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As we enter the summer months,","page_number":45,"box":{"x":545,"y":667,"width":355,"height":11}},{"id":"13c60ab9-f089-4df2-a812-c11066255d16","block_type":"box","text":"we expect typically lower primary issuance to support","page_number":45,"box":{"x":545,"y":681,"width":361,"height":10}},{"id":"1f86ed02-28a3-4369-bb10-eeb816cf2f67","block_type":"box","text":"spreads, though we remain alert to the fact that","page_number":45,"box":{"x":545,"y":694,"width":314,"height":10}},{"id":"20173638-e098-4b09-b6da-ce312787d381","block_type":"box","text":"declining all-in yields could temper investor demand","page_number":45,"box":{"x":545,"y":707,"width":346,"height":10}},{"id":"2a63b773-535c-4468-89a9-b133ef11b1eb","block_type":"box","text":"for spread product. We expect carry to remain the","page_number":45,"box":{"x":545,"y":720,"width":333,"height":10}},{"id":"84c0bb4c-057a-4811-bc67-67c16b57ff20","block_type":"box","text":"primary driver of returns. 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On redemption of shares, the","page_number":58,"box":{"x":545,"y":318,"width":387,"height":10}},{"id":"6639c507-6142-40c8-af64-6471c5ef4169","block_type":"box","text":"investor may receive back an amount less than the original","page_number":58,"box":{"x":545,"y":331,"width":389,"height":10}},{"id":"1204b08e-b602-4a35-ab69-0a702dee8082","block_type":"box","text":"amount of their investment. The assets of the Funds will be","page_number":58,"box":{"x":545,"y":344,"width":388,"height":8}},{"id":"6acdd686-2672-4cdb-b2ab-6997cd6574bb","block_type":"box","text":"in a variety of currencies and therefore movements in the","page_number":58,"box":{"x":545,"y":357,"width":378,"height":10}},{"id":"956b08af-8de8-4266-9a21-390e89464a56","block_type":"box","text":"value of currencies may affect the value of an investor’s","page_number":58,"box":{"x":544,"y":370,"width":370,"height":10}},{"id":"a8c5a283-b330-499a-a458-1646f2b151cb","block_type":"box","text":"holdings and the income from the holdings may fluctuate","page_number":58,"box":{"x":545,"y":383,"width":377,"height":10}},{"id":"ec6a6004-1316-4029-879c-e2e5e1a0ed97","block_type":"box","text":"in value in money terms.","page_number":58,"box":{"x":545,"y":396,"width":159,"height":10}},{"id":"09b76c47-65ab-419f-a853-0b4e38af38d1","block_type":"box","text":"Issued by Morgan Stanley Investment Management (ACD)","page_number":58,"box":{"x":545,"y":423,"width":380,"height":11}},{"id":"217fa031-029f-4d74-9c13-68bca6651198","block_type":"box","text":"Limited, 25 Cabot Square, Canary Wharf, London E14 4QA,","page_number":58,"box":{"x":545,"y":437,"width":383,"height":10}},{"id":"07f30914-fbdf-4edb-af9e-38c73db8f27f","block_type":"box","text":"authorised and regulated by the Financial Conduct","page_number":58,"box":{"x":545,"y":450,"width":334,"height":10}},{"id":"6e85b570-a234-4062-bdaa-6c391d2714a3","block_type":"box","text":"Authority.","page_number":58,"box":{"x":545,"y":463,"width":61,"height":10}},{"id":"7c7e9234-4ca4-4384-a384-b7a2bdddf0fd","block_type":"box","text":"Morgan Stanley Funds (UK)","page_number":58,"box":{"x":700,"y":42,"width":136,"height":9}},{"id":"cbb572d5-affb-47f6-bf11-c79881936dd5","block_type":"box","text":"30 June 2026","page_number":58,"box":{"x":846,"y":43,"width":69,"height":6}},{"id":"2a6badad-8690-43fd-a868-53365be131be","block_type":"box","text":"57","page_number":58,"box":{"x":925,"y":44,"width":11,"height":5}},{"id":"1470c048-2642-440f-927b-9a4bd96d9c96","block_type":"box","text":"Further information (continued)","page_number":58,"box":{"x":133,"y":112,"width":442,"height":22}},{"id":"260e344f-4530-4ec2-8ca5-f8963254e970","block_type":"box","text":"Explore our site at","page_number":59,"box":{"x":71,"y":912,"width":170,"height":14}},{"id":"4d14ca50-28c5-4da7-acce-7d3a158492e6","block_type":"box","text":"www.morganstanley.com/im","page_number":59,"box":{"x":248,"y":912,"width":294,"height":14}},{"id":"d34c1fab-a0ee-4b56-8316-7a320fd6ccb3","block_type":"box","text":"©","page_number":59,"box":{"x":70,"y":939,"width":9,"height":7}},{"id":"d8add1ad-4755-416f-ac17-137a969a191b","block_type":"box","text":"2026 Morgan Stanley. 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