LiquidFunds

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General Information

United States Notice

The provision of the information on this website does not constitute an offer to sell securities to any person in the United States or to any U.S. Person as such term is defined under the U.S. Securities Act of 1933, as amended.

United Kingdom (UK) Notice

This web site has been approved by Morgan Stanley & Co. International plc solely for the purposes of Section 21 of the Financial Services and Markets Act 2000. Morgan Stanley & Co. International plc is authorized and regulated in the conduct of its investment business by the Financial Services Authority in the United Kingdom.

THE INFORMATION WITHIN THIS WEB SITE IS FOR INFORMATION ONLY. IT DOES NOT CONSTITUTE AN OFFER BY MORGAN STANLEY TO ENTER INTO ANY CONTRACT/AGREEMENT NOR IS IT A SOLICITATION TO BUY OR SELL ANY INVESTMENT. CONTENT RELATING TO UNREGULATED COLLECTIVE INVESTMENT SCHEMES (HEDGE FUNDS) IS AIMED SOLELY AT EXISTING INVESTORS AND OTHER PERSONS CONTEMPLATED WITHIN THE SCOPE OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (PROMOTION OF COLLECTIVE INVESTMENT SCHEMES) (EXEMPTIONS) ORDER 2001 AND RULE 3.11.2 AND ANNEX 5 OF THE CONDUCT OF BUSINESS RULES OF THE FINANCIAL SERVICES AUTHORITY AS INTERMEDIATE CUSTOMERS OR MARKET COUNTERPARTIES OR WITHIN ANY OTHER EXEMPTION TO SECTION 238 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 AND AT TO PERSONS TO WHOM THE INFORMATION MAY OTHERWISE BE LAWFULLY ISSUED OR PASSED. INVESTMENTS OR INVESTMENT SERVICES MENTIONED ON THE WEB SITE ARE NOT AVAILABLE TO PRIVATE CUSTOMERS. INVESTORS SHOULD BE AWARE THAT MANY OF THE PROTECTIONS PROVIDED BY THE UNITED KINGDOM REGULATORY STRUCTURE MAY NOT APPLY TO INVESTMENTS IN THE PARTICIPATING FUNDS, INCLUDING ACCESS TO THE FINANCIAL SERVICES COMPENSATION SCHEME AND THE FINANCIAL OMBUDSMAN SERVICE.

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This web site is comprised of various web sites operated by Morgan Stanley (collectively, the "web site"). Certain sections of or pages on this web site may contain separate terms and conditions, which are in addition to these Terms of Use. You should read those additional terms and conditions carefully. By accessing such sections or pages, you agree to be bound by those additional terms and conditions. In the event of a conflict, those additional terms and conditions will govern your use of those sections or pages.

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Morgan Stanley reserves the right, in its sole discretion, without any obligation and without any notice requirement, to change, improve or correct the information, materials and descriptions on this web site and to suspend and/or deny access to this web site for scheduled or unscheduled maintenance, upgrades, improvements or corrections. The information and materials on this web site may contain typographical errors or inaccuracies. Any dated information is published as of its date only, and Morgan Stanley does not undertake any obligation or responsibility to update or amend any such information. Morgan Stanley may discontinue or change any product or service described in or offered on this web site at any time.

Disclaimer of Warranty and Limitation of Liability

The information, products and services on this web site are provided on an "AS IS," "WHERE IS" and "WHERE AVAILABLE" basis. Morgan Stanley does not warrant the information or services provided herein or your use of this web site generally, either expressly or impliedly, for any particular purpose and expressly disclaims any implied warranties, including but not limited to, warranties of title, non-infringement, merchantability or fitness for a particular purpose. Morgan Stanley will not be responsible for any loss or damage that could result from interception by third parties of any information or services made available to you via this web site. Although the information provided to you on this web site is obtained or compiled from sources we believe to be reliable, Morgan Stanley cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Neither Morgan Stanley, nor any of its affiliates, directors, officers or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this web site, or resulting from the act or omission of any other party involved in making this web site, the data contained herein or the products or services offered on this web site available to you, or from any other cause relating to your access to, inability to access, or use of the web site or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Morgan Stanley or of any vendor providing software or services. In no event will Morgan Stanley or any such parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if Morgan Stanley or any other such party has been advised of the possibility thereof. This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user's equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problems (e.g., you cannot access your internet service provider), unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure. Morgan Stanley cannot and does not guarantee continuous, uninterrupted or secure access to the web site.

Proprietary Rights

All right, title and interest in this web site and any content contained herein is the exclusive property of Morgan Stanley, except as otherwise stated. Unless otherwise specified, this web site is for your personal and non-commercial use only and you may print, copy and download any information or portion of this website for your personal use only. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, frame, create derivative works from, transfer, or otherwise use in any other way for commercial or public purposes in whole or in part any information, software, products or services obtained from this web site, except for the purposes expressly provided herein, without Morgan Stanley's prior written approval. If you copy or download any information or software from this web site, you agree that you will not remove or obscure any copyright or other notices or legends contained in any such information.

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Securities Products

None of the information contained in this web site constitutes a recommendation, solicitation or offer by Morgan Stanley or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. The information contained in this website has been prepared without reference to any particular user's investment requirements or financial situation. Certain transactions give rise to substantial risk and are not suitable for all investors. Prior to the execution of any transaction by you involving information you received from this web site, you should consult your business advisor, attorney and tax and accounting advisors with respect to the price, suitability, value, risk or other aspects of any stock, mutual fund, security or other investment. Pricing and other information generated through the use of data or services made available herein may not reflect actual prices or values that would be available in the market at the time provided or at the time that the user may want to purchase or sell a particular security or other instrument. The information and services provided on this web site are not provided to and may not be used by any person or entity in any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules or regulations of any governmental authority or regulatory or self-regulatory organization or clearing organization or where Morgan Stanley is not authorized to provide such information or services. Some products and services described in this web site may not be available in all jurisdictions or to all clients.

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Choice of Law

These Terms of Use shall be governed by English Law. Any cause of action you may have with respect to your use of this website must be commenced within one (1) year after the claim or cause of action arises. If for any reason a court of competent jurisdiction finds any provision of these Terms of Use, or a portion thereof, to be unenforceable, that provision shall be enforced to the maximum extent permissible so as to affect the intent of these Terms of Use, and the remainder of these Terms of Use shall continue in full force and effect. These Terms of Use constitutes the entire agreement between Morgan Stanley and you with respect to this site and it supersedes all prior or contemporaneous communications, agreements and understandings between Morgan Stanley and you with respect to the subject matter hereof. Morgan Stanley and you acknowledge and agree that unless expressly included in any other agreement between Morgan Stanley and you the requirements of the E-Commerce Directive (00/31/EC) as implemented are excluded to the fullest extent permissible by law. A printed version of these Terms of Use shall be admissible in judicial or administrative proceedings.

Disclaimers

Morgan Stanley & Co International plc ("Morgan Stanley"), as program sponsor of the LiquidFunds program (or any of its affiliates), does not make any representation or warranty, express or implied, in respect of any participating fund or its investment manager, the likely performance of any participating fund or the suitability of any participating fund for any investor and shall have no responsibility or liability whatsoever in respect of any inaccuracy in, or omission from, this web site or any document issued in respect of any participating fund. No investigation or review of any participating fund, its investment manager or any of their respective affiliates, directors, officers, partners, employees or agents, nor of the investments or performance of any participating fund or its investment manager or of any affiliate has been or will be performed by Morgan Stanley for the benefit of investors, other than as set out in the Program Rules.

Investors in any participating fund should not rely on any communication (written or oral) of Morgan Stanley as program sponsor of the LiquidFunds program or otherwise, as constituting investment advice or as a recommendation to invest in or to seek exposure to any participating fund. The information and explanations relating to the terms and conditions of the LiquidFunds program shall not be considered to be investment advice or a recommendation to invest in any participating fund, and such information and explanations are not an offer or invitation (or a solicitation of an offer or invitation) to subscribe, buy, redeem or sell securities in or relating to any participating fund. No communication (written or oral) received from Morgan Stanley shall be deemed to be an assurance or guarantee as to the expected results of an investment in any participating fund.

In performing its functions as program sponsor of the LiquidFunds program, Morgan Stanley does not act on behalf of, or accept any duty of care or any other fiduciary obligations in relation to any participating fund or its investment manager or to any investors in any participating fund. As a result, Morgan Stanley shall not be liable to any investor for breach of trust or any liability which by virtue of any rule of law would otherwise attach to it.

Due to the diversity of services it offers to their clients and its broad business base, Morgan Stanley may also have other existing or future relationships with any participating fund and/or its investment manager or with other entities whose interests may conflict with those of a participating fund and/or its investment manager. Certain capacities may involve professional and/or fiduciary obligations on the part of certain divisions of Morgan Stanley to third parties. These capacities and other relationships may present situations in which the interests of Morgan Stanley or its clients or other entities to whom such duties are owed may be in conflict with the interests of a participating fund and/or those of investors in such participating fund. In such situations, Morgan Stanley may take decisions that may adversely affect the relevant participating fund and/or its investors. There is no restriction on Morgan Stanley with regard to acting in similar roles for other parties or persons and no duty on any of them to act in the interests of any participating fund or its investors. In particular, Morgan Stanley (or an affiliate) may be a prime broker, lender, counterparty or have various other relationships with any participating fund. Morgan Stanley is not required to advise investors of (or seek consent for) any such business. In addition, Morgan Stanley may trade with any participating fund for its own account or for any other account. Neither Morgan Stanley nor its affiliates shall be liable for any such conflicts of interest and shall not be liable to account for any profit derived therefrom.

Investors should ensure that they understand and are comfortable with the identities of the parties and the roles they play in relation to each participating fund and undertake their own enquiries and due diligence in relation to the parties and the investment without relying on Morgan Stanley, as program sponsor of the LiquidFunds program or otherwise, for such comfort. Investors should consult with their own legal, regulatory, tax, business, investments, financial and accounting advisors to the extent that they deem necessary, and make their own investments, hedging and trading decisions based upon their own judgment and upon any advice they have received from such advisors or as they have deemed necessary. Investors should only invest in any participating fund with a full understanding of the terms, conditions and risks thereof and are capable of and should be willing to assume those risks.

Regulatory Details

This web site is provided by Morgan Stanley & Co. International plc, registered in England and Wales (No. 2068222), 25 Cabot Square, Canary Wharf, London E14 4QA England Authorized and Regulated by the UK Financial Services Authority Registration Number 165935 VAT 524 2526 68 Tel: + 44 (0) 20 7425 8000 Fax + 44 (0) 20 7425 8990