Investment management - Morgan Stanley

1 Investment management For Marketing Purposes Only FACTSHEET | DATA AS OF July 31, 2016. Morgan Stanley Investment Funds US Advantage Fund Investment objective Morningstar Overall Rating Seeks long term capital appreciation, measured in dollars, by investing Class I shares primarily in securities issued by companies and on an ancillary basis in securities issued by companies that are not from the . US Large-Cap Growth Equity Out of 449 Funds. Based on Risk Adjusted Return. Share Class I Risk and Reward profile Fund facts Fund launch December 2005. Investment team 4 Dennis Lynch, David Cohen, Sam The higher the category (1 - 7), the greater the potential reward, but also the Chainani, Alexander Norton, Jason Yeung, greater the risk of losing the Investment .

2 Category 1 does not indicate a risk free Armistead Nash Investment . Download the fund's Key Investor Information document for share class tailored Location New York risk ratings and warnings at: Base currency dollars Benchmark S&P 500 Index Class I shares vs. benchmark 1,2. Total assets $ billion Performance of 100 dollars invested since inception NAV Class I $ 300. Portfolio characteristics Fund Index P/CF 200 P/BV Cash Value P/E Yield 100 Number of holdings 34 505. Top 10 holdings (% of Total Net Assets) Fund Index Inc 0. Dec 05 Apr 11 Jul 16 Facebook Inc Fund Index Apple Inc S&P Global Inc Alphabet Inc Returns in dollars vs. benchmark 1,2 Mead Johnson Nutrition Co. Fund (net of fees) % Zoetis Inc I A B Index AH Index 3 Mastercard Inc Period (USD) (USD) (USD) (USD) (EUR) (EUR).

3 United Technologies Corp One month TJX Cos Inc Last three months Total - YTD Sector distribution (% of Total One year Three years (ann.) Net Assets) Fund Index Five years (ann.) Information Technology Ten years (ann.) - - Consumer Discretionary Since inception (ann.) n/a n/a Consumer Staples Financials % 12 month returns Industrials - Health Care - Materials - Cash & equivalents - - Total - - Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. All performance data is calculated NAV to NAV, net of fees, and does not take account of commissions and costs incurred on the issue and redemption of units. Please read in full including the footnotes and Important Information.

4 Morgan Stanley Investment Funds US Advantage Fund FACTSHEET | DATA AS OF July 31, 2016. Statistics (Class I shares) Fund Index Important information Active share n/a This document has been prepared by Morgan Stanley Investment management Limited ("MSIM") solely for informational purposes and does not seek to make Alpha - any recommendation to buy or sell any particular security (including Shares in Beta the Fund) or to adopt any specific Investment strategy. MSIM has not authorised R squared financial intermediaries to use and to distribute this document, unless such use and distribution is made in accordance with applicable law and regulation. Additionally, Information ratio - financial intermediaries are required to satisfy themselves that the information in Tracking error - this document and an Investment in Shares of the Fund is suitable for any person to whom they provide this document in view of that person's circumstances and Fund volatility (Standard deviation) purpose.

5 MSIM shall not be liable for, and accepts no liability for, the use or misuse Based on monthly observations, annualised over last 3 years. of this document by any such financial intermediary. If such a person considers an Investment in Shares of the Fund, she/he should always ensure that she/he has AH satisfied herself/himself that she/he has been properly advised by that financial Charges Z I A (EUR) B intermediary about the suitability of an Investment . Ongoing charges % 5. Past performance is not a reliable indicator of future results. Returns may increase management Fee % or decrease as a result of currency fluctuations. The value of the investments and the income from them can go down as well as up and an investor may not get Share Class CCY ISIN Bloomberg Launch back the amount invested.

6 There are additional risks involved with this type of Investment . Please refer to the Prospectus and relevant Key Investor Information A USD LU0225737302 MORAMFA LX for full risk disclosure. AH (EUR) EUR LU0266117927 MORAMAH LX This Financial Promotion has been issued and approved in the UK by Morgan Stanley B USD LU0225744001 MORAMFB LX Investment management Limited, 25 Cabot Square, Canary Wharf, London E14 4QA, BH (EUR) EUR LU0341469269 MORAMBH LX authorised and regulated by the Financial Conduct Authority. C USD LU0362496845 MSAMRFC LX This publication is disseminated in Australia by Morgan Stanley Investment management (Australia) Pty Limited ACN: 122040037, No. 314182, which accept responsibility I USD LU0225741247 MORAMFI LX for its contents.

7 This publication, and any access to it, is intended only for "wholesale IH (EUR) EUR LU0266118651 MORAMIH LX clients" within the meaning of the Australian Corporations Act. Z USD LU0360484686 MORAMFZ LX 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 ZH (EUR) EUR LU0360484769 MORAMZH LX of the public in Singapore other than (i) to an institutional investor under section 304. ZH (GBP) GBP LU1341423751 MORZHGB LX of the Securities and Futures Act, Chapter 289 of Singapore ( SFA ), (ii) to a "relevant ZX USD LU0360613169 MORAMZX LX person" (which includes an accredited investor) pursuant to section 305 of the SFA, and such distribution is in accordance with the conditions specified in section 305 of the SFA; or (iii) otherwise pursuant to, and in accordance with the conditions of, any Footnotes other applicable provision of the SFA.

8 In particular, for Investment funds that are Publication date: 15 August 2016. not authorized or recognized by the MAS, units in such funds are not allowed to be 1. See the Share Class' section for inception date(s). 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, 2. The benchmark for the Fund is a blend of the S&P 500 Index to 31 August 2009, the statutory liability under the SFA in relation to the content of prospectuses does not apply, Russell 1000 Growth Net 30% Withholding Tax TR Index to 31 March 2010 and the and investors should consider carefully whether the Investment is suitable for them.

9 S&P 500 Index thereafter. The benchmark is calculated by geometrically chain-linking the monthly returns. This document contains information relating to the sub-funds ( Funds') of Morgan Stanley Investment Funds, a Luxembourg domiciled Soci t d'Investissement Capital Variable. 3. The benchmark for the Fund is a blend of the S&P 500 Index Euro Hedged to 31 Morgan Stanley Investment Funds (the Company ) is registered in the Grand Duchy of August 2009, the Russell 1000 Growth Euro Hedged TR Index to 31 March 2010 and the Luxembourg as an undertaking for collective Investment pursuant to Part 1 of the Law S&P 500 Index Euro Hedged thereafter. The benchmark is calculated by geometrically of 17th December 2010, as amended.

10 The Company is an Undertaking for Collective chain-linking the monthly returns. Investment in Transferable Securities ( UCITS ). 4. Dennis Lynch, David Cohen, Sam Chainani, Alexander Norton, Jason Yeung and This communication is only intended for and will only be distributed to persons Armistead Nash started to manage the fund in June 2009. resident in jurisdictions where such distribution or availability would not be contrary 5. The Ongoing Charges Figure ( OCF ) reflects the payments and expenses which cover to local laws or regulations. In particular, the Shares are not for distribution in the aspects of operating the fund and is deducted from the assets over the period. It includes United States or to US persons.