|
Share
Class and Ticker Symbol | |||||
|
Fund |
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
|
Global
Focus Real Estate Portfolio |
MSBDX |
MSBEX |
— |
MSBKX |
MSBPX |
|
Global
Infrastructure Portfolio |
MTIIX |
MTIPX |
MTILX |
MSGTX |
MSGPX |
|
Global
Real Estate Portfolio |
MRLAX |
MRLBX |
MGRLX |
MSRDX |
MGREX |
|
U.S.
Focus Real Estate Portfolio |
MAAWX |
MAAYX |
— |
MABBX |
MABCX |
|
U.S.
Real Estate Portfolio |
MSUSX |
MUSDX |
MSULX |
MSURX |
MURSX |
|
Class
I |
Class
A |
Class
C |
Class
R6 |
||
|
Maximum
sales charge (load) imposed on purchases (as a percentage
of offering price) |
|
|
|
|
|
|
Maximum
deferred sales charge (load) (as a percentage based on
the lesser of the offering price or NAV at redemption) |
|
|
|
|
|
Class
I |
Class
A |
Class
C |
Class
R6 |
||
|
Advisory
Fee |
|
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
|
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
|
Total
Annual Fund Operating Expenses3
|
|
|
|
|
|
|
Fee
Waiver and/or Expense Reimbursement3
|
|
|
|
|
|
|
Total
Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement3
|
|
|
|
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
||
|
Class
I |
$ |
$ |
$ |
$ |
|
|
Class
A |
$ |
$ |
$ |
$ |
|
|
Class
C |
$ |
$ |
$ |
$ |
|
|
Class
R6 |
$ |
$ |
$ |
$ |
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
||
|
Class
I |
$ |
$ |
$ |
$ |
|
|
Class
A |
$ |
$ |
$ |
$ |
|
|
Class
C |
$ |
$ |
$ |
$ |
|
|
Class
R6 |
$ |
$ |
$ |
$ |
|
| 1 | Investments
in Class A shares that are not subject to any sales charges at the time of
purchase are subject to a contingent deferred sales charge (“CDSC”)
of 1.00% that will be imposed if you sell your shares within 12 months,
except for certain specific circumstances. See “Shareholder Information—How
To Redeem Fund Shares” for further information about the CDSC waiver
categories. |
| 2 | The
Class C CDSC is only applicable if you sell your shares within one year
after the last day of the month of purchase. See “Shareholder
Information—How
To Redeem Fund Shares” for a complete discussion of the
CDSC. |
| 3 | The Fund’s “Adviser,” Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.95% for Class I, 1.30% for Class A, 2.05% for Class C and 0.90% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. |
|
• |
Equity
Securities. In
general, prices of equity securities are more volatile than those of
fixed-income securities. The prices of equity securities
fluctuate, and sometimes widely fluctuate, in response to activities
specific to the issuer of the security as well as factors unrelated
to the fundamental condition of the issuer, including general market,
economic and political conditions. To
the extent that
the Fund invests in convertible securities, and the convertible security’s
investment value is greater than its conversion value, its
price will be likely to increase when interest rates fall and decrease
when interest rates rise. If the conversion value exceeds the investment
value, the price of the convertible security will tend to fluctuate
directly with the price of the underlying
security. |
|
• |
Small
and Mid Cap Companies.
Investments in small and mid cap companies may involve greater risks than
investments in larger, more
established companies. The securities issued by small and mid cap
companies may be less liquid and such companies may have
more limited markets, financial resources and product lines, and may lack
the depth of management of larger
companies. |
|
• |
Real
Estate Investing.
Companies in the real estate industry (and, therefore, because of its
investment in such companies, the Fund)
will experience risks similar to the risks of investing in real estate
directly. Real estate is a cyclical business, highly sensitive
to
general and local economic developments and characterized by intense
competition and periodic overbuilding. Real estate income
and values and the real estate market may also be greatly affected by
demographic trends, such as population shifts or changing
tastes and values, and government actions. Real estate companies may also
be affected by changing interest rates and credit
quality requirements. By concentrating its investments in the real estate
industry, the Fund has greater exposure to the potential
adverse economic, regulatory, political and other changes affecting
companies operating within such
industry. |
|
• |
REITs,
REOCs and Foreign Real Estate Companies.
Investing in REITs, REOCs and foreign real estate companies exposes
investors to
the risks of owning real estate directly, as well as to risks that relate
specifically to the way in which REITs, REOCs and foreign real
estate companies are organized and operated. Operating REITs and foreign
real estate companies requires specialized management
skills and the Fund indirectly bears management expenses along with the
direct expenses of the Fund. REITs are also subject
to certain provisions under federal tax law and the failure of a company
to qualify as a REIT could have adverse consequences
for the Fund. In addition, foreign real estate companies may be subject to
the laws, rules and regulations governing those
entities and their failure to comply with those laws, rules and
regulations could negatively impact the performance of those entities.
By
concentrating its investments in the real estate industry, the Fund has
greater exposure to the potential adverse economic,
regulatory, political and other changes affecting companies operating
within such
industry. |
|
• |
Foreign
and Emerging Market Securities.
Investments in foreign markets entail special risks such as currency,
political, economic and
market risks. There also may be greater market volatility, less reliable
financial information, less stringent investor protections and
disclosure standards, higher transaction and custody costs, decreased
market liquidity and less government and exchange regulation
associated with investments in foreign markets. In addition, investments
in certain foreign markets that have historically
been considered stable may become more volatile and subject to increased
risk due to ongoing developments and changing
conditions in such markets. Moreover, the growing interconnectivity of
global economies and financial markets has increased
the probability that adverse developments and conditions in one country or
region will affect the stability of economies and
financial markets in other countries or regions. Certain foreign markets
may rely heavily on particular industries or foreign capital
and are more vulnerable to diplomatic developments, the imposition of
economic sanctions against a particular country or countries,
organizations, companies, entities and/or individuals, changes in
international trading patterns, trade barriers and other protectionist
or retaliatory measures. Investments in foreign markets may also be
adversely affected by governmental actions such as
the imposition of capital controls, nationalization of companies or
industries, expropriation of assets or the imposition of punitive
taxes. The governments of certain countries may prohibit or impose
substantial restrictions on foreign investing in their
|
|
capital
markets or in certain sectors or industries. In addition, a foreign
government may limit or cause delay in the convertibility or
repatriation of its currency which would adversely affect the U.S. dollar
value and/or liquidity of investments denominated in that
currency. Certain foreign investments may become less liquid in response
to market developments or adverse investor perceptions,
or become illiquid after purchase by the Fund, particularly during periods
of market turmoil. When the Fund holds illiquid
investments, its portfolio may be harder to value. The risks of investing
in emerging market countries are greater than the risks
associated with investments in foreign developed countries. Certain
emerging market countries may be subject to less stringent
requirements regarding accounting, auditing, financial reporting and
record keeping and therefore, material information related
to an investment may not be available or reliable. In addition, the Fund
is limited in its ability to exercise its legal rights or enforce
a counterparty’s legal obligations in certain jurisdictions outside of the
United States, in particular, in emerging markets countries.
In addition, the Fund’s investments in foreign issuers may be denominated
in foreign currencies and therefore, to the extent
unhedged, the value of those investments will fluctuate with U.S. dollar
exchange rates. To the extent hedged by the use of foreign
currency forward exchange contracts, the precise matching of the foreign
currency forward exchange contract amounts and the
value of the securities involved will not generally be possible because
the future value of such securities in foreign currencies will
change as a consequence of market movements in the value of those
securities between the date on which the contract is entered
into and the date it matures. There is additional risk that such
transactions may reduce or preclude the opportunity for gain
if the value of the currency should move in the direction opposite to the
position taken and that foreign currency forward exchange
contracts create exposure to currencies in which the Fund’s securities are
not denominated. The use of foreign currency forward
exchange contracts involves the risk of loss from the insolvency or
bankruptcy of the counterparty to the contract or the failure
of the counterparty to make payments or otherwise comply with the terms of
the contract. Economic sanctions or
other similar
measures may
be, and have been, imposed against certain countries, organizations,
companies, entities and/or individuals. Economic
sanctions and other similar measures
could,
among other things, effectively restrict or eliminate the Fund’s ability
to purchase
or sell securities,
negatively impact the value or liquidity of the Fund’s investments,
significantly delay or prevent the settlement
of the Fund’s securities transactions, force the Fund to
sell or otherwise dispose of investments at inopportune times or
prices,
or impair the Fund’s ability to meet its investment objective or invest in
accordance with its investment
strategies. |
|
• |
Exchange-Traded
Funds.
Shares of exchange-traded funds (“ETFs”) have many of the same risks as
direct investments in common stocks
or bonds and their market value may differ from their NAV because the
supply and demand in the market for ETF shares at
any point in time is not always identical to the supply and demand in the
market for the underlying securities. As a shareholder in
an ETF, the Fund would bear its ratable share of that entity’s expenses
while continuing to pay its own investment management
fees and other expenses. As a result, the Fund and its shareholders will,
in effect, be absorbing duplicate levels of fees. Furthermore,
disruptions in the markets for the securities underlying ETFs purchased or
sold by the Fund could result in losses on the
Fund’s investment in
ETFs. |
|
• |
|
|
• |
Market
and Geopolitical Risk. The
value of your investment in the Fund is based on the values of the Fund’s
investments, which may
change due to economic and other events that affect markets generally, as
well as those that affect particular regions, countries,
industries, companies or governments. These events may be sudden and
unexpected, and could adversely affect the liquidity
of the Fund’s investments, which may in turn impact valuation, the Fund’s
ability to sell securities and/or its ability to meet
redemptions. The risks associated with these developments may be magnified
if certain social, political, economic and other conditions
and events (such as war, natural disasters, epidemics and pandemics,
terrorism, conflicts and social unrest) adversely interrupt
the global economy and financial markets. It is difficult to predict when
events affecting the U.S. or global financial markets
may occur, the effects that such events may have and the duration of those
effects (which may last for extended periods). These
events may negatively impact broad segments of businesses and populations
and have a significant and rapid negative impact
on the performance of the Fund’s investments,
adversely
affect and increase the volatility of the Fund’s share price and
exacerbate
pre-existing risks to the
Fund. |
|
Name |
Title
with Adviser |
Date
Began Managing Fund |
|
Laurel
Durkay |
Managing
Director |
Since
Inception |
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
||
|
Maximum
sales charge (load) imposed on purchases
(as a percentage of offering price) |
|
|
|
|
|
|
|
Maximum
deferred sales charge (load) (as a percentage
based on the lesser of the offering price
or NAV at redemption) |
|
|
|
|
|
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 | |
|
Advisory
Fee |
|
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
|
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
|
Total
Annual Fund Operating Expenses3
|
|
|
|
|
|
|
Fee
Waiver and/or Expense Reimbursement3
|
|
|
|
|
|
|
Total
Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement3
|
|
|
|
|
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
||
|
Class
I |
$ |
$ |
$ |
$ |
|
|
Class
A |
$ |
$ |
$ |
$ |
|
|
Class
L |
$ |
$ |
$ |
$ |
|
|
Class
C |
$ |
$ |
$ |
$ |
|
|
Class
R6 |
$ |
$ |
$ |
$ |
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
||
|
Class
I |
$ |
$ |
$ |
$ |
|
|
Class
A |
$ |
$ |
$ |
$ |
|
|
Class
L |
$ |
$ |
$ |
$ |
|
|
Class
C |
$ |
$ |
$ |
$ |
|
|
Class
R6 |
$ |
$ |
$ |
$ |
|
| 1 | Investments
in Class A shares that are not subject to any sales charges at the time of
purchase are subject to a contingent deferred sales charge (“CDSC”)
of 1.00% that will be imposed if you sell your shares within 12 months,
except for certain specific circumstances. See “Shareholder Information—How
To Redeem Fund Shares” for further information about the CDSC waiver
categories. |
| 2 | The
Class C CDSC is only applicable if you sell your shares within one year
after the last day of the month of purchase. See “Shareholder
Information—How
To Redeem Fund Shares” for a complete discussion of the
CDSC. |
| 3 | The Fund’s “Adviser,” Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.97% for Class I, 1.21% for Class A, 1.78% for Class L, 2.07% for Class C and 0.94% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. |
|
• |
Infrastructure
Industry. By
concentrating its investments in the infrastructure industry, the Fund has
greater exposure to the potential
adverse economic, regulatory, political and other changes affecting
companies operating within such industry. Companies
within the infrastructure industry are subject to a variety of factors
that may adversely affect their business or operations,
including high interest costs in connection with capital construction and
improvement programs, high leverage, costs associated
with compliance with and changes in environmental and other regulations,
difficulty in raising capital in adequate amounts
and on reasonable terms in periods of high inflation and unsettled capital
markets or government budgetary constraints that
impact publicly funded projects, the effects of economic slowdown or
recession and surplus capacity, increased competition from
other providers of services, uncertainties concerning the availability of
fuel at reasonable prices, the effects of energy conservation
policies and other
factors. |
|
Other
factors that may affect the operations of companies within the
infrastructure industry include innovations in technology that
could render the way in which a company delivers a product or service
obsolete, significant changes to the number of ultimate end-users
of a company’s products, inexperience with and potential losses resulting
from a developing deregulatory environment, increased
susceptibility to terrorist attacks, risks of environmental damage due to
a company’s operations or an accident, and general
changes in market sentiment towards infrastructure and utilities assets.
Companies operating in the infrastructure industry face
operating risks, including the risk of fire, explosions, leaks, mining and
drilling accidents or other catastrophic events. In addition,
natural risks, such as earthquakes, floods, lightning, hurricanes,
tsunamis and wind, are inherent risks in infrastructure company
operations. |
|
• |
Equity
Securities. In
general, prices of equity securities are more volatile than those of
fixed-income securities. The prices of equity securities
fluctuate, and sometimes widely fluctuate, in response to activities
specific to the issuer of the security as well as factors unrelated
to the fundamental condition of the issuer, including general market,
economic and political conditions. To
the extent that
the Fund invests in convertible securities, and the convertible security’s
investment value is greater than its conversion value, its
price will be likely to increase when interest rates fall and decrease
when interest rates rise. If the conversion value exceeds the investment
value, the price of the convertible security will tend to fluctuate
directly with the price of the underlying
security. |
|
• |
Small
and Mid Cap Companies.
Investments in small and mid cap companies may involve greater risks than
investments in larger, more
established companies. The securities issued by small and mid cap
companies may be less liquid and such companies may have
more limited markets, financial resources and product lines, and may lack
the depth of management of larger
companies. |
|
• |
Foreign
and Emerging Market Securities.
Investments in foreign markets entail special risks such as currency,
political, economic and
market risks. There also may be greater market volatility, less reliable
financial information, less stringent investor protections and
disclosure standards, higher transaction and custody costs, decreased
market liquidity and less government and exchange regulation
associated with investments in foreign markets. In addition, investments
in certain foreign markets that have historically
been considered stable may become more volatile and subject to increased
risk due to ongoing developments and changing
conditions in such markets. Moreover, the growing interconnectivity of
global economies and financial markets has increased
the probability that adverse developments and conditions in one country or
region will affect the stability of economies
|
|
and
financial markets in other countries or regions. Certain foreign markets
may rely heavily on particular industries or foreign capital
and are more vulnerable to diplomatic developments, the imposition of
economic sanctions against a particular country or countries,
organizations, companies, entities and/or individuals, changes in
international trading patterns, trade barriers and other protectionist
or retaliatory measures. Investments in foreign markets may also be
adversely affected by governmental actions such as
the imposition of capital controls, nationalization of companies or
industries, expropriation of assets or the imposition of punitive
taxes. The governments of certain countries may prohibit or impose
substantial restrictions on foreign investing in their capital
markets or in certain sectors or industries. In addition, a foreign
government may limit or cause delay in the convertibility or
repatriation of its currency which would adversely affect the U.S. dollar
value and/or liquidity of investments denominated in that
currency. Certain foreign investments may become less liquid in response
to market developments or adverse investor perceptions,
or become illiquid after purchase by the Fund, particularly during periods
of market turmoil. When the Fund holds illiquid
investments, its portfolio may be harder to value. The risks of investing
in emerging market countries are greater than the risks
associated with investments in foreign developed countries. Certain
emerging market countries may be subject to less stringent
requirements regarding accounting, auditing, financial reporting and
record keeping and therefore, material information related
to an investment may not be available or reliable. In addition, the Fund
is limited in its ability to exercise its legal rights or enforce
a counterparty’s legal obligations in certain jurisdictions outside of the
United States, in particular, in emerging markets countries.
In addition, the Fund’s investments in foreign issuers may be denominated
in foreign currencies and therefore, to the extent
unhedged, the value of those investments will fluctuate with U.S. dollar
exchange rates. To the extent hedged by the use of foreign
currency forward exchange contracts, the precise matching of the foreign
currency forward exchange contract amounts and the
value of the securities involved will not generally be possible because
the future value of such securities in foreign currencies will
change as a consequence of market movements in the value of those
securities between the date on which the contract is entered
into and the date it matures. There is additional risk that such
transactions may reduce or preclude the opportunity for gain
if the value of the currency should move in the direction opposite to the
position taken and that foreign currency forward exchange
contracts create exposure to currencies in which the Fund’s securities are
not denominated. The use of foreign currency forward
exchange contracts involves the risk of loss from the insolvency or
bankruptcy of the counterparty to the contract or the failure
of the counterparty to make payments or otherwise comply with the terms of
the contract. Economic sanctions or
other similar
measures may
be, and have been, imposed against certain countries, organizations,
companies, entities and/or individuals. Economic
sanctions and other similar measures
could,
among other things, effectively restrict or eliminate the Fund’s ability
to purchase
or sell securities,
negatively impact the value or liquidity of the Fund’s investments,
significantly delay or prevent the settlement
of the Fund’s securities transactions, force the Fund to
sell or otherwise dispose of investments at inopportune times or
prices,
or impair the Fund’s ability to meet its investment objective or invest in
accordance with its investment
strategies. |
|
• |
REITs.
Investing in REITs exposes investors to the risks of owning real estate
directly, as well as to risks that relate specifically to the
way in which REITs are organized and operated. Operating REITs requires
specialized management skills and the Fund indirectly
bears management expenses along with the direct expenses of the Fund.
REITs are also subject to certain provisions under
federal tax law and the failure of a company to qualify as a REIT could
have adverse consequences for the Fund. Certain
infrastructure
companies in which the Fund may invest may elect to be treated as a REIT
for U.S. tax purposes, and would therefore
be subject to the risks discussed above.
|
|
• |
|
|
• |
Market
and Geopolitical Risk. The
value of your investment in the Fund is based on the values of the Fund’s
investments, which may
change due to economic and other events that affect markets generally, as
well as those that affect particular regions, countries,
industries, companies or governments. These events may be sudden and
unexpected, and could adversely affect the liquidity
of the Fund’s investments, which may in turn impact valuation, the Fund’s
ability to sell securities and/or its ability to meet
redemptions. The risks associated with these developments may be magnified
if certain social, political, economic and other conditions
and events (such as war, natural disasters, epidemics and pandemics,
terrorism, conflicts and social unrest) adversely interrupt
the global economy and financial markets. It is difficult to predict when
events affecting the U.S. or global financial markets
may occur, the effects that such events may have and the duration of those
effects (which may last for extended periods). These
events may negatively impact broad segments of businesses and populations
and have a significant and rapid negative impact
on the performance of the Fund’s investments,
adversely
affect and increase the volatility of the Fund’s share price and
exacerbate
pre-existing risks to the
Fund. |
|
|
|
|
|
|
|
- |
|
Past
One Year |
Past
Five Years |
Past
Ten Years |
Since
Inception | |
|
Class
I
(commenced operations on 9/20/2010) |
||||
|
Return
Before Taxes |
|
|
|
|
|
Return
After Taxes on Distributions1
|
|
|
|
|
|
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
Class
A
(commenced operations on 9/20/2010) |
||||
|
Return
Before Taxes |
|
|
|
|
|
Class
L
(commenced operations on 9/20/2010) |
||||
|
Return
Before Taxes |
|
|
|
|
|
Class
C
(commenced operations on 4/30/2015) |
||||
|
Return
Before Taxes |
|
|
|
|
|
Class
R6
(commenced operations on 9/13/2013) |
||||
|
Return
Before Taxes |
|
|
|
|
|
Dow
Jones Brookfield Global Infrastructure IndexSM (reflects no deduction
for fees, expenses or taxes)2
|
|
|
|
|
|
S&P
Global BMI Index (reflects no deduction for fees, expenses or taxes)4
|
|
|
|
|
|
Lipper
Global Infrastructure Funds Index (reflects no deduction for taxes)5
|
|
|
|
|
| 1 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
| 2 | The Dow Jones Brookfield Global Infrastructure IndexSM is a float-adjusted market capitalization weighted index that measures the stock performance of companies that exhibit strong infrastructure characteristics. The index intends to measure all sectors of the infrastructure market. It is not possible to invest directly in an index. Effective after the close of business on April 29, 2022, the Fund selected the Dow Jones Brookfield Global Infrastructure IndexSM as its broad-based index as a replacement for the Standard and Poor’s Global BMI Index (“S&P Global BMI Index”) because it believes the Dow Jones Brookfield Global Infrastructure IndexSM is more reflective of the Fund’s principal investment strategies. |
| 3 | Since Inception reflects the inception date of Class I. |
| 4 | The S&P Global BMI Index is a broad market index designed to capture exposure to equities in all countries in the world that meet minimum size and liquidity requirements. The index members represent developed and emerging market countries. It is not possible to invest directly in an index. |
| 5 | The Lipper Global Infrastructure Funds Index is an equally-weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Global Infrastructure Funds classification. There are currently 10 funds represented in this index. The history of this index began in October 2011. Therefore, there is no Since Inception return data available. |
|
Name |
Title
with Adviser |
Date
Began Managing Fund |
|
Matthew
King |
Managing
Director |
September
2010 |
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
||
|
Maximum
sales charge (load) imposed on purchases
(as a percentage of offering price) |
|
|
|
|
|
|
|
Maximum
deferred sales charge (load) (as a percentage
based on the lesser of the offering price
or NAV at redemption) |
|
|
|
|
|
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 | |
|
Advisory
Fee |
|
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
|
|
|
|
|
|
Other
Expenses3
|
|
|
|
|
|
|
Total
Annual Fund Operating Expenses 4
|
|
|
|
|
|
|
Fee
Waiver and/or Expense Reimbursement4
|
|
|
|
|
|
|
Total
Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement4
|
|
|
|
|
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
||
|
Class
I |
$ |
$ |
$ |
$ |
|
|
Class
A |
$ |
$ |
$ |
$ |
|
|
Class
L |
$ |
$ |
$ |
$ |
|
|
Class
C |
$ |
$ |
$ |
$ |
|
|
Class
R6 |
$ |
$ |
$ |
$ |
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
||
|
Class
I |
$ |
$ |
$ |
$ |
|
|
Class
A |
$ |
$ |
$ |
$ |
|
|
Class
L |
$ |
$ |
$ |
$ |
|
|
Class
C |
$ |
$ |
$ |
$ |
|
|
Class
R6 |
$ |
$ |
$ |
$ |
|
| 1 | Investments
in Class A shares that are not subject to any sales charges at the time of
purchase are subject to a contingent deferred sales charge (“CDSC”)
of 1.00% that will be imposed if you sell your shares within 12 months,
except for certain specific circumstances. See “Shareholder Information—How
To Redeem Fund Shares” for further information about the CDSC waiver
categories. |
| 2 | The
Class C CDSC is only applicable if you sell your shares within one year
after the last day of the month of purchase. See “Shareholder
Information—How
To Redeem Fund Shares” for a complete discussion of the
CDSC. |
| 3 | Other Expenses include interest expense of 0.01% which is not included in the determination of the expense limitation. Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.00%, 1.35%, 1.85%, 2.10%, and 0.94% for Class I, Class A, Class L, Class C and Class R6 shares, respectively. |
| 4 | The Fund’s “Adviser,” Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.00% for Class I, 1.35% for Class A, 1.85% for Class L, 2.10% for Class C and 0.94% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. |
|
• |
Equity
Securities. In
general, prices of equity securities are more volatile than those of
fixed-income securities. The prices of equity securities
fluctuate, and sometimes widely fluctuate, in response to activities
specific to the issuer of the security as well as factors unrelated
to the fundamental condition of the issuer, including general market,
economic and political
conditions. |
|
• |
Small
and Mid Cap Companies.
Investments in small and mid cap companies may involve greater risks than
investments in larger, more
established companies. The securities issued by small and mid cap
companies may be less liquid and such companies may have
more limited markets, financial resources and product lines, and may lack
the depth of management of larger
companies. |
|
• |
Real
Estate Investing.
Companies in the real estate industry (and, therefore, because of its
investment in such companies, the Fund)
will experience risks similar to the risks of investing in real estate
directly. Real estate is a cyclical business, highly sensitive
to
general and local economic developments and characterized by intense
competition and periodic overbuilding. Real estate income
and values and the real estate market may also be greatly affected by
demographic trends, such as population shifts or changing
tastes and values, and government actions. Real estate companies may also
be affected by changing interest rates and credit
quality requirements. By concentrating its investments in the real estate
industry, the Fund has greater exposure to the potential
adverse economic, regulatory, political and other changes affecting
companies operating within such
industry. |
|
• |
REITs,
REOCs and Foreign Real Estate Companies.
Investing in REITs, REOCs and foreign real estate companies exposes
investors to
the risks of owning real estate directly, as well as to risks that relate
specifically to the way in which REITs, REOCs and foreign real
estate companies are organized and operated. Operating REITs and foreign
real estate companies requires specialized management
skills and the Fund indirectly bears management expenses along with the
direct expenses of the Fund. REITs are also subject
to certain provisions under federal tax law and the failure of a company
to qualify as a REIT could have adverse consequences
for the Fund. In addition, foreign real estate companies may be subject to
the laws, rules and regulations governing those
entities and their failure to comply with those laws, rules and
regulations could negatively impact the performance of those entities.
By
concentrating its investments in the real estate industry, the Fund has
greater exposure to the potential adverse economic,
regulatory, political and other changes affecting companies operating
within such
industry. |
|
• |
Foreign
and Emerging Market Securities.
Investments in foreign markets entail special risks such as currency,
political, economic and
market risks. There also may be greater market volatility, less reliable
financial information, less stringent investor protections and
disclosure standards, higher transaction and custody costs, decreased
market liquidity and less government and exchange regulation
associated with investments in foreign markets. In addition, investments
in certain foreign markets that have historically
been considered stable may become more volatile and subject to increased
risk due to ongoing developments and changing
conditions in such markets. Moreover, the growing interconnectivity of
global economies and financial markets has increased
the probability that adverse developments and conditions in one country or
region will affect the stability of economies and
financial markets in other countries or regions. Certain foreign markets
may rely heavily on particular industries or foreign capital
and are more vulnerable to diplomatic developments, the imposition of
economic sanctions against a particular country or countries,
organizations, companies, entities and/or individuals, changes in
international trading patterns, trade barriers and other protectionist
or retaliatory measures. Investments in foreign markets may also be
adversely affected by governmental actions such as
the imposition of capital controls, nationalization of companies or
industries, expropriation of assets or the imposition of punitive
taxes. The governments of certain countries may prohibit or impose
substantial restrictions on foreign investing in their capital
markets or in certain sectors or industries. In addition, a foreign
government may limit or cause delay in the convertibility or
repatriation of its currency which would adversely affect the U.S. dollar
value and/or liquidity of investments denominated in that
currency. Certain foreign investments may become less liquid in response
to market developments or adverse investor perceptions,
or become illiquid after purchase by the Fund, particularly during periods
of market turmoil. When the Fund holds illiquid
investments, its portfolio may be harder to value. The risks of investing
in emerging market countries are greater than the risks
associated with investments in foreign developed countries. Certain
emerging market countries may be subject to less stringent
requirements regarding accounting, auditing, financial reporting and
record keeping and therefore, material information related
to an investment may not be available or reliable. In addition, the Fund
is limited in its ability to exercise its legal rights or enforce
a counterparty’s legal obligations in certain jurisdictions outside of the
United States, in particular, in emerging markets countries.
In addition, the Fund’s investments in foreign issuers may be denominated
in foreign currencies and therefore, to the extent
unhedged, the value of those investments will fluctuate with U.S. dollar
exchange rates. To the extent hedged by the use of foreign
currency forward exchange contracts, the precise matching of the foreign
currency forward exchange contract amounts and the
value of the securities involved will not generally be possible because
the future value of such securities in foreign currencies
|
|
will
change as a consequence of market movements in the value of those
securities between the date on which the contract is entered
into and the date it matures. There is additional risk that such
transactions may reduce or preclude the opportunity for gain
if the value of the currency should move in the direction opposite to the
position taken and that foreign currency forward exchange
contracts create exposure to currencies in which the Fund’s securities are
not denominated. The use of foreign currency forward
exchange contracts involves the risk of loss from the insolvency or
bankruptcy of the counterparty to the contract or the failure
of the counterparty to make payments or otherwise comply with the terms of
the contract. Economic sanctions or
other similar
measures may
be, and have been, imposed against certain countries, organizations,
companies, entities and/or individuals. Economic
sanctions and other similar measures
could,
among other things, effectively restrict or eliminate the Fund’s ability
to purchase
or sell securities,
negatively impact the value or liquidity of the Fund’s investments,
significantly delay or prevent the settlement
of the Fund’s securities transactions, force the Fund to
sell or otherwise dispose of investments at inopportune times or
prices,
or impair the Fund’s ability to meet its investment objective or invest in
accordance with its investment
strategies. |
|
• |
Market
and Geopolitical Risk. The
value of your investment in the Fund is based on the values of the Fund’s
investments, which may
change due to economic and other events that affect markets generally, as
well as those that affect particular regions, countries,
industries, companies or governments. These events may be sudden and
unexpected, and could adversely affect the liquidity
of the Fund’s investments, which may in turn impact valuation, the Fund’s
ability to sell securities and/or its ability to meet
redemptions. The risks associated with these developments may be magnified
if certain social, political, economic and other conditions
and events (such as war, natural disasters, epidemics and pandemics,
terrorism, conflicts and social unrest) adversely interrupt
the global economy and financial markets. It is difficult to predict when
events affecting the U.S. or global financial markets
may occur, the effects that such events may have and the duration of those
effects (which may last for extended periods). These
events may negatively impact broad segments of businesses and populations
and have a significant and rapid negative impact
on the performance of the Fund’s investments,
adversely
affect and increase the volatility of the Fund’s share price and
exacerbate
pre-existing risks to the
Fund. |
|
|
|
|
|
|
|
- |
|
Past
One Year |
Past
Five Years |
Past
Ten Years |
Since
Inception | |
|
Class
I
(commenced operations on 08/30/2006) | ||||
|
Return
Before Taxes |
|
|
|
|
|
Return
After Taxes on Distributions1
|
|
|
|
|
|
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
|
Class
A
(commenced operations on 08/30/2006) | ||||
|
Return
Before Taxes |
|
|
|
|
|
Class
L
(commenced operations on 06/16/2008) | ||||
|
Return
Before Taxes |
|
|
|
|
|
Class
C
(commenced operations on 04/30/2015) | ||||
|
Return
Before Taxes |
|
|
|
|
|
Class
R6
(commenced operations on 09/13/2013) | ||||
|
Return
Before Taxes |
|
|
|
|
|
FTSE
EPRA Nareit Developed Index—Net Total Return (reflects no deduction
for fees, expenses or taxes)2
|
|
|
|
|
|
FTSE
EPRA Nareit Developed Index—Net Total Return to U.S. Investors
(reflects no deduction for fees, expenses or taxes)3
|
|
|
|
|
|
MSCI
World Net Index (reflects no deduction for fees, expenses or taxes)5
|
|
|
|
|
|
Lipper
Global Real Estate Funds Index (reflects no deduction for taxes)6
|
|
|
|
|
| 1 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
| 2 | The FTSE EPRA Nareit Developed Index—Net Total Return is a free float-adjusted market capitalization weighted index designed to reflect the stock performance of companies engaged in the North American, European and Asian real estate markets. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. It is not possible to invest directly in an index. Effective after the close of business on April 29, 2022, the Fund selected the FTSE EPRA Nareit Developed Index—Net Total Return as its broad-based index as a replacement for the MSCI World Net Index because it believes the FTSE EPRA Nareit Developed Index—Net Total Return is more reflective of the Fund’s principal investment strategies. |
| 3 | The FTSE EPRA Nareit Developed Index—Net Total Return to U.S. Investors is a free float-adjusted market capitalization weighted index designed to reflect the stock performance of companies engaged in the North American, European and Asian real estate markets. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. “Net Total Return to U.S. Investors” reflects a reduction in total returns after taking into account the withholding tax on dividends by certain foreign countries represented in the index for periods after 1/31/05 (gross returns used prior to 1/31/05). It is not possible to invest directly in an index. |
| 4 | Since Inception reflects the inception date of Class I. |
| 5 | The MSCI World Net Index is a free float-adjusted market capitalization weighted index that is designed to measure the global equity market performance of developed markets. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The MSCI World Net Index currently consists of 23 developed market country indices. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. 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. It is not possible to invest directly in an index. |
| 6 | The Lipper Global Real Estate Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Global Real Estate Funds classification. There are currently 30 funds represented in this index. |
|
Name |
Title
with Adviser/ Sub-Adviser(s) or Affiliate |
Date
Began Managing Fund |
|
Laurel
Durkay |
Managing
Director of the Adviser |
December
2020 |
|
Angeline
Ho |
Managing
Director of MSIM Company |
August
2006 |
|
Desmond
Foong |
Managing
Director of MSIM Company |
April
2015 |
|
Simon
Robson Brown |
Managing
Director of MSIM Limited |
February
2022 |
|
Class
I |
Class
A |
Class
C |
Class
R6 |
||
|
Maximum
sales charge (load) imposed on purchases (as a percentage
of offering price) |
|
|
|
|
|
|
Maximum
deferred sales charge (load) (as a percentage based on
the lesser of the offering price or NAV at redemption) |
|
|
|
|
|
Class
I |
Class
A |
Class
C |
Class
R6 |
||
|
Advisory
Fee |
|
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
|
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
|
Total
Annual Fund Operating Expenses3
|
|
|
|
|
|
|
Fee
Waiver and/or Expense Reimbursement3
|
|
|
|
|
|
|
Total
Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement3
|
|
|
|
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
||
|
Class
I |
$ |
$ |
$ |
$ |
|
|
If
You SOLD Your Shares |
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
||
|
Class
A |
$ |
$ |
$ |
$ |
|
|
Class
C |
$ |
$ |
$ |
$ |
|
|
Class
R6 |
$ |
$ |
$ |
$ |
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
||
|
Class
I |
$ |
$ |
$ |
$ |
|
|
Class
A |
$ |
$ |
$ |
$ |
|
|
Class
C |
$ |
$ |
$ |
$ |
|
|
Class
R6 |
$ |
$ |
$ |
$ |
|
| 1 | Investments
in Class A shares that are not subject to any sales charges at the time of
purchase are subject to a contingent deferred sales charge (“CDSC”)
of 1.00% that will be imposed if you sell your shares within 12 months,
except for certain specific circumstances. See “Shareholder Information—How
To Redeem Fund Shares” for further information about the CDSC waiver
categories. |
| 2 | The
Class C CDSC is only applicable if you sell your shares within one year
after the last day of the month of purchase. See “Shareholder
Information—How
To Redeem Fund Shares” for a complete discussion of the
CDSC. |
| 3 | The Fund’s “Adviser,” Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.90% for Class I, 1.25% for Class A, 2.00% for Class C and 0.85% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. |
|
• |
Equity
Securities. In
general, prices of equity securities are more volatile than those of
fixed-income securities. The prices of equity securities
fluctuate, and sometimes widely fluctuate, in response to activities
specific to the issuer of the security as well as factors unrelated
to the fundamental condition of the issuer, including general market,
economic and political conditions. To
the extent that
the Fund invests in convertible securities, and the convertible security’s
investment value is greater than its conversion value, its
price will be likely to increase when interest rates fall and decrease
when interest rates rise. If the conversion value exceeds the investment
value, the price of the convertible security will tend to fluctuate
directly with the price of the underlying
security. |
|
• |
Small
and Mid Cap Companies.
Investments in small and mid cap companies may involve greater risks than
investments in larger, more
established companies. The securities issued by small and mid cap
companies may be less liquid and such companies may have
more limited markets, financial resources and product lines, and may lack
the depth of management of larger
companies. |
|
• |
REITs
and REOCs.
Investing in REITs
and REOCs exposes
investors to the risks of owning real estate directly, as well as to risks
that
relate specifically to the way in which REITs
and REOCs are
organized and operated. Operating REITs requires
specialized management
skills and the Fund indirectly bears management expenses along with the
direct expenses of the Fund. REITs are also subject
to certain provisions under federal tax law and the failure of a company
to qualify as a REIT could have adverse consequences
for the Fund. |
|
• |
Real
Estate Investing.
Companies
in the real estate industry (and, therefore, because of its investment in
such companies, the Fund)
will experience risks similar to the risks of investing in real estate
directly. Real estate is a cyclical business, highly sensitive
to
general and local economic developments and characterized by intense
competition and periodic overbuilding. Real estate income
and values and the real estate market may also be greatly affected by
demographic trends, such as population shifts or changing
tastes and values, and government actions. Real estate companies may also
be affected by changing interest rates and credit
quality requirements. By concentrating its investments in the real estate
industry, the Fund has greater exposure to the potential
adverse economic, regulatory, political and other changes affecting
companies operating within such
industry. |
|
• |
|
|
• |
Exchange-Traded
Funds.
Shares of exchange-traded funds (“ETFs”) have many of the same risks as
direct investments in common stocks
or bonds and their market value may differ from their NAV because the
supply and demand in the market for ETF shares at
any point in time is not always identical to the supply and demand in the
market for the underlying securities. As a shareholder in
an ETF, the Fund would bear its ratable share of that entity’s expenses
while continuing to pay its own investment management
fees and other expenses. As a result, the Fund and its shareholders will,
in effect, be absorbing duplicate levels of fees. Furthermore,
disruptions in the markets for the securities underlying ETFs purchased or
sold by the Fund could result in losses on the
Fund’s investment in
ETFs. |
|
• |
Market
and Geopolitical Risk. The
value of your investment in the Fund is based on the values of the Fund’s
investments, which may
change due to economic and other events that affect markets generally, as
well as those that affect particular regions, countries,
industries, companies or governments. These events may be sudden and
unexpected, and could adversely affect the liquidity
of the Fund’s investments, which may in turn impact valuation, the Fund’s
ability to sell securities and/or its ability to meet
redemptions. The risks associated with these developments may be magnified
if certain social, political, economic and other conditions
and events (such as war, natural disasters, epidemics and pandemics,
terrorism, conflicts and social unrest) adversely interrupt
the global economy and financial markets. It is difficult to predict when
events affecting the U.S. or global financial markets
may occur, the effects that such events may have and the duration of those
effects (which may last for extended periods). These
events may negatively impact broad segments of businesses and populations
and have a significant and rapid negative
|
|
impact
on the performance of the Fund’s investments,
adversely
affect and increase the volatility of the Fund’s share price and
exacerbate
pre-existing risks to the
Fund. |
|
Name |
Title
with Adviser |
Date
Began Managing Fund |
|
Laurel
Durkay |
Managing
Director |
Since
Inception |
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
||
|
Maximum
sales charge (load) imposed on purchases
(as a percentage of offering price) |
|
|
|
|
|
|
|
Maximum
deferred sales charge (load) (as a percentage
based on the lesser of the offering price
or NAV at redemption) |
|
|
|
|
|
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 | |
|
Advisory
Fee |
|
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
|
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
|
Total
Annual Fund Operating Expenses3
|
|
|
|
|
|
|
Fee
Waiver and/or Expense Reimbursement3
|
|
|
|
|
|
|
Total
Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement3
|
|
|
|
|
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
||
|
Class
I |
$ |
$ |
$ |
$ |
|
|
Class
A |
$ |
$ |
$ |
$ |
|
|
Class
L |
$ |
$ |
$ |
$ |
|
|
Class
C |
$ |
$ |
$ |
$ |
|
|
Class
R6 |
$ |
$ |
$ |
$ |
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
||
|
Class
I |
$ |
$ |
$ |
$ |
|
|
Class
A |
$ |
$ |
$ |
$ |
|
|
Class
L |
$ |
$ |
$ |
$ |
|
|
Class
C |
$ |
$ |
$ |
$ |
|
|
Class
R6 |
$ |
$ |
$ |
$ |
|
| 1 | Investments
in Class A shares that are not subject to any sales charges at the time of
purchase are subject to a contingent deferred sales charge (“CDSC”)
of 1.00% that will be imposed if you sell your shares within 12 months,
except for certain specific circumstances. See “Shareholder Information—How
To Redeem Fund Shares” for further information about the CDSC waiver
categories. |
| 2 | The
Class C CDSC is only applicable if you sell your shares within one year
after the last day of the month of purchase. See “Shareholder
Information—How
To Redeem Fund Shares” for a complete discussion of the
CDSC. |
| 3 | The Fund’s “Adviser,” Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.90% for Class I, 1.25% for Class A, 1.75% for Class L, 2.00% for Class C and 0.83% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. |
|
• |
Equity
Securities. In
general, prices of equity securities are more volatile than those of
fixed-income securities. The prices of equity securities
fluctuate, and sometimes widely fluctuate, in response to activities
specific to the issuer of the security as well as factors unrelated
to the fundamental condition of the issuer, including general market,
economic and political
conditions. |
|
• |
Small
and Mid Cap Companies.
Investments in small and mid cap companies may involve greater risks than
investments in larger, more
established companies. The securities issued by small and mid cap
companies may be less liquid and such companies may have
more limited markets, financial resources and product lines, and may lack
the depth of management of larger
companies. |
|
• |
Real
Estate Investing.
Companies in the real estate industry (and, therefore, because of its
investment in such companies, the Fund)
will experience risks similar to the risks of investing in real estate
directly. Real estate is a cyclical business, highly sensitive
to
general and local economic developments and characterized by intense
competition and periodic overbuilding. Real estate income
and values and the real estate market may also be greatly affected by
demographic trends, such as population shifts or changing
tastes and values, and government actions. Real estate companies may also
be affected by changing interest rates and credit
quality requirements. By concentrating its investments in the real estate
industry, the Fund has greater exposure to the potential
adverse economic, regulatory, political and other changes affecting
companies operating within such
industry. |
|
• |
REITs
and REOCs.
Investing in REITs and REOCs exposes investors to the risks of owning real
estate directly, as well as to risks that
relate specifically to the way in which REITs and REOCs are organized and
operated. Operating REITs requires specialized management
skills and the Fund indirectly bears management expenses along with the
direct expenses of the Fund. REITs are also subject
to certain provisions under federal tax law and the failure of a company
to qualify as a REIT could have adverse consequences
for the Fund. |
|
• |
|
|
• |
Market
and Geopolitical Risk. The
value of your investment in the Fund is based on the values of the Fund’s
investments, which may
change due to economic and other events that affect markets generally, as
well as those that affect particular regions, countries,
industries, companies or governments. These events may be sudden and
unexpected, and could adversely affect the liquidity
of the Fund’s investments, which may in turn impact valuation, the Fund’s
ability to sell securities and/or its ability to meet
redemptions. The risks associated with these developments may be magnified
if certain social, political, economic and other conditions
and events (such as war, natural disasters, epidemics and pandemics,
terrorism, conflicts and social unrest) adversely interrupt
the global economy and financial markets. It is difficult to predict when
events affecting the U.S. or global financial markets
may occur, the effects that such events may have and the duration of those
effects (which may last for extended periods). These
events may negatively impact broad segments of businesses and populations
and have a significant and rapid negative impact
on the performance of the Fund’s investments,
adversely
affect and increase the volatility of the Fund’s share price and
exacerbate
pre-existing risks to the
Fund. |
|
|
|
|
|
|
|
- |
|
Past
One Year |
Past
Five Years |
Past
Ten Years |
Since
Inception | |
|
Class
I
(commenced operations on 2/24/1995) | ||||
|
Return
Before Taxes |
|
|
|
|
|
Return
After Taxes on Distributions1
|
|
|
|
|
|
Return
After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
|
|
Class
A
(commenced operations on 1/2/1996) | ||||
|
Return
Before Taxes |
|
|
|
|
|
Class
L
(commenced operations on 11/11/2011) | ||||
|
Return
Before Taxes |
|
|
|
|
|
Class
C
(commenced operations on 4/30/2015) | ||||
|
Return
Before Taxes |
|
|
|
|
|
Class
R6
(commenced operations on 9/13/2013) | ||||
|
Return
Before Taxes |
|
|
|
|
|
FTSE
Nareit Equity REITs Index (reflects no deduction
for fees, expenses or taxes)2
|
|
|
|
|
|
S&P
500® Index (reflects no deduction for fees, expenses
or taxes)4
|
|
|
|
|
|
Lipper
Real Estate Funds Index (reflects no deduction
for taxes)5
|
|
|
|
|
| 1 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
| 2 | The FTSE Nareit (National Association of Real Estate Investment Trusts) Equity REITs Index is a free float-adjusted market capitalization weighted index of tax-qualified REITs listed on the New York Stock Exchange, NYSE Amex and the NASDAQ National Market Systems. It is not possible to invest directly in an index. Effective after the close of business on April 29, 2022, the Fund selected the FTSE Nareit Equity REITs Index as its broad-based index as a replacement for the Standard & Poor’s 500® Index (S&P 500® Index) because it believes the FTSE Nareit Equity REITs Index is more reflective of the Fund’s principal investment strategies. |
| 3 | Since Inception reflects the inception date of Class I. |
| 4 | The S&P 500® Index measures the performance of the large cap segment of the U.S. equities market, covering approximately 80% of the U.S. equities market. The S&P 500® Index includes 500 leading companies in leading industries of the U.S. economy. It is not possible to invest directly in an index. |
| 5 | The Lipper Real Estate Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Real Estate Funds classification. There are currently 30 funds represented in this index. |
|
Name |
Title
with Adviser |
Date
Began Managing Fund |
|
Laurel
Durkay |
Managing
Director |
December
2020 |
|
This
section discusses additional information relating to the Funds’ investment
strategies, other types of investments that the
Funds may make and related risk factors. The Funds’ investment practices
and limitations are also described in more detail
in the Statement of Additional Information (“SAI”), which is incorporated
by reference and legally is a part of this Prospectus.
For details on how to obtain a copy of the SAI and other reports and
information, see the back cover of this Prospectus. | ||
|
Fund
(as a percentage of average daily net assets) |
||
|
Global
Focus Real Estate1
|
0.00% |
|
|
Global
Infrastructure |
0.74% |
|
|
Global
Real Estate |
0.62% |
|
|
U.S.
Focus Real Estate2
|
0.00% |
|
|
U.S.
Real Estate |
0.22% |
|
| 1 | For the period July 30, 2021 (commencement of operations) through December 31, 2021. |
| 2 | For the period September 30, 2021 (commencement of operations) through December 31, 2021. |
|
Fund |
Expense
Cap Class
I |
Expense
Cap Class
A |
Expense
Cap Class
L |
Expense
Cap Class
C |
Expense
Cap Class
R6 |
|
|
Global
Focus Real Estate |
0.95% |
1.30% |
N/A |
2.05% |
0.90% |
|
|
Global
Infrastructure |
0.97% |
1.21% |
1.78% |
2.07% |
0.94% |
|
|
Global
Real Estate |
1.00% |
1.35% |
1.85% |
2.10% |
0.94% |
|
|
U.S.
Focus Real Estate |
0.90% |
1.25% |
N/A |
2.00% |
0.85% |
|
|
U.S.
Real Estate |
0.90% |
1.25% |
1.75% |
2.00% |
0.83% |
|
Front-End
Sales Charge |
|||
|
Amount
of Single Transaction |
Percentage
of Public Offering
Price |
Approximate
Percentage of Net
Amount Invested |
Dealer
Commission as a Percentage
of Offering Price |
|
Less
than $50,000 |
5.25% |
5.54% |
4.75% |
|
$50,000
but less than $100,000 |
4.50% |
4.71% |
4.00% |
|
$100,000
but less than $250,000 |
3.50% |
3.63% |
3.00% |
|
$250,000
but less than $500,000 |
2.50% |
2.56% |
2.00% |
|
$500,000
but less than $1 million |
2.00% |
2.04% |
1.50% |
|
$1
million and over* |
0.00% |
0.00% |
0.00% |
| * | The Distributor may pay a commission of up to 1.00% to a Financial Intermediary for purchase amounts of $1 million or more. |
|
• |
A
single account (including an individual, a joint account, a trust or
fiduciary account). |
|
• |
A
family member account (limited to spouse, and children under the age of
21, but including trust accounts established solely for the
benefit of a spouse, or children under the age of
21). |
|
• |
An
UGMA/UTMA (Uniform Gifts to Minors Act/Uniform Transfers to Minors Act)
account. |
|
• |
An
individual retirement account (“IRA”). |
|
• |
Sales
through banks, broker-dealers and other financial institutions (including
registered investment advisers and financial planners)
purchasing shares on behalf of their clients in (i) discretionary and
non-discretionary advisory programs, (ii) asset allocation
programs, (iii) other programs in which the client pays an asset-based fee
for advice or for executing transactions in Fund
shares or for otherwise participating in the program or (iv) certain other
investment programs that do not charge an asset-based
fee, as outlined in an agreement between the Distributor and such
financial institution. |
|
• |
Sales
through Financial Intermediaries who have entered into an agreement with
the Distributor to offer Fund shares to self-directed
investment brokerage accounts, which may or may not charge a transaction
fee. |
|
• |
Qualified
state tuition plans described in Section 529 of the Code (subject to all
applicable terms and conditions). |
|
• |
Defined
contribution, defined benefit and other employer-sponsored employee
benefit plans, whether or not qualified under the Code,
where such plans purchase Class A shares through a plan-level or omnibus
account sponsored or serviced by a Financial Intermediary
that has an agreement with the Fund, the Distributor and/or the Adviser
pursuant to which Class A shares are available
to such plans without an initial sales
charge. |
|
• |
Certain
retirement and deferred compensation programs established by Morgan
Stanley Investment Management or its affiliates for
their employees or the Company’s
Directors. |
|
• |
Current
or retired Directors or Trustees of the Morgan Stanley Funds (as defined
below), such persons’ spouses, and children under
the age of 21, and trust accounts for which any of such persons is a
beneficiary. |
|
• |
Current
or retired directors, officers and employees of Morgan Stanley and any of
its subsidiaries, such persons’ spouses, and children
under the age of 21, and trust accounts for which any of such persons is a
beneficiary. |
|
• |
Certain
other registered open-end investment companies whose shares are
distributed by the Distributor. |
|
• |
Investments
made in connection with certain mergers and/or reorganizations as approved
by the Adviser. |
|
• |
The
reinvestment of dividends from Class A shares in additional Class A shares
of the same Fund. |
|
• |
Current
employees of financial intermediaries or their affiliates that have
executed a selling agreement with the Distributor, such persons’
spouses, children under the age of 21, and trust accounts for which any
such person is a beneficiary, as permitted by internal
policies of their employer. |
|
• |
Sales
of shares held at the time you die or become disabled (within the
definition in Section 72(m)(7) of the Code, which relates to
the ability to engage in gainful employment), if the shares are: (i)
registered either in your individual name or in the names of you
and your spouse as joint tenants with right of survivorship; (ii)
registered in the name of a trust of which (a) you are the settlor
and
that is revocable by you (i.e., a “living trust”) or (b) you and your
spouse are the settlors and that is revocable by you or your spouse
(i.e., a “joint living trust”); or (iii) held in a qualified corporate or
self-employed retirement plan, IRA or 403(b) Custodial Account;
provided in either case that the sale is requested within one year after
your death or initial determination of
disability. |
|
• |
Sales
in connection with the following retirement plan “distributions”: (i)
lump-sum or other distributions from a qualified corporate
or self-employed retirement plan following retirement (or, in the case of
a “key employee” of a “top heavy” plan, following
attainment of age 59 ½); (ii) required minimum distributions and
certain other distributions (such as those following attainment
of age 59 ½) from an IRA or 403(b) Custodial Account; or (iii) a
tax-free return of an excess IRA contribution (a “distribution”
does not include a direct transfer of IRA, 403(b) Custodial Account or
retirement plan assets to a successor custodian
or trustee). |
|
• |
Sales
of shares in connection with the systematic withdrawal plan of up to 12%
annually of the value of each Fund from which plan
sales are made. The percentage is determined on the date you establish the
systematic withdrawal plan and based on the next calculated
share price. You may have this CDSC waiver applied in amounts up to 1% per
month, 3% per quarter, 6% semi-annually
or 12% annually. Shares with no CDSC will be sold first, followed by those
with the lowest CDSC. As such, the waiver benefit
will be reduced by the amount of your shares that are not subject to a
CDSC. If you suspend your participation in the plan,
you may later resume plan payments without requiring a new determination
of the account value for the 12% CDSC waiver. |
|
*
The Asia Opportunity, China Equity, Counterpoint Global, Developing
Opportunity, Emerging Markets Leaders, Global
Concentrated,
Global Core, Global Endurance, Global Focus
Real Estate, Global Permanence,
Multi-Asset Real Return, Permanence,
US Core, U.S. Focus Real Estate and Vitality Portfolios
do not offer Class L shares. |
|
Class
I | ||
|
Selected
Per Share Data and Ratios |
Period
from July 30, 2021(1) to December 31, 2021 | |
|
Net
Asset Value, Beginning of Period |
$ |
10.00 |
|
Income
from Investment Operations: | ||
|
Net
Investment Income(2)
|
0.04 | |
|
Net
Realized and Unrealized Gain |
0.50 | |
|
Total
from Investment Operations |
0.54 | |
|
Distributions
from and/or in Excess of: | ||
|
Net
Investment Income |
(0.05) | |
|
Net
Asset Value, End of Period |
$ |
10.49 |
|
Total
Return(3)
|
5.38%(4)
| |
|
Ratios
to Average Net Assets and Supplemental Data: | ||
|
Net
Assets, End of Period (Thousands) |
$ |
5,239 |
|
Ratio
of Expenses Before Expense Limitation |
8.85%(5)
| |
|
Ratio
of Expenses After Expense Limitation |
0.94%(5)(6)
| |
|
Ratio
of Net Investment Income |
0.89%(5)(6)
| |
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(7)
| |
|
Portfolio
Turnover Rate |
44%(4)
| |
|
(1) |
Commencement
of Operations. |
|
(2) |
Per
share amount is based on average shares outstanding. |
|
(3) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(4) |
Not
annualized. |
|
(5) |
Annualized. |
|
(6) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” |
|
(7) |
Amount
is less than 0.005%. |
|
Class
A | ||
|
Selected
Per Share Data and Ratios |
Period
from July 30, 2021(1) to December 31, 2021 | |
|
Net
Asset Value, Beginning of Period |
$ |
10.00 |
|
Income
from Investment Operations: | ||
|
Net
Investment Income(2)
|
0.03 | |
|
Net
Realized and Unrealized Gain |
0.49 | |
|
Total
from Investment Operations |
0.52 | |
|
Distributions
from and/or in Excess of: | ||
|
Net
Investment Income |
(0.03) | |
|
Net
Asset Value, End of Period |
$ |
10.49 |
|
Total
Return(3)
|
5.23%(4)
| |
|
Ratios
to Average Net Assets and Supplemental Data: | ||
|
Net
Assets, End of Period (Thousands) |
$ |
39 |
|
Ratio
of Expenses Before Expense Limitation |
14.76%(5)
| |
|
Ratio
of Expenses After Expense Limitation |
1.30%(5)(6)
| |
|
Ratio
of Net Investment Income |
0.63%(5)(6)
| |
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(7)
| |
|
Portfolio
Turnover Rate |
44%(4)
| |
|
(1) |
Commencement
of Operations. |
|
(2) |
Per
share amount is based on average shares outstanding. |
|
(3) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. |
|
(4) |
Not
annualized. |
|
(5) |
Annualized. |
|
(6) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” |
|
(7) |
Amount
is less than 0.005%. |
|
Class
C | ||
|
Selected
Per Share Data and Ratios |
Period
from July 30, 2021(1) to December 31, 2021 | |
|
Net
Asset Value, Beginning of Period |
$ |
10.00 |
|
Income
from Investment Operations: | ||
|
Net
Investment Loss(2)
|
(0.01) | |
|
Net
Realized and Unrealized Gain |
0.50 | |
|
Total
from Investment Operations |
0.49 | |
|
Distributions
from and/or in Excess of: | ||
|
Net
Investment Income |
(0.00)(3)
| |
|
Net
Asset Value, End of Period |
$ |
10.49 |
|
Total
Return(4)
|
4.92%(5)
| |
|
Ratios
to Average Net Assets and Supplemental Data: | ||
|
Net
Assets, End of Period (Thousands) |
$ |
10 |
|
Ratio
of Expenses Before Expense Limitation |
27.58%(6)
| |
|
Ratio
of Expenses After Expense Limitation |
2.05%(6)(7)
| |
|
Ratio
of Net Investment Loss |
(0.23)%(6)(7)
| |
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(8)
| |
|
Portfolio
Turnover Rate |
44%(5)
| |
|
(1) |
Commencement
of Operations. |
|
(2) |
Per
share amount is based on average shares outstanding. |
|
(3) |
Amount
is less than $0.005 per share. |
|
(4) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. |
|
(5) |
Not
annualized. |
|
(6) |
Annualized. |
|
(7) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Loss reflect the rebate of certain Fund expenses in connection with the
investments in
Morgan Stanley affiliates during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Ratio of Rebate from Morgan
Stanley Affiliates.” |
|
(8) |
Amount
is less than 0.005%. |
|
Class
R6 | ||
|
Selected
Per Share Data and Ratios |
Period
from July 30, 2021(1) to December 31, 2021 | |
|
Net
Asset Value, Beginning of Period |
$ |
10.00 |
|
Income
from Investment Operations: | ||
|
Net
Investment Income(2)
|
0.04 | |
|
Net
Realized and Unrealized Gain |
0.50 | |
|
Total
from Investment Operations |
0.54 | |
|
Distributions
from and/or in Excess of: | ||
|
Net
Investment Income |
(0.05) | |
|
Net
Asset Value, End of Period |
$ |
10.49 |
|
Total
Return(3)
|
5.39%(4)
| |
|
Ratios
to Average Net Assets and Supplemental Data: | ||
|
Net
Assets, End of Period (Thousands) |
$ |
11 |
|
Ratio
of Expenses Before Expense Limitation |
26.54%(5)
| |
|
Ratio
of Expenses After Expense Limitation |
0.90%(5)(6)
| |
|
Ratio
of Net Investment Income |
0.93%(5)(6)
| |
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(7)
| |
|
Portfolio
Turnover Rate |
44%(4)
| |
|
(1) |
Commencement
of Operations. |
|
(2) |
Per
share amount is based on average shares outstanding. |
|
(3) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(4) |
Not
annualized. |
|
(5) |
Annualized. |
|
(6) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” |
|
(7) |
Amount
is less than 0.005%. |
|
Class
I | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
14.47 |
$ |
15.37 |
$ |
12.39 |
$ |
14.64 |
$ |
14.02 |
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income(1)
|
0.30 |
0.13 |
0.35 |
0.31 |
0.44 | |||||
|
Net
Realized and Unrealized Gain (Loss) |
1.72 |
(0.36) |
3.11 |
(1.45) |
1.33 | |||||
|
Total
from Investment Operations |
2.02 |
(0.23) |
3.46 |
(1.14) |
1.77 | |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(0.35) |
(0.40) |
(0.36) |
(0.37) |
(0.42) | |||||
|
Net
Realized Gain |
(0.88) |
(0.27) |
(0.12) |
(0.74) |
(0.73) | |||||
|
Total
Distributions |
(1.23) |
(0.67) |
(0.48) |
(1.11) |
(1.15) | |||||
|
Net
Asset Value, End of Period |
$ |
15.26 |
$ |
14.47 |
$ |
15.37 |
$ |
12.39 |
$ |
14.64 |
|
Total
Return(2)
|
14.14% |
(1.45)% |
27.94% |
(8.02)% |
12.70% | |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
91,045 |
$ |
68,255 |
$ |
89,371 |
$ |
65,311 |
$ |
95,219 |
|
Ratio
of Expenses Before Expense Limitation |
1.18% |
1.18% |
1.16% |
1.16% |
1.08% | |||||
|
Ratio
of Expenses After Expense Limitation |
0.97%(3)
|
0.97%(3)
|
0.97%(3)
|
0.97%(3)
|
0.91%(3)(4)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
N/A |
0.97%(3)
|
0.97%(3)
|
N/A |
N/A | |||||
|
Ratio
of Net Investment Income |
1.95%(3)
|
0.94%(3)
|
2.40%(3)
|
2.21%(3)
|
2.93%(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(5)
|
0.00%(5)
|
0.00%(5)
|
0.00%(5)
|
0.01% | |||||
|
Portfolio
Turnover Rate |
61% |
62% |
30% |
43% |
45% | |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection
with
the investments in Morgan Stanley affiliates during the period. The effect
of the rebate on the ratios is disclosed in the above table as “Ratio
of
Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2017, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 0.97% for Class I shares.
Prior
to July 1, 2017, the maximum ratio was 0.87% for Class I
shares. |
|
(5) |
Amount
is less than 0.005%. |
|
Class
A | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
14.44 |
$ |
15.33 |
$ |
12.36 |
$ |
14.60 |
$ |
13.99 |
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income(1)
|
0.27 |
0.11 |
0.31 |
0.28 |
0.39 | |||||
|
Net
Realized and Unrealized Gain (Loss) |
1.70 |
(0.37) |
3.10 |
(1.45) |
1.33 | |||||
|
Total
from Investment Operations |
1.97 |
(0.26) |
3.41 |
(1.17) |
1.72 | |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(0.31) |
(0.36) |
(0.32) |
(0.33) |
(0.38) | |||||
|
Net
Realized Gain |
(0.88) |
(0.27) |
(0.12) |
(0.74) |
(0.73) | |||||
|
Total
Distributions |
(1.19) |
(0.63) |
(0.44) |
(1.07) |
(1.11) | |||||
|
Net
Asset Value, End of Period |
$ |
15.22 |
$ |
14.44 |
$ |
15.33 |
$ |
12.36 |
$ |
14.60 |
|
Total
Return(2)
|
13.89% |
(1.69)% |
27.62% |
(8.22)% |
12.37% | |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
224,318 |
$ |
213,128 |
$ |
240,350 |
$ |
212,919 |
$ |
278,780 |
|
Ratio
of Expenses Before Expense Limitation |
1.39% |
1.38% |
1.37% |
1.37% |
1.38% | |||||
|
Ratio
of Expenses After Expense Limitation |
1.21%(3)
|
1.21%(3)
|
1.21%(3)
|
1.21%(3)
|
1.15%(3)(4)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
N/A |
1.21%(3)
|
1.21%(3)
|
N/A |
N/A | |||||
|
Ratio
of Net Investment Income |
1.74%(3)
|
0.74%(3)
|
2.16%(3)
|
2.00%(3)
|
2.63%(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(5)
|
0.00%(5)
|
0.00%(5)
|
0.00%(5)
|
0.01% | |||||
|
Portfolio
Turnover Rate |
61% |
62% |
30% |
43% |
45% | |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection
with
the investments in Morgan Stanley affiliates during the period. The effect
of the rebate on the ratios is disclosed in the above table as “Ratio
of
Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2017, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 1.21% for Class A shares.
Prior
to July 1, 2017, the maximum ratio was 1.11% for Class A
shares. |
|
(5) |
Amount
is less than 0.005%. |
|
Class
L | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
14.40 |
$ |
15.29 |
$ |
12.33 |
$ |
14.55 |
$ |
13.94 |
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income(1)
|
0.18 |
0.02 |
0.23 |
0.20 |
0.31 | |||||
|
Net
Realized and Unrealized Gain (Loss) |
1.69 |
(0.36) |
3.08 |
(1.44) |
1.33 | |||||
|
Total
from Investment Operations |
1.87 |
(0.34) |
3.31 |
(1.24) |
1.64 | |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(0.21) |
(0.28) |
(0.23) |
(0.24) |
(0.30) | |||||
|
Net
Realized Gain |
(0.88) |
(0.27) |
(0.12) |
(0.74) |
(0.73) | |||||
|
Total
Distributions |
(1.09) |
(0.55) |
(0.35) |
(0.98) |
(1.03) | |||||
|
Net
Asset Value, End of Period |
$ |
15.18 |
$ |
14.40 |
$ |
15.29 |
$ |
12.33 |
$ |
14.55 |
|
Total
Return(2)
|
13.28% |
(2.27)% |
26.87% |
(8.73)% |
11.80% | |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
3,275 |
$ |
3,163 |
$ |
3,718 |
$ |
3,805 |
$ |
5,634 |
|
Ratio
of Expenses Before Expense Limitation |
1.98% |
1.94% |
1.93% |
1.87% |
1.95% | |||||
|
Ratio
of Expenses After Expense Limitation |
1.78%(3)
|
1.78%(3)
|
1.78%(3)
|
1.78%(3)
|
1.72%(3)(4)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
N/A |
1.78%(3)
|
1.78%(3)
|
N/A |
N/A | |||||
|
Ratio
of Net Investment Income |
1.17%(3)
|
0.17%(3)
|
1.58%(3)
|
1.41%(3)
|
2.06%(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(5)
|
0.00%(5)
|
0.00%(5)
|
0.00%(5)
|
0.01% | |||||
|
Portfolio
Turnover Rate |
61% |
62% |
30% |
43% |
45% | |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection
with
the investments in Morgan Stanley affiliates during the period. The effect
of the rebate on the ratios is disclosed in the above table as “Ratio
of
Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2017, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 1.78% for Class L shares.
Prior
to July 1, 2017, the maximum ratio was 1.68% for Class L
shares. |
|
(5) |
Amount
is less than 0.005%. |
|
Class
C | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
14.18
|
$ |
15.08
|
$ |
12.17
|
$ |
14.36
|
$ |
13.81
|
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income (Loss)(1)
|
0.14
|
(0.02
)
|
0.18
|
0.16
|
0.29
| |||||
|
Net
Realized and Unrealized Gain (Loss) |
1.66
|
(0.36
)
|
3.05
|
(1.42
)
|
1.28
| |||||
|
Total
from Investment Operations |
1.80
|
(0.38
)
|
3.23
|
(1.26
)
|
1.57
| |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(0.20
)
|
(0.25
)
|
(0.20
)
|
(0.19
)
|
(0.29
)
| |||||
|
Net
Realized Gain |
(0.88
)
|
(0.27
)
|
(0.12
)
|
(0.74
)
|
(0.73
)
| |||||
|
Total
Distributions |
(1.08
)
|
(0.52
)
|
(0.32
)
|
(0.93
)
|
(1.02
)
| |||||
|
Net
Asset Value, End of Period |
$ |
14.90
|
$ |
14.18
|
$ |
15.08
|
$ |
12.17
|
$ |
14.36
|
|
Total
Return(2)
|
12.93
%
|
(2.53
)%
|
26.55
%
|
(9.02
)%
|
11.42
%
| |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
4,218
|
$ |
2,787
|
$ |
2,901
|
$ |
2,580
|
$ |
3,601
|
|
Ratio
of Expenses Before Expense Limitation |
2.19
%
|
2.22
%
|
2.20
%
|
2.20
%
|
2.23
%
| |||||
|
Ratio
of Expenses After Expense Limitation |
2.07
%
(3)
|
2.07
%
(3)
|
2.07
%
(3)
|
2.07
%
(3)
|
2.02
%
(3)(4)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest
Expenses |
N/A
|
2.07
%
(3)
|
2.07
%
(3)
|
N/A
|
N/A
| |||||
|
Ratio
of Net Investment Income (Loss) |
0.92
%
(3)
|
(0.12
)%
(3)
|
1.30
%
(3)
|
1.14
%
(3)
|
1.96
%
(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.01
%
| |||||
|
Portfolio
Turnover Rate |
61
%
|
62
%
|
30
%
|
43
%
|
45
%
| |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income (Loss) reflect the rebate of certain Fund expenses in connection
with the investments in Morgan Stanley affiliates during the period. The
effect of the rebate on the ratios is disclosed in the above table
as “Ratio of Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2017, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 2.07% for Class C shares.
Prior
to July 1, 2017, the maximum ratio was 1.97% for Class C
shares. |
|
(5) |
Amount
is less than 0.005%. |
|
Class
R6 | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
14.40
|
$ |
15.29
|
$ |
12.38
|
$ |
14.63
|
$ |
14.02
|
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income(1)
|
0.34
|
0.15
|
0.38
|
0.32
|
0.45
| |||||
|
Net
Realized and Unrealized Gain (Loss) |
1.67
|
(0.37
)
|
3.01
|
(1.46
)
|
1.32
| |||||
|
Total
from Investment Operations |
2.01
|
(0.22
)
|
3.39
|
(1.14
)
|
1.77
| |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(0.35
)
|
(0.40
)
|
(0.36
)
|
(0.37
)
|
(0.43
)
| |||||
|
Net
Realized Gain |
(0.88
)
|
(0.27
)
|
(0.12
)
|
(0.74
)
|
(0.73
)
| |||||
|
Total
Distributions |
(1.23
)
|
(0.67
)
|
(0.48
)
|
(1.11
)
|
(1.16
)
| |||||
|
Net
Asset Value, End of Period |
$ |
15.18
|
$ |
14.40
|
$ |
15.29
|
$ |
12.38
|
$ |
14.63
|
|
Total
Return(2)
|
14.17
%
|
(1.37
)%
|
27.31
%
|
(7.92
)%
|
12.65
%
| |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
13
|
$ |
11
|
$ |
11
|
$ |
24,462
|
$ |
9,516
|
|
Ratio
of Expenses Before Expense Limitation |
20.38
%
|
20.65
%
|
1.05
%
|
1.05
%
|
1.06
%
| |||||
|
Ratio
of Expenses After Expense Limitation |
0.94
%
(3)
|
0.94
%
(3)
|
0.94
%
(3)
|
0.94
%
(3)
|
0.89
%
(3)(4)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
N/A
|
0.94
%
(3)
|
0.94
%
(3)
|
N/A
|
N/A
| |||||
|
Ratio
of Net Investment Income |
2.21
%
(3)
|
1.03
%
(3)
|
2.71
%
(3)
|
2.26
%
(3)
|
2.95
%
(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.01
%
| |||||
|
Portfolio
Turnover Rate |
61
%
|
62
%
|
30
%
|
43
%
|
45
%
| |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection
with
the investments in Morgan Stanley affiliates during the period. The effect
of the rebate on the ratios is disclosed in the above table as “Ratio
of
Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2017, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 0.94% for Class R6 shares.
Prior to July 1, 2017, the maximum ratio was 0.84% for Class R6
shares. |
|
(5) |
Amount
is less than 0.005%. |
|
Class
I | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
8.26 |
$ |
9.87 |
$ |
9.19 |
$ |
11.13 |
$ |
10.76 |
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income(1)
|
0.09 |
0.15 |
0.24 |
0.27 |
0.25 | |||||
|
Net
Realized and Unrealized Gain (Loss) |
1.79 |
(1.57) |
1.43 |
(1.11) |
0.80 | |||||
|
Total
from Investment Operations |
1.88 |
(1.42) |
1.67 |
(0.84) |
1.05 | |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(1.57) |
(0.11) |
(0.54) |
(0.51) |
(0.15) | |||||
|
Net
Realized Gain |
(1.33) |
(0.08) |
(0.45) |
(0.59) |
(0.53) | |||||
|
Total
Distributions |
(2.90) |
(0.19) |
(0.99) |
(1.10) |
(0.68) | |||||
|
Net
Asset Value, End of Period |
$ |
7.24 |
$ |
8.26 |
$ |
9.87 |
$ |
9.19 |
$ |
11.13 |
|
Total
Return(2)
|
23.99% |
(14.33)% |
18.35% |
(7.92)% |
9.73% | |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
59,614 |
$ |
84,874 |
$ |
323,386 |
$ |
361,680 |
$ |
553,319 |
|
Ratio
of Expenses Before Expense Limitation |
1.12% |
1.20% |
1.05% |
1.10% |
1.07% | |||||
|
Ratio
of Expenses After Expense Limitation |
0.94%(3)(5)
|
1.01%(3)(5)
|
1.00%(3)
|
1.03%(3)(4)
|
1.05%(3)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
0.93%(3)
|
1.00%(3)
|
1.00%(3)
|
1.03%(3)
|
1.05%(3)
| |||||
|
Ratio
of Net Investment Income |
1.03%(3)
|
1.86%(3)
|
2.36%(3)
|
2.54%(3)
|
2.20%(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(6)
|
0.00%(6)
|
0.00%(6)
|
0.00%(6)
|
0.00%(6)
| |||||
|
Portfolio
Turnover Rate |
135% |
51% |
24% |
38% |
39% | |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection
with
the investments in Morgan Stanley affiliates during the period. The effect
of the rebate on the ratios is disclosed in the above table as “Ratio
of
Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2018, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 1.00% for Class I shares.
Prior
to July 1,2018, the maximum ratio was 1.05% for Class I
shares. |
|
(5) |
Ratio
is above the expense limitation due to interest expenses, which are not
included in the determination of the expense limitation. Refer to
Footnote
B in the Notes to the Financial Statements. |
|
(6) |
Amount
is less than 0.005%. |
|
Class
A | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
8.25 |
$ |
9.85 |
$ |
9.17 |
$ |
11.10 |
$ |
10.71 |
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income(1)
|
0.05 |
0.13 |
0.21 |
0.23 |
0.17 | |||||
|
Net
Realized and Unrealized Gain (Loss) |
1.79 |
(1.58) |
1.41 |
(1.10) |
0.84 | |||||
|
Total
from Investment Operations |
1.84 |
(1.45) |
1.62 |
(0.87) |
1.01 | |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(1.54) |
(0.07) |
(0.49) |
(0.47) |
(0.09) | |||||
|
Net
Realized Gain |
(1.33) |
(0.08) |
(0.45) |
(0.59) |
(0.53) | |||||
|
Total
Distributions |
(2.87) |
(0.15) |
(0.94) |
(1.06) |
(0.62) | |||||
|
Net
Asset Value, End of Period |
$ |
7.22 |
$ |
8.25 |
$ |
9.85 |
$ |
9.17 |
$ |
11.10 |
|
Total
Return(2)
|
23.47% |
(14.65)% |
17.90% |
(8.19)% |
9.44% | |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
3,368 |
$ |
4,316 |
$ |
10,728 |
$ |
12,775 |
$ |
17,701 |
|
Ratio
of Expenses Before Expense Limitation |
2.05% |
1.90% |
1.37% |
1.39% |
N/A | |||||
|
Ratio
of Expenses After Expense Limitation |
1.36%(3)(5)
|
1.36%(3)(5)
|
1.35%(3)
|
1.38%(3)(4)
|
1.35%(3)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.35%(3)
|
1.35%(3)
|
1.35%(3)
|
1.38%(3)
|
1.35%(3)
| |||||
|
Ratio
of Net Investment Income |
0.57%(3)
|
1.63%(3)
|
2.00%(3)
|
2.18%(3)
|
1.55%(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(6)
|
0.00%(6)
|
0.00%(6)
|
0.00%(6)
|
0.00%(6)
| |||||
|
Portfolio
Turnover Rate |
135% |
51% |
24% |
38% |
39% | |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection
with
the investments in Morgan Stanley affiliates during the period. The effect
of the rebate on the ratios is disclosed in the above table as “Ratio
of
Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2018, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 1.35% for Class A shares.
Prior
to July 1,2018, the maximum ratio was 1.40% for Class A
shares. |
|
(5) |
Ratio
is above the expense limitation due to interest expenses, which are not
included in the determination of the expense limitation. Refer to
Footnote
B in the Notes to the Financial Statements. |
|
(6) |
Amount
is less than 0.005%. |
|
Class
L | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
8.18 |
$ |
9.75 |
$ |
9.09 |
$ |
11.01 |
$ |
10.64 |
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income(1)
|
0.01 |
0.08 |
0.16 |
0.17 |
0.14 | |||||
|
Net
Realized and Unrealized Gain (Loss) |
1.77 |
(1.56) |
1.40 |
(1.09) |
0.81 | |||||
|
Total
from Investment Operations |
1.78 |
(1.48) |
1.56 |
(0.92) |
0.95 | |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(1.49) |
(0.01) |
(0.45) |
(0.41) |
(0.05) | |||||
|
Net
Realized Gain |
(1.33) |
(0.08) |
(0.45) |
(0.59) |
(0.53) | |||||
|
Total
Distributions |
(2.82) |
(0.09) |
(0.90) |
(1.00) |
(0.58) | |||||
|
Net
Asset Value, End of Period |
$ |
7.14 |
$ |
8.18 |
$ |
9.75 |
$ |
9.09 |
$ |
11.01 |
|
Total
Return(2)
|
22.94% |
(15.17)% |
17.37% |
(8.74)% |
8.89% | |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
521 |
$ |
522 |
$ |
1,419 |
$ |
1,220 |
$ |
1,344 |
|
Ratio
of Expenses Before Expense Limitation |
2.30% |
2.08% |
1.91% |
2.02% |
1.93% | |||||
|
Ratio
of Expenses After Expense Limitation |
1.86%(3)(5)
|
1.86%(3)(5)
|
1.85%(3)
|
1.88%(3)(4)
|
1.90%(3)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.85%(3)
|
1.85%(3)
|
1.85%(3)
|
1.88%(3)
|
1.90%(3)
| |||||
|
Ratio
of Net Investment Income |
0.12%(3)
|
1.07%(3)
|
1.54%(3)
|
1.64%(3)
|
1.32%(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(6)
|
0.00%(6)
|
0.00%(6)
|
0.00%(6)
|
0.00%(6)
| |||||
|
Portfolio
Turnover Rate |
135% |
51% |
24% |
38% |
39% | |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection
with
the investments in Morgan Stanley affiliates during the period. The effect
of the rebate on the ratios is disclosed in the above table as “Ratio
of
Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2018, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 1.85% for Class L shares.
Prior
to July 1,2018, the maximum ratio was 1.90% for Class L
shares. |
|
(5) |
Ratio
is above the expense limitation due to interest expenses, which are not
included in the determination of the expense limitation. Refer to
Footnote
B in the Notes to the Financial Statements. |
|
(6) |
Amount
is less than 0.005%. |
|
Class
C | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
8.01
|
$ |
9.56
|
$ |
8.92
|
$ |
10.83
|
$ |
10.49
|
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income (Loss)(1)
|
(0.00
)
(2)
|
0.08
|
0.13
|
0.16
|
0.12
| |||||
|
Net
Realized and Unrealized Gain (Loss) |
1.71
|
(1.54
)
|
1.37
|
(1.09
)
|
0.78
| |||||
|
Total
from Investment Operations |
1.71
|
(1.46
)
|
1.50
|
(0.93
)
|
0.90
| |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(1.49
)
|
(0.01
)
|
(0.41
)
|
(0.39
)
|
(0.03
)
| |||||
|
Net
Realized Gain |
(1.33
)
|
(0.08
)
|
(0.45
)
|
(0.59
)
|
(0.53
)
| |||||
|
Total
Distributions |
(2.82
)
|
(0.09
)
|
(0.86
)
|
(0.98
)
|
(0.56
)
| |||||
|
Net
Asset Value, End of Period |
$ |
6.90
|
$ |
8.01
|
$ |
9.56
|
$ |
8.92
|
$ |
10.83
|
|
Total
Return(3)
|
22.54
%
|
(15.26
)%
|
16.98
%
|
(8.93
)%
|
8.54
%
| |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
569
|
$ |
225
|
$ |
397
|
$ |
428
|
$ |
327
|
|
Ratio
of Expenses Before Expense Limitation |
2.94
%
|
2.96
%
|
2.51
%
|
2.47
%
|
2.69
%
| |||||
|
Ratio
of Expenses After Expense Limitation |
2.11
%
(4)(6)
|
2.11
%
(4)(6)
|
2.10
%
(4)
|
2.12
%
(4)(5)
|
2.15
%
(4)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest
Expenses |
2.10
%
(4)
|
2.10
%
(4)
|
2.10
%
(4)
|
2.12
%
(4)
|
2.15
%
(4)
| |||||
|
Ratio
of Net Investment Income (Loss) |
(0.03
)%
(4)
|
1.00
%
(4)
|
1.26
%
(4)
|
1.53
%
(4)
|
1.11
%
(4)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(7)
|
0.00
%
(7)
|
0.00
%
(7)
|
0.00
%
(7)
|
0.00
%
(7)
| |||||
|
Portfolio
Turnover Rate |
135
%
|
51
%
|
24
%
|
38
%
|
39
%
| |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Amount
is less than $0.005. |
|
(3) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. |
|
(4) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income (Loss) reflect the rebate of certain Fund expenses in connection
with the investments in Morgan Stanley affiliates during the period. The
effect of the rebate on the ratios is disclosed in the above table
as “Ratio of Rebate from Morgan Stanley Affiliates.” |
|
(5) |
Effective
July 1, 2018, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 2.10% for Class C shares.
Prior
to July 1, 2018, the maximum ratio was 2.15% for Class C
shares. |
|
(6) |
Ratio
is above the expense limitation due to interest expenses, which are not
included in the determination of the expense limitation. Refer to
Footnote
B in the Notes to the Financial Statements. |
|
(7) |
Amount
is less than 0.005%. |
|
Class
R6 | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
8.25 |
$ |
9.87 |
$ |
9.19 |
$ |
11.13 |
$ |
10.76 |
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income(1)
|
0.08 |
0.17 |
0.25 |
0.28 |
0.25 | |||||
|
Net
Realized and Unrealized Gain (Loss) |
1.80 |
(1.59) |
1.43 |
(1.11) |
0.81 | |||||
|
Total
from Investment Operations |
1.88 |
(1.42) |
1.68 |
(0.83) |
1.06 | |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(1.57) |
(0.12) |
(0.55) |
(0.52) |
(0.16) | |||||
|
Net
Realized Gain |
(1.33) |
(0.08) |
(0.45) |
(0.59) |
(0.53) | |||||
|
Total
Distributions |
(2.90) |
(0.20) |
(1.00) |
(1.11) |
(0.69) | |||||
|
Net
Asset Value, End of Period |
$ |
7.23 |
$ |
8.25 |
$ |
9.87 |
$ |
9.19 |
$ |
11.13 |
|
Total
Return(2)
|
24.02% |
(14.36)% |
18.43% |
(7.83)% |
9.80% | |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
22,479 |
$ |
218,100 |
$ |
350,363 |
$ |
517,658 |
$ |
1,049,646 |
|
Ratio
of Expenses Before Expense Limitation |
1.13% |
1.01% |
0.94% |
N/A |
N/A | |||||
|
Ratio
of Expenses After Expense Limitation |
0.95%(3)(5)
|
0.95%(3)(5)
|
0.94%(3)
|
0.95%(3)(4)
|
0.97%(3)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
0.94%(3)
|
0.94%(3)
|
0.94%(3)
|
0.95%(3)
|
0.97%(3)
| |||||
|
Ratio
of Net Investment Income |
0.93%(3)
|
2.21%(3)
|
2.41%(3)
|
2.58%(3)
|
2.26%(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(6)
|
0.00%(6)
|
0.00%(6)
|
0.00%(6)
|
0.00%(6)
| |||||
|
Portfolio
Turnover Rate |
135% |
51% |
24% |
38% |
39% | |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection
with
the investments in Morgan Stanley affiliates during the period. The effect
of the rebate on the ratios is disclosed in the above table as “Ratio
of
Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2018, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 0.94% for Class R6 shares.
Prior to July 1, 2018, the maximum ratio was 0.99% for Class R6
shares. |
|
(5) |
Ratio
is above the expense limitation due to interest expenses, which are not
included in the determination of the expense limitation. Refer to
Footnote
B in the Notes to the Financial Statements. |
|
(6) |
Amount
is less than 0.005%. |
|
Class
I | ||
|
Selected
Per Share Data and Ratios |
Period
from September 30, 2021(1) to December 31, 2021 | |
|
Net
Asset Value, Beginning of Period |
$ |
10.00 |
|
Income
from Investment Operations: | ||
|
Net
Investment Income(2)
|
0.02 | |
|
Net
Realized and Unrealized Gain |
1.44 | |
|
Total
from Investment Operations |
1.46 | |
|
Distributions
from and/or in Excess of: | ||
|
Net
Investment Income |
(0.03) | |
|
Net
Asset Value, End of Period |
$ |
11.43 |
|
Total
Return(3)
|
14.62%(4)
| |
|
Ratios
to Average Net Assets and Supplemental Data: | ||
|
Net
Assets, End of Period (Thousands) |
$ |
5,559 |
|
Ratio
of Expenses Before Expense Limitation |
8.45%(5)
| |
|
Ratio
of Expenses After Expense Limitation |
0.89%(5)(6)
| |
|
Ratio
of Net Investment Income |
0.92%(5)(6)
| |
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(7)
| |
|
Portfolio
Turnover Rate |
26%(4)
| |
|
(1) |
Commencement
of Operations. |
|
(2) |
Per
share amount is based on average shares outstanding. |
|
(3) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(4) |
Not
annualized. |
|
(5) |
Annualized. |
|
(6) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” |
|
(7) |
Amount
is less than 0.005%. |
|
Class
A | ||
|
Selected
Per Share Data and Ratios |
Period
from September 30, 2021(1) to December 31, 2021 | |
|
Net
Asset Value, Beginning of Period |
$ |
10.00 |
|
Income
from Investment Operations: | ||
|
Net
Investment Income(2)
|
0.02 | |
|
Net
Realized and Unrealized Gain |
1.43 | |
|
Total
from Investment Operations |
1.45 | |
|
Distributions
from and/or in Excess of: | ||
|
Net
Investment Income |
(0.02) | |
|
Net
Asset Value, End of Period |
$ |
11.43 |
|
Total
Return(3)
|
14.51%(4)
| |
|
Ratios
to Average Net Assets and Supplemental Data: | ||
|
Net
Assets, End of Period (Thousands) |
$ |
57 |
|
Ratio
of Expenses Before Expense Limitation |
11.91%(5)
| |
|
Ratio
of Expenses After Expense Limitation |
1.25%(5)(6)
| |
|
Ratio
of Net Investment Income |
0.56%(5)(6)
| |
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(7)
| |
|
Portfolio
Turnover Rate |
26%(4)
| |
|
(1) |
Commencement
of Operations. |
|
(2) |
Per
share amount is based on average shares outstanding. |
|
(3) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. |
|
(4) |
Not
annualized. |
|
(5) |
Annualized. |
|
(6) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” |
|
(7) |
Amount
is less than 0.005%. |
|
Class
C | ||
|
Selected
Per Share Data and Ratios |
Period
from September 30, 2021(1) to December 31, 2021 | |
|
Net
Asset Value, Beginning of Period |
$ |
10.00 |
|
Income
from Investment Operations: | ||
|
Net
Investment Loss(2)
|
(0.01) | |
|
Net
Realized and Unrealized Gain |
1.44 | |
|
Total
from Investment Operations |
1.43 | |
|
Distributions
from and/or in Excess of: | ||
|
Net
Investment Income |
(0.00)(3)
| |
|
Net
Asset Value, End of Period |
$ |
11.43 |
|
Total
Return(4)
|
14.30%(5)
| |
|
Ratios
to Average Net Assets and Supplemental Data: | ||
|
Net
Assets, End of Period (Thousands) |
$ |
57 |
|
Ratio
of Expenses Before Expense Limitation |
12.67%(6)
| |
|
Ratio
of Expenses After Expense Limitation |
2.00%(6)(7)
| |
|
Ratio
of Net Investment Loss |
(0.19)%(6)(7)
| |
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(8)
| |
|
Portfolio
Turnover Rate |
26%(5)
| |
|
(1) |
Commencement
of Operations. |
|
(2) |
Per
share amount is based on average shares outstanding. |
|
(3) |
Amount
is less than $0.005 per share. |
|
(4) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. |
|
(5) |
Not
annualized. |
|
(6) |
Annualized. |
|
(7) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Loss reflect the rebate of certain Fund expenses in connection with the
investments in
Morgan Stanley affiliates during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Ratio of Rebate from Morgan
Stanley Affiliates.” |
|
(8) |
Amount
is less than 0.005%. |
|
Class
R6 | ||
|
Selected
Per Share Data and Ratios |
Period
from September 30, 2021(1) to December 31, 2021 | |
|
Net
Asset Value, Beginning of Period |
$ |
10.00 |
|
Income
from Investment Operations: | ||
|
Net
Investment Income(2)
|
0.03 | |
|
Net
Realized and Unrealized Gain |
1.43 | |
|
Total
from Investment Operations |
1.46 | |
|
Distributions
from and/or in Excess of: | ||
|
Net
Investment Income |
(0.03) | |
|
Net
Asset Value, End of Period |
$ |
11.43 |
|
Total
Return(3)
|
14.63%(4)
| |
|
Ratios
to Average Net Assets and Supplemental Data: | ||
|
Net
Assets, End of Period (Thousands) |
$ |
57 |
|
Ratio
of Expenses Before Expense Limitation |
11.65%(5)
| |
|
Ratio
of Expenses After Expense Limitation |
0.85%(5)(6)
| |
|
Ratio
of Net Investment Income |
0.95%(5)(6)
| |
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(7)
| |
|
Portfolio
Turnover Rate |
26%(4)
| |
|
(1) |
Commencement
of Operations. |
|
(2) |
Per
share amount is based on average shares outstanding. |
|
(3) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(4) |
Not
annualized. |
|
(5) |
Annualized. |
|
(6) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” |
|
(7) |
Amount
is less than 0.005%. |
|
Class
I | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
8.79 |
$ |
11.08 |
$ |
10.82 |
$ |
15.24 |
$ |
17.21 |
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income(1)
|
0.05 |
0.13 |
0.26 |
0.34 |
0.37 | |||||
|
Net
Realized and Unrealized Gain (Loss) |
3.35 |
(2.18) |
1.69 |
(1.33) |
0.16 | |||||
|
Total
from Investment Operations |
3.40 |
(2.05) |
1.95 |
(0.99) |
0.53 | |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(0.12) |
(0.20) |
(0.40) |
(0.34) |
(0.26) | |||||
|
Net
Realized Gain |
(0.16) |
— |
(1.29) |
(3.09) |
(2.24) | |||||
|
Paid-in-Capital
|
— |
(0.04) |
— |
— |
— | |||||
|
Total
Distributions |
(0.28) |
(0.24) |
(1.69) |
(3.43) |
(2.50) | |||||
|
Net
Asset Value, End of Period |
$ |
11.91 |
$ |
8.79 |
$ |
11.08 |
$ |
10.82 |
$ |
15.24 |
|
Total
Return(2)
|
38.96% |
(18.05)% |
18.40% |
(8.44)% |
3.31% | |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
31,909 |
$ |
33,708 |
$ |
134,856 |
$ |
177,690 |
$ |
331,637 |
|
Ratio
of Expenses Before Expense Limitation |
1.42% |
1.19% |
1.02% |
1.02% |
1.02% | |||||
|
Ratio
of Expenses After Expense Limitation |
0.90%(3)
|
0.90%(3)
|
0.90%(3)
|
0.95%(3)(4)
|
1.00%(3)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
0.90% |
0.90%(3)
|
N/A |
0.95%(3)
|
1.00%(3)
| |||||
|
Ratio
of Net Investment Income |
0.50%(3)
|
1.52%(3)
|
2.18%(3)
|
2.44%(3)
|
2.19%(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(5)
|
0.00%(5)
|
0.00%(5)
|
0.00%(5)
|
0.00%(5)
| |||||
|
Portfolio
Turnover Rate |
132% |
39% |
21% |
39% |
43% | |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection
with
the investments in Morgan Stanley affiliates during the period. The effect
of the rebate on the ratios is disclosed in the above table as “Ratio
of
Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2018, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 0.90% for Class I shares.
Prior
to July 1, 2018, the maximum ratio was 1.00% for Class I
shares. |
|
(5) |
Amount
is less than 0.005%. |
|
Class
A | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
8.38 |
$ |
10.56 |
$ |
10.38 |
$ |
14.76 |
$ |
16.74 |
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income(1)
|
0.03 |
0.09 |
0.22 |
0.29 |
0.31 | |||||
|
Net
Realized and Unrealized Gain (Loss) |
3.18 |
(2.06) |
1.61 |
(1.28) |
0.15 | |||||
|
Total
from Investment Operations |
3.21 |
(1.97) |
1.83 |
(0.99) |
0.46 | |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(0.10) |
(0.17) |
(0.36) |
(0.30) |
(0.20) | |||||
|
Net
Realized Gain |
(0.16) |
— |
(1.29) |
(3.09) |
(2.24) | |||||
|
Paid-in-Capital
|
— |
(0.04) |
— |
— |
— | |||||
|
Total
Distributions |
(0.26) |
(0.21) |
(1.65) |
(3.39) |
(2.44) | |||||
|
Net
Asset Value, End of Period |
$ |
11.33 |
$ |
8.38 |
$ |
10.56 |
$ |
10.38 |
$ |
14.76 |
|
Total
Return(2)
|
38.46% |
(18.28)% |
18.02% |
(8.71)% |
2.98% | |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
13,121 |
$ |
11,043 |
$ |
32,596 |
$ |
34,459 |
$ |
55,640 |
|
Ratio
of Expenses Before Expense Limitation |
1.66% |
1.52% |
1.31% |
1.30% |
N/A | |||||
|
Ratio
of Expenses After Expense Limitation |
1.18%(3)
|
1.25%(3)
|
1.22%(3)
|
1.26%(3)(4)
|
1.34%(3)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.18% |
1.25%(3)
|
N/A |
1.26%(3)
|
1.34%(3)
| |||||
|
Ratio
of Net Investment Income |
0.26%(3)
|
1.09%(3)
|
1.91%(3)
|
2.14%(3)
|
1.87%(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(5)
|
0.00%(5)
|
0.00%(5)
|
0.00%(5)
|
0.00%(5)
| |||||
|
Portfolio
Turnover Rate |
132% |
39% |
21% |
39% |
43% | |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection
with
the investments in Morgan Stanley affiliates during the period. The effect
of the rebate on the ratios is disclosed in the above table as “Ratio
of
Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2018, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 1.25% for Class A shares.
Prior
to July 1, 2018, the maximum ratio was 1.35% for Class A
shares. |
|
(5) |
Amount
is less than 0.005%. |
|
Class
L | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
8.36 |
$ |
10.55 |
$ |
10.37 |
$ |
14.74 |
$ |
16.73 |
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income (Loss)(1)
|
(0.03) |
0.09 |
0.16 |
0.23 |
0.22 | |||||
|
Net
Realized and Unrealized Gain (Loss) |
3.18 |
(2.11) |
1.61 |
(1.28) |
0.15 | |||||
|
Total
from Investment Operations |
3.15 |
(2.02) |
1.77 |
(1.05) |
0.37 | |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(0.04) |
(0.13) |
(0.30) |
(0.23) |
(0.12) | |||||
|
Net
Realized Gain |
(0.16) |
— |
(1.29) |
(3.09) |
(2.24) | |||||
|
Paid-in-Capital
|
— |
(0.04) |
— |
— |
— | |||||
|
Total
Distributions |
(0.20) |
(0.17) |
(1.59) |
(3.32) |
(2.36) | |||||
|
Net
Asset Value, End of Period |
$ |
11.31 |
$ |
8.36 |
$ |
10.55 |
$ |
10.37 |
$ |
14.74 |
|
Total
Return(2)
|
37.78% |
(18.77)% |
17.43% |
(9.16)% |
2.37% | |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
2,101 |
$ |
1,586 |
$ |
2,164 |
$ |
2,057 |
$ |
2,787 |
|
Ratio
of Expenses Before Expense Limitation |
2.31% |
2.11% |
1.88% |
1.84% |
1.89% | |||||
|
Ratio
of Expenses After Expense Limitation |
1.75%(3)
|
1.75%(3)
|
1.75%(3)
|
1.79%(3)(4)
|
1.85%(3)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.75% |
1.75%(3)
|
N/A |
1.79%(3)
|
1.85%(3)
| |||||
|
Ratio
of Net Investment Income (Loss) |
(0.30)%(3)
|
1.41%(3)
|
1.42%(3)
|
1.71%(3)
|
1.37%(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(5)
|
0.00%(5)
|
0.00%(5)
|
0.00%(5)
|
0.00%(5)
| |||||
|
Portfolio
Turnover Rate |
132% |
39% |
21% |
39% |
43% | |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income (Loss) reflect the rebate of certain Fund expenses in connection
with the investments in Morgan Stanley affiliates during the period. The
effect of the rebate on the ratios is disclosed in the above table
as “Ratio of Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2018, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 1.75% for Class L shares.
Prior
to July 1, 2018, the maximum ratio was 1.85% for Class L
shares. |
|
(5) |
Amount
is less than 0.005%. |
|
Class
C | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
8.31
|
$ |
10.48
|
$ |
10.31
|
$ |
14.68
|
$ |
16.67
|
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income (Loss)(1)
|
(0.05
)
|
0.09
|
0.14
|
0.19
|
0.20
| |||||
|
Net
Realized and Unrealized Gain (Loss) |
3.16
|
(2.10
)
|
1.59
|
(1.29
)
|
0.13
| |||||
|
Total
from Investment Operations |
3.11
|
(2.01
)
|
1.73
|
(1.10
)
|
0.33
| |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(0.02
)
|
(0.12
)
|
(0.27
)
|
(0.18
)
|
(0.08
)
| |||||
|
Net
Realized Gain |
(0.16
)
|
—
|
(1.29
)
|
(3.09
)
|
(2.24
)
| |||||
|
Paid-in-Capital
|
—
|
(0.04
)
|
—
|
—
|
—
| |||||
|
Total
Distributions |
(0.18
)
|
(0.16
)
|
(1.56
)
|
(3.27
)
|
(2.32
)
| |||||
|
Net
Asset Value, End of Period |
$ |
11.24
|
$ |
8.31
|
$ |
10.48
|
$ |
10.31
|
$ |
14.68
|
|
Total
Return(2)
|
37.50
%
|
(18.91
)%
|
17.07
%
|
(9.47
)%
|
2.14
%
| |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
365
|
$ |
206
|
$ |
232
|
$ |
338
|
$ |
486
|
|
Ratio
of Expenses Before Expense Limitation |
3.28
%
|
3.39
%
|
2.92
%
|
2.75
%
|
2.46
%
| |||||
|
Ratio
of Expenses After Expense Limitation |
2.00
%
(3)
|
2.00
%
(3)
|
2.00
%
(3)
|
2.05
%
(3)(4)
|
2.10
%
(3)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest
Expenses |
2.00
%
|
2.00
%
(3)
|
N/A
|
2.05
%
(3)
|
2.10
%
(3)
| |||||
|
Ratio
of Net Investment Income (Loss) |
(0.54
)%
(3)
|
1.20
%
(3)
|
1.18
%
(3)
|
1.39
%
(3)
|
1.21
%
(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
| |||||
|
Portfolio
Turnover Rate |
132
%
|
39
%
|
21
%
|
39
%
|
43
%
| |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income (Loss) reflect the rebate of certain Fund expenses in connection
with the investments in Morgan Stanley affiliates during the period. The
effect of the rebate on the ratios is disclosed in the above table
as “Ratio of Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2018, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 2.00% for Class C shares.
Prior to July 1, 2018, the maximum ratio was 2.10% for Class C
shares. |
|
(5) |
Amount
is less than 0.005%. |
|
Class
R6 | ||||||||||
|
Year
Ended December 31, | ||||||||||
|
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
|
Net
Asset Value, Beginning of Period |
$ |
8.79
|
$ |
11.08
|
$ |
10.82
|
$ |
15.24
|
$ |
17.22
|
|
Income
(Loss) from Investment Operations: | ||||||||||
|
Net
Investment Income(1)
|
0.07
|
0.09
|
0.25
|
0.28
|
0.39
| |||||
|
Net
Realized and Unrealized Gain (Loss) |
3.34
|
(2.13
)
|
1.71
|
(1.26
)
|
0.14
| |||||
|
Total
from Investment Operations |
3.41
|
(2.04
)
|
1.96
|
(0.98
)
|
0.53
| |||||
|
Distributions
from and/or in Excess of: | ||||||||||
|
Net
Investment Income |
(0.13
)
|
(0.21
)
|
(0.41
)
|
(0.35
)
|
(0.27
)
| |||||
|
Net
Realized Gain |
(0.16
)
|
—
|
(1.29
)
|
(3.09
)
|
(2.24
)
| |||||
|
Paid-in-Capital
|
—
|
(0.04
)
|
—
|
—
|
—
| |||||
|
Total
Distributions |
(0.29
)
|
(0.25
)
|
(1.70
)
|
(3.44
)
|
(2.51
)
| |||||
|
Net
Asset Value, End of Period |
$ |
11.91
|
$ |
8.79
|
$ |
11.08
|
$ |
10.82
|
$ |
15.24
|
|
Total
Return(2)
|
39.06
%
|
(17.98
)%
|
18.48
%
|
(8.36
)%
|
3.32
%
| |||||
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
|
Net
Assets, End of Period (Thousands) |
$ |
201
|
$ |
121
|
$ |
12,307
|
$ |
29,523
|
$ |
196,536
|
|
Ratio
of Expenses Before Expense Limitation |
4.18
%
|
1.20
%
|
1.04
%
|
0.97
%
|
N/A
| |||||
|
Ratio
of Expenses After Expense Limitation |
0.83
%
(3)
|
0.83
%
(3)
|
0.83
%
(3)
|
0.91
%
(3)(4)
|
0.93
%
(3)
| |||||
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
0.83
%
|
0.83
%
(3)
|
N/A
|
0.91
%
(3)
|
0.93
%
(3)
| |||||
|
Ratio
of Net Investment Income |
0.64
%
(3)
|
1.00
%
(3)
|
2.09
%
(3)
|
1.98
%
(3)
|
2.33
%
(3)
| |||||
|
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
| |||||
|
Portfolio
Turnover Rate |
132
%
|
39
%
|
21
%
|
39
%
|
43
%
| |||||
|
(1) |
Per
share amount is based on average shares outstanding. |
|
(2) |
Calculated
based on the net asset value as of the last business day of the
period. |
|
(3) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection
with
the investments in Morgan Stanley affiliates during the period. The effect
of the rebate on the ratios is disclosed in the above table as “Ratio
of
Rebate from Morgan Stanley Affiliates.” |
|
(4) |
Effective
July 1, 2018, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 0.83% for Class R6 shares.
Prior to July 1, 2018, the maximum ratio was 0.93% for Class R6
shares. |
|
(5) |
Amount
is less than 0.005%. |
|
• |
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including
health savings accounts) and trusts used
to fund those plans, provided that the shares are not held in a
commission-based brokerage account and shares are held for the
benefit of the plan |
|
• |
Shares
purchased by a 529 Plan (does not include 529 Plan units or 529-specific
share classes or equivalents) |
|
• |
Shares
purchased through a Merrill Lynch affiliated investment advisory
program |
|
• |
Shares
exchanged due to the holdings moving from a Merrill Lynch affiliated
investment advisory program to a Merrill Lynch brokerage
(non-advisory) account pursuant to Merrill Lynch’s policies relating to
sales load discounts and waivers |
|
• |
Shares
purchased by third party investment advisors on behalf of their advisory
clients through Merrill Lynch’s platform |
|
• |
Shares
of funds purchased through the Merrill Edge Self-Directed platform (if
applicable) |
|
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund (but not any other fund within the fund
family) |
|
• |
Shares
exchanged from Class C (i.e. level-load) shares of the same fund pursuant
to Merrill Lynch’s policies relating to sales load discounts
and waivers |
|
• |
Employees
and registered representatives of Merrill Lynch or its affiliates and
their family members |
|
• |
Directors
or Trustees of the Fund, and employees of the Fund’s investment adviser or
any of its affiliates, as described in this prospectus |
|
• |
Eligible
shares purchased from the proceeds of redemptions within the same fund
family, provided (1) the repurchase occurs within
90 days following the redemption, (2) the redemption and purchase occur in
the same account, and (3) redeemed shares were
subject to a front-end or deferred sales load (known as Rights of
Reinstatement). Automated transactions (i.e. systematic purchases
and withdrawals) and purchases made after shares are automatically sold to
pay Merrill Lynch’s account maintenance fees
are not eligible for reinstatement |
|
• |
Death
or disability of the shareholder |
|
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
|
• |
Return
of excess contributions from an IRA
Account |
|
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts pursuant to the Internal Revenue
Code |
|
• |
Shares
sold to pay Merrill Lynch fees but only if the transaction is initiated by
Merrill Lynch |
|
• |
Shares
acquired through a right of reinstatement |
|
• |
Shares
held in retirement brokerage accounts, that are exchanged for a lower cost
share class due to transfer to certain fee based accounts
or platforms (applicable to A and C shares
only) |
|
• |
Shares
received through an exchange due to the holdings moving from a Merrill
Lynch affiliated investment advisory program to a Merrill
Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s
policies relating to sales load discounts and
waivers |
|
• |
Breakpoints
as described in this Prospectus |
|
• |
Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts
as described in the Fund’s prospectus will be automatically
calculated based on the aggregated holding of fund family assets held by
accounts (including 529 program holdings, where
applicable) within the purchaser’s household at Merrill Lynch. Eligible
fund family assets not held at Merrill Lynch may be included
in the ROA calculation only if the shareholder notifies his or her
financial advisor about such assets |
|
• |
Letters
of Intent (LOI) which allow for breakpoint discounts based on anticipated
purchases within a fund family, through Merrill Lynch,
over a 13-month period of time (if
applicable) |
|
• |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase
pension plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include
SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh
plans |
|
• |
Morgan
Stanley employee and employee-related accounts according to Morgan
Stanley’s account linking rules |
|
• |
Shares
purchased through reinvestment of dividends and capital gains
distributions when purchasing shares of the same
fund |
|
• |
Shares
purchased through a Morgan Stanley self-directed brokerage
account |
|
• |
Class
C (i.e., level-load) shares that are no longer subject to a contingent
deferred sales charge and are converted to Class A shares of
the same fund pursuant to Morgan Stanley Wealth Management’s share class
conversion program |
|
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (i) the repurchase occurs within 90 days
following the redemption, (ii) the redemption and purchase occur in the
same account, and (iii) redeemed shares were subject
to a front-end or deferred sales charge |
|
• |
Shares
purchased in an investment advisory
program |
|
• |
Shares
purchased within the same fund family through a systematic reinvestment of
capital gains and dividend distributions |
|
• |
Employees
and registered representatives of Raymond James or its affiliates and
their family members as designated by Raymond James |
|
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same account, and (3) redeemed shares were subject to a
front-end or deferred sales load (known as Rights of
Reinstatement) |
|
• |
A
shareholder in the Fund’s Class C shares will have their shares converted
at net asset value to Class A shares (or the appropriate share
class) of the Fund if the shares are no longer subject to a CDSC and the
conversion is in line with the policies and procedures
of Raymond James |
|
• |
Death
or disability of the shareholder |
|
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
|
• |
Return
of excess contributions from an IRA
Account |
|
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified
age based on applicable IRS regulations as described in the Fund’s
Prospectus |
|
• |
Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James |
|
• |
Shares
acquired through a right of reinstatement |
|
• |
Breakpoints
as described in this Prospectus |
|
• |
Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at Raymond James. Eligible fund family
assets not held at Raymond James may be included in the calculation of
rights of accumulation only if the shareholder notifies
his or her financial advisor about such
assets |
|
• |
Letters
of intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period.
Eligible fund family assets not held at Raymond James may be included in
the calculation of letters of intent only if the shareholder
notifies his or her financial advisor about such
assets |
|
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund (but not any other fund within the fund
family) |
|
• |
Shares
purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by Janney |
|
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same account, and (3) redeemed shares were subject to a
front-end or deferred sales load (i.e., right of
reinstatement) |
|
• |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase
pension plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include
SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh
plans |
|
• |
Shares
acquired through a right of reinstatement |
|
• |
Class
C shares that are no longer subject to a contingent deferred sales charge
and are converted to Class A shares of the same fund pursuant
to Janney’s policies and procedures |
|
• |
Shares
sold upon the death or disability of the
shareholder |
|
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
|
• |
Shares
purchased in connection with a return of excess contributions from an IRA
account |
|
• |
Shares
sold as part of a required minimum distribution for IRA and other
retirement accounts due to the shareholder reaching age 70½
as described in the Fund’s Prospectus |
|
• |
Shares
sold to pay Janney fees but only if the transaction is initiated by
Janney |
|
• |
Shares
acquired through a right of reinstatement |
|
• |
Shares
exchanged into the same share class of a different
fund |
|
• |
Breakpoints
as described in this Prospectus |
|
• |
Rights
of Accumulation (ROA), which entitle shareholders to breakpoint discounts,
will be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at Janney. Eligible fund family assets not
held at Janney may be included in the ROA calculation only if the
shareholder notifies his or her financial advisor about such assets |
|
• |
Letters
of Intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period.
Eligible fund family assets not held at Janney Montgomery Scott may be
included in the calculation of letters of intent only
if the shareholder notifies his or her financial advisor about such
assets |
|
• |
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including
health savings accounts) and trusts used
to fund those plans, provided that the shares are not held in a
commission-based brokerage account and shares are held for the
benefit of the plan |
|
• |
Shares
purchased by or through a 529 Plan |
|
• |
Shares
purchased through an OPCO affiliated investment advisory
program |
|
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund (but not any other fund within the fund
family |
|
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same account, and (3) redeemed shares were subject to a
front-end or deferred sales load (known as Rights of
Restatement). |
|
• |
A
shareholder in the Fund’s Class C shares will have their shares converted
at net asset value to Class A shares (or the appropriate share
class) of the Fund if the shares are no longer subject to a CDSC and the
conversion is in line with the policies and procedures
of OPCO |
|
• |
Employees
and registered representatives of OPCO or its affiliates and their family
members |
|
• |
Directors
or Trustees of the Fund, and employees of the Fund’s investment adviser or
any of its affiliates, as described in this prospectus |
|
• |
Death
or disability of the shareholder |
|
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
prospectus |
|
• |
Return
of excess contributions from an IRA
Account |
|
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified
age based on applicable IRS regulations as described in the
prospectus |
|
• |
Shares
sold to pay OPCO fees but only if the transaction is initiated by
OPCO |
|
• |
Shares
acquired through a right of reinstatement |
|
• |
Breakpoints
as described in this prospectus |
|
• |
Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts
will be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at OPCO. Eligible fund family assets not
held at OPCO may be included in the ROA calculation only if the
shareholder notifies his or her financial advisor about such assets |
|
• |
Class
C (i.e., level-load) shares that are no longer subject to a contingent
deferred sales charge and are converted to Class A shares of
the same fund pursuant to Stifel’s policies and procedures. All other
sales charge waivers and reductions described elsewhere in the
Fund’s Prospectus or SAI still apply. |
|
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund |
|
• |
Shares
purchased by employees and registered representatives of Baird or its
affiliate and their family members as designated by Baird |
|
• |
Shares
purchased using the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same accounts, and (3) redeemed shares were subject
to a front-end or deferred sales charge (known as rights of
reinstatement) |
|
• |
A
shareholder in the Funds C Shares will have their share converted at net
asset value to A shares of the same fund if the shares are no
longer subject to CDSC and the conversion is in line with the policies and
procedures of Baird |
|
• |
Employer-sponsored
retirement plans or charitable accounts in a transactional brokerage
account at Baird, including 401(k) plans, 457
plans, employer-sponsored 403(b) plans, profit sharing and money purchase
pension plans and defined benefit plans. For purposes
of this provision, employer-sponsored retirement plans do not include SEP
IRAs, SIMPLE IRAs or SAR-SEPs |
|
• |
Shares
sold due to death or disability of the
shareholder |
|
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
|
• |
Shares
bought due to returns of excess contributions from an IRA
Account |
|
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified
age based on applicable Internal Revenue Service regulations as described
in the Fund’s prospectus |
|
• |
Shares
sold to pay Baird fees but only if the transaction is initiated by
Baird |
|
• |
Shares
acquired through a right of reinstatement |
|
• |
Breakpoints
as described in this prospectus |
|
• |
Rights
of accumulations which entitles shareholders to breakpoint discounts will
be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at Baird. Eligible fund family assets not
held at Baird may be included in the rights of accumulations calculation
only if the shareholder notifies his or her financial advisor
about such assets |
|
• |
Letters
of Intent (LOI) allow for breakpoint discounts based on anticipated
purchases within a fund family, through Baird, over a 13-month
period of time |
|
• |
Employer-sponsored
retirement plans (e.g., 401(k) plans 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase
pension plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include
SEP IRAs, Simple IRAs or SAR-SEPs. |
|
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
Fund (but not any other fund within the same fund
family). |
|
• |
Shares
exchanged from Class C shares of the same fund in the month of or
following the 7-year anniversary of the purchase date. To
the extent that this Prospectus elsewhere provides for a waiver with
respect to exchanges of Class C shares or conversion of Class
C shares following a shorter holding period, that waiver will
apply. |
|
• |
Employees
and registered representatives of Ameriprise Financial or its affiliates
and their immediate family members. |
|
• |
Shares
purchased by or through qualified accounts (including IRAs, Coverdell
Education Savings Accounts, 401(k)s, 403(b) TSCAs
subject to ERISA and defined benefit plans) that are held by a covered
family member, defined as an Ameriprise financial advisor
and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father,
grandmother, grandfather, great grandmother, great grandfather),
advisor’s lineal descendant (son, step-son, daughter, step-daughter,
grandson, granddaughter, great grandson, great granddaughter)
or any spouse of a covered family member who is a lineal
descendant. |
|
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same account, and (3) redeemed shares were subject to a
front-end or deferred sales load (i.e. Rights of
Reinstatement). |
|
• |
Breakpoint
pricing, otherwise known as volume pricing, at dollar thresholds as
described in the prospectus. |
|
• |
The
applicable sales charge on a purchase of Class A shares is determined by
taking into account all share classes (except certain money
market funds and any assets held in group retirement plans) of Fund shares
held by the shareholder or in an account grouped
by Edward Jones with other accounts for the purpose of providing certain
pricing considerations (“pricing groups”). If grouping
assets as a shareholder, this includes all share classes held on the
Edward Jones platform and/or held on another platform.
The inclusion of eligible fund family assets in the ROA calculation is
dependent on the shareholder notifying Edward Jones
of such assets at the time of calculation. Money market funds are included
only if such shares were sold with a sales charge at the
time of purchase or acquired in exchange for shares purchased with a sales
charge. |
|
• |
The
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to
establish or change ROA for the IRA accounts associated
with the plan to a plan-level grouping as opposed to including all share
classes at a shareholder or pricing group
level. |
|
• |
ROA
is determined by calculating the higher of cost minus redemptions or
market value (current shares x NAV). |
|
• |
Through
a LOI, shareholders can receive the sales charge and breakpoint discounts
for purchases shareholders intend to make over a
13-month period from the date Edward Jones receives the LOI. The LOI is
determined by calculating the higher of cost or market
value of qualifying holdings at LOI initiation in combination with the
value that the shareholder intends to buy over a 13-month
period to calculate the front-end sales charge and any breakpoint
discounts. Each purchase the shareholder makes during
that 13-month period will receive the sales charge and breakpoint discount
that applies to the total amount. The inclusion of
eligible fund family assets in the LOI calculation is dependent on the
shareholder notifying Edward Jones of such assets at the time
of calculation. Purchases made before the LOI is received by Edward Jones
are not adjusted under the LOI and will not reduce
the sales charge previously paid. Sales charges will be adjusted if LOI is
not met. |
|
• |
If
the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected
to establish or change ROA for the IRA accounts
associated with the plan to a plan-level grouping, LOIs will also be at
the plan-level and may only be established by the employer. |
|
• |
Associates
of Edward Jones and its affiliates and their family members who are in the
same pricing group (as determined by Edward
Jones under its policies and procedures) as the associate. This waiver
will continue for the remainder of the associate’s life if
the associate retires from Edward Jones in good-standing and remains in
good standing pursuant to Edward Jones’ policies and procedures. |
|
• |
Shares
purchased in an Edward Jones fee-based
program. |
|
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment. |
|
• |
Shares
purchased from the proceeds of redeemed shares of the same fund family so
long as the following conditions are met: 1) the proceeds
are from the sale of shares within 60 days of the purchase, and 2) the
sale and purchase are made in the same share class and
the same account or the purchase is made in an individual retirement
account with proceeds from liquidations in a non-retirement
account. |
|
• |
Shares
exchanged into Class A shares from another share class so long as the
exchange is into the same fund and was initiated at the
discretion of Edward Jones. Edward Jones is responsible for any remaining
CDSC due to the fund company, if applicable. Any
future purchases are subject to the applicable sales charge as disclosed
in the prospectus. |
|
• |
Exchanges
from Class C shares to Class A shares of the same fund, generally, in the
84th month following the anniversary of the purchase
date or earlier at the discretion of Edward
Jones. |
|
• |
The
death or disability of the shareholder. |
|
• |
Systematic
withdrawals with up to 10% per year of the account
value. |
|
• |
Return
of excess contributions from an Individual Retirement Account
(IRA). |
|
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year
the shareholder reaches qualified age based on applicable IRS
regulations. |
|
• |
Shares
sold to pay Edward Jones fees or costs in such cases where the transaction
is initiated by Edward Jones. |
|
• |
Shares
exchanged in an Edward Jones fee-based
program. |
|
• |
Shares
acquired through NAV reinstatement. |
|
• |
Shares
redeemed at the discretion of Edward Jones for Minimums Balances, as
described below. |
|
• |
Initial
purchase minimum: $250 |
|
• |
Subsequent
purchase minimum: none |
|
• |
Edward
Jones has the right to redeem at its discretion fund holdings with a
balance of $250 or less. The following are examples of accounts
that are not included in this policy: |
|
○ |
A
fee-based account held on an Edward Jones
platform |
|
○ |
A
529 account held on an Edward Jones
platform |
|
○ |
An
account with an active systematic investment plan or
LOI |
|
• |
At
any time it deems necessary, Edward Jones has the authority to exchange at
NAV a shareholder’s holdings in a fund to Class A shares
of the same fund. |