THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE MORGAN STANLEY INVESTMENT FUNDS

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THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE MORGAN STANLEY INVESTMENT FUNDS

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MORGAN STANLEY INVESTMENT FUNDS

Luxembourg, 20 August 2018

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THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE MORGAN STANLEY INVESTMENT FUNDS Société d Investissement à Capital Variable Registered office: 6B, route de Trèves, L-2633 Senningerberg R.C.S. Luxembourg: B 29 192 (the Company ) NOTICE TO THE SHAREHOLDERS OF MORGAN STANLEY INVESTMENT FUNDS EURO STRATEGIC BOND FUND Dear Shareholder, (the Notice ) We hereby give you notice that the board of directors of the Company (the Board ) has decided to merge certain share classes of Morgan Stanley Investment Funds Euro Strategic Bond Fund (the Merging Share Classes ) into the corresponding share classes of Morgan Stanley Investment Funds - Euro Strategic Bond Duration Hedged Fund (the Receiving Share Classes ), in accordance with the procedures set out in sub-section Amalgamation under section 3.1 General Information of the Prospectus and with article 24 of the articles of incorporation of the Company (the Articles ). Due to regulatory changes, duration hedged share classes can no longer be offered in sub-funds that have other types of share classes. As a result, the duration hedged share classes of the Morgan Stanley Investment Funds Euro Strategic Bond Fund must be closed to new investment from all investors with effect from 30 July 2018. To continue to provide a solution for investors who want to hedge against duration risk (being the risk that the capital value of fixed income investments is reduced in a rising interest rate environment), the Board has decided that it will be in the best interests of the shareholders of the Merging Share Classes to merge them into a newly created sub-fund, Morgan Stanley Investment Funds - Euro Strategic Bond Duration Hedged Fund. After the merger, the hedging of duration risk will be done at a sub-fund level instead of at a share class level, in accordance with regulatory guidance. The intention is that shareholders of the Merging Share Classes will have a similar investment experience once they have merged into the Receiving Share Classes. Accordingly, the Merging Share Classes will merge by contributing a portion of the assets of the Morgan Stanley Investment Funds Euro Strategic Bond Fund, corresponding to the net asset value of the Merging Share Classes to the Morgan Stanley Investment Funds - Euro Strategic Bond Duration Hedged Fund, as further described in the tables below, on 6 July 2018 (the Effective Date ). 1

Your options 1. Take no action. Your Shares in the Merging Share Classes will automatically be exchanged for Shares in the Receiving Share Classes. On the Effective Date, all Shares of shareholders who have not redeemed or converted their Shares in the Merging Share Classes will be exchanged for Shares in the Receiving Share Classes. Shareholders of the Merging Share Classes will become Shareholders of the Receiving Share Classes on the Effective Date. 2. Convert your Shares into another sub-fund or another share class of your current sub-fund. Any applications for conversion must be received by 1 pm CET on 2 July 2018 and be made in accordance with section 2.4 Conversion of Shares of the Prospectus. Please ensure that you read the Key Investor Information Document (KIID) for any sub-fund that you are considering converting into and seek advice from your financial adviser if you are unsure about the action you should take. 3. Redeem your investment. Any applications for redemption must be received by 1 pm CET on 2 July 2018. Conversions or redemptions will be processed free of charge, with the exception of applicable Contingent Deferred Sales Charges, at the relevant net asset value per share on the Dealing Day on which the relevant shares are redeemed or converted, in accordance with the terms of the Prospectus. Further details The Merging Share Classes will merge into the corresponding Receiving Share Classes, expressed in the same currency. Each of the Merging Share Classes and Receiving Share Classes has identical features in terms of distribution policy, minimum investment criteria, if any, and fee structure. The key difference between the Merging Share Classes and the Receiving Share Classes is that the Merging Share Classes are duration hedged at a share class level while the Receiving Share Classes are duration hedged at the level of the sub-fund. The investment experience for shareholders who merge into the Morgan Stanley Investment Funds - Euro Strategic Bond Duration Hedged Fund is intended to be substantially similar to what you currently experience. (i) This corporate action will become effective on the Effective Date. (ii) The launching net asset value per share of the Receiving Share Classes will be set at the same amount as the Merging Share Classes on the Effective Date. Therefore, the overall value of your holding and number of shares that you previously held will be the same. (iii) The Merging Share Classes will be closed to new subscriptions with effect from 22 June 2018. 2

(iv) The Board further reserves the right to immediately close any of the Merging Share Classes if all the Shares issued in the relevant Merging Share Classes are redeemed before the Effective Date. (v) The Management Company will bear the legal, advisory and administrative costs and expenses associated with the preparation and completion of the merger. Further information on the Merging Share Classes and Receiving Share Classes is set out in the appendix to this notice. Additional Note to Holders of Share Class B The Company is making a number of changes to the rights attaching to B Shares in order to simplify how B Shares work. These changes are likely to lead to holders of B Shares having some of their shares converted free of charge into Share Class Indicator A Shares ( A Shares ), as detailed in the Notice to Holders of Share Class Indicator B Shares that you may have received separate to this notice. The notice can also be found on www.morganstanleyinvestmentfunds.com. Capitalised terms used in this notice shall have the meaning ascribed to them in the current Prospectus, unless the context otherwise requires. The Board accepts responsibility for the accuracy of the information contained in this notice. The Prospectus and the relevant key investor information document are available to investors, free of charge, at the registered office of the Company or at the offices of foreign representatives. The merger of the Merging Share Classes into the Receiving Share Classes may have tax consequences for shareholders. You should inform yourself of, and where appropriate take advice on, the tax consequences of the matters described in this notice in your country of citizenship, residence or domicile. Should you have any questions or concerns about the foregoing, please contact the Company at its registered office in Luxembourg, the Investment Adviser of the Company or the representative of the Company in your jurisdiction. *** Luxembourg, 6 June 2018 On behalf of the Company MORGAN STANLEY INVESTMENT MANAGEMENT (ACD) LIMITED 3

Appendix SCHEDULE OF PRINCIPAL DIFFERENCES BETWEEN THE MERGING SHARE CLASSES AND THE RECEIVING SHARE CLASSES This Appendix contains a comparison of the material characteristics of the Merging Share Classes and the Receiving Share Classes. In addition to the information below, shareholders of the Merging Share Classes should carefully read the description of the Receiving Share Classes in the prospectus of the Company and in the KIID of the Receiving Share Classes before making any decision in relation to the merger. Euro Strategic Bond Fund Investment Policy: The Euro Strategic Bond Fund s investment objective is to provide an attractive rate of relative return, measured in Euro. The Fund will invest primarily in issues of Euro denominated Fixed Income Securities whether issued by corporations, government or government guaranteed issuers, and subject to applicable law, in asset-backed securities, loan participations and loan assignments, to the extent that these instruments are securitised. With a view to enhancing returns and/or as part of the investment strategy, the Fund may (in accordance with the investment powers and restrictions set out in Appendix A) make use of exchange traded and over-the-counter options, futures and other derivatives for investment or efficient portfolio management (including hedging) purposes. The Fund may, on an ancillary basis, invest in non-euro denominated Fixed Income Securities. In accordance with Appendix A Investment Powers and Restrictions non-euro currency exposure may be hedged back to the Euro. The Fund may also invest, to a limited extent, in loan participations and loan assignments to the extent these constitute money market instruments. The Fund may invest no more than 20% of its assets in Contingent Convertible Instruments. The Fund may invest in Fixed Income Securities acquired on the China Interbank Bond Market. No more than 10% of the Fund s assets will be invested in such securities. Euro Strategic Bond Duration Hedged Fund Investment Policy: The Euro Strategic Bond Fund Duration Hedged Fund s investment objective is to provide an attractive rate of return, measured in Euro, while seeking to reduce the Fund s exposure to market interest rate movements. Duration is a measure of the sensitivity of the price of a debt security to changes in interest rates. Duration risk is the risk that an investment s value will change due to changes in interest rates. The value of debt securities will generally increase when interest rates fall and decrease when interest rates rise. The Fund seeks to reduce its exposure to market interest rate movements by hedging the duration of the Fund. The Fund will invest primarily in issues of Euro denominated Fixed Income Securities whether issued by corporations, government or government guaranteed issuers, and subject to applicable law, in asset-backed securities, loan participations and loan assignments, to the extent that these instruments are securitised. With a view to enhancing returns and/or as part of the investment strategy, the Fund may (in accordance with the investment powers and restrictions set out in Appendix A) make use of exchange traded and over-the-counter options, futures and other derivatives for investment or efficient portfolio management (including hedging) purposes. The Fund may, on an ancillary basis, invest in non-euro denominated Fixed Income Securities. In accordance with Appendix A Investment Powers and Restrictions non-euro currency exposure may be hedged back to the Euro. The Fund may also invest, to a limited extent, in loan participations and loan assignments to the extent these constitute money market instruments. 4

Global Exposure Methodology: Relative VaR Reference Portfolio: Bloomberg Barclays Euro Aggregate Index The Fund may invest no more than 20% of its assets in Contingent Convertible Instruments. The Fund may invest no more that 20% of its assets in mortgage backed securities or assets backed securities. The Fund may invest in Fixed Income Securities acquired on the China Interbank Bond Market. No more than 10% of the Fund s assets will be invested in such securities. Global Exposure Methodology: Absolute VaR Reference Portfolio: N/A Expected Gross Leverage: 130% Expected Gross Leverage: 150% SRRI: 3 SRRI: 3 Class AD Class A Sales Charge: up to 4.00% Sales Charge: up to 4.00% AUM:EUR 4.04 million AUM: EUR 0 Ongoing Charge: 1.04% Ongoing Charge: 1.04% ISIN: LU0518379325 Class ADX Class AX Sales Charge: up to 4.00% Sales Charge: up to 4.00% AUM: EUR 1.92 million AUM: EUR 0 Ongoing Charge: 1.04% Ongoing Charge: 1.04% ISIN: LU0518379598 Class BD Class B Sales Charge: 0.00% Sales Charge: 0.00% AUM: EUR 7.19 million AUM: EUR 0 Ongoing Charge: 2.04% Ongoing Charge: 2.04% ISIN: LU0518377626 5

Class BDX Class BX Sales Charge: 0.00% Sales Charge: 0.00% AUM: EUR 9.76 million AUM: EUR 0 Ongoing Charge: 2.04% Ongoing Charge: 2.04% ISIN: LU0518377899 Class ZD Class Z Sales Charge: up to 1.00% Sales Charge: up to 1.00% AUM: EUR 271.23 million AUM: EUR 0 Ongoing Charge: 0.60% Ongoing Charge: 0.60% ISIN: LU0518379838 6