Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio Class L

The primary goal of this investment is to achieve significant capital appreciation over an extended period. It pursues this objective by predominantly investing in the equity securities of companies found across the globe. Key criteria for selecting these issuers include sustainable competitive advantages, skilled management teams, and robust financial health. Ordinarily, the fund allocates its capital among businesses from at least three distinct countries, which may encompass the United States. It maintains the option to concentrate its holdings within a limited number of firms and can allocate up to a quarter of its total assets to a single company. Furthermore, the fund may utilize foreign currency forward exchange contracts. Due to its structure, it is classified as a non-diversified fund.