BusinessWeek listed five Morgan Stanley funds among its list of best-performing funds for the first quarter of 2004. For the period January 1-March 26, the magazine included the Morgan Stanley Institutional Fund Asian Real Estate B, MS Japan D, MSIF Japan Value Equity B, MSIF International Small Cap A and the MS International Small Cap A (returns reflect appreciation plus reinvestment of dividends and capital gains before taxes). The five funds was the most of any full-service brokerage on the list.