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INVESTMENT MANAGEMENT

2021

Morgan Stanley Investment Funds – (MS INVF)

Collated Factsheets

Morgan Stanley Investment Funds

Asian Property Fund - Asian Property Fund - Z SharesZ Shares(Accumulation Share Class)(Accumulation Share Class)

Investment ObjectiveInvestment ObjectiveLong term growth of your investment. Investment ApproachInvestment ApproachWe seek attractive long-term, risk-adjusted returns by investing in publicly traded real estatesecurities in Asia and Oceania. We combine a value-oriented, bottom-up-driven investment strategyand a top-down allocation that seeks diversified exposure to all major asset classes with anoverweighting to property markets that we believe offer the best relative valuation. Investment TeamInvestment Team JOINED FIRM

YEARS OF INVESTMENTEXPERIENCE

Laurel Durkay, Head of Global Listed Real Assets 2020 20

Angeline Ho, Managing Director 1997 29

Desmond Foong, Managing Director 2011 17

Effective December 7, 2020, Laurel Durkay was added as portfolio manager on the Fund. EffectiveDecember 31, 2020, Ted Bigman is no longer serving as portfolio manager on the Fund.

Team members may be subject to change at any time without notice.

Class Z Shares (% net of fees) vs. Index in USDClass Z Shares (% net of fees) vs. Index in USD

Performance of 100 USD Invested SinceInception (Cash Value)

12 Month Performance Periods to LatestMonth End (%)

Investment Performance (% net of fees) in USDInvestment Performance (% net of fees) in USDCumulative (%) Annualised (% p.a.)

1 M 3 M YTD 1 YR 3 YR 5 YR 10 YR INCEPTION

Class Z Shares 2.01 7.66 8.25 23.34 2.71 5.03 3.92 3.97

Blended Benchmark 1.59 7.69 7.91 24.87 2.82 4.37 4.47 3.89

Calendar Year Returns (%)Calendar Year Returns (%) 2020 2019 2018 2017 2016 2015 2014Class Z Shares -7.65 14.02 -1.61 15.49 3.39 -6.67 -1.56

Blended Benchmark -9.46 16.59 -1.92 15.56 5.61 -7.60 0.08

Past performance is not a reliable indicator of future results. Returns may increase or decrease as aresult of currency fluctuations. All performance data is calculated NAV to NAV, net of fees, and doesnot take account of commissions and costs incurred on the issue and redemption of units. Thesources for all performance and Index data is Morgan Stanley Investment Management.

The Blended Index performance shown is calculated using the GPR Far East Net Return Index frominception through 31 January 2009 and the FTSE EPRA/NAREIT Asian Real Estate Net Total ReturnIndex thereafter.

Share ClassShare Class CLASS ZCurrency U.S. dollars

ISIN LU0360481310

Bloomberg MORAPRZ LX

Inception date 05 August 2008

Net asset value $ 41.06

Fund FactsFund FactsLaunch date 01 September 1997

Base currency U.S. dollars

Primarybenchmark

FTSE EPRA/NAREIT Asian RealEstate Net Total Return Index

Custombenchmark Blended Benchmark

Total net assets $ 90.40 million

Structure Luxembourg SICAV

Charges (%)Charges (%) CLASS ZMax Entry Charge 1.00

Ongoing Charges 0.90

Management Fee 0.75

Entry Charge is a maximum possible figure. In somecases you might pay less, you can find this out fromyour financial adviser. Ongoing Charges reflect thepayments and expenses incurred during the fund'soperation and are deducted from the assets of thefund over the period. It includes fees paid forinvestment management (Management Fee),trustee/custodian, and administration charges. Formore information please see the Charges andExpenses section of the prospectus.

Subscriptions (USD)Subscriptions (USD) CLASS ZMinimum initial investment 0

Minimum subsequent Investment 0

StatisticsStatistics(3 Year Annualised)(3 Year Annualised) CLASS Z INDEXExcess Return (%) -0.10 --

Alpha (%) 0.01 --

Beta 0.92 1.00

Information ratio -0.03 --

R squared 0.97 1.00

Tracking error (%) 3.57 --Volatility(Standard deviation) (%) 17.50 18.73

Risk/Return statistics shown are calculated versusthe Blended Benchmark when an Index is used inthe calculation.

CharacteristicsCharacteristics FUNDActive share (%) 50.12

Dividend Yield (%) 2.86

Number of holdings 39

Please refer to the additional information and definitions section at the end of this document.

FACTSHEET | 30 April 2021

Investors should read the Key InvestorInformation Document and Prospectusbefore investing.

MORNINGSTAR OVERALL RATING*

EAA FUND PROPERTY - INDIRECT ASIA

CLASS Z SHARES

Out of 64 Funds. Based on Risk Adjusted Return.Class Z Shares: 3yr. rating 4 Stars; 5yr. rating 4Stars; 10yr. rating 3 Stars.

Class Z SharesBlended Benchmark

0

50

100

150

200

Aug '08 De c '14 Apr '21

Class Z SharesBlended Benchmark

-20

0

20

40

Apr '16-Apr '17

Apr '17-Apr '18

Apr '18-Apr '19

Apr '19-Apr '20

Apr '20-Apr '21

DEFINITIONS

Active Share is a measure of the percentage of stock holdings in a managers portfolio that differ from the benchmark index (based on holdings and weight of holdings). Active Share scores range from 0%-100%. A score of 100% means you are completely different from the benchmark. Active Share calculation may consolidate holdings with the same economic exposure. Alpha (Jensen's) is a risk-adjusted performance measure that represents the average return on a portfolio or investment above or below that predicted by the capital asset pricing model (CAPM) given the portfolio's or investment's beta and the average market return. Prior to 6/30/2018 Alpha was calculated as the excess return of the fund versus benchmark. Beta is a measure of the relative volatility of a fund to the market’s upward or downward movements. A beta greater than 1.0 identifies an issue or fund that will move more than the market, while a beta less than 1.0 identifies an issue or fund that will move less than the market. The Beta of the Market is always equal to 1. Bloomberg stands for 'Bloomberg Global Identifier (BBGID)'. This is a unique 12 digit alphanumerical code designed to enable the identification of securities, such as the Morgan Stanley Investment Funds sub-funds at share class level, on a Bloomberg Terminal. The Bloomberg Terminal, a system provided by Bloomberg L.P., enables analysts to access and analyse real-time financial market data. Each Bloomberg code starts with the same BBG prefix, followed by nine further characters that we list here in this guide for each share class of each fund. Cash & Equivalents are definedas the value of assets that can be converted into cash immediately. These

include commercial paper, open FX transactions, Treasury bills and othershort-term instruments. Such instruments are considered cash equivalentsbecause they are deemed liquid and not subject to significant risk ofchanges in values. Dividend yield is the ratio between how much acompany pays out in dividends each year relative to its share price. ExcessReturn or value added (positive or negative) is the portfolio’s return relativeto the return of the benchmark. Information ratio is the portfolio’s alpha orexcess return per unit of risk, as measured by tracking error, versus theportfolio’s benchmark. ISIN is the international securities identificationnumber (ISIN), a 12 digit code consisting of numbers and letters thatdistinctly identifies securities. NAV is the Net Asset Value per share of theFund (NAV), which represents the value of the assets of a fund less itsliabilities. Number of holdings provided are a typical range, not a maximumnumber. The portfolio may exceed this from time to time due to marketconditions and outstanding trades. R squared measures how well aninvestment’s returns correlate to an index. An R squared of 1.00 means theportfolio performance is 100% correlated to the index’s, whereas a low r-squared means that the portfolio performance is less correlated to theindex’s. Tracking error is the standard deviation of the difference betweenthe returns of an investment and its benchmark. Volatility (Standarddeviation) measures how widely individual performance returns, within aperformance series, are dispersed from the average or mean value.

INDEX INFORMATION

The Blended Index performance shown is calculated using the GPR Far EastNet Return Index from inception through 31 January 2009 and the

AS IAN P RO P ERTY FU N D - Z S H ARES (ACCU MU LATIO N S H ARE CLAS S ) FACTS H EET | 30 AP RIL 20 21

Top Countries Top Countries (% of Total Net Assets)(% of Total Net Assets) FUNDJapan 45.88

Hong Kong 25.22

Australia 15.35

Singapore 6.53

China 5.46

Malta 0.05

Cash 1.58

Sector Allocation Sector Allocation (% of Total Net Assets)(% of Total Net Assets) FUNDDiversified 58.91

Industrial 15.21

Retail 8.78

Office 6.55

Data Centers 4.71

Industrial/Office Mixed 2.58

Lodging/Resorts 1.70

Residential 0.05

Cash 1.58

Top Holdings Top Holdings (% of Total Net Assets)(% of Total Net Assets) FUNDMitsui Fudosan Co. Ltd 7.25

Mitsubishi Estate Co. Ltd 5.40

Esr Cayman Ltd 5.09

Link REIT 4.32

Wharf Real Estate Investment Co. Ltd 4.18

Sumitomo Realty & Development Co. Ltd 4.14

Stockland 3.88

Sun Hung Kai Properties Ltd 3.74

Mirvac Group 3.71

Nippon Building Fund Inc 3.66

Total 45.37

May not sum to 100% due to the exclusion of other assets and liabilities. For additional information regarding sector classification/definitions please

visit www.msci.com/gics and the glossary at www.morganstanley.com/im. These securities and percentage allocations are only for illustrative

purposes and do not constitute, and should not be construed as, investmentadvice or recommendations with respect to the securities or investmentsmentioned.

Please refer to the Prospectus for full risk disclosures, available atwww.morganstanleyinvestmentfunds.com. All data as of 30.04.2021 andsubject to change daily.

Share Class Z Risk and Reward ProfileShare Class Z Risk and Reward Profile

The risk and reward category shown is based on historic data.Historic figures are only a guide and may not be a reliable indicator of whatmay happen in the future.As such this category may change in the future.The higher the category, the greater the potential reward, but also thegreater the risk of losing the investment. Category 1 does not indicate a riskfree investment.The fund is in this category because it invests in property company sharesand the fund's simulated and/or realised return has experienced high rises andfalls historically.The fund may be impacted by movements in the exchange rates between thefund's currency and the currencies of the fund's investments.

This rating does not take into account other risk factors which should beconsidered before investing, these include:

The fund relies on other parties to fulfill certain services, investments ortransactions. If these parties become insolvent, it may expose the fund tofinancial loss.There are additional risks associated with investing in real estate.There may be an insufficient number of buyers or sellers which may affectthe funds ability to buy or sell securities.Investment in China A-Shares via Shanghai-Hong Kong Stock Connectprogram may also entail additional risks, such as risks linked to theownership of shares.There are increased risks of investing in emerging markets as political, legaland operational systems may be less developed than in developed markets.Past performance is not a reliable indicator of future results. Returns mayincrease or decrease as a result of currency fluctuations. The value ofinvestments and the income from them can go down as well as up andinvestors may lose all or a substantial portion of his or her investment.The value of the investments and the income from them will vary and therecan be no assurance that the Fund will achieve its investment objectives.Investments may be in a variety of currencies and therefore changes in ratesof exchange between currencies may cause the value of investments todecrease or increase. Furthermore, the value of investments may beadversely affected by fluctuations in exchange rates between the investor’sreference currency and the base currency of the investments.

11

1,21,2

33

1

2

3

Lower Risk Higher Risk

Potentially Lower Rewards Potentially Higher Rewards

FTSE EPRA/NAREIT Asian Real Estate Net Total Return Index thereafter.The GPR Far East Net Return Index: is a sub-index of the GPR GeneralIndex and is composed of listed real estate securities in the Asian real estatemarkets.FTSE EPRA/NAREIT Asian Real Estate Net Total Return Index is a freefloat-adjusted market capitalization weighted index composed of listed realestate securities in the Asia Pacific real estate market, designed to representgeneral trends in eligible real estate equities in the Asia Pacific region. TheIndex is unmanaged and does not include any expenses, fees or salescharges. It is not possible to invest directly in an Index.

DISTRIBUTION

This communication is only intended for and will only be distributed topersons resident in jurisdictions where such distribution or availability wouldnot be contrary to local laws or regulations. In particular, the Shares are notfor distribution to US persons.Ireland: MSIM Fund Management (Ireland) Limited. Registered Office: TheObservatory, 7-11 Sir John Rogerson's Quay, Dublin 2, D02 VC42, Ireland.Registered in Ireland as a private company limited by shares under companynumber 616661. MSIM Fund Management (Ireland) Limited is regulated bythe Central Bank of Ireland. United Kingdom: Morgan Stanley InvestmentManagement Limited is authorised and regulated by the Financial ConductAuthority. Registered in England. Registered No. 1981121. Registered Office:25 Cabot Square, Canary Wharf, London E14 4QA, authorised and regulatedby the Financial Conduct Authority. Dubai: Morgan Stanley InvestmentManagement Limited (Representative Office, Unit Precinct 3-7th Floor-Unit701 and 702, Level 7, Gate Precinct Building 3, Dubai International FinancialCentre, Dubai, 506501, United Arab Emirates. Telephone: +97 (0)14 7097158). Italy: MSIM Fund Management (Ireland)Limited, Milan Branch (SedeSecondaria di Milano) is a branch of MSIM Fund Management (Ireland)Limited, a company registered in Ireland, regulated by the Central Bank ofIreland and whose registered office is at The Observatory, 7-11 Sir JohnRogerson's Quay, Dublin 2, D02 VC42, Ireland. MSIM Fund Management(Ireland) Limited Milan Branch (Sede Secondaria di Milano) with seat inPalazzo Serbelloni Corso Venezia, 16 20121 Milano, Italy, is registered in Italywith company number and VAT number 11488280964. The Netherlands:MSIM Fund Management (Ireland) Limited, Rembrandt Tower, 11th FloorAmstelplein 1 1096HA, Netherlands. Telephone: 31 2-0462-1300. MorganStanley Investment Management is a branch office of MSIM FundManagement (Ireland) Limited. MSIM Fund Management (Ireland) Limited isregulated by the Central Bank of Ireland. France: MSIM Fund Management(Ireland) Limited, Paris Branch is a branch of MSIM Fund Management(Ireland) Limited, a company registered in Ireland, regulated by the CentralBank of Ireland and whose registered office is at The Observatory, 7-11 SirJohn Rogerson's Quay, Dublin 2, D02 VC42, Ireland. MSIM FundManagement (Ireland) Limited Paris Branch with seat at 61 rue de Monceau75008 Paris, France, is registered in France with company number 890 071863 RCS. Spain: MSIM Fund Management (Ireland) Limited, Sucursal enEspaña is a branch of MSIM Fund Management (Ireland) Limited, acompany registered in Ireland, regulated by the Central Bank of Ireland andwhose registered office is at The Observatory, 7-11 Sir John Rogerson's Quay,Dublin 2, D02 VC42, Ireland. MSIM Fund Management (Ireland) Limited,Sucursal en España with seat in Calle Serrano 55, 28006, Madrid, Spain, isregistered in Spain with tax identification number W0058820B.Switzerland: Morgan Stanley & Co. International plc, London, ZurichBranch Authorised and regulated by the Eidgenössische Finanzmarktaufsicht(“FINMA”). Registered with the Register of Commerce Zurich CHE-115.415.770. Registered Office: Beethovenstrasse 33, 8002 Zurich,Switzerland, Telephone +41 (0) 44 588 1000. Facsimile Fax: +41(0) 44 5881074.Australia: This publication is disseminated in Australia by Morgan Stanley Investment Management (Australia) Pty Limited ACN: 122040037, AFSL No. 314182, which accepts responsibility for its contents. This publication, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. Hong Kong: This document has been issued by Morgan Stanley Asia Limited for use in Hong Kong and shall only be made available to "professional investors" as defined under the Securities and Futures Ordinance of Hong Kong (Cap 571). The contents of this document have not been reviewed nor approved by any regulatory authority including the Securities and Futures Commission in Hong Kong. Accordingly, save where an exemption is available under the relevant law, this document shall not be issued, circulated, distributed, directed at, or made available to, the public in Hong Kong. Singapore: This publicationshould not be considered to be the subject of an invitation for subscriptionor purchase, whether directly or indirectly, to the public or any member ofthe public in Singapore other than (i) to an institutional investor undersection 304 of the Securities and Futures Act, Chapter 289 of Singapore("SFA"), (ii) to a "relevant person" (which includes an accredited investor)pursuant to section 305 of the SFA, and such distribution is in accordancewith the conditions specified in section 305 of the SFA; or (iii) otherwisepursuant to, and in accordance with the conditions of, any other applicableprovision of the SFA. In particular, for investment funds that are not

authorized or recognized by the MAS, units in such funds are not allowed tobe offered to the retail public; any written material issued to persons asaforementioned in connection with an offer is not a prospectus as defined inthe SFA and, accordingly, statutory liability under the SFA in relation to thecontent of prospectuses does not apply, and investors should considercarefully whether the investment is suitable for them. This publication hasnot been reviewed by the Monetary Authority of Singapore.Chile: Neither the Fund nor the interests in the Fund are registered in theRegistry of Offshore Securities (el Registro de Valores Extranjeros) orsubject to the supervision of the Commission for the Financial Market (laComisión para el Mercado Financiero). This document and other offeringmaterials relating to the offer of the interests in the Fund do not constitute apublic offer of, or an invitation to subscribe for or purchase, the Fundinterests in the Republic of Chile, other than to individually identifiedpurchasers pursuant to a private offering within the meaning of Article 4 ofthe Chilean Securities Act (la Ley del Mercado de Valores) (an offer that isnot “addressed to the public at large or to a certain sector or specific groupof the public”).Peru: The interests in the Fund have not been and will not be registered inPeru under Decreto Legislativo 862: Ley de Fondos de Inversión y susSociedades Administradoras or under Decreto Legislativo 861: Ley delMercado de Valores (the “Securities Market Law”), and are being offered toinstitutional investors only (as defined in article 8 of the Securities MarketLaw) pursuant to a private placement, according to article 5 of the SecuritiesMarket Law. The interests in the Fund have not been registered in thesecurities market public registry (Registro Público del Mercado de Valores)maintained by, and the offering of the Fund interests in Peru is not subjectto the supervision of, the Superintendencia del Mercado de Valores. Anytransfers of the Fund interests shall be subject to the limitations containedin the Securities Market Law and the regulations issued thereunder.

IMPORTANT INFORMATION

EMEA: This marketing communication has been issued by MSIM FundManagement (Ireland) Limited. MSIM Fund Management (Ireland)Limited is regulated by the Central Bank of Ireland. MSIM FundManagement (Ireland) Limited is incorporated in Ireland as a privatecompany limited by shares with company registration number 616661and has its registered address at The Observatory, 7-11 Sir JohnRogerson's Quay, Dublin 2, D02 VC42, Ireland.

This document contains information relating to the sub-fund ("Fund") ofMorgan Stanley Investment Funds, a Luxembourg domiciled Sociétéd’Investissement à Capital Variable. Morgan Stanley Investment Funds (the"Company") is registered in the Grand Duchy of Luxembourg as anundertaking for collective investment pursuant to Part 1 of the Law of 17thDecember 2010, as amended. The Company is an Undertaking for CollectiveInvestment in Transferable Securities ("UCITS").Applications for shares in the Fund should not be made without firstconsulting the current Prospectus, Key Investor Information Document("KIID"), Annual Report and Semi-Annual Report (“Offering Documents”), orother documents available in your local jurisdiction which is available free ofcharge from the Registered Office: European Bank and Business Centre, 6Broute de Trèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29 192. Inaddition, all Italian investors should refer to the ‘Extended Application Form’,and all Hong Kong investors should refer to the ‘Additional Information forHong Kong Investors’ section, outlined within the Prospectus. Copies of theProspectus, KIID, the Articles of Incorporation and the annual and semi-annual reports, in German, and further information can be obtained free ofcharge from the representative in Switzerland. The representative inSwitzerland is Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204Geneva. The paying agent in Switzerland is Banque Cantonale de Genève, 17,quai de l’Ile, 1204 Geneva. The document has been prepared solely forinformational purposes and does not constitute an offer or arecommendation to buy or sell any particular security or to adopt anyspecific investment strategy.Any index referred to herein is the intellectual property (including registeredtrademarks) of the applicable licensor. Any product based on an index is inno way sponsored, endorsed, sold or promoted by the applicable licensorand it shall not have any liability with respect thereto.All investments involve risks, including the possible loss of principal. Thematerial contained herein has not been based on a consideration of anyindividual client circumstances and is not investment advice, nor should it beconstrued in any way as tax, accounting, legal or regulatory advice. To thatend, investors should seek independent legal and financial advice, includingadvice as to tax consequences, before making any investment decision.The information contained in this communication is not a researchrecommendation or ‘investment research’ and is classified as a‘Marketing Communication’ in accordance with the applicableEuropean or Swiss regulation. This means that this marketingcommunication (a) has not been prepared in accordance with legal


requirements designed to promote the independence of investmentresearch (b) is not subject to any prohibition on dealing ahead of thedissemination of investment research.

MSIM has not authorised financial intermediaries to use and to distributethis document, unless such use and distribution is made in accordance withapplicable law and regulation. MSIM shall not be liable for, and accepts noliability for, the use or misuse of this document by any such financialintermediary. If you are a distributor of the Morgan Stanley InvestmentFunds, some or all of the funds or shares in individual funds may beavailable for distribution. Please refer to your sub-distribution agreement forthese details before forwarding fund information to your clients.The whole or any part of this work may not be reproduced, copied ortransmitted or any of its contents disclosed to third parties without MSIM'sexpress written consent.All information contained herein is proprietary and is protected undercopyright law.This document may be translated into other languages. Where such atranslation is made this English version remains definitive. If there are anydiscrepancies between the English version and any version of this documentin another language, the English version shall prevail.

*MORNINGSTAR

The Morningstar Rating™ for funds, or "star rating", is calculated formanaged products (including mutual funds, variable annuity and variablelife subaccounts, exchange-traded funds, closed-end funds, and separateaccounts) with at least a three-year history. Exchange-traded funds andopen-ended mutual funds are considered a single population for

comparative purposes. It is calculated based on a Morningstar Risk-AdjustedReturn measure that accounts for variation in a managed product's monthlyexcess performance, placing more emphasis on downward variations andrewarding consistent performance. The top 10% of products in each productcategory receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.The Overall Morningstar Rating for a managed product is derived from aweighted average of the performance figures associated with its three-, five-,and 10-year (if applicable) Morningstar Rating metrics. The weights are:100% three-year rating for 36-59 months of total returns, 60% five-yearrating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or moremonths of total returns. While the 10-year overall star rating formula seemsto give the most weight to the 10-year period, the most recent three-yearperiod actually has the greatest impact because it is included in all threerating periods. Ratings do not take into account sales loads.The Europe/Asia and South Africa category (EAA) includes fundsdomiciled in European markets, major cross-border Asian markets wherematerial numbers of European UCITS funds are available (principally HongKong, Singapore and Taiwan), South Africa, and selected other Asian andAfrican markets where Morningstar believes it is of benefit to investors forthe funds to be included in the EAA classification system.© 2021 Morningstar. All Rights Reserved. The information contained herein:(1) is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information. Pastperformance is no guarantee of future results.


© 2021 Morgan Stanley. All rights reserved. CRC 3492015 Exp: 03/15/2022


Asia Opportunity Fund - Asia Opportunity Fund - Z SharesZ Shares(Accumulation Share Class)(Accumulation Share Class)

Investment ObjectiveInvestment ObjectiveLong term growth of your investment. Investment ApproachInvestment ApproachThe Fund seeks long-term capital appreciation by investing in high quality established and emergingcompanies located in Asia (excluding Japan) that the investment team believes are undervalued at thetime of purchase. To achieve its objective, the investment team typically favors companies it believeshave sustainable competitive advantages that can be monetized through growth. The investmentprocess integrates analysis of sustainability with respect to disruptive change, financial strength,environmental and social externalities and governance (also referred to as ESG). Investment TeamInvestment Team JOINED FIRM


Kristian Heugh, Managing Director 2001 20

Anil Agarwal, Managing Director 2001 20


Anil Agarwal was added to the fund on 14 April 2020.

Effective 22 May 2020, Krace Zhou is no longer serving as a co-portfolio manager on the Fund. TheFund continues to be lead managed by Kristian Heugh and co-managed by Anil Agarwal.






Class Z Shares 0.57 -4.35 1.19 58.64 21.72 26.49 -- 26.28MSCI All Country Asia ex-Japan NetIndex 2.48 1.12 5.25 47.95 9.51 14.55 -- 14.10

Calendar Year Returns (%)Calendar Year Returns (%) 2020 2019 2018 2017 2016 2015 2014Class Z Shares 51.80 41.66 -14.68 74.92 -- -- --

MSCI All Country Asia ex-Japan Net Index 25.02 18.17 -14.37 41.72 -- -- --



ISIN LU1378878604

Bloomberg MSAIOPZ LX

Inception date 31 March 2016


Fund FactsFund FactsLaunch date 31 March 2016


IndexMSCI All Country Asia ex-Japan

Net Index

Total net assets $ 9.5 billion




Management Fee 0.75




StatisticsStatistics(3 Year Annualised)(3 Year Annualised) CLASS Z INDEXExcess Return (%) 12.21 --

Alpha (%) 12.76 --

Beta 0.93 1.00

Information ratio 1.04 --

R squared 0.68 1.00

Sharpe ratio 0.98 0.44


Down-capture ratio (%) 73.18 100.00

Up-capture ratio (%) 117.31 100.00

CharacteristicsCharacteristics FUND INDEXActive share (%) 80.65 --

Return on invested capital (%) 40.85 16.36

Return on assets (%) 5.65 3.76

5 year free cash flow growth (%) 16.04 8.22

5 year sales growth (%) 15.08 9.32

Net cash to equity (%) 23 -20Weighted average marketcapitalization ($B) 153.60 131.75

Number of holdings 33 1,181




MORNINGSTAR OVERALL RATING*

EAA FUND ASIA EX-JAPAN EQUITY

CLASS Z SHARES

Out of 805 Funds. Based on Risk AdjustedReturn. Class Z Shares: 3yr. rating 5 Stars; 5yr.rating 5 Stars.

Class Z SharesMSCI All Country Asia ex-Japan NetIndex

0

100

200

300

400

Ma r '16 Oc t '18 Apr '21

Class Z SharesMSCI All Country Asia ex-Japan NetIndex

-25

0

25

50

75

Apr '16-Apr '17

Apr '17-Apr '18

Apr '18-Apr '19

Apr '19-Apr '20

Apr '20-Apr '21

DEFINITIONS

5 year free cash flow growth is the compound annual growth rate of Free Cash Flow over a 5-year period. It is calculated by [Free Cash Flow(0) / Free Cash Flow(-5)] – 1. 5 year sales growth is the compound annual growth rate of Sales over the last 5 years. It is calculated by [Sales (0) / Sales (-5)] – 1. Active Share is a measure of the percentage of stock holdings in a managers portfolio that differ from the benchmark index (based on holdings and weight of holdings). Active Share scores range from 0%-100%. A score of 100% means you are completely different from the benchmark. Active Share calculation may consolidate holdings with the same economic exposure. Alpha (Jensen's) is a risk-adjusted performance measure that represents the average return on a portfolio or investment above or below that predicted by the capital asset pricing model (CAPM) given the portfolio's or investment's beta and the average market return. Prior to 6/30/2018 Alpha was calculated as the excess return of the fund versus benchmark. Beta is a measure of the relative volatility of a fund to the market’s upward or downward movements. A beta greater than 1.0 identifies an issue or fund that will move more than the market, while a beta less than 1.0 identifies an issue or fund that will move less than the market. The Beta of the Market is always equal to 1. Bloomberg stands for'Bloomberg Global Identifier (BBGID)'. This is a unique 12 digit

alphanumerical code designed to enable the identification of securities, such as the Morgan Stanley Investment Funds sub-funds at share class level, on a Bloomberg Terminal. The Bloomberg Terminal, a system provided by Bloomberg L.P., enables analysts to access and analyse real-time financial market data. Each Bloomberg code starts with the same BBG prefix, followed by nine further characters that we list here in this guide for each share class of each fund. Excess Return or value added (positive or negative) is the portfolio’s return relative to the return of the benchmark. Information ratio is the portfolio’s alpha or excess return per unit of risk, as measured by tracking error, versus the portfolio’s benchmark.ISIN is the international securities identification number (ISIN), a 12 digit code consisting of numbers and letters that distinctly identifies securities.NAV is the Net Asset Value per share of the Fund (NAV), which represents the value of the assets of a fund less its liabilities. Net cash to equity is the ratio of a company’s cash on hand against the total net worth of the company. It is calculated by [(Total Cash and cash equivalents – Total Liabilities) / Shareholder’s Equity]. Number of holdings provided are a typical range, not a maximum number. The portfolio may exceed this from time to time due to market conditions and outstanding trades. R squaredmeasures how well an investment’s returns correlate to an index. An Rsquared of 1.00 means the portfolio performance is 100% correlated to theindex’s, whereas a low r-squared means that the portfolio performance is

AS IA O P P O RTU N ITY FU N D - Z S H ARES (ACCU MU LATIO N S H ARE CLAS S ) FACTS H EET | 30 AP RIL 20 21

Top Countries Top Countries (% of Total Net Assets)(% of Total Net Assets) FUND INDEXChina 58.46 42.22

India 17.78 10.53

Taiwan 7.12 16.37

Hong Kong 5.84 7.63

South Korea 4.43 15.08

United States 2.13 --

Cash 3.84 --

Sector Allocation Sector Allocation (% of Total Net Assets)(% of Total Net Assets) FUND INDEXConsumerDiscretionary

32.41 17.98

Financials 22.50 18.06

Consumer Staples 17.57 4.69

CommunicationServices

14.26 11.59

InformationTechnology

7.17 23.79

Materials 1.01 4.87

Industrials 0.72 5.45

Health Care 0.11 4.94

Cash 3.84 --

Top Holdings Top Holdings (% of Total Net Assets)(% of Total Net Assets) FUND INDEXHdfc Bank Ltd 6.96 --

Meituan 6.93 1.89

Trip.com Group Ltd 5.54 0.27

Tal Education Group 4.94 0.29

Kweichow Moutai Co. Ltd 4.66 0.32

Foshan Haitian Flavouring & Food Co. Ltd 4.58 0.06

Naver Corp 4.43 0.54

Icici Bank Ltd 4.42 0.56

Taiwan Semiconductor Manufacturing Co. Lt 4.13 7.22

Aia Group Ltd 4.11 2.10

Total 50.70 --

May not sum to 100% due to the exclusion of other assets and liabilities.For additional information regarding sector classification/definitions please





The risk and reward category shown is based on historic data.Historic figures are only a guide and may not be a reliable indicator of whatmay happen in the future.As such this category may change in the future.The higher the category, the greater the potential reward, but also thegreater the risk of losing the investment. Category 1 does not indicate a riskfree investment.The fund is in this category because it invests in company shares and thefund's simulated and/or realised return has experienced high rises and fallshistorically.The fund may be impacted by movements in the exchange rates between thefund's currency and the currencies of the fund's investments.


The fund relies on other parties to fulfill certain services, investments ortransactions. If these parties become insolvent, it may expose the fund tofinancial loss.There may be an insufficient number of buyers or sellers which may affectthe funds ability to buy or sell securities.Investment in China A-Shares via Shanghai-Hong Kong and Shenzhen-HongKong Stock Connect programs may also entail additional risks, such as riskslinked to the ownership of shares.There are increased risks of investing in emerging markets as political, legaland operational systems may be less developed than in developed markets.Past performance is not a reliable indicator of future results. Returns mayincrease or decrease as a result of currency fluctuations. The value ofinvestments and the income from them can go down as well as up andinvestors may lose all or a substantial portion of his or her investment.The value of the investments and the income from them will vary and therecan be no assurance that the Fund will achieve its investment objectives.Investments may be in a variety of currencies and therefore changes in ratesof exchange between currencies may cause the value of investments todecrease or increase. Furthermore, the value of investments may beadversely affected by fluctuations in exchange rates between the investor’sreference currency and the base currency of the investments.

Additional Z Share ClassesAdditional Z Share ClassesCURRENCY LAUNCH ISIN BLOOMBERG

ZH (EUR) EUR 31.03.2016 LU1378879081 MSAIZHE LX

ZH (GBP) GBP 31.03.2016 LU1378878943 MSAIZHG LX

ZH3 (BRL) USD 13.04.2021 LU2329762335 MSAOZH3 LX

11

1,21,2

33

1

2

3



1/5

1/5

less correlated to the index’s. Return on assets (ROA) is a measure of acompany’s profitability, equal to a fiscal year’s earnings divided by its totalassets, expressed as a percentage. Return on invested capital (ROIC)represents the performance ratio measuring a company’s percentage returnon its invested capital. Income statement items as of latest reported fiscalperiod, and Balance Sheet items from one period earlier. ROIC is calculatedby dividing Net Income by (Property, Plant & Equipment + Working Capital +Short Term Debt - Cash & Equivalents). ROIC has a cap of 200% and a floorof 0%, ex Financials and Real Estate Sectors. Sharpe ratio is a risk-adjustedmeasure calculated as the ratio of excess return to standard deviation. TheSharpe ratio determines reward per unit of risk. The higher the Sharpe ratio,the better the historical risk-adjusted performance. Tracking error is thestandard deviation of the difference between the returns of an investmentand its benchmark. Upside/downside market capture measuresannualized performance in up/down markets relative to the marketbenchmark. Volatility (Standard deviation) measures how widelyindividual performance returns, within a performance series, are dispersedfrom the average or mean value. Weighted average market capitalizationis an average of the market capitalization of stocks comprising a portfolio orindex, adjusted by each stock’s weight in the portfolio or index.

INDEX INFORMATION

The MSCI All Country Asia Ex-Japan Index is a free float-adjusted marketcapitalization weighted index that is designed to measure the equity marketperformance of Asia, excluding Japan. The performance of the Index is listedin U.S. dollars and assumes reinvestment of net dividends. The index isunmanaged and does not include any expenses, fees or sales charges. It isnot possible to directly invest in an index.

DISTRIBUTION

This communication is only intended for and will only be distributed topersons resident in jurisdictions where such distribution or availability wouldnot be contrary to local laws or regulations. In particular, the Shares are notfor distribution to US persons.Ireland: MSIM Fund Management (Ireland) Limited. Registered Office: TheObservatory, 7-11 Sir John Rogerson's Quay, Dublin 2, D02 VC42, Ireland.Registered in Ireland as a private company limited by shares under companynumber 616661. MSIM Fund Management (Ireland) Limited is regulated bythe Central Bank of Ireland. United Kingdom: Morgan Stanley InvestmentManagement Limited is authorised and regulated by the Financial ConductAuthority. Registered in England. Registered No. 1981121. Registered Office:25 Cabot Square, Canary Wharf, London E14 4QA, authorised and regulatedby the Financial Conduct Authority. Dubai: Morgan Stanley InvestmentManagement Limited (Representative Office, Unit Precinct 3-7th Floor-Unit701 and 702, Level 7, Gate Precinct Building 3, Dubai International FinancialCentre, Dubai, 506501, United Arab Emirates. Telephone: +97 (0)14 7097158). Italy: MSIM Fund Management (Ireland)Limited, Milan Branch (SedeSecondaria di Milano) is a branch of MSIM Fund Management (Ireland)Limited, a company registered in Ireland, regulated by the Central Bank ofIreland and whose registered office is at The Observatory, 7-11 Sir JohnRogerson's Quay, Dublin 2, D02 VC42, Ireland. MSIM Fund Management(Ireland) Limited Milan Branch (Sede Secondaria di Milano) with seat inPalazzo Serbelloni Corso Venezia, 16 20121 Milano, Italy, is registered in Italywith company number and VAT number 11488280964. The Netherlands:MSIM Fund Management (Ireland) Limited, Rembrandt Tower, 11th FloorAmstelplein 1 1096HA, Netherlands. Telephone: 31 2-0462-1300. MorganStanley Investment Management is a branch office of MSIM FundManagement (Ireland) Limited. MSIM Fund Management (Ireland) Limited isregulated by the Central Bank of Ireland. France: MSIM Fund Management(Ireland) Limited, Paris Branch is a branch of MSIM Fund Management(Ireland) Limited, a company registered in Ireland, regulated by the CentralBank of Ireland and whose registered office is at The Observatory, 7-11 SirJohn Rogerson's Quay, Dublin 2, D02 VC42, Ireland. MSIM FundManagement (Ireland) Limited Paris Branch with seat at 61 rue de Monceau75008 Paris, France, is registered in France with company number 890 071863 RCS. Spain: MSIM Fund Management (Ireland) Limited, Sucursal enEspaña is a branch of MSIM Fund Management (Ireland) Limited, acompany registered in Ireland, regulated by the Central Bank of Ireland andwhose registered office is at The Observatory, 7-11 Sir John Rogerson's Quay,Dublin 2, D02 VC42, Ireland. MSIM Fund Management (Ireland) Limited,Sucursal en España with seat in Calle Serrano 55, 28006, Madrid, Spain, isregistered in Spain with tax identification number W0058820B.Switzerland: Morgan Stanley & Co. International plc, London, ZurichBranch Authorised and regulated by the Eidgenössische Finanzmarktaufsicht(“FINMA”). Registered with the Register of Commerce Zurich CHE-115.415.770. Registered Office: Beethovenstrasse 33, 8002 Zurich,Switzerland, Telephone +41 (0) 44 588 1000. Facsimile Fax: +41(0) 44 5881074.Australia: This publication is disseminated in Australia by Morgan StanleyInvestment Management (Australia) Pty Limited ACN: 122040037, AFSLNo. 314182, which accepts responsibility for its contents. This publication,

and any access to it, is intended only for "wholesale clients" within themeaning of the Australian Corporations Act. Hong Kong: This document hasbeen issued by Morgan Stanley Asia Limited for use in Hong Kong and shallonly be made available to "professional investors" as defined under theSecurities and Futures Ordinance of Hong Kong (Cap 571). The contents ofthis document have not been reviewed nor approved by any regulatoryauthority including the Securities and Futures Commission in Hong Kong.Accordingly, save where an exemption is available under the relevant law,this document shall not be issued, circulated, distributed, directed at, ormade available to, the public in Hong Kong. Singapore: This publicationshould not be considered to be the subject of an invitation for subscriptionor purchase, whether directly or indirectly, to the public or any member ofthe public in Singapore other than (i) to an institutional investor undersection 304 of the Securities and Futures Act, Chapter 289 of Singapore("SFA"), (ii) to a "relevant person" (which includes an accredited investor)pursuant to section 305 of the SFA, and such distribution is in accordancewith the conditions specified in section 305 of the SFA; or (iii) otherwisepursuant to, and in accordance with the conditions of, any other applicableprovision of the SFA. In particular, for investment funds that are notauthorized or recognized by the MAS, units in such funds are not allowed tobe offered to the retail public; any written material issued to persons asaforementioned in connection with an offer is not a prospectus as defined inthe SFA and, accordingly, statutory liability under the SFA in relation to thecontent of prospectuses does not apply, and investors should considercarefully whether the investment is suitable for them. This publication hasnot been reviewed by the Monetary Authority of Singapore.Chile: Neither the Fund nor the interests in the Fund are registered in theRegistry of Offshore Securities (el Registro de Valores Extranjeros) orsubject to the supervision of the Commission for the Financial Market (laComisión para el Mercado Financiero). This document and other offeringmaterials relating to the offer of the interests in the Fund do not constitute apublic offer of, or an invitation to subscribe for or purchase, the Fundinterests in the Republic of Chile, other than to individually identifiedpurchasers pursuant to a private offering within the meaning of Article 4 ofthe Chilean Securities Act (la Ley del Mercado de Valores) (an offer that isnot “addressed to the public at large or to a certain sector or specific groupof the public”).Peru: The interests in the Fund have not been and will not be registered inPeru under Decreto Legislativo 862: Ley de Fondos de Inversión y susSociedades Administradoras or under Decreto Legislativo 861: Ley delMercado de Valores (the “Securities Market Law”), and are being offered toinstitutional investors only (as defined in article 8 of the Securities MarketLaw) pursuant to a private placement, according to article 5 of the SecuritiesMarket Law. The interests in the Fund have not been registered in thesecurities market public registry (Registro Público del Mercado de Valores)maintained by, and the offering of the Fund interests in Peru is not subjectto the supervision of, the Superintendencia del Mercado de Valores. Anytransfers of the Fund interests shall be subject to the limitations containedin the Securities Market Law and the regulations issued thereunder.



This document contains information relating to the sub-fund ("Fund") ofMorgan Stanley Investment Funds, a Luxembourg domiciled Sociétéd’Investissement à Capital Variable. Morgan Stanley Investment Funds (the"Company") is registered in the Grand Duchy of Luxembourg as anundertaking for collective investment pursuant to Part 1 of the Law of 17thDecember 2010, as amended. The Company is an Undertaking for CollectiveInvestment in Transferable Securities ("UCITS").Applications for shares in the Fund should not be made without firstconsulting the current Prospectus, Key Investor Information Document("KIID"), Annual Report and Semi-Annual Report (“Offering Documents”), orother documents available in your local jurisdiction which is available freeof charge from the Registered Office: European Bank and Business Centre,6B route de Trèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29 192. Inaddition, all Italian investors should refer to the ‘Extended ApplicationForm’, and all Hong Kong investors should refer to the ‘AdditionalInformation for Hong Kong Investors’ section, outlined within theProspectus. Copies of the Prospectus, KIID, the Articles of Incorporation andthe annual and semi- annual reports, in German, and further informationcan be obtained free of charge from the representative in Switzerland. Therepresentative in Switzerland is Carnegie Fund Services S.A., 11, rue duGénéral-Dufour, 1204 Geneva. The paying agent in Switzerland is BanqueCantonale de Genève, 17, quai de l’Ile, 1204 Geneva. The document hasbeen prepared solely for informational purposes and does not constitute an


offer or a recommendation to buy or sell any particular security or to adoptany specific investment strategy.Any index referred to herein is the intellectual property (including registeredtrademarks) of the applicable licensor. Any product based on an index is inno way sponsored, endorsed, sold or promoted by the applicable licensorand it shall not have any liability with respect thereto.All investments involve risks, including the possible loss of principal. Thematerial contained herein has not been based on a consideration of anyindividual client circumstances and is not investment advice, nor should it beconstrued in any way as tax, accounting, legal or regulatory advice. To thatend, investors should seek independent legal and financial advice, includingadvice as to tax consequences, before making any investment decision.The information contained in this communication is not a researchrecommendation or ‘investment research’ and is classified as a‘Marketing Communication’ in accordance with the applicableEuropean or Swiss regulation. This means that this marketingcommunication (a) has not been prepared in accordance with legalrequirements designed to promote the independence of investmentresearch (b) is not subject to any prohibition on dealing ahead of thedissemination of investment research.

MSIM has not authorised financial intermediaries to use and to distributethis document, unless such use and distribution is made in accordance withapplicable law and regulation. MSIM shall not be liable for, and accepts noliability for, the use or misuse of this document by any such financialintermediary. If you are a distributor of the Morgan Stanley InvestmentFunds, some or all of the funds or shares in individual funds may beavailable for distribution. Please refer to your sub-distribution agreement forthese details before forwarding fund information to your clients.The whole or any part of this work may not be reproduced, copied ortransmitted or any of its contents disclosed to third parties without MSIM'sexpress written consent.All information contained herein is proprietary and is protected undercopyright law.This document may be translated into other languages. Where such atranslation is made this English version remains definitive. If there are anydiscrepancies between the English version and any version of this documentin another language, the English version shall prevail.

*MORNINGSTAR

The Morningstar Rating™ for funds, or "star rating", is calculated formanaged products (including mutual funds, variable annuity and variablelife subaccounts, exchange-traded funds, closed-end funds, and separateaccounts) with at least a three-year history. Exchange-traded funds andopen-ended mutual funds are considered a single population forcomparative purposes. It is calculated based on a Morningstar Risk-AdjustedReturn measure that accounts for variation in a managed product's monthlyexcess performance, placing more emphasis on downward variations andrewarding consistent performance. The top 10% of products in each productcategory receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.The Overall Morningstar Rating for a managed product is derived from aweighted average of the performance figures associated with its three-, five-,and 10-year (if applicable) Morningstar Rating metrics. The weights are:100% three-year rating for 36-59 months of total returns, 60% five-yearrating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or moremonths of total returns. While the 10-year overall star rating formula seemsto give the most weight to the 10-year period, the most recent three-yearperiod actually has the greatest impact because it is included in all threerating periods. Ratings do not take into account sales loads.The Europe/Asia and South Africa category (EAA) includes fundsdomiciled in European markets, major cross-border Asian markets wherematerial numbers of European UCITS funds are available (principally HongKong, Singapore and Taiwan), South Africa, and selected other Asian andAfrican markets where Morningstar believes it is of benefit to investors forthe funds to be included in the EAA classification system.© 2021 Morningstar. All Rights Reserved. The information contained herein:(1) is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information. Pastperformance is no guarantee of future results.




China A-shares Fund - China A-shares Fund - Z SharesZ Shares(Accumulation Share Class)(Accumulation Share Class)

Investment ObjectiveInvestment ObjectiveLong term growth of your investment. Investment ApproachInvestment ApproachWe seek long-term capital appreciation, measured in U.S. dollars, through investment primarily in A-shares of Chinese companies listed on the Shanghai and Shenzhen Stock Exchanges via StockConnect. Using a combination of macroeconomic analysis and security-specific research, theinvestment team evaluates stocks in the context of market dynamics, competitive landscape,management quality, growth potential, cash flow, valuation and sentiment. Investment TeamInvestment Team JOINED FIRM


Leon Sun, Managing Director 2021 23

Amay Hattangadi, Managing Director 1997 23

Gary Cheung, Managing Director 2008 18

Effective 31 December 2020, May Yu is no longer serving as a co-portfolio manager on the Fund.Effective 31 March 2021, Leon Sun was added as portfolio manager on the Fund. Effective April 232021, Amay Hattangadi was added as a Portfolio Manager on the Fund. Effective 31 May 2021, GaryCheung will no longer serve as a Portfolio Manager on the Fund.







Class Z Shares 0.59 0.59 2.33 27.19 4.23 -- -- 4.55

MSCI China A Onshore Index 4.04 -3.18 0.37 45.26 11.77 -- -- 8.06

Calendar Year Returns (%)Calendar Year Returns (%) 2020 2019 2018 2017 2016 2015 2014Class Z Shares 13.82 19.42 -16.60 -- -- -- --

MSCI China A Onshore Index 40.04 37.48 -32.99 -- -- -- --



ISIN LU1735753516

Bloomberg MSCNAZU LX

Inception date 29 December 2017


Fund FactsFund FactsLaunch date 29 December 2017


Index MSCI China A Onshore Index





Management Fee 0.70




StatisticsStatistics(3 Year Annualised)(3 Year Annualised) CLASS Z INDEXExcess Return (%) -7.54 --

Alpha (%) -4.81 --

Beta 0.74 1.00

Information ratio -0.81 --

R squared 0.84 1.00

Sharpe ratio 0.16 0.46


Down-capture ratio (%) 81.36 100.00

Up-capture ratio (%) 62.27 100.00

CharacteristicsCharacteristics FUND INDEXActive share (%) 87.69 --

Number of holdings 37 757

Price/earnings 13.51 17.57

Price/cash flow 8.34 10.68

Price/book 1.56 2.01

Return on equity (%) 14.90 14.96Weighted average marketcapitalization ($B) 38.36 15.47

Weighted median marketcapitalization ($B) 4.23 5.39

Dividend Yield (%) 2.63 1.75




Class Z SharesMSCI China A Onshore Index

50

75

100

125

150

De c '17 Aug '19 Apr '21

Class Z SharesMSCI China A Onshore Index

0

-25

25

50

Apr '16-Apr '17

Apr '17-Apr '18

Apr '18-Apr '19

Apr '19-Apr '20

Apr '20-Apr '21

DEFINITIONS

Active Share is a measure of the percentage of stock holdings in a managers portfolio that differ from the benchmark index (based on holdings and weight of holdings). Active Share scores range from 0%-100%. A score of 100% means you are completely different from the benchmark. Active Share calculation may consolidate holdings with the same economic exposure. Beta is a measure of the relative volatility of a fund to the market’s upward or downward movements. A beta greater than 1.0 identifies an issue or fund that will move more than the market, while a beta less than 1.0 identifies an issue or fund that will move less than the market. The Beta of the Market is always equal to 1. Bloomberg stands for 'Bloomberg Global Identifier (BBGID)'. This is a unique 12 digit alphanumerical code designed to enable the identification of securities, such as the Morgan Stanley Investment Funds sub-funds at share class level, on a Bloomberg Terminal. The Bloomberg Terminal, a system provided by Bloomberg L.P., enables analysts to access and analyse real-time financial market data. Each Bloomberg code starts with the same BBG prefix, followed by nine further characters that we list here in this guide for each share class of each fund. Cash & Equivalents are defined as the value of assets that can be converted into cash immediately. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. Dividend yield is the ratio between how much a company pays out in dividends each year relative to its share price. ExcessReturn or value added (positive or negative) is the portfolio’s return relative to the return of the benchmark. Information ratio is the portfolio’s alpha or excess return per unit of risk, as measured by tracking error, versus the portfolio’s benchmark. ISIN is the international securities identification number (ISIN), a 12 digit code consisting of numbers and letters that distinctly identifies securities. NAV is the Net Asset Value per share of the Fund (NAV), which represents the value of the assets of a fund less its liabilities. Number of holdings provided are a typical range, not a

maximum number. The portfolio may exceed this from time to time due tomarket conditions and outstanding trades. Price/book (P/BV) compares astock's market value to the book value per share of total assets less totalliabilities. This number is used to judge whether a stock is undervalued orovervalued. Price/cash flow (P/CF) is a ratio used to compare a company'smarket value to its cash flow. It is calculated by dividing the company's per-share stock price by the per-share operating cash flow. Price/earnings(P/E) is the price of a stock divided by its earnings per share for the past 12months. Sometimes called the multiple, P/E gives investors an idea of howmuch they are paying for a company’s earning power. The higher the P/E,the more investors are paying, and therefore the more earnings growth theyare expecting. R squared measures how well an investment’s returnscorrelate to an index. An R squared of 1.00 means the portfolio performanceis 100% correlated to the index’s, whereas a low r-squared means that theportfolio performance is less correlated to the index’s. Return on equity(ROE) is the amount of net income returned as a percentage ofshareholders equity. Return on equity measures a corporation's profitabilityby revealing how much profit a company generates with the moneyshareholders have invested. Sharpe ratio is a risk-adjusted measurecalculated as the ratio of excess return to standard deviation. The Sharperatio determines reward per unit of risk. The higher the Sharpe ratio, thebetter the historical risk-adjusted performance. Tracking error is thestandard deviation of the difference between the returns of an investmentand its benchmark. Upside/downside market capture measuresannualized performance in up/down markets relative to the marketbenchmark. Volatility (Standard deviation) measures how widelyindividual performance returns, within a performance series, are dispersedfrom the average or mean value. Weighted average market capitalizationis an average of the market capitalization of stocks comprising a portfolio orindex, adjusted by each stock’s weight in the portfolio or index. Weightedmedian market capitalization is the point at which half of the marketvalue of a portfolio or index is invested in stocks with a greater market cap,while the other half of the market value is invested in stocks with a lowermarket cap.

CH IN A A- S H ARES FU N D - Z S H ARES (ACCU MU LATIO N S H ARE CLAS S ) FACTS H EET | 30 AP RIL 20 21

Sector Allocation Sector Allocation (% of Total Net Assets)(% of Total Net Assets) FUND INDEXHealth Care 26.08 11.44

Financials 15.40 19.66

Consumer Staples 14.14 14.89

InformationTechnology

14.12 15.15

Real Estate 8.75 2.44

ConsumerDiscretionary

6.54 9.17

Industrials 5.14 12.82

Utilities 3.63 1.51

CommunicationServices

3.30 1.92

Cash 2.82 --

Top Holdings Top Holdings (% of Total Net Assets)(% of Total Net Assets) FUND INDEXChina Resources Sanjiu Medical & Pharmac 9.44 0.03

Shanghai Pharmaceuticals Holding Co. Ltd 6.13 0.09

Beijing Thunisoft Corp Ltd 4.55 0.05

Industrial & Commercial Bank of China Lt 4.37 0.37

China Merchants Property Operation & Ser 4.32 0.04

Foxconn Industrial Internet Co. Ltd 4.13 0.14

Bank of Communications Co. Ltd 4.10 0.38

China Yangtze Power Co. Ltd 3.63 0.59

Universal Scientific Industrial Shanghai 3.57 0.03

Huatai Securities Co. Ltd 3.11 0.32

Total 47.35 --

May not sum to 100% due to the exclusion of other assets and liabilities. For additional information regarding sector classification/definitions please





The risk and reward category shown is based on historic data.Historic figures are only a guide and may not be a reliable indicator of whatmay happen in the future.As such this category may change in the future.The higher the category, the greater the potential reward, but also thegreater the risk of losing the investment. Category 1 does not indicate a riskfree investment.The fund is in this category because it invests in company shares and thefund's simulated and/or realised return has experienced high rises and fallshistorically.The fund may be impacted by movements in the exchange rates between thefund's currency and the currencies of the fund's investments.


The fund relies on other parties to fulfill certain services, investments ortransactions. If these parties become insolvent, it may expose the fund tofinancial loss.There may be an insufficient number of buyers or sellers which may affectthe funds ability to buy or sell securities.Investment in China A-Shares via the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs may also entail additional risks, such asrisks linked to the ownership of shares.There are increased risks of investing in emerging markets as political, legaland operational systems may be less developed than in developed markets.Past performance is not a reliable indicator of future results. Returns mayincrease or decrease as a result of currency fluctuations. The value ofinvestments and the income from them can go down as well as up andinvestors may lose all or a substantial portion of his or her investment.The value of the investments and the income from them will vary and therecan be no assurance that the Fund will achieve its investment objectives.Investments may be in a variety of currencies and therefore changes in ratesof exchange between currencies may cause the value of investments todecrease or increase. Furthermore, the value of investments may beadversely affected by fluctuations in exchange rates between the investor’sreference currency and the base currency of the investments.

1,21,2

33

1

2

3



INDEX INFORMATION

The MSCI China A Onshore Index is a free float-adjusted marketcapitalization index that captures large and mid-cap representation acrossChina securities listed on the Shanghai and Shenzhen exchanges.

DISTRIBUTION

This communication is only intended for and will only be distributed topersons resident in jurisdictions where such distribution or availability wouldnot be contrary to local laws or regulations. In particular, the Shares are notfor distribution to US persons.Ireland: MSIM Fund Management (Ireland) Limited. Registered Office: TheObservatory, 7-11 Sir John Rogerson's Quay, Dublin 2, D02 VC42, Ireland.Registered in Ireland as a private company limited by shares under companynumber 616661. MSIM Fund Management (Ireland) Limited is regulated bythe Central Bank of Ireland. United Kingdom: Morgan Stanley InvestmentManagement Limited is authorised and regulated by the Financial ConductAuthority. Registered in England. Registered No. 1981121. Registered Office:25 Cabot Square, Canary Wharf, London E14 4QA, authorised and regulatedby the Financial Conduct Authority. Dubai: Morgan Stanley InvestmentManagement Limited (Representative Office, Unit Precinct 3-7th Floor-Unit701 and 702, Level 7, Gate Precinct Building 3, Dubai International FinancialCentre, Dubai, 506501, United Arab Emirates. Telephone: +97 (0)14 7097158). Italy: MSIM Fund Management (Ireland)Limited, Milan Branch (SedeSecondaria di Milano) is a branch of MSIM Fund Management (Ireland)Limited, a company registered in Ireland, regulated by the Central Bank ofIreland and whose registered office is at The Observatory, 7-11 Sir JohnRogerson's Quay, Dublin 2, D02 VC42, Ireland. MSIM Fund Management(Ireland) Limited Milan Branch (Sede Secondaria di Milano) with seat inPalazzo Serbelloni Corso Venezia, 16 20121 Milano, Italy, is registered in Italywith company number and VAT number 11488280964. The Netherlands:MSIM Fund Management (Ireland) Limited, Rembrandt Tower, 11th FloorAmstelplein 1 1096HA, Netherlands. Telephone: 31 2-0462-1300. MorganStanley Investment Management is a branch office of MSIM FundManagement (Ireland) Limited. MSIM Fund Management (Ireland) Limited isregulated by the Central Bank of Ireland. France: MSIM Fund Management(Ireland) Limited, Paris Branch is a branch of MSIM Fund Management(Ireland) Limited, a company registered in Ireland, regulated by the CentralBank of Ireland and whose registered office is at The Observatory, 7-11 SirJohn Rogerson's Quay, Dublin 2, D02 VC42, Ireland. MSIM FundManagement (Ireland) Limited Paris Branch with seat at 61 rue de Monceau75008 Paris, France, is registered in France with company number 890 071863 RCS. Spain: MSIM Fund Management (Ireland) Limited, Sucursal enEspaña is a branch of MSIM Fund Management (Ireland) Limited, acompany registered in Ireland, regulated by the Central Bank of Ireland andwhose registered office is at The Observatory, 7-11 Sir John Rogerson's Quay,Dublin 2, D02 VC42, Ireland. MSIM Fund Management (Ireland) Limited,Sucursal en España with seat in Calle Serrano 55, 28006, Madrid, Spain, isregistered in Spain with tax identification number W0058820B.Switzerland: Morgan Stanley & Co. International plc, London, ZurichBranch Authorised and regulated by the Eidgenössische Finanzmarktaufsicht(“FINMA”). Registered with the Register of Commerce Zurich CHE-115.415.770. Registered Office: Beethovenstrasse 33, 8002 Zurich,Switzerland, Telephone +41 (0) 44 588 1000. Facsimile Fax: +41(0) 44 5881074.Australia: This publication is disseminated in Australia by Morgan Stanley Investment Management (Australia) Pty Limited ACN: 122040037, AFSL No. 314182, which accepts responsibility for its contents. This publication, and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. Hong Kong: This document has been issued by Morgan Stanley Asia Limited for use in Hong Kong and shall only be made available to "professional investors" as defined under the Securities and Futures Ordinance of Hong Kong (Cap 571). The contents of this document have not been reviewed nor approved by any regulatory authority including the Securities and Futures Commission in Hong Kong. Accordingly, save where an exemption is available under the relevant law, this document shall not be issued, circulated, distributed, directed at, or made available to, the public in Hong Kong. Singapore: This publicationshould not be considered to be the subject of an invitation for subscriptionor purchase, whether directly or indirectly, to the public or any member ofthe public in Singapore other than (i) to an institutional investor undersection 304 of the Securities and Futures Act, Chapter 289 of Singapore("SFA"), (ii) to a "relevant person" (which includes an accredited investor)pursuant to section 305 of the SFA, and such distribution is in accordancewith the conditions specified in section 305 of the SFA; or (iii) otherwisepursuant to, and in accordance with the conditions of, any other applicableprovision of the SFA. In particular, for investment funds that are notauthorized or recognized by the MAS, units in such funds are not allowedto be offered to the retail public; any written material issued to persons asaforementioned in connection with an offer is not a prospectus as definedin the SFA and, accordingly, statutory liability under the SFA in relation tothe content of prospectuses does not apply, and investors should consider

carefully whether the investment is suitable for them. This publication hasnot been reviewed by the Monetary Authority of Singapore.Chile: Neither the Fund nor the interests in the Fund are registered in theRegistry of Offshore Securities (el Registro de Valores Extranjeros) orsubject to the supervision of the Commission for the Financial Market (laComisión para el Mercado Financiero). This document and other offeringmaterials relating to the offer of the interests in the Fund do not constitute apublic offer of, or an invitation to subscribe for or purchase, the Fundinterests in the Republic of Chile, other than to individually identifiedpurchasers pursuant to a private offering within the meaning of Article 4 ofthe Chilean Securities Act (la Ley del Mercado de Valores) (an offer that isnot “addressed to the public at large or to a certain sector or specific groupof the public”).Peru: The interests in the Fund have not been and will not be registered inPeru under Decreto Legislativo 862: Ley de Fondos de Inversión y susSociedades Administradoras or under Decreto Legislativo 861: Ley delMercado de Valores (the “Securities Market Law”), and are being offered toinstitutional investors only (as defined in article 8 of the Securities MarketLaw) pursuant to a private placement, according to article 5 of the SecuritiesMarket Law. The interests in the Fund have not been registered in thesecurities market public registry (Registro Público del Mercado de Valores)maintained by, and the offering of the Fund interests in Peru is not subjectto the supervision of, the Superintendencia del Mercado de Valores. Anytransfers of the Fund interests shall be subject to the limitations containedin the Securities Market Law and the regulations issued thereunder.



This document contains information relating to the sub-fund ("Fund") ofMorgan Stanley Investment Funds, a Luxembourg domiciled Sociétéd’Investissement à Capital Variable. Morgan Stanley Investment Funds (the"Company") is registered in the Grand Duchy of Luxembourg as anundertaking for collective investment pursuant to Part 1 of the Law of 17thDecember 2010, as amended. The Company is an Undertaking for CollectiveInvestment in Transferable Securities ("UCITS").Applications for shares in the Fund should not be made without firstconsulting the current Prospectus, Key Investor Information Document("KIID"), Annual Report and Semi-Annual Report (“Offering Documents”), orother documents available in your local jurisdiction which is available free ofcharge from the Registered Office: European Bank and Business Centre, 6Broute de Trèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29 192. Inaddition, all Italian investors should refer to the ‘Extended Application Form’,and all Hong Kong investors should refer to the ‘Additional Information forHong Kong Investors’ section, outlined within the Prospectus. Copies of theProspectus, KIID, the Articles of Incorporation and the annual and semi-annual reports, in German, and further information can be obtained free ofcharge from the representative in Switzerland. The representative inSwitzerland is Carnegie Fund Services S.A., 11, rue du Général-Dufour, 1204Geneva. The paying agent in Switzerland is Banque Cantonale de Genève, 17,quai de l’Ile, 1204 Geneva. The document has been prepared solely forinformational purposes and does not constitute an offer or arecommendation to buy or sell any particular security or to adopt anyspecific investment strategy.Any index referred to herein is the intellectual property (including registeredtrademarks) of the applicable licensor. Any product based on an index is inno way sponsored, endorsed, sold or promoted by the applicable licensorand it shall not have any liability with respect thereto.All investments involve risks, including the possible loss of principal. Thematerial contained herein has not been based on a consideration of anyindividual client circumstances and is not investment advice, nor should it beconstrued in any way as tax, accounting, legal or regulatory advice. To thatend, investors should seek independent legal and financial advice, includingadvice as to tax consequences, before making any investment decision.The information contained in this communication is not a researchrecommendation or ‘investment research’ and is classified as a‘Marketing Communication’ in accordance with the applicableEuropean or Swiss regulation. This means that this marketingcommunication (a) has not been prepared in accordance with legalrequirements designed to promote the independence of investmentresearch (b) is not subject to any prohibition on dealing ahead of thedissemination of investment research.

MSIM has not authorised financial intermediaries to use and to distributethis document, unless such use and distribution is made in accordance with


applicable law and regulation. MSIM shall not be liable for, and accepts noliability for, the use or misuse of this document by any such financialintermediary. If you are a distributor of the Morgan Stanley InvestmentFunds, some or all of the funds or shares in individual funds may beavailable for distribution. Please refer to your sub-distribution agreement forthese details before forwarding fund information to your clients.The whole or any part of this work may not be reproduced, copied or

transmitted or any of its contents disclosed to third parties without MSIM'sexpress written consent.All information contained herein is proprietary and is protected undercopyright law.This document may be translated into other languages. Where such atranslation is made this English version remains definitive. If there are anydiscrepancies between the English version and any version of this documentin another language, the English version shall prevail.




China Equity Fund - China Equity Fund - Z SharesZ Shares(Accumulation Share Class)(Accumulation Share Class)

Investment ObjectiveInvestment ObjectiveAttractive risk-adjusted annualised returns on your investment. Investment ApproachInvestment ApproachThe Fund seeks long-term capital appreciation, measured in U.S. dollars, through investment primarilyin the equity securities of companies located in or operating in China and Hong Kong. The Portfoliowill invest mainly in Chinese companies listed in various exchanges and including ADRs and GDRs.The investment philosophy is to invest in high quality, growing business at attractive valuation withrelatively long-term investment horizon. Structural growth and competitive advantage with financialstrength are among the most important criteria for the Fund's bottom-up stock selection. Investment TeamInvestment Team JOINED FIRM


Leon Sun, Managing Director 2021 23

Amay Hattangadi, Managing Director 1997 23

Effective 31 December 2020, May Yu is no longer serving as a co-portfolio manager on the Fund.Effective 31 March 2021, Leon Sun was added as portfolio manager on the Fund.







Class Z Shares 1.34 -8.35 -4.41 28.70 -- -- -- 19.37

MSCI China 10-40 Net Index 1.28 -5.39 0.38 39.32 -- -- -- 24.09

Calendar Year Returns (%)Calendar Year Returns (%) 2020 2019 2018 2017 2016 2015 2014Class Z Shares 28.14 -- -- -- -- -- --

MSCI China 10-40 Net Index 30.75 -- -- -- -- -- --


The MS INVF China Equity Fund’s performance returns will be benchmarked to the MSCI China10/40 Net Total Return Index since inception, rather than the the MSCI China (Net) Index asoriginally announced.


ISIN LU2025529277

Bloomberg MSCEZUA LX

Inception date 01 August 2019


Fund FactsFund FactsLaunch date 01 August 2019


Index MSCI China 10-40 Net Index





Management Fee 0.70




CharacteristicsCharacteristics FUNDActive share (%) 53.18

Price/earnings 23.50

Price/cash flow 4.71

Price/book 0.68

Return on equity (%) 17.75

Weighted average market capitalization ($B) 228.94

Weighted median market capitalization ($B) 81.46

Dividend Yield (%) 1.08

Number of holdings 34




Class Z SharesMSCI China 10-40 Net Index

80

100

120

140

160

Aug '19 Jun '20 Apr '21

Class Z SharesMSCI China 10-40 Net Index

0

20

40

60

Apr '16-Apr '17

Apr '17-Apr '18

Apr '18-Apr '19

Apr '19-Apr '20

Apr '20-Apr '21

DEFINITIONS

Active Share is a measure of the percentage of stock holdings in a managers portfolio that differ from the benchmark index (based on holdings and weight of holdings). Active Share scores range from 0%-100%. A score of 100% means you are completely different from the benchmark. Active Share calculation may consolidate holdings with the same economic exposure. Bloomberg stands for 'Bloomberg Global Identifier (BBGID)'. This is a unique 12 digit alphanumerical code designed to enable the identification of securities, such as the Morgan Stanley Investment Funds sub-funds at share class level, on a Bloomberg Terminal. The Bloomberg Terminal, a system provided by Bloomberg L.P., enables analysts to access and analyse real-time financial market data. Each Bloomberg code starts with the same BBG prefix, followed by nine further characters that we list here in this guide for each share class of each fund.Cash & Equivalents are defined as the value of assets that can be converted into cash immediately. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values. Dividendyield is the ratio between how much a company pays out in dividends each year relative to its share price. ISIN is the international securities

identification number (ISIN), a 12 digit code consisting of numbers and letters that distinctly identifies securities. NAV is the Net Asset Value per share of the Fund (NAV), which represents the value of the assets of a fund less its liabilities. Number of holdings provided are a typical range, not a maximum number. The portfolio may exceed this from time to time due to market conditions and outstanding trades. Price/book (P/BV) compares a stock's market value to the book value per share of total assets less total liabilities. This number is used to judge whether a stock is undervalued or overvalued. Price/cash flow (P/CF) is a ratio used to compare a company's market value to its cash flow. It is calculated by dividing the company's per-share stock price by the per-share operating cash flow. Price/earnings(P/E) is the price of a stock divided by its earnings per share for the past 12 months. Sometimes called the multiple, P/E gives investors an idea of how much they are paying for a company’s earning power. The higher the P/E, the more inves