Mutual fund rating firm Lipper named the Morgan Stanley International Small Cap A Fund the best individual fund in the International Small/Mid-Cap Core category over three years. Lipper presented the award at the 2005 Reuters Lipper Fund Awards dinner in New York City on March 21.

Lipper presented awards for individual funds in a variety of categories, as well as awards in eight broad investment groupings for fund families. The awards are quantitative in nature, highlighting funds that have offered a strong trend of consistently strong relative performance.

Lipper calculated a consistent return score — a quantitative metric incorporating risk-adjusted return and the strength of the fund's performance trend — for the three-year time period as of December 31, 2004. The fund with the top consistent return score in its category received the award.

The Fund is also ranked as a "Lipper Leader" — the highest ranking designated by Lipper — in the total return, consistent return and preservation categories.