Morgan Stanley Investment Funds - US Focus Property Fund Z

OBJECTIVES AND INVESTMENT POLICY Objective Long term growth of your investment Main Investments At least 70% of the Fund's investments will be in company shares, including depositary receipts in the real estate industry and collective investment vehicles with exposure to property, such as real estate investment trusts. Investment Policy The Fund invests in companies in the real estate industry or closely related to the real estate industry Located in the United States that the Investment Adviser considers offer higher forecasted total return potential relative to other opportunities within the above mentioned asset classes. As an essential and integrated part of the investment process, the Investment Advisor assesses relevant factors material to long-term sustainably high returns including ESG factors and seeks to engage with company management teams as part of this. The Fund includes tobacco, climate- and weapons-related exclusions; and restrictions on companies associated with severe ESG controversies without material remediation and improvement; and companies owning or operating real estate used for for-profit prisons or to manufacture cannabis. For further details, please see the Fund prospectus (www.morganstanleyinvestmentfunds.com and on www.morganstanley.com/im). The Fund will measure its performance against the FTSE Nareit All Equity REITs Net Total Return Index (the "Benchmark"). The Fund is actively managed and is not designed to track the Benchmark. Therefore, the management of the fund is not constrained by the composition of the Benchmark. Other Information The Fund may invest up to 30% of its assets in investments that do not meet the above criteria. The Fund may make use of exchange traded and over-thecounter options, futures and other derivatives for investment or efficient portfolio management (including hedging) purposes. Income will be included in the value of your shares. Buying and selling shares Investors may buy and sell shares on any Luxembourg business day.