Winning is great.
Creating value for clients is even better.

Morgan Stanley Investment Management (MSIM) strives to help investors meet their investment needs through true active management. MSIM's equity and fixed income funds continue to win recognition for delivering strong risk-adjusted performance relative to peers.

Fixed Income Manager of the Year

2018 Best Large Company
Fixed Income Group

For a second year in a row, Lipper Fund Awards have named Morgan Stanley Investment Management Fixed Income Manager of the Year, while several funds have won "best in category" Lipper awards for multiple years.

International Opportunity Portfolio
Class I (MIOIX) | Class IS (MNOPX)

2018 Best International Multi-Cap Growth Fund for the 3-year (Class IS) and 5-year (Class I) periods

Among 400 (3yr) and 361 (5yr) funds

2017 and 2016 Best International Multi-Cap Growth Fund for the 3-year (Class I) period

Among 397 (2017) and 364 (2016) funds

Global Opportunity Portfolio
Class I (MGGIX) | Class IS (MGTSX)

2018 Best Global Multi-Cap Growth Fund for the 3-year (Class IS) and 5-year (Class I) periods

Among 194 (3yr) and 167 (5yr) funds

2016 Best Global Multi-Cap Growth Fund for the 3-year and 5-year (Class I) periods

Among 197 (3yr) and 159 (5yr) funds

Source: Lipper as of November 30, 2017, November 30, 2016 and November 30, 2015, for Class I and IS shares. Lipper Fund Awards are based upon risk adjusted return. It is possible for Lipper Award winner to exhibit low or negative performance within a given period. Other shares classes will vary and the Lipper awards should not be used as the sole basis for an investment decision. Past performance is no guarantee of future results.

Source: Lipper Inc. Lipper awards are not intended to predict future results. The Thomson Reuters Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Lipper Fund Award. For more information, see www.lipperfundawards.com. The Asset Class fund groups with at least five equity, five bond, or three mixed-asset portfolios in the respective asset classes are eligible for a group award. The lowest average decile rank of the three years' Consistent Return measure of the eligible funds per asset class and group will determine the asset class group award winner over the three-year period. In cases of identical results, the lower average percentile rank will determine the winner. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Other share classes may have different performance and expense characteristics.

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

RISK CONSIDERATIONS
There is no assurance that a mutual fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this fund. Please be aware that this fund may be subject to certain additional risks. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In the current rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. Longer-term securities may be more sensitive to interest rate changes. In a declining interest-rate environment, the portfolio may generate less income. In general, equity securities' values also fluctuate in response to activities specific to a company. Public bank loans are subject to liquidity risk and the credit risks of lower rated securities. Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. They also may be subject to counterparty, liquidity, valuation, correlation and market risks. Exchange traded funds (ETFs) shares have many of the same risks as direct investments in common stocks or bonds and their market value will fluctuate as the value of the underlying index does. By investing in exchange traded funds (ETFs), the portfolio absorbs both its own expenses and those of the ETFs it invests in. Supply and demand for ETFs may not be correlated to that of the underlying securities. Privately placed and restricted securities may be subject to resale restrictions as well as a lack of publicly available information, which will increase their illiquidity and could adversely affect the ability to value and sell them (liquidity risk). Derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks.

Please consider the investment objective, risks, charges and expenses of the funds carefully before investing. The prospectus contains this and other information about the funds. To obtain a prospectus, download one at morganstanley.com/im or call 1-800-548-7786. Please read the prospectus carefully before investing.

Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

Not FDIC Insured - Offer No Bank Guaranteed - May Lose Value - Not Insured By Any Federal Government Agency - Not A Deposit

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Not Insured By Any Federal Government Agency—Not A Deposit

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