The Morgan Stanley Capital International (MSCI) All Country (AC) World ex-U.S. Index (Net) is a free float-adjusted market capitalization-weighted index designed to measure the equity market performance of 45 global developed and emerging markets, excluding the U.S. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.