Morgan Stanley Institutional Fund Inception Portfolio 

The investment seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of small capitalization companies. The fund will, under normal circumstances, seek to achieve its investment objective by investing primarily in established and emerging companies with capitalizations within the range of companies included in the Russell 2000® Growth Index. The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. The Adviser may invest up to 25% of the fund's total assets in foreign securities.