Fund Description

The fund was incepted in January 1992 and is managed by Morgan Stanley Investment Management. The fund seeks long-term capital appreciation by investing primarily, in accordance with country and sector weightings determined by Morgan Stanley Investment Management, in equity securities of non-U.S. issuers that, taken together, replicate broad market indices. The fund seeks to maintain a diversified portfolio of international equity securities based on a top-down approach that emphasizes country and sector selection and weighting rather than individual stock selection. Dividends and capital gains, if any, are distributed annually.