Sustainable
Investing
PolicyOctober 2023

TABLE OF CONTENTS
Executive Summary ������������������������������������������������������������������������������������������������ 1
MSIM Sustainability Approach������������������������������������������������������������������������������ 2
Sustainability Risk & Adverse Impacts���������������������������������������������������������������� 7
Reporting & Transparency�������������������������������������������������������������������������������������� 9
Related Policies & Reports��������������������������������������������������������������������������������� 10

Executive Summary
Morgan Stanley Investment Management (“MSIM”)
provides broad−based specialization across a rangeof asset classes in public and private markets
worldwide1. We have been creating value for ourclients for over 40 years and operate in morethan 20 countries. Our independent investment
teams leverage Morgan Stanley’s global resources
to serve a diverse client base of governments,
institutions, corporations, advisors and individuals
worldwide. Our investment solutions include a
broad range of high−conviction active strategies,
alternatives, customization strategies andsustainability expertise2.
MSIM’s investment teams are responsible for developing their individual approaches
to sustainable investing. MSIM believes that environmental, social and governance(“ESG”) factors can present investment risks and opportunities. Understanding andmanaging these risks and opportunities may therefore contribute to both risk mitigationand long−term investment returns. Engagement and stewardship are a key part of thisunderstanding, where investment teams seek to engage with the assets or companies
they own, seeking to deliver long−term value and align with our objective to be
responsible stewards of our clients’ capital.
The meaning/definition of sustainable investing varies from investor to investor.
MSIM is characterized by its global reach, experience, and reputation for providing
customized solutions to clients. MSIM has a decentralized approach towards investment
management, consisting of independent public and private markets investment teams
and asset class platforms. This decentralized investment approach allows investment
teams to tailor their approach to sustainability using multiple factors including, but notlimited to, the objectives of the product, asset class and investment time horizon, as
well as the specific research and portfolio construction, philosophy and process used byeach team. Investment teams deploy their skill and judgment in assessing the materialityof ESG−related risks and opportunities as appropriate for each investment strategy3.
We aim to create a culture that fosters independent thought including diverse
investment approaches and innovation. This is demonstrated by our investment offerings
that range across various geographies, investment styles, asset classes and approaches
to sustainability.

MSIM refers to the investment managementbusiness segment of Morgan Stanley,a global financial services firm. MSIM is
composed of a number of wholly-owned
subsidiaries of Morgan Stanley, including
MSIM Fund Management (Ireland) Limited.
References to “Morgan Stanley” or the “Firm”
in this Policy refer to the parent company
and its consolidated subsidiaries. In someinstances, MSIM may leverage or be apart of Morgan Stanley’s processes and/or initiatives related to sustainable investing.
Certain subsidiaries of Morgan Stanley in its
Investment Management business, including
but not limited to Calvert Research andManagement and Parametric Portfolio
Associates LLC, may differ in their approachto sustainable investing and maintainseparate sustainability policies. Accordingly,
the discussion of sustainable investing
described herein may not be applicable toeach Morgan Stanley affiliate or investment
team. Further, some investment strategies
may not consider ESG factors where it is
not currently feasible or appropriate to
do so, e.g. passive investment strategies,
certain asset allocation strategies, or where
requested by clients.
1

Sustainability expertise across asset
classes, where appropriate. Please see
footnote 3 below.
3
Some investment strategies may notconsider ESG factors where it is not
currently feasible or appropriate to do so,e.g. passive investment strategies, certain
asset allocation strategies, or where
requested by clients.
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MSIM
Sustainability
Approach

As a client−centric organisation, ourapproach is premised on delivering
investment and risk management solutions
tailored to a wide range of clients’preferences, including any relevant
sustainability preferences. MSIM
investment teams act as responsible long−term investors and our collective purpose
in delivering long−term value for our clients
therefore guides our sustainability businessagenda, investment and stewardship
activities. We seek to deliver on thisapproach in three main areas:
Deliver Global Depth and Breadth in
Sustainable Investing Expertise
Within certain MSIM investment teams, there aredesignated sustainability specialists or individuals
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SUSTAINABLE INVESTING POLIC Y

responsible for particular aspects of sustainability. These
efforts are supported by the MSIM Sustainability Teamand other centralized resources, as discussed throughout
this Policy.

Offer Clients a Spectrum of Flexible andInnovative Sustainable Investing Solutions
Providing our clients with investment solutions across asset
classes that seek alignment with their return objectives
alongside their sustainability preferences.

Maintain High Standards of Governanceand Stewardship
Effective management of stewardship and sustainability
issues is an important component of our businessapproach, which requires committed leadership, strategic
focus and appropriate checks and balances to enable
overall accountability and transparency. To that end, we
have established governance systems, risk management
and controls to support and advance sustainable investingand stewardship across our business activities.

A) DELIVER GLOBAL DEPTH AND BREADTH IN SUSTAINABLE
INVESTING EXPERTISE

MSIM’s investment teams incorporate the assessmentof material ESG risks and opportunities into investment
decision−making processes, as appropriate, and according
to investment teams’ particular investment strategies.
Incorporation of such ESG risks and opportunities may
occur at various stages of the investment lifecycle
including due diligence and research, valuation, asset
selection, portfolio construction, and ongoing engagement
and investment monitoring.
MSIM’s investment teams seek to leverage suchassessment of ESG risks and opportunities, along withother relevant information, in a way that is aligned withthe specific investment philosophy, asset class, and time
horizon of a given strategy or product.
Investment teams may leverage any of the following typesof information and resources to support their ESG analysis:i. 	Company disclosed information (which may include a
company’s quarterly financials, earnings calls, generalcompany reporting and / or disclosures, including
sustainability−related disclosures);ii. Non−company disclosed information (such as news
reports or industry data);iii. Third−party research and data;
iv. Engagement with company management;
v. Proprietary and derived research and data; and/or;
vi. 	Other data sourced through bespoke due diligence.
B) OFFER CLIENTS A SPECTRUM OF FLEXIBLE AND INNOVATIVESUSTAINABLE INVESTING SOLUTIONS

We offer clients a wide range of sustainable investing
solutions across asset classes in actively and passively
managed vehicles that seek to align with clients’ returns
objectives, alongside their sustainability preferences.
These include products that may consider ESG factors at
a security and/or portfolio level, by deploying a varietyof ESG tools and investing approaches, including without
limitation, minimum criteria for inclusion, exclusionary
screens (e.g. sector/norms−based/sovereign/environmental/social controversies etc.), utilizing proprietary quantitativeand qualitative assessment processes, and intentional tilts
towards certain sustainability factors, and/or requiring athreshold allocation to certain thematic labelled/certified
securities4, such as a focus on sustainable/thematic
outcomes and/or seek to achieve attractive financial
returns alongside positive environmental and/or social

impacts. We also strive to provide relevant quantifiable
metrics and reporting for our products and solutions5 , asdata availability and access improve over time.
C) GOVERNANCE AND STEWARDSHIP

Governance
We view effective management of sustainability issues as
an important component of our business approach as we
believe it is fundamental to the long−term success of ourorganization and our ability to deliver value for our clients.
We have governance systems, risk management processes
and controls that seek to support the incorporation ofsustainability considerations within our business activities.
MSIM ESG COMMITTEE: MSIM has established an ESG

Committee (the “Committee”) co-chaired by the MSIM
Co−Head and Chief Investment Officer of the Solutions& Multi−Asset Group and MSIM’s Global Head of Risk &Analysis. The Committee consists of senior representatives
from MSIM’s Sustainability team, Office of the Chief
Operating Officer and other advisory and related functions
who oversee and guide MSIM’s support for the sustainable
investment strategies of each investment business. Key
topics overseen by this Committee include: MSIM’s ESG−
related business goals, ESG−related product development
and marketing frameworks, MSIM’s investment teams’ ESG−
related engagement programme, ESG−related training and
ESG−related technology and data initiatives. The Committee
is responsible for this Sustainable Investing Policy, which it
reviews periodically and updates as appropriate to ensurethat it accurately reflects the philosophy and processes thatgovern MSIM’s sustainable investing approaches.
MSIM SUSTAINABLE INVESTING TEAM LEADS: It is the MSIM

investment teams’ responsibility to define their approach toconsideration of ESG factors. Many of MSIM’s investment
teams or asset class platforms have appointed at least one
dedicated Sustainable Investing/ESG specialist to co−ordinate
and support the sustainable investing approaches for the
relevant team. A key responsibility of these specialists is
to work with their respective investment teams to help
encourage incorporation of ESG factors where relevant, in linewith each team’s investment philosophy and strategy.

Examples include green bonds or climate bonds (the latter of which canbe issued according to the Climate Bonds Standard & Certification Scheme.
5
Including products’ sustainable features and information and data required
for regulatory disclosures, where relevant.
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These specialists may support the investment staff in suchincorporation of ESG factors in investment processes throughresearch, training, knowledge-sharing, engagement withcompanies, and representing their asset class/team in relevant
ESG−related forums and groups as necessary.
MSIM SUSTAINABILITY TEAM: Led by MSIM’s Global Headof Sustainability, the MSIM Sustainability team supports
MSIM’s collective sustainable−related processes andgovernance. The MSIM Sustainability team works withthe sustainability leads from our investment teams tocoordinate global sustainable investing and stewardshipinitiatives. These activities include supporting investment
teams in relation to sustainability−related reporting andregulatory disclosure requirements, incorporating ESG
factors into their investment approaches, developing
sustainable products and supporting sustainability datautilization, development of tools and sustainability research,as appropriate.
MSIM’s Global Stewardship function, as part of the MSIM
Sustainability team, supports and helps investment
teams coordinate MSIM proxy voting and investee
engagement activities.
MORGAN STANLEY GLOBAL SUSTAINABILITY OFFICE :MSIM’s sustainable investing efforts are supported by
Morgan Stanley’s6 decade−plus commitment to sustainablefinance and Firm−level resources. The Morgan Stanley Global
Sustainability Office (“GSO”) drives the Firm’s sustainability
strategy and helps to integrate sustainability considerations
across the Firm’s policies, business activities and operations.
GSO partners with teams across the Firm’s threebusiness segments (Institutional Securities Group, WealthManagement, and MSIM) to provide innovative ESG advice,products, and solutions for Morgan Stanley’s clients. GSO
advises MSIM on product development and ESG data
analysis, collaborates on thought leadership, and partners on
internal knowledge−sharing and external industry affiliations.

StewardshipAs active investors and active owners, MSIM has a duty to
be good stewards of our clients’ capital. We fulfil this duty
by seeking to engage with selected companies in which
we invest, and by exercising our proxy voting and otherrights as shareholders. These stewardship activities giveus the opportunity to help guide companies in which weinvest toward better ESG practices, which we believe may
contribute to producing attractive returns for our clientsover the long−term.
Our investment teams endeavor to engage in constructive
dialogue with companies, which may encompass activities
ranging from meetings and discussions on a particularissue to multi−year engagements/stewardship on a range
of environmental, social, or governance topics specificto the company or asset to encourage enhancement ofcompanies’ ESG practices. This can encompass a range of
topics that may affect the long−term value of a businessor asset, including strategy, capital structure, operational
performance and delivery, risk management, executive pay
and corporate governance. This helps us manage risk in
the near and long−term, enhance our understanding of ourinvestee companies/issuers, and, where relevant, create
positive sustainable outcomes − all of which contribute to
the long−term returns of our clients.
MSIM has identified five common themes which certain of ourinvestment teams focus on in their engagements, based on
respective strategies, where relevant and appropriate. These
five MSIM Engagement Themes7 are aligned with the United
Nations Sustainable Development Goals, which are areas that
may cause risk to our society and well−being, global economy
and/or capital markets, but may also present opportunities for
improved sustainable and/or financial outcomes.

ENVIRONMENTAL AND SOCIAL RISK MANAGEMENT GROUP :The Firm’s Environmental and Social Risk Management Group(“ESRM”) provides internal subject matter expertise to MSIM’s
private markets teams on environmental and social risk,
conducts due diligence on relevant transactions, engages withstakeholders, and monitors emerging risks and developmentsin partnership with the Firm’s business units, GSO and otherrelevant control functions.

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SUSTAINABLE INVESTING POLIC Y

References to “Morgan Stanley” or the “Firm” in this Policy refer to the parent
company and its consolidated subsidiaries.
7
These may not apply to MSIM affiliates.
6

MSIM Engagement Themes
DECARBONIZATION & CLIMATE RISK
Supporting the transition to low carbon
economy in line with Paris Agreement goals

DIVERSE & INCLUSIVE BUSINESSSupporting business practices that create amore just and inclusive society

NATURAL CAPITAL & BIODIVERSITY
Supporting business models that reduce
negative impact on biodiversity in line with
the Post 2020 Biodiversity Framework

CIRCULAR ECONOMY & WASTE REDUCTION
Supporting business models that reduce
impact on natural resources and that innovate
to reduce waste generation, with a focus onplastic waste

DECENT WORK & RESILIENT JOBS
Supporting decent work across the entire
value chain and making workforces resilientin the face of innovation and change

Renewable energy
and clean tech
 Energy efficiencyAffordable access toessential services
 Investing incommunities


Sustainable sourcing
and use of resources Land and sea usechange

Recycling and reuse
Sustainable sourcing

Automation andthe workforce
 Supply chain
management
Physical impact
adaption Just transition    

Racial justice
Pay equity
 Board/employee
diversity

  
  















Deforestation
Pollution reduction    Lifecycle analysis
Water stewardship    Living wage
Workforcewell−being    

Investment teams may also engage on other areas not limited to these five themes. MSIM recognises that the UN
Sustainable Development Goals (SDGs) were written by Governments for Governments and therefore engagement
themes with corporates and the SDGs may not be perfectly aligned. The content of this publication has not been
approved by the United Nations and does not reflect the views of the United Nations or its officials or Member
States. See https://www.un.org/sustainabledevelopment/sustainable−development−goals for more details on the
Sustainable Development Goals.

Engagement
MSIM believes engagement − when effective − is mutually
beneficial as it enables companies/issuers to explain how theirapproach to sustainability relates to their broader businessstrategy and allows investors to work closely with companies/
issuers on specific environmental, social and governance issues
which they believe pose a downside risk and/or opportunity
to the business. To that end, when MSIM investment teams
identify financially material ESG−related or other issues
impacting companies/issuers in which we hold positions, weseek to proactively engage in active dialogue with companies/
issuers and the results of such interactions in turn inform ourinvestment processes.

On the public markets side, MSIM’s investment teams who
manage active investment portfolios that consider ESG factors/
features apply an active approach to stewardship.
As discussed below, our investment teams exercise proxyvoting and other rights as shareholders. Our investment teams
also periodically monitor and engage with companies/issuersin the normal course of their investment process and leverage
the support of the MSIM Global Stewardship team where
needed. Investment teams in our public securities businessselectively interact with company boards of directors whenappropriate and beneficial for shareholder or bondholder value.
MSIM engages with companies across their capital structure,including through our debt holdings, and leverages our Fixed
SUSTAINABLE INVESTING POLIC Y

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Income platform to engage with bond issues beyond listedcompanies, including sovereign states, agencies and privatecompanies. In our private equity business, members ofinvestment teams may serve on the board of directors orinvest with other external managers and may address ESG
topics through board engagement or engagement withexternal managers. Engagement helps to foster productive
dialogue, focusing on sustainability risk management andvalue−generation opportunities.
Engagements are prioritized based on a variety of factors
including position size, cadence of annual general meetings,
headline events, and materiality of engagement topics.
Engagement objectives also differ based on these factors,
and can range from information gathering, to encouraging
specific disclosures and improved sustainability andgovernance practices such as adopting longer−term vestingschedules or adopting science−based carbon reduction
targets, where appropriate. Please see MSIM’s Engagement
and Stewardship Principles for more information on our
approach to engagement for public markets. Certain
investment teams that invest in the private markets may
elect to follow the same Principles, as appropriate.
Proxy Voting
Exercising our proxy voting rights enables us to guide portfolio
companies toward improved ESG practices, which we believe
may contribute to producing attractive returns for our clientsover the long−term. Proxy voting decisions are typicallymade in−house by members of the relevant investment teamand the Global Stewardship team, as required. We do not
automatically support management recommendations
but consider the merits of each proposal against relevant
governance and sustainability criteria and base our voting
decisions on the in−depth knowledge of our investment
teams and the governance expertise of the MSIM Global
Stewardship team, as required.
The MSIM Proxy Voting Policy and Procedures addressa broad range of issues and provides general voting
parameters on proposals that arise most frequently. We
endeavor to integrate relevant governance criteria along with
our Proxy Voting Policy and Procedures with investment
goals, using the vote to encourage portfolio companies toenhance long−term shareholder value and to provide a highstandard of transparency such that equity markets can seek
to value corporate assets appropriately. For more informationon our approach to engagement and proxy voting policies,
please see MSIM’s Proxy Voting Policy and Procedures.
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SUSTAINABLE INVESTING POLIC YD) ADVOCACY AND COLLABORATION

The investment teams responsible for MSIM’s actively
managed investment solutions generally find one−to−one discussions to be the most effective way toarticulate views to companies/issuers. However, we aresupportive of collaborative engagement where it could
be necessary or useful to materially enhance portfolio
value and where we can do so in a manner that is infull compliance with applicable laws and regulations.
These may include collaboration with industry peers
and standard−setting organizations, and engagement inpublic policy development in ways that seek to advancesustainable investing practices. Factors that we consider
before participating in collaborative actions may include,
but are not limited to: potential conflicts of interest,
our obligations under competition or antitrust laws,
materiality of the issue and potential for delivering
tangible outcomes in relation to key sustainability or
stewardship−related issues. Notwithstanding the adopted
mode of collaboration, we approach collaborative
engagement from the perspective of our role asfiduciaries of client assets, acting on behalf of and in
the best interest of our clients. To this end, we interact
with, and/or maintain memberships with a variety ofinternational and regional organizations which serve toreinforce our sustainability commitments and priorities.
E) TRAINING

We recognize that the impact of sustainability factors
on our investments and assets and the tools and bestpractices for assessing those impacts are rapidly evolving.
As such, we foster a culture of ongoing learning andimprovement through our training programs.
Topical training and knowledge−sharing is provided
periodically to investment teams and relevant
stakeholders on global sustainability regulations andframeworks, client ESG/stewardship requirements andinterests, sustainable investing and engagement trends
and best practices, and mitigation of greenwashing risks.
These may be facilitated by the MSIM Sustainability team,
the Firm’s GSO, ESRM, Legal and Compliance, and bothinternal and external sustainability subject matter experts.
Certain investment teams may arrange for new joinersand existing members within their teams to undergo asset
class or team−specific sustainability training.
We continue to invest in our employees’ development to help
meet our evolving needs and the preferences of our clients.

Sustainability Risk
& Adverse Impacts

Approach to Sustainability Risk
Under the Sustainable Finance Disclosure Regulation(“SFDR”) (EU 2019/2088) sustainability risks areenvironmental, social or governance events that can poseactual or potential material risks to our investments,
at the individual asset and portfolio levels. These risks
include, but are not limited to, climate change transitionand physical risks; natural resources depletion; waste
intensity; labor retention, turnover and unrest; supply
chain disruption; corruption and fraud; and humanrights violations. MSIM recognizes that the universe of
relevant risks may grow and evolve over time as theuniverse of sustainability factors considered relevantto the investment industry evolves. The materiality ofsuch risks to an individual asset and to a portfolio as awhole depends on industry, country, asset class, andinvestment approach. Sustainability risks can materialize
for assets and investments in a range of ways, forexample: impaired or stranded asset values, increased
operational costs, unforeseen liabilities and penalties, lossof access to markets/customers, and reputational damage.
MSIM investment teams are the first line of defense
for identifying, understanding, and mitigating potential
sustainability risk in portfolios.

SUSTAINABLE INVESTING POLIC Y

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For public markets portfolios, the MSIM Global Risk andAnalysis (“GRA”) team conducts sustainability investment
risk analysis using third party data. This includes assessmentsof sustainability risk exposures, controversial business
exposures, United Nations Global Compact and otherglobal norms compliance, and climate change and transition
risk scenarios. This risk analysis has been developed anddelivered independently of the investment teams. The GRA
team monitors this information periodically and presents its
findings to various risk committees. Periodic portfolio−levelrisk reports are available upon request to the investment
teams to use at their discretion, and GRA may contact
to portfolio managers to engage on ESG risks, where
necessary. Furthermore, as needed and requested, the MSIM
Sustainability and GRA teams collaborate with investment
teams to conduct analyses on the sustainability risk of selectportfolio themes and companies.
For private markets portfolios, the investment teams are
responsible for conducting due diligence, on material
issues relating to a proposed investment in line with theMorgan Stanley Environmental and Social Policy Statement(“Policy Statement”), which may include, for example, theongoing monitoring of energy, greenhouse gas, water andwaste data and implementation of any asset−relevant
initiatives. ESG issues or opportunities are raised andreviewed as part of the Investment Committee process. ESG
risks and opportunities are periodically evaluated as part ofasset management activities in line with each team’s ongoing
diligence process. The investment teams also coordinate
with ESRM to address any potential environmental andsocial due diligence considerations that may cause potential
issues and/or pose franchise risk to the Firm, as per the
Global Environmental and Social Risk Management Policy.
This enables potential significant issues to be escalated to
the Firm Franchise Committee as relevant. Finally, for our
MSIM Infrastructure and Real Estate Investing strategies,
our investment teams seek to maintain insurance coverageagainst liability to third parties and property damage inamounts and on terms that they consider customary andappropriate for their respective businesses.

Accountability and Incentives
Where required by regulation, MSIM’s local entities haveadopted remuneration policies to promote sound andeffective risk management with respect to sustainability
risks, and which do not encourage excessive risk−taking withrespect to sustainability risks.
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SUSTAINABLE INVESTING POLIC Y

Principal Adverse Impacts on
Sustainability Factors
Certain business activities of some companies may
have some level of adverse impact on broader systemic
sustainability factors such as environmental matters,social and employee matters, respect for human rights.
The SFDR has defined a set of metrics for financial market
participants to measure and report on principal adverse
impacts, covering themes such as greenhouse gas emissions,biodiversity, waste, employee and social matters, andviolations of international norms, amongst other topics.
These principal adverse impacts may be taken into accountfor products that fall within scope of this regulation.
MSIM’s investment teams follow their own investment
approaches and methodologies to determine if andhow to consider or prioritise principal adverse impacts,
as appropriate for each product, in line with its specificinvestment policy. We use reasonable efforts to obtain
the required data to monitor these potential impacts, andto understand any remediation efforts undertaken bycompanies. Portfolio managers maintain discretion over theextent to which the outcomes of this due diligence affectongoing engagement and asset stewardship.
Across products that do take principal adverse impacts into
account, the MSIM Sustainability, Portfolio Surveillanceand GRA teams monitor and review portfolio holdings foradherence with the relevant commitments and restrictions
defined in each product’s investment policy.
Additionally, we strive to adhere to several normative
business conduct codes and standards. MSIM adopts theprinciples−based framework for responsible investing asa signatory to the Principles for Responsible Investment(“PRI”). We also adhere to the governance standards andimplement the UK Stewardship Code and other relevant
regional stewardship codes in our approach to investingand stewardship.
Finally, the collaboration of our private markets investing
businesses with ESRM to identify and address potential
environmental and social issues, as outlined in the Policy
Statement, also supports MSIM’s monitoring and mitigationof potential principal adverse impacts.

Reporting &Transparency

We periodically report on our sustainable
investing and stewardship activities,
including our proxy voting records inaccordance with applicable regulations,
voluntary commitments and also our PRI
Transparency and UK Stewardship Code
Reports. Information about our activities
is also included in the Firm’s group−levelsustainability reporting.

We may also communicate with our clients on thesustainability characteristics of specific portfolios andrelated metrics as well as engagement and voting reporting
through both periodic and tailored reports, dependingon the product. We strive for timely responses to otherstakeholders that request sustainability information, wheredisclosure is in line with our confidentiality obligations
to our clients. Our individual investment teams may also
communicate their ESG efforts through investment forums
and thought leadership pieces that describe their strategy−level approach and views on key ESG issues and trends or
through strategy−level ESG reporting.
SUSTAINABLE INVESTING POLIC Y

9Related Policies& Reports

This Policy operates within a broader
Morgan Stanley sustainability
infrastructure, aspects of which
are detailed several other policies,
statements, and reports, including,
without limitation:
MSIM FMIL Statement on Principle
Adverse Impacts
An annual regulatory disclosure document, outlining
how our in−scope MSIM entity, MSIM Fund Management
10

SUSTAINABLE INVESTING POLIC Y(Ireland) Limited considers relevant principle adverse
impacts of its investment decisions on sustainability factors,
according to the EU SFDR regulations.

MSIM Climate Report
An annual regulatory, climate−related disclosure document
reporting how our in−scope entity, Morgan Stanley
Investment Management Limited considers climate−relatedrisks and opportunities when managing investments,
in-line with the Taskforce for Climate−related Financial
Disclosures, as required by the Financial Conduct Authority
in the United Kingdom.

IM Private Investment Environmental andSocial Risk Management Procedure

Morgan Stanley Environmental andSocial Policy Statement

Internal procedure that describes a risk management
framework for identification of transactions to be referredto ESRM, as part of the MSIM Private Credit & Equity andReal Assets business units’ due diligence processes.

Public policy statement that outlines the Firm’s approaches
to identify and address environmental and social risk.

Morgan Stanley ESG Report
An annual report providing a comprehensive overview ofMorgan Stanley’s activities, progress, and performanceacross key ESG topics including diversity and inclusion,
climate, and sustainability.

Global Environmental and Social Risk
Management Policy
Internal policy that outlines a framework to identify, assess
and address those transactions that pose potentiallysignificant environmental and social risks that may alsopose franchise risk to the Firm.

Morgan Stanley Global Franchise Risk Policy
Internal policy that describes the firm’s risk management
framework for addressing potential risks to Morgan Stanley’s
franchise, including environmental and social franchise risk.

Morgan Stanley Statement on Human Rights
Public statement that describes the Firm’s approaches
to protecting and advancing human rights through its
business activities and operations.

Morgan Stanley Code of Conduct
Defines standards of ethical conduct and integrity for
Morgan Stanley employees.

SUSTAINABLE INVESTING POLIC Y

11

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All information contained herein is proprietary and is protected undercopyright and other applicable law.
As part of our procedures, MSIM appointed a third party to conduct anassessment of the data collection, processing, calculation and reporting
processes used to compile the TCFD metrics. The procedures included
enquiries with management teams and walkthroughs of the end to end
data collection and reporting systems. The findings were reported to the
MSIM ESG Committee and the MSIM Limited Board. The review did notconstitute an assurance engagement performed in accordance with any
standards applicable to assurance and, as such, no assurance conclusion
was expressed.
Individual investment vehicles may have specific ESG related goals andrestrictions. Please refer to governing documents of individual vehicles tounderstand their binding ESG criteria.

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