9AT: BOSTON MANAGEMENT AND RESEARCH

other names

BOSTON MANAGEMENT AND RESEARCH

Adviser Profile

As of Date	03/29/2026
ADV Location	BOSTON, MA, United States
Adviser Type - Large advisory firm - An investment adviser (or subadviser) to an investment company
Number of Employees	203 -6%
of those in investment advisory functions	144 -10%
Registration	SEC, Approved, 01/21/1993

AUM^*	154,728,180,497 21%
of that, discretionary	154,728,180,497 21%
Private Fund GAV^*	62,305,232,881 34%
Avg Account Size	2,149,002,507 22%
% High Net Worth	2.17% 1%
SMA’s	No
Private Funds	23
Contact Info	617 xxxxxxx
Websites

Client Types

- Investment companies
- Pooled investment vehicles

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Selection of other advisers

Compensation Arrangments

- A percentage of assets under your management

Fund Type	Count	GAV
Fund TypeOther Private Fund	Count23	GAV$62,305,232,881

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser WCM INVESTMENT MANAGEMENT	Hedge Fund534.0m	Liquidity Fund-	Private Equity Fund884.7m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund378.1m	Other Fund8.1b	Total Private Fund GAV10.3b	AUM96.8b	#Funds31
Adviser SEGALL BRYANT & HAMILL	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund140.3m	Total Private Fund GAV140.3m	AUM22.6b	#Funds12
Adviser FIDUCIARY TRUST INTERNATIONAL, LLC	Hedge Fund36.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund671.2m	Total Private Fund GAV707.7m	AUM7.7b	#Funds10
Adviser CONNORS INVESTOR SERVICES INC	Hedge Fund7.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund30.5m	Other Fund108.9m	Total Private Fund GAV177.3m	AUM1.3b	#Funds9
Adviser GOLDMAN SACHS HEDGE FUND STRATEGIES LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM11.3b	#Funds-
Adviser PGIM QUANTITATIVE SOLUTIONS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund228.5m	Total Private Fund GAV228.5m	AUM110.9b	#Funds4
Adviser LSV ASSET MANAGEMENT	Hedge Fund381.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund7.2b	Total Private Fund GAV7.5b	AUM104.2b	#Funds23
Adviser BROOKFIELD PUBLIC SECURITIES GROUP LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund942.9m	Total Private Fund GAV942.9m	AUM66.5b	#Funds6
Adviser SANDALWOOD SECURITIES, INC.	Hedge Fund35.5m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.3b	Total Private Fund GAV1.4b	AUM930.2m	#Funds9
Adviser ALLSPRING GLOBAL INVESTMENTS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund5.8b	Total Private Fund GAV5.8b	AUM475.8b	#Funds17

Brochure Summary

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

BOSTON MANAGEMENT AND RESEARCH

Adviser Profile

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