Morgan StanleyLemon Bay Insurance Fund
A series of SALI Multi-Series Fund, L.P., an insurance-dedicated platform, managed by Morgan Stanley, following a custom multi-manager portfolio (wealth firm / OCIO) strategy. This file sets out what the fund and its adviser have filed with the SEC.
Lemon Bay Insurance Fund at a glance
The fund relies on Section 3(c)(7) of the Investment Company Act and Rule 506(b), so its interests go only to qualified purchasers in a private offering. The adviser reports one beneficial owner and none outside the United States. As an insurance-dedicated fund it is held through insurance company separate accounts, alongside the few other holders the Treasury rules allow, and a family reaches it through a policy whose insurer offers it.
It is a series of SALI Multi-Series Fund, L.P., a platform run by SALI Fund Management, LLC (SALI Fund Services), whose Form ADV of 25 August 2026 reports the series' controls; Morgan Stanley manages the investments.
One point to raise with the insurer: the filing reports that 0% of the fund's assets were valued in the last fiscal year by a person that is not related to the adviser. Essential Fund Services LLC is the administrator. The figure does not show how prices were set or checked, which is a question for the insurer.
Morgan Stanley answers yes in Item 11 of its Form ADV; the disclosure pages have not yet been read, so the record is not yet summarised and the rating stays in preparation.
The rating of Lemon Bay Insurance Fund
The rating looks only at the areas below, which matter to a family holding the fund through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.
Conduct and regulatory record
What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.
Reported controls
What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.
Depth and experience of the manager
The assets the manager runs, its investment staff and how long it has been registered with the SEC.
Fund scale and investor base
The fund's gross assets, the number of its owners and how long it has been offered.
Reporting and filings
Whether the fund and its adviser keep their SEC filings current and consistent with each other.
Fit for a life insurance policy
Whether the fund is insurance-dedicated, so that a policy can hold it, and the minimum it asks. Liquidity terms join this element as they are documented.
Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours
The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.
Identity, offering and service providers
Identity
Offering, as filed on Form D
Size and ownership, as filed on Form ADV
Service providers
Figures are shown as filed, with their dates. Form D counts investors in the offering and Form ADV counts beneficial owners, so the two numbers need not match. Gross asset value counts total assets without deducting borrowings or other liabilities, so it is not a net asset value. The minimum on Form D can be nominal; the amount a family actually needs is set by the insurer and the policy.
What to check before this fund goes into a policy
Why the wrapper matters here
A diversified portfolio mixes income and gains, and a direct holder pays tax on both every year. Inside a policy that meets the tax rules neither is taxed as it arrives, and the insurer can move the account between funds on its menu without a taxable event for the policyholder.
Liquidity
The fund's redemption terms are not in its public filings. Read them in the offering documents and set them against the way the policy will need cash: loans, withdrawals and the insurer's own rules for moving between funds.
Who chooses the investments
The policyholder can choose this fund from the insurer's menu but cannot direct what the fund buys. That line comes from the investor control rules, and it is the reason the fund exists in a separate insurance-only form.
Diversification
A policy's separate account must meet the diversification test of section 817(h). Because the fund is reached only through insurance policies, the test can look through to its assets if the fund meets the conditions of the Treasury rules; whether a given account passes is a question for the insurer, not something these filings show.
Valuation
SALI reports that none of the fund's assets were valued last year by a person outside its group. Ask the insurer how it checks the price at which the account buys, sells and reports this fund.
Fees
Management and performance fees are set in the offering documents and are not shown in these filings. They come on top of the policy's own charges.
This is research, not an offer of the fund or advice to buy it. Interests in the fund are available only through an insurance company, and only to investors who qualify.
Regulatory and legal record of Morgan Stanley
The full list for the firm is in the manager file.
Morgan Stanley answers yes to one or more questions in Item 11 of its Form ADV. The disclosure pages have not yet been read, so the record is not yet summarised here and the rating stays in preparation.
The series runs on the SALI platform. SALI Fund Management's own Form ADV reports no disciplinary matters in Item 11, and the platform's record carries a 30% share of the conduct element for every series it runs.
How would you rate Lemon Bay Insurance Fund?
Tap a star to give your own rating, from one to five, then add your name and email and, if you wish, a comment. Reader ratings are shown separately and never change the PPLI.com Fund Rating, which rests only on what the filings report.
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Sources
- Form D/A of Lemon Bay Insurance Fund, filed 10 September 2026: sec.gov EDGAR, CIK 0002057023
- All Form D filings of the fund: sec.gov EDGAR filing index
- Form ADV of SALI Fund Management, LLC (SALI Fund Services), filed 25 August 2026, Schedule D Section 7.B.(1): adviserinfo.sec.gov
- Form ADV of Morgan Stanley, Item 11 and disclosure pages: reports.adviserinfo.sec.gov, CRD 149777; adviser summary: adviserinfo.sec.gov/firm/summary/149777
About this file
Prepared by PPLI.com Fund Intelligence from the public filings listed, checked on 4 November 2026. The rating makes no judgment of the fund's returns. Facts and ratings are updated every quarter, or sooner when a new filing appears.
For the manager
If a fact here is wrong or out of date, write to [email protected] with the filing that shows it. We correct what we can verify and record the date of the change.
Important. Educational research only. Nothing here is an offer, a solicitation or a recommendation to invest in any fund or to buy any policy. Interests in insurance-dedicated funds are available to the public only through insurance policies. Tax results depend on a policy meeting the tax rules and on each family's circumstances; take advice in the countries concerned.