Holdings Corp.	Revolver	6/29/2027	881		(11)
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan	4/25/2026	1,125		(11)
Stepping Stones Healthcare Services, LLC	Revolver	12/30/2026	625		—
Summit Acquisition, Inc.	Delayed Draw Term Loan	11/1/2024	1,638		—
Summit Acquisition, Inc.	Revolver	5/1/2029	819		—
Superman Holdings, LLC	Delayed Draw Term Loan	8/29/2026	6,552		(16)
Superman Holdings, LLC	Revolver	8/29/2031	2,901		(14)
Surewerx Purchaser III, Inc.	Delayed Draw Term Loan	12/28/2025	1,128		(4)
Surewerx Purchaser III, Inc.	Revolver	12/28/2028	469		(2)
Suveto	Revolver	9/9/2027	600		(8)
Sweep Purchaser, LLC	Revolver	6/30/2027	1,406		—
Tamarack Intermediate, LLC	Revolver	3/13/2028	900		—
Tank Holding Corp.	Delayed Draw Term Loan	11/22/2025	156		(3)
Tank Holding Corp.	Revolver	3/31/2028	233		(4)
Thrive Buyer, Inc. (Thrive Networks)	Revolver	1/22/2027	661		(6)
Tidi Legacy Products, Inc.	Delayed Draw Term Loan	6/19/2025	494		(3)
Tidi Legacy Products, Inc.	Revolver	12/19/2029	356		(2)
Transit Technologies, LLC	Delayed Draw Term Loan	8/20/2026	2,841		(14)
Transit Technologies, LLC	Revolver	8/20/2030	1,704		(17)
Trintech, Inc.	Revolver	7/25/2029	2,092		(41)
Triple Lift, Inc.	Revolver	5/5/2028	2,467		(135)
Trunk Acquisition, Inc.	Revolver	2/19/2026	857		(7)
Two Six Labs, LLC	Delayed Draw Term Loan	10/9/2025	2,200		(26)
Two Six Labs, LLC	Revolver	8/20/2027	2,134		(25)
US Infra Svcs Buyer, LLC	Revolver	4/13/2027	900		(86)
United Flow Technologies Intermediate Holdco II, LLC	Delayed Draw Term Loan	6/21/2026	4,901		—

33

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited) (continued)

September 30, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
United Flow Technologies Intermediate Holdco II, LLC	Revolver	6/21/2030	$	990	$	—
UpStack, Inc.	Delayed Draw Term Loan	8/23/2026	3,750		(18)
UpStack, Inc.	Revolver	8/25/2031	1,500		(15)
V Global Holdings, LLC	Revolver	12/22/2025	159		(10)
VRC Companies, LLC	Delayed Draw Term Loan	8/15/2025	94		—
VRC Companies, LLC	Revolver	6/29/2027	1,653		—
Vardiman Black Holdings, LLC	Delayed Draw Term Loan	3/29/2026	113		—
Vehlo Purchaser, LLC	Delayed Draw Term Loan	10/5/2025	14,495		(120)
Vehlo Purchaser, LLC	Revolver	5/24/2028	128		(1)
Vensure Employer Services, Inc.	Delayed Draw Term Loan	9/27/2026	2,211		(11)
Verdantas, LLC	Revolver	5/6/2030	1,754		(23)
Vertex Service Partners, LLC	Delayed Draw Term Loan	11/8/2025	26		—
Vertex Service Partners, LLC	Revolver	11/8/2030	394		(5)
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	7/24/2026	3,185		(15)
Vessco Midco Holdings, LLC	Revolver	7/24/2031	1,244		(12)
Victors Purchaser, LLC	Delayed Draw Term Loan	7/15/2026	1,213		(6)
Victors Purchaser, LLC	Revolver	8/15/2031	693		(7)
World Insurance Associates, LLC	Revolver	4/3/2028	1,269		(24)
YI, LLC	Delayed Draw Term Loan	6/1/2025	1,178		(4)
YI, LLC	Revolver	12/3/2029	883		(3)
Zarya Intermediate, LLC	Revolver	7/1/2027	3,649		(13)
iCIMS, Inc.	Delayed Draw Term Loan	10/23/2024	85		—
iCIMS, Inc.	Revolver	8/18/2028	32		—
mPulse Mobile, Inc.	Revolver	12/17/2027	1,734		(26)
Total First Lien Debt Unfunded Commitments			$	552,411	$	(3,997)
Total Unfunded Commitments			$	552,411	$	(3,997)

34

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)(2)	Footnotes	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares	Cost(4)		Fair Value		Percentage of Net Assets
First Lien Debt
Aerospace & Defense
Jonathan Acquisition Company	(5) (7)	S +	5.00%	10.45%	12/22/2026	2,684	$	2,641	$	2,659	0.15	%
Mantech International CP	(5) (8)	S +	5.75%	11.13%	9/14/2029	355	349		355		0.02
Mantech International CP	(5) (8) (13)	S +	5.75%	11.13%	9/14/2029	31	30		31		—
Mantech International CP	(5) (8) (13)	S +	5.75%	11.13%	9/14/2028	—	(1)		—		—
PCX Holding Corp.	(5) (6) (7)	S +	6.25%	11.75%	4/22/2027	18,047	17,936		17,944		1.04
PCX Holding Corp.	(5) (7)	S +	6.25%	11.75%	4/22/2027	18,172	17,937		18,068		1.05
PCX Holding Corp.	(5) (7) (13)	S +	6.25%	11.75%	4/22/2027	864	854		853		0.05
Two Six Labs, LLC	(5) (6) (8)	S +	5.50%	10.85%	8/20/2027	25,894	25,465		25,366		1.47
Two Six Labs, LLC	(5) (8)	S +	5.50%	10.85%	8/20/2027	4,231	4,169		4,136		0.24
Two Six Labs, LLC	(5) (8) (13)	S +	5.50%	10.85%	8/20/2027	—	(26)		(48)		—
							69,354		69,364		4.03
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(5) (8)	S +	5.75%	11.18%	6/11/2027	14,263	14,048		14,159		0.82
Omni Intermediate Holdings, LLC	(5) (7)	S +	5.00%	10.54%	12/30/2026	12,410	12,324		11,824		0.69
Omni Intermediate Holdings, LLC	(5) (7) (13)	S +	5.00%	10.54%	12/30/2026	1,263	1,247		1,196		0.07
Omni Intermediate Holdings, LLC	(5) (7) (13)	P +	4.00%	12.50%	12/30/2025	832	826		781		0.05
RoadOne IntermodaLogistics	(5) (7)	S +	6.25%	11.61%	12/29/2028	1,655	1,612		1,626		0.09
RoadOne IntermodaLogistics	(5) (7) (13)	S +	6.25%	11.61%	12/29/2028	152	144		144		0.01
RoadOne IntermodaLogistics	(5) (7) (13)	S +	6.25%	11.61%	12/29/2028	20	12		14		—
							30,213		29,744		1.73
Automobile Components
Continental Battery Company	(5) (7)	S +	6.75% (incl. 4.08% PIK)	12.34%	1/20/2027	6,204	6,121		5,165		0.30
Randy's Holdings, Inc.	(5) (7)	S +	6.50%	11.87%	11/1/2028	6,676	6,505		6,653		0.39
Randy's Holdings, Inc.	(5) (7) (13)	S +	6.50%	11.87%	11/1/2028	—	(27)		(8)		—
Randy's Holdings, Inc.	(5) (7) (13)	S +	6.50%	11.87%	11/1/2028	260	238		257		0.01
Sonny's Enterprises, LLC	(5) (6) (7)	S +	6.75%	12.28%	8/5/2028	46,018	45,462		46,018		2.67
Spectrum Automotive Holdings Corp.	(5) (6) (8)	S +	5.75%	11.22%	6/29/2028	23,410	23,162		22,888		1.33
Spectrum Automotive Holdings Corp.	(5) (8) (13)	S +	5.75%	11.22%	6/29/2028	5,366	5,301		5,220		0.30
Spectrum Automotive Holdings Corp.	(5) (8) (13)	S +	5.75%	11.22%	6/29/2027	—	(8)		(20)		—
							86,754		86,173		5.01
Automobiles
ARI Network Services, Inc.	(5) (6) (8)	S +	5.25%	10.60%	2/28/2025	20,512	20,369		20,315		1.18
ARI Network Services, Inc.	(5) (6) (8)	S +	5.25%	10.60%	2/28/2025	3,594	3,569		3,559		0.21
ARI Network Services, Inc.	(5) (8) (13)	S +	5.25%	10.60%	2/28/2025	—	(19)		(29)		—

35

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)(2)	Footnotes	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares	Cost(4)		Fair Value		Percentage of Net Assets
Summit Buyer, LLC	(5) (7)	S +	5.75%	11.26%	1/14/2026	21,896	$	21,670	$	21,370	1.24	%
Summit Buyer, LLC	(5) (7) (13)	S +	5.75%	11.26%	1/14/2026	32,011	31,671		31,239		1.82
Summit Buyer, LLC	(5) (13)	P +	4.75%	13.25%	1/14/2026	—	(22)		(59)		—
Turbo Buyer, Inc.	(5) (7)	S +	6.00%	11.50%	12/2/2025	37,555	37,197		37,202		2.16
Turbo Buyer, Inc.	(5) (7)	S +	6.00%	11.50%	12/2/2025	37,738	37,306		37,383		2.17
							151,741		150,980		8.77
Biotechnology
GraphPad Software, LLC	(5) (6) (7)	S +	5.50%	11.20%	4/27/2027	14,807	14,714		14,751		0.86
GraphPad Software, LLC	(5) (6) (13)	P +	5.00%	13.50%	4/27/2027	875	866		868		0.05
							15,580		15,619		0.91
Chemicals
Tank Holding Corp.	(5) (6) (8)	S +	5.75%	11.21%	3/31/2028	15,713	15,452		15,050		0.87
Tank Holding Corp.	(5) (8) (13)	S +	5.75%	11.21%	3/31/2028	250	237		236		0.01
Tank Holding Corp.	(8) (13)	S +	5.75%	11.21%	3/31/2028	213	202		177		0.01
V Global Holdings, LLC	(5) (6) (8)	S +	5.75%	11.21%	12/22/2027	4,854	4,780		4,756		0.28
V Global Holdings, LLC	(5) (8) (13)	S +	5.75%	11.21%	12/22/2025	276	269		262		0.02
							20,940		20,481		1.19
Commercial Services & Supplies
365 Retail Markets, LLC	(5) (7)	S +	4.75%	10.30%	12/23/2026	17,105	16,922		17,105		0.99
365 Retail Markets, LLC	(5) (7)	S +	4.75%	10.30%	12/23/2026	5,488	5,442		5,488		0.32
365 Retail Markets, LLC	(5) (7) (13)	S +	4.75%	10.30%	12/23/2026	—	(27)		—		—
Atlas Us Finco, Inc.	(5) (7) (10)	S +	7.25%	12.51%	12/9/2029	2,009	1,955		2,009		0.12
Atlas Us Finco, Inc.	(5) (7) (10) (13)	S +	7.25%	12.51%	12/9/2028	—	(5)		—		—
BPG Holdings IV Corp.	(5) (8)	S +	6.00%	11.36%	7/29/2029	11,647	10,972		11,374		0.66
Encore Holdings, LLC	(5) (8)	S +	4.50%	10.45%	11/23/2028	1,831	1,807		1,831		0.11
Encore Holdings, LLC	(5) (8)	S +	4.50%	10.45%	11/23/2028	3,561	3,511		3,561		0.21
Encore Holdings, LLC	(5) (8) (13)	S +	4.50%	10.45%	11/23/2027	—	(6)		—		—
Energy Labs Holdings Corp.	(5) (7)	S +	5.25%	10.71%	4/7/2028	384	379		379		0.02
Energy Labs Holdings Corp.	(5) (7)	S +	5.25%	10.71%	4/7/2028	36	36		36		—
Energy Labs Holdings Corp.	(5) (7) (13)	S +	5.25%	10.71%	4/7/2028	24	23		23		—
FLS Holding, Inc.	(5) (7) (10)	S +	5.25%	10.77%	12/15/2028	19,025	18,733		18,911		1.10
FLS Holding, Inc.	(5) (7) (10)	S +	5.25%	10.77%	12/15/2028	4,461	4,390		4,434		0.26
FLS Holding, Inc.	(5) (7) (10) (13)	S +	5.25%	10.77%	12/17/2027	—	(24)		(11)		—
Helios Service Partners, LLC	(5) (7)	S +	6.25%	11.88%	3/19/2027	6,859	6,703		6,790		0.39
Helios Service Partners, LLC	(5) (7) (13)	S +	6.25%	11.88%	3/19/2027	6,965	6,737		6,836		0.40
Helios Service Partners, LLC	(5) (7) (13)	S +	6.00%	11.62%	3/19/2027	748	719		735		0.04
Iris Buyer, LLC	(5) (7)	S +	6.25%	11.60%	10/2/2030	7,008	6,820		6,820		0.40

36

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)(2)	Footnotes	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares	Cost(4)		Fair Value		Percentage of Net Assets
Iris Buyer, LLC	(5) (7) (13)	S +	6.25%	11.60%	10/2/2030	145	$	130	$	130	0.01	%
Iris Buyer, LLC	(5) (7) (13)	S +	6.25%	11.60%	10/2/2029	—	(26)		(26)		—
Atlas Us Finco, Inc.	(5) (10)	S +	7.25%	12.51%	12/9/2029	6,984	6,845		6,845		0.40
PDFTron Systems, Inc.	(5) (6) (7) (10)	S +	5.50%	10.86%	7/15/2027	30,030	29,694		29,550		1.72
PDFTron Systems, Inc.	(5) (7) (10)	S +	5.50%	10.86%	7/15/2027	9,727	9,595		9,571		0.56
PDFTron Systems, Inc.	(5) (7) (10) (13)	S +	5.50%	10.86%	7/15/2026	3,850	3,772		3,727		0.22
Procure Acquireco, Inc. (Procure Analytics)	(5) (8)	S +	5.00%	10.54%	12/20/2028	3,889	3,829		3,773		0.22
Procure Acquireco, Inc. (Procure Analytics)	(5) (8)	S +	5.00%	10.54%	12/20/2028	192	189		186		0.01
Procure Acquireco, Inc. (Procure Analytics)	(5) (8) (13)	S +	5.00%	10.54%	12/20/2028	—	(3)		(7)		—
Sherlock Buyer Corp.	(5) (7)	S +	5.75%	11.20%	12/8/2028	10,950	10,782		10,943		0.64
Sherlock Buyer Corp.	(5) (7) (13)	S +	5.75%	11.20%	12/8/2028	—	(23)		(2)		—
Sherlock Buyer Corp.	(5) (7) (13)	S +	5.75%	11.20%	12/8/2027	—	(17)		(1)		—
Surewerx Purchaser III, Inc.	(5) (8) (10)	S +	6.75%	12.10%	12/28/2029	5,447	5,300		5,447		0.32
Surewerx Purchaser III, Inc.	(5) (8) (10) (13)	S +	6.75%	12.10%	12/28/2029	—	(19)		—		—
Surewerx Purchaser III, Inc.	(5) (8) (10) (13)	S +	6.75%	12.10%	12/28/2028	574	547		574		0.03
Sweep Purchaser, LLC	(5) (7)	S +	5.75%	11.23%	11/30/2026	8,616	8,522		6,878		0.40
Sweep Purchaser, LLC	(5) (7) (13)	S +	5.75%	11.23%	11/30/2026	5,873	5,803		4,634		0.27
Sweep Purchaser, LLC	(5) (7) (13)	S +	5.75%	11.23%	11/30/2026	1,378	1,364		1,094		0.06
Tamarack Intermediate, LLC	(5) (8)	S +	5.75%	11.28%	3/13/2028	5,548	5,462		5,415		0.31
Tamarack Intermediate, LLC	(5) (8) (13)	S +	5.75%	11.28%	3/13/2028	202	192		192		0.01
Tamarack Intermediate, LLC	(5) (8) (13)	S +	5.75%	11.28%	3/13/2028	—	(13)		(22)		—
United Flow Technologies Intermediate Holdco II, LLC	(5) (7)	S +	5.75%	11.28%	10/29/2027	16,801	16,566		16,577		0.96
United Flow Technologies Intermediate Holdco II, LLC	(5) (7) (13)	S +	5.75%	11.28%	10/29/2027	19,651	19,349		19,390		1.13
United Flow Technologies Intermediate Holdco II, LLC	(5) (7) (13)	S +	5.75%	11.28%	10/29/2026	1,845	1,811		1,805		0.10
US Infra Svcs Buyer, LLC	(5) (6) (7)	S +	7.25% (incl. 0.50% PIK)	12.33%	4/13/2026	14,973	14,842		14,193		0.82
US Infra Svcs Buyer, LLC	(5) (6) (7)	S +	7.25% (incl. 0.50% PIK)	12.33%	4/13/2026	2,113	2,095		2,003		0.12
US Infra Svcs Buyer, LLC	(5) (7)	S +	7.25% (incl. 0.50% PIK)	12.33%	4/13/2026	2,250	2,233		2,133		0.12