Collated Factsheets - Morgan Stanley · Taiwan Semiconductor Mfg Co. Ltd 9.25 5.14 Alibaba Group...

INVESTMENT MANAGEMENT

2020

Morgan Stanley Investment Funds – (MS INVF)

Collated Factsheets

Morgan Stanley Investment Funds

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

Investment ObjectiveInvestment ObjectiveLong term growth of your investment. Investment ApproachInvestment ApproachSeeks long-term capital appreciation, measured in U.S. dollars, through investment primarily in theequity securities of companies, for the avoidance of doubt including Real Estate Investment Trusts(REITS), domiciled in or exercising the predominant part of their economic activity in Asia, excludingJapan, thereby taking advantage of the dynamic economic growth capabilities of the region. Investment TeamInvestment Team JOINED FIRM

YEARS OF INVESTMENTEXPERIENCE

May Yu, Managing Director 2012 21

Amay Hattangadi, Managing Director 1997 22

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 6.68 7.43 18.61 26.44 5.87 9.79 4.84 4.69

Blended Index 8.04 9.39 17.07 24.86 6.75 12.06 6.56 5.51

Calendar Year Returns (%)Calendar Year Returns (%) 2019 2018 2017 2016 2015 2014 2013Class Z Shares 18.57 -18.21 37.13 1.78 -6.93 1.75 1.93

Blended Index 18.17 -14.37 41.72 6.11 -9.51 3.16 3.76

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.

This fund received a compensation payment in connection with Prudential Equity Group'ssettlement with the U.S. SEC relating to market timing charges. Consequently, the net cash injectionreceived in March 2010 and the related withholding tax, accrued in September 2010 and received inAugust 2011, have enhanced the fund’s performance by 72bps and 33bps, respectively.

The Blended Index performance shown is calculated using the MSCI AC Far East Free Ex-Japan Index(Gross Returns) from inception through 31 December 2000, the MSCI AC Far East Free Ex-JapanIndex (Net Returns) from 1 January 2001 through 29 February 2016 and the MSCI AC Asia ex JapanIndex (Net Returns) thereafter.

Share ClassShare Class CLASS ZCurrency U.S. dollars

ISIN LU0360480692

Bloomberg MSASEQZ LX

Inception date 24 June 2008

Net asset value $ 44.23

Fund FactsFund FactsLaunch date 01 October 1991

Base currency U.S. dollars

Index Blended Index

Total net assets $ 33.31 million

Structure Luxembourg SICAV

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

Ongoing Charges 0.95

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 INDEXBeta 1.01 1.00

Information ratio -0.17 --

R squared 0.93 1.00

Tracking error (%) 5.01 --Volatility(Standard deviation) (%) 19.43 18.62

Down-capture ratio (%) 99.70 100.00

Up-capture ratio (%) 96.45 100.00

CharacteristicsCharacteristics FUND INDEXActive share (%) 55.48 --

Price/cash flow 12.26 9.30

Price/book 2.88 1.84

Price/earnings 23.31 18.61

Dividend Yield (%) 1.45 1.86

Number of holdings 66 1,184

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

ACTIVE FUNDAMENTAL EQUITY

FACTSHEET | 30 November 2020

Investors should read the Key InvestorInformation Document and Prospectusbefore investing.

Class Z SharesBlended Index

0

100

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300

Jun '08 Se p '14 Nov '20

Class Z SharesBlended Index

-30

-20

-10

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10

20

30

40

50

Nov '15-Nov '16

Nov '16-Nov '17

Nov '17-Nov '18

Nov '18-Nov '19

Nov '19-Nov '20

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 definedas 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.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 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 stockdivided by its earnings per share for the past 12 months. Sometimes calledthe multiple, P/E gives investors an idea of how much they are paying for a

AS IAN EQ U ITY FU N D - Z S H ARES (ACCU MU LATIO N S H ARE CLAS S ) FACTS H EET | 30 N OVEMBER 20 20

Top Holdings Top Holdings (% of Total Net Assets)(% of Total Net Assets) FUND INDEXTaiwan Semiconductor Mfg Co. Ltd 9.82 6.53

Tencent Holdings Ltd 9.27 6.54

Alibaba Group Holding Ltd 8.24 7.78

Samsung Electronics Co. Ltd 7.32 4.52

Asml Holding NV 3.15 --

Kweichow Moutai Co. 2.42 0.31

Hong Kong Exchanges & Clearing 1.94 0.94

China Mengniu Dairy Co. Ltd 1.89 0.22

Aia Group Ltd 1.89 2.08

Shenzhou International Group H 1.79 0.22

Total 47.73 --

Top Countries Top Countries (% of Total Net Assets)(% of Total Net Assets) FUND INDEXChina 39.57 45.75

Taiwan 16.53 14.27

India 11.08 9.05

South Korea 10.45 14.35

Hong Kong 6.00 7.60

United States 3.15 --

Singapore 2.22 2.58

Thailand 1.72 2.16

Indonesia 1.68 1.55

Cash 6.75 --

Sector Distribution Sector Distribution (% of Total Net Assets)(% of Total Net Assets) FUND INDEXInformationTechnology

28.79 21.35

Financials 17.96 18.33

ConsumerDiscretionary

14.87 20.07

CommunicationServices

12.86 12.05

Consumer Staples 7.94 4.84

Health Care 3.22 4.58

Materials 2.67 4.05

Real Estate 2.14 4.25

Energy 1.63 2.98

Industrials 0.33 5.31

Cash 6.75 --

These securities and percentage allocations are only for illustrativepurposes and do not constitute, and should not be construed as, investmentadvice or recommendations with respect to the securities or investmentsmentioned.

May not sum to 100% due to the exclusion of other assets and liabilities.

Please refer to the Prospectus for full risk disclosures, available atwww.morganstanleyinvestmentfunds.com. All data as of 30.11.2020 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 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.

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 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.

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22

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1

2

Lower Risk Higher Risk

Potentially Lower Rewards Potentially Higher Rewards

company’s earning power. The higher the P/E, the more investors are paying,and therefore the more earnings growth they are expecting. 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 isless correlated to the index’s. Tracking error is the standard deviation of thedifference between the returns of an investment and its benchmark.Upside/downside market capture measures annualized performance inup/down markets relative to the market benchmark. Volatility (Standarddeviation) measures how widely individual performance returns, within aperformance series, are dispersed from the average or mean value.

INDEX INFORMATION

The MSCI AC Far East ex Japan Index: captures large and mid caprepresentation across 2 Developed Markets countries (excluding Japan) and7 Emerging Markets countries in the Far East*. With 553 constituents, theindex covers approximately 85% of the free float-adjusted marketcapitalization in each country.The MSCI AC Asia ex Japan Index: captures large and mid caprepresentation across 2 of 3 Developed Markets (DM) countries*(excludingJapan) and 9 Emerging Markets (EM) countries* in Asia. With 637constituents, the index covers approximately 85% of the free float adjustedmarket capitalization in each country.

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: Morgan Stanley Investment Management (Ireland) Limited.Registered Office: The Observatory, 7-11 Sir John Rogerson's Quay, Dublin 2,Ireland. Registered in Ireland under company number 616662. 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. Dubai: Morgan StanleyInvestment Management Limited (Representative Office, Unit Precinct 3-7thFloor-Unit 701 and 702, Level 7, Gate Precinct Building 3, DubaiInternational Financial Centre, Dubai, 506501, United Arab Emirates.Telephone: +97 (0)14 709 7158). Italy: Morgan Stanley InvestmentManagement Limited, Milan Branch (Sede Secondaria di Milano) is a branchof Morgan Stanley Investment Management Limited, a company registeredin the UK, authorised and regulated by the Financial Conduct Authority(FCA), and whose registered office is at 25 Cabot Square, Canary Wharf,London, E14 4QA. Morgan Stanley Investment Management Limited MilanBranch (Sede Secondaria di Milano) with seat in Palazzo Serbelloni CorsoVenezia, 16 20121 Milano, Italy, is registered in Italy with company numberand VAT number 08829360968. The Netherlands: Morgan StanleyInvestment Management, Rembrandt Tower, 11th Floor Amstelplein 11096HA, Netherlands. Telephone: 31 2-0462-1300. Morgan StanleyInvestment Management is a branch office of Morgan Stanley InvestmentManagement Limited. Morgan Stanley Investment Management Limited isauthorised and regulated by the Financial Conduct Authority in the UnitedKingdom. Switzerland: Morgan Stanley & Co. International plc, London,Zurich Branch Authorised and regulated by the EidgenössischeFinanzmarktaufsicht ("FINMA"). Registered with the Register of CommerceZurich CHE-115.415.770. Registered Office: Beethovenstrasse 33, 8002Zurich, Switzerland, Telephone +41 (0) 44 588 1000. Facsimile Fax: +41(0)44 588 1074.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 applicable

provision 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.

IMPORTANT INFORMATION

EMEA: This marketing communication has been issued by MorganStanley Investment Management Limited (“MSIM”). Authorised andregulated by the Financial Conduct Authority. Registered in EnglandNo. 1981121. Registered Office: 25 Cabot Square, Canary Wharf, LondonE14 4QA.

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 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.

AS IAN EQ U ITY FU N D - Z S H ARES (ACCU MU LATIO N S H ARE CLAS S ) FACTS H EET | 30 N OVEMBER 20 20

© 2020 Morgan Stanley. All rights reserved. CRC 3164980 Exp: 06/30/2021


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


Ted Bigman, Head of Global Listed Real AssetsInvesting 1995 33

Angeline Ho, Managing Director 1997 28

Desmond Foong, Managing Director 2011 16







Class Z Shares 12.00 5.01 -9.13 -6.68 1.04 4.11 3.43 3.31FTSE EPRA/NAREIT Asian Real EstateNet Total Return Index 12.77 5.79 -11.78 -10.72 0.77 4.43 3.95 3.17

Calendar Year Returns (%)Calendar Year Returns (%) 2019 2018 2017 2016 2015 2014 2013Class Z Shares 14.02 -1.61 15.49 3.39 -6.67 -1.56 3.25FTSE EPRA/NAREIT Asian Real Estate Net Total ReturnIndex 16.59 -1.92 15.56 5.61 -7.60 0.08 4.32


The Blended Index performance shown is calculated using the GPR General Quoted Asia Net Indexfrom inception through 31 January 2009 and the FTSE EPRA/NAREIT Asian Real Estate Net TotalReturn Index thereafter.


ISIN LU0360481310

Bloomberg MORAPRZ LX

Inception date 05 August 2008


Fund FactsFund FactsLaunch date 01 September 1997


IndexFTSE EPRA/NAREIT Asian Real

Estate Net Total Return Index





Management Fee 0.75




StatisticsStatistics(3 Year Annualised)(3 Year Annualised) CLASS Z INDEXExcess Return (%) 0.27 --

Alpha (%) 0.21 --

Beta 0.93 1.00

Information ratio 0.08 --

R squared 0.97 1.00


CharacteristicsCharacteristics FUNDActive share (%) 36.57

Dividend Yield (%) 3.68

Number of holdings 59


REAL ASSETS



Class Z SharesFTSE EPRA/NAREIT Asian Real EstateNet Total Return Index

0

50

100

150

200

Aug '08 Oc t '14 Nov '20

Class Z SharesFTSE EPRA/NAREIT Asian Real EstateNet Total Return Index

-20

-10

0

10

20

Nov '15-Nov '16

Nov '16-Nov '17

Nov '17-Nov '18

Nov '18-Nov '19

Nov '19-Nov '20

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 defined

as the value of assets that can be converted into cash immediately. Theseinclude 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.

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 N OVEMBER 20 20

Top Countries Top Countries (% of Total Net Assets)(% of Total Net Assets) FUNDJapan 41.08

Hong Kong 27.49

Australia 12.13

China 8.55

Singapore 7.62

Malta 0.06

Cash 3.29

Sector Allocation Sector Allocation (% of Total Net Assets)(% of Total Net Assets) FUNDDiversified 54.81

Office 13.99

Industrial 12.70

Retail 9.08

Industrial/Office Mixed 2.68

Data Centers 1.65

Residential 1.45

Lodging/Resorts 0.55

Other 0.01

Cash 3.29

Top Holdings Top Holdings (% of Total Net Assets)(% of Total Net Assets) FUNDMitsui Fudosan Co. Ltd 8.13

Sun Hung Kai Properties Ltd 7.47

Mitsubishi Estate Co. Ltd 6.20

Sumitomo Realty and Development Co. 5.07

Link REIT 4.58

Nippon Building Fund Inc 4.12

Swire Properties Limited 4.00

Dexus 3.61

Longfor Group Holdings Ltd 3.16

Japan Real Estate Investment 2.91

Total 49.25

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.



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.


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.

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3



INDEX INFORMATION

The GPR General Quoted Asia Net 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: Morgan Stanley Investment Management (Ireland) Limited.Registered Office: The Observatory, 7-11 Sir John Rogerson's Quay, Dublin 2,Ireland. Registered in Ireland under company number 616662. 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. Dubai: Morgan StanleyInvestment Management Limited (Representative Office, Unit Precinct 3-7thFloor-Unit 701 and 702, Level 7, Gate Precinct Building 3, DubaiInternational Financial Centre, Dubai, 506501, United Arab Emirates.Telephone: +97 (0)14 709 7158). Italy: Morgan Stanley InvestmentManagement Limited, Milan Branch (Sede Secondaria di Milano) is a branchof Morgan Stanley Investment Management Limited, a company registeredin the UK, authorised and regulated by the Financial Conduct Authority(FCA), and whose registered office is at 25 Cabot Square, Canary Wharf,London, E14 4QA. Morgan Stanley Investment Management Limited MilanBranch (Sede Secondaria di Milano) with seat in Palazzo Serbelloni CorsoVenezia, 16 20121 Milano, Italy, is registered in Italy with company numberand VAT number 08829360968. The Netherlands: Morgan StanleyInvestment Management, Rembrandt Tower, 11th Floor Amstelplein 11096HA, Netherlands. Telephone: 31 2-0462-1300. Morgan StanleyInvestment Management is a branch office of Morgan Stanley InvestmentManagement Limited. Morgan Stanley Investment Management Limited isauthorised and regulated by the Financial Conduct Authority in the UnitedKingdom. Switzerland: Morgan Stanley & Co. International plc, London,Zurich Branch Authorised and regulated by the EidgenössischeFinanzmarktaufsicht ("FINMA"). Registered with the Register of CommerceZurich CHE-115.415.770. Registered Office: Beethovenstrasse 33, 8002Zurich, Switzerland, Telephone +41 (0) 44 588 1000. Facsimile Fax: +41(0)44 588 1074.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.





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 N OVEMBER 20 20



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 19

Anil Agarwal, Managing Director 2001 19


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 6.66 5.06 43.45 50.60 23.27 -- -- 27.05

MSCI All Country Asia ex Japan Index 8.04 9.39 17.07 24.86 6.75 -- -- 12.59

Calendar Year Returns (%)Calendar Year Returns (%) 2019 2018 2017 2016 2015 2014 2013Class Z Shares 41.66 -14.68 74.92 -- -- -- --

MSCI All Country Asia ex Japan Index 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

Index

Total net assets $ 6.1 billion




Management Fee 0.75




StatisticsStatistics(3 Year Annualised)(3 Year Annualised) CLASS Z INDEXExcess Return (%) 16.52 --

Alpha (%) 16.82 --

Beta 0.94 1.00

Information ratio 1.44 --

R squared 0.70 1.00

Sharpe ratio 1.03 0.28


Down-capture ratio (%) 66.05 100.00

Up-capture ratio (%) 125.11 100.00


Return on invested capital (%) 86.18 17.64

Return on assets (%) 5.87 3.19

5 year free cash flow growth (%) 22.85 9.67

5 year sales growth (%) 17.15 10.21

Net cash to equity (%) 18 -25Weighted average marketcapitalization ($B) 161.90 125.22

Number of holdings 27 1,184





MORNINGSTAR OVERALL RATING*

EAA FUND ASIA EX-JAPAN EQUITY

CLASS Z SHARES

Out of 758 Funds. Based on Risk AdjustedReturn. Class Z Shares: 3yr. rating 5 Stars.

Class Z SharesMSCI All Country Asia ex Japan Index

0

100

200

300

400

Ma r '16 Aug '18 Nov '20

Class Z SharesMSCI All Country Asia ex Japan Index

-25

0

25

50

75

Nov '15-Nov '16

Nov '16-Nov '17

Nov '17-Nov '18

Nov '18-Nov '19

Nov '19-Nov '20

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 digitalphanumerical 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 squared measures how well an investment’s returns correlate to an index. An R squared of 1.00 means the portfolio performance is 100% correlated to the index’s, whereas a low r-squared means that the portfolio performance is less correlated to the index’s. Return on assets (ROA) is a measure of a company’s profitability, equal to a fiscal year’s earnings divided by its total assets, expressed as a percentage. Return on invested capital (ROIC)represents the performance ratio measuring a company’s percentage return

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 N OVEMBER 20 20


India 18.49 9.05

Taiwan 7.24 14.27

South Korea 4.09 14.35

Hong Kong 3.93 7.60

Cash 6.75 --

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

32.87 20.07




12.56 12.05

InformationTechnology

5.81 21.35

Health Care 1.56 4.58

Cash 6.75 --

Top Holdings Top Holdings (% of Total Net Assets)(% of Total Net Assets) FUND INDEXMeituan 8.67 2.10

Hdfc Bank Ltd 7.45 --

Tal Education Group 6.21 0.42

Alibaba Group Holding Ltd 5.48 7.78

Icici Bank Ltd 4.92 0.51

Taiwan Semiconductor Mfg Co. Ltd 4.67 6.53

Foshan Haitian Flavouring 4.40 0.06

Tencent Holdings Ltd 4.32 6.54

Trip.com Group Ltd 4.30 0.25

Huya Inc 4.15 0.02

Total 54.57 --

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







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

11

1,21,2

33

1

2

3



1/5

1/5

on 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: Morgan Stanley Investment Management (Ireland) Limited.Registered Office: The Observatory, 7-11 Sir John Rogerson's Quay, Dublin 2,Ireland. Registered in Ireland under company number 616662. 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. Dubai: Morgan StanleyInvestment Management Limited (Representative Office, Unit Precinct 3-7thFloor-Unit 701 and 702, Level 7, Gate Precinct Building 3, DubaiInternational Financial Centre, Dubai, 506501, United Arab Emirates.Telephone: +97 (0)14 709 7158). Italy: Morgan Stanley InvestmentManagement Limited, Milan Branch (Sede Secondaria di Milano) is a branchof Morgan Stanley Investment Management Limited, a company registeredin the UK, authorised and regulated by the Financial Conduct Authority(FCA), and whose registered office is at 25 Cabot Square, Canary Wharf,London, E14 4QA. Morgan Stanley Investment Management Limited MilanBranch (Sede Secondaria di Milano) with seat in Palazzo Serbelloni CorsoVenezia, 16 20121 Milano, Italy, is registered in Italy with company numberand VAT number 08829360968. The Netherlands: Morgan StanleyInvestment Management, Rembrandt Tower, 11th Floor Amstelplein 11096HA, Netherlands. Telephone: 31 2-0462-1300. Morgan StanleyInvestment Management is a branch office of Morgan Stanley InvestmentManagement Limited. Morgan Stanley Investment Management Limited isauthorised and regulated by the Financial Conduct Authority in the UnitedKingdom. Switzerland: Morgan Stanley & Co. International plc, London,Zurich Branch Authorised and regulated by the EidgenössischeFinanzmarktaufsicht ("FINMA"). Registered with the Register of CommerceZurich CHE-115.415.770. Registered Office: Beethovenstrasse 33, 8002Zurich, Switzerland, Telephone +41 (0) 44 588 1000. Facsimile Fax: +41(0)44 588 1074.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 applicable

provision 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.





*MORNINGSTAR

The Morningstar Rating™ for funds, or "star rating", is calculated formanaged products (including mutual funds, variable annuity and variable


life 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 MorningstarRisk-Adjusted Return measure that accounts for variation in a managedproduct's monthly excess performance, placing more emphasis ondownward variations and rewarding consistent performance. The top 10%of products in each product category receive 5 stars, the next 22.5% receive4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and thebottom 10% receive 1 star. The Overall Morningstar Rating for a managedproduct is derived from a weighted average of the performance figuresassociated with its three-, five-, and 10-year (if applicable) MorningstarRating metrics. The weights are: 100% three-year rating for 36-59 months oftotal returns, 60% five-year rating/40% three-year rating for 60-119 monthsof total returns, and 50% 10-year rating/30% five-year rating/20%three-year rating for 120 or more months of total returns. While the 10-yearoverall star rating formula seems to give the most weight to the 10-yearperiod, the most recent three-year period actually has the greatest impact

because it is included in all three rating periods. Ratings do not take intoaccount 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.© 2020 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


Gary Cheung, Managing Director 2008 17

May Yu, Managing Director 2012 21







Class Z Shares 6.26 2.13 11.73 19.25 -- -- -- 3.74

MSCI China A Onshore Index 6.84 5.29 31.79 42.81 -- -- -- 6.88

Calendar Year Returns (%)Calendar Year Returns (%) 2019 2018 2017 2016 2015 2014 2013Class Z Shares 19.42 -16.60 -- -- -- -- --

MSCI China A Onshore Index 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





Number of holdings 35 716

Price/earnings 14.11 18.01

Price/cash flow 6.32 9.27

Price/book 1.61 1.98

Return on equity (%) 13.55 14.62Weighted average marketcapitalization ($B) 28.09 13.34

Weighted median marketcapitalization ($B) 5.51 4.77

Dividend Yield (%) 2.53 1.64





Class Z SharesMSCI China A Onshore Index

60

80

100

120

140

De c '17 Jun '19 Nov '20

Class Z SharesMSCI China A Onshore Index

0

20

40

60

Nov '15-Nov '16

Nov '16-Nov '17

Nov '17-Nov '18

Nov '18-Nov '19

Nov '19-Nov '20

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 investors are paying, and therefore the more earnings growth they are expecting. Return on equity (ROE) is the amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested. Weighted average

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 N OVEMBER 20 20


Cash 6.22 --

Sector Allocation Sector Allocation (% of Total Net Assets)(% of Total Net Assets) FUND INDEXHealth Care 24.92 9.61


Utilities 15.28 1.69

InformationTechnology

13.69 15.21

Real Estate 9.11 3.26

ConsumerDiscretionary

6.89 9.22

Industrials 6.73 12.39



3.53 2.22

Cash 6.22 --

Top Holdings Top Holdings (% of Total Net Assets)(% of Total Net Assets) FUND INDEXChina Resources Sanjiu Medical 10.37 0.04

Foxconn Industrial Internet Co. 6.53 0.12

Shanghai Pharmaceuticals Holding 5.44 0.09

Huaneng Lancang River Hydropow 5.00 --

Ind and Comm Bank of China 4.58 0.43

Beijing Thunisoft Corp Ltd 4.39 0.07

China Yangtze Power Co. Ltd-A 4.05 0.67

China Pacific Insurance 4.00 0.43

Huatai Securities Co. Ltd 3.77 0.43

Guangzhou Restaurant Group Co. 3.58 --

Total 51.71 --

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







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.

11

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33

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2

3



market capitalization is an average of the market capitalization of stockscomprising a portfolio or index, adjusted by each stock’s weight in theportfolio or index. Weighted median market capitalization is the point atwhich half of the market value of a portfolio or index is invested in stockswith a greater market cap, while the other half of the market value isinvested in stocks with a lower market cap.

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: Morgan Stanley Investment Management (Ireland) Limited.Registered Office: The Observatory, 7-11 Sir John Rogerson's Quay, Dublin 2,Ireland. Registered in Ireland under company number 616662. 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. Dubai: Morgan StanleyInvestment Management Limited (Representative Office, Unit Precinct 3-7thFloor-Unit 701 and 702, Level 7, Gate Precinct Building 3, DubaiInternational Financial Centre, Dubai, 506501, United Arab Emirates.Telephone: +97 (0)14 709 7158). Italy: Morgan Stanley InvestmentManagement Limited, Milan Branch (Sede Secondaria di Milano) is a branchof Morgan Stanley Investment Management Limited, a company registeredin the UK, authorised and regulated by the Financial Conduct Authority(FCA), and whose registered office is at 25 Cabot Square, Canary Wharf,London, E14 4QA. Morgan Stanley Investment Management Limited MilanBranch (Sede Secondaria di Milano) with seat in Palazzo Serbelloni CorsoVenezia, 16 20121 Milano, Italy, is registered in Italy with company numberand VAT number 08829360968. The Netherlands: Morgan StanleyInvestment Management, Rembrandt Tower, 11th Floor Amstelplein 11096HA, Netherlands. Telephone: 31 2-0462-1300. Morgan StanleyInvestment Management is a branch office of Morgan Stanley InvestmentManagement Limited. Morgan Stanley Investment Management Limited isauthorised and regulated by the Financial Conduct Authority in the UnitedKingdom. Switzerland: Morgan Stanley & Co. International plc, London,Zurich Branch Authorised and regulated by the EidgenössischeFinanzmarktaufsicht ("FINMA"). Registered with the Register of CommerceZurich CHE-115.415.770. Registered Office: Beethovenstrasse 33, 8002Zurich, Switzerland, Telephone +41 (0) 44 588 1000. Facsimile Fax: +41(0)44 588 1074.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.



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

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