Morgan Stanley Global

Long/Short Fund A

Fund Investment Objectives

Morgan Stanley Global Long/Short Fund A ("Global Long/Short Fund A" or the "Fund"), invests substantially all its assets in private investment funds (commonly referred to as hedge funds) that are managed by a select group of alternative investment managers that employ different long and short equity investment strategies. Long and short equity strategies, like other types of alternative investment strategies, allow investment managers the flexibility to use leveraged or short-sale positions to seek to take advantage of perceived inefficiencies across the global capital markets. The Fund seeks attractive risk-adjusted returns, which are returns adjusted to take into account the volatility of those returns. AUM begins January 2011.