Overview
Boston Management and Research (“BMR”) and its investment advisory affiliates represent the investment management
division of Morgan Stanley, a publicly held company (“Morgan Stanley”). We are a wholly owned subsidiary of Morgan
Stanley, a corporation whose shares are publicly held and traded on the New York Stock Exchange under the symbol
“MS”. Morgan Stanley is a leading global financial services firm providing investment banking, securities, wealth
management and investment management services. With offices in more than 41 countries, the Firm’s employees serve
clients worldwide including corporations, governments, institutions, and individuals. BMR and its predecessor
organizations have been providing investment advice since 1924.
BMR offers advisory services in a variety of equity, income, mixed-asset and alternative strategies. BMR’s evaluation of
investment alternatives generally places primary emphasis and reliance upon fundamental analysis of issuers of equity
and debt securities; political, economic, and industry developments; money and capital market conditions, with attention
to interest rate patterns; and any other factors that, in BMR’s judgment, could have an impact on the value of an
investment.
BMR is investment adviser (or sub-adviser) to private and public pooled investment vehicles
(“Registered Funds”)
registered pursuant to the Investment Company Act of 1940, as amended (“Investment Company Act”). The Registered
Funds also include exchange traded managed funds advised by affiliates. In addition, BMR operates private funds
exempt from registration under the Investment Company Act pursuant to Section 3(c)(7) (“Private Funds” and together
with the Registered Funds, the “Funds”) Each Fund is managed in accordance with its respective investment objectives,
strategies and restrictions as approved by the respective Fund Board of Trustees or other governing body, as applicable.
See Item 10 - Other Financial Industry Activities and Affiliations below for additional details regarding affiliates of BMR.
References in this Brochure to ‘clients’ includes, as applicable, the Funds and investors in the Funds.
BMR does not advise separate account clients.
Further Information
For additional information regarding the specific investment strategies we employ please refer to Item 8, “Methods of
Analysis, Investment Strategies and Risk of Loss” in this Brochure.
Assets Under Management
As of December 31, 2023, we had approximately $111,002,081,270 in assets under management, all on a discretionary
basis.
FORM ADV, PART 2A BOSTON MANAGEMENT AND RESEARCH5