Morgan Stanley Investment Management Company

Item 5 Fees and Compensation

Management Fees
MSIM Co generally charges asset-based management fees in connection with the advisory services provided to an
account. MSIM Co's standard fee schedule is attached as Appendix A. In certain instances, however, MSIM Co's fees
and minimum initial investments could vary from the applicable fee schedule due to the particular circumstances of the
client or as otherwise negotiated with particular clients. In certain instances, MSIM Co provides investment advisory or
research services to clients for negotiated fixed fees based on the value of the services rendered and, from time to time,
receives performance-based fees from clients in accordance with the particular client’s agreement, except in those
jurisdictions that do not allow fees based on performance. MSIM Co can also negotiate per-transaction fees with clients
which are expressed as a percentage of the value of each account transaction. Depending upon the account’s
investment objectives, strategies and restrictions, holdings in a client's account could include real estate investment
trusts (“REITS”), investment companies (including exchange traded funds or “ETFs”), collateralized loan obligations
(“CLOs”) and other pooled vehicles for which a separate management fee is charged, including investment companies
and other pooled vehicles advised by MSIM Co or a related person.
Fees are generally billed quarterly in arrears based on current or quarter-average market values. Certain accounts,
however, are billed quarterly in advance. The timing of fee payments and method of calculation for particular clients can
vary in accordance with client preferences. Typically, MSIM Co’s services are terminable by either party upon written
notification in accordance with the applicable contractual notice provision. Upon termination the fees described above
(including performance fees, if any) generally will be prorated to take account of contributions and withdrawals during a
quarter and where MSIM Co does not manage the account for the entire calendar quarter.
The fees described herein are only the advisory fees charged by MSIM Co and do not reflect custodial or other fees that
could be applicable to your account. Further discussion of such expenses appears below under “Other Expenses
Charged to Clients/ Fee Discounts”.

Item 7 Types of Clients
The Adviser provides advice to the following types of clients:

       Pension Funds;

       Governments;

       Mutual Funds and other pooled vehicles;

       Insurance Companies;

       Sovereign Wealth Funds;

       Central Banks; and

       Corporations.

FORM ADV, PART 2A BROCHURE                                       MORGAN STANLEY INVESTMENT MANAGEMENT COMPANY   8