Morgan Stanley Institutional Global Franchise Portfolio;A

This fund aims for long-term capital growth through investments predominantly in equity securities of global companies. It focuses on identifying issuers believed to possess enduring competitive advantages, capable management teams, and robust financial health. Typically, the portfolio will include companies from at least three different nations, with the United States being a potential inclusion. The fund retains the flexibility to concentrate its holdings in a relatively small number of businesses, and it may allocate up to 25% of its total assets to a single issuer. Additionally, it may employ foreign currency forward exchange contracts.