Home >  
 
Information on the Mutual Fund Network*
 

 Markets and Research
Our Code of Ethics and
   Business Conduct


Mutual Funds Bill of Rights

Information on the Mutual
   Fund Network


Branch Locator
 
 
 
Morgan Stanley DW Inc. offers investors a broad spectrum of mutual fund products (collectively referred to as the "Morgan Stanley Mutual Fund Network"), including some of the largest and most well known mutual fund families.** In order to participate in the Morgan Stanley Mutual Fund Network, fund families, or their affiliates, are required to enter into a financial arrangement involving, among other things, payment of additional amount to Morgan Stanley.

Fund Families make these payments (sometimes referred to as "revenue-sharing payments") in order to receive the opportunity to distribute their funds through Morgan Stanley's branch system, including the opportunity for fund personnel to visit Morgan Stanley branch offices where they may, among other things, market the fund family and educate Financial Advisors about the funds.*** These payments are negotiated separately and not all fund families pay the same amount or pay according to the same formula.

The following fund families participate in the Mutual Fund Network:

AIG SunAmerica Capital Services, Inc., AIM Investments, The Alger Funds, Allegiant Funds, AllianceBernstein, American Century Investments, American Funds, Aquila Group of Funds, BlackRock Funds, Calamos Family of Mutual Funds, Calvert, Cohen & Steers, Columbia Management, Credit Suisse Funds, Davis Funds, Delaware Investments Family of Funds, Dreyfus, DWS Funds, Eaton Vance, Forward Emerald Funds, Enterprise Fund Distributors, Inc., Evergreen Investments, Federated Investors, Inc., Fidelity Advisor, Fifth Third Asset Management, First American Funds, First Eagle Funds, Franklin Templeton Investments, GAMCO Investors, Inc., Gartmore Mutual Funds, Goldman Sachs Asset Management, The Hartford Mutual Funds, Henderson Global Funds, Heritage Family of Funds, HGK Value Equity Fund, Highland Funds, Hotchkis and Wiley Funds, ING Funds, Integrity Mutual Funds, Ivy Funds, IXIS Advisor Funds, Janus Funds, JennisonDryden and Strategic Partners Mutual Funds, John Hancock Funds, LLC, JPMorgan Funds, Keeley Family of Funds, Kinetics Mutual Funds, Inc., The Kopp Funds, Lord Abbett, MainStay Funds, Managers Investment Group, MFS Investments, Morgan Stanley Funds, The Munder Funds, MTB Group of Funds, Inc., Nuveen Investments, Old Mutual Investment Partners, The Olstein Funds, OppenheimerFunds, The Phoenix Funds, PIMCO Funds & Allianz Funds, Pioneer Investments, Putnam Investments, RS Investments, Rydex Funds Services Inc., Salomon Brothers Funds and Legg Mason Partners Funds, Seligman Advisors, Inc., The Sentinel Funds, Thornburg Investment Management, Touchstone Investments, Transamerica IDEX Mutual Funds, Van Eck Global, Van Kampen Investments, The Victory Funds, Washington Mutual and Wells Fargo Advantage Funds.

As noted above, these fund families make additional payments to Morgan Stanley. The legal entities from which these payments are made are the fund's distributor, its investment advisor, or other related entity. The proceeds used by such entities may be derived from profits on management fees, 12b-1 fees, and/or other sources. First, Morgan Stanley receives payment, which may be as high as 0.20 percent (20 basis points) of your total purchase amount. For example, if you invest $10,000 in a fund, Morgan Stanley would be paid up to $20. Second, Morgan Stanley also receives payment, which may be as high as 0.05 percent (five basis points) per year of the total value of shares of fund family assets for which Morgan Stanley is the broker-dealer of record based on the value of shares at the close of each quarter. Money market funds, as discussed below, are not included in these calculations. In addition, Morgan Stanley may receive payments from these fund families for their participation in certain internal events, such as seminars, conferences and meetings.

Morgan Stanley has additional financial agreements with these fund families pursuant to which Morgan Stanley and/or an affiliate receives a maximum amount of $19 per fund per account per year for the provision of recordkeeping and administrative services.

The legal entity from which these payments are received for each participating fund family, as applicable, is as follows:

Fund Family Gross Sales Payment Assets Payment Recordkeeping Payment
AIG SunAmerica Capital Services, Inc. or its affiliate AIG SunAmerica Capital Services, Inc. or its affiliate AIG SunAmerica Capital Services, Inc. or its affiliate AIG SunAmerica Capital Services, Inc. or its affiliate
AIM Investments AIM Distributors, Inc. AIM Distributors, Inc. AIM Investment Services, Inc.
The Alger Funds Fred Alger & Co. Fred Alger & Co. Fred Alger & Co.
Allegiant Funds Allegiant Asset Management, Inc. Allegiant Asset Management, Inc. Boston Financial Data Services, Inc.
AllianceBernstein AllianceBernstein AllianceBernstein Alliance Global Investment Services
American Century Investments American Century Investment Services, Inc. American Century Investment Services, Inc. American Century Investment Services, Inc.
American Funds American Funds Distributors Inc. American Funds Distributors Inc. The applicable American Funds
Aquila Group of Funds N/A Aquila Distributors, Inc. The applicable Aquila Funds
BlackRock Funds BlackRock Advisors, Inc. BlackRock Advisors, Inc. BlackRock Advisors, Inc.
Calamos Family of Mutual Funds Calamos Financial Services LLC or its affiliate Calamos Financial Services LLC or its affiliate The applicable Calamos Funds
Calvert Calvert Distributors, Inc. Calvert Distributors, Inc. The applicable Calvert Funds
Cohen & Steers Cohen & Steers Capital Management Cohen & Steers Capital Management The applicable Cohen & Steers Funds
Columbia Management Columbia Funds Distributor, Inc. Columbia Funds Distributor, Inc. The applicable Columbia Funds
and Nations Funds
Credit Suisse Funds Credit Suisse Asset Management Securities Credit Suisse Asset Management Securities Credit Suisse Asset Management Securities
Davis Funds Davis Distributors, LLC Davis Distributors, LLC The applicable Davis Funds
Delaware Investments Family of Funds Lincoln Financial Distributors, Inc. Lincoln Financial Distributors, Inc. Delaware Service Company
Dreyfus Dreyfus Corporation Dreyfus Corporation The applicable Dreyfus Funds
DWS Funds DWS Scudder DWS Scudder The applicable DWS Funds and DWS Scudder Distributors, Inc.
Eaton Vance Eaton Vance Distributors, Inc. Eaton Vance Distributors, Inc. The applicable Eaton Vance Funds
Enterprise Fund Distributors, Inc. Enterprise Fund Distributors, Inc. Enterprise Fund Distributors, Inc. The applicable Enterprise Funds
Evergreen Investments Evergreen Investment Services, Inc. Evergreen Investment Services, Inc. Evergreen Service Company, LLC
Federated Investors, Inc. Federated Securities Corp. Federated Securities Corp. The applicable Federated Funds
Fidelity Advisor Fidelity Distributors Corporation Fidelity Distributors Corporation Fidelity Investments Institutional Operations Company
Fifth Third Asset Management Fifth Third Asset Management Fifth Third Asset Management Fifth Third Asset Management
First American Funds FAF Advisors FAF Advisors FAF Advisors
First Eagle Funds Arnhold and S. Bleichroeder Advisers, LLC Arnhold and S. Bleichroeder Advisers, LLC First Eagle Funds
Forward Emerald Funds Alps Distributors Alps Distributors The applicable Forward Emerald Funds
Franklin Templeton Investments Franklin Templeton Distributors, Inc. Franklin Templeton Distributors, Inc. Franklin Templeton Investor Services LLC, which may be reimbursed by the applicable Franklin Templeton Funds
GAMCO Investors, Inc. Gabelli & Company, Inc. Gabelli & Company, Inc. The applicable Gabelli Funds
Gartmore Mutual Funds Gartmore Distribution Services, Inc. Gartmore Distribution Services, Inc. Gartmore Distribution Services, Inc.
Goldman Sachs Asset Management Goldman Sachs & Co. Goldman Sachs & Co. Goldman Sachs & Co.
The Hartford Mutual Funds Hartford Investment Financial Services, LLC Hartford Investment Financial Services, LLC Hartford Administrative Services Company
Henderson Global Funds Henderson Global Investors (North America) Henderson Global Investors (North America) Inc. Henderson Global Investors (North America) Inc.
Heritage Family of Funds Heritage Asset Management, Inc. or its affiliate Heritage Asset Management, Inc. or its affiliate Heritage Asset Management, Inc. or its affiliate
HGK Value Equity Fund HGK Asset Management, Inc. HGK Asset Management, Inc. HGK Asset Management, Inc.
Highland Funds PFPC Distributors, Inc. PFPC Distributors, Inc. PFPC Distributors, Inc.
Hotchkis and Wiley Funds Hotchkis and Wiley Capital Management, LLC (Advisor to the Hotchkis and Wiley Funds) Hotchkis and Wiley Capital Management, LLC (Advisor to the Hotchkis and Wiley Funds) The applicable Hotchkis and Wiley Funds
ING Funds ING Funds Distributor, LLC ING Funds Distributor, LLC The applicable ING funds
Integrity Mutual Funds Integrity Funds Distributor, Inc. Integrity Funds Distributor, Inc. Integrity Fund Services, Inc.
Ivy Funds Ivy Funds Distributor Inc. Ivy Funds Distributor Inc. Ivy Funds Distributor Inc.
IXIS Advisor Funds IXIS Asset Management Distributors L.P. IXIS Asset Management Distributors L.P. IXIS Asset Management Distributors L.P.
Janus Funds Janus Capital Management LLC Janus Capital Management LLC Janus Capital Management LLC
JennisonDryden and Strategic Partners Mutual Funds Prudential Investments LLC Prudential Investments LLC Prudential Investment Management Services
John Hancock Funds, LLC John Hancock Funds, LLC John Hancock Funds, LLC The applicable John Hancock funds
JPMorgan Funds JPMorgan Distribution Services, Inc. JPMorgan Distribution Services, Inc. The applicable JPMorgan Funds
Keeley Family of Funds Keeley Investment Corporation Keeley Investment Corporation Keeley Investment Corporation
Kinetics Mutual Funds, Inc. Kinetics Funds Distributor Inc or its affiliates Kinetics Funds Distributor Inc or its affiliates Kinetics Funds Distributor Inc or its affiliates
The Kopp Funds Centennial Lakes Capital, LLC Centennial Lakes Capital, LLC The applicable Kopp Funds
Lord Abbett Lord Abbett Distributor LLC Lord Abbett Distributor LLC The applicable Lord Abbett Funds
MainStay Funds NYLIFE Distributors LLC NYLIFE Distributors LLC The applicable MainStay Funds
Merrill Lynch Investment Managers FDS/MLIM FDS/MLIM FDS/MLIM
MFS Investments MFS Fund Distributors, Inc. MFS Fund Distributors, Inc The applicable MFS Funds
Morgan Stanley Funds Morgan Stanley Investment Advisors Inc. Morgan Stanley Investment Advisors Inc. The applicable Morgan Stanley Funds
The Munder Funds Munder Capital Management Munder Capital Management The applicable Munder Funds
MTB Group of Funds, Inc. MTB Investment Advisors, Inc. MTB Investment Advisors, Inc. The applicable MTB Funds and MTB Investment Advisors, Inc.
Nuveen Investments  Nuveen Asset Management Nuveen Asset Management The applicable Nuveen Funds
Old Mutual Investment Partners Old Mutual Investment Partners Old Mutual Investment Partners Old Mutual Capital
The Olstein Funds Olstein & Associates, L.P. Olstein & Associates, L.P. The applicable Olstein Funds
OppenheimerFunds OppenheimerFunds Distributor Inc. OppenheimerFunds Distributor Inc. The applicable Oppenheimer Funds
The Phoenix Funds Phoenix Equity Planning Corp. Phoenix Equity Planning Corp. The applicable Phoenix Funds
PIMCO Funds & Allianz Funds Allianz Global Investors Distributors Allianz Global Investors Distributors Allianz Global Investors Fund Management
Pioneer Investments Pioneer Investment Management, Inc. Pioneer Investment Management, Inc. Pioneer Investment Management Shareholder Services, Inc.
Putnam Investments Putnam Retail Management, LP Putnam Retail Management, LP Putnam Fiduciary Trust Company as Transfer Agent for the Putnam Funds
RS Investments Guardian Investor Services LLC Guardian Investor Services LLC Guardian Investor Services LLC
Rydex Funds Services Inc. Padco Advisors Inc. Padco Advisors Inc. Rydex Funds Services Inc.
Salomon Brothers Funds and Legg Mason Partners Funds Legg Mason Investor Services, LLC. Legg Mason Investor Services, LLC. Legg Mason Investor Services, LLC.
Seligman Advisors, Inc. Seligman Advisors, Inc. Seligman Advisors, Inc. Seligman Advisors, Inc.
The Sentinel Funds Sentinel Financial Services Company Sentinel Financial Services Company Sentinel Financial Services Company
Thornburg Investment Management Thornburg Investment Management Thornburg Investment Management Thornburg Investment Trust
Touchstone Investments Touchstone Securities, Inc. Touchstone Securities, Inc. The applicable Touchstone Funds
Transamerica IDEX Mutual Funds Transamerica Capital, Inc. AFSG Securities Corporation and Transamerica Capital, Inc. Transamerica Fund Services
Van Eck Global Van Eck Securities Corp. Van Eck Securities Corp. The applicable Van Eck Global Funds
Van Kampen Investments Van Kampen Funds Inc. Van Kampen Funds Inc. Van Kampen Investor Services Inc.
The Victory Funds Victory Capital Advisers, Inc. Victory Capital Advisers, Inc. The applicable Victory funds
Washington Mutual Washington Mutual, FBO: WM Funds Distributor Washington Mutual, FBO: WM Funds Distributor Washington Mutual, FBO: WM Funds Distributor
Wells Fargo Advantage Funds Wells Fargo Funds Management, LLC Wells Fargo Funds Management, LLC Wells Fargo Funds Management, LLC


With respect to money market funds, Morgan Stanley DW has an arrangement with Morgan Stanley Funds whereby the Funds' investment manager pays to Morgan Stanley DW (1) an amount up to 0.18 percent (18 basis points) annually of the value of the shares of the following money market funds held in Morgan Stanley DW accounts: New York Municipal Money Market Trust, Tax-Free Daily Income Trust, U.S. Government Money Market Trust, Liquid Asset Fund, Active Assets Institutional Money Trust, Active Assets California Tax Free Trust, Active Assets Government Securities Trust, Active Assets Tax Free Trust, Active Assets Money Trust, Active Assets Institutional Government Securities Trust and California Tax-Free Daily Income Trust and (2) a maximum amount of $5 per fund per account per year for the provision of certain recordkeeping and administrative services. In addition, for the Active Assets Institutional Government Securities Trust and the Active Assets Institutional Money Trust, Morgan Stanley Funds' investment manager pays Morgan Stanley DW an additional 0.03 percent (three basis points) annually of the value of shares held in Morgan Stanley DW accounts. All of these payments are reflected by an allocation for financial reporting purposes to the Morgan Stanley business unit that includes Morgan Stanley DW. A portion of the three-basis-point payment made with respect to the Active Asset Institutional Government Securities Trust and the Active Assets Institutional Money Trust is paid to financial advisors based upon the financial advisors' payout rates, which for this type of product is generally as high as 42 percent, but is as high as 50 percent for certain financial advisor trainees. The three-basis-point payment is also credited to the gross production of branches and therefore also positively affects branch and area managers' incentive compensation.

With regard to the Liquidity Money Market Funds sold to certain institutional customers, Morgan Stanley Funds' investment manager pays Morgan Stanley DW 0.03 percent (three basis points) of the value of shares invested on behalf of these institutional customers. These payments are made via cash transfer between affiliates. A portion of the three-basis-point payment made with respect to the Liquidity Money Market Funds is paid to financial advisors based upon the financial advisors' payout rates, which for this type of product is generally as high as 42 percent. The three-basis-point payment is also credited to the gross production of branches and therefore also positively affects branch and area managers' incentive compensation.

The following fund families, based on sales and assets under management at Morgan Stanley and total fund family sales, have the opportunity, although not exclusively, for greater access to various internal Morgan Stanley events at which Financial Advisors, Branch Office Managers and other sales personnel are present: AIM Investments, AllianceBernstein, American Funds, BlackRock Funds, Davis Funds, DWS Funds, Eaton Vance, Evergreen Investments, Fidelity Advisor, Franklin Templeton Investments, ING Funds, Lord Abbett, MFS Investments, Morgan Stanley Funds, OppenheimerFunds, PIMCO Funds & Allianz Funds, Pioneer Investments, Putnam Investments, Salomon Brothers Funds and Legg Mason Partners Funds, and Van Kampen Investments. As noted above, Morgan Stanley receives payments from these fund families for their participation at such internal events. American Funds Distributors, the principal underwriter of the American Funds, at its expense, makes the Gross Sales and Assets payments noted above from its own resources to Morgan Stanley DW Inc. based on fund sales, assets and redemption rates, and the quality of Morgan Stanley's relationship with it.

Money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market funds.

The following fund families do not make revenue sharing payments but are available for purchase in Morgan Stanley's fee-in-lieu-of-commission accounts and pay up to 0.25 percent (25 basis points) per year of the value of the assets of the funds held in your account for recordkeeping and administrative services: ABN Amro, AIM Distributors (select funds), Alpine Funds, Amerindo, American Century Advisors, Ameristock, Ariel Funds, Barron Asset Management, Citizens, Cohen & Steers, Columbia Funds (select funds), Credit Suisse (select funds), Davis Selected Funds, Dreyfus Funds (select funds), Excelsior, The FBR Funds, Firsthand Funds, Forward Funds, GAMCO Investors, Inc., Gateway Funds, Harbor Fund, Heartland, ICON Distributors, Inc., Janus, Jensen, Julius Baer Funds, Kinetics Asset Management, Inc., Laudus, Lazard Funds, Loomis Sayles Funds, Managers Funds, Metropolitan West Asset Management, Nations-Marsico, Navellier, Needham, Neuberger Berman Funds, Nicholas Funds, Northern Trust Investments, Olstein, Parnassus, PAX World, ProFunds, Prudent Bear Funds, Royce Funds, Rydex Funds Services Inc., Schroder Funds, SIT Funds, SSGA, T. Rowe Price Advisors, TCW Galileo Funds, Third Avenue, Thompson Plumb, Turner Funds, Van Wagoner, Vintage Funds, Wasatch Funds, Wells Fargo Advantage Funds and Wilshire Target.

With respect to certain pooled investment vehicles offered outside of the United States or privately placed in the United States, Morgan Stanley DW Inc. may receive from Morgan Stanley Investment Management Limited payment of up to .25 percent (25 basis points) annually of the value of assets invested in the funds. In some circumstances, a portion of this payment is paid to Financial Advisors based upon the Financial Advisors' payout rates, which for this type of product is generally as high as 42 percent, but is as high as 50 percent for certain Financial Advisor trainees. This payment is also credited to the gross production of branches and therefore also positively affects branch and area managers' incentive compensation.

Morgan Stanley Financial Advisors may offer clients the opportunity to participate in the initial public offering of closed-end funds where Morgan Stanley also acts as the fund's underwriter. In addition to the applicable portion of the gross spread, Morgan Stanley may be paid a marketing and structuring fee. Such payments are made by the fund's investment advisor or an affiliate and not by the fund.

Financial Advisors may qualify to attend conferences on the basis of their sale of all mutual funds offered through Morgan Stanley. At such conferences, Financial Advisors participate in programs and receive information with respect to the sponsoring fund companies. Sponsoring fund companies, which may include Morgan Stanley Funds and other fund families that participate in Morgan Stanley's Mutual Fund Network, pay for all or a portion of the costs associated with such conferences, including the qualifying Financial Advisors' expenses for travel and accommodations.

* The Mutual Fund Network has replaced the Partners Program, which has been discontinued.

** Morgan Stanley Financial Advisors can assist you in evaluating our mutual fund offerings and selecting the fund that meets your needs.

This information is as of October 19, 2006. For additional information regarding these payments, call your Financial Advisor.


 
Branch Locator | Site Map | Privacy | Terms of Use | Disclosures | Morgan Stanley DW Inc. Financial Statement
 
 
Investment consulting services are offered at Morgan Stanley only through investment advisory programs and are not available through traditional brokerage accounts and products. Please speak with a Morgan Stanley Financial Advisor to further discuss the differences between brokerage and advisory products offered by Morgan Stanley.
 
Investments and services are offered through Morgan Stanley DW Inc., member SIPC. 2004 Morgan Stanley. All rights reserved.
 
The information and services provided on this Web site are intended for persons in the U.S. only. Non-U.S. persons are directed to our Global Presence page.