Emerging Markets Debt Opportunities Fund IHR GBP

To generate total return, being income plus capital appreciation Main Investments 2 At least 70% of the Fund's investments will be in fixed income securities (e.g. bonds), through long and short investment exposures to emerging market debt. Investment Policy 2 To invest in (i) fixed income securities issued by corporations and governmental or governmental related issuers located in emerging markets; and/or (ii) derivative instruments denominated in or based on the currencies, interest rates, or issuers of emerging market issuers. Emerging market shall be any country determined by the Investment Adviser to have an emerging market economy, considering factors such as the country's political and economic stability and the development of its financial and capital markets and includes frontier market countries. The Fund will not have a specific industry or sector focus, and may invest in instruments of any credit rating, including those rated below investment grade (rated below BBB by either Standard & Poor's Ratings Services or Fitch Ratings, or below Baa by Moody's Investors Service, Inc.). 2 As an essential and integrated part of the research process and through engagement with issuers, the Investment adviser incorporates an assessment of sustainability-related risks and opportunities into the assessment process. 2 The Fund includes tobacco, climate- and weapons-related exclusions and does not invest in sovereign issuers from countries with significant social violations. For further details, please see the methodology used by the investment adviser on the Company's website (www.morganstanleyinvestmentfunds.com and on www.morganstanley.com/im). 2 The Fund will measure its performance against the JPM Emerging Market Bond Hard Currency/Local Currency 50-50 Index (the "Benchmark"). The Fund is actively managed and references the Benchmark for the purpose of setting a geographical allocation of the countries the Fund will invest into. While the Fund will generally hold assets that are exposed to the Benchmark, it can invest in such components in different proportions to the country allocations, and it can hold assets which are not exposed to the Benchmark. Hence, there are no restrictions on the extent to which the Fund's performance may deviate from the Benchmark. Other Information 2 The Fund may invest up to 30% of its assets in other fixed income securities that do not meet the above criteria, for example fixed income securities which are not exposed to emerging markets. 2 The Fund may invest in derivatives, financial instruments which take their value indirectly from other assets, for investment or efficient portfolio management purposes. They rely on other companies to fulfil contractual obligations and carry more risk. Refer to the prospectus ('Financial Derivative Instruments' section) for more details. 2 This is a currency hedged share class. It aims to reduce the impact on your investment of movements in the exchange rate between the fund currency and the share class currency. 2 Income may be paid quarterly in cash or additional shares. Buying and selling shares 2 Investors may buy and sell shares on any Luxembourg business day.