Strategy. The Adviser and the Funds Sub-Adviser, Morgan Stanley Investment Management Limited (MSIM Limited), seek long-term capital appreciation by investing in a diversified portfolio of equity securities of non-U.S. issuers based on fundamental analysis and individual stock selection. Utilizing a bottom-up approach to investing, the Adviser and/or Sub-Adviser look to invest in two types of stocks: reasonably priced high quality compounders, companies characterized by their ability to generate sustainably high returns on capital, and value opportunities, which are typically more cyclical companies with reasonable or improving fundamentals trading at a sufficient discount to intrinsic value to compensate for their greater levels of risk. The Adviser and/or Sub-Adviser conduct in-depth fundamental research on a stock by stock basis to determine if it … Show more… The Adviser and the Funds Sub-Adviser, Morgan Stanley Investment Management Limited (MSIM Limited), seek long-term capital appreciation by investing in a diversified portfolio of equity securities of non-U.S. issuers based on fundamental analysis and individual stock selection. Utilizing a bottom-up approach to investing, the Adviser and/or Sub-Adviser look to invest in two types of stocks: reasonably priced high quality compounders, companies characterized by their ability to generate sustainably high returns on capital, and value opportunities, which are typically more cyclical companies with reasonable or improving fundamentals trading at a sufficient discount to intrinsic value to compensate for their greater levels of risk. The Adviser and/or Sub-Adviser conduct in-depth fundamental research on a stock by stock basis to determine if it represents a high quality compounder or value opportunity, assessing a companys franchise, management and financial strength, and emphasize cash flow-based-metrics rather than accounting numbers to determine intrinsic value. The Adviser and/or Sub-Adviser also seek capable company management teams that have a history of disciplined capital allocation. The Adviser and/or Sub-Adviser believe that a portfolio consisting of both types of stocks, with the flexibility to adjust the mix between the two dependent on company valuation and prospects, has the potential to generate attractive long-term returns for investors. As an integrated part of the investment process, the Adviser and/or Sub-Adviser assesses relevant factors potentially material to long- term returns on operating capital including environmental, social, and governance (ESG) factors and seeks to engage with companies as part of this. Subject to the Funds investment objective, the Adviser and/or Sub-Adviser retains discretion over which investments are selected. In exercising this discretion, ESG factors are not the sole determinant of whether an investment can be made or a holding can remain in the Funds portfolio, but instead the Adviser and/or Sub-Adviser considers potentially material risks or opportunities in any of the ESG areas which could potentially threaten or enhance the long-term sustainability or direction of a companys returns. Under normal circumstances, at least 80% of the Funds assets will be invested in equity securities. This policy may be changed without shareholder approval; however, you would be notified upon 60 days notice in writing of any changes. The Funds equity investments may include convertible securities. The Fund may utilize foreign currency forward exchange contracts, which are derivatives, for currency hedging purposes . Derivative instruments used by the Fund will be counted toward the Funds 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy. Show less