MARKETING COMMUNICATION | MORGAN STANLEY INVESTMENT FUNDS - CLASS I AND Z | APRIL 2022

FUND NAMESHARECLASS

BASECURRENCY ISIN CODE MORNINGSTAR CATEGORY

MORNINGSTAROVERALL RATING

Emerging Markets EquityEmerging Leaders Equity Fund Class Z USD LU0815264279 EAA Fund Global Emerging Markets

Equity

2510 FundsAsia Opportunity Fund Class Z USD LU1378878604 EAA Fund Asia ex-Japan Equity

841 FundsEquityGlobal Brands Equity Income Fund Class Z USD LU1378880170 EAA Fund Global Large-Cap Blend Equity

3740 FundsGlobal Brands Fund Class I USD LU0119620176 EAA Fund Global Large-Cap Blend Equity

3740 FundsGlobal Quality Fund Class Z USD LU0955011258 EAA Fund Global Large-Cap Blend Equity

3740 FundsUS Core Equity Fund Class Z USD LU1439782225 EAA Fund US Large-Cap Blend Equity

1524 FundsEurope Opportunity Fund Class Z EUR LU1387591727 EAA Fund Europe Flex-Cap Equity

455 FundsGlobal Core Equity Fund Class Z USD LU1442194657 EAA Fund Global Large-Cap Blend Equity

3740 FundsGlobal Opportunity Fund Class Z USD LU0552385535 EAA Fund Global Large-Cap Growth

Equity

1510 FundsGlobal Sustain Fund Class Z USD LU1842711688 EAA Fund Global Large-Cap Blend Equity

3740 FundsFixed IncomeEuro Corporate Bond Fund Class I EUR LU0132602656 EAA Fund EUR Corporate Bond

1178 FundsEuro Corporate Bond – Duration Hedged Fund Class Z EUR LU1832968926 EAA Fund EUR Corporate Bond

1178 FundsGlobal Bond Fund Class I USD LU0011983433 EAA Fund Global Bond

854 FundsGlobal Convertible Bond Fund Class I USD LU0149084476 EAA Fund Convertible Bond - Global,

USD Hedged

171 FundsGlobal Fixed Income Opportunities Fund Class Z USD LU0694239061 EAA Fund Global Flexible Bond

563 FundsUS Dollar Short Duration High Yield Bond Fund Class Z USD LU1134226700 EAA Fund USD High Yield Bond

652 FundsEmerging Markets Corporate Debt Fund Class Z USD LU0603408385 EAA Fund Global Emerging Markets

Corporate Bond

437 FundsEuro Bond Fund Class I EUR LU0042383389 EAA Fund EUR Diversified Bond

1170 FundsEuro Strategic Bond Fund Class I EUR LU0034265644 EAA Fund EUR Flexible Bond

519 FundsEuropean Fixed Income Opportunities Fund Class Z EUR LU1109965860 EAA Fund Global Flexible Bond - EUR

Hedged

985 FundsShort Maturity Euro Bond Fund Class I EUR LU0052620894 EAA Fund EUR Diversified Bond - Short

Term

562 FundsUS Dollar Corporate Bond Fund Class Z USD LU1387592535 EAA Fund USD Corporate Bond

267 FundsUS Dollar High Yield Bond Fund Class Z USD LU1134228409 EAA Fund USD High Yield Bond

652 FundsUS Dollar Short Duration Bond Fund Class Z USD LU1387592295 EAA Fund USD Corporate Bond - Short

Term

157 FundsMulti-AssetGlobal Balanced Risk Control Fund of Funds Class Z EUR LU0706093803 EAA Fund EUR Flexible Allocation -

Global

2691 Funds

Returns may increase or decrease as a result of currency fluctuations.Effective September 30, 2021, the MS INVF US Active Factor Equity Fund was renamed the MS INVF US Core Equity Fund.

Morningstar Four- & Five- Star Rated Morgan Stanley Investment Funds

™

FUND NAMESHARECLASS

BASECURRENCY ISIN CODE MORNINGSTAR CATEGORY

MORNINGSTAROVERALL RATING

Global Listed Real AssetsGlobal Infrastructure Fund Class Z USD LU0384383872 EAA Fund Sector Equity Infrastructure

313 FundsGlobal Infrastructure Unconstrained Fund Class Z USD LU1715601958 EAA Fund Sector Equity Infrastructure

313 FundsReal Assets Fund Class Z USD LU1951064440 EAA Fund USD Flexible Allocation

495 Funds

It is possible for a highly rated fund to exhibit low or negative performance within a given period. Morningstar ratings are only shown for those funds that haveachieved a four- or five-star rating.

2                  MORGAN STANLEY INVESTMENT MANAGEMENT

This is a marketing communication.  Applications for shares in the Fund shouldnot be made without first consulting the current Prospectus and the KeyInvestor Information Document (“KIID”), which are available in English and inthe official language of your local jurisdiction atmorganstanleyinvestmentfunds.com or free of charge from the RegisteredOffice of Morgan Stanley Investment Funds, European Bank and BusinessCentre, 6B route de Trèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29192.  A summary of investor rights is available in English at the same website. If the management company of the relevant Fund decides to terminate itsarrangement for marketing that Fund in any EEA country where it is registeredfor sale, it will do so in accordance with the relevant UCITS rules.DISTRIBUTIONThis 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 by theCentral 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: 25Cabot 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, Dubai InternationalFinancial Centre, Dubai, 506501, United Arab Emirates. Telephone: +97 (0)14709 7158). Germany: MSIM Fund Management (Ireland) LimitedNiederlassung Deutschland, Grosse Gallusstrasse 18, 60312 Frankfurt amMain, Germany (Gattung: Zweigniederlassung (FDI) gem. § 53b KWG). Italy:MSIM Fund Management (Ireland)Limited, Milan Branch (Sede Secondaria diMilano) is a branch of MSIM Fund Management (Ireland) Limited, a companyregistered in Ireland, regulated by the Central Bank of Ireland and whoseregistered office is at The Observatory, 7-11 Sir John Rogerson's Quay, Dublin 2,D02 VC42, Ireland. MSIM Fund Management (Ireland) Limited Milan Branch(Sede Secondaria di Milano) with seat in Palazzo Serbelloni Corso Venezia, 1620121 Milano, Italy, is registered in Italy with company number and VATnumber 11488280964. The Netherlands: MSIM Fund Management (Ireland)Limited, Rembrandt Tower, 11th Floor Amstelplein 1 1096HA, Netherlands.Telephone: 31 2-0462-1300. Morgan Stanley Investment Management is abranch office of MSIM Fund Management (Ireland) Limited. MSIM FundManagement (Ireland) Limited is regulated by the Central Bank of Ireland.France: MSIM Fund Management (Ireland) Limited, Paris Branch is a branch ofMSIM Fund Management (Ireland) Limited, a company registered in Ireland,regulated by the Central Bank of Ireland and whose registered office is at TheObservatory, 7-11 Sir John Rogerson's Quay, Dublin 2, D02 VC42, Ireland. MSIMFund Management (Ireland) Limited Paris Branch with seat at 61 rue deMonceau 75008 Paris, France, is registered in France with company number890 071 863 RCS. Spain: MSIM Fund Management (Ireland) Limited,Sucursal en España 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, Zurich Branch Authorised andregulated by the Eidgenössische Finanzmarktaufsicht (“FINMA”). Registeredwith the Register of Commerce Zurich CHE-115.415.770. Registered Office:Beethovenstrasse 33, 8002 Zurich, Switzerland, Telephone +41 (0) 44 5881000. 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 document should not be considered to be the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any member of the public in Singapore other than (i) to an institutional investor under section 304 of the Securities and Futures Act, Chapter 289 of Singapore (“SFA”); or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. In particular, for investment funds that are not authorized or recognized by the MAS, units in such funds are not allowed to be offered to the retail public; any written material issued to persons as aforementioned in connection with an offer is not a prospectus as defined in the SFA and, accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and investors should consider carefully

whether the investment is suitable for them.IMPORTANT INFORMATIONEMEA: This marketing communication has been issued by MSIMFund Management (Ireland) Limited. MSIM Fund Management(Ireland) Limited is regulated by the Central Bank of Ireland. MSIMFund Management (Ireland) Limited is incorporated in Ireland as aprivate company limited by shares with company registrationnumber 616661 and has its registered address at The Observatory, 7-11 Sir John Rogerson'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 an undertakingfor collective investment pursuant to Part 1 of the Law of 17th December2010, as amended. The Company is an Undertaking for Collective Investmentin 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”), or otherdocuments available in your local jurisdiction which is available free of chargefrom the Registered Office: European Bank and Business Centre, 6B route deTrèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29 192. In addition, allItalian investors should refer to the ‘Extended Application Form’, and all HongKong investors should refer to the ‘Additional Information for Hong KongInvestors’ section, outlined within the Prospectus. Copies of the Prospectus,KIID, the Articles of Incorporation and the annual and semi-annual reports, inGerman, and further information can be obtained free of charge from therepresentative in Switzerland. The representative in Switzerland is CarnegieFund Services S.A., 11, rue du Général-Dufour, 1204 Geneva. The paying agentin Switzerland is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva.The document has been prepared solely for informational purposes and doesnot constitute an offer or a recommendation to buy or sell any particularsecurity or to adopt any 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 in noway sponsored, endorsed, sold or promoted by the applicable licensor and itshall not have any liability with respect thereto. The Fund is actively managed,and the management of the fund is not constrained by or compared to thecomposition of the Benchmark. 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 use of leverage increases risks, such that a relatively small movement inthe value of an investment may result in a disproportionately large movement,unfavourable as well as favourable, in the value of that investment and, inturn, the value of the Fund. Investment in the Fund concerns the acquisition of units or shares in a fund,and not in a given underlying asset such as building or shares of a company, asthese are only the underlying assets owned. 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 ofthe dissemination of investment research.MSIM has not authorised financial intermediaries to use and to distribute thisdocument, 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 Investment Funds,some or all of the funds or shares in individual funds may be available fordistribution. Please refer to your sub-distribution agreement for these detailsbefore 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 document inanother language, the English version shall prevail.There are Funds classified as an Article 8 or an Article 9 product under the Sustainable Finance Disclosure Regulation. Before making any decision to invest in these type of Funds, please refer to all the characteristics and objectives of the Fund noted in the current Prospectus and KIID at

MORGAN STANLEY INVESTMENT MANAGEMENT              3

morganstanleyinvestmentfunds.com. MorningstarRatings as of 30.04.2022. The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 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 a weightedaverage of the performance figures associated with its three-, five-, and 10-year(if applicable) Morningstar Rating metrics. The weights are: 100% three-yearrating for 36-59 months of total returns, 60% five-year rating/40% three-yearrating for 60-119 months of 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-year overall star rating formula seems to give the most weight tothe 10-year period, the most recent three-year period actually has the greatestimpact because it is included in all three rating periods. Ratings do not takeinto account sales loads.© 2022 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.

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