Management fees vary and are negotiable based on client circumstances. Fees are generally billed quarterly, either in advance or arrears, based on market values. The fees listed do not include custodial or other applicable fees. Clients may incur additional expenses such as brokerage commissions and transaction fees. Some strategies invest in REITs, ETFs, and CLOs, which have their own fees. MSIM may receive performance-based fees from certain clients. Clients in wrap fee programs should refer to their program documents for fee details.