Morgan Stanley Institutional Fund Global Stars Portfolio Class I 

This fund aims for substantial capital growth over the long term. It primarily invests in high-quality companies worldwide that consistently generate strong returns on their operational capital. These businesses often possess dominant market positions, formidable intangible assets like well-known brands, extensive networks, valuable licenses, and patents, and the ability to influence pricing, leading to superior gross margins. To manage its international holdings, the fund may employ derivative instruments such as foreign currency forward exchange contracts. This fund is non-diversified.