Morgan Stanley Institutional Fund - Asia Opportunity Portfolio Class I

The fund aims to generate long-term capital growth for its investors. It achieves this by primarily allocating its investments to the equity securities of companies based in Asia, with the notable exclusion of Japan. In its stock selection process, the investment adviser actively discerns high-quality companies, encompassing both established market leaders and promising emerging enterprises, which are believed to be undervalued at the time of purchase. To ensure that a minimum of 80% of the fund's total assets remain invested in Asian equity securities, the portfolio may also incorporate instruments such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), and other comparable depositary receipts representing Asian issuers.