Morgan Stanley Funds

BEST CORE PLUS BOND FUND

10 Years

Core Plus Fixed Income Portfolio (MPFIX)

Among 52 funds over 10 years

BEST U.S. MORTGAGE FUND

10 Years

Mortgage Securities Trust (MTGDX)

Among 27 funds over 10 years.

BEST MID-CAP GROWTH FUND

5 Years

Discovery Portfolio (MMCGX)

Among 83 funds over 5 years.

BEST EUROPEAN REGION FUND

3 & 5 Years

Europe Opportunity Fund (EUGDX)

Among 17 funds over 3 years and 17 funds over 5 years.

BEST INTERNATIONAL MULTI-CAP GROWTH FUND

5 & 10 Years

International Advantage Portfolio (MFAIX)

Among 79 funds over 5 years and 63 funds over 10 years.

Parametric Funds

BEST COMMODITIES GENERAL FUND

5 & 10 Years

Parametric Commodity Strategy Fund (EIPCX)

Among 22 funds over 5 years and 15 funds over 10 years.

BEST INTERMEDIATE MUNICIPAL DEBT FUND

10 Years

Parametric TABS 5-to-15 Laddered Municipal Bond Fund (EILTX)

Among 44 funds over 10 years.

BEST SHORT-INTERMEDIATE MUNICIPAL DEBT FUND

3 & 5 Years

Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund (EILBX)

Among 22 funds over 3 years and 22 funds over 5 years.

Refinitiv Lipper Fund Awards as of November 30, 2021 based on risk adjusted returns.

The mutual funds shown may have experienced negative performance during one or more of the time periods represented by the Refinitiv Lipper Fund Award. For the Fund's performance as of the most recent month-end, please refer to the Eaton Vance Performance page and the Morgan Stanley Investment Management Performance page. Past performance is no guarantee of future results.

The MSIFT Core Plus Fixed Income Portfolio and MS Mortgage Securities Trust have received proceeds related to certain nonrecurring litigation settlements. If these monies were not received, any period returns which include these settlement monies would have been lower. These were one-time settlements, and as a result, the impact on the net asset value andconsequently the performance will not likely be repeated in the future. Rankings for the fund were more favorable due to these settlements and ratings may also have been positivelyimpacted. Please visit www.morganstanley.com/im for additional details.

Source: The 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 2021 and 2022 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. 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. From Refinitiv Lipper Awards, ©2022 Refinitiv. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

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. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in these funds. Click on fund name above for more information.

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 Morgan Stanley Investment Management prospectus, download one at morganstanley.com/im or call 1-800-548-7786. To obtain an Eaton Vance or Calvert prospectus, download one at https://funds.eatonvance.com/openend-mutual-fund-documents.php or contact your financial advisor. Please read the prospectus carefully before investing.

Eaton Vance and Calvert are part of Morgan Stanley Investment Management. Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

The whole or any part of this material may not be directly or indirectly reproduced, copied, modified, used to create a derivative work, performed, displayed, published, posted, licensed, framed, distributed or transmitted or any of its contents disclosed to third parties without MSIM’s express written consent. This material may not be linked to unless such hyperlink is for personal and non-commercial use. All information contained herein is proprietary and is protected under copyright and other applicable law.

Eaton Vance Distributors, Inc. (“EVD”), serves as the distributor for Eaton Vance and Calvert Funds.

Morgan Stanley Distribution, Inc. serves as the distributor for Morgan Stanley Funds.

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

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