International Advantage Portfolio

Share Class :
 
MFAPX CUSIP: 61756E446
 
 
Overall Morningstar Rating
International Advantage Portfolio
MFAPX CUSIP: 61756E446
Share Class :

International Advantage Portfolio

SHARE CLASS :
MFAPX CUSIP: 61756E446
 
Overall Morningstar Rating
Ratings are historical and do not guarantee future results. For standardized ratings information refer to the Pricing & Performance section. Please click here for additional disclosures.

 
 
Investment Objective

Seeks long-term capital appreciation.

Investment Approach
The Portfolio seeks long-term capital appreciation by investing primarily in international high quality established companies that the investment team believes are undervalued at the time of purchase. To achieve its objective, the investment team typically favors companies it believes have sustainable competitive advantages that can be monetized through growth. The investment process integrates analysis of sustainability with respect to disruptive change, financial strength, environmental and social externalities and governance (also referred to as ESG).
 
31
Number of holdings
12.2
Tracking error (3 yr) (%)
154.0
Weighted Average Market Capitalization ($B)
 
 
Pricing & Performance

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please select the "month" timeframe or call 1-800-548-7786. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here

As of 09/30/2024

As of 10/11/2024

As of 09/30/2024

As of 10/11/2024


Performance of $10,000 invested
Performance of $10,000 invested

    
Past performance is not indicative of future results. Information above does not take into account any applicable sales charges.
 
 
Average Annual Total Returns As of 09/30/2024 As of 09/30/2024
 
  SALES CHARGE:
 
  •  
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MFAPX 21.13 -5.00 5.77 9.37 9.11
MSCI All Country World ex USA Index (%) 25.35 4.14 7.59 5.22 4.99
Lipper Category Average (%) 26.50 1.36 8.12 6.17 --
Morningstar Category Average (%) 26.69 0.19 7.70 6.57 --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MFAPX (%) 27.87 -3.28 6.92 9.96 9.54
MSCI All Country World ex USA Index (%) 25.35 4.14 7.59 5.22 4.99
Lipper Category Average (%) 26.50 1.36 8.12 6.17 --
Morningstar Category Average (%) 26.69 0.19 7.70 6.57 --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MFAPX 21.13 -5.00 5.77 9.37 9.11
MSCI All Country World ex USA Index (%) 25.35 4.14 7.59 5.22 4.99
Lipper Category Average (%) 26.50 1.36 8.12 6.17 --
Morningstar Category Average (%) 26.69 0.19 7.70 6.57 --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MFAPX (%) 27.87 -3.28 6.92 9.96 9.54
MSCI All Country World ex USA Index (%) 25.35 4.14 7.59 5.22 4.99
Lipper Category Average (%) 26.50 1.36 8.12 6.17 --
Morningstar Category Average (%) 26.69 0.19 7.70 6.57 --
2023 2022 2021 2020 2019 2018 2017
MFAPX 18.07 -34.66 12.87 31.90 29.72 -5.48 44.18
MSCI All Country World ex USA Index (%) 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19
Lipper Category Average (%) 15.43 -24.67 6.82 20.12 26.58 -15.36 29.85
Morningstar Category Average (%) 16.18 -25.29 7.69 25.48 27.83 -14.08 30.87
Average Annual Total Returns
  SALES CHARGE:
As of 09/30/2024
TIMEFRAME MFAPX MSCI All Country World ex USA Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 21.13 25.35 26.50 26.69
3 Yrs -5.00 4.14 1.36 0.19
5 Yrs 5.77 7.59 8.12 7.70
10 Yrs 9.37 5.22 6.17 6.57
Since Inception 9.11 4.99 } -- --
TIMEFRAME MFAPX MSCI All Country World ex USA Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 27.87 25.35 26.50 26.69
3 Yrs -3.28 4.14 1.36 0.19
5 Yrs 6.92 7.59 8.12 7.70
10 Yrs 9.96 5.22 6.17 6.57
Since Inception 9.54 4.99 } -- --
As of 09/30/2024
TIMEFRAME MFAPX MSCI All Country World ex USA Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 21.13 25.35 26.50 26.69
3 Yrs -5.00 4.14 1.36 0.19
5 Yrs 5.77 7.59 8.12 7.70
10 Yrs 9.37 5.22 6.17 6.57
Since Inception 9.11 4.99 } -- --
TIMEFRAME MFAPX MSCI All Country World ex USA Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 27.87 25.35 26.50 26.69
3 Yrs -3.28 4.14 1.36 0.19
5 Yrs 6.92 7.59 8.12 7.70
10 Yrs 9.96 5.22 6.17 6.57
Since Inception 9.54 4.99 } -- --
TIMEFRAME MFAPX MSCI All Country World ex USA Index (%) Lipper Category Average (%) Morningstar Category Average (%)
2023 18.07 15.62 15.43 16.18
2022 -34.66 -16.00 -24.67 -25.29
2021 12.87 7.82 6.82 7.69
2020 31.90 10.65 20.12 25.48
2019 29.72 21.51 26.58 27.83
2018 -5.48 -14.20 -15.36 -14.08
2017 44.18 27.19 29.85 30.87
Past performance is not indicative of future results. The Portfolio's calendar year returns do not include the deduction of any applicable sales charges.
 
 
Risk/Return Statistics

TIMEFRAME:
    MFAPX Index
Alpha (%) -7.60 --
Beta (vs. benchmark) 1.38 1.00
Excess return (%) -7.41 --
Information ratio -0.61 --
R squared 0.82 1.00
Sharpe ratio -0.28 0.03
Standard deviation (%) 24.90 16.34
Tracking error (%) 12.21 --
Up-capture ratio (%) 126.77 100.00
Down-capture ratio (%) 152.98 100.00
    MFAPX Index
Alpha (%) -1.08 --
Beta (vs. benchmark) 1.08 1.00
Excess return (%) -0.67 --
Information ratio -0.06 --
R squared 0.74 1.00
Sharpe ratio 0.21 0.30
Standard deviation (%) 21.59 17.19
Tracking error (%) 11.15 --
Up-capture ratio (%) 115.78 100.00
Down-capture ratio (%) 119.19 100.00
Past performance is not indicative of future results.
 
 
Distributions
 Tax Center   
 
Record Date Ex-Date Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)
12/14/2023 12/15/2023 12/15/2023 0.000000 0.000000 0.000000 0.000000
12/15/2022 12/16/2022 12/16/2022 0.000000 0.865200 0.000000 0.865200
Record Date Ex-Date Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)
12/14/2023 12/15/2023 12/15/2023 0.000000 0.000000 0.000000 0.000000
12/15/2022 12/16/2022 12/16/2022 0.000000 0.865200 0.000000 0.865200
 
 
Composition As of 06/30/2024
  Fund Index
Consumer Discretionary 31.18 11.11
Information Technology 20.00 14.02
Financials 17.11 21.68
Industrials 13.29 13.68
Communication Services 6.16 5.27
Health Care 5.93 9.49
Consumer Staples 3.56 7.24
Utilities 1.74 3.07
Energy -- 5.54
Materials -- 7.12
Real Estate -- 1.76
Cash 1.58 --
 
May not sum to 100% due to the exclusion of other assets and liabilities.


Geography As of 06/30/2024
  Fund Index
France 14.85 7.14
Canada 13.44 7.44
United States 11.02 --
Denmark 9.04 2.53
Netherlands 8.95 3.44
India 8.08 5.56
Italy 6.94 1.71
Switzerland 6.74 6.16
Taiwan 5.36 5.62
Japan 5.08 14.44
Other 9.47 45.95
Cash 1.58 --
 
May not sum to 100% due to the exclusion of other assets and liabilities.


Holdings As of 08/31/2024
Fund Index
Hermès International S.A. 8.49 0.28
DSV A/S 7.25 0.11
Moncler S.p.A. 6.10 0.05
MercadoLibre Inc 5.13 --
Schneider Electric SE 5.06 0.51
Taiwan Semiconductor Mfg Co. Ltd 4.88 2.67
ASML Holding NV 4.71 1.32
Keyence Corp 4.67 0.34
Spotify Technology S.A. 4.48 --
Canadian Pacific Kansas City Ltd 3.79 0.28
Total 54.56 --

Complete holdings for International Advantage Portfolio will be publicly available on a quarterly basis 45 calendar days after the quarter-end by calling (800) 548-7786 or emailing client service at msimcs@morganstanley.com



Portfolio Characteristics
Fund Index
Active share (%) 88.77 --
Return on invested capital - NTM (%) # 57.50 19.08
Sales growth 3 year forward CAGR # 10.33 6.10
Net cash to equity (%) -16 -26
Number of holdings 30 2,159
Weighted average market capitalization ($B) 158.27 116.89
Turnover (%) 32 --
Portfolio turnover is sourced from the fund's current prospectus. View current prospectus for the as of date.
#Next Twelve Months consensus estimates.
#Source: FactSet Research Systems Inc.
 
 
Investors
Kristian Heugh
Head of Global Opportunity
23 years industry experience
Anil Agarwal
Managing Director, Director of Research
23 years industry experience
Lindsay Connor
Executive Director
22 years industry experience
 
 
 

^The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating. If the pillar is assigned directly or indirectly by analysts, the pillar has complete data availability, as no model was used to estimate the pillar score. If the pillar is assigned directly by algorithm, Morningstar counts the number of data points feeding both the positive and negative models and counts whether the vehicle has strategy-specific data available. A simple percentage is calculated per pillar. The overall data coverage % is then scaled by pillar weights.

The Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts. For example, if the People and Parent ratings are assigned directly or indirectly by analysts but the Process rating is assigned algorithmically, the Analyst-Driven % for an actively managed vehicle would disclose that 55% of the pillar weight was assigned by analysts and the Analyst-Driven % for a passively managed vehicle would disclose that 20% of the pillar weight was assigned by analysts.

Class C shares include deferred sales charge of 1.00% which declines to zero after first year.

Where the net expense ratio is lower than the gross expense ratio, certain fees have been waived and/ or expenses reimbursed. These waivers and/or reimbursements will continue for at least one year from the date of the applicable fund’s current prospectus (unless otherwise noted in the applicable prospectus) or until such time as the fund's Board of Directors/Trustees acts to discontinue all or a portion of such waivers and/or reimbursements. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund's current prospectus. The minimum initial investment is $1,000,000 for Class I shares.

The Fund has suspended offering Class L shares of the Portfolio for sale to all investors.

Growth of Investment illustration is based on an initial investment of $10,000 made since fund inception, assumes reinvestment of dividends and capital gains and application of fees, but does not include sales charges. Performance would have been lower if sales charges had been included. Results are hypothetical.

Subject to change daily. Fund information, Portfolio Composition and Characteristics are provided for informational purposes only, and should not be deemed as a recommendation to buy or sell any security or securities in the sectors and/or countries presented. 

Returns are net of fees and assume the reinvestment of all dividends and income. Returns for less than one year are cumulative (not annualized). Performance of other share classes will vary.

Please keep in mind that double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions. 

Effective July 1, 2015, the total expense ratio cap for each share class of MSIF International Advantage was lowered by 0.25% (25 basis points).

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

# Forecasts and/or estimates provided herein are subject to change and may not actually come to pass. These conclusions are speculative in nature, and are not intended to predict the future performance of any specific strategy or product the Firm offers. Future results may differ significantly depending on factors such as changes in securities or financial markets or general economic conditions.

PORTFOLIO CHARACTERISTICS DEFINITIONS
Active Share is the fraction of the portfolio or fund that is invested differently than its benchmark as of the last day of the reporting period. A portfolio with a high degree of Active Share does not assure a fund’s relative outperformance. Active Share calculation may consolidate holdings with the same economic exposure. The Net Asset Value (NAV) per share is determined by dividing the value of the fund's portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the fund at a given time. Net cash to equity is the ratio of a company’s cash on hand against the total net worth of the company. Return on invested capital (ROIC) represents the performance ratio measuring a company’s percentage return on its invested capital, excluding financial  and real estate sectors. Income statement items as of next twelve months based on FactSet consensus estimates, and Balance Sheet items from latest reported fiscal year. Sales growth 3 year forward CAGR is the compound annual growth rate of sales from 2023 to 2026 based on FactSet consensus estimates. It is calculated by: [Sales (2026) / Sales (2023)]^1/3 – 1. Weighted Average Market Capitalization is an average of the market capitalization of stocks comprising a portfolio or index, adjusted by each stock’s weight in the portfolio or index.

Turnover is sourced from the fund's current prospectus.

The index data displayed under allocations are calculated using MSIM and other third-party methodologies and may differ from data published by the vendor.

RISK/RETURN DEFINITIONS
Excess Return 
or value added (positive or negative) is the portfolio’s return relative to the return of the benchmark. Alpha (Jensen's) is a risk-adjusted performance measure that represents the average return on a portfolio or investment above or below that predicted by the capital asset pricing model (CAPM) given the portfolio's or investment's beta and the average market return. Prior to 6/30/2018 Alpha was calculated as the excess return of the fund versus benchmark. Beta is a measure of the relative volatility of a security or portfolio to the market's upward or downward movements. Information ratio is the portfolio’s alpha or excess return per unit of risk, as measured by tracking error, versus the portfolio’s benchmark. R squared measures how well an investment’s returns correlate to an index. An R squared of 100 means the portfolio performance is 100% correlated to the index’s, whereas a low r-squared means that the portfolio performance is less correlated to the index’s. Sharpe ratio is a risk-adjusted measure calculated as the ratio of excess return to standard deviation. The Sharpe ratio determines reward per unit of risk. The higher the Sharpe ratio, the better the historical risk-adjusted performance. Standard deviation measures how widely individual performance returns, within a performance series, are dispersed from the average or mean value. Tracking error is the amount by which the performance of the portfolio differs from that of the benchmark. Upside/downside market capture measures annualized performance in up/down markets relative to the market benchmark.

RISK CONSIDERATIONS
There is no assurance that a Portfolio will achieve its investment objective. Market values can change daily, including the possibility of declining below what you paid for them, due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this Portfolio. Please be aware that this Portfolio may be subject to certain additional risks. In general, equities securities’ values also fluctuate in response to activities specific to a company. Investments in foreign markets entail special risks such as currency, political, economic, market and liquidity risks. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. To the extent that the Fund invests in a limited number of issuers (focused investing), the Fund will be more susceptible to negative events affecting those issuers and a decline in the value of a particular instrument may cause the Fund’s overall value to decline to a greater degree than if the Fund were invested more widely. Derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks. Privately placed and restricted securities may be subject to resale restrictions as well as a lack of publicly available information, which will increase their illiquidity and could adversely affect the ability to value and sell them (liquidity risk). There is no assurance strategies that incorporate ESG factors will result in more favorable investment performance. China risk Investments in China involve risk of a total loss due to government action or inaction. Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic conditions of its primary trading partners, such as the United States, Japan and South Korea, would adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other significant economies of the world, such as the United States, the European Union and certain Asian countries, may adversely affect economic growth in China. An economic downturn in China would adversely impact the Portfolio’s investments. Risks of Investing through Stock Connect. Any investments in A-shares listed and traded through Stock Connect, or on such other stock exchanges in China which participate in Stock Connect is subject to a number of restrictions that may affect the Portfolio's investments and returns. Moreover, Stock Connect A shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. The Stock Connect program may be subject to further interpretation and guidance. There can be no assurance as to the program’s continued existence or whether future developments regarding the program may restrict or adversely affect the Portfolio's investments or returns. There is no assurance strategies that incorporate ESG factors will result in more favorable investment performance. Active Management Risk. The Adviser has considerable leeway in deciding which investments to buy, hold or sell, and which trading strategies to use. Such decisions will affect performance. To the extent the Portfolio invests a substantial portion of its assets in the information technology sector, the Portfolio may be particularly impacted by events that adversely affect the sector, and may fluctuate more than that of a portfolio that does not invest significantly in companies in the technology sector. To the extent the Portfolio invests a substantial portion of its assets in the consumer discretionary sector, the Portfolio may be particularly susceptible to the risks associated with companies operating in such sector.

Morningstar 

Rankings: The percentile rankings are based on the average annual total returns for the periods stated and do not include any sales charges, but do include reinvestment of dividends and capital gains and Rule 12b-1 fees. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1.

Ratings: The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account sales loads.

© 2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

OTHER CONSIDERATIONS

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.

The MSCI All Country World Ex USA Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the U.S. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends.

The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index. Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor.

Please consider the investment objective, risks, charges and expenses of the fund carefully before investing. The prospectus contains this and other information about the fund. To obtain a prospectus, download one at morganstanley.com/im or call 1-800-548-7786. Please read the prospectus carefully before investing.

Morgan Stanley Investment Management (MSIM) is the asset management division of Morgan Stanley. 

Next Twelve Months consensus estimates.

 

Source: FactSet Research Systems Inc.

 

WAM is the weighted average maturity of the portfolio. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.

 

WAL is the weighted average life of the portfolio. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

Tracking error and information ratio are calculated using the Portfolio's Blended Index (added October 2, 2013), as this is a better representation of the Portfolio's global multi-asset strategy. The investment team manages the Portfolio relative to this Blended Index.

 

Excess return versus Custom Benchmark is calculated using the Portfolio's Blended Index based on the period since it was added as a benchmark on October 2, 2013.

 

NTM = Next Twelve Months

 

LTM = Last Twelve Months

 

Because the Portfolio had not commenced operations as of the most recent fiscal year end, no portfolio turnover rate is available for the Portfolio.

 

The Reorganization occurred on January 6, 2015. The inception date reflects the inception date of the Private Fund.

 

Global equities is represented by the MSCI All Country World Index.

 

Net exposure % calculated as [(MV of long cash security and derivative positions)-(absolute value of MV in short derivative positions)]/(portfolio MV)

 

Gross exposure % calculated as [(MV of long cash security and derivative positions)+(absolute value of MV in short derivative positions)]/(portfolio MV).

 

Fixed income net and gross exposure is duration adjusted (U.S. Treasury 10-Year equivalents)

 

Security ratings disclosed above have been obtained from Standard & Poor's Ratings Group ("S&P"). S&P's credit ratings express its opinion about the ability and willingness of an issuer to meet its financial obligations in full and on time.'AAA' is the highest rating. Any rating below 'BBB-' rating is considered non-investment grade. Ratings are relative and subjective and are not absolute standards of quality. Ratings apply only to the underlying holdings of the portfolio and does not remove market risk. "NR" or "Not Rated" indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy. Futures are not rated.

 

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