Anlageziel Morgan Stanley Investment Funds - Parametric Commodity Fund Z Acc Fonds

The Fund’s investment objective is to provide a return equivalent to the performance of the Barclays Commodity Index 1754 denominated in U.S. Dollars (the “Index”), before all fees and expenses charged to, or incurred by, the Fund. For a further description of the Index see the section entitled Information on the Index below. The Fund, which is passively managed, seeks to achieve its objective primarily through the use of one or more excess return swaps (the “Swap”) providing the Fund with synthetic exposure to the Index. For this purpose, the Fund will hold, physically, assets that are used to finance the Swaps. However, if this is deemed to be the most efficient way to track the Index, the Fund may also invest to a limited extent in units/shares of other collective investment schemes, including the Company’s Funds and open-ended ETFs, which are eligible investments for UCITS under the 2010 Law.