# Top Countries (% of Total Net Assets)1
FUND
There are increased risks of investing in emerging markets as political, legal
United Kingdom13.30
U.S.75.18
Spain2.86
Netherlands3.69
Denmark2.02
Ireland2.45
Italy1.44
Germany1.87
France0.71
Other4.19
Cash	-7.71
† This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner.

### 1 May not sum to 100% due to rounding.

### 2 For additional information regarding sector classification/definitions please visit www.msci.com/gics and the glossary at www.morganstanley.com/im.
3 Quality distribution data for securities is sourced from Fitch, Moody’s and S&P. Where the credit ratings for individual securities differ between the three ratings agencies, the ‘highest’ rating is applied. The rating of credit default swaps is based on the ‘highest’ rating of the underlying reference bond. 'Cash’ includes investments in short term instruments, including investments in Morgan Stanley liquidity funds.
Please refer to the Prospectus for full risk disclosures, available at www.morganstanleyinvestmentfunds.com. All data as of 30.11.2022 and subject to change daily.
and operational systems may be less developed than in developed markets.
Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives.
Investments may be in a variety of currencies and therefore changes in rates of exchange between currencies may cause the value of investments to decrease or increase. Furthermore, the value of investments may be adversely affected by fluctuations in exchange rates between the investor’s reference currency and the base currency of the investments.

Translation (ENIT, 2022-11-30):
# Principali paesi (% del patrimonio netto totale)1
COMPARTO
rendimenti possono aumentare o diminuire per effetto delle oscillazioni valutarie. Il valore degli investimenti e i proventi da essi derivanti possono
Stati Uniti	75,18
Paesi Bassi	3,69
Irlanda	2,45
aumentare come diminuire e gli investitori possono perdere la totalità o una quota consistente del capitale investito.
Spagna	2,86
Regno Unito	13,30
Il valore degli investimenti e il reddito da essi derivato possono variare e non è possibile garantire che il Fondo realizzi i suoi obiettivi d'investimento. Il patrimonio può essere investito in valute diverse e pertanto i movimenti dei tassi di cambio possono influire sul valore delle posizioni assunte.
| Danimarca	2,02 |
| --- |
| Germania | 1,87 |
| Italia | 1,44 |
| Francia | 0,71 |
| Altro | 4,19 |
| Liquidità | -7,71 |

Inoltre, il valore degli investimenti può risentire delle fluttuazioni dei tassi di cambio tra la valuta di riferimento dell'investitore e la valuta di riferimento degli investimenti.