Morgan Stanley Institutional Fund Inception Portfolio 

This fund's primary objective is to achieve substantial long-term growth in capital. It aims to do this by predominantly allocating its investments to the equity securities of small, growth-oriented companies. Typically, it targets both seasoned and emerging businesses whose market capitalizations fall within the range represented by the Russell 2000® Growth Index. The investment adviser employs a "bottom-up" stock selection methodology, meticulously evaluating and choosing individual companies for their intrinsic attractiveness. Furthermore, the fund retains the flexibility to commit up to 25% of its total assets to international securities.