Morgan Stanley Investment Management Limited

Item 5 Fees and Compensation

Management Fees
MSIM Ltd.’s fees and minimum initial investments for a client could vary from the applicable schedules, attached as
Appendix A, due to the particular circumstances of the client or as otherwise negotiated with particular clients, including
clients in certain funds and pooled investment vehicles. In certain instances, MSIM Ltd provides investment advisory
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. Depending upon the account’s investment objectives, strategies and
restrictions, holdings in a client's account can 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
Ltd 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 Ltd.’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 Ltd does not manage the account for the entire calendar quarter.
The fees described herein are only the advisory fees charged by MSIM Ltd and do not reflect custodial or other fees that
could be applicable to a client’s account. Further discussion of such expenses appear below.

Item 7 Types of Clients
The Adviser provides advice to corporate pension and profit-sharing plans, corporate entities, insurance companies,
consultant partners, state, local and foreign government entities and pension plans (including foreign pension funds),
funds of one, supra-national organizations, endowments, sovereign wealth funds, educational institutions, foundations,
charitable institutions, registered mutual funds, unregistered funds and foreign regulated funds such as SICAVs, OEICs,
QIFs and SIFs. Certain advisory accounts and funds impose minimum investment requirements, which are generally
described in the relevant governing or disclosure documents or, with respect to advisory accounts, in Appendix A. We
(or with respect to funds, the general partner or managing member) generally will have discretion to waive or reduce
such minimums for certain clients or investors. We generally will not, unless required by agreement with a client or
investor or by applicable law, disclose any particular waiver or reduction that is offered to a client or investor, or offer
comparable waivers or reductions, to other clients or investors.

FORM ADV, PART 2A BROCHURE                                             MORGAN STANLEY INVESTMENT MANAGEMENT LIMITED       11