So investiert der Morgan Stanley Investment Funds - Emerging Markets Small Cap Equity Fund AX Fonds: The Fund’s investment objective is to seek long term capital appreciation, measured in US Dollars, through investment primarily in a portfolio of small cap equity securities in emerging market countries, including frontier market countries. Emerging and frontier markets are defined by reference to the country classifications published by MSCI and/or FTSE Russell (the “EMSCE Benchmarks”). As markets in other countries develop, the Fund expects to expand and further diversify the emerging and frontier markets in which it invests.