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Morgan Stanley Insight Fund

03/05/2026 | Press release | Distributed by Public on 03/05/2026 12:48

Annual Report by Investment Company (Form N-CSR)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07377

Morgan Stanley Insight Fund

(Exact Name of Registrant as Specified in Charter)

1585 Broadway, New York, New York 10036

(Address of Principal Executive Offices)

Deidre E. Walsh

One Post Office Square, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant's Telephone Number)

December 31

Date of Fiscal Year End

December 31, 2025

Date of Reporting Period

Item 1. Reports to Stockholders

(a)

The Report to shareholders is attached herewith.

TABLE OF CONTENTS

Morgan Stanley Insight Fund Class A - CPOAX

Morgan Stanley Insight Fund Class C - MSCMX

Morgan Stanley Insight Fund Class I - CPODX

Morgan Stanley Insight Fund Class IR - MBIRX

Morgan Stanley Insight Fund Class L - CPOCX

Morgan Stanley Insight Fund Class R6 - MCRTX

Morgan Stanley Insight Fund

Class A CPOAX

Annual Shareholder Report December 31, 2025

This annual shareholder report contains important information about Morgan Stanley Insight Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-869-6397.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$127	1.16%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000^{^®} Growth Index:

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in financials, where a payments technology services platform had the greatest positive impact

↑ Stock selection in consumer discretionary; the largest contributor in the sector was a leading food delivery company in the U.S.

↓ Stock selection in communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection in real estate, driven by an underperforming Texas landowner

↓ Average overweight in consumer discretionary

Fund Performance

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

	Class A with maximum sales charge	Russell 3000^® Index	Russell 3000^® Growth Index
12/15	$9,474	$10,000	$10,000
1/16	$8,533	$9,436	$9,403
2/16	$8,159	$9,433	$9,394
3/16	$8,808	$10,097	$10,034
4/16	$8,784	$10,159	$9,956
5/16	$9,044	$10,341	$10,154
6/16	$8,975	$10,362	$10,114
7/16	$9,549	$10,774	$10,605
8/16	$9,594	$10,801	$10,565
9/16	$9,886	$10,818	$10,612
10/16	$9,525	$10,584	$10,332
11/16	$9,283	$11,058	$10,607
12/16	$9,105	$11,274	$10,739
1/17	$10,064	$11,486	$11,087
2/17	$10,241	$11,913	$11,533
3/17	$10,497	$11,921	$11,667
4/17	$10,945	$12,047	$11,930
5/17	$11,784	$12,171	$12,209
6/17	$11,655	$12,280	$12,209
7/17	$11,952	$12,512	$12,517
8/17	$12,235	$12,536	$12,727
9/17	$12,212	$12,842	$12,933
10/17	$13,001	$13,122	$13,411
11/17	$13,255	$13,521	$13,816
12/17	$13,458	$13,656	$13,917
1/18	$14,628	$14,375	$14,868
2/18	$14,809	$13,846	$14,476
3/18	$14,523	$13,568	$14,123
4/18	$14,641	$13,619	$14,170
5/18	$15,827	$14,004	$14,812
6/18	$16,387	$14,095	$14,953
7/18	$16,337	$14,563	$15,377
8/18	$17,895	$15,074	$16,227
9/18	$17,950	$15,099	$16,281
10/18	$16,138	$13,988	$14,778
11/18	$16,527	$14,268	$14,941
12/18	$15,092	$12,940	$13,622
1/19	$17,071	$14,051	$14,872
2/19	$18,317	$14,545	$15,436
3/19	$18,899	$14,757	$15,826
4/19	$19,508	$15,346	$16,524
5/19	$19,105	$14,353	$15,467
6/19	$20,610	$15,361	$16,538
7/19	$21,069	$15,590	$16,897
8/19	$20,031	$15,272	$16,728
9/19	$18,341	$15,540	$16,721
10/19	$18,460	$15,874	$17,193
11/19	$20,141	$16,478	$17,971
12/19	$20,075	$16,954	$18,505
1/20	$21,336	$16,935	$18,879
2/20	$21,405	$15,549	$17,588
3/20	$19,223	$13,410	$15,757
4/20	$23,346	$15,187	$18,089
5/20	$27,626	$15,999	$19,332
6/20	$30,620	$16,364	$20,167
7/20	$34,359	$17,294	$21,670
8/20	$37,225	$18,546	$23,852
9/20	$37,555	$17,871	$22,761
10/20	$36,102	$17,485	$22,041
11/20	$43,175	$19,613	$24,393
12/20	$43,366	$20,495	$25,585
1/21	$44,793	$20,404	$25,489
2/21	$47,664	$21,042	$25,541
3/21	$43,140	$21,796	$25,890
4/21	$45,265	$22,919	$27,570
5/21	$43,714	$23,024	$27,162
6/21	$48,662	$23,592	$28,837
7/21	$47,406	$23,991	$29,651
8/21	$48,034	$24,675	$30,723
9/21	$44,975	$23,568	$29,037
10/21	$47,820	$25,161	$31,478
11/21	$46,043	$24,778	$31,563
12/21	$40,504	$25,754	$32,199
1/22	$30,919	$24,239	$29,344
2/22	$31,104	$23,628	$28,174
3/22	$29,548	$24,395	$29,220
4/22	$22,834	$22,206	$25,688
5/22	$19,195	$22,176	$25,097
6/22	$17,283	$20,321	$23,134
7/22	$19,687	$22,227	$25,900
8/22	$19,865	$21,397	$24,750
9/22	$17,904	$19,413	$22,355
10/22	$18,119	$21,005	$23,711
11/22	$17,535	$22,102	$24,748
12/22	$15,623	$20,808	$22,872
1/23	$18,516	$22,241	$24,801
2/23	$17,856	$21,721	$24,508
3/23	$18,588	$22,302	$26,040
4/23	$17,576	$22,539	$26,265
5/23	$19,239	$22,627	$27,394
6/23	$20,984	$24,172	$29,288
7/23	$22,919	$25,039	$30,295
8/23	$20,686	$24,555	$29,955
9/23	$19,682	$23,386	$28,309
10/23	$18,019	$22,766	$27,818
11/23	$21,120	$24,888	$30,827
12/23	$23,859	$26,209	$32,298
1/24	$22,295	$26,499	$33,013
2/24	$24,799	$27,933	$35,285
3/24	$25,468	$28,835	$35,923
4/24	$23,018	$27,566	$34,340
5/24	$22,494	$28,868	$36,386
6/24	$23,606	$29,762	$38,724
7/24	$24,103	$30,315	$38,233
8/24	$25,450	$30,975	$38,971
9/24	$27,150	$31,616	$40,047
10/24	$29,085	$31,384	$39,897
11/24	$36,444	$33,471	$42,590
12/24	$34,913	$32,448	$42,781
1/25	$37,877	$33,473	$43,649
2/25	$35,141	$32,831	$42,019
3/25	$31,295	$30,916	$38,504
4/25	$33,904	$30,709	$39,171
5/25	$37,714	$32,655	$42,585
6/25	$40,332	$34,314	$45,262
7/25	$41,178	$35,070	$46,932
8/25	$42,978	$35,881	$47,549
9/25	$46,088	$37,120	$49,976
10/25	$46,388	$37,915	$51,703
11/25	$41,933	$38,019	$50,836
12/25	$41,514	$38,012	$50,545

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class A	18.91%	(0.87)%	15.92%
Class A, with 5.25% maximum front end sales charge	12.66%	(1.93)%	15.30%
Russell 3000^®Index	17.15%	13.15%	14.29%
Russell 3000^®Growth Index	18.15%	14.59%	17.59%

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

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

Key Fund Statistics

Total Net Assets	$1,387,616,314
# of Portfolio Holdings	36
Portfolio Turnover Rate	48%
Total Advisory Fees Paid	$9,419,467

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Industry Weightings (% of total investments)

Value	Value
Other^{Footnote Reference1}	29.2%
Biotechnology	7.0%
Automobiles	7.3%
Trading Companies & Distributors	7.8%
Financial Services	9.0%
Information Technology Services	19.8%
Software	19.9%

Footnote	Description
Footnote¹	Industries representing less than 5% of total investments.

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Cloudflare, Inc.	11.9%
Tesla, Inc.	7.3%
Databricks, Inc.	6.8%
Affirm Holdings, Inc.	6.5%
AppLovin Corp.	6.4%
QXO, Inc.	5.2%
Royalty Pharma PLC	4.8%
Roivant Sciences Ltd.	4.5%
Shopify, Inc.	4.5%
ROBLOX Corp.	4.4%
Total	62.3%

Footnote	Description
Footnote^a	Excluding cash equivalents.

Additional Information

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

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-869-6397 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report December 31, 2025

CPOAX -TSR-AR

Morgan Stanley Insight Fund

Class C MSCMX

Annual Shareholder Report December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$207	1.90%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000^{^®} Growth Index:

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in financials, where a payments technology services platform had the greatest positive impact

↑ Stock selection in consumer discretionary; the largest contributor in the sector was a leading food delivery company in the U.S.

↓ Stock selection in communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection in real estate, driven by an underperforming Texas landowner

↓ Average overweight in consumer discretionary

Fund Performance

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

	Class C	Russell 3000^® Index	Russell 3000^® Growth Index
12/15	$10,000	$10,000	$10,000
1/16	$9,001	$9,436	$9,403
2/16	$8,603	$9,433	$9,394
3/16	$9,280	$10,097	$10,034
4/16	$9,250	$10,159	$9,956
5/16	$9,518	$10,341	$10,154
6/16	$9,437	$10,362	$10,114
7/16	$10,034	$10,774	$10,605
8/16	$10,073	$10,801	$10,565
9/16	$10,375	$10,818	$10,612
10/16	$9,989	$10,584	$10,332
11/16	$9,728	$11,058	$10,607
12/16	$9,534	$11,274	$10,739
1/17	$10,533	$11,486	$11,087
2/17	$10,709	$11,913	$11,533
3/17	$10,970	$11,921	$11,667
4/17	$11,433	$12,047	$11,930
5/17	$12,299	$12,171	$12,209
6/17	$12,157	$12,280	$12,209
7/17	$12,459	$12,512	$12,517
8/17	$12,748	$12,536	$12,727
9/17	$12,714	$12,842	$12,933
10/17	$13,524	$13,122	$13,411
11/17	$13,783	$13,521	$13,816
12/17	$13,983	$13,656	$13,917
1/18	$15,191	$14,375	$14,868
2/18	$15,369	$13,846	$14,476
3/18	$15,066	$13,568	$14,123
4/18	$15,179	$13,619	$14,170
5/18	$16,398	$14,004	$14,812
6/18	$16,964	$14,095	$14,953
7/18	$16,904	$14,563	$15,377
8/18	$18,500	$15,074	$16,227
9/18	$18,548	$15,099	$16,281
10/18	$16,665	$13,988	$14,778
11/18	$17,059	$14,268	$14,941
12/18	$15,566	$12,940	$13,622
1/19	$17,594	$14,051	$14,872
2/19	$18,873	$14,545	$15,436
3/19	$19,461	$14,757	$15,826
4/19	$20,070	$15,346	$16,524
5/19	$19,649	$14,353	$15,467
6/19	$21,185	$15,361	$16,538
7/19	$21,642	$15,590	$16,897
8/19	$20,567	$15,272	$16,728
9/19	$18,820	$15,540	$16,721
10/19	$18,928	$15,874	$17,193
11/19	$20,641	$16,478	$17,971
12/19	$20,557	$16,954	$18,505
1/20	$21,843	$16,935	$18,879
2/20	$21,895	$15,549	$17,588
3/20	$19,657	$13,410	$15,757
4/20	$23,858	$15,187	$18,089
5/20	$28,207	$15,999	$19,332
6/20	$31,248	$16,364	$20,167
7/20	$35,040	$17,294	$21,670
8/20	$37,939	$18,546	$23,852
9/20	$38,252	$17,871	$22,761
10/20	$36,742	$17,485	$22,041
11/20	$43,917	$19,613	$24,393
12/20	$44,083	$20,495	$25,585
1/21	$45,506	$20,404	$25,489
2/21	$48,402	$21,042	$25,541
3/21	$43,778	$21,796	$25,890
4/21	$45,912	$22,919	$27,570
5/21	$44,312	$23,024	$27,162
6/21	$49,299	$23,592	$28,837
7/21	$47,995	$23,991	$29,651
8/21	$48,605	$24,675	$30,723
9/21	$45,489	$23,568	$29,037
10/21	$48,326	$25,161	$31,478
11/21	$46,505	$24,778	$31,563
12/21	$40,887	$25,754	$32,199
1/22	$31,191	$24,239	$29,344
2/22	$31,370	$23,628	$28,174
3/22	$29,775	$24,395	$29,220
4/22	$23,005	$22,206	$25,688
5/22	$19,319	$22,176	$25,097
6/22	$17,386	$20,321	$23,134
7/22	$19,794	$22,227	$25,900
8/22	$19,952	$21,397	$24,750
9/22	$17,977	$19,413	$22,355
10/22	$18,178	$21,005	$23,711
11/22	$17,576	$22,102	$24,748
12/22	$15,667	$20,808	$22,872
1/23	$18,543	$22,241	$24,801
2/23	$17,865	$21,721	$24,508
3/23	$18,590	$22,302	$26,040
4/23	$17,561	$22,539	$26,265
5/23	$19,222	$22,627	$27,394
6/23	$20,952	$24,172	$29,288
7/23	$22,869	$25,039	$30,295
8/23	$20,625	$24,555	$29,955
9/23	$19,596	$23,386	$28,309
10/23	$17,935	$22,766	$27,818
11/23	$21,022	$24,888	$30,827
12/23	$23,711	$26,209	$32,298
1/24	$22,157	$26,499	$33,013
2/24	$24,646	$27,933	$35,285
3/24	$25,311	$28,835	$35,923
4/24	$22,876	$27,566	$34,340
5/24	$22,355	$28,868	$36,386
6/24	$23,460	$29,762	$38,724
7/24	$23,954	$30,315	$38,233
8/24	$25,293	$30,975	$38,971
9/24	$26,982	$31,616	$40,047
10/24	$28,905	$31,384	$39,897
11/24	$36,218	$33,471	$42,590
12/24	$34,697	$32,448	$42,781
1/25	$37,643	$33,473	$43,649
2/25	$34,923	$32,831	$42,019
3/25	$31,101	$30,916	$38,504
4/25	$33,694	$30,709	$39,171
5/25	$37,480	$32,655	$42,585
6/25	$40,082	$34,314	$45,262
7/25	$40,923	$35,070	$46,932
8/25	$42,712	$35,881	$47,549
9/25	$45,802	$37,120	$49,976
10/25	$46,100	$37,915	$51,703
11/25	$41,673	$38,019	$50,836
12/25	$41,257	$38,012	$50,545

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class C, with conversion to Class A after 8 years	18.02%	(1.60)%	15.23%
Class C, with 1% maximum contingent deferred sales charge and conversion to Class A after 8 years	17.02%	(1.60)%	15.23%
Russell 3000^®Index	17.15%	13.15%	14.29%
Russell 3000^®Growth Index	18.15%	14.59%	17.59%

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

Key Fund Statistics

Total Net Assets	$1,387,616,314
# of Portfolio Holdings	36
Portfolio Turnover Rate	48%
Total Advisory Fees Paid	$9,419,467

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Industry Weightings (% of total investments)

Value	Value
Other^{Footnote Reference1}	29.2%
Biotechnology	7.0%
Automobiles	7.3%
Trading Companies & Distributors	7.8%
Financial Services	9.0%
Information Technology Services	19.8%
Software	19.9%

Footnote	Description
Footnote¹	Sectors representing less than 5% of total investments.

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Cloudflare, Inc.	11.9%
Tesla, Inc.	7.3%
Databricks, Inc.	6.8%
Affirm Holdings, Inc.	6.5%
AppLovin Corp.	6.4%
QXO, Inc.	5.2%
Royalty Pharma PLC	4.8%
Roivant Sciences Ltd.	4.5%
Shopify, Inc.	4.5%
ROBLOX Corp.	4.4%
Total	62.3%

Footnote	Description
Footnote^a	Excluding cash equivalents.

Additional Information

Householding

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

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report December 31, 2025

MSCMX -TSR-AR

Morgan Stanley Insight Fund

Class I CPODX

Annual Shareholder Report December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$98	0.89%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000^{^®} Growth Index:

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in financials, where a payments technology services platform had the greatest positive impact

↑ Stock selection in consumer discretionary; the largest contributor in the sector was a leading food delivery company in the U.S.

↓ Stock selection in communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection in real estate, driven by an underperforming Texas landowner

↓ Average overweight in consumer discretionary

Fund Performance

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

	Class I	Russell 3000^® Index	Russell 3000^® Growth Index
12/15	$1,000,000	$1,000,000	$1,000,000
1/16	$900,415	$943,575	$940,257
2/16	$861,589	$943,271	$939,416
3/16	$930,350	$1,009,683	$1,003,372
4/16	$927,979	$1,015,940	$995,567
5/16	$955,839	$1,034,116	$1,015,443
6/16	$948,726	$1,036,242	$1,011,395
7/16	$1,009,781	$1,077,368	$1,060,503
8/16	$1,014,523	$1,080,116	$1,056,471
9/16	$1,045,940	$1,081,814	$1,061,191
10/16	$1,008,002	$1,058,408	$1,033,154
11/16	$982,513	$1,105,774	$1,060,709
12/16	$963,972	$1,127,351	$1,073,939
1/17	$1,065,664	$1,148,570	$1,108,677
2/17	$1,084,711	$1,191,287	$1,153,298
3/17	$1,112,151	$1,192,098	$1,166,656
4/17	$1,159,930	$1,204,734	$1,192,951
5/17	$1,249,032	$1,217,063	$1,220,888
6/17	$1,235,751	$1,228,046	$1,220,942
7/17	$1,267,528	$1,251,201	$1,251,652
8/17	$1,298,009	$1,253,612	$1,272,700
9/17	$1,295,739	$1,284,185	$1,293,308
10/17	$1,379,722	$1,312,208	$1,341,053
11/17	$1,407,284	$1,352,054	$1,381,621
12/17	$1,428,978	$1,365,567	$1,391,686
1/18	$1,553,785	$1,437,547	$1,486,808
2/18	$1,573,299	$1,384,560	$1,447,577
3/18	$1,543,215	$1,356,766	$1,412,328
4/18	$1,556,631	$1,361,923	$1,416,982
5/18	$1,682,657	$1,400,370	$1,481,211
6/18	$1,742,850	$1,409,528	$1,495,271
7/18	$1,737,546	$1,456,305	$1,537,735
8/18	$1,903,998	$1,507,447	$1,622,717
9/18	$1,910,118	$1,509,942	$1,628,096
10/18	$1,717,964	$1,398,761	$1,477,820
11/18	$1,759,985	$1,426,776	$1,494,073
12/18	$1,607,176	$1,293,987	$1,362,196
1/19	$1,818,716	$1,405,055	$1,487,181
2/19	$1,951,696	$1,454,470	$1,543,559
3/19	$2,014,456	$1,475,708	$1,582,590
4/19	$2,079,410	$1,534,635	$1,652,396
5/19	$2,036,839	$1,435,326	$1,546,699
6/19	$2,198,160	$1,536,139	$1,653,839
7/19	$2,247,439	$1,558,974	$1,689,739
8/19	$2,137,443	$1,527,193	$1,672,811
9/19	$1,957,489	$1,553,997	$1,672,092
10/19	$1,970,689	$1,587,450	$1,719,255
11/19	$2,150,202	$1,647,792	$1,797,123
12/19	$2,143,905	$1,695,370	$1,850,492
1/20	$2,279,246	$1,693,518	$1,887,859
2/20	$2,286,738	$1,554,864	$1,758,808
3/20	$2,054,459	$1,341,042	$1,575,663
4/20	$2,495,603	$1,518,650	$1,808,888
5/20	$2,953,606	$1,599,865	$1,933,157
6/20	$3,274,396	$1,636,441	$2,016,748
7/20	$3,674,798	$1,729,364	$2,166,953
8/20	$3,982,475	$1,854,647	$2,385,202
9/20	$4,018,534	$1,787,117	$2,276,085
10/20	$3,863,525	$1,748,545	$2,204,096
11/20	$4,621,712	$1,961,261	$2,439,270
12/20	$4,643,125	$2,049,495	$2,558,529
1/21	$4,796,700	$2,040,379	$2,548,857
2/21	$5,105,366	$2,104,155	$2,554,078
3/21	$4,621,402	$2,179,574	$2,589,035
4/21	$4,850,249	$2,291,930	$2,756,982
5/21	$4,685,560	$2,302,392	$2,716,183
6/21	$5,217,011	$2,359,167	$2,883,662
7/21	$5,083,643	$2,399,062	$2,965,090
8/21	$5,152,348	$2,467,478	$3,072,323
9/21	$4,825,496	$2,356,767	$2,903,692
10/21	$5,131,131	$2,516,142	$3,147,751
11/21	$4,941,687	$2,477,843	$3,156,255
12/21	$4,348,461	$2,575,418	$3,219,879
1/22	$3,320,209	$2,423,890	$2,934,447
2/22	$3,340,683	$2,362,834	$2,817,449
3/22	$3,174,047	$2,439,475	$2,921,962
4/22	$2,454,043	$2,220,551	$2,568,779
5/22	$2,062,761	$2,217,574	$2,509,700
6/22	$1,857,452	$2,032,055	$2,313,413
7/22	$2,116,790	$2,222,698	$2,589,973
8/22	$2,136,126	$2,139,748	$2,474,987
9/22	$1,925,698	$1,941,331	$2,235,469
10/22	$1,949,016	$2,100,532	$2,371,096
11/22	$1,886,456	$2,210,172	$2,474,779
12/22	$1,682,001	$2,080,759	$2,287,210
1/23	$1,993,454	$2,224,066	$2,480,148
2/23	$1,922,063	$2,172,084	$2,450,848
3/23	$2,001,299	$2,230,164	$2,604,016
4/23	$1,893,036	$2,253,925	$2,626,461
5/23	$2,073,474	$2,262,694	$2,739,427
6/23	$2,260,973	$2,417,203	$2,928,810
7/23	$2,470,439	$2,503,852	$3,029,459
8/23	$2,229,593	$2,455,518	$2,995,473
9/23	$2,121,330	$2,338,552	$2,830,853
10/23	$1,943,245	$2,276,560	$2,781,761
11/23	$2,278,233	$2,488,845	$3,082,685
12/23	$2,573,995	$2,620,858	$3,229,758
1/24	$2,406,109	$2,649,904	$3,301,257
2/24	$2,675,982	$2,793,345	$3,528,481
3/24	$2,748,942	$2,883,451	$3,592,335
4/24	$2,485,345	$2,756,574	$3,434,000
5/24	$2,428,860	$2,886,814	$3,638,577
6/24	$2,549,675	$2,976,182	$3,872,376
7/24	$2,604,591	$3,031,507	$3,823,310
8/24	$2,749,727	$3,097,499	$3,897,080
9/24	$2,934,872	$3,161,573	$4,004,746
10/24	$3,144,338	$3,138,356	$3,989,653
11/24	$3,940,621	$3,347,132	$4,258,965
12/24	$3,776,242	$3,244,826	$4,278,053
1/25	$4,097,439	$3,347,260	$4,364,917
2/25	$3,802,285	$3,283,113	$4,201,902
3/25	$3,386,385	$3,091,607	$3,850,431
4/25	$3,669,702	$3,070,866	$3,917,142
5/25	$4,083,234	$3,265,516	$4,258,544
6/25	$4,368,129	$3,431,413	$4,526,240
7/25	$4,461,253	$3,506,982	$4,693,182
8/25	$4,656,970	$3,588,140	$4,754,928
9/25	$4,994,740	$3,711,972	$4,997,567
10/25	$5,028,675	$3,791,527	$5,170,257
11/25	$4,546,484	$3,801,940	$5,083,556
12/25	$4,502,290	$3,801,166	$5,054,531

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class I	19.23%	(0.61)%	16.24%
Russell 3000^®Index	17.15%	13.15%	14.29%
Russell 3000^®Growth Index	18.15%	14.59%	17.59%

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

Key Fund Statistics

Total Net Assets	$1,387,616,314
# of Portfolio Holdings	36
Portfolio Turnover Rate	48%
Total Advisory Fees Paid	$9,419,467

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Industry Weightings (% of total investments)

Value	Value
Other^{Footnote Reference1}	29.2%
Biotechnology	7.0%
Automobiles	7.3%
Trading Companies & Distributors	7.8%
Financial Services	9.0%
Information Technology Services	19.8%
Software	19.9%

Footnote	Description
Footnote¹	Sectors representing less than 5% of total investments.

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Cloudflare, Inc.	11.9%
Tesla, Inc.	7.3%
Databricks, Inc.	6.8%
Affirm Holdings, Inc.	6.5%
AppLovin Corp.	6.4%
QXO, Inc.	5.2%
Royalty Pharma PLC	4.8%
Roivant Sciences Ltd.	4.5%
Shopify, Inc.	4.5%
ROBLOX Corp.	4.4%
Total	62.3%

Footnote	Description
Footnote^a	Excluding cash equivalents.

Additional Information

Householding

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

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report December 31, 2025

CPODX -TSR-AR

Morgan Stanley Insight Fund

Class IR MBIRX

Annual Shareholder Report December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class IR	$90	0.82%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000^{^®} Growth Index:

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in financials, where a payments technology services platform had the greatest positive impact

↑ Stock selection in consumer discretionary; the largest contributor in the sector was a leading food delivery company in the U.S.

↓ Stock selection in communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection in real estate, driven by an underperforming Texas landowner

↓ Average overweight in consumer discretionary

Fund Performance

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

	Class IR	Russell 3000^® Index	Russell 3000^® Growth Index
7/19	$5,000,000	$5,000,000	$5,000,000
7/19	$4,969,034	$4,956,500	$4,955,382
8/19	$4,726,147	$4,898,073	$4,905,738
9/19	$4,328,430	$5,087,754	$4,903,629
10/19	$4,358,428	$5,107,634	$5,041,942
11/19	$4,758,080	$5,190,059	$5,270,298
12/19	$4,743,262	$5,144,369	$5,426,810
1/20	$5,043,899	$4,994,539	$5,536,394
2/20	$5,061,402	$4,590,634	$5,157,935
3/20	$4,547,643	$4,312,411	$4,620,839
4/20	$5,523,682	$5,662,201	$5,304,800
5/20	$6,537,816	$5,267,392	$5,669,236
6/20	$7,249,253	$5,114,309	$5,914,377
7/20	$8,135,719	$5,283,917	$6,354,874
8/20	$8,816,270	$5,362,222	$6,994,917
9/20	$8,897,607	$4,817,945	$6,674,919
10/20	$8,554,757	$4,892,084	$6,463,801
11/20	$10,236,057	$5,608,266	$7,153,479
12/20	$10,283,123	$5,224,940	$7,503,221
1/21	$10,625,005	$4,977,760	$7,474,857
2/21	$11,309,881	$5,156,286	$7,490,169
3/21	$10,238,722	$5,179,214	$7,592,686
4/21	$10,745,996	$5,257,746	$8,085,211
5/21	$10,381,914	$5,022,825	$7,965,563
6/21	$11,560,743	$5,123,294	$8,456,718
7/21	$11,265,481	$5,084,553	$8,695,514
8/21	$11,418,662	$5,142,589	$9,009,990
9/21	$10,696,046	$4,775,660	$8,515,457
10/21	$11,375,372	$5,338,123	$9,231,192
11/21	$10,955,788	$4,923,893	$9,256,131
12/21	$9,642,235	$5,196,893	$9,442,717
1/22	$7,362,752	$4,705,819	$8,605,649
2/22	$7,410,190	$4,874,054	$8,262,538
3/22	$7,041,927	$5,162,181	$8,569,037
4/22	$5,444,043	$4,551,289	$7,533,282
5/22	$4,577,690	$4,993,296	$7,360,025
6/22	$4,122,043	$4,581,707	$6,784,387
7/22	$4,697,531	$5,469,090	$7,595,435
8/22	$4,741,223	$4,813,404	$7,258,225
9/22	$4,274,341	$4,536,354	$6,555,806
10/22	$4,326,772	$5,410,030	$6,953,550
11/22	$4,188,205	$5,260,981	$7,257,614
12/22	$3,732,905	$4,707,233	$6,707,542
1/23	$4,423,929	$5,344,364	$7,273,358
2/23	$4,267,892	$4,883,136	$7,187,434
3/23	$4,444,506	$5,133,696	$7,636,618
4/23	$4,204,448	$5,053,272	$7,702,441
5/23	$4,603,973	$5,019,454	$8,033,729
6/23	$5,022,360	$5,341,427	$8,589,120
7/23	$5,487,044	$5,179,234	$8,884,286
8/23	$4,952,057	$4,903,481	$8,784,616
9/23	$4,713,714	$4,761,829	$8,301,847
10/23	$4,317,618	$4,867,457	$8,157,878
11/23	$5,061,798	$5,466,241	$9,040,379
12/23	$5,718,529	$5,265,209	$9,471,689
1/24	$5,346,439	$5,055,414	$9,681,368
2/24	$5,946,584	$5,270,653	$10,347,732
3/24	$6,109,481	$5,161,287	$10,534,992
4/24	$5,524,768	$4,779,991	$10,070,654
5/24	$5,399,595	$5,236,235	$10,670,604
6/24	$5,667,088	$5,154,787	$11,356,252
7/24	$5,790,546	$5,092,945	$11,212,356
8/24	$6,114,625	$5,108,844	$11,428,697
9/24	$6,526,153	$5,103,429	$11,744,443
10/24	$6,992,552	$4,963,282	$11,700,181
11/24	$8,763,839	$5,332,621	$12,489,973
12/24	$8,397,367	$4,847,174	$12,545,950
1/25	$9,111,669	$5,157,841	$12,800,691
2/25	$8,456,029	$4,904,180	$12,322,629
3/25	$7,531,232	$4,708,348	$11,291,894
4/25	$8,162,717	$4,966,455	$11,487,533
5/25	$9,082,338	$5,316,930	$12,488,737
6/25	$9,717,273	$5,254,014	$13,273,792
7/25	$9,924,317	$5,110,113	$13,763,372
8/25	$10,359,110	$5,115,709	$13,944,450
9/25	$11,111,371	$5,172,557	$14,656,019
10/25	$11,189,012	$5,107,160	$15,162,457
11/25	$10,114,108	$5,013,732	$14,908,195
12/25	$10,019,213	$4,998,982	$14,823,076

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since 7/12/19 (Inception)
Class IR	19.31%	(0.52)%	11.34%
Russell 3000^®Index	17.15%	13.15%	14.61%
Russell 3000^®Growth Index	18.15%	14.59%	18.29%

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

Key Fund Statistics

Total Net Assets	$1,387,616,314
# of Portfolio Holdings	36
Portfolio Turnover Rate	48%
Total Advisory Fees Paid	$9,419,467

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Industry Weightings (% of total investments)

Value	Value
Other^{Footnote Reference1}	29.2%
Biotechnology	7.0%
Automobiles	7.3%
Trading Companies & Distributors	7.8%
Financial Services	9.0%
Information Technology Services	19.8%
Software	19.9%

Footnote	Description
Footnote¹	Sectors representing less than 5% of total investments.

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Cloudflare, Inc.	11.9%
Tesla, Inc.	7.3%
Databricks, Inc.	6.8%
Affirm Holdings, Inc.	6.5%
AppLovin Corp.	6.4%
QXO, Inc.	5.2%
Royalty Pharma PLC	4.8%
Roivant Sciences Ltd.	4.5%
Shopify, Inc.	4.5%
ROBLOX Corp.	4.4%
Total	62.3%

Footnote	Description
Footnote^a	Excluding cash equivalents.

Additional Information

Householding

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

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report December 31, 2025

MBIRX -TSR-AR

Morgan Stanley Insight Fund

Class L CPOCX

Annual Shareholder Report December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class L	$182	1.67%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000^{^®} Growth Index:

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in financials, where a payments technology services platform had the greatest positive impact

↑ Stock selection in consumer discretionary; the largest contributor in the sector was a leading food delivery company in the U.S.

↓ Stock selection in communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection in real estate, driven by an underperforming Texas landowner

↓ Average overweight in consumer discretionary

Fund Performance

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

	Class L	Russell 3000^® Index	Russell 3000^® Growth Index
12/15	$10,000	$10,000	$10,000
1/16	$8,999	$9,436	$9,403
2/16	$8,605	$9,433	$9,394
3/16	$9,285	$10,097	$10,034
4/16	$9,255	$10,159	$9,956
5/16	$9,522	$10,341	$10,154
6/16	$9,446	$10,362	$10,114
7/16	$10,046	$10,774	$10,605
8/16	$10,088	$10,801	$10,565
9/16	$10,394	$10,818	$10,612
10/16	$10,008	$10,584	$10,332
11/16	$9,748	$11,058	$10,607
12/16	$9,558	$11,274	$10,739
1/17	$10,559	$11,486	$11,087
2/17	$10,738	$11,913	$11,533
3/17	$11,004	$11,921	$11,667
4/17	$11,470	$12,047	$11,930
5/17	$12,342	$12,171	$12,209
6/17	$12,200	$12,280	$12,209
7/17	$12,506	$12,512	$12,517
8/17	$12,794	$12,536	$12,727
9/17	$12,764	$12,842	$12,933
10/17	$13,586	$13,122	$13,411
11/17	$13,844	$13,521	$13,816
12/17	$14,048	$13,656	$13,917
1/18	$15,261	$14,375	$14,868
2/18	$15,445	$13,846	$14,476
3/18	$15,143	$13,568	$14,123
4/18	$15,261	$13,619	$14,170
5/18	$16,486	$14,004	$14,812
6/18	$17,061	$14,095	$14,953
7/18	$17,001	$14,563	$15,377
8/18	$18,619	$15,074	$16,227
9/18	$18,667	$15,099	$16,281
10/18	$16,781	$13,988	$14,778
11/18	$17,180	$14,268	$14,941
12/18	$15,677	$12,940	$13,622
1/19	$17,731	$14,051	$14,872
2/19	$19,014	$14,545	$15,436
3/19	$19,612	$14,757	$15,826
4/19	$20,237	$15,346	$16,524
5/19	$19,812	$14,353	$15,467
6/19	$21,365	$15,361	$16,538
7/19	$21,825	$15,590	$16,897
8/19	$20,744	$15,272	$16,728
9/19	$18,989	$15,540	$16,721
10/19	$19,109	$15,874	$17,193
11/19	$20,837	$16,478	$17,971
12/19	$20,762	$16,954	$18,505
1/20	$22,059	$16,935	$18,879
2/20	$22,118	$15,549	$17,588
3/20	$19,862	$13,410	$15,757
4/20	$24,109	$15,187	$18,089
5/20	$28,518	$15,999	$19,332
6/20	$31,599	$16,364	$20,167
7/20	$35,441	$17,294	$21,670
8/20	$38,382	$18,546	$23,852
9/20	$38,707	$17,871	$22,761
10/20	$37,188	$17,485	$22,041
11/20	$44,458	$19,613	$24,393
12/20	$44,630	$20,495	$25,585
1/21	$46,087	$20,404	$25,489
2/21	$49,026	$21,042	$25,541
3/21	$44,354	$21,796	$25,890
4/21	$46,523	$22,919	$27,570
5/21	$44,915	$23,024	$27,162
6/21	$49,981	$23,592	$28,837
7/21	$48,675	$23,991	$29,651
8/21	$49,294	$24,675	$30,723
9/21	$46,146	$23,568	$29,037
10/21	$49,043	$25,161	$31,478
11/21	$47,201	$24,778	$31,563
12/21	$41,516	$25,754	$32,199
1/22	$31,676	$24,239	$29,344
2/22	$31,863	$23,628	$28,174
3/22	$30,255	$24,395	$29,220
4/22	$23,373	$22,206	$25,688
5/22	$19,637	$22,176	$25,097
6/22	$17,675	$20,321	$23,134
7/22	$20,125	$22,227	$25,900
8/22	$20,301	$21,397	$24,750
9/22	$18,288	$19,413	$22,355
10/22	$18,495	$21,005	$23,711
11/22	$17,893	$22,102	$24,748
12/22	$15,927	$20,808	$22,872
1/23	$18,883	$22,241	$24,801
2/23	$18,199	$21,721	$24,508
3/23	$18,927	$22,302	$26,040
4/23	$17,890	$22,539	$26,265
5/23	$19,589	$22,627	$27,394
6/23	$21,354	$24,172	$29,288
7/23	$23,317	$25,039	$30,295
8/23	$21,023	$24,555	$29,955
9/23	$20,008	$23,386	$28,309
10/23	$18,309	$22,766	$27,818
11/23	$21,442	$24,888	$30,827
12/23	$24,221	$26,209	$32,298
1/24	$22,611	$26,499	$33,013
2/24	$25,148	$27,933	$35,285
3/24	$25,810	$28,835	$35,923
4/24	$23,317	$27,566	$34,340
5/24	$22,788	$28,868	$36,386
6/24	$23,891	$29,762	$38,724
7/24	$24,398	$30,315	$38,233
8/24	$25,744	$30,975	$38,971
9/24	$27,464	$31,616	$40,047
10/24	$29,405	$31,384	$39,897
11/24	$36,817	$33,471	$42,590
12/24	$35,273	$32,448	$42,781
1/25	$38,250	$33,473	$43,649
2/25	$35,474	$32,831	$42,019
3/25	$31,580	$30,916	$38,504
4/25	$34,199	$30,709	$39,171
5/25	$38,026	$32,655	$42,585
6/25	$40,645	$34,314	$45,262
7/25	$41,473	$35,070	$46,932
8/25	$43,263	$35,881	$47,549
9/25	$46,374	$37,120	$49,976
10/25	$46,665	$37,915	$51,703
11/25	$42,167	$38,019	$50,836
12/25	$41,719	$38,012	$50,545

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class L	18.27%	(1.34)%	15.35%
Russell 3000^®Index	17.15%	13.15%	14.29%
Russell 3000^®Growth Index	18.15%	14.59%	17.59%

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

Key Fund Statistics

Total Net Assets	$1,387,616,314
# of Portfolio Holdings	36
Portfolio Turnover Rate	48%
Total Advisory Fees Paid	$9,419,467

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Industry Weightings (% of total investments)

Value	Value
Other^{Footnote Reference1}	29.2%
Biotechnology	7.0%
Automobiles	7.3%
Trading Companies & Distributors	7.8%
Financial Services	9.0%
Information Technology Services	19.8%
Software	19.9%

Footnote	Description
Footnote¹	Sectors representing less than 5% of total investments.

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Cloudflare, Inc.	11.9%
Tesla, Inc.	7.3%
Databricks, Inc.	6.8%
Affirm Holdings, Inc.	6.5%
AppLovin Corp.	6.4%
QXO, Inc.	5.2%
Royalty Pharma PLC	4.8%
Roivant Sciences Ltd.	4.5%
Shopify, Inc.	4.5%
ROBLOX Corp.	4.4%
Total	62.3%

Footnote	Description
Footnote^a	Excluding cash equivalents.

Additional Information

Householding

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

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report December 31, 2025

CPOCX -TSR-AR

Morgan Stanley Insight Fund

Class R6 MCRTX

Annual Shareholder Report December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$90	0.82%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 3000^{^®} Growth Index:

↑ Stock selection in information technology, led by an outperforming web performance and security company

↑ Stock selection in financials, where a payments technology services platform had the greatest positive impact

↑ Stock selection in consumer discretionary; the largest contributor in the sector was a leading food delivery company in the U.S.

↓ Stock selection in communication services, where a digital advertising software platform detracted the most within the sector

↓ Stock selection in real estate, driven by an underperforming Texas landowner

↓ Average overweight in consumer discretionary

Fund Performance

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

	Class R6	Russell 3000^® Index	Russell 3000^® Growth Index
12/15	$5,000,000	$5,000,000	$5,000,000
1/16	$4,504,291	$4,717,874	$4,701,287
2/16	$4,310,447	$4,716,354	$4,697,081
3/16	$4,653,744	$5,048,414	$5,016,859
4/16	$4,641,906	$5,079,702	$4,977,837
5/16	$4,781,000	$5,170,580	$5,077,217
6/16	$4,746,967	$5,181,212	$5,056,976
7/16	$5,051,790	$5,386,838	$5,302,513
8/16	$5,076,946	$5,400,579	$5,282,355
9/16	$5,233,797	$5,409,069	$5,305,954
10/16	$5,044,392	$5,292,040	$5,165,768
11/16	$4,917,135	$5,528,870	$5,303,544
12/16	$4,824,593	$5,636,756	$5,369,696
1/17	$5,333,802	$5,742,851	$5,543,384
2/17	$5,428,876	$5,956,436	$5,766,489
3/17	$5,567,458	$5,960,489	$5,833,281
4/17	$5,807,560	$6,023,668	$5,964,754
5/17	$6,253,923	$6,085,315	$6,104,439
6/17	$6,187,629	$6,140,231	$6,104,712
7/17	$6,347,864	$6,256,005	$6,258,262
8/17	$6,500,005	$6,268,059	$6,363,498
9/17	$6,488,675	$6,420,923	$6,466,538
10/17	$6,909,493	$6,561,041	$6,705,266
11/17	$7,048,686	$6,760,268	$6,908,107
12/17	$7,156,629	$6,827,836	$6,958,432
1/18	$7,781,060	$7,187,736	$7,434,041
2/18	$7,880,401	$6,922,798	$7,237,883
3/18	$7,730,375	$6,783,829	$7,061,638
4/18	$7,797,279	$6,809,613	$7,084,912
5/18	$8,429,819	$7,001,850	$7,406,054
6/18	$8,729,993	$7,047,642	$7,476,355
7/18	$8,705,579	$7,281,523	$7,688,675
8/18	$9,537,685	$7,537,234	$8,113,584
9/18	$9,570,237	$7,549,711	$8,140,482
10/18	$8,605,889	$6,993,805	$7,389,102
11/18	$8,817,476	$7,133,882	$7,470,365
12/18	$8,051,366	$6,469,935	$6,810,979
1/19	$9,112,484	$7,025,276	$7,435,906
2/19	$9,777,597	$7,272,349	$7,717,793
3/19	$10,092,650	$7,378,538	$7,912,951
4/19	$10,416,455	$7,673,177	$8,261,982
5/19	$10,206,420	$7,176,632	$7,733,496
6/19	$11,012,819	$7,680,695	$8,269,193
7/19	$11,271,634	$7,794,868	$8,448,696
8/19	$10,723,296	$7,635,967	$8,364,056
9/19	$9,819,636	$7,769,985	$8,360,460
10/19	$9,885,436	$7,937,249	$8,596,276
11/19	$10,758,390	$8,238,958	$8,985,614
12/19	$10,727,053	$8,476,848	$9,252,460
1/20	$11,406,247	$8,467,589	$9,439,295
2/20	$11,443,591	$7,774,319	$8,794,040
3/20	$10,283,594	$6,705,212	$7,878,316
4/20	$12,489,222	$7,593,252	$9,044,438
5/20	$14,783,542	$7,999,327	$9,665,784
6/20	$16,391,666	$8,182,206	$10,083,738
7/20	$18,396,570	$8,646,820	$10,834,765
8/20	$19,937,008	$9,273,233	$11,926,010
9/20	$20,119,060	$8,935,585	$11,380,427
10/20	$19,344,173	$8,742,727	$11,020,480
11/20	$23,143,921	$9,806,307	$12,196,350
12/20	$23,250,741	$10,247,474	$12,792,643
1/21	$24,023,417	$10,201,894	$12,744,284
2/21	$25,571,285	$10,520,777	$12,770,391
3/21	$23,150,067	$10,897,872	$12,945,177
4/21	$24,297,754	$11,459,648	$13,784,909
5/21	$23,474,741	$11,511,961	$13,580,915
6/21	$26,140,095	$11,795,834	$14,418,312
7/21	$25,473,127	$11,995,309	$14,825,448
8/21	$25,817,937	$12,337,388	$15,361,614
9/21	$24,184,496	$11,783,836	$14,518,459
10/21	$25,719,779	$12,580,712	$15,738,754
11/21	$24,770,924	$12,389,217	$15,781,274
12/21	$21,800,206	$12,877,088	$16,099,394
1/22	$16,646,761	$12,119,449	$14,672,233
2/22	$16,754,360	$11,814,169	$14,087,244
3/22	$15,921,881	$12,197,377	$14,609,811
4/22	$12,308,806	$11,102,756	$12,843,896
5/22	$10,349,364	$11,087,870	$12,548,502
6/22	$9,321,507	$10,160,274	$11,567,064
7/22	$10,621,194	$11,113,490	$12,949,865
8/22	$10,720,299	$10,698,742	$12,374,936
9/22	$9,664,126	$9,706,657	$11,177,345
10/22	$9,783,051	$10,502,661	$11,855,480
11/22	$9,468,748	$11,050,861	$12,373,896
12/22	$8,438,830	$10,403,795	$11,436,049
1/23	$10,004,316	$11,120,332	$12,400,738
2/23	$9,646,046	$10,860,420	$12,254,242
3/23	$10,047,153	$11,150,818	$13,020,079
4/23	$9,505,853	$11,269,623	$13,132,304
5/23	$10,405,424	$11,313,471	$13,697,136
6/23	$11,351,725	$12,086,016	$14,644,050
7/23	$12,403,172	$12,519,260	$15,147,295
8/23	$11,195,956	$12,277,592	$14,977,363
9/23	$10,654,655	$11,692,758	$14,154,265
10/23	$9,762,873	$11,382,799	$13,908,804
11/23	$11,441,293	$12,444,225	$15,413,427
12/23	$12,928,895	$13,104,290	$16,148,791
1/24	$12,087,738	$13,249,521	$16,506,284
2/24	$13,446,829	$13,966,725	$17,642,403
3/24	$13,812,888	$14,417,255	$17,961,673
4/24	$12,488,845	$13,782,871	$17,169,998
5/24	$12,204,565	$14,434,071	$18,192,885
6/24	$12,812,067	$14,880,912	$19,361,882
7/24	$13,088,559	$15,157,533	$19,116,548
8/24	$13,820,677	$15,487,493	$19,485,398
9/24	$14,751,402	$15,807,865	$20,023,731
10/24	$15,802,848	$15,691,779	$19,948,266
11/24	$19,806,132	$16,735,661	$21,294,825
12/24	$18,977,718	$16,224,131	$21,390,263
1/25	$20,596,094	$16,736,298	$21,824,584
2/25	$19,110,950	$16,415,564	$21,009,511
3/25	$17,022,343	$15,458,036	$19,252,155
4/25	$18,448,708	$15,354,329	$19,585,711
5/25	$20,529,478	$16,327,578	$21,292,718
6/25	$21,963,681	$17,157,066	$22,631,201
7/25	$22,429,993	$17,534,909	$23,465,910
8/25	$23,413,558	$17,940,700	$23,774,641
9/25	$25,114,225	$18,559,858	$24,987,833
10/25	$25,286,643	$18,957,634	$25,851,285
11/25	$22,864,956	$19,009,698	$25,417,780
12/25	$22,641,597	$19,005,828	$25,272,657

Average Annual Total Returns (%)

AATR	1 Year	5 Years	10 Years
Class R6	19.31%	(0.53)%	16.30%
Russell 3000^®Index	17.15%	13.15%	14.29%
Russell 3000^®Growth Index	18.15%	14.59%	17.59%

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

Key Fund Statistics

Total Net Assets	$1,387,616,314
# of Portfolio Holdings	36
Portfolio Turnover Rate	48%
Total Advisory Fees Paid	$9,419,467

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Industry Weightings (% of total investments)

Value	Value
Other^{Footnote Reference1}	29.2%
Biotechnology	7.0%
Automobiles	7.3%
Trading Companies & Distributors	7.8%
Financial Services	9.0%
Information Technology Services	19.8%
Software	19.9%

Footnote	Description
Footnote¹	Sectors representing less than 5% of total investments.

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Cloudflare, Inc.	11.9%
Tesla, Inc.	7.3%
Databricks, Inc.	6.8%
Affirm Holdings, Inc.	6.5%
AppLovin Corp.	6.4%
QXO, Inc.	5.2%
Royalty Pharma PLC	4.8%
Roivant Sciences Ltd.	4.5%
Shopify, Inc.	4.5%
ROBLOX Corp.	4.4%
Total	62.3%

Footnote	Description
Footnote^a	Excluding cash equivalents.

Additional Information

Householding

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

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report December 31, 2025

MCRTX -TSR-AR

(b) Not applicable.

Item 2. Code of Ethics

The registrant (sometimes referred to as the "Fund") has adopted a code of ethics applicable to its Principal Executive Officer and Principal Financial Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has amended the code of ethics as described in Form N-CSR during the period covered by the report. The new Fund policy is substantially similar to the superseded Fund policy but now has an expanded scope that applies to 1940 Act Fund families. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report..

Item 3. Audit Committee Financial Expert

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

Item 4. Principal Accountant Fees and Services

(a) - (d)

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

2025

	Registrant			Covered Entities⁽¹⁾
Audit Fees	$	63,898		$	N/A
Non-Audit Fees
Audit Related Fees	$	-	⁽²⁾	$	-	⁽²⁾
Tax Fees	$	-	⁽³⁾	$	-	⁽⁴⁾
All Other Fees	$	-		$	-	⁽⁵⁾
Total Non-Audit Fees	$	-		$	-

Total	$	63,898		$	-

2024

	Registrant			Covered Entities⁽¹⁾
Audit Fees	$	63,898		$	N/A
Non-Audit Fees
Audit Related Fees	$	-	⁽²⁾	$	-	⁽²⁾
Tax Fees	$	-	⁽³⁾	$	-	⁽⁴⁾
All Other Fees	$	-		$	-	⁽⁵⁾
Total Non-Audit Fees	$	-		$	-

Total	$	63,898		$	-

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

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

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

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

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

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

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

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

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

(f) Not applicable.

(g) See table above.

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

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants

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

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

Item 6. Schedule of Investments

(a)

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

(b)

Not applicable.

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

Morgan Stanley Insight Fund

Annual Financial Statements and Additional Information

December 31, 2025

Morgan Stanley Insight Fund

Table of Contents (unaudited)

Items 6 and 7 of Form N-CSR:
Consolidated Portfolio of Investments					3
Consolidated Statement of Assets and Liabilities					7
Consolidated Statement of Operations					8
Consolidated Statements of Changes in Net Assets					9
Notes to Consolidated Financial Statements					10
Consolidated Financial Highlights					32
Report of Independent Registered Public Accounting Firm					38

Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

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

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

Morgan Stanley Insight Fund

Consolidated Portfolio of Investments ◼ December 31, 2025

NUMBER OF SHARES			VALUE
		Common Stocks (89.0%)
		Automobiles (7.4%)
	229,559	Tesla, Inc. (a)	$	103,237,273
		Biotechnology (7.1%)
	3,935,631	Arbutus Biopharma Corp. (a)		18,930,385
	273,178	Immunovant, Inc. (a)		6,944,185
	1,119,402	ProKidney Corp. (a)(b)		2,507,461
	2,933,783	Roivant Sciences Ltd. (a)		63,663,091
	254,914	XOMA Royalty Corp. (a)		6,778,163
				98,823,285
		Broadline Retail (1.6%)
	10,732	MercadoLibre, Inc. (a)		21,617,038
		Capital Markets (0.8%)
	1,347,470	Twenty One Capital, Inc., Class A (a)		11,803,837
		Electronic Equipment, Instruments & Components (0.0%)
	3,889	Magic Leap, Inc., Class A (acquisition cost - $1,890,214; acquired 12/22/15) (a)(c)(d)		-
		Entertainment (4.5%)
	776,537	ROBLOX Corp., Class A (a)		62,922,793
		Financial Services (9.2%)
	1,230,805	Affirm Holdings, Inc. (a)		91,608,816
	3,310,920	Federal National Mortgage Association (a)		35,526,172
				127,134,988
		Health Care Providers & Services (0.4%)
	8,046,130	Agilon Health, Inc. (a)		5,541,370
		Hotels, Restaurants & Leisure (3.4%)
	210,624	DoorDash, Inc., Class A (a)		47,702,124

NUMBER OF SHARES			VALUE
		Information Technology Services (20.2%)
	854,448	Cloudflare, Inc., Class A (a)	$	168,454,423
	394,796	Shopify, Inc., Class A (Canada) (a)		63,550,312
	221,661	Snowflake, Inc., Class A (a)		48,623,557
				280,628,292
		Pharmaceuticals (4.9%)
	1,762,242	Royalty Pharma PLC, Class A		68,093,031
		Real Estate Management & Development (4.2%)
	510,186	Landbridge Co. LLC, Class A (b)		24,994,012
	5,608,830	Opendoor Technologies, Inc. (a)		32,699,479
				57,693,491
		Software (13.3%)
	134,460	AppLovin Corp., Class A (a)		90,601,837
	9,932,505	Aurora Innovation, Inc. (a)		38,140,819
	747,267	BitMine Immersion Technologies, Inc.		20,288,299
	231,209	Strategy, Inc., Class A (a)		35,132,208
				184,163,163
		Tech Hardware, Storage & Peripherals (4.0%)
	1,223,197	IonQ, Inc. (a)		54,884,849
		Trading Companies & Distributors (8.0%)
	696,859	Core & Main, Inc., Class A (a)		36,215,762
	3,843,547	QXO, Inc. (a)		74,142,022
				110,357,784
		Total Common Stocks (Cost $866,506,079)		1,234,603,318

See Notes to Consolidated Financial Statements
3

Morgan Stanley Insight Fund

Consolidated Portfolio of Investments ◼ December 31, 2025 continued

NUMBER OF WARRANTS			VALUE
		Warrants (0.0%)‡
		Real Estate Management & Development (0.0%)‡
	349,131	Opendoor Technologies, Inc. expires 11/20/26 (a) (Cost $0)	$	211,771
NUMBER OF SHARES
		Preferred Stocks (7.0%)
		Software (7.0%)
	523,556	Databricks, Inc., Series H (a)(c)(d) (acquisition cost - $38,473,059; acquired 8/31/21)		96,313,362
	197,427	Lookout, Inc., Series F (a)(c)(d) (acquisition cost - $2,255,228; acquired 6/17/14)		625,843
		Total Preferred Stocks (Cost $40,728,287)		96,939,205
		Investment Company (2.3%)
	643,298	iShares Bitcoin Trust ETF (a) (Cost $24,891,966)		31,939,746
NUMBER OF SHARES (000)
		Short-Term Investments (3.7%)
		Investment Company ( 1.8%)
	24,672	Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class, 3.61% (See Note 9) (Cost $24,672,263)		24,672,263

NUMBER OF SHARES (000)			VALUE
		Securities held as Collateral on Loaned Securities (1.9%)
		Investment Company (1.4%)
	19,473	Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio - Institutional Class, 3.61% (See Note 9)	$	19,472,718
PRINCIPAL AMOUNT (000)
		Repurchase Agreements (0.5%)
$	1,987	HSBC Securities USA, Inc., (3.83%, dated 12/31/25, due 1/2/26; proceeds $1,987,435; fully collateralized by a U.S. Government obligation; 0.00% due 8/15/26; valued at $2,026,753)		1,987,012
	4,769	Merrill Lynch & Co., Inc., (3.82%, dated 12/31/25, due 1/2/26; proceeds $4,769,841; fully collateralized by U.S. Government obligations; 1.63% - 2.00% due 11/15/50 - 8/15/51; valued at $4,864,241)		4,768,829
	616	Merrill Lynch & Co., Inc., (3.65%, dated 12/31/25, due 1/2/26; proceeds $616,099; fully collateralized by a U.S. Government obligation; 4.00% due 1/15/27; valued at $628,280)		615,974
				7,371,815
		Total Securities held as Collateral on Loaned Securities (Cost $26,844,533)		26,844,533

See Notes to Consolidated Financial Statements
4

Morgan Stanley Insight Fund

Consolidated Portfolio of Investments ◼ December 31, 2025 continued

PRINCIPAL AMOUNT (000)				VALUE
	Total Short-Term Investments (Cost $51,516,796)			$	51,516,796
Total Investments Excluding Purchased Options (Cost $983,643,128)		102.0	%		1,415,210,836
Total Purchased Options Outstanding (Cost $6,852,078)		0.1	%		1,131,875
Total Investments (Cost $990,495,206) including $25,688,412 of Securities Loaned (e)(f)		102.1	%		1,416,342,711
Liabilities in Excess of Other Assets		(2.1	)		(28,726,397	)
Net Assets		100.0	%	$	1,387,616,314

‡ Amount is less than 0.05%.

(a) Non-income producing security.

(b) All or a portion of this security was on loan at December 31, 2025.

(c) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at December 31, 2025 amounts to $96,939,205 and represents 7.0% of net assets.

(d) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.

(e) Securities are available for collateral in connection with purchased options.

(f) At December 31, 2025, the aggregate cost for federal income tax purposes is approximately $1,059,311,753. The aggregate gross unrealized appreciation is approximately $564,279,101 and the aggregate gross unrealized depreciation is approximately $229,356,640, resulting in net unrealized appreciation of approximately $334,922,461.

ETF Exchange Traded Fund.

Call Options Purchased:

The Fund had the following call options purchased open at December 31, 2025:

COUNTERPARTY	DESCRIPTION	STRIKE PRICE		EXPIRATION DATE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT (000)		VALUE		PREMIUMS PAID		UNREALIZED DEPRECIATION
Standard Chartered Bank	USD/CNH	CNH	7.32	Dec-26		512,895,404	$	512,895	$	934,496	$	1,451,494	$	(516,998	)
Standard Chartered Bank	USD/CNH	CNH	7.58	Aug-26		468,728,898		468,729		169,211		1,533,646		(1,364,435	)
Goldman Sachs & Co. LLC	USD/CNH	CNH	7.71	May-26		332,468,224		332,468		25,268		1,383,935		(1,358,667	)
JPMorgan Chase Bank NA	USD/CNH	CNH	7.82	Feb-26		340,080,886		340,081		680		1,404,193		(1,403,513	)
Standard Chartered Bank	USD/CNH	CNH	7.90	Apr-26		222,022,032		222,022		2,220		1,078,810		(1,076,590	)
									$	1,131,875	$	6,852,078	$	(5,720,203	)

CNH - Chinese Yuan Renminbi Offshore

USD - United States Dollar

See Notes to Consolidated Financial Statements
5

Morgan Stanley Insight Fund

Consolidated Portfolio of Investments ◼ December 31, 2025 continued

Consolidated Summary of Investments

INDUSTRY†	VALUE			PERCENT OF TOTAL INVESTMENTS
Software	$	281,102,368			20.2	%
Information Technology Services		280,628,292			20.2
Financial Services		127,134,988			9.2
Trading Companies & Distributors		110,357,784			7.9
Automobiles		103,237,273			7.4
Biotechnology		98,823,285			7.1
Pharmaceuticals		68,093,031			4.9
Entertainment		62,922,793			4.5
Real Estate Management & Development		57,693,491			4.2
Investment Companies		56,612,009			4.1
Tech Hardware, Storage & Peripherals		54,884,849			4.0
Hotels, Restaurants & Leisure		47,702,124			3.4
Broadline Retail		21,617,038			1.6
Capital Markets		11,803,837			0.8
Health Care Providers & Services		5,541,370			0.4
Purchased Options		1,131,875			0.1
Warrants		211,771			0.0
Electronic Equipment, Instruments & Components		-	††		0.0
Total Investments	$	1,389,498,178	††		100.0	%

† Does not reflect the value of securities held as collateral on loaned securities.

†† Includes a security valued at zero.

See Notes to Consolidated Financial Statements
6

Morgan Stanley Insight Fund

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities December 31, 2025

Assets:
Investments in securities, at value (cost $946,350,225) (Including $25,688,412 for securities loaned)	$	1,372,197,730
Investment in affiliate, at value (cost $44,144,981)		44,144,981
Total investments in securities, at value (cost $990,495,206)		1,416,342,711
Receivable for:
Investments sold		2,656,911
Shares of beneficial interest sold		319,639
Dividends from affiliate		108,207
Securities lending income		59,924
Prepaid expenses and other assets		179,505
Total Assets		1,419,666,897
Liabilities:
Collateral on securities loaned, at value		26,844,533
Due to broker		1,510,000
Payable for:
Shares of beneficial interest redeemed		2,023,291
Advisory fee		797,993
Distribution fee		264,727
Transfer and sub transfer agency fees		225,555
Administration fee		98,358
Investments purchased		38,324
Accrued expenses and other payables		247,802
Total Liabilities		32,050,583
Net Assets	$	1,387,616,314
Composition of Net Assets:
Paid-in-Capital	$	2,261,723,321
Total Accumulated Loss		(874,107,007	)
Net Assets	$	1,387,616,314
Class A Shares:
Net Assets	$	788,693,899
Shares Outstanding (unlimited shares authorized, $0.01 par value)		17,273,830
Net Asset Value Per Share	$	45.66
Maximum Offering Price Per Share, (net asset value plus 5.54% of net asset value)	$	48.19
Class L Shares:
Net Assets	$	17,695,466
Shares Outstanding (unlimited shares authorized, $0.01 par value)		949,327
Net Asset Value Per Share	$	18.64
Class I Shares:
Net Assets	$	478,298,397
Shares Outstanding (unlimited shares authorized, $0.01 par value)		8,384,093
Net Asset Value Per Share	$	57.05
Class C Shares:
Net Assets	$	87,232,344
Shares Outstanding (unlimited shares authorized, $0.01 par value)		5,082,366
Net Asset Value Per Share	$	17.16
Class R6 Shares:
Net Assets	$	15,676,170
Shares Outstanding (unlimited shares authorized, $0.01 par value)		271,284
Net Asset Value Per Share	$	57.79
Class IR Shares:
Net Assets	$	20,038
Shares Outstanding (unlimited shares authorized, $0.01 par value)		345
Net Asset Value Per Share	$	58.07

See Notes to Consolidated Financial Statements
7

Morgan Stanley Insight Fund

Consolidated Financial Statements continued

Consolidated Statement of Operations For the year ended December 31, 2025

Net Investment Loss: Income
Dividends	$	908,653
Dividends from affiliate (Note 9)		1,232,496
Income from securities loaned - net		404,337
Total Income		2,545,486
Expenses
Advisory fee (Note 4)		9,421,576
Distribution fee (Class A) (Note 5)		2,044,253
Distribution fee (Class L) (Note 5)		142,138
Distribution fee (Class C) (Note 5)		975,328
Sub transfer agency fees and expenses (Class A)		1,045,549
Sub transfer agency fees and expenses (Class L)		21,384
Sub transfer agency fees and expenses (Class I)		521,296
Sub transfer agency fees and expenses (Class C)		105,173
Administration fee (Note 4)		1,153,063
Professional fees		321,399
Transfer agency fees and expenses (Class A) (Note 7)		60,489
Transfer agency fees and expenses (Class L) (Note 7)		6,104
Transfer agency fees and expenses (Class I) (Note 7)		35,312
Transfer agency fees and expenses (Class C) (Note 7)		10,222
Transfer agency fees and expenses (Class R6) (Note 7)		5,680
Transfer agency fees and expenses (Class IR) (Note 7)		2,118
Registration fees		119,588
Shareholder reports and notices		84,403
Custodian fees (Note 8)		49,880
Trustees' fees and expenses		25,621
Interest Expenses		319
Other		83,555
Total Expenses		16,234,450
Less: rebate from Morgan Stanley affiliated cash sweep (Note 9)		(58,380	)
Less: reimbursement of class specific expenses (Class IR) (Note 4)		(2,109	)
Net Expenses		16,173,961
Net Investment Loss		(13,628,475	)
Realized and Unrealized Gain (Loss): Realized Gain on:
Investments sold		313,106,036
Foreign currency transaction		57,268
Payment from Adviser (Note 4)		515,737
Net Realized Gain		313,679,041
Change in Unrealized Appreciation (Depreciation) on:
Investments		(52,462,059	)
Net Gain		261,216,982
Net Increase in Net Assets Resulting from Operations	$	247,588,507

See Notes to Consolidated Financial Statements
8

Morgan Stanley Insight Fund

Consolidated Financial Statements continued

Consolidated Statements of Changes in Net Assets

	FOR THE YEAR ENDED DECEMBER 31, 2025			FOR THE YEAR ENDED DECEMBER 31, 2024
Increase (Decrease) in Net Assets: Operations:
Net investment loss	$	(13,628,475	)	$	(11,929,521	)
Net realized gain		313,679,041			175,010,830
Net change in unrealized appreciation (depreciation)		(52,462,059	)		316,958,684
Net Increase in Net Assets Resulting from Operations		247,588,507			480,039,993
Dividends and Distributions to Shareholders from:
Class A		-			(4,902,195	)
Class L		-			(289,666	)
Class I		-			(3,241,933	)
Class C		-			(1,527,656	)
Class R6		-			(74,007	)
Class IR		-			(111	)
Total Dividends and Distributions to Shareholders		-			(10,035,568	)
Net decrease from transactions in shares of beneficial interest		(276,909,860	)		(633,822,446	)
Net Decrease		(29,321,353	)		(163,818,021	)
Net Assets:
Beginning of period		1,416,937,667			1,580,755,688
End of Period	$	1,387,616,314		$	1,416,937,667

See Notes to Consolidated Financial Statements
9

Morgan Stanley Insight Fund

Notes to Consolidated Financial Statements ◼ December 31, 2025

1. Organization and Accounting Policies

Morgan Stanley Insight Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company. The Fund's investment objective is to seek long-term capital appreciation. The Fund was organized as a Massachusetts business trust on October 17, 1995 and commenced operations on February 27, 1996. On July 28, 1997, the Fund converted to a multiple class share structure.

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

The Fund has issued Class A shares, Class L shares, Class I shares, Class C shares, Class R6 shares and Class IR shares. Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. The six classes are substantially the same except that most Class A shares are subject to a sales charge imposed at the time of purchase and some Class A shares and most Class C shares are subject to a contingent deferred sales charge imposed on shares redeemed within one year. Class L shares, Class I shares, Class R6 shares and Class IR shares are not subject to a sales charge. Additionally, Class A shares, Class L shares and Class C shares incur distribution expenses.

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

The following is a summary of significant accounting policies:

The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands, Insight Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in pooled investment vehicles and exchange-traded products that invest in bitcoin ("bitcoin ETFs"). The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in

Morgan Stanley Insight Fund

Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of December 31, 2025, the Subsidiary represented $31,937,361 or 2.30% of the net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

A. Valuation of Investments - (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Fund's Board of Trustees (the "Trustees"). Each business day, the Fund uses a third-party pricing service approved by the Trustees to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments

Morgan Stanley Insight Fund

Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE; (4) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; (5) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a reputable broker/dealer or valued by a pricing service/vendor; (6) fixed income securities may be valued by an outside pricing service/vendor approved by the Trustees. The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If the Adviser, a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or the pricing service/vendor or exchange is unable to provide a price, prices from reputable brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from reputable brokers/dealers; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Fund's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Fund's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Fund's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

B. Accounting for Investments - Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on security transactions are determined by the identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value.

Morgan Stanley Insight Fund

Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

Discounts are accreted and premiums are amortized over the life of the respective securities and are included in interest income. Interest income is accrued daily as earned.

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

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

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

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

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

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

E. Repurchase Agreements - The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as

Morgan Stanley Insight Fund

Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

F. Securities Lending - The Fund may lend securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund receives cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

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

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

The following table presents financial instruments that are subject to enforceable netting arrangements as of December 31, 2025:

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

GROSS ASSET AMOUNT PRESENTED IN THE CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES				FINANCIAL INSTRUMENT				COLLATERAL RECEIVED				NET AMOUNT (NOT LESS THAN $0)
$	25,688,412	(a)		$	-			$	(25,688,412	)(b)(c)		$	0

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

Morgan Stanley Insight Fund

Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

(b) The Fund received cash collateral of approximately $26,844,533 which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Fund as reported in the Consolidated Portfolio of Investments.

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

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

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of December 31, 2025:

	REMAINING CONTRACTUAL MATURITY OF THE AGREEMENTS
	OVERNIGHT AND CONTINUOUS		<30 DAYS		BETWEEN 30 & 90 DAYS		>90 DAYS		TOTAL
Securities Lending Transactions
Common Stocks	$	26,844,533	$	-	$	-	$	-	$	26,844,533
Total Borrowings	$	26,844,533	$	-	$	-	$	-	$	26,844,533
Gross amount of recognized liabilities for securities lending transactions									$	26,844,533

G. Restricted Securities - The Fund invests in unregistered or otherwise restricted securities. The term "restricted securities" refers to securities that are unregistered or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Fund may have difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered so that the Fund can sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and the acquirer of the securities. The Fund would, in either case, bear market risks during that period. Restricted securities are identified in the Consolidated Portfolio of Investments.

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

I. Use of Estimates - The preparation of financial statements in accordance with generally accepted accounting principles in the United States ("GAAP") requires management to make estimates and

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Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates.

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

K. Segment Reporting - The Fund operates as a single reportable segment, an investment company whose investment objective is included in Note 1. The Fund's President acts as the Fund's Chief Operating Decision Maker ("CODM"), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's consolidated financial statements.

2. Fair Valuation Measurements

FASB ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs); and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

• Level 1 - unadjusted quoted prices in active markets for identical investments

• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

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Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

INVESTMENT TYPE	LEVEL 1 UNADJUSTED QUOTED PRICES		LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS			TOTAL
Assets:
Common Stocks
Automobiles	$	103,237,273	$	-	$	-		$	103,237,273
Biotechnology		98,823,285		-		-			98,823,285
Broadline Retail		21,617,038		-		-			21,617,038
Capital Markets		11,803,837		-		-			11,803,837
Electronic Equipment, Instruments & Components		-		-		-	†		-	†
Entertainment		62,922,793		-		-			62,922,793
Financial Services		127,134,988		-		-			127,134,988
Health Care Providers & Services		5,541,370		-		-			5,541,370
Hotels, Restaurants & Leisure		47,702,124		-		-			47,702,124
Information Technology Services		280,628,292		-		-			280,628,292
Pharmaceuticals		68,093,031		-		-			68,093,031
Real Estate Management & Development		57,693,491		-		-			57,693,491
Software		184,163,163		-		-			184,163,163
Tech Hardware, Storage & Peripherals		54,884,849		-		-			54,884,849
Trading Companies & Distributors		110,357,784		-		-			110,357,784
Total Common Stocks		1,234,603,318		-		-	†		1,234,603,318	†

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Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

INVESTMENT TYPE	LEVEL 1 UNADJUSTED QUOTED PRICES		LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS			TOTAL
Assets (cont'd):
Warrants
Real Estate Management & Development	$	211,771	$	-	$	-		$	211,771
Preferred Stocks
Software		-		-		96,939,205			96,939,205
Investment Company		31,939,746		-		-			31,939,746
Call Options Purchased		-		1,131,875		-			1,131,875
Short-Term Investments
Investment Company		44,144,981		-		-			44,144,981
Repurchase Agreements		-		7,371,815		-			7,371,815
Total Short-Term Investments		44,144,981		7,371,815		-			51,516,796
Total Assets	$	1,310,899,816	$	8,503,690	$	96,939,205	†	$	1,416,342,711	†

† Includes a security valued at zero.

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

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	COMMON STOCK			PREFERRED STOCKS
Beginning Balance	$	-	†	$	49,441,731
Purchases		-			-
Sales		-			-
Transfers in		-			-
Transfers out		-			-
Corporate actions		-			-
Change in unrealized appreciation (depreciation)		-			47,497,474
Realized gains (losses)		-			-
Ending Balance	$	-	†	$	96,939,205
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2025	$	-		$	47,497,474

† Includes a security valued at zero.

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Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2025. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment's fair value as of December 31, 2025:

FAIR VALUE AT
DECEMBER 31, 2025

VALUATION
TECHNIQUE

UNOBSERVABLE
INPUT

AMOUNT OR RANGE/
WEIGHTED AVERAGE

IMPACT TO
VALUATION FROM
AN INCREASE
IN INPUT*

Preferred Stocks

96,939,205

Market
Transaction
Method

Precedent
Transaction

3.24-$183.96/$182.79

Increase

Discounted Cash
Flow

Weighted
Average Cost of
Capital

18.0

Decrease

Perpetual
Growth Rate

3.5

Increase

Market
Comparable
Companies

Enterprise
Value/
Revenue

3.2

Increase

Discount for
Lack of
Marketability

6.0

Decrease

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

3. Derivatives

The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset and may have additional risks, including imperfect correlation between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements, risks arising from mispricing or valuation complexity and operational and legal risks. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the

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Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

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

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

Options - In respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency exchange risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. The Fund may purchase put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Upon the exercise or closing of a purchased call option, the premium paid is added to the cost of the security or financial instrument purchased. Upon the exercise or closing of a purchased put option, the premium paid is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. As the buyer of a call option, the Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at the exercise price. If the market price of the underlying security rises above the exercise price, the Fund could exercise the option and acquire the underlying security at a below-market price, which could result in a gain to the Fund, minus the premium paid. As the buyer of a put option, the Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying security declines below the exercise

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Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

price, the Fund could exercise the option and sell the underlying security at an above-market price, which could result in a gain to the Fund, minus the premium paid. Premium paid for purchasing options which expired are treated as realized losses. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

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

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

PRIMARY RISK EXPOSURE				ASSET DERIVATIVES CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES LOCATION				FAIR VALUE
Currency Risk				Investments, at Value (Purchased Options)				$	1,131,875	(a)

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

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

AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVES

PRIMARY RISK EXPOSURE				PURCHASED OPTIONS
Currency Risk				$	(6,874,494	)(a)

(a) Amounts are included in Realized Gain (Loss) on Investments Sold in the Consolidated Statement of Operations.

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Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES

PRIMARY RISK EXPOSURE				PURCHASED OPTIONS
Currency Risk				$	(3,180,680	)(a)

(a) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Consolidated Statement of Operations.

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

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

FUND DERIVATIVE				ASSETS(b)				LIABILITIES(b)
Purchased Options				$	1,131,875	(a)		$	-

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

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

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

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Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of December 31, 2025:

GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES

COUNTERPARTY	GROSS ASSET DERIVATIVES PRESENTED IN THE CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES		FINANCIAL INSTRUMENT		COLLATERAL RECEIVED(a)			NET AMOUNT (NOT LESS THAN $0)
Goldman Sachs & Co. LLC	$	25,268	$	-	$	(25,268	)	$	0
JPMorgan Chase Bank NA		680		-		(680	)		0
Standard Chartered Bank		1,105,927		-		(1,105,927	)		0
Total	$	1,131,875	$	-	$	(1,131,875	)	$	0

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

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

Purchased Options:
Average monthly notional amount				$	1,664,318,604

4. Advisory/Administration Agreements

Pursuant to an Investment Advisory Agreement with the Adviser, the Fund pays an advisory fee, accrued daily and paid monthly, by applying the following annual rates to the net assets of the Fund determined as of the close of each business day: 0.67% to the portion of the daily net assets not exceeding $500 million; 0.645% to the portion of the daily net assets exceeding $500 million but not exceeding $2 billion; 0.62% to the portion of the daily net assets exceeding $2 billion but not exceeding $3 billion; and 0.595% to the portion of the daily net assets exceeding $3 billion. For the year ended December 31, 2025, the advisory fee rate (net of rebate) was equivalent to an annual effective rate of 0.65% of the Fund's average daily net assets.

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

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

The Adviser/Administrator has agreed to reduce its advisory fee, its administration fee and/or reimburse the Fund so that total annual operating expenses, excluding certain investment related

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Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.27% for Class A, 1.77% for Class L, 0.92% for Class I, 2.02% for Class C, 0.85% for Class R6 and 0.85% for Class IR. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time that the Trustees act to discontinue all or a portion of such waivers and/or expense reimbursements when they deem such action is appropriate. For the year ended December 31, 2025, $2,109 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

The Adviser made a payment to the Fund of $515,737 related to a class action suit involving the Fund's past holdings which is included in "Payment from the Adviser" in the Consolidated Statement of Operations.

5. Plan of Distribution

Shares of the Fund are distributed by Morgan Stanley Distribution, Inc. (the "Distributor"), an affiliate of the Adviser/Administrator. The Fund has adopted a Plan of Distribution (the "Plan") pursuant to Rule 12b-1 under the Act. The Plan provides that the Fund will pay the Distributor a fee which is accrued daily and paid monthly at the following annual rates: (i) Class A - up to 0.25% of the average daily net assets of Class A shares; (ii) Class L - up to 0.75% of the average daily net assets of Class L shares; and (iii) Class C - up to 1.00% of the average daily net assets of Class C shares.

In the case of Class A shares, Class L shares and Class C shares, expenses incurred pursuant to the Plan in any calendar year in excess of 0.25%, 0.75% and 1.00% of the average daily net assets of Class A shares, Class L shares and Class C shares, respectively, will not be reimbursed by the Fund through payments in any subsequent year, except that expenses representing a gross sales commission credited to Financial Intermediaries at the time of sale may be reimbursed in the subsequent calendar year. The Distributor has advised the Fund that there were no unreimbursed expenses representing a gross sales commission credited to Financial Intermediaries in the case of Class A, Class L, or Class C at December 31, 2025. For the year ended December 31, 2025, the distribution fee was accrued for Class A shares, Class L shares and Class C shares at the annual rate of 0.25%, 0.75% and 1.00%, respectively.

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Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

The Distributor has informed the Fund that for the year ended December 31, 2025, it received contingent deferred sales charges from certain redemptions of the Fund's Class A shares and Class C shares of $12,552 and $5,438, respectively, and received $95,118 in front-end sales charges from sales of the Fund's Class A shares. The respective shareholders pay such charges, which are not an expense of the Fund.

6. Shares of Beneficial Interest

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

	FOR THE YEAR ENDED DECEMBER 31, 2025						FOR THE YEAR ENDED DECEMBER 31, 2024
	SHARES			AMOUNT			SHARES			AMOUNT
CLASS A SHARES
Sold		1,219,484		$	52,212,199			1,198,593		$	36,310,637
Reinvestment of dividends		-			-			116,143			4,786,255
Redeemed		(4,753,409	)		(203,239,907	)		(11,230,920	)		(313,111,706	)
Net decrease - Class A		(3,533,925	)		(151,027,708	)		(9,916,184	)		(272,014,814	)
CLASS L SHARES
Exchanged		-			-			314			5,053
Reinvestment of dividends		-			-			16,522			279,384
Redeemed		(234,098	)		(4,297,939	)		(229,541	)		(2,668,938	)
Net decrease - Class L		(234,098	)		(4,297,939	)		(212,705	)		(2,384,501	)
CLASS I SHARES
Sold		2,152,106			111,139,720			1,974,564			69,901,091
Reinvestment of dividends		-			-			62,554			3,211,520
Redeemed		(3,879,949	)		(201,901,081	)		(9,333,795	)		(328,944,475	)
Net decrease - Class I		(1,727,843	)		(90,761,361	)		(7,296,677	)		(255,831,864	)
CLASS C SHARES
Sold		190,285			3,120,996			253,362			2,765,537
Reinvestment of dividends		-			-			97,014			1,514,395
Redeemed		(2,282,038	)		(36,672,151	)		(3,516,285	)		(38,497,589	)
Net decrease - Class C		(2,091,753	)		(33,551,155	)		(3,165,909	)		(34,217,657	)
CLASS R6 SHARES
Sold		117,726			6,599,855			79,176			2,720,500
Reinvestment of dividends		-			-			1,424			74,007
Redeemed		(75,301	)		(3,871,552	)		(2,223,260	)		(72,168,228	)
Net increase (decrease) - Class R6		42,425			2,728,303			(2,142,660	)		(69,373,721	)
CLASS IR SHARES
Reinvestment of dividends		-			-			2			111
Net decrease in Fund		(7,545,194	)	$	(276,909,860	)		(22,734,133	)	$	(633,822,446	)

Morgan Stanley Insight Fund

Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

7. Dividend Disbursing and Transfer/Co-Transfer Agent

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

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the year ended December 31, 2025, co-transfer agency fees and expenses incurred to EVM, included in "Transfer agency fees and expenses" in the Consolidated Statement of Operations, amounted to $14,157.

8. Custodian Fees

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

9. Security Transactions and Transactions with Affiliates

The cost of purchases and proceeds from sales of investment securities, excluding short-term investments, for the year ended December 31, 2025, aggregated $702,287,718 and $980,543,341, respectively. Included in the aforementioned are purchases and sales of U.S. Government securities of $25,468,722 and $196,485, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Treasury Securities Portfolio (the "Liquidity Fund"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended December 31, 2025, advisory fees paid were reduced by $58,380 relating to the Fund's investment in the Liquidity Fund.

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

AFFILIATED INVESTMENT COMPANY				VALUE DECEMBER 31, 2024				PURCHASES AT COST				PROCEEDS FROM SALES				DIVIDEND INCOME				REALIZED GAIN (LOSS)				CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)				VALUE DECEMBER 31, 2025
Liquidity Fund				$	50,692,235			$	537,594,983			$	544,142,237			$	1,232,496			$	-			$	-			$	44,144,981

Morgan Stanley Insight Fund

Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

During the year ended December 31, 2025, the Fund incurred $15,557 in brokerage commissions with Morgan Stanley & Co. LLC, an affiliate of the Adviser/Administrator and Distributor, for portfolio transactions executed on behalf of the Fund.

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). As a result of a change in the Rule 2a-5 under the act, which impacts transactions under Rule 17a-7, a security is an eligible security for purposes of Rule 17a-7 only when there is a "readily available market quotation" for the security. The Fund's Rule 17a-7 policy was amended effective September 8, 2022, to reflect the new requirements of Rule 2a-5.

For the year ended December 31, 2025, the Fund did not engage in any cross-trade transactions.

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

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

10. Federal Income Tax Status

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

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

Morgan Stanley Insight Fund

Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. As of December 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

FASB ASC 740-10, "Income Taxes - Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. Tax positions taken or expected to be taken in the course of preparing the Fund's tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. The Fund's U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed. The Fund's tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the state departments of revenue and by foreign tax authorities.

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

2025 DISTRIBUTIONS PAID FROM:				2024 DISTRIBUTIONS PAID FROM:
ORDINARY INCOME		PAID-IN- CAPITAL		ORDINARY INCOME		PAID-IN- CAPITAL
$	-	$	-	$	9,906,573	$	128,995

Morgan Stanley Insight Fund

Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

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

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

Permanent differences, primarily due to a net operating loss and tax adjustments related to the Subsidiary, resulted in the following reclassifications among the components of net assets at December 31, 2025:

TOTAL ACCUMULATED LOSS				PAID-IN- CAPITAL
$	15,332,275			$	(15,332,275	)

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

At December 31, 2025, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of $328,436,117 and $891,483,391, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended December 31, 2025, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of $284,945,478.

11. Market and Geopolitical Risk and Risks Relating to Certain Financial Instruments

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

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of

Morgan Stanley Insight Fund

Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

The Fund may have exposure to cryptocurrencies indirectly through cash settled futures bitcoin exposure or indirectly through bitcoin ETFs. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by bitcoin ETFs (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the bitcoin ETF's investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile and subject to sharp declines. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Bitcoin ETF exposure could result in substantial losses to the Fund.

The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) and liquidity of the Fund's investments, which may in turn impact the Fund's ability to sell securities and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These types of events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the

Morgan Stanley Insight Fund

Notes to Consolidated Financial Statements ◼ December 31, 2025 continued

performance or value of the Fund's investments, adversely affect and increase the volatility of the Fund's share price and exacerbate preexisting risks to the Fund. The frequency and magnitude of resulting changes in the value of the Fund's investments cannot be predicted.

12. Credit Facility

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

13. Other

At December 31, 2025, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 65.5%.

Morgan Stanley Insight Fund

Consolidated Financial Highlights

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

	FOR THE YEAR ENDED DECEMBER 31,
	2025			2024			2023			2022			2021
Class A Shares
Selected Per Share Data:
Net asset value, beginning of period	$	38.40		$	26.39		$	17.28		$	65.88		$	80.81
Income (loss) from investment operations:
Net investment loss⁽¹⁾		(0.42	)		(0.27	)		(0.19	)		(0.34	)		(0.79	)
Net realized and unrealized gain (loss)		7.68			12.51			9.30			(39.30	)		(4.30	)
Total income (loss) from investment operations		7.26			12.24			9.11			(39.64	)		(5.09	)
Less distributions from:
Net investment income		-			(0.23	)		-			-			(0.02	)
Net realized gain		-			-			-			(8.96	)		(9.82	)
Total distributions		-			(0.23	)		-			(8.96	)		(9.84	)
Net asset value, end of period	$	45.66		$	38.40		$	26.39		$	17.28		$	65.88
Total Return⁽²⁾		18.91	%		46.33	%		52.72	%⁽³⁾		(61.43	)%		(6.60	)%
Ratios to Average Net Assets:
Net expenses		1.16	%⁽⁴⁾		1.15	%⁽⁴⁾		1.11	%⁽⁴⁾⁽⁵⁾		1.15	%⁽⁴⁾		1.10	%⁽⁴⁾
Net expenses excluding interest expenses		1.16	%⁽⁴⁾		1.15	%⁽⁴⁾		N/A			N/A			1.10	%⁽⁴⁾
Net investment loss		(0.99	)%⁽⁴⁾		(0.94	)%⁽⁴⁾		(0.88	)%⁽⁴⁾⁽⁵⁾		(0.94	)%⁽⁴⁾		(0.92	)%⁽⁴⁾
Rebate from Morgan Stanley affiliate		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾		0.00	%⁽⁶⁾
Supplemental Data:
Net assets, end of period, in thousands	$	788,694		$	799,021		$	810,696		$	660,505		$	2,599,064
Portfolio turnover rate		48	%		44	%		40	%		37	%		72	%

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

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

(3) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class A shares.

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

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

PERIOD ENDED				EXPENSE RATIO				NET INVESTMENT LOSS RATIO
December 31, 2023					1.15	%			(0.92	)%

(6) Amount is less than 0.005%.

See Notes to Consolidated Financial Statements
32

Morgan Stanley Insight Fund

Consolidated Financial Highlights continued

	FOR THE YEAR ENDED DECEMBER 31,
	2025			2024			2023			2022			2021
Class L Shares
Selected Per Share Data:
Net asset value, beginning of period	$	15.76		$	10.98		$	7.23		$	40.00		$	53.31
Income (loss) from investment operations:
Net investment loss⁽¹⁾		(0.26	)		(0.17	)		(0.12	)		(0.30	)		(0.76	)
Net realized and unrealized gain (loss)		3.14			5.20			3.87			(23.51	)		(2.73	)
Total income (loss) from investment operations		2.88			5.03			3.75			(23.81	)		(3.49	)
Less distributions from:
Net investment income		-			(0.25	)		-			-			(0.00	)⁽²⁾
Net realized gain		-			-			-			(8.96	)		(9.82	)
Total distributions		-			(0.25	)		-			(8.96	)		(9.82	)
Net asset value, end of period	$	18.64		$	15.76		$	10.98		$	7.23		$	40.00
Total Return⁽³⁾		18.27	%		45.63	%		52.08	%⁽⁴⁾		(61.64	)%		(6.98	)%
Ratios to Average Net Assets:
Net expenses		1.67	%⁽⁵⁾		1.64	%⁽⁵⁾		1.59	%⁽⁵⁾⁽⁶⁾		1.62	%⁽⁵⁾		1.53	%⁽⁵⁾
Net expenses excluding interest expenses		1.67	%⁽⁵⁾		1.64	%⁽⁵⁾		N/A			N/A			1.53	%⁽⁵⁾
Net investment loss		(1.50	)%⁽⁵⁾		(1.43	)%⁽⁵⁾		(1.36	)%⁽⁵⁾⁽⁶⁾		(1.41	)%⁽⁵⁾		(1.35	)%⁽⁵⁾
Rebate from Morgan Stanley affiliate		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾
Supplemental Data:
Net assets, end of period, in thousands	$	17,695		$	18,647		$	15,325		$	11,949		$	44,361
Portfolio turnover rate		48	%		44	%		40	%		37	%		72	%

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

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

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

(4) Reflects prior period transfer agency and sub transfer agency fees that were reimbursed in 2023. The amount of the reimbursement was immaterial on a per share basis and the impact was less than 0.005% to the total return of Class L shares.

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

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

PERIOD ENDED				EXPENSE RATIO				NET INVESTMENT LOSS RATIO
December 31, 2023					1.64	%			(1.41	)%

(7) Amount is less than 0.005%.

See Notes to Consolidated Financial Statements
33

Morgan Stanley Insight Fund

Consolidated Financial Highlights continued

	FOR THE YEAR ENDED DECEMBER 31,
	2025			2024			2023			2022			2021
Class I Shares
Selected Per Share Data:
Net asset value, beginning of period	$	47.85		$	32.81		$	21.44		$	76.46		$	91.91
Income (loss) from investment operations:
Net investment loss⁽¹⁾		(0.38	)		(0.24	)		(0.17	)		(0.30	)		(0.63	)
Net realized and unrealized gain (loss)		9.58			15.59			11.54			(45.76	)		(4.96	)
Total income (loss) from investment operations		9.20			15.35			11.37			(46.06	)		(5.59	)
Less distributions from:
Net investment income		-			(0.31	)		-			-			(0.04	)
Net realized gain		-			-			-			(8.96	)		(9.82	)
Total distributions		-			(0.31	)		-			(8.96	)		(9.86	)
Net asset value, end of period	$	57.05		$	47.85		$	32.81		$	21.44		$	76.46
Total Return⁽²⁾		19.23	%		46.71	%		53.03	%⁽³⁾		(61.32	)%		(6.35	)%
Ratios to Average Net Assets:
Net expenses		0.89	%⁽⁴⁾		0.90	%⁽⁴⁾		0.88	%^(4)(5)(6)		0.90	%⁽⁴⁾		0.83	%⁽⁴⁾
Net expenses excluding interest expenses		0.89	%⁽⁴⁾		0.90	%⁽⁴⁾		N/A			N/A			0.83	%⁽⁴⁾
Net investment loss		(0.71	)%⁽⁴⁾		(0.69	)%⁽⁴⁾		(0.65	)%^(4)(5)(6)		(0.70	)%⁽⁴⁾		(0.65	)%⁽⁴⁾
Rebate from Morgan Stanley affiliate		0.01	%		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾
Supplemental Data:
Net assets, end of period, in thousands	$	478,298		$	483,847		$	571,096		$	501,518		$	2,746,086
Portfolio turnover rate		48	%		44	%		40	%		37	%		72	%

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

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

(3) Performance was positively impacted by approximately 0.04% for Class I shares due to the reimbursement of transfer agency and sub transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class I shares would have been 52.99%.

PERIOD ENDED				EXPENSE RATIO				NET INVESTMENT LOSS RATIO
December 31, 2023					0.92	%			(0.69	)%

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

PERIOD ENDED				EXPENSE RATIO				NET INVESTMENT LOSS RATIO
December 31, 2023					0.93	%			(0.70	)%

(7) Amount is less than 0.005%.

See Notes to Consolidated Financial Statements
34

Morgan Stanley Insight Fund

Consolidated Financial Highlights continued

	FOR THE YEAR ENDED DECEMBER 31,
	2025			2024			2023			2022			2021
Class C Shares
Selected Per Share Data:
Net asset value, beginning of period	$	14.54		$	10.14		$	6.70		$	38.71		$	52.06
Income (loss) from investment operations:
Net investment loss⁽¹⁾		(0.28	)		(0.18	)		(0.14	)		(0.35	)		(0.88	)
Net realized and unrealized gain (loss)		2.90			4.79			3.58			(22.70	)		(2.65	)
Total income (loss) from investment operations		2.62			4.61			3.44			(23.05	)		(3.53	)
Less distributions from:
Net investment income		-			(0.21	)		-			-			(0.00	)⁽²⁾
Net realized gain		-			-			-			(8.96	)		(9.82	)
Total distributions		-			(0.21	)		-			(8.96	)		(9.82	)
Net asset value, end of period	$	17.16		$	14.54		$	10.14		$	6.70		$	38.71
Total Return⁽³⁾		18.02	%		45.33	%		51.34	%⁽⁴⁾		(61.68	)%		(7.25	)%
Ratios to Average Net Assets:
Net expenses		1.90	%⁽⁵⁾		1.90	%⁽⁵⁾		1.88	%⁽⁵⁾⁽⁶⁾		1.88	%⁽⁵⁾		1.80	%⁽⁵⁾⁽⁷⁾
Net expenses excluding interest expenses		1.90	%⁽⁵⁾		1.90	%⁽⁵⁾		N/A			N/A			1.80	%⁽⁵⁾⁽⁷⁾
Net investment loss		(1.72	)%⁽⁵⁾		(1.69	)%⁽⁵⁾		(1.65	)%⁽⁵⁾⁽⁶⁾		(1.67	)%⁽⁵⁾		(1.62	)%⁽⁵⁾⁽⁷⁾
Rebate from Morgan Stanley affiliate		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾
Supplemental Data:
Net assets, end of period, in thousands	$	87,232		$	104,321		$	104,895		$	83,721		$	357,118
Portfolio turnover rate		48	%		44	%		40	%		37	%		72	%

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

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

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

PERIOD ENDED				EXPENSE RATIO				NET INVESTMENT LOSS RATIO
December 31, 2023					1.92	%			(1.69	)%

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

PERIOD ENDED				EXPENSE RATIO				NET INVESTMENT LOSS RATIO
December 31, 2021					1.81	%			(1.63	)%

(8) Amount is less than 0.005%.

See Notes to Consolidated Financial Statements
35

Morgan Stanley Insight Fund

Consolidated Financial Highlights continued

	FOR THE YEAR ENDED DECEMBER 31,
	2025			2024			2023			2022			2021
Class R6 Shares⁽¹⁾
Selected Per Share Data:
Net asset value, beginning of period	$	48.43		$	33.20		$	21.67		$	76.99		$	92.39
Income (loss) from investment operations:
Net investment loss⁽²⁾		(0.35	)		(0.21	)		(0.14	)		(0.24	)		(0.52	)
Net realized and unrealized gain (loss)		9.71			15.76			11.67			(46.12	)		(5.01	)
Total income (loss) from investment operations		9.36			15.55			11.53			(46.36	)		(5.53	)
Less distributions from:
Net investment income		-			(0.32	)		-			-			(0.05	)
Net realized gain		-			-			-			(8.96	)		(9.82	)
Total distributions		-			(0.32	)		-			(8.96	)		(9.87	)
Net asset value, end of period	$	57.79		$	48.43		$	33.20		$	21.67		$	76.99
Total Return⁽³⁾		19.31	%		46.79	%		53.21	%⁽⁴⁾		(61.29	)%		(6.24	)%
Ratios to Average Net Assets:
Net expenses		0.82	%⁽⁵⁾		0.82	%⁽⁵⁾		0.77	%⁽⁵⁾⁽⁶⁾		0.78	%⁽⁵⁾⁽⁷⁾		0.72	%⁽⁵⁾⁽⁷⁾
Net expenses excluding interest expenses		0.82	%⁽⁵⁾		0.82	%⁽⁵⁾		N/A			N/A			0.72	%⁽⁵⁾⁽⁷⁾
Net investment loss		(0.65	)%⁽⁵⁾		(0.61	)%⁽⁵⁾		(0.54	)%⁽⁵⁾⁽⁶⁾		(0.57	)%⁽⁵⁾⁽⁷⁾		(0.53	)%⁽⁵⁾⁽⁷⁾
Rebate from Morgan Stanley affiliate		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.00	%⁽⁸⁾		0.01	%		0.00	%⁽⁸⁾
Supplemental Data:
Net assets, end of period, in thousands	$	15,676		$	11,085		$	78,733		$	74,343		$	209,463
Portfolio turnover rate		48	%		44	%		40	%		37	%		72	%

(1) Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

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

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

(4) Performance was positively impacted by approximately 0.05% for Class R6 shares due to the reimbursement of transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class R6 shares would have been 53.16%.

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

PERIOD ENDED				EXPENSE RATIO				NET INVESTMENT LOSS RATIO
December 31, 2023					0.80	%			(0.57	)%

PERIOD ENDED	EXPENSE RATIO			NET INVESTMENT LOSS RATIO
December 31, 2022		0.79	%		(0.58	)%
December 31, 2021		0.73			(0.54	)

(8) Amount is less than 0.005%.

See Notes to Consolidated Financial Statements
36

Morgan Stanley Insight Fund

Consolidated Financial Highlights continued

	FOR THE YEAR ENDED DECEMBER 31,
	2025			2024			2023			2022			2021
Class IR Shares
Selected Per Share Data:
Net asset value, beginning of period	$	48.67		$	33.35		$	21.77		$	77.24		$	92.65
Income (loss) from investment operations:
Net investment loss⁽¹⁾		(0.35	)		(0.23	)		(0.14	)		(0.29	)		(0.54	)
Net realized and unrealized gain (loss)		9.75			15.87			11.72			(46.22	)		(5.00	)
Total income (loss) from investment operations		9.40			15.64			11.58			(46.51	)		(5.54	)
Less distributions from:
Net investment income		-			(0.32	)		-			-			(0.05	)
Net realized gain		-			-			-			(8.96	)		(9.82	)
Total distributions		-			(0.32	)		-			(8.96	)		(9.87	)
Net asset value, end of period	$	58.07		$	48.67		$	33.35		$	21.77		$	77.24
Total Return⁽²⁾		19.31	%		46.84	%		53.19	%⁽³⁾		(61.29	)%		(6.23	)%
Ratios to Average Net Assets:
Net expenses		0.82	%⁽⁴⁾		0.82	%⁽⁴⁾⁽⁵⁾		0.76	%^(4)(5)(6)		0.76	%⁽⁴⁾		0.72	%⁽⁴⁾
Net expenses excluding interest expenses		0.82	%⁽⁴⁾		0.82	%⁽⁴⁾⁽⁵⁾		N/A			N/A			0.72	%⁽⁴⁾
Net investment loss		(0.64	)%⁽⁴⁾		(0.62	)%⁽⁴⁾⁽⁵⁾		(0.52	)%^(4)(5)(6)		(0.61	)%⁽⁴⁾		(0.55	)%⁽⁴⁾
Rebate from Morgan Stanley affiliate		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾		0.00	%⁽⁷⁾
Supplemental Data:
Net assets, end of period, in thousands	$	20		$	17		$	11		$	7		$	195,328
Portfolio turnover rate		48	%		44	%		40	%		37	%		72	%

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

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

(3) Performance was positively impacted by approximately 0.04% for Class IR shares due to the reimbursement of transfer agency fees from prior years. Had this reimbursement not occurred, the total return for Class IR shares would have been 53.15%.

(5) If the Fund had borne all of its expenses that were reimbursed and/or waived by the Adviser/Administrator, the annualized expense and net investment loss ratios would have been as follows for Class IR shares:

PERIOD ENDED	EXPENSE RATIO			NET INVESTMENT LOSS RATIO
December 31, 2025		11.95	%		(11.77	)%
December 31, 2024		18.88			(18.68	)
December 31, 2023		28.71			(28.47	)

PERIOD ENDED				EXPENSE RATIO				NET INVESTMENT LOSS RATIO
December 31, 2023					0.80	%			(0.56	)%

(7) Amount is less than 0.005%.

See Notes to Consolidated Financial Statements
37

Morgan Stanley Insight Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of
Morgan Stanley Insight Fund

Opinion on the Financial Statements

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

Basis for Opinion

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

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

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

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

Boston, Massachusetts
February 25, 2026

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

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

Morgan Stanley Distribution, Inc., member FINRA.

CPOAX-NCSR 12.31.25

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

Not applicable.

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

Not applicable.

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 16. Controls and Procedures

(a)

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

(b)

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits

(a)(1)

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

(a)(2)(i)

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

(a)(3)

Separate certifications by the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act are attached

(a)(4)

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

(a)(5)

Change in the registrant's independent public accountant - Not applicable

(b)

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

Signatures

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

Morgan Stanley Insight Fund

By:	/s/ John H. Gernon
	John H. Gernon
	Principal Executive Officer

Date:	February 26, 2026

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

By:	/s/ Francis J. Smith
	Francis J. Smith
	Principal Financial Officer

Date:	February 26, 2026

By:	/s/ John H. Gernon
	John H. Gernon
	Principal Executive Officer

Date:	February 26, 2026

Morgan Stanley Insight Fund published this content on March 05, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 05, 2026 at 18:48 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]

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