Share
Class and Ticker Symbol | |||||
Fund |
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
Active
International Allocation Portfolio |
MSACX |
MSIBX |
MSLLX |
MSAAX |
MAIJX |
China
Equity Portfolio |
MAKIX |
MAKAX |
— |
MAKCX |
MAKSX |
Emerging
Markets Leaders Portfolio |
MELIX |
MELAX |
— |
MEMLX |
MELSX |
Emerging
Markets Portfolio |
MGEMX |
MMKBX |
MSELX |
MSEPX |
MMMPX |
Global
Franchise Portfolio |
MSFAX |
MSFBX |
MSFLX |
MSGFX |
MGISX |
Global
Sustain Portfolio |
MGQIX |
MGQAX |
MGQLX |
MSGQX |
MGQSX |
International
Equity Portfolio |
MSIQX |
MIQBX |
MSQLX |
MSECX |
MIQPX |
Next
Gen Emerging Markets Portfolio |
MFMIX |
MFMPX |
MFMLX |
MSFEX |
MSRFX |
Page | |
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
||
Maximum
sales charge (load) imposed on purchases
(as a percentage of offering price) |
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|
|
|
|
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Maximum
deferred sales charge (load) (as a percentage
based on the lesser of the offering price
or NAV at redemption) |
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|
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 | |
Advisory
Fee |
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
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|
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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 0.85% 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. |
• |
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. |
Variable
Interest Entities.
Chinese operating companies sometimes rely on variable interest entity
(“VIE”) structures to raise capital from
non-Chinese investors because of Chinese government limitations or
prohibitions on direct foreign ownership in certain industries.
In a VIE structure, a series of contractual arrangements are entered into
between a holding company domiciled outside of
China and a Chinese operating company or companies, which are intended to
mimic direct ownership in the operating company,
but in many cases these arrangements have not been tested in court and it
is not clear that the contracts are enforceable or
that the structures will otherwise work as intended. The offshore holding
company, which is not a Chinese operating company, then
issues exchange-traded shares that are sold to the public, including
non-Chinese investors (such as the Fund). Shares of the
|
offshore
entity purchased by the Fund would not be equity ownership interests in
the Chinese operating company and the Fund’s interest
would be subject to legal, operational and other risks associated with the
company’s use of the VIE structure. For example, at
any time the Chinese government could determine that the contractual
arrangements constituting part of the VIE structure are unenforceable
or do not comply with applicable law or regulations, these laws or
regulations could change or be interpreted differently
in the future, and the Chinese government may with no advance notice
otherwise intervene in or exert influence over VIE
structures or the related Chinese operating companies. If any of these or
similar risks or developments materialize, the Fund’s investment
in the offshore entity may suddenly and significantly decline in value or
become worthless because of, among other things,
difficulty enforcing (or the inability to enforce) the contractual
arrangements or materially adverse effects on the Chinse operating
company’s performance. In these circumstances, the Fund could experience
significant losses with no recourse available. From
time to time, the Fund’s investments in U.S.-listed shell companies
relying on VIE structures to consolidate China-based operations
could be
significant. |
• |
Liquidity. The
Fund may make investments that are illiquid or restricted or that may
become less liquid in response to overall economic
conditions or adverse investor perceptions, and which may entail greater
risk than investments in other types of securities.
These investments may be more difficult to value or sell, particularly in
times of market turmoil, and there may be little trading
in the secondary market available for particular securities. If the Fund
is forced to sell an illiquid or restricted security to fund
redemptions or for other cash needs, it may be forced to sell the security
at a loss or for less than its fair
value. |
• |
Derivatives. A
derivative instrument often has risks similar to its underlying asset and
may have additional risks, including imperfect
correlation between the value of the derivative and the underlying asset,
risks of default by the counterparty to certain transactions,
magnification of losses incurred due to changes in the market value of the
securities, instruments, indices or interest rates
to which the derivative instrument relates,
risks
that the transactions may not be liquid,
risks arising from margin requirements
and risks arising from mispricing or valuation complexity. Certain
derivative transactions may give rise to a form of leverage.
Leverage magnifies the potential for gain and the risk of
loss. |
• |
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 1/17/1992) | ||||
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 6/14/2012) | ||||
Return
Before Taxes |
|
|
|
|
Class
C
(commenced operations on 4/30/2015) | ||||
Return
Before Taxes |
|
|
|
|
Class
R6
(commenced operations on 10/31/2019) |
||||
Return
Before Taxes |
|
|
|
|
MSCI
All Country World ex USA Index (reflects no deduction
for fees, expenses or taxes)2
|
|
|
|
|
Active
International Allocation Blend Index (reflects
no deduction for fees, expenses or taxes)4
|
|
|
|
|
Lipper
International Large-Cap Growth 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 MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. 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 performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Returns, including periods prior to January 1, 2001, are calculated using the return data of the MSCI All Country World ex USA Index (gross dividends) through December 31, 2000 and the return data of the MSCI All Country World ex USA Index (net dividends) after December 31, 2000. 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. |
3 | Since Inception reflects the inception date of Class I. |
4 | The Active International Allocation Blend Index is a performance linked benchmark of the old and new benchmark of the Fund, the old benchmark represented by MSCI EAFE Index (index that is designed to measure the international equity market performance of developed markets, excluding the United States and Canada) from the Fund’s inception to December 31, 2016 and the new benchmark represented by MSCI All Country World ex USA Index for periods thereafter. It is not possible to invest directly in an index. |
5 | The Lipper International Large-Cap Growth Funds Index is an equally-weighted performance index of the largest qualifying funds (based on net assets) in the Lipper International Large-Cap Growth Funds classification. There are currently 30 funds represented in this index. |
Name |
Title
with Adviser |
Date
Began Managing Fund |
Ben
V. Rozin |
Executive
Director of the Adviser |
April
2017 |
Jitania
Kandhari |
Managing
Director of the Adviser |
April
2017 |
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) |
|
|
|
|
|
Redemption
Fee (as a percentage of the amount redeemed on redemptions
made within 30 days of purchase) |
|
|
|
|
Class
I |
Class
A |
Class
C |
Class
R6 |
||
Advisory
Fee |
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
Total
Annual Fund Operating Expenses 3
|
|
|
|
|
|
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 1.20% for Class I, 1.55% for Class A, 2.30% for Class C and 1.15% 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. |
• |
China
Risk.
Investments in securities of Chinese issuers, including A-shares, involve
risks and special considerations not typically associated
with investments in the U.S. securities markets. These risks include,
among others, (i) more frequent (and potentially widespread)
trading suspensions and government interventions with respect to Chinese
issuers, resulting in lack of liquidity and in price
volatility, (ii) currency revaluations and other currency exchange rate
fluctuations or blockage, (iii) the nature and extent of intervention
by the Chinese government in the Chinese securities markets (including
both direct and indirect market stabilization efforts,
which may affect valuations of Chinese issuers), whether such intervention
will continue and the impact of such intervention
or its discontinuation, (iv) the risk of nationalization or expropriation
of assets, (v) the risk that the Chinese government
may decide not to continue to support economic reform programs, (vi)
limitations on the use of brokers (or action by the
Chinese government that discourages brokers from serving international
clients), (vii) higher rates of inflation, (viii) greater political,
economic and social uncertainty, (ix) market volatility caused by any
potential regional or territorial conflicts or natural disasters,
(x) the risk of increased trade tariffs, embargoes, sanctions and other
trade limitations, (xi) custody risks associated with investing
via the Stock Connect program, (xii) both interim and permanent market
regulations which may affect the ability of certain
stockholders to sell Chinese securities when it would otherwise be
advisable and (xiii) foreign ownership limits of any listed Chinese
company. |
The
economy of China differs, often unfavorably, from the U.S. economy in such
respects as structure, general development, government
involvement, wealth distribution, rate of inflation, growth rate, interest
rates, allocation of resources and capital reinvestment,
among others. The Chinese central government has historically exercised
substantial control over virtually every sector
of the Chinese economy through administrative regulation and/or state
ownership and actions of the Chinese central and local
government authorities continue to have a substantial effect on economic
conditions in China. In addition, the Chinese government
has from time to time taken actions that influence the prices at which
certain goods may be sold, encourage companies
to invest or concentrate in particular industries, induce mergers between
companies in certain industries and induce private
companies to publicly offer their securities to increase or continue the
rate of economic growth, control the rate of inflation
or otherwise regulate economic expansion. It may do so in the future as
well, potentially having a significant adverse effect
on economic conditions in
China. |
The
Chinese securities markets are emerging markets characterized by greater
price volatility relative to U.S. markets. Liquidity risks
may be more pronounced for the A-share market than for Chinese securities
markets generally because the A-share market is subject
to greater government restrictions and control. The A-share market is
volatile with a risk of suspension of trading in a particular
security or government intervention. Securities on the A-share market may
be suspended from trading without an indication
of how long the suspension will last, which may impair the liquidity of
such securities. Price fluctuations of A-shares are limited
per trading day. In addition, there is less regulation and monitoring of
Chinese securities markets and the activities of investors,
brokers and other participants than in the United States. Accounting,
auditing and financial reporting standards in China
are different from U.S. standards and, therefore, disclosure of certain
material information may not be made. In addition,
|
less
information may be available to the Fund and other investors than would be
the case if the Fund’s investments were restricted to
securities of U.S. issuers. There is also generally less governmental
regulation of the securities industry in China, and less enforcement
of regulatory provisions relating thereto, than in the United States.
Moreover, it may be more difficult to obtain a judgment
in a court outside the United
States. |
The
Chinese government strictly regulates the payment of foreign currency
denominated obligations and sets monetary policy. In addition,
the Chinese economy is export-driven and highly reliant on trade. Adverse
changes to the economic conditions of its primary
trading partners, such as the United States, Japan and South Korea, would
adversely impact the Chinese economy and the
Fund’s investments. International trade tensions involving China and its
trading counterparties may arise from time to time which
can result in trade tariffs, embargoes, trade limitations, trade wars and
other negative consequences. Such actions and consequences
may ultimately result in a significant reduction in international trade,
an oversupply of certain manufactured goods, devaluations
of existing inventories and potentially the failure of individual
companies and/or large segments of China’s export industry
with a potentially severe negative impact to the Fund. Moreover, a
slowdown in other significant economies of the world, such
as the United States, the European Union and certain Asian countries, may
adversely affect economic growth in China. An economic
downturn in China would adversely impact the Fund’s investments. In
addition, certain securities are, or may in the future
become restricted, and the Fund may be forced to sell such restricted
securities and incur a loss as a
result. |
Emerging
markets such as China can experience high rates of inflation, deflation
and currency devaluation. The value of the renminbi
(“RMB”) may be subject to a high degree of fluctuation due to, among other
things, changes in interest rates, the effects of
monetary policies issued by China, the United States, foreign governments,
central banks or supranational entities, the imposition
of currency controls or other national or global political or economic
developments. |
Investments
in China and Hong Kong involve risk of a total loss due to government
action or inaction. China has committed by treaty
to preserve Hong Kong’s autonomy and its economic, political and social
freedoms for 50 years from the July 1, 1997 transfer
of sovereignty from Great Britain to China. However, as
of July 2020, the Chinese Standing Committee of the National People’s
Congress enacted the law of the PRC on Safeguarding National Security in
the Hong Kong Special Administrative Region.
As of the same month, Hong Kong is no longer afforded preferential
economic treatment by the United States under U.S. law,
and there is uncertainty as to how the economy of Hong Kong will be
affected. If China
would exert its authority so as to alter
the economic, political or legal structures or the existing social policy
of Hong Kong, investor and business confidence in Hong
Kong could be negatively affected, which in turn could negatively affect
markets and business performance. In
addition, the Hong
Kong dollar trades within a fixed trading band rate to (or is “pegged” to)
the USD. This fixed exchange rate has contributed to
the growth and stability of the Hong Kong economy. However, some market
participants have questioned the continued viability
of the currency peg. It is uncertain what affect any discontinuance of the
currency peg and the establishment of an alternative
exchange rate system would have on capital markets generally and the Hong
Kong economy. |
Risks
of Investing through Stock Connect. The
Fund may invest in A-shares listed and traded through Stock Connect, or on
such other
stock exchanges in China which participate in Stock Connect from time to
time or in the future. Trading through Stock Connect
is subject to a number of restrictions that may affect the Fund’s
investments and returns. For example, trading through Stock
Connect is subject to daily quotas that limit the maximum daily net
purchases on any particular day, which may restrict or preclude
the Fund’s ability to invest in Stock Connect A-shares. In addition,
investments made through Stock Connect are subject to
trading, clearance and settlement procedures that are relatively untested
in China, which could pose risks to the Fund. Furthermore,
securities purchased via Stock Connect will be held via a book entry
omnibus account in the name of HKSCC, Hong
Kong’s clearing entity, at the CSDCC. The Fund’s ownership interest in
Stock Connect securities will not be reflected directly
in book entry with CSDCC and will instead only be reflected on the books
of its Hong Kong sub-custodian. The Fund may
therefore depend on HKSCC’s ability or willingness as record-holder of
Stock Connect securities to enforce the Fund’s shareholder
rights. Chinese law did not historically recognize the concept of
beneficial ownership; while Chinese regulations and the
Hong Kong Stock Exchange have issued clarifications and guidance
supporting the concept of beneficial ownership via Stock Connect,
the interpretation of beneficial ownership in China by regulators and
courts may continue to evolve. Moreover, Stock Connect
A-shares generally may not be sold, purchased or otherwise transferred
other than through Stock Connect in accordance with
applicable rules. |
A
primary feature of Stock Connect is the application of the home market’s
laws and rules applicable to investors in A-shares. Therefore,
the Fund’s investments in Stock Connect A-shares are generally subject to
Chinese securities regulations and listing rules,
among other restrictions. For
defaults by Hong Kong brokers occurring on or after January 1, 2020, the
Hong Kong Investor
Compensation Fund will cover losses incurred by investors with a cap at
HK$500,000 per investor with respect to securities
traded on a stock market operated by the Shanghai Stock Exchange and/or
Shenzhen Stock Exchange and in respect of which
an order for sale or purchase is permitted to be routed through the
northbound link of the Stock Connect.
Since the inception
of Stock Connect, foreign investors investing in A-shares through Stock
Connect have been temporarily exempt from Chinese
corporate income tax and value-added tax on the gains on disposal of such
A-shares. Dividends are subject to Chinese corporate
income tax on a withholding basis at 10% unless reduced under a double tax
treaty with China upon application to and
|
obtaining
approval from the competent tax authority. Additionally, uncertainties in
permanent Chinese tax rules governing taxation
of income and gains from investments in Stock Connect A-shares could
result in unexpected tax liabilities for the
Fund. |
The
Stock Connect program is a relatively new program and may be subject to
further interpretation and guidance. There can be no
assurance as to the program’s continued existence or whether future
developments regarding the program may restrict or adversely
affect the Fund’s investments or returns. In addition, the application and
interpretation of the laws and regulations of China
and Hong Kong, and the rules, policies or guidelines published or applied
by relevant regulators and exchanges in respect of
the Stock Connect program, are uncertain, and they may have a detrimental
effect on the Fund’s investments and
returns. |
H-Shares
Risk.
H-shares are foreign securities which, in addition to the risks described
herein, are subject to the risk that the Hong Kong
stock market may behave very differently from the mainland Chinese stock
market. There may be little to no correlation between
the performance of the Hong Kong stock market and the mainland Chinese
stock market. |
B-Shares
Risk.
The China B-share market is generally smaller, less liquid and has a
smaller issuer base than the China A-share market.
The issuers that compose the B-share market include a broad range of
companies, including companies with large, medium
and small capitalizations. Further, the B-shares market may behave very
differently from other portions of the Chinese equity
markets, and there may be little to no correlation between the performance
of the two. |
Red
Chip Companies Risk.
Red Chip shares are traded in Hong Kong dollars on the Hong Kong Stock
Exchange and may also be traded
by foreigners. Because Red Chip companies are substantially controlled by
various Chinese governmental authorities, investing
in Red Chips involves risks that political changes, social instability,
regulatory uncertainty, adverse diplomatic developments,
asset expropriation or nationalization, or confiscatory taxation could
adversely affect the performance of Red Chip companies.
Red Chip companies may be less efficiently run and less profitable than
other companies. |
Variable
Interest Entities.
Chinese operating companies sometimes rely on variable interest entity
(“VIE”) structures to raise capital from
non-Chinese investors because of Chinese government limitations or
prohibitions on direct foreign ownership in certain industries.
In a VIE structure, a series of contractual arrangements are entered into
between a holding company domiciled outside of
China and a Chinese operating company or companies, which are intended to
mimic direct ownership in the operating company,
but in many cases these arrangements have not been tested in court and it
is not clear that the contracts are enforceable or
that the structures will otherwise work as intended. The offshore holding
company, which is not a Chinese operating company, then
issues exchange-traded shares that are sold to the public, including
non-Chinese investors (such as the Fund). Shares of the offshore
entity purchased by the Fund would not be equity ownership interests in
the Chinese operating company and the Fund’s interest
would be subject to legal, operational and other risks associated with the
company’s use of the VIE structure. For example, at
any time the Chinese government could determine that the contractual
arrangements constituting part of the VIE structure are unenforceable
or do not comply with applicable law or regulations, these laws or
regulations could change or be interpreted differently
in the future, and the Chinese government may with no advance notice
otherwise intervene in or exert influence over VIE
structures or the related Chinese operating companies. If any of these or
similar risks or developments materialize, the Fund’s investment
in the offshore entity may suddenly and significantly decline in value or
become worthless because of, among other things,
difficulty enforcing (or the inability to enforce) the contractual
arrangements or materially adverse effects on the Chinse operating
company’s performance. In these circumstances, the Fund could experience
significant losses with no recourse available. From
time to time, the Fund’s investments in U.S.-listed shell companies
relying on VIE structures to consolidate China-based operations
could be
significant. |
• |
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. |
• |
Investment
Company Securities.
Subject to the limitations set forth in the Investment Company Act of
1940, as amended (the “1940
Act”), or as otherwise permitted by the SEC, the Fund may acquire shares
in other investment companies, including foreign
investment companies and ETFs, which may be managed by the Adviser or its
affiliates. The market value of the shares of other
investment companies may differ from the NAV of the Fund. The shares of
closed-end investment companies frequently trade
at a discount to their NAV. As a shareholder in an investment company, the
Fund would bear its ratable share of that entity’s
expenses, including its investment advisory and administration fees. At
the same time, the Fund would continue to pay its own
advisory and administration fees and other expenses. As a result, the Fund
and its shareholders, in effect, will be absorbing duplicate
levels of fees with respect to investments in other investment
companies. |
• |
Liquidity. The
Fund may make investments that are illiquid or restricted or that may
become less liquid in response to overall economic
conditions or adverse investor perceptions, and which may entail greater
risk than investments in other types of securities.
These investments may be more difficult to value or sell, particularly in
times of market turmoil, and there may be little trading
in the secondary market available for particular securities. If the Fund
is forced to sell an illiquid or restricted security to fund
redemptions or for other cash needs, it may be forced to sell the security
at a loss or for less than its fair
value. |
• |
Derivatives. A
derivative instrument often has risks similar to its underlying asset and
may have additional risks, including imperfect
correlation between the value of the derivative and the underlying asset,
risks of default by the counterparty to certain transactions,
magnification of losses incurred due to changes in the market value of the
securities, instruments, indices or interest rates
to which the derivative instrument relates,
risks
that the transactions may not be liquid,
risks arising from margin requirements
and risks arising from mispricing or valuation complexity. Certain
derivative transactions may give rise to a form of leverage.
Leverage magnifies the potential for gain and the risk of
loss. |
• |
|
• |
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 |
Since
Inception | ||
Class
I
(commenced operations on 10/31/2019) |
|||
Return
Before Taxes |
- |
| |
Return
After Taxes on Distributions1
|
- |
| |
Return
After Taxes on Distributions and Sale of Fund Shares |
- |
| |
Class
A
(commenced operations on 10/31/2019) |
|||
Return
Before Taxes |
- |
| |
Class
C
(commenced operations on 10/31/2019) |
|||
Return
Before Taxes |
- |
| |
Class
R6
(commenced operations on 10/31/2019) |
|||
Return
Before Taxes |
- |
| |
MSCI
China Net Index (reflects no deduction for fees, expenses or
taxes)2
|
- |
| |
Lipper
China Region Funds Index (reflects no deduction for taxes)4
|
- |
|
1 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
2 | The MSCI China Net Index is a free float-adjusted market capitalization index that captures large and mid cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). 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. |
3 | Since Inception reflects the inception date of the Fund. |
4 | The Lipper China Regions Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper China Regions Funds classification. There are currently 10 funds represented in this index. |
Name |
Title
with Adviser or Sub-Adviser |
Date
Began Managing Fund |
Amay
Hattangadi |
Managing
Director of MSIM Company |
December
2020 |
Leon
Sun |
Managing
Director of Morgan Stanley Asia Limited |
March
2021 |
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) |
|
|
|
|
|
Redemption
Fee (as a percentage of the amount redeemed
on redemptions made within 30 days of purchase) |
|
|
|
|
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 1.20% for Class I, 1.55% for Class A, 2.30% for Class C and 1.10% 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. |
• |
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. |
• |
China
Risk.
Investments in securities of Chinese issuers, including A-shares, involve
risks associated with investments in foreign markets
as well as special considerations not typically associated with
investments in the U.S. securities markets. For example, the Chinese
government has historically exercised substantial control over virtually
every sector of the Chinese economy through administrative
regulation and/or state ownership and actions of the Chinese central and
local government authorities continue to have
a substantial effect on economic conditions in China. In addition, the
Chinese government has taken actions that influenced the
prices at which certain goods may be sold, encouraged companies to invest
or concentrate in particular industries, induced mergers
between companies in certain industries and induced private companies to
publicly offer their securities. Investments in China
involve risk of a total loss due to government action or inaction.
Additionally, the Chinese economy is export-driven and highly
reliant on trade. Adverse changes to the economic conditions of its
primary trading partners, such as the United States, Japan
and South Korea, would adversely impact the Chinese economy and the Fund’s
investments. Moreover, a slowdown in other
significant economies of the world, such as the United States, the
European Union and certain Asian countries, may adversely
affect economic growth in China. An economic downturn in China would
adversely impact the Fund’s investments. In addition,
certain securities are, or may in the future,
become restricted, and the Fund may be forced to sell such restricted
securities
and incur a loss as a
result. |
Risks
of Investing through Stock Connect. The
Fund may invest in A-shares listed and traded through Stock Connect, or on
such other
stock exchanges in China which participate in Stock Connect from time to
time or in the future. Trading through Stock Connect
is subject to a number of restrictions that may affect the Fund’s
investments and returns. Moreover, Stock Connect A-shares
generally may not be sold, purchased or otherwise transferred other than
through Stock Connect in accordance with applicable
rules. The Stock Connect program is a relatively new program and may be
subject to further interpretation and guidance.
There can be no assurance as to the program’s continued existence or
whether future developments regarding the program
may restrict or adversely affect the Fund’s investments or
returns. |
Variable
Interest Entities.
Chinese operating companies sometimes rely on variable interest entity
(“VIE”) structures to raise capital from
non-Chinese investors because of Chinese government limitations or
prohibitions on direct foreign ownership in certain industries.
In a VIE structure, a series of contractual arrangements are entered into
between a holding company domiciled outside of
China and a Chinese operating company or companies, which are intended to
mimic direct ownership in the operating company,
but in many cases these arrangements have not been tested in court and it
is not clear that the contracts are enforceable or
that the structures will otherwise work as intended. The offshore holding
company, which is not a Chinese operating company, then
issues exchange-traded shares that are sold to the public, including
non-Chinese investors (such as the Fund). Shares of the offshore
entity purchased by the Fund would not be equity ownership interests in
the Chinese operating company and the Fund’s interest
would be subject to legal, operational and other risks associated with the
company’s use of the VIE structure. For example, at
any time the Chinese government could determine that the contractual
arrangements constituting part of the VIE structure are unenforceable
or do not comply with applicable law or regulations, these laws or
regulations could change or be interpreted differently
in the future, and the Chinese government may with no advance notice
otherwise intervene in or exert influence over VIE
structures or the related Chinese operating companies. If any of these or
similar risks or developments materialize, the Fund’s investment
in the offshore entity may suddenly and significantly decline in value or
become worthless because of, among other things,
difficulty enforcing (or the inability to enforce) the contractual
arrangements or materially adverse effects on the Chinse operating
company’s performance. In these circumstances, the Fund could experience
significant losses with no recourse available. From
time to time, the Fund’s investments in U.S.-listed shell companies
relying on VIE structures to consolidate China-based operations
could be
significant. |
• |
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. |
• |
Liquidity. The
Fund may make investments that are illiquid or restricted or that may
become less liquid in response to overall economic
conditions or adverse investor perceptions, and which may entail greater
risk than investments in other types of securities.
These investments may be more difficult to value or sell, particularly in
times of market turmoil, and there may be little trading
in the secondary market available for particular securities. If the Fund
is forced to sell an illiquid or restricted security to fund
redemptions or for other cash needs, it may be forced to sell the security
at a loss or for less than its fair
value. |
• |
Derivatives. A
derivative instrument often has risks similar to its underlying asset and
may have additional risks, including imperfect
correlation between the value of the derivative and the underlying asset,
risks of default by the counterparty to certain transactions,
magnification of losses incurred due to changes in the market value of the
securities, instruments, indices or interest rates
to which the derivative instrument relates,
risks
that the transactions may not be liquid,
risks arising from margin requirements
and risks arising from mispricing or valuation complexity. Certain
derivative transactions may give rise to a form of leverage.
Leverage magnifies the potential for gain and the risk of
loss. |
• |
|
|
• |
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. |
* | Performance
shown for the Fund’s Class I shares reflects the performance of the
limited partnership interests of the Private Fund for periods prior to
the
Emerging Markets Leaders
Reorganization. |
|
|
|
|
|
- |
Past
One Year |
Past
Five Years |
Past
Ten Years |
Since
Inception | |
Class
I1
(commenced operations on 6/30/2011) |
||||
Return
Before Taxes1
|
|
|
|
|
Return
After Taxes on Distributions1,2
|
|
|
|
|
Return
After Taxes on Distributions and Sale of Fund
Shares1
|
|
|
|
|
Class
A1
(commenced operations on 6/30/2011) |
||||
Return
Before Taxes1
|
- |
|
|
|
Class
C
(commenced operations on 4/30/2015) |
||||
Return
Before Taxes |
- |
|
|
|
Class
R61
(commenced operations on 6/30/2011) |
||||
Return
Before Taxes1
|
|
|
|
|
MSCI
Emerging Markets Net Index (reflects no deduction
for fees, expenses or taxes)3
|
- |
|
|
|
Lipper
Emerging Markets Funds Index (reflects no deduction
for taxes)5
|
- |
|
|
|
1 | Performance shown for the Fund’s Class I, Class A and Class R6 shares reflects the performance of the limited partnership interests of the Private Fund for periods prior to the Emerging Markets Leaders Reorganization, adjusted to reflect any applicable sales charge of the class, but not adjusted for any other differences in expenses. If adjusted for other expenses, returns would be different. |
2 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
3 | The MSCI Emerging Markets Net Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging 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 Emerging Markets Net Index currently consists of 24 emerging 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. |
4 | Since Inception reflects the inception date of Class I. |
5 | The Lipper Emerging Markets Funds Index is an equally-weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Emerging Markets Funds classification. There are currently 30 funds represented in this index. |
Name |
Title
with Sub-Adviser |
Date
Began Managing Fund |
Vishal
Gupta |
Managing
Director of MSIM Company |
November
2015 |
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) |
|
|
|
|
|
|
Redemption
Fee (as a percentage of the amount redeemed
on redemptions made within 30 days of
purchase) |
|
|
|
|
|
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 Expenses 3
|
|
|
|
|
|
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 1.05% for Class I, 1.40% for Class A, 1.90% for Class L, 2.15% for Class C and 0.95% 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. |
• |
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. |
• |
China
Risk.
Investments in securities of Chinese issuers, including A-shares, involve
risks associated with investments in foreign markets
as well as special considerations not typically associated with
investments in the U.S. securities markets. For example, the Chinese
government has historically exercised substantial control over virtually
every sector of the Chinese economy through administrative
regulation and/or state ownership and actions of the Chinese central and
local government authorities continue to have
a substantial effect on economic conditions in China. In addition, the
Chinese government has taken actions that influenced the
prices at which certain goods may be sold, encouraged companies to invest
or concentrate in particular industries, induced mergers
between companies in certain industries and induced private companies to
publicly offer their securities. Investments in China
involve risk of a total loss due to government action or inaction.
Additionally, the Chinese economy is export-driven and highly
reliant on trade. Adverse changes to the economic conditions of its
primary trading partners, such as the United States, Japan
and South Korea, would adversely impact the Chinese economy and the Fund’s
investments. Moreover, a slowdown in other
significant economies of the world, such as the United States, the
European Union and certain Asian countries, may adversely
affect economic growth in China. An economic downturn in China would
adversely impact the Fund’s investments. In
|
addition,
certain securities are, or may in the future,
become restricted, and the Fund may be forced to sell such restricted
securities
and incur a loss as a
result. |
Risks
of Investing through Stock Connect. The
Fund may invest in A-shares listed and traded through Stock Connect, or on
such other
stock exchanges in China which participate in Stock Connect from time to
time or in the future. Trading through Stock Connect
is subject to a number of restrictions that may affect the Fund’s
investments and returns. Moreover, Stock Connect A-shares
generally may not be sold, purchased or otherwise transferred other than
through Stock Connect in accordance with applicable
rules. The Stock Connect program is a relatively new program and may be
subject to further interpretation and guidance.
There can be no assurance as to the program’s continued existence or
whether future developments regarding the program
may restrict or adversely affect the Fund’s investments or
returns. |
Variable
Interest Entities.
Chinese operating companies sometimes rely on variable interest entity
(“VIE”) structures to raise capital from
non-Chinese investors because of Chinese government limitations or
prohibitions on direct foreign ownership in certain industries.
In a VIE structure, a series of contractual arrangements are entered into
between a holding company domiciled outside of
China and a Chinese operating company or companies, which are intended to
mimic direct ownership in the operating company,
but in many cases these arrangements have not been tested in court and it
is not clear that the contracts are enforceable or
that the structures will otherwise work as intended. The offshore holding
company, which is not a Chinese operating company, then
issues exchange-traded shares that are sold to the public, including
non-Chinese investors (such as the Fund). Shares of the offshore
entity purchased by the Fund would not be equity ownership interests in
the Chinese operating company and the Fund’s interest
would be subject to legal, operational and other risks associated with the
company’s use of the VIE structure. For example, at
any time the Chinese government could determine that the contractual
arrangements constituting part of the VIE structure are unenforceable
or do not comply with applicable law or regulations, these laws or
regulations could change or be interpreted differently
in the future, and the Chinese government may with no advance notice
otherwise intervene in or exert influence over VIE
structures or the related Chinese operating companies. If any of these or
similar risks or developments materialize, the Fund’s investment
in the offshore entity may suddenly and significantly decline in value or
become worthless because of, among other things,
difficulty enforcing (or the inability to enforce) the contractual
arrangements or materially adverse effects on the Chinse operating
company’s performance. In these circumstances, the Fund could experience
significant losses with no recourse available. From
time to time, the Fund’s investments in U.S.-listed shell companies
relying on VIE structures to consolidate China-based operations
could be
significant. |
• |
Liquidity. The
Fund may make investments that are illiquid or restricted or that may
become less liquid in response to overall economic
conditions or adverse investor perceptions, and which may entail greater
risk than investments in other types of securities.
These investments may be more difficult to value or sell, particularly in
times of market turmoil, and there may be little trading
in the secondary market available for particular securities. If the Fund
is forced to sell an illiquid or restricted security to fund
redemptions or for other cash needs, it may be forced to sell the security
at a loss or for less than its fair
value. |
• |
Derivatives. A
derivative instrument often has risks similar to its underlying asset and
may have additional risks, including imperfect
correlation between the value of the derivative and the underlying asset,
risks of default by the counterparty to certain transactions,
magnification of losses incurred due to changes in the market value of the
securities, instruments, indices or interest rates
to which the derivative instrument relates,
risks
that the transactions may not be liquid,
risks arising from margin requirements
and risks arising from mispricing or valuation complexity. Certain
derivative transactions may give rise to a form of leverage.
Leverage magnifies the potential for gain and the risk of
loss. |
• |
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 9/25/1992) | ||||
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 4/27/2012) | ||||
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 |
|
|
|
|
MSCI
Emerging Markets Index (reflects no deduction
for fees, expenses or taxes)2
|
- |
|
|
|
Lipper
Emerging Markets Funds Index (reflects no deduction
for taxes)4
|
- |
|
|
|
1 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
2 | The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of emerging 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 Emerging Markets Index currently consists of 24 emerging market country indices. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Returns, including periods prior to January 1, 2001, are calculated using the return data of the MSCI Emerging Markets Index (gross dividends) through December 31, 2000 and the return data of the MSCI Emerging Markets Net Index (net dividends) after December 31, 2000. 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. |
3 | Since Inception reflects the inception date of Class I. |
4 | The Lipper Emerging Markets Funds Index is an equally-weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Emerging Markets Funds classification. There are currently 30 funds represented in this index. |
Name |
Title
with Adviser/ Sub-Adviser or Affiliate |
Date
Began Managing Fund |
Eric
Carlson |
Managing
Director of the Adviser |
September
1997 |
Paul
Psaila |
Managing
Director of the Adviser |
February
1994 |
Amay
Hattangadi |
Managing
Director of MSIM Company |
July
2018 |
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 Expenses |
|
|
|
|
|
|
|||||
1
Year |
3
Years |
5
Years |
10
Years |
||
Class
I |
$ |
$ |
$ |
$ |
|
Class
A |
$ |
$ |
$ |
$ |
|
Class
L |
$ |
$ |
$ |
$ |
If
You SOLD Your Shares |
|||||
1
Year |
3
Years |
5
Years |
10
Years |
||
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. |
• |
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. |
• |
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. |
• |
Liquidity. The
Fund may make investments that are illiquid or restricted or that may
become less liquid in response to overall economic
conditions or adverse investor perceptions, and which may entail greater
risk than investments in other types of securities.
These investments may be more difficult to value or sell, particularly in
times of market turmoil, and there may be little trading
in the secondary market available for particular securities. If the Fund
is forced to sell an illiquid or restricted security to fund
redemptions or for other cash needs, it may be forced to sell the security
at a loss or for less than its fair
value. |
• |
Derivatives. A
derivative instrument often has risks similar to its underlying asset and
may have additional risks, including imperfect
correlation between the value of the derivative and the underlying asset,
risks of default by the counterparty to certain transactions,
magnification of losses incurred due to changes in the market value of the
securities, instruments, indices or interest rates
to which the derivative instrument relates,
risks
that the transactions may not be liquid,
risks arising from margin requirements
and risks arising from mispricing or valuation complexity. Certain
derivative transactions may give rise to a form of leverage.
Leverage magnifies the potential for gain and the risk of
loss. |
• |
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. |
• |
Global
Franchise Companies.
Changes in the worldwide economy, consumer spending, competition,
demographics and consumer preferences,
government regulation and economic conditions may adversely affect global
franchise companies and may negatively impact
the Fund to a greater extent than if the Fund’s assets were invested in a
wider variety of
companies. |
• |
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. |
• |
ESG
Investment Risk. The
Fund’s adherence to its ESG criteria and application of related analyses
when selecting investments may impact
the Fund’s performance, including relative to similar funds that do not
adhere to such criteria or apply such analyses. Additionally,
the Fund’s adherence to its ESG criteria and application of related
analyses in connection with identifying and selecting
investments may require subjective analysis and may be difficult if data
about a particular company is limited. A company’s
ESG practices or the Adviser’s assessment of such may change over
time. |
|
|
|
|
|
- |
Past
One Year |
Past
Five Years |
Past
Ten Years |
Since
Inception | |
Class
I
(commenced operations on 11/28/2001) | ||||
Return
Before Taxes |
|
|
|
|
Return
After Taxes on Distributions1
|
|
|
|
|
Return
After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
|
Class
A
(commenced operations on 11/28/2001) | ||||
Return
Before Taxes |
|
|
|
|
Class
L
(commenced operations on 4/27/2012) | ||||
Return
Before Taxes |
|
|
|
|
Class
C
(commenced operations on 9/30/2015) | ||||
Return
Before Taxes |
|
|
|
|
Class
R6
(commenced operations on 5/29/2015) | ||||
Return
Before Taxes |
|
|
|
|
MSCI
World Net Index (reflects no deduction for fees,
expenses or taxes)2
|
|
|
|
|
Lipper
Global Large-Cap Core Funds Index (reflects no
deduction for taxes)4
|
|
|
|
|
1 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
2 | 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. |
3 | Since Inception reflects the inception date of Class I. |
4 | Lipper Global Large-Cap Core Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Global Large-Cap Core Funds classification. There are currently 10 funds represented in this index. |
Name |
Title
with Sub-Adviser |
Date
Began Managing Fund |
William
D. Lock |
Managing
Director of MSIM Limited |
June
2009 |
Bruno
Paulson |
Managing
Director of MSIM Limited |
June
2009 |
Nic
Sochovsky |
Managing
Director of MSIM Limited |
December
2015 |
Vladimir
A. Demine |
Executive
Director of MSIM Limited |
June
2009 |
Nathan
Wong |
Executive
Director of MSIM Limited |
April
2019 |
Marcus
Watson |
Executive
Director of MSIM Limited |
January
2013 |
Alex
Gabriele |
Executive
Director of MSIM Limited |
September
2017 |
Richard
Perrott |
Executive
Director of MSIM Limited |
September
2017 |
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 0.85% 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. |
• |
the
Fund will firstly exclude investments in any company that the Adviser
and/or Sub-Adviser
determines: |
○ |
has
any tie to fossil fuels (such as oil, gas and
coal), |
○ |
whose
core business activity involves energy, construction materials, gas and
electric utilities (excluding renewable energy and water
utilities), or metals and mining,
or |
○ |
for
which GHG emissions intensity estimates are not available and/or cannot be
estimated (in the Adviser and/or Sub-Adviser’s discretion);
and |
• |
the
remaining issuers will then be ranked according to their GHG emissions
intensity estimates, and those with the highest GHG emissions
intensity, as determined by the Adviser and/or Sub-Adviser, will be
excluded from the reference
universe. |
• |
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. |
• |
Liquidity. The
Fund may make investments that are illiquid or restricted or that may
become less liquid in response to overall economic
conditions or adverse investor perceptions, and which may entail greater
risk than investments in other types of securities.
These investments may be more difficult to value or sell, particularly in
times of market turmoil, and there may be little trading
in the secondary market available for particular securities. If the Fund
is forced to sell an illiquid or restricted security to fund
redemptions or for other cash needs, it may be forced to sell the security
at a loss or for less than its fair
value. |
• |
Derivatives.
A
derivative instrument often has risks similar to its underlying asset and
may have additional risks, including imperfect
correlation between the value of the derivative and the underlying asset,
risks of default by the counterparty to certain transactions,
magnification of losses incurred due to changes in the market value of the
securities, instruments, indices or interest rates
to which the derivative instrument relates, risks that the transactions
may not be liquid, risks arising from margin requirements
and risks arising from mispricing or valuation complexity. Certain
derivative transactions may give rise to a form of leverage.
Leverage magnifies the potential for gain and the risk of
loss. |
• |
|
• |
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. |
• |
ESG
Investment Risk. The
Fund’s adherence to its ESG criteria and application of related analyses
when selecting investments may impact
the Fund’s performance, including relative to similar funds that do not
adhere to such criteria or apply such analyses. For
example,
the Fund, based on the Adviser’s and/or Sub-Adviser’s assessment process,
will not invest in companies in industries including
tobacco, alcohol, adult entertainment, gambling, civilian firearms and
weapons. The exclusionary criteria related to the Fund’s
ESG criteria may result in the Fund buying certain securities or forgoing
opportunities to buy certain securities. There are significant
differences in interpretations of what it means for a company to have
positive or negative ESG factors. While the Adviser
and/or the Sub-Adviser believes its definitions are reasonable, the
portfolio decisions it makes may differ with other investors’
or investment managers’ views. Additionally,
the Fund’s adherence to its ESG criteria and application of related
analyses in
connection with identifying and selecting investments may require
subjective analysis and may be difficult if data about a particular
company is limited. A company’s ESG practices or the Adviser’s assessment
of such may change over
time. |
|
|
|
|
|
- |
Past
One Year |
Past
Five Years |
Since
Inception | |
Class
I
(commenced operations on 8/30/2013) |
|||
Return
Before Taxes |
|
|
|
Return
After Taxes on Distributions1
|
|
|
|
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Class
A
(commenced operations on 8/30/2013) |
|||
Return
Before Taxes |
|
|
|
Class
L
(commenced operations on 8/30/2013) |
|||
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 |
|
|
|
MSCI
World Net Index (reflects no deduction for fees, expenses or taxes)2
|
|
|
|
Lipper
Global Large-Cap Core Funds Index (reflects no deduction for taxes)4
|
|
|
|
Lipper
Global Large-Cap Growth 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 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. |
3 | Since Inception reflects the inception date of Class I. |
4 | The Lipper Global Large-Cap Core Funds Index is an equally-weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Global Large-Cap Core Funds classification. There are currently 10 funds represented in this index. The Fund’s Lipper category changed from Lipper Global Large-Cap Growth to Lipper Global Large-Cap Core. |
5 | The Lipper Global Large-Cap Growth Funds Index is an equally-weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Global Large-Cap Growth Funds classification. There are currently 30 funds represented in this index. |
Name |
Title
with Sub-Adviser |
Date
Began Managing Fund |
William
D. Lock |
Managing
Director of MSIM Limited |
August
2013 |
Bruno
Paulson |
Managing
Director of MSIM Limited |
August
2013 |
Nic
Sochovsky |
Managing
Director of MSIM Limited |
December
2015 |
Vladimir
A. Demine |
Executive
Director of MSIM Limited |
August
2013 |
Nathan
Wong |
Executive
Director of MSIM Limited |
April
2019 |
Name |
Title
with Sub-Adviser |
Date
Began Managing Fund |
Marcus
Watson |
Executive
Director of MSIM Limited |
August
2013 |
Alex
Gabriele |
Executive
Director of MSIM Limited |
September
2017 |
Richard
Perrott |
Executive
Director of MSIM Limited |
September
2017 |
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 0.95% for Class I, 1.30% for Class A, 1.80% for Class L, 2.05% for Class C and 0.91% 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. |
• |
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. |
• |
Liquidity. The
Fund may make investments that are illiquid or restricted or that may
become less liquid in response to overall economic
conditions or adverse investor perceptions, and which may entail greater
risk than investments in other types of securities.
These investments may be more difficult to value or sell, particularly in
times of market turmoil, and there may be little trading
in the secondary market available for particular securities. If the Fund
is forced to sell an illiquid or restricted security to fund
redemptions or for other cash needs, it may be forced to sell the security
at a loss or for less than its fair
value. |
• |
Derivatives. A
derivative instrument often has risks similar to its underlying asset and
may have additional risks, including imperfect
correlation between the value of the derivative and the underlying asset,
risks of default by the counterparty to certain transactions,
magnification of losses incurred due to changes in the market value of the
securities, instruments, indices or interest rates
to which the derivative instrument relates,
risks
that the transactions may not be liquid,
risks arising from margin requirements
and risks arising from mispricing or valuation complexity. Certain
derivative transactions may give rise to a form of leverage.
Leverage magnifies the potential for gain and the risk of
loss. |
• |
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. |
• |
ESG
Investment Risk. The
Fund’s adherence to its ESG criteria and application of related analyses
when selecting investments may impact
the Fund’s performance, including relative to similar funds that do not
adhere to such criteria or apply such analyses. Additionally,
the Fund’s adherence to its ESG criteria and application of related
analyses in connection with identifying and selecting
investments may require subjective analysis and may be difficult if data
about a particular company is limited. A company’s
ESG practices or the Adviser’s assessment of such may change over
time. |
|
|
|
|
|
- |
Past
One Year |
Past
Five Years |
Past
Ten Years |
Since
Inception | |
Class
I
(commenced operations on 8/4/1989) | ||||
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 6/14/2012) | ||||
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 |
|
|
|
|
MSCI
EAFE Index (reflects no deduction for fees, expenses
or taxes)2
|
|
|
|
|
Lipper
International Large-Cap Core Funds Index (reflects
no deduction for taxes)4
|
|
|
|
|
Lipper
International Large-Cap Growth 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 MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the international equity market performance of developed markets, excluding the United States and Canada. 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 EAFE Index currently consists of 21 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. |
3 | Since Inception reflects the inception date of Class I. |
4 | The Lipper International Large-Cap Core Funds Index is an equally-weighted performance index of the largest qualifying funds (based on net assets) in the Lipper International Large-Cap Core Funds classification. There are currently 30 funds represented in this index. The Fund’s Lipper category has changed from Lipper International Large-Cap Growth to Lipper International Large-Cap Core. |
5 | The Lipper International Large-Cap Growth Funds Index is an equally-weighted performance index of the largest qualifying funds (based on net assets) in the Lipper International Large-Cap Growth Funds classification. There are currently 30 funds represented in this index. |
Name |
Title
with Sub-Adviser |
Date
Began Managing Fund |
William
D. Lock |
Managing
Director of MSIM Limited |
May
1999 |
Bruno
Paulson |
Managing
Director of MSIM Limited |
June
2009 |
Nic
Sochovsky |
Managing
Director of MSIM Limited |
December
2015 |
Vladimir
A. Demine |
Executive
Director of MSIM Limited |
June
2009 |
Nathan
Wong |
Executive
Director of MSIM Limited |
April
2019 |
Marcus
Watson |
Executive
Director of MSIM Limited |
January
2013 |
Alex
Gabriele |
Executive
Director of MSIM Limited |
September
2017 |
Richard
Perrott |
Executive
Director of MSIM Limited |
September
2017 |
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) |
|
|
|
|
|
|
Redemption
Fee (as a percentage of the amount redeemed
on redemptions made within 30 days of
purchase) |
|
|
|
|
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
||
Advisory
Fee3
|
|
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
|
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
|
Total
Annual Fund Operating Expenses4
|
|
|
|
|
|
|
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
after purchase, 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 Advisory Fee has been restated to reflect the decrease in the advisory fee effective August 16, 2021. |
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 1.25% for Class I, 1.60% for Class A, 2.10% for Class L, 2.35% for Class C and 1.20% for Class R6. The fee waivers and/or expense reimbursements will continue for at least two years from the date of the Next Gen Emerging Markets Reorganization (as defined in the section of the Prospectus entitled “Fund Management - Advisory Fees”) 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. Fee Waiver and/or Expense Reimbursement and Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement have been restated to reflect the current expense limitation arrangement. |
• |
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. |
• |
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. |
• |
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. |
• |
Frontier
Emerging Market Securities.
Investing in the securities of issuers operating in frontier emerging
markets involves a high degree
of risk and special considerations not typically associated with investing
in the securities of other foreign or U.S. issuers. In addition,
the risks associated with investing in the securities of issuers operating
in emerging market countries are magnified when investing
in frontier emerging market countries. These types of investments could be
affected by factors not usually associated with
investments in U.S. issuers, including risks associated with expropriation
and/or nationalization, political or social instability, pervasiveness
of corruption and crime, armed conflict, the impact on the economy of
civil war, religious or ethnic unrest and the withdrawal
or non-renewal of any license enabling the Fund to trade in securities of
a particular country, confiscatory taxation, restrictions
on transfers of assets, lack of uniform accounting, auditing and financial
reporting standards, less publicly available financial
and other information, less stringent investor protections and disclosure
standards, diplomatic development which could affect
U.S. investments in those countries and potential difficulties in
enforcing contractual obligations. These risks and special considerations
make investments in companies operating in frontier emerging market
countries highly speculative in nature and, accordingly,
an investment in the Fund must be viewed as highly speculative in nature
and may not be suitable for an investor who
is not able to afford the loss of his or her entire investment. To the
extent that the Fund invests a significant percentage of its assets
in a single frontier emerging market country, the Fund will be subject to
heightened risk associated with investing in frontier
emerging market countries and additional risks associated with that
particular country. A government of a frontier emerging
market country may limit or cause delay in the convertibility or
repatriation of its currency and therefore could 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.
From time to time, certain of the companies in which the Fund expects to
invest may operate in, or have dealings with, countries
subject to sanctions or embargoes imposed by the U.S. Government and the
United Nations and/or countries identified by
the U.S. Government as state sponsors of terrorism. A company may suffer
damage to its reputation if it is identified as such a company
and, as an investor in such companies, the Fund will be indirectly subject
to those risks. Certain frontier 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 frontier markets countries. In addition, a substantial
portion of 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
could reduce or preclude the opportunity for gain if the value of the
currency moves 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 may be, and have been, imposed against
certain countries, organizations, companies, entities
and/or individuals. Economic sanctions and other similar governmental
actions could, among other things, effectively restrict
or eliminate the Fund’s ability to purchase or sell securities or groups
of securities, and thus may make the Fund’s investments
in such securities less liquid or more difficult to value. In addition, as
a result of economic sanctions, the Fund may be forced
to sell or otherwise dispose of investments at inopportune times or
prices. |
• |
Banking
Industry. The
banking industry can be affected by global and local economic conditions,
such as the levels and liquidity of the
global and local financial and asset markets, the absolute and relative
level and volatility of interest rates and equity prices, investor
sentiment, inflation, and the availability and cost of credit. Adverse
developments in these conditions can have a greater adverse
effect on the banking industry of a frontier emerging market economy than
on other industries of its economy. The enactment
of new legislation or regulations, as well as changes in interpretation
and enforcement of current laws, may affect the manner
of operations and profitability of the banking industry. To the extent the
Fund invests a substantial portion of its assets in the
banking industry, factors that have an adverse impact on this industry may
have a disproportionate impact on the Fund’s performance. |
• |
Investment
Company Securities.
Subject to the limitations set forth in the Investment Company Act of
1940, as amended (the “1940
Act”), or as otherwise permitted by the SEC, the Fund may acquire shares
in other investment companies, including foreign
investment companies and (“ETFs”), which may be managed by the Adviser or
its affiliates. The market value of the shares of
other investment companies may differ from the NAV of the Fund. The shares
of closed-end investment companies frequently trade
at a discount to their NAV. As a shareholder in an investment company, the
Fund would bear its ratable share of that entity’s
expenses, including its investment advisory and administration fees. At
the same time, the Fund would continue to pay its own
advisory and administration fees and other expenses. As a result, the Fund
and its shareholders, in effect, will be absorbing duplicate
levels of fees with respect to investments in other investment
companies. |
• |
Liquidity. The
Fund may make investments that are illiquid or restricted or that may
become less liquid in response to overall economic
conditions or adverse investor perceptions, and which may entail greater
risk than investments in other types of securities.
These investments may be more difficult to value or sell, particularly in
times of market turmoil, and there may be little trading
in the secondary market available for particular securities. If the Fund
is forced to sell an illiquid or restricted security to fund
redemptions or for other cash needs, it may be forced to sell the security
at a loss or for less than its fair
value. |
• |
Derivatives. A
derivative instrument often has risks similar to its underlying asset and
may have additional risks, including imperfect
correlation between the value of the derivative and the underlying asset,
risks of default by the counterparty to certain transactions,
magnification of losses incurred due to changes in the market value of the
securities, instruments, indices or interest rates
to which the derivative instrument relates,
risks
that the transactions may not be liquid,
risks arising from margin requirements
and risks arising from mispricing or valuation complexity. Certain
derivative transactions may give rise to a form of leverage.
Leverage magnifies the potential for gain and the risk of
loss. |
• |
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. |
* | Performance
shown for the Fund’s Class I shares reflects the performance of the common
shares of the Frontier Predecessor Fund for periods prior to September
17, 2012. |
|
|
|
|
|
- |
Past
One Year |
Past
Five Years |
Past
Ten Years |
Since
Inception | |
Class
I1
(commenced operations on 8/25/2008) |
||||
Return
Before Taxes1
|
|
|
|
|
Return
After Taxes on Distributions1,2
|
|
|
|
|
Return
After Taxes on Distributions and Sale of Fund
Shares1
|
|
|
|
|
Class
A
(commenced operations on 9/14/2012) |
||||
Return
Before Taxes |
|
|
|
|
Class
L
(commenced operations on 9/14/2012) |
||||
Return
Before Taxes |
|
|
|
|
Class
C
(commenced operations on 4/30/2015) |
||||
Return
Before Taxes |
|
|
|
|
Class
R6
(commenced operations on 2/27/2015) |
||||
Return
Before Taxes |
|
|
|
|
MSCI
Frontier Emerging Markets Net Index (reflects
no deduction for fees, expenses or taxes)3
|
|
|
|
|
MSCI
Frontier Markets/MSCI Frontier Emerging Markets
Blend Index (reflects no deduction for fees,
expenses or taxes)5
|
|
|
|
|
MSCI
Frontier Markets Net Index (reflects no deduction
for fees, expenses or taxes)6
|
|
|
|
|
Lipper
Emerging Markets Funds Index (reflects no deduction
for taxes)7
|
- |
|
|
|
1 | Performance shown for the Fund’s Class I shares reflects the performance of the common shares of the Frontier Predecessor Fund for periods prior to September 17, 2012. |
2 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
3 | The MSCI Frontier Emerging Markets Net Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of frontier emerging markets. The MSCI Frontier Emerging Markets Index captures large and mid cap representation across 32 Frontier Emerging Markets countries.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. Effective June 30, 2021, the Fund changed it’s primary benchmark to MSCI Frontier Emerging Markets Net Index because the Adviser believes it is a more appropriate benchmark for the Fund. |
4 | Since Inception reflects the inception date of Class I. |
5 | The MSCI Frontier Markets/MSCI Frontier Emerging Markets Blend Net Index is performance linked benchmark of the old and new benchmark of the Fund. The old benchmark represented by the MSCI Frontier Markets Net Index from the Fund’s inception to June 29, 2021 to the new benchmark represented by the MSCI Frontier Emerging Markets Net Index for periods thereafter. The performance of the Index is calculated 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 nonresident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. |
6 | The MSCI Frontier Markets Net Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of frontier markets. The MSCI Frontier Markets Net Index currently consists of 28 frontier 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. |
7 | The Lipper Emerging Markets Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Emerging Markets Funds classification. The Index, which is adjusted for capital gains distributions and income dividends, is unmanaged and should not be considered an investment. There are currently 30 funds represented in this Index. |
Name |
Title
with Adviser |
Date
Began Managing Fund |
Steven
Quattry |
Executive
Director |
January
2019 |
Jorge
Chirino |
Executive
Director |
April
2021 |
• |
the
Fund will firstly exclude investments in any company that the Adviser
and/or Sub-Adviser determines: |
○ |
has
any tie to fossil fuels (such as oil, gas and
coal), |
○ |
whose
core business activity involves energy, construction materials, gas and
electric utilities (excluding renewable energy and water
utilities), or metals and mining, or |
○ |
for
which GHG emissions intensity estimates are not available and/or cannot be
estimated (in the Adviser’s and/or Sub-Adviser’s
discretion); and |
• |
the
remaining issuers will then be ranked according to their GHG emissions
intensity estimates, and those with the highest GHG emissions
intensity, as determined by the Adviser and/or Sub-Adviser, will be
excluded from the reference universe. |
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) | |
Active
International Allocation |
0.62% |
China
Equity |
0.00% |
Emerging
Markets Leaders |
0.85% |
Emerging
Markets |
0.78% |
Global
Franchise |
0.72% |
Global
Sustain |
0.46% |
International
Equity |
0.80% |
Next
Gen Emerging Markets |
0.56% |
Fund |
Expense
Cap Class
I |
Expense
Cap Class
A |
Expense
Cap Class
L |
Expense
Cap Class
C |
Expense
Cap Class
R6 |
|
Active
International Allocation |
0.90% |
1.25% |
1.75% |
2.00% |
0.85% |
|
China
Equity Portfolio |
1.20% |
1.55% |
N/A |
2.30% |
1.15% |
|
Emerging
Markets Leaders |
1.20% |
1.55% |
N/A |
2.30% |
1.10% |
|
Emerging
Markets |
1.05% |
1.40% |
1.90% |
2.15% |
0.95% |
|
Global
Franchise |
1.00% |
1.35% |
1.85% |
2.10% |
0.95% |
|
Global
Sustain |
0.90% |
1.25% |
1.75% |
2.00% |
0.85% |
|
International
Equity |
0.95% |
1.30% |
1.80% |
2.05% |
0.91% |
|
Next
Gen Emerging Markets |
1.25% |
1.60% |
2.10% |
2.35% |
1.20% |
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 | ||||||||||
Year
Ended December 31, | ||||||||||
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
Net
Asset Value, Beginning of Period |
$ |
19.03 |
$ |
14.59 |
$ |
12.07 |
$ |
14.46 |
$ |
11.83 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.17 |
0.04 |
0.16 |
0.23 |
0.19 | |||||
Net
Realized and Unrealized Gain (Loss) |
0.24 |
4.41 |
2.54 |
(2.41) |
2.74 | |||||
Total
from Investment Operations |
0.41 |
4.45 |
2.70 |
(2.18) |
2.93 | |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.23) |
(0.01) |
(0.18) |
(0.21) |
(0.30) | |||||
Net
Realized Gain |
(1.30) |
— |
— |
— |
— | |||||
Total
Distributions |
(1.53) |
(0.01) |
(0.18) |
(0.21) |
(0.30) | |||||
Redemption
Fees |
— |
— |
0.00(2)
|
0.00(2)
|
0.00(2)
| |||||
Net
Asset Value, End of Period |
$ |
17.91 |
$ |
19.03 |
$ |
14.59 |
$ |
12.07 |
$ |
14.46 |
Total
Return(3)
|
2.33% |
30.48% |
22.41% |
(15.14)% |
24.76% | |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
153,810 |
$ |
146,087 |
$ |
126,860 |
$ |
119,925 |
$ |
155,550 |
Ratio
of Expenses Before Expense Limitation |
0.95% |
1.02% |
0.97% |
0.97% |
1.14% | |||||
Ratio
of Expenses After Expense Limitation |
0.89%(4)
|
0.89%(4)
|
0.89%(4)
|
0.88%(4)
|
0.88%(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
0.89%(4)
|
0.89%(4)
|
N/A |
N/A |
N/A | |||||
Ratio
of Net Investment Income |
0.87%(4)
|
0.24%(4)
|
1.22%(4)
|
1.67%(4)
|
1.44%(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.01% |
0.01% |
0.01% |
0.02% |
0.02% | |||||
Portfolio
Turnover Rate |
39% |
37% |
34% |
43% |
22% |
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value as of the last business day of the
period. |
(4) |
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.” |
Class
A | ||||||||||
Year
Ended December 31, | ||||||||||
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
Net
Asset Value, Beginning of Period |
$ |
19.43 |
$ |
14.94 |
$ |
12.36 |
$ |
14.79 |
$ |
12.10 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
0.11 |
(0.01) |
0.11 |
0.19 |
0.14 | |||||
Net
Realized and Unrealized Gain (Loss) |
0.25 |
4.51 |
2.61 |
(2.46) |
2.80 | |||||
Total
from Investment Operations |
0.36 |
4.50 |
2.72 |
(2.27) |
2.94 | |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.17) |
(0.01) |
(0.14) |
(0.16) |
(0.25) | |||||
Net
Realized Gain |
(1.30) |
— |
— |
— |
— | |||||
Total
Distributions |
(1.47) |
(0.01) |
(0.14) |
(0.16) |
(0.25) | |||||
Redemption
Fees |
— |
— |
0.00(2)
|
0.00(2)
|
0.00(2)
| |||||
Net
Asset Value, End of Period |
$ |
18.32 |
$ |
19.43 |
$ |
14.94 |
$ |
12.36 |
$ |
14.79 |
Total
Return(3)
|
2.03% |
30.10% |
22.00% |
(15.38)% |
24.29% | |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
71,668 |
$ |
69,135 |
$ |
58,339 |
$ |
50,726 |
$ |
65,710 |
Ratio
of Expenses Before Expense Limitation |
1.22% |
1.31% |
1.25% |
1.26% |
1.48% | |||||
Ratio
of Expenses After Expense Limitation |
1.18%(4)
|
1.19%(4)
|
1.22%(4)
|
1.19%(4)
|
1.23%(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.18%(4)
|
1.19%(4)
|
N/A |
N/A |
N/A | |||||
Ratio
of Net Investment Income (Loss) |
0.55%(4)
|
(0.06)%(4)
|
0.82%(4)
|
1.37%(4)
|
1.02%(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.01% |
0.01% |
0.01% |
0.02% |
0.02% | |||||
Portfolio
Turnover Rate |
39% |
37% |
34% |
43% |
22% |
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(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.” |
Class
L | ||||||||||
Year
Ended December 31, | ||||||||||
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
Net
Asset Value, Beginning of Period |
$ |
19.27 |
$ |
14.90 |
$ |
12.32 |
$ |
14.73 |
$ |
12.04 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
0.00(2)
|
(0.09) |
0.05 |
0.13 |
0.07 | |||||
Net
Realized and Unrealized Gain (Loss) |
0.24 |
4.47 |
2.59 |
(2.46) |
2.79 | |||||
Total
from Investment Operations |
0.24 |
4.38 |
2.64 |
(2.33) |
2.86 | |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.05) |
(0.01) |
(0.06) |
(0.08) |
(0.17) | |||||
Net
Realized Gain |
(1.30) |
— |
— |
— |
— | |||||
Total
Distributions |
(1.35) |
(0.01) |
(0.06) |
(0.08) |
(0.17) | |||||
Redemption
Fees |
— |
— |
0.00(2)
|
0.00(2)
|
0.00(2)
| |||||
Net
Asset Value, End of Period |
$ |
18.16 |
$ |
19.27 |
$ |
14.90 |
$ |
12.32 |
$ |
14.73 |
Total
Return(3)
|
1.48% |
29.38% |
21.43% |
(15.87)% |
23.80% | |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
5,475 |
$ |
5,718 |
$ |
4,644 |
$ |
4,375 |
$ |
6,463 |
Ratio
of Expenses Before Expense Limitation |
1.76% |
1.86% |
1.81% |
1.76% |
2.07% | |||||
Ratio
of Expenses After Expense Limitation |
1.74%(4)
|
1.74%(4)
|
1.74%(4)
|
1.69%(4)
|
1.73%(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.74%(4)
|
1.74%(4)
|
N/A |
N/A |
N/A | |||||
Ratio
of Net Investment Income (Loss) |
0.02%(4)
|
(0.61)%(4)
|
0.35%(4)
|
0.92%(4)
|
0.54%(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.01% |
0.01% |
0.01% |
0.02% |
0.02% | |||||
Portfolio
Turnover Rate |
39% |
37% |
34% |
43% |
22% |
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value 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.” |
Class
C | ||||||||||
Year
Ended December 31, | ||||||||||
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
Net
Asset Value, Beginning of Period |
$ |
19.22
|
$ |
14.89
|
$ |
12.34
|
$ |
14.77
|
$ |
12.15
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.02
)
|
(0.12
)
|
0.00
(2)
|
0.09
|
(0.00
)
(2)
| |||||
Net
Realized and Unrealized Gain (Loss) |
0.21
|
4.46
|
2.59
|
(2.45
)
|
2.83
| |||||
Total
from Investment Operations |
0.19
|
4.34
|
2.59
|
(2.36
)
|
2.83
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.03
)
|
(0.01
)
|
(0.04
)
|
(0.07
)
|
(0.21
)
| |||||
Net
Realized Gain |
(1.30
)
|
—
|
—
|
—
|
—
| |||||
Total
Distributions |
(1.33
)
|
(0.01
)
|
(0.04
)
|
(0.07
)
|
(0.21
)
| |||||
Redemption
Fees |
—
|
—
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
18.08
|
$ |
19.22
|
$ |
14.89
|
$ |
12.34
|
$ |
14.77
|
Total
Return(3)
|
1.23
%
|
29.13
%
|
21.03
%
|
(16.04
)%
|
23.42
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
821
|
$ |
144
|
$ |
45
|
$ |
42
|
$ |
23
|
Ratio
of Expenses Before Expense Limitation |
2.36
%
|
5.66
%
|
7.49
%
|
7.18
%
|
20.06
%
| |||||
Ratio
of Expenses After Expense Limitation |
1.99
%
(4)
|
1.99
%
(4)
|
1.99
%
(4)
|
1.98
%
(4)
|
1.97
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.99
%
(4)
|
1.99
%
(4)
|
N/A
|
N/A
|
N/A
| |||||
Ratio
of Net Investment Income (Loss) |
(0.09
)%
(4)
|
(0.81
)%
(4)
|
0.03
%
(4)
|
0.67
%
(4)
|
(0.03
)%
(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.01
%
|
0.01
%
|
0.01
%
|
0.02
%
|
0.03
%
| |||||
Portfolio
Turnover Rate |
39
%
|
37
%
|
34
%
|
43
%
|
22
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(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.” |
Class
R6 | ||||||
Year
Ended December 31, |
Period
from October 31, 2019(1) to December 31, 2019 | |||||
Selected
Per Share Data and Ratios |
2021 |
2020 | ||||
Net
Asset Value, Beginning of Period |
$ |
19.04
|
$ |
14.59
|
$ |
13.79
|
Income
from Investment Operations: | ||||||
Net
Investment Income(2)
|
0.18
|
0.04
|
0.00
(3)
| |||
Net
Realized and Unrealized Gain |
0.23
|
4.42
|
0.98
| |||
Total
from Investment Operations |
0.41
|
4.46
|
0.98
| |||
Distributions
from and/or in Excess of: | ||||||
Net
Investment Income |
(0.24
)
|
(0.01
)
|
(0.18
)
| |||
Net
Realized Gain |
(1.30
)
|
—
|
—
| |||
Total
Distributions |
(1.54
)
|
(0.01
)
|
(0.18
)
| |||
Net
Asset Value, End of Period |
$ |
17.91
|
$ |
19.04
|
$ |
14.59
|
Total
Return(4)
|
2.39
%
|
30.55
%
|
7.15
%
(6)
| |||
Ratios
to Average Net Assets and Supplemental Data: | ||||||
Net
Assets, End of Period (Thousands) |
$ |
32
|
$ |
14
|
$ |
11
|
Ratio
of Expenses Before Expense Limitation |
10.73
%
|
21.16
%
|
14.33
%
(7)
| |||
Ratio
of Expenses After Expense Limitation |
0.84
%
(5)
|
0.84
%
(5)
|
0.84
%
(5)(7)
| |||
Ratio
of Expenses After Expense Limitation Excluding Interest
Expenses |
0.84
%
(5)
|
0.84
%
(5)
|
N/A
| |||
Ratio
of Net Investment Income |
0.89
%
(5)
|
0.28
%
(5)
|
0.18
%
(5)(7)
| |||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.01
%
|
0.01
%
|
0.01
%
(7)
| |||
Portfolio
Turnover Rate |
39
%
|
37
%
|
34
%
|
(1) |
Commencement
of Offering. |
(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 as of the last business day of the
period. |
(5) |
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.” |
(6) |
Not
annualized. |
(7) |
Annualized. |
Class
I | ||||||
Year
Ended December 31, |
Period
from October 31, 2019(1) to December 31, 2019 | |||||
Selected
Per Share Data and Ratios |
2021 |
2020 | ||||
Net
Asset Value, Beginning of Period |
$ |
13.83
|
$ |
10.88
|
$ |
10.00
|
Income
(Loss) from Investment Operations: | ||||||
Net
Investment Loss(2)
|
(0.06
)
|
(0.01
)
|
(0.02
)
| |||
Net
Realized and Unrealized Gain (Loss) |
(3.00
)
|
3.14
|
0.90
| |||
Total
from Investment Operations |
(3.06
)
|
3.13
|
0.88
| |||
Distributions
from and/or in Excess of: | ||||||
Net
Investment Income |
(0.22
)
|
(0.18
)
|
—
| |||
Net
Realized Gain |
(0.15
)
|
—
|
—
| |||
Total
Distributions |
(0.37
)
|
(0.18
)
|
—
| |||
Net
Asset Value, End of Period |
$ |
10.40
|
$ |
13.83
|
$ |
10.88
|
Total
Return(3)
|
(22.14
)%
|
28.80
%
|
8.80
%
(6)
| |||
Ratios
to Average Net Assets and Supplemental Data: | ||||||
Net
Assets, End of Period (Thousands) |
$ |
11,230
|
$ |
13,970
|
$ |
10,846
|
Ratio
of Expenses Before Expense Limitation |
2.85
%
|
3.20
%
|
5.72
%
(7)
| |||
Ratio
of Expenses After Expense Limitation |
1.16
%
(4)
|
1.16
%
(4)
|
1.15
%
(4)(7)
| |||
Ratio
of Net Investment Loss |
(0.44
)%
(4)
|
(0.11
)%
(4)
|
(0.98
)%
(4)(7)
| |||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.01
%
|
0.01
%
(7)
| |||
Portfolio
Turnover Rate |
73
%
|
25
%
|
0
%
(6)
|
(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) |
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.” |
(5) |
Amount
is less than 0.005%. |
(6) |
Not
annualized. |
(7) |
Annualized. |
Class
A | ||||||
Year
Ended December 31, |
Period
from October 31, 2019(1) to December 31, 2019 | |||||
Selected
Per Share Data and Ratios |
2021 |
2020 | ||||
Net
Asset Value, Beginning of Period |
$ |
13.81
|
$ |
10.87
|
$ |
10.00
|
Income
(Loss) from Investment Operations: | ||||||
Net
Investment Loss(2)
|
(0.13
)
|
(0.06
)
|
(0.02
)
| |||
Net
Realized and Unrealized Gain (Loss) |
(2.97
)
|
3.13
|
0.89
| |||
Total
from Investment Operations |
(3.10
)
|
3.07
|
0.87
| |||
Distributions
from and/or in Excess of: | ||||||
Net
Investment Income |
(0.22
)
|
(0.13
)
|
—
| |||
Net
Realized Gain |
(0.15
)
|
—
|
—
| |||
Total
Distributions |
(0.37
)
|
(0.13
)
|
—
| |||
Net
Asset Value, End of Period |
$ |
10.34
|
$ |
13.81
|
$ |
10.87
|
Total
Return(3)
|
(22.46
)%
|
28.30
%
|
8.70
%
(6)
| |||
Ratios
to Average Net Assets and Supplemental Data: | ||||||
Net
Assets, End of Period (Thousands) |
$ |
650
|
$ |
14
|
$ |
11
|
Ratio
of Expenses Before Expense Limitation |
4.63
%
|
21.25
%
|
19.30
%
(7)
| |||
Ratio
of Expenses After Expense Limitation |
1.55
%
(4)
|
1.54
%
(4)
|
1.54
%
(4)(7)
| |||
Ratio
of Net Investment Loss |
(1.19
)%
(4)
|
(0.50
)%
(4)
|
(1.37
)%
(4)(7)
| |||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.01
%
|
0.01
%
(7)
| |||
Portfolio
Turnover Rate |
73
%
|
25
%
|
0
%
(6)
|
(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) |
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.” |
(5) |
Amount
is less than 0.005%. |
(6) |
Not
annualized. |
(7) |
Annualized. |
Class
C | ||||||
Year
Ended December 31, |
Period
from October 31, 2019(1) to December 31, 2019 | |||||
Selected
Per Share Data and Ratios |
2021 |
2020 | ||||
Net
Asset Value, Beginning of Period |
$ |
13.72
|
$ |
10.86
|
$ |
10.00
|
Income
(Loss) from Investment Operations: | ||||||
Net
Investment Loss(2)
|
(0.23
)
|
(0.21
)
|
(0.04
)
| |||
Net
Realized and Unrealized Gain (Loss) |
(2.93
)
|
3.18
|
0.90
| |||
Total
from Investment Operations |
(3.16
)
|
2.97
|
0.86
| |||
Distributions
from and/or in Excess of: | ||||||
Net
Investment Income |
(0.22
)
|
(0.11
)
|
—
| |||
Net
Realized Gain |
(0.15
)
|
—
|
—
| |||
Total
Distributions |
(0.37
)
|
(0.11
)
|
—
| |||
Net
Asset Value, End of Period |
$ |
10.19
|
$ |
13.72
|
$ |
10.86
|
Total
Return(3)
|
(23.05
)%
|
27.38
%
|
8.60
%
(6)
| |||
Ratios
to Average Net Assets and Supplemental Data: | ||||||
Net
Assets, End of Period (Thousands) |
$ |
185
|
$ |
52
|
$ |
11
|
Ratio
of Expenses Before Expense Limitation |
6.23
%
|
13.32
%
|
20.07
%
(7)
| |||
Ratio
of Expenses After Expense Limitation |
2.30
%
(4)
|
2.29
%
(4)
|
2.29
%
(4)(7)
| |||
Ratio
of Net Investment Loss |
(1.92
)%
(4)
|
(1.66
)%
(4)
|
(2.12
)%
(4)(7)
| |||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.01
%
|
0.01
%
(7)
| |||
Portfolio
Turnover Rate |
73
%
|
25
%
|
0
%
(6)
|
(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) |
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.” |
(5) |
Amount
is less than 0.005%. |
(6) |
Not
annualized. |
(7) |
Annualized. |
Class
R6 | ||||||
Year
Ended December 31, |
Period
from October 31, 2019(1) to December 31, 2019 | |||||
Selected
Per Share Data and Ratios |
2021 |
2020 | ||||
Net
Asset Value, Beginning of Period |
$ |
13.83
|
$ |
10.88
|
$ |
10.00
|
Income
(Loss) from Investment Operations: | ||||||
Net
Investment Loss(2)
|
(0.05
)
|
(0.01
)
|
(0.02
)
| |||
Net
Realized and Unrealized Gain (Loss) |
(3.01
)
|
3.14
|
0.90
| |||
Total
from Investment Operations |
(3.06
)
|
3.13
|
0.88
| |||
Distributions
from and/or in Excess of: | ||||||
Net
Investment Income |
(0.22
)
|
(0.18
)
|
—
| |||
Net
Realized Gain |
(0.15
)
|
—
|
—
| |||
Total
Distributions |
(0.37
)
|
(0.18
)
|
—
| |||
Net
Asset Value, End of Period |
$ |
10.40
|
$ |
13.83
|
$ |
10.88
|
Total
Return(3)
|
(22.14
)%
|
28.82
%
|
8.80
%
(6)
| |||
Ratios
to Average Net Assets and Supplemental Data: | ||||||
Net
Assets, End of Period (Thousands) |
$ |
11
|
$ |
14
|
$ |
11
|
Ratio
of Expenses Before Expense Limitation |
18.96
%
|
20.92
%
|
19.05
%
(7)
| |||
Ratio
of Expenses After Expense Limitation |
1.15
%
(4)
|
1.14
%
(4)
|
1.14
%
(4)(7)
| |||
Ratio
of Net Investment Loss |
(0.42
)%
(4)
|
(0.10
)%
(4)
|
(0.97
)%
(4)(7)
| |||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.01
%
|
0.01
%
(7)
| |||
Portfolio
Turnover Rate |
73
%
|
25
%
|
0
%
(6)
|
(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) |
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.” |
(5) |
Amount
is less than 0.005%. |
(6) |
Not
annualized. |
(7) |
Annualized. |
Class
I | ||||||||||
Year
Ended December 31, | ||||||||||
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
Net
Asset Value, Beginning of Period |
$ |
19.43
|
$ |
12.70
|
$ |
10.38
|
$ |
12.14
|
$ |
9.73
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.19
)
|
(0.11
)
|
(0.02
)
|
0.03
|
0.08
| |||||
Net
Realized and Unrealized Gain (Loss) |
0.55
|
7.62
|
2.78
|
(1.74
)
|
2.45
| |||||
Total
from Investment Operations |
0.36
|
7.51
|
2.76
|
(1.71
)
|
2.53
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
—
|
—
|
—
|
(0.01
)
|
(0.08
)
| |||||
Net
Realized Gain |
(0.02
)
|
(0.78
)
|
(0.44
)
|
(0.04
)
|
(0.04
)
| |||||
Total
Distributions |
(0.02
)
|
(0.78
)
|
(0.44
)
|
(0.05
)
|
(0.12
)
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
19.77
|
$ |
19.43
|
$ |
12.70
|
$ |
10.38
|
$ |
12.14
|
Total
Return(3)
|
1.84
%
|
59.36
%
|
26.63
%
|
(14.12
)%
|
26.01
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
339,152
|
$ |
80,465
|
$ |
32,651
|
$ |
39,206
|
$ |
73,273
|
Ratio
of Expenses Before Expense Limitation |
1.23
%
|
1.47
%
|
1.57
%
|
1.48
%
|
1.43
%
| |||||
Ratio
of Expenses After Expense Limitation |
1.18
%
(4)
|
1.15
%
(4)
|
1.17
%
(4)
|
1.17
%
(4)
|
1.11
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.18
%
(4)
|
N/A
|
1.16
%
(4)
|
1.16
%
(4)
|
N/A
| |||||
Ratio
of Net Investment Income (Loss) |
(0.92
)%
(4)
|
(0.73
)%
(4)
|
(0.14
)%
(4)
|
0.29
%
(4)
|
0.67
%
(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.01
%
|
0.01
%
|
0.01
%
|
0.01
%
| |||||
Portfolio
Turnover Rate |
27
%
|
57
%
|
58
%
|
47
%
|
79
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value 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) |
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 |
$ |
19.09
|
$ |
12.53
|
$ |
10.29
|
$ |
12.06
|
$ |
9.67
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.24
)
|
(0.17
)
|
(0.05
)
|
(0.00
)
(2)
|
0.02
| |||||
Net
Realized and Unrealized Gain (Loss) |
0.54
|
7.51
|
2.73
|
(1.73
)
|
2.44
| |||||
Total
from Investment Operations |
0.30
|
7.34
|
2.68
|
(1.73
)
|
2.46
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
—
|
—
|
—
|
—
|
(0.03
)
| |||||
Net
Realized Gain |
(0.02
)
|
(0.78
)
|
(0.44
)
|
(0.04
)
|
(0.04
)
| |||||
Total
Distributions |
(0.02
)
|
(0.78
)
|
(0.44
)
|
(0.04
)
|
(0.07
)
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
19.37
|
$ |
19.09
|
$ |
12.53
|
$ |
10.29
|
$ |
12.06
|
Total
Return(3)
|
1.56
%
|
58.81
%
|
26.08
%
|
(14.41
)%
|
25.46
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
25,015
|
$ |
7,925
|
$ |
1,191
|
$ |
1,024
|
$ |
1,102
|
Ratio
of Expenses Before Expense Limitation |
1.52
%
|
1.82
%
|
2.04
%
|
1.93
%
|
2.01
%
| |||||
Ratio
of Expenses After Expense Limitation |
1.47
%
(4)
|
1.50
%
(4)
|
1.55
%
(4)
|
1.55
%
(4)
|
1.54
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.47
%
(4)
|
N/A
|
1.54
%
(4)
|
1.54
%
(4)
|
N/A
| |||||
Ratio
of Net Investment Income (Loss) |
(1.21
)%
(4)
|
(1.13
)%
(4)
|
(0.45
)%
(4)
|
(0.04
)%
(4)
|
0.18
%
(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.01
%
|
0.01
%
|
0.01
%
|
0.01
%
| |||||
Portfolio
Turnover Rate |
27
%
|
57
%
|
58
%
|
47
%
|
79
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(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) |
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 |
$ |
18.37
|
$ |
12.17
|
$ |
10.08
|
$ |
11.90
|
$ |
9.59
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Loss(1)
|
(0.38
)
|
(0.27
)
|
(0.13
)
|
(0.09
)
|
(0.06
)
| |||||
Net
Realized and Unrealized Gain (Loss) |
0.52
|
7.25
|
2.66
|
(1.69
)
|
2.41
| |||||
Total
from Investment Operations |
0.14
|
6.98
|
2.53
|
(1.78
)
|
2.35
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Realized Gain |
(0.02
)
|
(0.78
)
|
(0.44
)
|
(0.04
)
|
(0.04
)
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
18.49
|
$ |
18.37
|
$ |
12.17
|
$ |
10.08
|
$ |
11.90
|
Total
Return(3)
|
0.75
%
|
57.59
%
|
25.14
%
|
(15.02
)%
|
24.53
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
8,220
|
$ |
3,395
|
$ |
1,007
|
$ |
780
|
$ |
926
|
Ratio
of Expenses Before Expense Limitation |
2.29
%
|
2.63
%
|
2.82
%
|
2.75
%
|
2.80
%
| |||||
Ratio
of Expenses After Expense Limitation |
2.24
%
(4)
|
2.29
%
(4)
|
2.30
%
(4)
|
2.30
%
(4)
|
2.29
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
2.24
%
(4)
|
N/A
|
2.29
%
(4)
|
2.29
%
(4)
|
N/A
| |||||
Ratio
of Net Investment Loss |
(1.98
)%
(4)
|
(1.88
)%
(4)
|
(1.18
)%
(4)
|
(0.83
)%
(4)
|
(0.49
)%
(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.01
%
|
0.01
%
|
0.01
%
|
0.01
%
| |||||
Portfolio
Turnover Rate |
27
%
|
57
%
|
58
%
|
47
%
|
79
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(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
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) |
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 |
$ |
19.45
|
$ |
12.71
|
$ |
10.38
|
$ |
12.14
|
$ |
9.73
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.17
)
|
(0.09
)
|
0.00
(2)
|
0.04
|
0.08
| |||||
Net
Realized and Unrealized Gain (Loss) |
0.55
|
7.61
|
2.77
|
(1.74
)
|
2.45
| |||||
Total
from Investment Operations |
0.38
|
7.52
|
2.77
|
(1.70
)
|
2.53
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
—
|
—
|
—
|
(0.02
)
|
(0.08
)
| |||||
Net
Realized Gain |
(0.02
)
|
(0.78
)
|
(0.44
)
|
(0.04
)
|
(0.04
)
| |||||
Total
Distributions |
(0.02
)
|
(0.78
)
|
(0.44
)
|
(0.06
)
|
(0.12
)
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
19.81
|
$ |
19.45
|
$ |
12.71
|
$ |
10.38
|
$ |
12.14
|
Total
Return(3)
|
1.94
%
|
59.39
%
|
26.73
%
|
(14.03
)%
|
26.02
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
41,692
|
$ |
27,230
|
$ |
19,838
|
$ |
12,779
|
$ |
14,868
|
Ratio
of Expenses Before Expense Limitation |
1.16
%
|
1.42
%
|
1.53
%
|
1.44
%
|
1.42
%
| |||||
Ratio
of Expenses After Expense Limitation |
1.10
%
(4)
|
1.09
%
(4)
|
1.10
%
(4)
|
1.10
%
(4)
|
1.09
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.10
%
(4)
|
N/A
|
1.09
%
(4)
|
1.09
%
(4)
|
N/A
| |||||
Ratio
of Net Investment Income (Loss) |
(0.84
)%
(4)
|
(0.65
)%
(4)
|
0.00
%
(4)(5)
|
0.38
%
(4)
|
0.72
%
(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.01
%
|
0.01
%
|
0.01
%
|
0.01
%
| |||||
Portfolio
Turnover Rate |
27
%
|
57
%
|
58
%
|
47
%
|
79
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value 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) |
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 |
$ |
26.85
|
$ |
23.69
|
$ |
22.53
|
$ |
27.95
|
$ |
20.83
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.17
|
0.13
|
0.41
|
0.28
|
0.19
| |||||
Net
Realized and Unrealized Gain (Loss) |
0.73
|
3.32
|
3.92
|
(5.15
)
|
7.10
| |||||
Total
from Investment Operations |
0.90
|
3.45
|
4.33
|
(4.87
)
|
7.29
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.46
)
|
(0.14
)
|
(0.18
)
|
(0.35
)
|
(0.17
)
| |||||
Net
Realized Gain |
(1.85
)
|
(0.15
)
|
(2.99
)
|
(0.20
)
|
—
| |||||
Total
Distributions |
(2.31
)
|
(0.29
)
|
(3.17
)
|
(0.55
)
|
(0.17
)
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
25.44
|
$ |
26.85
|
$ |
23.69
|
$ |
22.53
|
$ |
27.95
|
Total
Return(3)
|
3.55
%
|
14.58
%
|
19.44
%
|
(17.32
)%
|
34.97
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
272,406
|
$ |
312,834
|
$ |
277,114
|
$ |
229,132
|
$ |
342,400
|
Ratio
of Expenses Before Expense Limitation |
1.09
%
|
1.10
%
|
1.16
%
|
N/A
|
1.07
%
| |||||
Ratio
of Expenses After Expense Limitation |
1.05
%
(4)
|
1.05
%
(4)
|
1.05
%
(4)
|
1.03
%
(4)
|
1.04
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.05
%
(4)
|
1.05
%
(4)
|
1.05
%
(4)
|
N/A
|
N/A
| |||||
Ratio
of Net Investment Income |
0.61
%
(4)
|
0.58
%
(4)
|
1.69
%
(4)
|
1.08
%
(4)
|
0.75
%
(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.01
%
|
0.00
%
(5)
| |||||
Portfolio
Turnover Rate |
39
%
|
57
%
|
58
%
|
56
%
|
35
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value as of the last business day of the
period. |
(4) |
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.” |
(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 |
$ |
26.13
|
$ |
23.05
|
$ |
21.99
|
$ |
27.24
|
$ |
20.31
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.08
|
0.05
|
0.30
|
0.20
|
0.10
| |||||
Net
Realized and Unrealized Gain (Loss) |
0.71
|
3.22
|
3.85
|
(5.01
)
|
6.92
| |||||
Total
from Investment Operations |
0.79
|
3.27
|
4.15
|
(4.81
)
|
7.02
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.38
)
|
(0.04
)
|
(0.10
)
|
(0.24
)
|
(0.09
)
| |||||
Net
Realized Gain |
(1.85
)
|
(0.15
)
|
(2.99
)
|
(0.20
)
|
—
| |||||
Total
Distributions |
(2.23
)
|
(0.19
)
|
(3.09
)
|
(0.44
)
|
(0.09
)
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
24.69
|
$ |
26.13
|
$ |
23.05
|
$ |
21.99
|
$ |
27.24
|
Total
Return(3)
|
3.23
%
|
14.21
%
|
19.08
%
|
(17.58
)%
|
34.54
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
9,222
|
$ |
7,907
|
$ |
11,195
|
$ |
13,605
|
$ |
23,952
|
Ratio
of Expenses Before Expense Limitation |
1.39
%
|
1.43
%
|
1.43
%
|
N/A
|
1.40
%
| |||||
Ratio
of Expenses After Expense Limitation |
1.36
%
(4)
|
1.38
%
(4)
|
1.34
%
(4)
|
1.34
%
(4)
|
1.36
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.36
%
(4)
|
1.38
%
(4)
|
1.34
%
(4)
|
N/A
|
N/A
| |||||
Ratio
of Net Investment Income |
0.28
%
(4)
|
0.24
%
(4)
|
1.26
%
(4)
|
0.78
%
(4)
|
0.42
%
(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.01
%
|
0.00
%
(5)
| |||||
Portfolio
Turnover Rate |
39
%
|
57
%
|
58
%
|
56
%
|
35
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(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 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) |
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 |
$ |
25.51
|
$ |
22.59
|
$ |
21.64
|
$ |
26.85
|
$ |
20.08
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.06
)
|
(0.08
)
|
0.17
|
0.05
|
(0.01
)
| |||||
Net
Realized and Unrealized Gain (Loss) |
0.68
|
3.15
|
3.77
|
(4.91
)
|
6.80
| |||||
Total
from Investment Operations |
0.62
|
3.07
|
3.94
|
(4.86
)
|
6.79
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.23
)
|
—
|
—
|
(0.15
)
|
(0.02
)
| |||||
Net
Realized Gain |
(1.85
)
|
(0.15
)
|
(2.99
)
|
(0.20
)
|
—
| |||||
Total
Distributions |
(2.08
)
|
(0.15
)
|
(2.99
)
|
(0.35
)
|
(0.02
)
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
24.05
|
$ |
25.51
|
$ |
22.59
|
$ |
21.64
|
$ |
26.85
|
Total
Return(3)
|
2.64
%
|
13.65
%
|
18.37
%
|
(18.03
)%
|
33.80
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
233
|
$ |
215
|
$ |
210
|
$ |
292
|
$ |
253
|
Ratio
of Expenses Before Expense Limitation |
2.69
%
|
3.06
%
|
2.47
%
|
2.55
%
|
2.54
%
| |||||
Ratio
of Expenses After Expense Limitation |
1.90
%
(4)
|
1.90
%
(4)
|
1.90
%
(4)
|
1.89
%
(4)
|
1.90
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.90
%
(4)
|
1.90
%
(4)
|
1.90
%
(4)
|
N/A
|
N/A
| |||||
Ratio
of Net Investment Income (Loss) |
(0.23
)%
(4)
|
(0.40
)%
(4)
|
0.73
%
(4)
|
0.20
%
(4)
|
(0.03
)%
(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.01
%
|
0.00
%
(5)
| |||||
Portfolio
Turnover Rate |
39
%
|
57
%
|
58
%
|
56
%
|
35
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value 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) |
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 |
$ |
25.29
|
$ |
22.45
|
$ |
21.57
|
$ |
26.66
|
$ |
19.99
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.10
)
|
(0.11
)
|
0.11
|
0.04
|
(0.09
)
| |||||
Net
Realized and Unrealized Gain (Loss) |
0.67
|
3.10
|
3.76
|
(4.93
)
|
6.78
| |||||
Total
from Investment Operations |
0.57
|
2.99
|
3.87
|
(4.89
)
|
6.69
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
—
|
—
|
—
|
(0.00
)
(2)
|
(0.02
)
| |||||
Net
Realized Gain |
(1.85
)
|
(0.15
)
|
(2.99
)
|
(0.20
)
|
—
| |||||
Total
Distributions |
(1.85
)
|
(0.15
)
|
(2.99
)
|
(0.20
)
|
(0.02
)
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
24.01
|
$ |
25.29
|
$ |
22.45
|
$ |
21.57
|
$ |
26.66
|
Total
Return(3)
|
2.43
%
|
13.32
%
|
18.16
%
|
(18.26
)%
|
33.45
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
531
|
$ |
530
|
$ |
454
|
$ |
309
|
$ |
817
|
Ratio
of Expenses Before Expense Limitation |
2.42
%
|
2.60
%
|
2.58
%
|
2.37
%
|
2.30
%
| |||||
Ratio
of Expenses After Expense Limitation |
2.15
%
(4)
|
2.15
%
(4)
|
2.15
%
(4)
|
2.14
%
(4)
|
2.15
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
2.15
%
(4)
|
2.15
%
(4)
|
2.15
%
(4)
|
N/A
|
N/A
| |||||
Ratio
of Net Investment Income (Loss) |
(0.39
)%
(4)
|
(0.53
)%
(4)
|
0.47
%
(4)
|
0.17
%
(4)
|
(0.36
)%
(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.01
%
|
0.00
%
(5)
| |||||
Portfolio
Turnover Rate |
39
%
|
57
%
|
58
%
|
56
%
|
35
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(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) |
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 |
$ |
26.85
|
$ |
23.68
|
$ |
22.52
|
$ |
27.96
|
$ |
20.83
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.20
|
0.15
|
0.36
|
0.31
|
0.21
| |||||
Net
Realized and Unrealized Gain (Loss) |
0.72
|
3.33
|
4.00
|
(5.17
)
|
7.11
| |||||
Total
from Investment Operations |
0.92
|
3.48
|
4.36
|
(4.86
)
|
7.32
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.49
)
|
(0.16
)
|
(0.21
)
|
(0.38
)
|
(0.19
)
| |||||
Net
Realized Gain |
(1.85
)
|
(0.15
)
|
(2.99
)
|
(0.20
)
|
—
| |||||
Total
Distributions |
(2.34
)
|
(0.31
)
|
(3.20
)
|
(0.58
)
|
(0.19
)
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
25.43
|
$ |
26.85
|
$ |
23.68
|
$ |
22.52
|
$ |
27.96
|
Total
Return(3)
|
3.63
%
|
14.73
%
|
19.58
%
|
(17.25
)%
|
35.09
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
439,730
|
$ |
440,346
|
$ |
524,416
|
$ |
797,029
|
$ |
1,034,348
|
Ratio
of Expenses Before Expense Limitation |
0.98
%
|
1.00
%
|
1.04
%
|
N/A
|
0.98
%
| |||||
Ratio
of Expenses After Expense Limitation |
0.95
%
(4)
|
0.95
%
(4)
|
0.95
%
(4)
|
0.92
%
(4)
|
0.95
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
0.95
%
(4)
|
0.95
%
(4)
|
0.95
%
(4)
|
N/A
|
N/A
| |||||
Ratio
of Net Investment Income |
0.71
%
(4)
|
0.67
%
(4)
|
1.47
%
(4)
|
1.21
%
(4)
|
0.82
%
(4)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(5)
|
0.00
%
(5)
|
0.00
%
(5)
|
0.01
%
|
0.00
%
(5)
| |||||
Portfolio
Turnover Rate |
39
%
|
57
%
|
58
%
|
56
%
|
35
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value as of the last business day of the
period. |
(4) |
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.” |
(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 |
$ |
31.20 |
$ |
28.53 |
$ |
23.03 |
$ |
24.72 |
$ |
20.56 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.27 |
0.30 |
0.30 |
0.29 |
0.27 | |||||
Net
Realized and Unrealized Gain (Loss) |
6.54 |
3.45 |
6.51 |
(0.63) |
5.05 | |||||
Total
from Investment Operations |
6.81 |
3.75 |
6.81 |
(0.34) |
5.32 | |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.27) |
(0.28) |
(0.27) |
(0.27) |
(0.24) | |||||
Net
Realized Gain |
(0.74) |
(0.80) |
(1.04) |
(1.08) |
(0.92) | |||||
Paid-in-Capital
|
(0.01) |
— |
— |
— |
— | |||||
Total
Distributions |
(1.02) |
(1.08) |
(1.31) |
(1.35) |
(1.16) | |||||
Net
Asset Value, End of Period |
$ |
36.99 |
$ |
31.20 |
$ |
28.53 |
$ |
23.03 |
$ |
24.72 |
Total
Return(2)
|
21.92% |
13.22% |
29.60% |
(1.50)% |
25.85% | |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
2,790,499 |
$ |
2,300,448 |
$ |
1,593,092 |
$ |
918,409 |
$ |
753,107 |
Ratio
of Expenses Before Expense Limitation |
0.91% |
N/A |
N/A |
N/A |
N/A | |||||
Ratio
of Expenses After Expense Limitation |
0.91%(3)
|
0.92%(3)
|
0.93%(3)
|
0.94%(3)
|
0.98%(3)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
N/A |
0.92%(3)
|
0.93%(3)
|
N/A |
N/A | |||||
Ratio
of Net Investment Income |
0.79%(3)
|
1.04%(3)
|
1.09%(3)
|
1.14%(3)
|
1.17%(3)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(4)
|
0.00%(4)
|
0.00%(4)
|
0.00%(4)
|
0.00%(4)
| |||||
Portfolio
Turnover Rate |
17% |
19% |
16% |
27% |
28% |
(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) |
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 |
$ |
30.44 |
$ |
27.86 |
$ |
22.53 |
$ |
24.21 |
$ |
20.16 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.18 |
0.22 |
0.23 |
0.21 |
0.22 | |||||
Net
Realized and Unrealized Gain (Loss) |
6.37 |
3.37 |
6.35 |
(0.61) |
4.94 | |||||
Total
from Investment Operations |
6.55 |
3.59 |
6.58 |
(0.40) |
5.16 | |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.19) |
(0.21) |
(0.21) |
(0.20) |
(0.19) | |||||
Net
Realized Gain |
(0.74) |
(0.80) |
(1.04) |
(1.08) |
(0.92) | |||||
Paid-in-Capital
|
(0.01) |
— |
— |
— |
— | |||||
Total
Distributions |
(0.94) |
(1.01) |
(1.25) |
(1.28) |
(1.11) | |||||
Net
Asset Value, End of Period |
$ |
36.05 |
$ |
30.44 |
$ |
27.86 |
$ |
22.53 |
$ |
24.21 |
Total
Return(2)
|
21.61% |
12.95% |
29.24% |
(1.77)% |
25.58% | |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
395,450 |
$ |
317,673 |
$ |
292,491 |
$ |
150,936 |
$ |
146,722 |
Ratio
of Expenses Before Expense Limitation |
1.16% |
N/A |
N/A |
N/A |
N/A | |||||
Ratio
of Expenses After Expense Limitation |
1.16%(3)
|
1.16%(3)
|
1.19%(3)
|
1.23%(3)
|
1.21%(3)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
N/A |
1.16%(3)
|
1.19%(3)
|
N/A |
N/A | |||||
Ratio
of Net Investment Income |
0.54%(3)
|
0.77%(3)
|
0.83%(3)
|
0.84%(3)
|
0.94%(3)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(4)
|
0.00%(4)
|
0.00%(4)
|
0.00%(4)
|
0.00%(4)
| |||||
Portfolio
Turnover Rate |
17% |
19% |
16% |
27% |
28% |
(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) |
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 |
$ |
30.41 |
$ |
27.84 |
$ |
22.51 |
$ |
24.18 |
$ |
20.13 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.01 |
0.07 |
0.09 |
0.09 |
0.10 | |||||
Net
Realized and Unrealized Gain (Loss) |
6.36 |
3.36 |
6.35 |
(0.62) |
4.93 | |||||
Total
from Investment Operations |
6.37 |
3.43 |
6.44 |
(0.53) |
5.03 | |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.02) |
(0.06) |
(0.07) |
(0.06) |
(0.06) | |||||
Net
Realized Gain |
(0.74) |
(0.80) |
(1.04) |
(1.08) |
(0.92) | |||||
Paid-in-Capital
|
(0.01) |
— |
— |
— |
— | |||||
Total
Distributions |
(0.77) |
(0.86) |
(1.11) |
(1.14) |
(0.98) | |||||
Net
Asset Value, End of Period |
$ |
36.01 |
$ |
30.41 |
$ |
27.84 |
$ |
22.51 |
$ |
24.18 |
Total
Return(2)
|
21.02% |
12.38% |
28.62% |
(2.29)% |
24.98% | |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
9,473 |
$ |
8,390 |
$ |
8,388 |
$ |
7,312 |
$ |
7,993 |
Ratio
of Expenses Before Expense Limitation |
1.66% |
N/A |
N/A |
N/A |
N/A | |||||
Ratio
of Expenses After Expense Limitation |
1.66%(3)
|
1.66%(3)
|
1.69%(3)
|
1.73%(3)
|
1.70%(3)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
N/A |
1.66%(3)
|
1.69%(3)
|
N/A |
N/A | |||||
Ratio
of Net Investment Income |
0.05%(3)
|
0.26%(3)
|
0.31%(3)
|
0.36%(3)
|
0.44%(3)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00%(4)
|
0.00%(4)
|
0.00%(4)
|
0.00%(4)
|
0.00%(4)
| |||||
Portfolio
Turnover Rate |
17% |
19% |
16% |
27% |
28% |
(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) |
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 |
$ |
29.77
|
$ |
27.30
|
$ |
22.13
|
$ |
23.82
|
$ |
19.88
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.06
)
|
0.01
|
0.02
|
0.03
|
0.04
| |||||
Net
Realized and Unrealized Gain (Loss) |
6.21
|
3.27
|
6.23
|
(0.60
)
|
4.86
| |||||
Total
from Investment Operations |
6.15
|
3.28
|
6.25
|
(0.57
)
|
4.90
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
—
|
(0.01
)
|
(0.04
)
|
(0.04
)
|
(0.04
)
| |||||
Net
Realized Gain |
(0.74
)
|
(0.80
)
|
(1.04
)
|
(1.08
)
|
(0.92
)
| |||||
Paid-in-Capital
|
(0.00
)
(2)
|
—
|
—
|
—
|
—
| |||||
Total
Distributions |
(0.74
)
|
(0.81
)
|
(1.08
)
|
(1.12
)
|
(0.96
)
| |||||
Net
Asset Value, End of Period |
$ |
35.18
|
$ |
29.77
|
$ |
27.30
|
$ |
22.13
|
$ |
23.82
|
Total
Return(3)
|
20.74
%
|
12.09
%
|
28.27
%
|
(2.51
)%
|
24.63
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
157,721
|
$ |
125,919
|
$ |
99,141
|
$ |
55,271
|
$ |
47,726
|
Ratio
of Expenses Before Expense Limitation |
1.90
%
|
N/A
|
N/A
|
N/A
|
N/A
| |||||
Ratio
of Expenses After Expense Limitation |
1.90
%
(4)
|
1.91
%
(4)
|
1.95
%
(4)
|
1.96
%
(4)
|
1.98
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest
Expenses |
N/A
|
1.91
%
(4)
|
1.95
%
(4)
|
N/A
|
N/A
| |||||
Ratio
of Net Investment Income (Loss) |
(0.20
)%
(4)
|
0.03
%
(4)
|
0.07
%
(4)
|
0.12
%
(4)
|
0.16
%
(4)
| |||||
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 |
17
%
|
19
%
|
16
%
|
27
%
|
28
%
|
(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) |
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 |
$ |
31.21
|
$ |
28.53
|
$ |
23.03
|
$ |
24.72
|
$ |
20.55
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.31
|
0.33
|
0.32
|
0.32
|
0.29
| |||||
Net
Realized and Unrealized Gain (Loss) |
6.54
|
3.45
|
6.51
|
(0.65
)
|
5.05
| |||||
Total
from Investment Operations |
6.85
|
3.78
|
6.83
|
(0.33
)
|
5.34
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.30
)
|
(0.30
)
|
(0.29
)
|
(0.28
)
|
(0.25
)
| |||||
Net
Realized Gain |
(0.74
)
|
(0.80
)
|
(1.04
)
|
(1.08
)
|
(0.92
)
| |||||
Paid-in-Capital
|
(0.01
)
|
—
|
—
|
—
|
—
| |||||
Total
Distributions |
(1.05
)
|
(1.10
)
|
(1.33
)
|
(1.36
)
|
(1.17
)
| |||||
Net
Asset Value, End of Period |
$ |
37.01
|
$ |
31.21
|
$ |
28.53
|
$ |
23.03
|
$ |
24.72
|
Total
Return(2)
|
22.05
%
|
13.33
%
|
29.67
%
|
(1.45
)%
|
26.00
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
605,486
|
$ |
370,127
|
$ |
137,283
|
$ |
204,031
|
$ |
90,488
|
Ratio
of Expenses Before Expense Limitation |
0.82
%
|
N/A
|
N/A
|
N/A
|
N/A
| |||||
Ratio
of Expenses After Expense Limitation |
0.82
%
(3)
|
0.83
%
(3)
|
0.86
%
(3)
|
0.88
%
(3)
|
0.91
%
(3)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest
Expenses |
N/A
|
0.83
%
(3)
|
0.86
%
(3)
|
N/A
|
N/A
| |||||
Ratio
of Net Investment Income |
0.90
%
(3)
|
1.14
%
(3)
|
1.21
%
(3)
|
1.30
%
(3)
|
1.23
%
(3)
| |||||
Ratio
of Rebate from Morgan Stanley Affiliates |
0.00
%
(4)
|
0.00
%
(4)
|
0.00
%
(4)
|
0.00
%
(4)
|
0.00
%
(4)
| |||||
Portfolio
Turnover Rate |
17
%
|
19
%
|
16
%
|
27
%
|
28
%
|
(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) |
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 |
$ |
16.57 |
$ |
14.66 |
$ |
11.58 |
$ |
12.47 |
$ |
10.81 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.09 |
0.08 |
0.09 |
0.12 |
0.13 | |||||
Net
Realized and Unrealized Gain (Loss) |
2.98 |
2.25 |
3.38 |
(0.04) |
2.35 | |||||
Total
from Investment Operations |
3.07 |
2.33 |
3.47 |
0.08 |
2.48 | |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.07) |
(0.06) |
(0.08) |
(0.07) |
(0.13) | |||||
Net
Realized Gain |
(0.27) |
(0.36) |
(0.31) |
(0.90) |
(0.69) | |||||
Total
Distributions |
(0.34) |
(0.42) |
(0.39) |
(0.97) |
(0.82) | |||||
Net
Asset Value, End of Period |
$ |
19.30 |
$ |
16.57 |
$ |
14.66 |
$ |
11.58 |
$ |
12.47 |
Total
Return(2)
|
18.62% |
15.96% |
30.03% |
0.60% |
22.86% | |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
80,097 |
$ |
34,042 |
$ |
14,756 |
$ |
5,891 |
$ |
5,334 |
Ratio
of Expenses Before Expense Limitation |
1.17% |
1.45% |
1.92% |
2.86% |
3.54% | |||||
Ratio
of Expenses After Expense Limitation |
0.90%(3)
|
0.90%(3)
|
0.90%(3)
|
0.93%(3)(4)
|
1.00%(3)
| |||||
Ratio
of Net Investment Income |
0.51%(3)
|
0.52%(3)
|
0.68%(3)
|
0.97%(3)
|
1.10%(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 |
11% |
20% |
14% |
76% |
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
April 30, 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 April 30, 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 |
$ |
16.51
|
$ |
14.62
|
$ |
11.56
|
$ |
12.44
|
$ |
10.79
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.03
|
0.03
|
0.05
|
0.07
|
0.08
| |||||
Net
Realized and Unrealized Gain (Loss) |
2.96
|
2.23
|
3.36
|
(0.03
)
|
2.35
| |||||
Total
from Investment Operations |
2.99
|
2.26
|
3.41
|
0.04
|
2.43
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.02
)
|
(0.01
)
|
(0.04
)
|
(0.02
)
|
(0.09
)
| |||||
Net
Realized Gain |
(0.27
)
|
(0.36
)
|
(0.31
)
|
(0.90
)
|
(0.69
)
| |||||
Total
Distributions |
(0.29
)
|
(0.37
)
|
(0.35
)
|
(0.92
)
|
(0.78
)
| |||||
Net
Asset Value, End of Period |
$ |
19.21
|
$ |
16.51
|
$ |
14.62
|
$ |
11.56
|
$ |
12.44
|
Total
Return(2)
|
18.20
%
|
15.53
%
|
29.53
%
|
0.26
%
|
22.45
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
10,812
|
$ |
4,839
|
$ |
2,949
|
$ |
1,872
|
$ |
2,243
|
Ratio
of Expenses Before Expense Limitation |
1.46
%
|
1.76
%
|
2.25
%
|
3.21
%
|
3.90
%
| |||||
Ratio
of Expenses After Expense Limitation |
1.22
%
(3)
|
1.24
%
(3)
|
1.25
%
(3)
|
1.28
%
(3)(4)
|
1.35
%
(3)
| |||||
Ratio
of Net Investment Income |
0.18
%
(3)
|
0.17
%
(3)
|
0.35
%
(3)
|
0.57
%
(3)
|
0.66
%
(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 |
11
%
|
20
%
|
14
%
|
76
%
|
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
April 30, 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 April 30, 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 |
$ |
16.28
|
$ |
14.48
|
$ |
11.47
|
$ |
12.41
|
$ |
10.76
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.05
)
|
(0.05
)
|
(0.01
)
|
0.01
|
0.03
| |||||
Net
Realized and Unrealized Gain (Loss) |
2.90
|
2.21
|
3.33
|
(0.04
)
|
2.32
| |||||
Total
from Investment Operations |
2.85
|
2.16
|
3.32
|
(0.03
)
|
2.35
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
—
|
—
|
—
|
(0.01
)
|
(0.01
)
| |||||
Net
Realized Gain |
(0.27
)
|
(0.36
)
|
(0.31
)
|
(0.90
)
|
(0.69
)
| |||||
Total
Distributions |
(0.27
)
|
(0.36
)
|
(0.31
)
|
(0.91
)
|
(0.70
)
| |||||
Net
Asset Value, End of Period |
$ |
18.86
|
$ |
16.28
|
$ |
14.48
|
$ |
11.47
|
$ |
12.41
|
Total
Return(2)
|
17.58
%
|
14.97
%
|
28.87
%
|
(0.25
)%
|
21.80
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
1,684
|
$ |
1,441
|
$ |
1,437
|
$ |
1,365
|
$ |
1,611
|
Ratio
of Expenses Before Expense Limitation |
2.08
%
|
2.32
%
|
2.77
%
|
3.73
%
|
4.39
%
| |||||
Ratio
of Expenses After Expense Limitation |
1.75
%
(3)
|
1.75
%
(3)
|
1.75
%
(3)
|
1.78
%
(3)(4)
|
1.85
%
(3)
| |||||
Ratio
of Net Investment Income (Loss) |
(0.27
)%
(3)
|
(0.33
)%
(3)
|
(0.09
)%
(3)
|
0.04
%
(3)
|
0.24
%
(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 |
11
%
|
20
%
|
14
%
|
76
%
|
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 (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
April 30, 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 April 30, 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 |
$ |
15.94
|
$ |
14.22
|
$ |
11.30
|
$ |
12.26
|
$ |
10.67
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Loss(1)
|
(0.09
)
|
(0.08
)
|
(0.05
)
|
(0.03
)
|
(0.01
)
| |||||
Net
Realized and Unrealized Gain (Loss) |
2.83
|
2.16
|
3.28
|
(0.02
)
|
2.30
| |||||
Total
from Investment Operations |
2.74
|
2.08
|
3.23
|
(0.05
)
|
2.29
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
—
|
—
|
—
|
(0.01
)
|
(0.01
)
| |||||
Net
Realized Gain |
(0.27
)
|
(0.36
)
|
(0.31
)
|
(0.90
)
|
(0.69
)
| |||||
Total
Distributions |
(0.27
)
|
(0.36
)
|
(0.31
)
|
(0.91
)
|
(0.70
)
| |||||
Net
Asset Value, End of Period |
$ |
18.41
|
$ |
15.94
|
$ |
14.22
|
$ |
11.30
|
$ |
12.26
|
Total
Return(2)
|
17.33
%
|
14.68
%
|
28.63
%
|
(0.50
)%
|
21.46
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
5,551
|
$ |
3,594
|
$ |
2,872
|
$ |
1,846
|
$ |
1,430
|
Ratio
of Expenses Before Expense Limitation |
2.22
%
|
2.51
%
|
2.97
%
|
4.00
%
|
4.71
%
| |||||
Ratio
of Expenses After Expense Limitation |
1.97
%
(3)
|
1.99
%
(3)
|
1.98
%
(3)
|
2.02
%
(3)(4)
|
2.10
%
(3)
| |||||
Ratio
of Net Investment Loss |
(0.52
)%
(3)
|
(0.56
)%
(3)
|
(0.38
)%
(3)
|
(0.24
)%
(3)
|
(0.06
)%
(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 |
11
%
|
20
%
|
14
%
|
76
%
|
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
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
April 30, 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 April 30, 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 |
$ |
16.57
|
$ |
14.66
|
$ |
11.58
|
$ |
12.47
|
$ |
10.81
|
Income
from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.11
|
0.09
|
0.11
|
0.05
|
0.14
| |||||
Net
Realized and Unrealized Gain |
2.96
|
2.25
|
3.37
|
0.04
|
2.34
| |||||
Total
from Investment Operations |
3.07
|
2.34
|
3.48
|
0.09
|
2.48
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.08
)
|
(0.07
)
|
(0.09
)
|
(0.08
)
|
(0.13
)
| |||||
Net
Realized Gain |
(0.27
)
|
(0.36
)
|
(0.31
)
|
(0.90
)
|
(0.69
)
| |||||
Total
Distributions |
(0.35
)
|
(0.43
)
|
(0.40
)
|
(0.98
)
|
(0.82
)
| |||||
Net
Asset Value, End of Period |
$ |
19.29
|
$ |
16.57
|
$ |
14.66
|
$ |
11.58
|
$ |
12.47
|
Total
Return(2)
|
18.60
%
|
16.00
%
|
30.08
%
|
0.66
%
|
22.91
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
14,563
|
$ |
9,317
|
$ |
7,450
|
$ |
4,847
|
$ |
12
|
Ratio
of Expenses Before Expense Limitation |
1.12
%
|
1.41
%
|
1.88
%
|
3.12
%
|
19.10
%
| |||||
Ratio
of Expenses After Expense Limitation |
0.85
%
(3)
|
0.85
%
(3)
|
0.85
%
(3)
|
0.85
%
(3)(4)
|
0.95
%
(3)
| |||||
Ratio
of Net Investment Income |
0.60
%
(3)
|
0.58
%
(3)
|
0.79
%
(3)
|
0.41
%
(3)
|
1.15
%
(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 |
11
%
|
20
%
|
14
%
|
76
%
|
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
April 30, 2018, the Adviser has agreed to limit the ratio of expenses to
average net assets to the maximum ratio of 0.85% for Class R6 shares.
Prior to April 30, 2018, the maximum ratio was 0.95% 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 |
$ |
16.20 |
$ |
14.74 |
$ |
13.49 |
$ |
17.97 |
$ |
14.64 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.29 |
0.18 |
0.28 |
0.31 |
0.26 | |||||
Net
Realized and Unrealized Gain (Loss) |
0.34 |
1.50 |
2.47 |
(2.78) |
3.41 | |||||
Total
from Investment Operations |
0.63 |
1.68 |
2.75 |
(2.47) |
3.67 | |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.33) |
(0.22) |
(0.32) |
(0.39) |
(0.34) | |||||
Net
Realized Gain |
(1.28) |
— |
(1.18) |
(1.62) |
— | |||||
Total
Distributions |
(1.61) |
(0.22) |
(1.50) |
(2.01) |
(0.34) | |||||
Redemption
Fees |
— |
— |
0.00(2)
|
0.00(2)
|
0.00(2)
| |||||
Net
Asset Value, End of Period |
$ |
15.22 |
$ |
16.20 |
$ |
14.74 |
$ |
13.49 |
$ |
17.97 |
Total
Return(3)
|
4.19% |
11.42% |
20.37% |
(13.80)% |
25.17% | |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
1,531,709 |
$ |
1,658,464 |
$ |
1,539,709 |
$ |
1,725,392 |
$ |
1,691,807 |
Ratio
of Expenses Before Expense Limitation |
1.01% |
1.00% |
1.00% |
0.99% |
0.99% | |||||
Ratio
of Expenses After Expense Limitation |
0.95%(4)
|
0.95%(4)
|
0.95%(4)
|
0.95%(4)
|
0.95%(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
N/A |
N/A |
0.95%(4)
|
N/A |
N/A | |||||
Ratio
of Net Investment Income |
1.70%(4)
|
1.28%(4)
|
1.86%(4)
|
1.82%(4)
|
1.54%(4)
| |||||
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 |
20% |
20% |
20% |
34% |
18% |
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value as of the last business day of the
period. |
(4) |
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.” |
(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 |
$ |
16.15 |
$ |
14.67 |
$ |
13.42 |
$ |
17.75 |
$ |
14.46 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.25 |
0.11 |
0.24 |
0.32 |
0.19 | |||||
Net
Realized and Unrealized Gain (Loss) |
0.36 |
1.50 |
2.46 |
(2.82) |
3.38 | |||||
Total
from Investment Operations |
0.61 |
1.61 |
2.70 |
(2.50) |
3.57 | |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.31) |
(0.13) |
(0.27) |
(0.21) |
(0.28) | |||||
Net
Realized Gain |
(1.28) |
— |
(1.18) |
(1.62) |
— | |||||
Total
Distributions |
(1.59) |
(0.13) |
(1.45) |
(1.83) |
(0.28) | |||||
Redemption
Fees |
— |
— |
0.00(2)
|
0.00(2)
|
0.00(2)
| |||||
Net
Asset Value, End of Period |
$ |
15.17 |
$ |
16.15 |
$ |
14.67 |
$ |
13.42 |
$ |
17.75 |
Total
Return(3)
|
4.07% |
11.00% |
20.11% |
(14.13)% |
24.77% | |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
58,739 |
$ |
60,346 |
$ |
212,578 |
$ |
244,622 |
$ |
1,231,279 |
Ratio
of Expenses Before Expense Limitation |
1.07% |
1.43% |
1.25% |
1.31% |
1.31% | |||||
Ratio
of Expenses After Expense Limitation |
1.07%(4)
|
1.30%(4)
|
1.25%(4)
|
1.30%(4)
|
1.30%(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
N/A |
N/A |
1.25%(4)
|
N/A |
N/A | |||||
Ratio
of Net Investment Income |
1.57%(4)
|
0.80%(4)
|
1.62%(4)
|
1.83% |
1.16% | |||||
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 |
20% |
20% |
20% |
34% |
18% |
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(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 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) |
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 |
$ |
15.91 |
$ |
14.50 |
$ |
13.28 |
$ |
17.70 |
$ |
14.43 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.14 |
0.06 |
0.15 |
0.10 |
0.11 | |||||
Net
Realized and Unrealized Gain (Loss) |
0.35 |
1.45 |
2.44 |
(2.66) |
3.35 | |||||
Total
from Investment Operations |
0.49 |
1.51 |
2.59 |
(2.56) |
3.46 | |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.19) |
(0.10) |
(0.19) |
(0.24) |
(0.19) | |||||
Net
Realized Gain |
(1.28) |
— |
(1.18) |
(1.62) |
— | |||||
Total
Distributions |
(1.47) |
(0.10) |
(1.37) |
(1.86) |
(0.19) | |||||
Redemption
Fees |
— |
— |
0.00(2)
|
0.00(2)
|
0.00(2)
| |||||
Net
Asset Value, End of Period |
$ |
14.93 |
$ |
15.91 |
$ |
14.50 |
$ |
13.28 |
$ |
17.70 |
Total
Return(3)
|
3.34% |
10.40% |
19.48% |
(14.49)% |
24.06% | |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
5,394 |
$ |
5,513 |
$ |
5,888 |
$ |
6,022 |
$ |
7,099 |
Ratio
of Expenses Before Expense Limitation |
1.79% |
1.83% |
1.79% |
N/A |
1.90% | |||||
Ratio
of Expenses After Expense Limitation |
1.79%(4)
|
1.80%(4)
|
1.78%(4)
|
1.72%(4)
|
1.80%(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
N/A |
N/A |
1.78%(4)
|
N/A |
N/A | |||||
Ratio
of Net Investment Income |
0.88%(4)
|
0.41%(4)
|
1.06%(4)
|
1.17%(4)
|
0.69%(4)
| |||||
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 |
20% |
20% |
20% |
34% |
18% |
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value as of the last business day of the
period. |
(4) |
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.” |
(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 |
$ |
15.64
|
$ |
14.26
|
$ |
13.08
|
$ |
17.51
|
$ |
14.31
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.09
|
0.02
|
0.10
|
0.05
|
0.04
| |||||
Net
Realized and Unrealized Gain (Loss) |
0.34
|
1.43
|
2.41
|
(2.64
)
|
3.35
| |||||
Total
from Investment Operations |
0.43
|
1.45
|
2.51
|
(2.59
)
|
3.39
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.16
)
|
(0.07
)
|
(0.15
)
|
(0.22
)
|
(0.19
)
| |||||
Net
Realized Gain |
(1.28
)
|
—
|
(1.18
)
|
(1.62
)
|
—
| |||||
Total
Distributions |
(1.44
)
|
(0.07
)
|
(1.33
)
|
(1.84
)
|
(0.19
)
| |||||
Redemption
Fees |
—
|
—
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
14.63
|
$ |
15.64
|
$ |
14.26
|
$ |
13.08
|
$ |
17.51
|
Total
Return(3)
|
3.02
%
|
10.17
%
|
19.18
%
|
(14.82
)%
|
23.78
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
929
|
$ |
776
|
$ |
674
|
$ |
787
|
$ |
677
|
Ratio
of Expenses Before Expense Limitation |
2.33
%
|
2.41
%
|
2.35
%
|
2.27
%
|
2.41
%
| |||||
Ratio
of Expenses After Expense Limitation |
2.05
%
(4)
|
2.05
%
(4)
|
2.05
%
(4)
|
2.05
%
(4)
|
2.05
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
N/A
|
N/A
|
2.05
%
(4)
|
N/A
|
N/A
| |||||
Ratio
of Net Investment Income |
0.58
%
(4)
|
0.15
%
(4)
|
0.73
%
(4)
|
0.83
%
(4)
|
0.22
%
(4)
| |||||
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 |
20
%
|
20
%
|
20
%
|
34
%
|
18
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(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 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) |
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 |
$ |
16.19 |
$ |
14.74 |
$ |
13.48 |
$ |
17.97 |
$ |
14.64 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
0.30 |
0.18 |
0.29 |
0.38 |
0.26 | |||||
Net
Realized and Unrealized Gain (Loss) |
0.33 |
1.50 |
2.48 |
(2.86) |
3.42 | |||||
Total
from Investment Operations |
0.63 |
1.68 |
2.77 |
(2.48) |
3.68 | |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
(0.33) |
(0.23) |
(0.33) |
(0.39) |
(0.35) | |||||
Net
Realized Gain |
(1.28) |
— |
(1.18) |
(1.62) |
— | |||||
Total
Distributions |
(1.61) |
(0.23) |
(1.51) |
(2.01) |
(0.35) | |||||
Redemption
Fees |
— |
— |
0.00(2)
|
0.00(2)
|
0.00(2)
| |||||
Net
Asset Value, End of Period |
$ |
15.21 |
$ |
16.19 |
$ |
14.74 |
$ |
13.48 |
$ |
17.97 |
Total
Return(3)
|
4.24% |
11.39% |
20.42% |
(13.76)% |
25.22% | |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
453,413 |
$ |
468,152 |
$ |
456,618 |
$ |
462,752 |
$ |
1,230,104 |
Ratio
of Expenses Before Expense Limitation |
0.91% |
0.91% |
0.91% |
N/A |
0.91% | |||||
Ratio
of Expenses After Expense Limitation |
0.91%(4)
|
0.91%(4)
|
0.91%(4)
|
0.90%(4)
|
0.91%(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
N/A |
N/A |
0.91%(4)
|
N/A |
N/A | |||||
Ratio
of Net Investment Income |
1.76%(4)
|
1.31%(4)
|
1.94%(4)
|
2.19%(4)
|
1.52%(4)
| |||||
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 |
20% |
20% |
20% |
34% |
18% |
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value as of the last business day of the
period. |
(4) |
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.” |
(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 |
$ |
19.49
|
$ |
17.10
|
$ |
15.63
|
$ |
21.02
|
$ |
17.39
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.02
)
|
0.04
|
0.39
|
0.33
|
0.16
| |||||
Net
Realized and Unrealized Gain (Loss) |
3.01
|
2.36
|
1.58
|
(5.07
)
|
3.47
| |||||
Total
from Investment Operations |
2.99
|
2.40
|
1.97
|
(4.74
)
|
3.63
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
—
|
(0.01
)
|
(0.50
)
|
(0.65
)
|
—
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
22.48
|
$ |
19.49
|
$ |
17.10
|
$ |
15.63
|
$ |
21.02
|
Total
Return(3)
|
15.34
%
|
14.02
%
|
12.53
%
|
(22.60
)%
|
20.82
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
124,931
|
$ |
55,533
|
$ |
125,780
|
$ |
229,688
|
$ |
632,435
|
Ratio
of Expenses Before Expense Limitation |
2.21
%
|
2.13
%
|
1.92
%
|
N/A
|
N/A
| |||||
Ratio
of Expenses After Expense Limitation |
1.51
%
(4)
|
1.90
%
(4)(5)
|
1.90
%
(4)(5)
|
1.77
%
(4)
|
1.73
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.51
%
(4)
|
1.85
%
(4)
|
1.85
%
(4)
|
1.76
%
(4)
|
1.73
%
(4)
| |||||
Ratio
of Net Investment Income (Loss) |
(0.11
)%
(4)
|
0.24
%
(4)
|
2.33
%
(4)
|
1.68
%
(4)
|
0.82
%
(4)
| |||||
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 |
56
%
|
56
%
|
68
%
|
61
%
|
52
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value 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) |
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 |
$ |
19.47
|
$ |
17.15
|
$ |
15.61
|
$ |
20.86
|
$ |
17.31
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.08
)
|
0.01
|
0.42
|
0.34
|
0.11
| |||||
Net
Realized and Unrealized Gain (Loss) |
2.98
|
2.32
|
1.48
|
(5.10
)
|
3.44
| |||||
Total
from Investment Operations |
2.90
|
2.33
|
1.90
|
(4.76
)
|
3.55
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
—
|
(0.01
)
|
(0.36
)
|
(0.49
)
|
—
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
22.37
|
$ |
19.47
|
$ |
17.15
|
$ |
15.61
|
$ |
20.86
|
Total
Return(3)
|
14.89
%
|
13.57
%
|
12.13
%
|
(22.80
)%
|
20.39
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
9,154
|
$ |
8,436
|
$ |
12,044
|
$ |
34,654
|
$ |
86,324
|
Ratio
of Expenses Before Expense Limitation |
2.70
%
|
2.44
%
|
2.23
%
|
N/A
|
N/A
| |||||
Ratio
of Expenses After Expense Limitation |
1.96
%
(4)
|
2.26
%
(4)(5)
|
2.25
%
(4)(5)
|
2.07
%
(4)
|
2.05
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.96
%
(4)
|
2.20
%
(4)
|
2.20
%
(4)
|
2.06
%
(4)
|
2.05
%
(4)
| |||||
Ratio
of Net Investment Income (Loss) |
(0.38
)%
(4)
|
0.07
%
(4)
|
2.48
%
(4)
|
1.71
%
(4)
|
0.59
%
(4)
| |||||
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 |
56
%
|
56
%
|
68
%
|
61
%
|
52
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(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) |
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 |
$ |
19.34
|
$ |
17.11
|
$ |
15.59
|
$ |
20.65
|
$ |
17.25
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.19
)
|
(0.06
)
|
0.25
|
0.17
|
(0.02
)
| |||||
Net
Realized and Unrealized Gain (Loss) |
2.96
|
2.30
|
1.56
|
(4.98
)
|
3.42
| |||||
Total
from Investment Operations |
2.77
|
2.24
|
1.81
|
(4.81
)
|
3.40
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
—
|
(0.01
)
|
(0.29
)
|
(0.25
)
|
—
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
22.11
|
$ |
19.34
|
$ |
17.11
|
$ |
15.59
|
$ |
20.65
|
Total
Return(3)
|
14.32
%
|
13.01
%
|
11.58
%
|
(23.19
)%
|
19.59
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
396
|
$ |
378
|
$ |
570
|
$ |
1,241
|
$ |
2,570
|
Ratio
of Expenses Before Expense Limitation |
3.67
%
|
3.44
%
|
2.90
%
|
N/A
|
2.76
%
| |||||
Ratio
of Expenses After Expense Limitation |
2.46
%
(4)(5)
|
2.76
%
(4)(5)
|
2.75
%
(4)(5)
|
2.57
%
(4)
|
2.70
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
2.46
%
(4)
|
2.70
%
(4)
|
2.70
%
(4)
|
2.56
%
(4)
|
2.70
%
(4)
| |||||
Ratio
of Net Investment Income (Loss) |
(0.86
)%
(4)
|
(0.39
)%
(4)
|
1.47
%
(4)
|
0.88
%
(4)
|
(0.13
)%
(4)
| |||||
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 |
56
%
|
56
%
|
68
%
|
61
%
|
52
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value 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) |
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 |
$ |
18.99
|
$ |
16.85
|
$ |
15.38
|
$ |
20.41
|
$ |
17.07
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.24
)
|
(0.10
)
|
0.20
|
0.11
|
(0.05
)
| |||||
Net
Realized and Unrealized Gain (Loss) |
2.90
|
2.25
|
1.56
|
(4.90
)
|
3.39
| |||||
Total
from Investment Operations |
2.66
|
2.15
|
1.76
|
(4.79
)
|
3.34
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
—
|
(0.01
)
|
(0.29
)
|
(0.24
)
|
—
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
21.65
|
$ |
18.99
|
$ |
16.85
|
$ |
15.38
|
$ |
20.41
|
Total
Return(3)
|
14.01
%
|
12.74
%
|
11.34
%
|
(23.42
)%
|
19.51
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
897
|
$ |
843
|
$ |
877
|
$ |
1,657
|
$ |
2,857
|
Ratio
of Expenses Before Expense Limitation |
3.67
%
|
3.42
%
|
3.07
%
|
N/A
|
N/A
| |||||
Ratio
of Expenses After Expense Limitation |
2.71
%
(4)
|
3.00
%
(4)(5)
|
2.99
%
(4)(5)
|
2.83
%
(4)
|
2.81
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
2.71
%
(4)
|
2.95
%
(4)
|
2.95
%
(4)
|
2.82
%
(4)
|
2.81
%
(4)
| |||||
Ratio
of Net Investment Income (Loss) |
(1.13
)%
(4)
|
(0.66
)%
(4)
|
1.17
%
(4)
|
0.56
%
(4)
|
(0.26
)%
(4)
| |||||
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 |
56
%
|
56
%
|
68
%
|
61
%
|
52
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(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) |
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
R6 | ||||||||||
Year
Ended December 31, | ||||||||||
Selected
Per Share Data and Ratios |
2021 |
2020 |
2019 |
2018 |
2017 | |||||
Net
Asset Value, Beginning of Period |
$ |
19.49
|
$ |
17.09
|
$ |
15.63
|
$ |
21.02
|
$ |
17.39
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
(0.07
)
|
0.09
|
0.33
|
0.58
|
0.13
| |||||
Net
Realized and Unrealized Gain (Loss) |
3.06
|
2.32
|
1.64
|
(5.33
)
|
3.50
| |||||
Total
from Investment Operations |
2.99
|
2.41
|
1.97
|
(4.75
)
|
3.63
| |||||
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
—
|
(0.01
)
|
(0.51
)
|
(0.64
)
|
—
| |||||
Redemption
Fees |
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
|
0.00
(2)
| |||||
Net
Asset Value, End of Period |
$ |
22.48
|
$ |
19.49
|
$ |
17.09
|
$ |
15.63
|
$ |
21.02
|
Total
Return(3)
|
15.34
%
|
14.02
%
|
12.60
%
|
(22.61
)%
|
20.83
%
| |||||
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
40,244
|
$ |
318
|
$ |
1,580
|
$ |
4,633
|
$ |
16,344
|
Ratio
of Expenses Before Expense Limitation |
1.80
%
|
2.20
%
|
1.91
%
|
N/A
|
N/A
| |||||
Ratio
of Expenses After Expense Limitation |
1.24
%
(4)
|
1.86
%
(4)(5)
|
1.85
%
(4)(5)
|
1.74
%
(4)
|
1.69
%
(4)
| |||||
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
1.24
%
(4)
|
1.80
%
(4)
|
1.80
%
(4)
|
1.73
%
(4)
|
1.69
%
(4)
| |||||
Ratio
of Net Investment Income (Loss) |
(0.29
)%
(4)
|
0.55
%
(4)
|
1.95
%
(4)
|
2.85
%
(4)
|
0.65
%
(4)
| |||||
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 |
56
%
|
56
%
|
68
%
|
61
%
|
52
%
|
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Amount
is less than $0.005 per share. |
(3) |
Calculated
based on the net asset value 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) |
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%. |
• |
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 |
• |
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 |
• |
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 |
• |
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. |