The fourth pillar of the LiquidFunds Program is a commitment to open architecture. This commitment manifests itself in a number of ways:

Investor Base: The Program is designed to create funds that are attractive to structured product providers, including those that compete directly with Morgan Stanley. Managers will market participating funds to the investors of their choosing independently from LiquidFunds.

Services: Under the Program rules, participating funds are given access to key service providers from a menu of industry leaders. There is no requirement to procure prime brokerage or other services from LiquidFunds or its affiliates.

Non-Exclusivity: Managers of participating funds are free to offer other products and to work with other providers of competing programs.

Management Fees: Participating funds are free to set fees as they think appropriate.