IERBX : Morgan Stanley Institutional Fund, Inc. International Real Estate Portfolio Class A

Fund Summary

The investment seeks to provide current income and long-term capital appreciation. The fund normally invests at least 80% of its assets in equity securities of companies in the real estate industry. Such companies are located in various global markets throughout the world (excluding the United States and Canada). The fund will invest primarily in companies located in the developed countries of Europe and Asia, but may also invest in emerging markets.