Calvert Diversity, Equity and Inclusion Fund

Morgan Stanley Investment Management will make its first annual diversity, equity and inclusion donation related to CDEI.

Calvert Research and Management (Calvert) announced the first contribution in the amount of $25,000 from Morgan Stanley Investment Management Inc. (MSIM) to America Needs You (ANY), an organization focused on driving economic mobility for first-generation college students. The contribution is part of MSIM's effort to donate annually to diversity, equity and inclusion-related organizations from its own resources in connection with the Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF.

Morgan Stanley is a longtime supporter of ANY, a national 501(c)(3) non-profit organization that fights for economic mobility for ambitious, first-generation college students. In addition, ANY is a strategic community partner in the Morgan Stanley Institute for Inclusion's Equity in Education and Career Consortium. Over the last 15 years, ANY has provided mentorship and intensive career development training to over 6,000 low-income, first-generation college students through its local Fellows Program in four states and its digital program, FirstGenU. Each year, over 90% of Fellows served by ANY complete internships and graduate from college and nearly 80% secure a full-time job with a competitive salary within six months of earning their diploma.

Morgan Stanley Investment Management will make its first annual diversity, equity and inclusion donation related to CDEI.

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Overview

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.

Fund Facts

Pricing & Performance

Past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations. All performance data is calculated NAV to NAV, net of fees, and does not take account of commissions and costs incurred on the issue and redemption of units. The sources for all performance and Index data is Morgan Stanley Investment Management. Please click here for additional performance disclosures and important information, which should be reviewed carefully.

Fees & Expenses³

Ongoing Charges reflect the payments and expenses incurred during the fund's operation and are deducted from the assets of the fund over the period. It includes fees paid for investment management (Management Fee), custodian, and administration charges.

Average Annual Total Returns

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Historical Shareholder Flows

Daily Net Shareholder Flows

Risk/Return Statistics

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Average Annualised Monthly Yield (%)

Distributions

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Historical Information

Tax Character of Distributions

Historical Yields (Subsidized)

Risk & Reward Profile

Risk Profile

Composition⁴

Composition

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May not sum to 100% due to the exclusion of other assets and liabilities.

Geography ⁴

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May not sum to 100% due to the exclusion of other assets and liabilities.

Holdings

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These securities and percentage allocations are only for illustrative purposes and do not constitute, and should not be construed as, investment advice or recommendations with respect to the securities or investments mentioned.

Portfolio Characteristics

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Value/Anti-Value Portfolio Characteristics

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Total Leverage (%)

Team members may be subject to change at any time without notice.

Other Funds Managed by This Team

Resources

This is a marketing communication. Applications for shares in the Sub-Fund should not be made without first consulting the current Prospectus and the Key Information Document (“KID”) or Key Investor Information Document (“KIID”), which are available in English and in the language of countries authorized for fund distribution and is available online at Morgan Stanley Investment Funds Webpages or free of charge from the Registered Office at European Bank and Business Centre, 6B route de Trèves, L-2633 Senningerberg, R.C.S. Luxemburg B 29 192.

The summary of investor rights is available in the aforementioned languages and website location under the General Literature section.

Information in relation to sustainability aspects of the Fund is available in English online at: Sustainable Finance Disclosure Regulation.

If the management company of the relevant Fund decides to terminate its arrangement for marketing that Fund in any EEA country where it is registered for sale, it will do so in accordance with the UCITS rules.

Calvert Research and Management is part of the Morgan Stanley Investment Management group of companies. Access to Calvert is available through Morgan Stanley Investment Management Fund’s, in which Calvert serves as investment manager.

Please visit our Glossary page for fund related terms and definitions.

Performance data quoted is based on average annualized returns and net of fees.

The source for all performance and index data is Morgan Stanley Investment Management Limited.

Performance data for funds with less than one year's track record is not shown. Performance is calculated net of fees. YTD performance data is not annualised. Performance of other share classes, when offered, may differ. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing.

The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavourable as well as favourable, in the value of that investment and, in turn, the value of the Fund.

Certain documentation available on this site may pertain to multiple sub-funds of the Morgan Stanley Investment Funds range. Please note that not all sub-funds are available in all jurisdictions and sub-funds are not available to persons resident in jurisdictions where such distribution or availability would be contrary to local laws or regulations.

¹ ==Ratings as of ##mstardate##. ==The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account sales loads.

The Europe/Asia and South Africa category (EAA) includes funds domiciled in European markets, major cross-border Asian markets where material numbers of European UCITS funds are available (principally Hong Kong, Singapore and Taiwan), South Africa, and selected other Asian and African markets where Morningstar believes it is of benefit to investors for the funds to be included in the EAA classification system.

© 2025 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

²The MSCI World Net Index is a free float adjusted market capitalization weighted index that is designed to measure the global equity market performance of developed markets. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index.

Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor. Any product based on an index is in no way sponsored, endorsed, sold or promoted by the applicable licensor and it shall not have any liability with respect thereto. The Sub-Fund is actively managed, and the management of the fund is not constrained by the composition of the Benchmark.

³Entry Charge is a maximum possible figure. In some cases you might pay less, you can find this out from your financial adviser. Ongoing Charges reflect the payments and expenses incurred during the fund's operation and are deducted from the assets of the fund over the period. It includes fees paid for investment management (Management Fee), custodian, and administration charges. The Minimum Initial Investment/Minimum Subsequent Investment amounts may be in US Dollars (or the Euro Yen or Sterling equivalent of the US Dollar amount). For more information please see the Charges and Expenses section of the prospectus.

The fees provided are only attributable to the Morgan Stanley Investment Funds (SICAV) and do not include any additional fees which may be incurred if packaged in a product.

⁴ May not sum to 100% due to the exclusion of other assets and liabilities. For additional information regarding sector classification/definitions please visit www.msci.com/gics and the glossary page. Cash & Equivalents are defined as the value of assets that can be converted into cash immediately. These include commercial paper, open FX transactions, Treasury bills and other short-term instruments. Such instruments are considered cash equivalents because they are deemed liquid and not subject to significant risk of changes in values.

Effective 28 April 2025, the MS INVF Calvert Sustainable Diversity, Equity and Inclusion Fund was renamed MS INVF Calvert Diversity, Equity and Inclusion Fund.