As filed with the Securities and Exchange Commission
on
Registration Nos.: 033-23166
811-05624
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ | |
Pre-Effective Amendment No. | ☐ | |
Post-Effective Amendment No. 254 | ☒ | |
and/or | ||
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ | |
Amendment No. 255 | ☒ |
(Exact Name of Registrant as Specified in Charter)
522 Fifth Avenue
New York, New York 10036
(Address of Principal Executive Office)
Registrant’s Telephone Number, Including Area Code: (800) 548-7786
Mary E. Mullin, Esq.
1633 Broadway
New York, New York 10019
(Name and Address of Agent for Service)
Copy to:
Mark Parise, Esq. | Allison Fumai, Esq. |
Perkins Coie LLP | Dechert LLP |
1155 Avenue of the Americas | 1095 Avenue of the Americas |
22nd Floor | New York, New York 10036 |
New York, New York 10036 |
Approximate Date of Proposed Public Offering:
As soon as practicable after this Post-Effective Amendment becomes effective.
It is proposed that this filing will become effective (check appropriate box):
☒ | Immediately upon filing pursuant to paragraph (b) |
☐ | On (date) pursuant to paragraph (b) |
☐ | 60 days after filing pursuant to paragraph (a)(1) |
☐ | On (date) pursuant to paragraph (a)(1) |
☐ | 75 days after filing pursuant to paragraph (a)(2) |
☐ | On (date) pursuant to paragraph (a)(2) of Rule 485. |
If appropriate, check the following box:
☐ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
Share Class and Ticker Symbol
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Fund
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Class I
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Class A
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Class C
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Class R6
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Multi-Asset Real Return Portfolio
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MRJIX
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MRJAX
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MRJCX
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MRJSX
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Page
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Class I
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Class A
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Class C
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Class R6
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Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
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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
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Class A
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Class C
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Class R6
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Advisory Fee3
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Distribution and/or Shareholder Service (12b-1) Fee
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Other Expenses4
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Acquired Fund Fees and Expenses5
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Total Annual Fund Operating Expenses5
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Fee Waiver and/or Expense Reimbursement5
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Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement5
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1 Year
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3 Years
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5 Years
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10 Years
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Class I
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$
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$
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$
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$
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Class A
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$
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$
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$
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$
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Class C
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$
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$
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$
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$
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Class R6
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$
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$
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$
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$
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1 Year
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3 Years
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5 Years
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10 Years
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Class I
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$
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$
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$
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$
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Class A
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$
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$
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$
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$
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Class C
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$
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$
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$
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$
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Class R6
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$
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$
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$
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$
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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 | “Advisory Fee” includes the management fee of the Subsidiary (as defined below). The Fund’s “Adviser,” Morgan Stanley Investment Management Inc., has agreed to waive or credit a portion of the advisory fee in an amount equal to the management fee paid to the Adviser by the Subsidiary. |
4 | “Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. |
5 | The Adviser 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 0.80% for Class I, 1.15% for Class A, 1.90% for Class C and 0.75% 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. |
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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.
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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.
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REITs, REOCs and Foreign Real Estate Companies. Investing in REITs, REOCs and foreign real estate companies exposes investors to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which REITs, REOCs and foreign real estate companies are organized and operated. Operating REITs and foreign real estate companies requires specialized management skills and the Fund indirectly bears management expenses along with the direct expenses of the Fund. REITs are also subject to certain provisions under federal tax law and the failure of a company to qualify as a REIT could have adverse consequences for the Fund. In addition, foreign real estate companies may be subject to the laws, rules and regulations governing those entities and their failure to comply with those laws, rules and regulations could negatively impact the performance of those entities.
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Commodities. Trading in commodity interests may involve substantial risks and investment exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate widely based on a variety of factors, including changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates and investment and trading activities of mutual funds, hedge funds and commodities funds.
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Natural Resources. Investments in securities of natural resources companies may be affected by a variety of factors, including global political and economic developments, natural disasters in major natural resource areas, fluctuations in commodity prices, government regulations and fluctuating demand caused by, among other things, rising interest rates, general economic conditions and energy conservation efforts.
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Infrastructure Companies. By investing in infrastructure companies, the Fund has greater exposure to the potential adverse economic, regulatory, political and other changes affecting companies operating within the infrastructure industry. Companies within the infrastructure industry are subject to a variety of factors that may adversely affect their business or operations, including
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high interest costs in connection with capital construction and improvement programs, high leverage, costs associated with compliance with and changes in environmental and other regulations, difficulty in raising capital in adequate amounts and on reasonable terms in periods of high inflation and unsettled capital markets or government budgetary constraints that impact publicly funded projects, the effects of economic slowdown or recession and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.
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Exchange-Traded Funds. Shares of exchange-traded funds (“ETFs”) have many of the same risks as direct investments in common stocks or bonds and their market value may differ from their NAV because the supply and demand in the market for ETF shares at any point in time is not always identical to the supply and demand in the market for the underlying securities. As a shareholder in an ETF, the Fund would bear its ratable share of that entity’s expenses while continuing to pay its own investment management fees and other expenses. As a result, the Fund and its shareholders will, in effect, be absorbing duplicate levels of fees. Furthermore, disruptions in the markets for the securities underlying ETFs purchased or sold by the Fund could result in losses on the Fund’s investment in ETFs.
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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.
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Fixed-Income Securities. Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). The Fund may face a heightened level of interest rate risk in times of monetary policy change and uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes rates. A changing interest rate environment increases certain risks, including the potential for periods of volatility, increased redemptions, shortened durations (i.e., prepayment risk) and extended durations (i.e., extension risk). The Fund is not limited as to the maturities (when a debt security provides its final payment) or durations (measure of interest rate sensitivity) of the securities in which it may invest. Securities
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with longer durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. TIPS are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of TIPS tend to decline when real interest rates increase. Interest payments on TIPS will fluctuate as the principal and/or interest is periodically adjusted to a specified rate of inflation and can be unpredictable.
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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.
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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.
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Asset Allocation. The Fund’s allocations to the various underlying and independently managed investment strategies may cause the Fund to underperform a particular individual strategy or other funds, including those with a similar investment objective. It is possible that Fund assets could be allocated to underlying and independently managed investment strategies that perform poorly or underperform other investments under various market conditions.
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Sovereign Debt Securities. Investing in sovereign debt securities will expose the Fund to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities. The issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors. In addition, foreign governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.
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Foreign Currency. The Fund’s investments in foreign securities may be denominated in foreign currencies. The value of foreign currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-denominated securities, and therefore may convert the value of such securities into U.S. dollars, changes in currency exchange rates can increase or decrease the U.S. dollar value of the Fund’s assets. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the overall economic health of the issuer. Devaluation of a currency by a country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. The Adviser may use derivatives to reduce this risk. The Adviser may in its discretion choose not to hedge against currency risk. In addition, certain market conditions may make it impossible or uneconomical to hedge against currency risk.
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Inflation-Linked Securities Risk. The values of inflation-linked securities change in response to actual or anticipated changes in specific inflation rates. Inflation-linked securities are also subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). Real interest rates change over time as a result of many factors, such as currency exchange rates, central bank monetary policies and general economic conditions. Such changes may be unanticipated by the Adviser. In addition, inflation-linked securities are subject to the risks associated with fixed-income securities. When inflation is low, declining, or negative, the inflation-linked securities in which the Fund invests could underperform more conventional bonds. Interest payments on inflation-linked investments may vary widely and will fluctuate as the principal and interest are adjusted for inflation.
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Private Placements and Restricted Securities. The Fund’s investments may include privately placed securities, which are subject to resale restrictions. These securities could have the effect of increasing the level of Fund illiquidity to the extent the Fund may be unable to sell or transfer these securities due to restrictions on transfers or on the ability to find buyers interested in purchasing the securities. Additionally, the market for certain investments deemed liquid at the time of purchase may become illiquid under adverse market or economic conditions.
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Mortgage-Backed Securities. Mortgage-backed securities entail prepayment risk, which generally increases during a period of falling interest rates. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of mortgage-backed securities will increase and market price will decrease. Rates of prepayment, faster or slower than expected by the Adviser, could reduce the Fund’s yield, increase the volatility of the Fund and/or cause a decline in NAV. Mortgage-backed securities are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations underlying the securities to be prepaid more slowly than expected, thereby lengthening the duration of such securities, increasing
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their sensitivity to interest rate changes and causing their prices to decline. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of debt securities. In addition, mortgage-backed securities are subject to credit risk. The Fund may invest in non-agency mortgage-backed securities offered by non-governmental issuers, such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers. Non-agency mortgage-backed securities are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-backed securities that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying non-agency mortgage-backed securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-backed securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Fund. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages. Furthermore, mortgage-backed securities may be subject to risks associated with the assets underlying those securities, such as a decline in value. Investments in mortgage-backed securities may give rise to a form of leverage (indebtedness) and may cause the Fund’s portfolio turnover rate to appear higher. Leverage may cause the Fund to be more volatile than if the Fund had not been leveraged. The risks associated with mortgage-backed securities typically become elevated during periods of distressed economic, market, health and labor conditions. In particular, increased levels of unemployment, delays and delinquencies in payments of mortgage and rent obligations, and uncertainty regarding the effects and extent of government intervention with respect to mortgage payments and other economic matters may adversely affect the Fund’s investments in mortgage-backed securities.
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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.
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LIBOR Discontinuance or Unavailability Risk. The London InterBank Offered Rate (“LIBOR”) is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. However, subsequent announcements by the Financial Conduct Authority, the LIBOR administrator and other regulators indicate that it is possible that the most widely used tenors of U.S. Dollar LIBOR may continue to be provided on a representative basis until mid-2023. However, in connection with supervisory guidance from regulators, some regulated entities will cease to enter into most new LIBOR-based contracts after January 1, 2022. As a result, it is possible that commencing in 2022 (or on a later date, if a particular LIBOR tenor is expected to continue beyond the end of 2021), LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Fund’s portfolio.
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Subsidiary Risk. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described herein and could adversely affect the Fund. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.
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Tax Risk. The Fund may seek to gain exposure to the commodity markets through investments in the Subsidiary. Historically, the Internal Revenue Service (“IRS”) has issued private letter rulings in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the “Notes Rulings”) or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund has not received such a private letter ruling, and is not able to rely on private letter rulings issued to other taxpayers. The IRS recently issued a revenue procedure, which states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a “security” under the 1940 Act. In connection with issuing such revenue procedure, the IRS has revoked the Notes Rulings. The IRS also recently issued final regulations that would generally treat the Fund’s income inclusion with respect to the Subsidiary as qualifying income either if (A) there is a distribution out of the earnings and profits of the Subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund’s business of investing in stock, securities, or currencies. The Fund intends to treat its income from the Subsidiary as qualifying income. No assurances can be provided that the IRS would not be able to successfully assert that the Fund’s income from such investments was not “qualifying income,” in which case the Fund would fail to qualify as a regulated investment company under Subchapter M of the Code if over
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10% of its gross income was derived from these investments. If the Fund failed to qualify as a regulated investment company, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders. The Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.
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Past One Year
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Since Inception
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Class I (commenced operations on 06/18/2018)
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Return Before Taxes
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Return After Taxes on Distributions1
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Return After Taxes on Distributions and Sale of Fund Shares
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Class A (commenced operations on 06/18/2018)
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Return Before Taxes
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Class C (commenced operations on 06/18/2018)
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Return Before Taxes
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Class R6 (commenced operations on 06/18/2018)
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Return Before Taxes
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Bloomberg U.S. Treasury Bill 1-3 Month Index (reflects no deduction for fees, expenses or taxes)2
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MSIF Multi-Asset Real Return Blend Index (reflects no deduction for fees, expenses or taxes)4
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MSCI World Net Index (reflects no deduction for fees, expenses or taxes)5
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Lipper Real Return Funds Index (reflects no deduction for taxes)6
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1 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
2 | The Bloomberg U.S. Treasury Bills 1 – 3 Month Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to one month and less than three months. It is not possible to invest directly in an index. Effective August 31, 2021, the Fund changed its primary benchmark to the Bloomberg U.S. Treasury Bills 1 – 3 Month Index because the Adviser believes it is a more appropriate benchmark for the Fund. |
3 | Since Inception reflects the inception date of the Fund. |
4 | The MSIF Multi-Asset Real Return Blend Index is a performance linked benchmark of the old and new benchmarks of the Fund. The old benchmark represented by MSCI World Net Index from the Fund’s inception to August 30, 2021 to the new benchmark represented by Bloomberg U.S. Treasury Bill 1-3 Month Index for periods thereafter. It is not possible to invest directly in an index. |
5 | The MSCI World Net Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed markets. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The MSCI World Net Index currently consists of 23 developed market country indices. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. |
6 | The Lipper Real Return Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Real Return Funds classification. There are currently 10 funds represented in this index. |
Name
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Title with Adviser or Affiliate
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Date Began
Managing Fund |
Mark A. Bavoso
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Managing Director
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Since inception
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Cyril Moullé-Berteaux
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Managing Director
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Since August 2021
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Sergei Parmenov
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Managing Director of MSIM Australia
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Since August 2021
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This section discusses additional information relating to the Fund’s investment strategies, other types of investments that the Fund may make and related risk factors. The Fund’s 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.
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Front-End Sales Charge
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Amount of Single Transaction
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Percentage of Public Offering Price
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Approximate Percentage of Net Amount Invested
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Dealer Commission as a Percentage of Offering Price
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Less than $50,000
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5.25%
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5.54%
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4.75%
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$50,000 but less than $100,000
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4.50%
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4.71%
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4.00%
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$100,000 but less than $250,000
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3.50%
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3.63%
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3.00%
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$250,000 but less than $500,000
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2.50%
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2.56%
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2.00%
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$500,000 but less than $1 million
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2.00%
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2.04%
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1.50%
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$1 million and over*
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0.00%
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0.00%
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0.00%
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* | The Distributor may pay a commission of up to 1.00% to a Financial Intermediary for purchase amounts of $1 million or more. |
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A single account (including an individual, a joint account, a trust or fiduciary account).
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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).
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An UGMA/UTMA (Uniform Gifts to Minors Act/Uniform Transfers to Minors Act) account.
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An individual retirement account (“IRA”).
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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.
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•
|
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 the 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,
|
Period from June 18, 2018(2)
to December 31, 2018(1) |
|||||||
Selected Per Share Data and Ratios
|
2021
|
2020(1)
|
2019(1)
|
|||||
Net Asset Value, Beginning of Period
|
$
|
10.38
|
$
|
10.51
|
$
|
9.06
|
$
|
10.00
|
Income (Loss) from Investment Operations:
|
||||||||
Net Investment Income(3)
|
0.21
|
0.16
|
0.19
|
0.13
|
||||
Net Realized and Unrealized Gain (Loss)
|
2.04
|
(0.14
)
|
1.46
|
(0.79
)
|
||||
Total from Investment Operations
|
2.25
|
0.02
|
1.65
|
(0.66
)
|
||||
Distributions from and/or in Excess of:
|
||||||||
Net Investment Income
|
(0.26
)
|
(0.15
)
|
(0.20
)
|
(0.22
)
|
||||
Net Realized Gain
|
(1.44
)
|
—
|
—
|
—
|
||||
Paid-in-Capital
|
—
|
—
|
(0.00
)
(4)
|
(0.06
)
|
||||
Total Distributions
|
(1.70
)
|
(0.15
)
|
(0.20
)
|
(0.28
)
|
||||
Net Asset Value, End of Period
|
$
|
10.93
|
$
|
10.38
|
$
|
10.51
|
$
|
9.06
|
Total Return(5)
|
22.11
%
|
0.39
%
|
18.35
%
|
(6.70
)%
(7)
|
||||
Ratios to Average Net Assets and Supplemental Data:
|
||||||||
Net Assets, End of Period (Thousands)
|
$
|
30,776
|
$
|
17,942
|
$
|
10,728
|
$
|
9,033
|
Ratio of Expenses Before Expense Limitation
|
2.76
%
|
2.93
%
|
3.82
%
|
4.76
%
(8)
|
||||
Ratio of Expenses After Expense Limitation
|
0.79
%
(6)
|
0.77
%
(6)
|
0.76
%
(6)
|
0.76
%
(6)(8)
|
||||
Ratio of Net Investment Income
|
1.80
%
(6)
|
1.68
%
(6)
|
1.88
%
(6)
|
2.52
%
(6)(8)
|
||||
Ratio of Rebate from Morgan Stanley Affiliates
|
0.01
%
|
0.01
%
|
0.01
%
|
0.01
%
(8)
|
||||
Portfolio Turnover Rate
|
232
%
|
68
%
|
65
%
|
26
%
(7)
|
(1)
|
Not consolidated.
|
(2)
|
Commencement of Operations.
|
(3)
|
Per share amount is based on average shares outstanding.
|
(4)
|
Amount is less than $0.005 per share.
|
(5)
|
Calculated based on the net asset value as of the last business day of the period.
|
(6)
|
The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as “Ratio of Rebate from Morgan Stanley Affiliates.”
|
(7)
|
Not annualized.
|
(8)
|
Annualized.
|
Class A
|
||||||||
Year Ended December 31,
|
Period from June 18, 2018(2)
to December 31, 2018(1) |
|||||||
Selected Per Share Data and Ratios
|
2021
|
2020(1)
|
2019(1)
|
|||||
Net Asset Value, Beginning of Period
|
$
|
10.41
|
$
|
10.53
|
$
|
9.06
|
$
|
10.00
|
Income (Loss) from Investment Operations:
|
||||||||
Net Investment Income(3)
|
0.29
|
0.11
|
0.15
|
0.11
|
||||
Net Realized and Unrealized Gain (Loss)
|
1.92
|
(0.12
)
|
1.47
|
(0.79
)
|
||||
Total from Investment Operations
|
2.21
|
(0.01
)
|
1.62
|
(0.68
)
|
||||
Distributions from and/or in Excess of:
|
||||||||
Net Investment Income
|
(0.23
)
|
(0.11
)
|
(0.15
)
|
(0.20
)
|
||||
Net Realized Gain
|
(1.44
)
|
—
|
—
|
—
|
||||
Paid-in-Capital
|
—
|
—
|
(0.00
)
(4)
|
(0.06
)
|
||||
Total Distributions
|
(1.67
)
|
(0.11
)
|
(0.15
)
|
(0.26
)
|
||||
Net Asset Value, End of Period
|
$
|
10.95
|
$
|
10.41
|
$
|
10.53
|
$
|
9.06
|
Total Return(5)
|
21.62
%
|
0.07
%
|
17.93
%
|
(6.90
)%
(7)
|
||||
Ratios to Average Net Assets and Supplemental Data:
|
||||||||
Net Assets, End of Period (Thousands)
|
$
|
826
|
$
|
43
|
$
|
42
|
$
|
9
|
Ratio of Expenses Before Expense Limitation
|
4.14
%
|
10.61
%
|
7.63
%
|
22.79
%
(8)
|
||||
Ratio of Expenses After Expense Limitation
|
1.14
%
(6)
|
1.14
%
(6)
|
1.14
%
(6)
|
1.14
%
(6)(8)
|
||||
Ratio of Net Investment Income
|
2.48
%
(6)
|
1.18
%
(6)
|
1.46
%
(6)
|
2.18
%
(6)(8)
|
||||
Ratio of Rebate from Morgan Stanley Affiliates
|
0.01
%
|
0.01
%
|
0.01
%
|
0.01
%
(8)
|
||||
Portfolio Turnover Rate
|
232
%
|
68
%
|
65
%
|
26
%
(7)
|
(1)
|
Not consolidated.
|
(2)
|
Commencement of Operations.
|
(3)
|
Per share amount is based on average shares outstanding.
|
(4)
|
Amount is less than $0.005 per share.
|
(5)
|
Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.
|
(6)
|
The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as “Ratio of Rebate from Morgan Stanley Affiliates.”
|
(7)
|
Not annualized.
|
(8)
|
Annualized.
|
Class C
|
||||||||
Year Ended December 31,
|
Period from June 18, 2018(2)
to December 31, 2018(1) |
|||||||
Selected Per Share Data and Ratios
|
2021
|
2020(1)
|
2019(1)
|
|||||
Net Asset Value, Beginning of Period
|
$
|
10.36
|
$
|
10.50
|
$
|
9.06
|
$
|
10.00
|
Income (Loss) from Investment Operations:
|
||||||||
Net Investment Income(3)
|
0.08
|
0.05
|
0.07
|
0.07
|
||||
Net Realized and Unrealized Gain (Loss)
|
2.04
|
(0.14
)
|
1.48
|
(0.79
)
|
||||
Total from Investment Operations
|
2.12
|
(0.09
)
|
1.55
|
(0.72
)
|
||||
Distributions from and/or in Excess of:
|
||||||||
Net Investment Income
|
(0.14
)
|
(0.05
)
|
(0.11
)
|
(0.16
)
|
||||
Net Realized Gain
|
(1.44
)
|
—
|
—
|
—
|
||||
Paid-in-Capital
|
—
|
—
|
(0.00
)
(4)
|
(0.06
)
|
||||
Total Distributions
|
(1.58
)
|
(0.05
)
|
(0.11
)
|
(0.22
)
|
||||
Net Asset Value, End of Period
|
$
|
10.90
|
$
|
10.36
|
$
|
10.50
|
$
|
9.06
|
Total Return(5)
|
20.80
%
|
(0.81
)%
|
17.12
%
|
(7.27
)%
(7)
|
||||
Ratios to Average Net Assets and Supplemental Data:
|
||||||||
Net Assets, End of Period (Thousands)
|
$
|
943
|
$
|
218
|
$
|
172
|
$
|
9
|
Ratio of Expenses Before Expense Limitation
|
4.04
%
|
5.10
%
|
8.50
%
|
23.55
%
(8)
|
||||
Ratio of Expenses After Expense Limitation
|
1.89
%
(6)
|
1.89
%
(6)
|
1.89
%
(6)
|
1.89
%
(6)(8)
|
||||
Ratio of Net Investment Income
|
0.69
%
(6)
|
0.54
%
(6)
|
0.68
%
(6)
|
1.37
%
(6)(8)
|
||||
Ratio of Rebate from Morgan Stanley Affiliates
|
0.01
%
|
0.01
%
|
0.01
%
|
0.01
%
(8)
|
||||
Portfolio Turnover Rate
|
232
%
|
68
%
|
65
%
|
26
%
(7)
|
(1)
|
Not consolidated.
|
(2)
|
Commencement of Operations.
|
(3)
|
Per share amount is based on average shares outstanding.
|
(4)
|
Amount is less than $0.005 per share.
|
(5)
|
Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.
|
(6)
|
The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as “Ratio of Rebate from Morgan Stanley Affiliates.”
|
(7)
|
Not annualized.
|
(8)
|
Annualized.
|
Class R6
|
||||||||
Year Ended December 31,
|
Period from June 18, 2018(2)
to December 31, 2018(1) |
|||||||
Selected Per Share Data and Ratios
|
2021
|
2020(1)
|
2019(1)
|
|||||
Net Asset Value, Beginning of Period
|
$
|
10.38
|
$
|
10.51
|
$
|
9.06
|
$
|
10.00
|
Income (Loss) from Investment Operations:
|
||||||||
Net Investment Income(3)
|
0.20
|
0.16
|
0.19
|
0.13
|
||||
Net Realized and Unrealized Gain (Loss)
|
2.05
|
(0.13
)
|
1.47
|
(0.79
)
|
||||
Total from Investment Operations
|
2.25
|
0.03
|
1.66
|
(0.66
)
|
||||
Distributions from and/or in Excess of:
|
||||||||
Net Investment Income
|
(0.26
)
|
(0.16
)
|
(0.21
)
|
(0.22
)
|
||||
Net Realized Gain
|
(1.44
)
|
—
|
—
|
—
|
||||
Paid-in-Capital
|
—
|
—
|
(0.00
)
(4)
|
(0.06
)
|
||||
Total Distributions
|
(1.70
)
|
(0.16
)
|
(0.21
)
|
(0.28
)
|
||||
Net Asset Value, End of Period
|
$
|
10.93
|
$
|
10.38
|
$
|
10.51
|
$
|
9.06
|
Total Return(5)
|
22.16
%
|
0.42
%
|
18.37
%
|
(6.69
)%
(7)
|
||||
Ratios to Average Net Assets and Supplemental Data:
|
||||||||
Net Assets, End of Period (Thousands)
|
$
|
13
|
$
|
11
|
$
|
11
|
$
|
9
|
Ratio of Expenses Before Expense Limitation
|
21.20
%
|
22.80
%
|
22.24
%
|
22.53
%
(8)
|
||||
Ratio of Expenses After Expense Limitation
|
0.74
%
(6)
|
0.74
%
(6)
|
0.74
%
(6)
|
0.74
%
(6)(8)
|
||||
Ratio of Net Investment Income
|
1.75
%
(6)
|
1.62
%
(6)
|
1.90
%
(6)
|
2.53
%
(6)(8)
|
||||
Ratio of Rebate from Morgan Stanley Affiliates
|
0.01
%
|
0.01
%
|
0.01
%
|
0.01
%
(8)
|
||||
Portfolio Turnover Rate
|
232
%
|
68
%
|
65
%
|
26
%
(7)
|
(1)
|
Not consolidated.
|
(2)
|
Commencement of Operations.
|
(3)
|
Per share amount is based on average shares outstanding.
|
(4)
|
Amount is less than $0.005 per share.
|
(5)
|
Calculated based on the net asset value as of the last business day of the period.
|
(6)
|
The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as “Ratio of Rebate from Morgan Stanley Affiliates.”
|
(7)
|
Not annualized.
|
(8)
|
Annualized.
|
•
|
Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
|
•
|
Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)
|
•
|
Shares purchased through a Merrill Lynch affiliated investment advisory program
|
•
|
Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers
|
•
|
Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform
|
•
|
Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)
|
•
|
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)
|
•
|
Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers
|
•
|
Employees and registered representatives of Merrill Lynch or its affiliates and their family members
|
•
|
Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus
|
•
|
Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement
|
•
|
Death or disability of the shareholder
|
•
|
Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus
|
•
|
Return of excess contributions from an IRA Account
|
•
|
Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code
|
•
|
Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch
|
•
|
Shares acquired through a right of reinstatement
|
•
|
Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)
|
•
|
Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers
|
•
|
Breakpoints as described in this Prospectus
|
•
|
Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund’s prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets
|
•
|
Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)
|
•
|
Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans
|
•
|
Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules
|
•
|
Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund
|
•
|
Shares purchased through a Morgan Stanley self-directed brokerage account
|
•
|
Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program
|
•
|
Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge
|
•
|
Shares purchased in an investment advisory program
|
•
|
Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions
|
•
|
Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James
|
•
|
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)
|
•
|
A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James
|
•
|
Death or disability of the shareholder
|
•
|
Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus
|
•
|
Return of excess contributions from an IRA Account
|
•
|
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Fund’s Prospectus
|
•
|
Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James
|
•
|
Shares acquired through a right of reinstatement
|
•
|
Breakpoints as described in this Prospectus
|
•
|
Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets
|
•
|
Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets
|
•
|
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)
|
•
|
Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney
|
•
|
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement)
|
•
|
Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans
|
•
|
Shares acquired through a right of reinstatement
|
•
|
Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures
|
•
|
Shares sold upon the death or disability of the shareholder
|
•
|
Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus
|
•
|
Shares purchased in connection with a return of excess contributions from an IRA account
|
•
|
Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s Prospectus
|
•
|
Shares sold to pay Janney fees but only if the transaction is initiated by Janney
|
•
|
Shares acquired through a right of reinstatement
|
•
|
Shares exchanged into the same share class of a different fund
|
•
|
Breakpoints as described in this Prospectus
|
•
|
Rights of Accumulation (ROA), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets
|
•
|
Letters of Intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets
|
•
|
Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
|
•
|
Shares purchased by or through a 529 Plan
|
•
|
Shares purchased through an OPCO affiliated investment advisory program
|
•
|
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family
|
•
|
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).
|
•
|
A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO
|
•
|
Employees and registered representatives of OPCO or its affiliates and their family members
|
•
|
Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus
|
•
|
Death or disability of the shareholder
|
•
|
Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus
|
•
|
Return of excess contributions from an IRA Account
|
•
|
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus
|
•
|
Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO
|
•
|
Shares acquired through a right of reinstatement
|
•
|
Breakpoints as described in this prospectus
|
•
|
Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets
|
•
|
Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Stifel’s policies and procedures. All other sales charge waivers and reductions described elsewhere in the Fund’s Prospectus or SAI still apply.
|
•
|
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund
|
•
|
Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird
|
•
|
Shares purchased using the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)
|
•
|
A shareholder in the Funds C Shares will have their share converted at net asset value to A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird
|
•
|
Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SAR-SEPs
|
•
|
Shares sold due to death or disability of the shareholder
|
•
|
Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus
|
•
|
Shares bought due to returns of excess contributions from an IRA Account
|
•
|
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund’s prospectus
|
•
|
Shares sold to pay Baird fees but only if the transaction is initiated by Baird
|
•
|
Shares acquired through a right of reinstatement
|
•
|
Breakpoints as described in this prospectus
|
•
|
Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Baird. Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets
|
•
|
Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family, through Baird, over a 13-month period of time
|
•
|
Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.
|
•
|
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.
|
Share Class and Ticker Symbol
|
||||||
I
|
A
|
L*
|
C
|
R6
|
IR
|
|
GLOBAL AND INTERNATIONAL EQUITY FUNDS:
|
||||||
Active International Allocation Portfolio
|
MSACX
|
MSIBX
|
MSLLX
|
MSAAX
|
MAIJX
|
MAIHX
|
Asia Opportunity Portfolio
|
MSAQX
|
MSAUX
|
—
|
MSAWX
|
MSAYX
|
—
|
China Equity Portfolio
|
MAKIX
|
MAKAX
|
—
|
MAKCX
|
MAKSX
|
—
|
Counterpoint Global Portfolio
|
GLCIX
|
GLCAX
|
—
|
GLCDX
|
GLCSX
|
—
|
Developing Opportunity Portfolio
|
MDOEX
|
MDOAX
|
—
|
MDOBX
|
MDODX
|
—
|
Emerging Markets Leaders Portfolio
|
MELIX
|
MELAX
|
—
|
MEMLX
|
MELSX
|
MSIWX
|
Emerging Markets Portfolio
|
MGEMX
|
MMKBX
|
MSELX
|
MSEPX
|
MMMPX
|
MRGEX
|
Global Concentrated Portfolio
|
MLNIX
|
MLNAX
|
—
|
MLNCX
|
MLNSX
|
—
|
Global Core Portfolio
|
MLMIX
|
MLMAX
|
—
|
MLMCX
|
MLMSX
|
—
|
Global Endurance Portfolio
|
MSJIX
|
MSJAX
|
—
|
MSJCX
|
MSJSX
|
—
|
Global Franchise Portfolio
|
MSFAX
|
MSFBX
|
MSFLX
|
MSGFX
|
MGISX
|
—
|
Global Insight Portfolio
|
MIGIX
|
MIGPX
|
MIGLX
|
MSPTX
|
MGZZX
|
—
|
Global Opportunity Portfolio**
|
MGGIX
|
MGGPX
|
MGGLX
|
MSOPX
|
MGTSX
|
MGORX
|
Global Permanence Portfolio
|
MGKIX
|
MGKAX
|
—
|
MGKCX
|
MGKQX
|
—
|
Global Sustain Portfolio
|
MGQIX
|
MGQAX
|
MGQLX
|
MSGQX
|
MGQSX
|
—
|
International Advantage Portfolio
|
MFAIX
|
MFAPX
|
MSALX
|
MSIAX
|
IDVSX
|
—
|
International Equity Portfolio
|
MSIQX
|
MIQBX
|
MSQLX
|
MSECX
|
MIQPX
|
—
|
International Opportunity Portfolio
|
MIOIX
|
MIOPX
|
MIOLX
|
MSOCX
|
MNOPX
|
MRNPX
|
Next Gen Emerging Markets Portfolio
|
MFMIX
|
MFMPX
|
MFMLX
|
MSFEX
|
MSRFX
|
—
|
U.S. EQUITY FUNDS:
|
||||||
Advantage Portfolio
|
MPAIX
|
MAPPX
|
MAPLX
|
MSPRX
|
MADSX
|
—
|
Growth Portfolio
|
MSEQX
|
MSEGX
|
MSHLX
|
MSGUX
|
MGRPX
|
MGHRX
|
Inception Portfolio
|
MSSGX
|
MSSMX
|
MSSLX
|
MSCOX
|
MFLLX
|
—
|
Permanence Portfolio
|
MSHMX
|
MSHNX
|
—
|
MSHOX
|
MSHPX
|
—
|
US Core Portfolio
|
MUOIX
|
MUOAX
|
—
|
MUOCX
|
MUOSX
|
—
|
Vitality Portfolio
|
MSVDX
|
MSVEX
|
—
|
MSVMX
|
MSVOX
|
—
|
FIXED INCOME FUND:
|
||||||
Emerging Markets Fixed Income Opportunities Portfolio
|
MEAIX
|
MEAPX
|
MEALX
|
MSEDX
|
MRDPX
|
—
|
LISTED REAL ASSET FUNDS:
|
||||||
Global Focus Real Estate Portfolio
|
MSBDX
|
MSBEX
|
—
|
MSBKX
|
MSBPX
|
—
|
Global Infrastructure Portfolio
|
MTIIX
|
MTIPX
|
MTILX
|
MSGTX
|
MSGPX
|
MRGOX
|
Global Real Estate Portfolio
|
MRLAX
|
MRLBX
|
MGRLX
|
MSRDX
|
MGREX
|
MRLEX
|
U.S. Focus Real Estate Portfolio
|
MAAWX
|
MAAYX
|
—
|
MABBX
|
MABCX
|
—
|
U.S. Real Estate Portfolio
|
MSUSX
|
MUSDX
|
MSULX
|
MSURX
|
MURSX
|
MRETX
|
ASSET ALLOCATION FUND:
|
||||||
Multi-Asset Real Return Portfolio
|
MRJIX
|
MRJAX
|
—
|
MRJCX
|
MRJSX
|
—
|
* | The Company has suspended offering Class L shares of each Fund for sale to all investors. Existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions. Class L shares of 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 are not being offered for sale at this time. You do not currently have the option of purchasing Class L shares. |
** | The Company has suspended offering Class I, Class A, Class C, Class R6 and Class IR shares of the Fund to new investors, except as follows. The Company will continue to offer Class I, Class A, Class C, Class R6 and Class IR shares of the Fund: (1) through certain retirement plan accounts, (2) to clients of certain registered investment advisers who currently offer shares of the Fund in their asset allocation programs, (3) to directors and trustees of the Morgan Stanley Funds, (4) to Morgan Stanley affiliates and their employees, (5) to benefit plans sponsored by Morgan Stanley and its affiliates and (6) omnibus accounts sponsored or serviced by a financial intermediary that currently hold shares of the Fund in such accounts. The Company will continue to offer Class I, Class A, Class C, Class R6 and Class IR shares of the Fund to existing shareholders. The Company may recommence offering shares of the Fund to new investors in the future. Any such offerings of the Fund’s shares may be limited in amount and may commence and terminate without any prior notice. |
GLOBAL AND INTERNATIONAL EQUITY FUNDS
|
|||||||||
Active International Allocation
|
Asia Opportunity
|
China Equity
|
Developing Opportunity
|
Emerging Markets
|
Emerging Markets Leaders
|
Next Gen Emerging Markets
|
Global Insight
|
Global Concentrated
|
|
Equity Securities:
|
|||||||||
Common Stocks
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Depositary Receipts
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Preferred Stocks
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Rights
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Warrants
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
IPOs
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Convertible Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Limited Partnership and Limited Liability Company Interests
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Investment Company Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Exchange-Traded Funds
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Real Estate Investing
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
—REITs
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
—Foreign Real Estate Companies
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
—Specialized Ownership Vehicles
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Special Purpose Acquisition Companies
|
X
|
X
|
X
|
||||||
Fixed-Income Securities:
|
GLOBAL AND INTERNATIONAL EQUITY FUNDS
|
|||||||||
Active International Allocation
|
Asia Opportunity
|
China Equity
|
Developing Opportunity
|
Emerging Markets
|
Emerging Markets Leaders
|
Next Gen Emerging Markets
|
Global Insight
|
Global Concentrated
|
|
Investment Grade Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
High Yield Securities
|
X
|
X
|
X
|
X
|
X
|
||||
U.S. Government Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Agencies
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Corporates
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Money Market Instruments
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Cash Equivalents
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Chinese Fixed-Income Investments
|
X
|
||||||||
Mortgage-Related Securities
|
X
|
X
|
X
|
X
|
X
|
||||
Repurchase Agreements
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Municipals
|
X
|
||||||||
Asset-Backed Securities
|
X
|
||||||||
Loan-Related Investments
|
X
|
X
|
X
|
X
|
|||||
Temporary Investments
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Zero Coupons, Pay-In-Kind Securities or Deferred Payment Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Floaters
|
|||||||||
Inverse Floaters
|
|||||||||
Eurodollar and Yankee Dollar Obligations
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Foreign Investment:
|
|||||||||
China Investments
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Foreign Equity Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Foreign Government Fixed-Income Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
GLOBAL AND INTERNATIONAL EQUITY FUNDS
|
|||||||||
Active International Allocation
|
Asia Opportunity
|
China Equity
|
Developing Opportunity
|
Emerging Markets
|
Emerging Markets Leaders
|
Next Gen Emerging Markets
|
Global Insight
|
Global Concentrated
|
|
Foreign Corporate Fixed-Income Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
|
Emerging Market Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Foreign Currency Transactions
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Brady Bonds
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Investment Funds
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Exchange-Listed Equities via Stock Connect Program
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
||
Investments in Saudi Arabia and the QFI Regime
|
X
|
X
|
X
|
X
|
|||||
Variable Interest Entities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
||
Other Securities and Investment Strategies:
|
|||||||||
Loans of Portfolio Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Non-Publicly Traded Securities, Private Placements and Restricted Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
When-Issued and Delayed Delivery Securities and Forward Commitments
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Borrowing for Investment Purposes
|
|||||||||
Temporary Borrowing
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Reverse Repurchase Agreements
|
X
|
||||||||
Short Sales
|
|||||||||
Illiquid Investments
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Bitcoin Exposure
|
X
|
X
|
X
|
GLOBAL AND INTERNATIONAL EQUITY FUNDS
|
|||||||||
Active International Allocation
|
Asia Opportunity
|
China Equity
|
Developing Opportunity
|
Emerging Markets
|
Emerging Markets Leaders
|
Next Gen Emerging Markets
|
Global Insight
|
Global Concentrated
|
|
Derivatives:
|
|||||||||
Currency Forwards
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Futures Contracts
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Options
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
||
Swaps
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Contracts for Difference
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Structured Investments
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
|
Combined Transactions
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Commodity-Linked Investments
|
X
|
GLOBAL AND INTERNATIONAL EQUITY FUNDS
|
||||||||||
Global Core
|
Counterpoint Global
|
Global Endurance
|
Global Franchise
|
Global Opportunity
|
Global Permanence
|
Global Sustain
|
International Advantage
|
International Equity
|
International Opportunity
|
|
Equity Securities:
|
||||||||||
Common Stocks
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Depositary Receipts
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Preferred Stocks
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Rights
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Warrants
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
IPOs
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Convertible Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Limited Partnership and Limited Liability Company Interests
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Investment Company Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Exchange-Traded Funds
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Real Estate Investing
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
—REITs
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
—Foreign Real Estate Companies
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
—Specialized Ownership Vehicles
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Special Purpose Acquisition Companies
|
X
|
X
|
X
|
X
|
X
|
X
|
||||
Fixed-Income Securities:
|
||||||||||
Investment Grade Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
High Yield Securities
|
X
|
|||||||||
U.S. Government Securities
|
X
|
X
|
X
|
*
|
X
|
X
|
X
|
X
|
*
|
X
|
Agencies
|
X
|
X
|
X
|
*
|
X
|
X
|
X
|
X
|
*
|
X
|
Corporates
|
X
|
X
|
X
|
*
|
X
|
X
|
X
|
X
|
*
|
X
|
Money Market Instruments
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Cash Equivalents
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Chinese Fixed-Income Investments
|
||||||||||
Mortgage-Related Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
|||
Repurchase Agreements
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Municipals
|
||||||||||
Asset-Backed Securities
|
||||||||||
Loan-Related Investments
|
||||||||||
Temporary Investments
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Zero Coupons, Pay-In-Kind Securities or Deferred Payment Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
||
Floaters
|
||||||||||
Inverse Floaters
|
||||||||||
Eurodollar and Yankee Dollar Obligations
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Foreign Investment:
|
||||||||||
China Investments
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Foreign Equity Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
GLOBAL AND INTERNATIONAL EQUITY FUNDS
|
||||||||||
Global Core
|
Counterpoint Global
|
Global Endurance
|
Global Franchise
|
Global Opportunity
|
Global Permanence
|
Global Sustain
|
International Advantage
|
International Equity
|
International Opportunity
|
|
Foreign Government Fixed-Income Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
||
Foreign Corporate Fixed-Income Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
||
Emerging Market Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Foreign Currency Transactions
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Brady Bonds
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
|||
Investment Funds
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Exchange-Listed Equities via Stock Connect Program
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
|
Investments in Saudi Arabia and the QFI Regime
|
||||||||||
Variable Interest Entities
|
X
|
X
|
X
|
X
|
X
|
|||||
Other Securities and Investment Strategies:
|
||||||||||
Loans of Portfolio Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Non-Publicly Traded Securities, Private Placements and Restricted Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
When-Issued and Delayed Delivery Securities and Forward Commitments
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Borrowing for Investment Purposes
|
||||||||||
Temporary Borrowing
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Reverse Repurchase Agreements
|
||||||||||
Short Sales
|
||||||||||
Illiquid Investments
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Bitcoin Exposure
|
X
|
X
|
X
|
X
|
X
|
|||||
Derivatives:
|
||||||||||
Currency Forwards
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
Futures Contracts
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
|
Options
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
|
Swaps
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
|
Contracts for Difference
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
|
Structured Investments
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
|||
Combined Transactions
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
X
|
|
Commodity-Linked Investments
|
* | This Fund may invest in certain U.S. Government Securities, Agencies and Corporates as described under Money Market Instruments and Temporary Investments. |
U.S. EQUITY FUNDS
|
||||||
Advantage
|
Growth
|
Inception
|
US Core
|
Permanence
|
Vitality
|
|
Equity Securities:
|
||||||
Common Stocks
|
X
|
X
|
X
|
X
|
X
|
X
|
Depositary Receipts
|
X
|
X
|
X
|
X
|
X
|
X
|
Preferred Stocks
|
X
|
X
|
X
|
X
|
X
|
X
|
Rights
|
X
|
X
|
X
|
X
|
X
|
X
|
Warrants
|
X
|
X
|
X
|
X
|
X
|
X
|
IPOs
|
X
|
X
|
X
|
X
|
X
|
X
|
Convertible Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
Limited Partnership and Limited Liability Company Interests
|
X
|
X
|
X
|
X
|
X
|
X
|
Investment Company Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
Exchange-Traded Funds
|
X
|
X
|
X
|
X
|
X
|
X
|
Real Estate Investing
|
X
|
X
|
X
|
X
|
X
|
X
|
—REITs
|
X
|
X
|
X
|
X
|
X
|
X
|
—Foreign Real Estate Companies
|
X
|
X
|
X
|
X
|
X
|
X
|
—Specialized Ownership Vehicles
|
X
|
X
|
X
|
X
|
X
|
X
|
Special Purpose Acquisition Companies
|
X
|
X
|
X
|
X
|
X
|
|
Fixed-Income Securities:
|
||||||
Investment Grade Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
High Yield Securities
|
||||||
U.S. Government Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
Agencies
|
X
|
X
|
X
|
X
|
X
|
X
|
Corporates
|
X
|
X
|
X
|
X
|
X
|
X
|
Money Market Instruments
|
X
|
X
|
X
|
X
|
X
|
X
|
Cash Equivalents
|
X
|
X
|
X
|
X
|
X
|
X
|
Chinese Fixed-Income Investments
|
||||||
Mortgage-Related Securities
|
X
|
X
|
||||
Repurchase Agreements
|
X
|
X
|
X
|
X
|
X
|
X
|
Municipals
|
||||||
Asset-Backed Securities
|
||||||
Loan-Related Investments
|
||||||
Temporary Investments
|
X
|
X
|
X
|
X
|
X
|
X
|
Zero Coupons, Pay-In-Kind Securities or Deferred Payment Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
Floaters
|
U.S. EQUITY FUNDS
|
||||||
Advantage
|
Growth
|
Inception
|
US Core
|
Permanence
|
Vitality
|
|
Inverse Floaters
|
||||||
Eurodollar and Yankee Dollar Obligations
|
X
|
X
|
||||
Foreign Investment:
|
||||||
Foreign Equity Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
Foreign Government Fixed-Income Securities
|
X
|
X
|
||||
Foreign Corporate Fixed-Income Securities
|
X
|
X
|
||||
Emerging Market Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
Foreign Currency Transactions
|
X
|
X
|
X
|
X
|
X
|
X
|
Brady Bonds
|
X
|
X
|
||||
Investment Funds
|
X
|
X
|
X
|
X
|
X
|
X
|
Exchange-Listed Equities via Stock Connect Program
|
X
|
X
|
||||
Investments in Saudi Arabia and the QFI Regime
|
||||||
Other Securities and Investment Strategies:
|
||||||
Loans of Portfolio Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
Non-Publicly Traded Securities, Private Placements and Restricted Securities
|
X
|
X
|
X
|
X
|
X
|
X
|
When-Issued and Delayed Delivery Securities and Forward Commitments
|
X
|
X
|
X
|
X
|
X
|
X
|
Borrowing for Investment Purposes
|
||||||
Temporary Borrowing
|
X
|
X
|
X
|
X
|
X
|
X
|
Reverse Repurchase Agreements
|
X
|
X
|
X
|
|||
Short Sales
|
||||||
Illiquid Investments
|
X
|
X
|
X
|
X
|
X
|
X
|
Bitcoin Exposure
|
X
|
X
|
X
|
X
|
||
Derivatives:
|
||||||
Currency Forwards
|
X
|
X
|
X
|
X
|
X
|
X
|
Futures Contracts
|
X
|
X
|
X
|
X
|
X
|
X
|
Options
|
X
|
X
|
X
|
X
|
X
|
X
|
Swaps
|
X
|
X
|
X
|
X
|
X
|
X
|
Contracts for Difference
|
X
|
X
|
X
|
X
|
X
|
X
|
Structured Investments
|
X
|
X
|
X
|
X
|
X
|
X
|
U.S. EQUITY FUNDS
|
||||||
Advantage
|
Growth
|
Inception
|
US Core
|
Permanence
|
Vitality
|
|
Combined Transactions
|
X
|
X
|
X
|
X
|
X
|
X
|
Commodity-Linked Investments
|
FIXED INCOME FUND
|
|
Emerging Markets Fixed Income Opportunities
|
|
Equity Securities:
|
|
Common Stocks
|
X
|
Depositary Receipts
|
X
|
Preferred Stocks
|
X
|
Rights
|
X
|
Warrants
|
X
|
IPOs
|
X
|
Convertible Securities
|
X
|
Limited Partnership and Limited Liability Company Interests
|
|
Investment Company Securities
|
X
|
Exchange-Traded Funds
|
X
|
Real Estate Investing
|
|
—REITs
|
|
—Foreign Real Estate Companies
|
X
|
—Specialized Ownership Vehicles
|
|
Special Purpose Acquisition Companies
|
|
Fixed-Income Securities:
|
|
Investment Grade Securities
|
X
|
High Yield Securities
|
X
|
U.S. Government Securities
|
X
|
Agencies
|
X
|
Corporates
|
X
|
Money Market Instruments
|
X
|
Cash Equivalents
|
X
|
Chinese Fixed-Income Investments
|
X
|
Mortgage-Related Securities
|
X
|
Repurchase Agreements
|
X
|
Municipals
|
X
|
Asset-Backed Securities
|
X
|
Loan-Related Investments
|
X
|
Temporary Investments
|
X
|
Zero Coupons, Pay-In-Kind Securities or Deferred Payment Securities
|
X
|
Floaters
|
X
|
Inverse Floaters
|
X
|
Eurodollar and Yankee Dollar Obligations
|
X
|
Foreign Investment:
|
|
Foreign Equity Securities
|
X
|
Foreign Government Fixed-Income Securities
|
X
|
Foreign Corporate Fixed-Income Securities
|
X
|
Emerging Market Securities
|
X
|
Foreign Currency Transactions
|
X
|
Brady Bonds
|
X
|
Investment Funds
|
X
|
Exchange-Listed Equities via Stock Connect Program
|
|
Investments in Saudi Arabia and the QFI Regime
|
|
Other Securities and Investment Strategies:
|
|
Loans of Portfolio Securities
|
X
|
Non-Publicly Traded Securities, Private Placements and Restricted Securities
|
X
|
When-Issued and Delayed Delivery Securities and Forward Commitments
|
X
|
FIXED INCOME FUND
|
|
Emerging Markets Fixed Income Opportunities
|
|
Borrowing for Investment Purposes
|
X
|
Temporary Borrowing
|
X
|
Reverse Repurchase Agreements
|
X
|
Short Sales
|
X
|
Bitcoin Exposure
|
|
Derivatives:
|
|
Currency Forwards
|
X
|
Futures Contracts
|
X
|
Options
|
X
|
Swaps
|
X
|
Contracts for Difference
|
X
|
Structured Investments
|
X
|
Combined Transactions
|
X
|
Commodity-Linked Investments
|
LISTED REAL ASSET FUNDS
|
|||||
Global Focus Real Estate
|
Global Infrastructure
|
Global Real Estate
|
U.S. Focus Real Estate
|
U.S. Real Estate
|
|
Equity Securities:
|
|||||
Common Stocks
|
X
|
X
|
X
|
X
|
X
|
Depositary Receipts
|
X
|
X
|
X
|
X
|
X
|
Preferred Stocks
|
X
|
X
|
X
|
X
|
X
|
Rights
|
X
|
X
|
X
|
X
|
X
|
Warrants
|
X
|
X
|
X
|
X
|
X
|
IPOs
|
X
|
X
|
X
|
X
|
X
|
Convertible Securities
|
X
|
X
|
X
|
X
|
X
|
Limited Partnership and Limited Liability Company Interests
|
X
|
X
|
X
|
X
|
X
|
Investment Company Securities
|
X
|
X
|
X
|
X
|
X
|
Exchange-Traded Funds
|
X
|
X
|
X
|
X
|
X
|
Real Estate Investing
|
X
|
X
|
X
|
X
|
X
|
—REITs
|
X
|
X
|
X
|
X
|
X
|
—Foreign Real Estate Companies
|
X
|
X
|
X
|
X
|
X
|
—Specialized Ownership Vehicles
|
X
|
X
|
X
|
X
|
X
|
Special Purpose Acquisition Companies
|
|||||
Fixed-Income Securities:
|
|||||
Investment Grade Securities
|
X
|
X
|
X
|
X
|
X
|
High Yield Securities
|
X
|
||||
U.S. Government Securities
|
X
|
X
|
X
|
X
|
X
|
Agencies
|
X
|
X
|
X
|
X
|
X
|
Corporates
|
X
|
X
|
X
|
X
|
X
|
Money Market Instruments
|
X
|
X
|
X
|
X
|
X
|
Cash Equivalents
|
X
|
X
|
X
|
X
|
X
|
Chinese Fixed-Income Investments
|
|||||
Mortgage-Related Securities
|
X
|
X
|
|||
Repurchase Agreements
|
X
|
X
|
X
|
X
|
X
|
Municipals
|
X
|
||||
Asset-Backed Securities
|
X
|
||||
Loan-Related Investments
|
X
|
||||
Temporary Investments
|
X
|
X
|
X
|
X
|
X
|
Zero Coupons, Pay-In-Kind Securities or Deferred Payment Securities
|
X
|
X
|
X
|
X
|
X
|
Floaters
|
|||||
Inverse Floaters
|
|||||
Eurodollar and Yankee Dollar Obligations
|
X
|
X
|
X
|
||
Foreign Investment:
|
|||||
Foreign Equity Securities
|
X
|
X
|
X
|
X
|
X
|
Foreign Government Fixed-Income Securities
|
X
|
||||
Foreign Corporate Fixed-Income Securities
|
X
|
X
|
X
|
X
|
X
|
Emerging Market Securities
|
X
|
X
|
X
|
X
|
X
|
Foreign Currency Transactions
|
X
|
X
|
X
|
X
|
X
|
Brady Bonds
|
X
|
X
|
X
|
X
|
|
Investment Funds
|
X
|
X
|
X
|
X
|
X
|
Exchange-Listed Equities via Stock Connect Program
|
LISTED REAL ASSET FUNDS
|
|||||
Global Focus Real Estate
|
Global Infrastructure
|
Global Real Estate
|
U.S. Focus Real Estate
|
U.S. Real Estate
|
|
Investments in Saudi Arabia and the QFI Regime
|
|||||
Variable Interest Entities
|
X
|
X
|
X
|
X
|
|
Other Securities and Investment Strategies:
|
|||||
Loans of Portfolio Securities
|
X
|
X
|
X
|
X
|
X
|
Non-Publicly Traded Securities, Private Placements and Restricted Securities
|
X
|
X
|
X
|
X
|
X
|
When-Issued and Delayed Delivery Securities and Forward Commitments
|
X
|
X
|
X
|
X
|
X
|
Borrowing for Investment Purposes
|
|||||
Temporary Borrowing
|
X
|
X
|
X
|
X
|
X
|
Reverse Repurchase Agreements
|
|||||
Short Sales
|
|||||
Illiquid Investments
|
X
|
X
|
X
|
X
|
X
|
Bitcoin Exposure
|
|||||
Derivatives:
|
|||||
Currency Forwards
|
X
|
X
|
X
|
X
|
|
Futures Contracts
|
X
|
X
|
|||
Options
|
X
|
||||
Swaps
|
X
|
||||
Contracts for Difference
|
X
|
||||
Structured Investments
|
X
|
||||
Combined Transactions
|
X
|
X
|
|||
Commodity-Linked Investments
|
ASSET ALLOCATION FUND
|
|
Multi-Asset Real Return
|
|
Equity Securities:
|
|
Common Stocks
|
X
|
Depositary Receipts
|
X
|
Preferred Stocks
|
X
|
Rights
|
X
|
Warrants
|
X
|
IPOs
|
X
|
Convertible Securities
|
X
|
Limited Partnership and Limited Liability Company Interests
|
X
|
Investment Company Securities
|
X
|
Exchange-Traded Funds
|
X
|
Real Estate Investing
|
X
|
—REITs
|
X
|
—Foreign Real Estate Companies
|
X
|
—Specialized Ownership Vehicles
|
X
|
Special Purpose Acquisition Companies
|
|
Fixed-Income Securities:
|
|
Investment Grade Securities
|
X
|
High Yield Securities
|
X
|
U.S. Government Securities
|
X
|
Agencies
|
X
|
Corporates
|
X
|
Money Market Instruments
|
X
|
Cash Equivalents
|
X
|
Chinese Fixed-Income Investments
|
|
Mortgage-Related Securities
|
X
|
Repurchase Agreements
|
X
|
Municipals
|
X
|
Asset-Backed Securities
|
X
|
Loan-Related Investments
|
X
|
Temporary Investments
|
X
|
Zero Coupons, Pay-In-Kind Securities or Deferred Payment Securities
|
X
|
Floaters
|
X
|
Inverse Floaters
|
X
|
Eurodollar and Yankee Dollar Obligations
|
X
|
Foreign Investment:
|
|
Foreign Equity Securities
|
X
|
Foreign Government Fixed-Income Securities
|
X
|
Foreign Corporate Fixed-Income Securities
|
X
|
Emerging Market Securities
|
X
|
Foreign Currency Transactions
|
X
|
Brady Bonds
|
X
|
Investment Funds
|
X
|
Exchange-Listed Equities via Stock Connect Program
|
|
Investments in Saudi Arabia and the QFI Regime
|
|
Other Securities and Investment Strategies:
|
|
Loans of Portfolio Securities
|
X
|
Non-Publicly Traded Securities, Private Placements and Restricted Securities
|
X
|
When-Issued and Delayed Delivery Securities and Forward Commitments
|
X
|
ASSET ALLOCATION FUND
|
|
Multi-Asset Real Return
|
|
Borrowing for Investment Purposes
|
X
|
Temporary Borrowing
|
X
|
Reverse Repurchase Agreements
|
X
|
Short Sales
|
X
|
Illiquid Investments
|
X
|
Bitcoin Exposure
|
|
Derivatives:
|
|
Currency Forwards
|
X
|
Futures Contracts
|
X
|
Options
|
X
|
Swaps
|
X
|
Contracts for Difference
|
X
|
Structured Investments
|
X
|
Combined Transactions
|
X
|
Commodity-Linked Investments
|
X
|
■
|
Time deposits, certificates of deposit (including marketable variable rate certificates of deposit) and bankers’ acceptances issued by a commercial bank or savings and loan association. Time deposits are non-negotiable deposits maintained in a banking institution for a specified period of time at a stated interest rate. Certificates of deposit are negotiable short-term obligations issued by commercial banks or savings and loan associations against funds deposited in the issuing institution. Variable rate certificates of deposit are certificates of deposit on which the interest rate is periodically adjusted prior to their stated maturity based upon a specified market rate. A bankers’ acceptance is a time draft drawn on a commercial bank by a borrower, usually in connection with an international commercial transaction (to finance the import, export, transfer or storage of goods);
|
■
|
Obligations of U.S. banks, foreign branches of U.S. banks (Eurodollars) and U.S. branches of foreign banks (Yankee dollars). Eurodollar and Yankee dollar investments will involve some of the same risks of investing in international securities that are discussed in various foreign investing sections of this SAI;
|
■
|
Any security issued by a commercial bank if (i) the bank has total assets of at least $1 billion, or the equivalent in other currencies or, in the case of domestic banks which do not have total assets of at least $1 billion, the aggregate investment made in any one such bank is limited to $250,000 principal amount per certificate and the principal amount of such investment is insured in full by the Federal Deposit Insurance Corporation (“FDIC”), (ii) in the case of U.S. banks, it is a member of the FDIC and (iii) in the case of foreign branches of U.S. banks, the security is deemed by the Adviser to be of an investment quality comparable with other debt securities which the Fund may purchase;
|
■
|
Commercial paper rated at time of purchase by one or more nationally recognized statistical rating organizations (“NRSROs”) in one of their two highest categories (e.g., A-l or A-2 by S&P, Prime 1 or Prime 2 by Moody’s or F1 or F2 by Fitch) or, if unrated, determined to be of comparable quality by the Adviser;
|
■
|
Short-term corporate obligations rated high-grade at the time of purchase by an NRSRO (e.g., A or better by Moody’s, S&P or Fitch);
|
■
|
U.S. government obligations, including bills, notes, bonds and other debt securities issued by the U.S. Treasury. These are direct obligations of the U.S. Government and differ mainly in interest rates, maturities and dates of issue;
|
■
|
Government agency securities issued or guaranteed by U.S. government sponsored instrumentalities and Federal agencies. These include securities issued by the Federal Home Loan Banks, Federal Land Bank, Farmers Home Administration, Farm Credit Banks, Federal Intermediate Credit Bank, Fannie Mae, Federal Financing Bank, TVA and others; and
|
■
|
Repurchase agreements collateralized by the securities listed above.
|
■
|
Derivatives are subject to the risk that the market value of the derivative itself or the market value of underlying instruments will change in a way adverse to a Fund’s interests. A Fund bears the risk that the Adviser may incorrectly forecast future market trends and other financial or economic factors or the value of the underlying security, index, interest rate or currency when establishing a derivatives position for a Fund.
|
■
|
Derivatives may be subject to pricing risk, which exists when a derivative becomes extraordinarily expensive (or inexpensive) relative to historical prices or corresponding instruments. Under such market conditions, it may not be economically feasible to initiate a transaction or liquidate a position at an advantageous time or price.
|
■
|
Many derivatives are complex and often valued subjectively. Improper valuations can result in increased payment requirements to counterparties or a loss of value to a Fund.
|
■
|
Using derivatives as a hedge against a portfolio investment subjects a Fund to the risk that the derivative will have imperfect correlation with the portfolio investment, which could result in a Fund incurring substantial losses. This correlation risk may be greater in the case of derivatives based on an index or other basket of securities, as the portfolio securities being hedged may not duplicate the components of the underlying index or the basket may not be of exactly the same type of obligation as those underlying the derivative. The use of derivatives for “cross hedging” purposes (using a derivative based on one instrument as a hedge on a different instrument) may also involve greater correlation risks.
|
■
|
While using derivatives for hedging purposes can reduce a Fund’s risk of loss, it may also limit a Fund’s opportunity for gains or result in losses by offsetting or limiting a Fund’s ability to participate in favorable price movements in portfolio investments.
|
■
|
Derivatives transactions for non-hedging purposes involve greater risks and may result in losses which would not be offset by increases in the value of portfolio securities or declines in the cost of securities to be acquired. In the event that a Fund enters into a derivatives transaction as an alternative to purchasing or selling the underlying instrument or in order to obtain desired exposure to an index or market, a Fund will be exposed to the same risks as are incurred in purchasing or selling the underlying instruments directly as well as the additional risks associated with derivatives transactions.
|
■
|
The use of certain derivatives transactions, including OTC derivatives, involves the risk of loss resulting from the insolvency or bankruptcy of the counterparty to the contract or the failure by the counterparty to make required payments or otherwise
|
comply with the terms of the contract. In the event of default by a counterparty, a Fund may have contractual remedies pursuant to the agreements related to the transaction.
|
■
|
Liquidity risk exists when a particular derivative is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid, a Fund may be unable to initiate a transaction or liquidate a position at an advantageous time or price.
|
■
|
While some derivatives are cleared through a regulated, central clearinghouse, many derivatives transactions are not entered into or traded on exchanges or in markets regulated by the U.S. Commodity Futures Trading Commission (“CFTC”) or the SEC. Instead, in some cases, certain types of bilateral OTC derivatives are entered into directly by a Fund and a counterparty and may be traded only through financial institutions acting as market makers. OTC derivatives transactions can only be entered into with a willing counterparty that is approved by the Adviser in accordance with guidelines established by the Board. Where no such counterparty is available, a Fund will be unable to enter into a desired OTC transaction. There also may be greater risk that no liquid secondary market in the trading of OTC derivatives will exist, in which case a Fund may be required to hold such instruments until exercise, expiration or maturity. Many of the protections afforded to participants in the cleared derivatives markets are not available to participants in bilateral OTC derivatives transactions. Bilateral OTC derivatives transactions are not subject to the guarantee of a clearinghouse and, as a result, a Fund would bear greater risk of default by the counterparties to such transactions.
|
■
|
A Fund may be required to make physical delivery of portfolio securities underlying a derivative in order to close out a derivatives position or to sell portfolio securities at a time or price at which it may be disadvantageous to do so in order to obtain cash to close out or to maintain a derivatives position.
|
■
|
As a result of the structure of certain derivatives, adverse changes in, among other things, interest rates, volatility or the value of the underlying instrument can result in losses substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment.
|
■
|
Certain derivatives may be considered illiquid and therefore subject to a Fund’s limitation on investments in illiquid securities.
|
■
|
Derivatives transactions conducted outside the United States may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Brokerage commissions, clearing costs and other transaction costs may be higher on foreign exchanges. Many of the risks of OTC derivatives transactions are also applicable to derivatives transactions conducted outside the United States. Derivatives transactions conducted outside the United States are subject to the risk of governmental action affecting the trading in, or the prices of, foreign securities, currencies and other instruments. The value of such positions could be adversely affected by foreign political and economic factors; lesser availability of data on which to make trading decisions; delays on a Fund’s ability to act upon economic events occurring in foreign markets; and less liquidity than U.S. markets.
|
■
|
Currency derivatives are subject to additional risks. Currency derivatives transactions may be negatively affected by government exchange controls, blockages and manipulation. Currency exchange rates may be influenced by factors extrinsic to a country’s economy. There is no systematic reporting of last sale information with respect to underlying foreign currencies. As a result, the available information on which trading in currency derivatives will be based may not be as complete as comparable data for other transactions. Events could occur in the foreign currency market which will not be reflected in currency derivatives until the following day, making it more difficult for a Fund to respond to such events in a timely manner.
|
■
|
The risk of loss in buying and selling futures contracts can be substantial. Small price movements in the commodity, security, index, currency or instrument underlying a futures position may result in immediate and substantial loss (or gain) to a Fund.
|
■
|
Buying and selling futures contracts may result in losses in excess of the amount invested in the position in the form of initial margin. In the event of adverse price movements in the underlying commodity, security, index, currency or instrument, a Fund would be required to make daily cash payments to maintain its required margin. A Fund may be required to sell portfolio securities, or make or take delivery of the underlying securities in order to meet daily margin requirements at a time when it may be disadvantageous to do so. A Fund could lose margin payments deposited with an FCM if the FCM breaches its agreement with a Fund, becomes insolvent or declares bankruptcy.
|
■
|
Most exchanges limit the amount of fluctuation permitted in futures contract prices during any single trading day. Once the daily limit has been reached in a particular futures contract, no trades may be made on that day at prices beyond that limit. If futures contract prices were to move to the daily limit for several trading days with little or no trading, a Fund could be prevented from prompt liquidation of a futures position and subject to substantial losses. The daily limit governs only price movements during a single trading day and therefore does not limit a Fund’s potential losses.
|
■
|
Index futures based upon a narrower index of securities may present greater risks than futures based on broad market indices, as narrower indices are more susceptible to rapid and extreme fluctuations as a result of changes in value of a small number of securities.
|
■
|
The exercise of options written or purchased by a Fund could cause a Fund to sell portfolio securities, thus increasing a Fund’s portfolio turnover.
|
■
|
A Fund pays brokerage commissions each time it writes or purchases an option or buys or sells an underlying security in connection with the exercise of an option. Such brokerage commissions could be higher relative to the commissions for direct purchases of sales of the underlying securities.
|
■
|
A Fund’s options transactions may be subject to limitations on options positions established by the SEC, the CFTC or the exchanges on which such options are traded.
|
■
|
The hours of trading for exchange-listed options may not coincide with the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying securities that cannot be reflected in the options markets.
|
■
|
Index options based upon a narrow index of securities or other assets may present greater risks than options based on broad market indices, as narrower indices are more susceptible to rapid and extreme fluctuations as a result of changes in the values of a smaller number of securities or other assets.
|
■
|
A Fund is subject to the risk of market movements between the time that an option is exercised and the time of performance thereunder, which could increase the extent of any losses suffered by a Fund in connection with options transactions.
|
■
|
OTC swap agreements are not traded on exchanges and may be subject to liquidity risk, which exists when a particular swap is difficult to purchase or sell.
|
■
|
In addition to the risk of default by the counterparty, if the creditworthiness of a counterparty to a swap agreement declines, the value of the swap agreement would be likely to decline, potentially resulting in losses.
|
■
|
The swaps market is subject to extensive regulation under the Dodd-Frank Act and certain CFTC and SEC rules promulgated thereunder. It is possible that further developments in the swaps market, including new and additional governmental regulation, could result in higher Fund costs and expenses and could adversely affect a Fund’s ability to utilize swaps, terminate existing swap agreements or realize amounts to be received under such agreements.
|
■
|
Adversely impact the pricing, liquidity, value of, return on and trading for a broad array of financial products, including any Reference Rate-linked securities, loans and derivatives in which a Fund may invest;
|
■
|
Require extensive negotiations of and/or amendments to agreements and other documentation governing Reference Rate-linked investments products;
|
■
|
Lead to disputes, litigation or other actions with counterparties or portfolio companies regarding the interpretation and enforceability of “fallback” provisions that provide for an alternative reference rate in the event of Reference Rate unavailability; or
|
■
|
Cause a Fund to incur additional costs in relation to any of the above factors.
|
1 | purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments; provided that this restriction shall not prohibit the Fund from purchasing or selling options, futures contracts and related options thereon, forward contracts, swaps, caps, floors, collars and any other financial instruments or from investing in securities or other instruments backed by physical commodities or as otherwise permitted by (i) the 1940 Act, as amended from time to time, (ii) the rules and regulations promulgated by the SEC under the 1940 Act, as amended from time to time, or (iii) an exemption or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to time; |
2 | purchase or sell real estate, although it may purchase and sell securities of companies that deal in real estate and may purchase and sell securities that are secured by interests in real estate; |
3 | make loans of money or property to any person, except (a) to the extent that securities or interests in which the Fund may invest are considered to be loans, (b) through the loan of portfolio securities, (c) by engaging in repurchase agreements or (d) as may otherwise be permitted by (i) the 1940 Act, as amended from time to time, (ii) the rules and regulations promulgated by the SEC under the 1940 Act, as amended from time to time, or (iii) an exemption or other relief applicable to the Company from the provisions of the 1940 Act, as amended from time to time; |
4 | except with respect to the China Equity, Emerging Markets Fixed Income Opportunities, Emerging Markets Leaders, Global Concentrated, Global Core, Global Focus Real Estate, Global Infrastructure, Global Sustain, US Core, U.S. Focus Real Estate and U.S. Real Estate Portfolios, invest in a manner inconsistent with its classification as a “diversified company” as provided by (i) the 1940 Act, as amended from time to time, (ii) the rules and regulations promulgated by the SEC under the 1940 Act, as amended from time to time, or (iii) an exemption or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to time; |
5 | borrow money, except the Fund may borrow money to the extent permitted by (i) the 1940 Act, as amended from time to time, (ii) the rules and regulations promulgated by the SEC under the 1940 Act, as amended from time to time, or (iii) an exemption or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to time; |
6 | issue senior securities, except the Fund may issue senior securities to the extent permitted by (i) the 1940 Act, as amended from time to time, (ii) the rules and regulations promulgated by the SEC under the 1940 Act, as amended from time to time, or (iii) an exemption or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to time; |
7 | underwrite securities issued by others, except to the extent that the Fund may be considered an underwriter within the meaning of the 1933 Act in the disposition of restricted securities; |
8 | except with respect to the Global Focus Real Estate, Global Infrastructure, Global Sustain, Multi-Asset Real Return, U.S. Focus Real Estate and Vitality Portfolios acquire any securities of companies within one industry if, as a result of such acquisition, more than 25% of the value of the Fund’s total assets would be invested in securities of companies within such industry; provided, however, that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, except that the U.S. Real Estate Portfolio will invest more than 25% of its total assets in the U.S. real estate industry, as described in its Prospectus, and that the Global Real Estate Portfolio will invest more than 25% of its total assets in the real estate industry, as described in its Prospectus; |
9 | with respect to the Global Focus Real Estate, Global Infrastructure, Global Sustain, Multi-Asset Real Return and U.S. Focus Real Estate Portfolios only, acquire any securities of companies within one industry if, as a result of such acquisition, 25% or more of the value of the Fund’s total assets would be invested in securities of companies within such industry; provided, however, that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, except that the Global Focus Real Estate Portfolio will invest 25% or more of its total assets in the real estate industry, that the Global Infrastructure Portfolio will invest 25% or more of its total assets in the infrastructure industry and that the U.S. Focus Real Estate Portfolio will invest 25% or more of its total assets in the U.S. real estate industry; |
10 | with respect to the Vitality Portfolio only, acquire any securities of companies within one industry if, as a result of such acquisition, 25% or more of the value of the Fund’s total assets would be invested in securities of companies within such industry; provided, however, that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, except that the Vitality Portfolio will invest more than 25% of its total assets in the group of industries comprising the healthcare sector; and |
11 | except with respect to the Global Focus Real Estate, Global Real Estate and Multi-Asset Real Return Portfolios, write or acquire options or interests in oil, gas or other mineral exploration or development programs. |
1 | purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (except this shall not prevent the Fund from purchasing or selling options or futures contracts or from investing in securities or other instruments backed by physical commodities); |
2 | purchase or sell real estate, although it may purchase and sell securities of companies that deal in real estate and may purchase and sell securities that are secured by interests in real estate; |
3 | lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this limitation does not apply to purchases of debt securities or repurchase agreements; |
4 | except with respect to the Global Franchise Portfolio, with respect to 75% of its total assets (i) purchase more than 10% of any class of the outstanding voting securities of any issuer and (ii) purchase securities of an issuer (except obligations of the U.S. Government and its agencies and instrumentalities) if as a result more than 5% of the Fund’s total assets, at market value, would be invested in the securities of such issuer; |
5 | issue senior securities and will not borrow, except from banks and as a temporary measure for extraordinary or emergency purposes and then, in no event, in excess of 33 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings); |
6 | underwrite securities issued by others, except to the extent that the Fund may be considered an underwriter within the meaning of the 1933 Act in the disposition of restricted securities; |
7 | acquire any securities of companies within one industry if, as a result of such acquisition, more than 25% of the value of the Fund’s total assets would be invested in securities of companies within such industry; provided, however, that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; and |
8 | write or acquire options or interests in oil, gas or other mineral exploration or development programs. |
1 | purchase on margin or sell short except (i) that the Emerging Markets Fixed Income Opportunities Portfolio may sell securities short without limitation but consistent with applicable legal requirements as stated in its Prospectus; (ii) that each Fund may enter into option transactions and futures contracts as described in its Prospectus; and (iii) as specified above in fundamental investment limitation number (1) above; |
2 | except with respect to the Global Real Estate Portfolio, make loans except (i) by purchasing bonds, debentures or similar obligations (including repurchase agreements, subject to the limitations as described in the respective Prospectuses) that are publicly distributed; and (ii) by lending its portfolio securities to banks, brokers, dealers and other financial institutions so long as such loans are not inconsistent with the 1940 Act or the rules and regulations or interpretations of the SEC thereunder; |
3 | borrow money, except from banks for extraordinary or emergency purposes, and then only in amounts up to 10% of the value of the Fund’s total assets (including, in each case, the amount borrowed less liabilities (other than borrowings)), or purchase securities while borrowings exceed 5% of its total assets, except that (i) the Emerging Markets Fixed Income Opportunities Portfolio may borrow in accordance with fundamental investment limitation number (5) above and (ii) the Emerging Markets Fixed Income Opportunities Portfolio may purchase securities while borrowings exceed 5% of its total assets, provided that the sole purpose of such borrowings is to honor redemption requests; and |
4 | invest in other investment companies in reliance on Sections 12(d)(1)(F), 12(d)(1)(G) or 12(d)(1)(J) of the 1940 Act. |
■
|
complete portfolio holdings information monthly, at least 15 calendar days after the end of each month (except with respect to the Advantage, Asia Opportunity, Counterpoint Global, Developing Opportunity, Emerging Markets Leaders, Global Concentrated, Global Core, Global Endurance, Global Franchise, Global Insight, Global Opportunity, Global Permanence, Global Sustain, Growth, Inception, International Advantage, International Opportunity, Permanence, US Core and Vitality Portfolios);
|
■
|
complete portfolio holdings information quarterly, at least 45 calendar days after the end of each quarter (with respect to the Advantage, Counterpoint Global, Emerging Markets Leaders, Global Endurance, Global Insight, Global Permanence, Growth, Inception, Permanence and Vitality Portfolios); and
|
■
|
top 10 holdings monthly, at least 15 calendar days after the end of each month.
|
Name
|
Frequency1
|
Lag Time
|
Service Providers
|
||
State Street Bank and Trust Company
|
Daily basis
|
Daily
|
Name
|
Frequency1
|
Lag Time
|
BlackRock Financial Management Inc.2
|
Daily basis
|
3
|
KellyCo Marketing
|
Monthly basis and Quarterly basis
|
Varying lag times after the date of the information
|
Commcise Software Limited
|
Monthly basis
|
Approximately three business days
|
Virtu Financial, Inc.
|
Monthly basis
|
Approximately three business days
|
R.R. Donnelley & Sons Company
|
Monthly basis and Quarterly basis
|
Varying lag times after the date of the information
|
Toppan Merrill4
|
Semi-Annual basis
|
Approximately 15 business days after month end
|
Fund Rating Agencies
|
||
Refinitiv Lipper
|
Monthly basis
|
Approximately six business days after month end
|
Consultants and Analysts
|
||
Aon Hewitt Inc.5
|
Monthly basis
|
Approximately 30 days after month end
|
Portfolio Analytics Providers
|
||
Bloomberg Finance, L.P.
|
Daily basis
|
Daily
|
FactSet Research Systems, Inc.
|
Daily basis
|
Daily
|
BestX Ltd.
|
Daily basis
|
Daily
|
Essentia Analytics Inc.6
|
Daily basis
|
One day
|
Abel Noser Solutions, LLC
|
Daily basis
|
Daily
|
MSCI Inc.
|
Daily basis
|
Daily
|
1 | Dissemination of portfolio holdings information to entities listed above may occur less frequently than indicated (or not at all). |
2 | With respect to the Emerging Markets Fixed Income Opportunities Portfolio, only. |
3 | Information will typically be provided on a real time basis or as soon thereafter as possible. |
4 | With respect to the Advantage, Asia Opportunity, Counterpoint Global, Developing Opportunity, Global Endurance, Global Insight, Global Opportunity, Global Permanence, Growth, Inception, International Advantage, International Opportunity, Permanence Portfolios and Vitality only. |
5 | With respect to the Global Franchise Portfolio, only. |
6 | With respect to the Active International Allocation, China Equity and Emerging Markets Leaders Portfolios, only. |
Name, Address and Birth Year of Independent Director
|
Position(s) Held with Registrant
|
Length of
Time Served* |
Principal Occupation(s) During Past 5 Years and Other Relevant Professional Experience
|
Number of Funds
in Fund Complex Overseen by Independent Director |
Other Directorships Held by Independent Director During Past 5 Years**
|
Frank L. Bowman
c/o Perkins Coie LLP Counsel to the Independent Directors 1155 Avenue of the Americas 22nd Floor New York, NY 10036 Birth Year: 1944 |
Director
|
Since August 2006
|
President, Strategic Decisions, LLC (consulting) (since February 2009); Director or Trustee of various Morgan Stanley Funds (since August 2006); Chairperson of the Compliance and Insurance Committee (since October 2015); formerly, Chairperson of the Insurance Sub-Committee of the Compliance and Insurance Committee (2007-2015); served as President and Chief Executive Officer of the Nuclear Energy Institute (policy organization) (February 2005-November 2008); retired as Admiral, U.S. Navy after serving over 38 years on active duty including 8 years as Director of the Naval Nuclear Propulsion Program in the Department of the Navy and the U.S. Department of Energy (1996-2004); served as Chief of Naval Personnel (July 1994-September 1996) and on the Joint Staff as Director of Political Military Affairs (June 1992-July 1994); knighted as Honorary Knight Commander of the Most Excellent Order of the British Empire; awarded the Officier de l’Orde National du Mérite by the French Government; elected to the National Academy of Engineering (2009).
|
77
|
Director of Naval and Nuclear Technologies LLP; Director Emeritus of the Armed Services YMCA; Member of the National Security Advisory Council of the Center for U.S. Global Engagement and a member of the CNA Military Advisory Board; Chairman of Fairhaven United Methodist Church; Member of the Board of Advisors of the Dolphin Scholarship Foundation; Director of other various nonprofit organizations; formerly, Director of BP, plc (November 2010-May 2019).
|
Name, Address and Birth Year of Independent Director
|
Position(s) Held with Registrant
|
Length of
Time Served* |
Principal Occupation(s) During Past 5 Years and Other Relevant Professional Experience
|
Number of Funds
in Fund Complex Overseen by Independent Director |
Other Directorships Held by Independent Director During Past 5 Years**
|
Kathleen A. Dennis
c/o Perkins Coie LLP Counsel to the Independent Directors 1155 Avenue of the Americas 22nd Floor New York, NY 10036 Birth Year: 1953 |
Director
|
Since
August 2006 |
Chairperson of the Governance Committee (since January 2021), Chairperson of the Liquidity and Alternatives Sub-Committee of the Investment Committee (2006-2020) and Director or Trustee of various Morgan Stanley Funds (since August 2006); President, Cedarwood Associates (mutual fund and investment management consulting) (since July 2006); formerly, Senior Managing Director of Victory Capital Management (1993-2006).
|
77
|
Board Member, University of Albany Foundation (2012-present); Board Member, Mutual Funds Directors Forum (2014-present); Director of various non-profit organizations.
|
Nancy C. Everett
c/o Perkins Coie LLP Counsel to the Independent Directors 1155 Avenue of the Americas 22nd Floor New York, NY 10036 Birth Year: 1955 |
Director
|
Since
January 2015 |
Chairperson of the Equity Investment Committee (since January 2021); Director or Trustee of various Morgan Stanley Funds (since January 2015); Chief Executive Officer, Virginia Commonwealth University Investment Company (since November 2015); Owner, OBIR, LLC (institutional investment management consulting) (since June 2014); formerly, Managing Director, BlackRock, Inc. (February 2011-December 2013) and Chief Executive Officer, General Motors Asset Management (a/k/a Promark Global Advisors, Inc.) (June 2005-May 2010).
|
78
|
Formerly, Member of Virginia Commonwealth University School of Business Foundation (2005-2016); Member of Virginia Commonwealth University Board of Visitors (2013-2015); Member of Committee on Directors for Emerging Markets Growth Fund, Inc. (2007-2010); Chairperson of Performance Equity Management, LLC (2006-2010); and Chairperson, GMAM Absolute Return Strategies Fund, LLC (2006-2010).
|
Name, Address and Birth Year of Independent Director
|
Position(s) Held with Registrant
|
Length of
Time Served* |
Principal Occupation(s) During Past 5 Years and Other Relevant Professional Experience
|
Number of Funds
in Fund Complex Overseen by Independent Director |
Other Directorships Held by Independent Director During Past 5 Years**
|
Jakki L. Haussler
c/o Perkins Coie LLP Counsel to the Independent Directors 1155 Avenue of the Americas 22nd Floor New York, NY 10036 Birth Year: 1957 |
Director
|
Since
January 2015 |
Director or Trustee of various Morgan Stanley Funds (since January 2015); Chairman, Opus Capital Group (since 1996); formerly, Chief Executive Officer, Opus Capital Group (1996-2019); Director, Capvest Venture Fund, LP (May 2000-December 2011); Partner, Adena Ventures, LP (July 1999-December 2010); Director, The Victory Funds (February 2005-July 2008).
|
78
|
Director of Cincinnati Bell Inc. and Member, Audit Committee and Chairman, Governance and Nominating Committee; Director of Service Corporation International and Member, Audit Committee and Investment Committee; Director, Barnes Group Inc. (since July 2021); Director of Northern Kentucky University Foundation and Member, Investment Committee; Member of Chase College of Law Transactional Law Practice Center Board of Advisors; Director of Best Transport; Director of Chase College of Law Board of Visitors; formerly, Member, University of Cincinnati Foundation Investment Committee.
|
Dr. Manuel H. Johnson
c/o Johnson Smick International, Inc. 220 I Street, NE Suite 200 Washington, D.C. 20002 Birth Year: 1949 |
Director
|
Since
July 1991 |
Senior Partner, Johnson Smick International, Inc. (consulting firm); Chairperson of the Fixed Income, Liquidity and Alternatives Investment Committee (since January 2021), Chairperson of the Investment Committee (2006-2020) and Director or Trustee of various Morgan Stanley Funds (since July 1991); Co-Chairman and a founder of the Group of Seven Council (G7C) (international economic commission); formerly, Chairperson of the Audit Committee (July 1991-September 2006); Vice Chairman of the Board of Governors of the Federal Reserve System and Assistant Secretary of the U.S. Treasury.
|
77
|
Director of NVR, Inc. (home construction).
|
Name, Address and Birth Year of Independent Director
|
Position(s) Held with Registrant
|
Length of
Time Served* |
Principal Occupation(s) During Past 5 Years and Other Relevant Professional Experience
|
Number of Funds
in Fund Complex Overseen by Independent Director |
Other Directorships Held by Independent Director During Past 5 Years**
|
Joseph J. Kearns
c/o Perkins Coie LLP Counsel to the Independent Directors 1155 Avenue of the Americas 22nd Floor New York, NY 10036 Birth Year: 1942 |
Director
|
Since
August 1994 |
Senior Adviser, Kearns & Associates LLC (investment consulting); Chairperson of the Audit Committee (since October 2006) and Director or Trustee of various Morgan Stanley Funds (since August 1994); formerly, Deputy Chairperson of the Audit Committee (July 2003-September 2006) and Chairperson of the Audit Committee of various Morgan Stanley Funds (since August 1994); CFO of the J. Paul Getty Trust (1982-1999).
|
78
|
Director, Rubicon Investments (since February 2019); Prior to August 2016, Director of Electro Rent Corporation (equipment leasing). Prior to December 31, 2013, Director of The Ford Family Foundation.
|
Michael F. Klein
c/o Perkins Coie LLP Counsel to the Independent Directors 1155 Avenue of the Americas 22nd Floor New York, NY 10036 Birth Year: 1958 |
Director
|
Since
August 2006 |
Chairperson of the Risk Committee (since January 2021); Managing Director, Aetos Alternatives Management, LP (since March 2000); Co-President, Aetos Alternatives Management, LP (since January 2004) and Co-Chief Executive Officer of Aetos Alternatives Management, LP (since August 2013); Chairperson of the Fixed Income Sub-Committee of the Investment Committee (2006-2020) and Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Managing Director, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management and President, various Morgan Stanley Funds (June 1998-March 2000); Principal, Morgan Stanley & Co. Inc. and Morgan Stanley Dean Witter Investment Management (August 1997-December 1999).
|
77
|
Director of certain investment funds managed or sponsored by Aetos Alternatives Management, LP; Director of Sanitized AG and Sanitized Marketing AG (specialty chemicals).
|
Name, Address and Birth Year of Independent Director
|
Position(s) Held with Registrant
|
Length of
Time Served* |
Principal Occupation(s) During Past 5 Years and Other Relevant Professional Experience
|
Number of Funds
in Fund Complex Overseen by Independent Director |
Other Directorships Held by Independent Director During Past 5 Years**
|
Patricia A. Maleski
c/o Perkins Coie LLP Counsel to the Independent Directors 1155 Avenue of the Americas 22nd Floor New York, NY 10036 Birth Year: 1960 |
Director
|
Since
January 2017 |
Director or Trustee of various Morgan Stanley Funds (since January 2017); Managing Director, JPMorgan Asset Management (2004-2016); Oversight and Control Head of Fiduciary and Conflicts of Interest Program (2015-2016); Chief Control Officer—Global Asset Management (2013-2015); President, JPMorgan Funds (2010-2013); Chief Administrative Officer (2004-2013); various other positions including Treasurer and Board Liaison (since 2001).
|
78
|
Trustee, Nutley Family Service Bureau, Inc. (since January 2022).
|
W. Allen Reed
c/o Perkins Coie LLP Counsel to the Independent Directors 1155 Avenue of the Americas 22nd Floor New York, NY 10036 Birth Year: 1947 |
Chair of the Board and Director
|
Chair of the Board since August 2020 and Director since August 2006
|
Chair of the Boards of various Morgan Stanley Funds (since August 2020); Director or Trustee of various Morgan Stanley Funds (since August 2006); formerly, Vice Chair of the Boards of various Morgan Stanley Funds (January 2020-August 2020); President and Chief Executive Officer of General Motors Asset Management; Chairman and Chief Executive Officer of the GM Trust Bank and Corporate Vice President of General Motors Corporation (August 1994-December 2005).
|
77
|
Formerly, Director of Legg Mason, Inc. (2006-2019); and Director of the Auburn University Foundation (2010-2015).
|
Frances L. Cashman
c/o Perkins Coie LLP Counsel to the Independent Directors 1155 Avenue of the Americas 22nd Floor New York, NY 10036 Birth Year: 1961 |
Director
|
Director since February 2022
|
Chief Executive Officer, Asset Management Division, Euromoney Institutional Investor PLC (financial information) (May 2021-Present); Executive Vice President and various other roles, Legg Mason & Co. (asset management) (2010-2020); Managing Director, Stifel Nicolaus (2005-2010).
|
78
|
Trustee and Investment Committee Member, Georgia Tech Foundation (Since June 2019); Trustee and Chair of Marketing Committee, Loyola Blakefield (Since September 2017); Trustee, MMI Gateway Foundation (since September 2017); Director and Investment Committee Member, Catholic Community Foundation Board (2012–2018); Director and Investment Committee Member, St. Ignatius Loyola Academy (2011-2017).
|
Name, Address and Birth Year of Independent Director
|
Position(s) Held with Registrant
|
Length of
Time Served* |
Principal Occupation(s) During Past 5 Years and Other Relevant Professional Experience
|
Number of Funds
in Fund Complex Overseen by Independent Director |
Other Directorships Held by Independent Director During Past 5 Years**
|
Eddie A. Grier
c/o Perkins Coie LLP Counsel to the Independent Directors 1155 Avenue of the Americas 22nd Floor New York, NY 10036 Birth Year: 1955 |
Director
|
Director since February 2022
|
Dean, Santa Clara University Leavey School of Business (since April 2021); Dean, Virginia Commonwealth University School of Business (2010-2021); President and various other roles, Walt Disney Company (entertainment and media) (1981-2010).
|
78
|
Director, Witt/Kieffer, Inc. (executive search) (since 2016); Director, NuStar GP, LLC (energy) (since August 2021); Director, Sonida Senior Living, Inc. (residential community operator) (2016-2021); Director, NVR, Inc. (homebuilding) (2013-2020); Director, Middleburg Trust Company (wealth management) (2014-2019); Director, Colonial Williamsburg Company (since 2012); Regent, University of Massachusetts Global (since 2021); Director and Chair, ChildFund International (2012-2021); Trustee, Brandman University (2010-2021); Director, Richmond Forum (2012-2019).
|
* | This is the earliest date the Director began serving the Morgan Stanley Funds. Each Director serves an indefinite term, until his or her successor is elected. |
** | This includes any directorships at public companies and registered investment companies held by the Director at any time during the past five years. |
Name, Address and Birth Year of Executive Officer
|
Position(s) Held with Registrant
|
Length of Time Served*
|
Principal Occupation(s) During Past 5 Years
|
John H. Gernon
522 Fifth Avenue New York, NY 10036 Birth Year: 1963 |
President and Principal Executive Officer
|
Since September 2013
|
President and Principal Executive Officer of the Equity and Fixed Income Funds and the Morgan Stanley AIP Funds (since September 2013) and the Liquidity Funds and various money market funds (since May 2014) in the Fund Complex; Managing Director of the Adviser.
|
Deidre A. Downes
1633 Broadway New York, NY 10019 Birth Year: 1977 |
Chief Compliance Officer
|
Since November 2021
|
Executive Director of the Adviser (since January 2021) and Chief Compliance officer of various Morgan Stanley Funds (since November 2021). Formerly, Vice President and Corporate Counsel at PGIM and Prudential Financial (October 2016 – December 2020).
|
Francis J. Smith
522 Fifth Avenue New York, NY 10036 Birth Year: 1965 |
Treasurer and Principal Financial Officer
|
Treasurer since July 2003 and Principal Financial Officer since September 2002
|
Managing Director of the Adviser and various entities affiliated with the Adviser; Treasurer (since July 2003) and Principal Financial Officer of various Morgan Stanley Funds (since September 2002).
|
Mary E. Mullin
1633 Broadway New York, NY 10019 Birth Year: 1967 |
Secretary
|
Since June 1999
|
Managing Director of the Adviser; Secretary of various Morgan Stanley Funds (since June 1999).
|
Michael J. Key
522 Fifth Avenue New York, NY 10036 Birth Year: 1979 |
Vice President
|
Since June 2017
|
Vice President of the Equity and Fixed Income Funds, Liquidity Funds, various money market funds and the Morgan Stanley AIP Funds in the Fund Complex (since June 2017); Managing Director of the Adviser; Head of Product Development for Equity and Fixed Income Funds (since August 2013).
|
* | This is the earliest date the officer began serving the Morgan Stanley Funds. Each officer serves an indefinite term, until his or her successor is elected. |
Name of Director
|
Dollar Range of Equity Securities in the Funds (as of December 31, 2021)
|
Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Director in Family of Investment Companies (as of December 31, 2021)
|
Independent:
|
||
Frank L. Bowman
|
1
|
over $100,000
|
Kathleen A. Dennis
|
2
|
over $100,000
|
Nancy C. Everett
|
3
|
over $100,000
|
Jakki L. Haussler
|
4
|
over $100,000
|
Manuel H. Johnson
|
None
|
over $100,000
|
Joseph J. Kearns5
|
6
|
over $100,000
|
Michael F. Klein5
|
7
|
over $100,000
|
Patricia A. Maleski
|
None
|
over $100,000
|
W. Allen Reed5
|
8
|
over $100,000
|
Frances L. Cashman
|
None
|
None
|
Eddie A. Grier
|
None
|
None
|
1 | Growth Portfolio (over $100,000); and Inception Portfolio ($50,001-$100,000). |
2 | Inception Portfolio (over $100,000). |
3 | Global Insight Portfolio (over $100,000); and Global Opportunity Portfolio (over $100,000). |
4 | Emerging Markets Portfolio (over $100,000); Emerging Markets Fixed Income Opportunities Portfolio (over $100,000); and International Equity Portfolio ($50,001-$100,000). |
5 | Includes the total amount of compensation deferred by the Director at his election pursuant to a deferred compensation plan. Such deferred compensation is placed in a deferral account and deemed to be invested in one or more of the Morgan Stanley Funds (or portfolio thereof) that are offered as investment options under the plan. |
6 | Emerging Markets Portfolio (over $100,000); and U.S. Real Estate Portfolio (over $100,000). |
7 | Emerging Markets Portfolio (over $100,000); Global Franchise Portfolio (over $100,000); Global Real Estate Portfolio ($50,001-$100,000); Growth Portfolio (over $100,000); and International Equity Portfolio (over $100,000). |
8 | Emerging Markets Portfolio ($10,001-$50,000); International Equity Portfolio ($10,001-$50,000); Global Franchise Portfolio (over $100,000); and U.S. Real Estate Portfolio (over $100,000). |
Number of Meetings
|
|
Board of Directors/Committee
|
|
Board of Directors
|
6
|
Audit Committee
|
4
|
Number of Meetings
|
|
Board of Directors/Committee
|
|
Governance Committee
|
9
|
Compliance and Insurance Committee
|
4
|
Equity Investment Committee
|
5
|
Fixed Income, Liquidity and Alternatives Investment Committee
|
5
|
Risk Committee
|
4
|
Compensation1
|
||
Name
|
Aggregate Compensation From the Company2
|
Total Compensation From Company and Fund Complex Paid to the Directors3
|
Frank L. Bowman
|
$50,394
|
$360,000
|
Kathleen A. Dennis
|
48,294
|
345,000
|
Nancy C. Everett
|
48,249
|
345,000
|
Jakki L. Haussler
|
41,245
|
295,000
|
Manuel H. Johnson
|
48,294
|
345,000
|
Joseph J. Kearns2,3
|
52,424
|
375,000
|
Michael F. Klein2,3
|
48,304
|
345,000
|
Patricia A. Maleski
|
41,245
|
295,000
|
Compensation1
|
||
Name
|
Aggregate Compensation From the Company2
|
Total Compensation From Company and Fund Complex Paid to the Directors3
|
W. Allen Reed3
|
82,631
|
590,000
|
Frances L. Cashman
|
None
|
None
|
Eddie A. Grier
|
None
|
None
|
1 | Includes all amounts paid for serving as director/trustee of the funds in the Fund Complex, as well as serving as Chair of the Boards or a Chairperson of a Committee. |
2 | The amounts shown in this column represent the aggregate compensation before deferral with respect to the Company’s fiscal year. The following Directors deferred compensation from the Company during the fiscal year ended December 31, 2021: Mr. Kearns, $22,381 and Mr. Klein, $48,304. |
3 | The amounts shown in this column represent the aggregate compensation paid by all of the funds in the Fund Complex as of December 31, 2021 before deferral by the Directors under the DC Plan. As of December 31, 2021, the value (including interest) of the deferral accounts across the Fund Complex for Messrs. Kearns, Klein and Reed pursuant to the deferred compensation plan was $975,487, $3,251,083 and $4,684,889, respectively. Because the funds in the Fund Complex have different fiscal year ends, the amounts shown in this column are presented on a calendar year basis. |
Retirement Benefits Accrued as Company Expenses
|
Estimated Annual Benefits Upon Retirement1
|
|||
Name of Independent Director:
|
By the Company2,3
|
By all Adopting Funds3
|
From the Company2
|
From all Adopting Funds
|
Manuel H. Johnson3
|
$(744)
|
$(14,585)
|
$2,840
|
$55,816
|
1 | Total compensation accrued under the retirement plan, together with a return of 8% per annum, will be paid annually commencing upon retirement and continuing for the remainder of the Director’s life. |
2 | Global Infrastructure Portfolio and Growth Portfolio |
3 | Mr. Johnson’s retirement expenses are negative due to the fact that his retirement date has been extended and therefore his expenses have been overaccrued. |
Advisory Fees Paid (After Fee Waivers and/or Affiliated Rebates)
|
Advisory Fees Waived
|
Affiliated Rebates
|
|||||||
Fund
|
2019
(000) |
2020
(000) |
2021
(000) |
2019
(000) |
2020
(000) |
2021
(000) |
2019
(000) |
2020
(000) |
2021
(000) |
Active International Allocation
|
$1,132
|
$937
|
$1,479
|
$42
|
$204
|
$61
|
$26
|
$20
|
$18
|
Advantage
|
2,394
|
4,069
|
6,151
|
53
|
0
|
0
|
40
|
40
|
13
|
Asia Opportunity
|
434
|
2,211
|
5,134
|
124
|
0
|
0
|
12
|
39
|
14
|
China Equity
|
0
|
0
|
0
|
14
|
96
|
105
|
@
|
1
|
@
|
Counterpoint Global
|
0
|
0
|
0
|
57
|
133
|
224
|
1
|
2
|
1
|
Developing Opportunity
|
*
|
460
|
2,613
|
*
|
196
|
60
|
*
|
10
|
7
|
Advisory Fees Paid (After Fee Waivers and/or Affiliated Rebates)
|
Advisory Fees Waived
|
Affiliated Rebates
|
|||||||
Fund
|
2019
(000) |
2020
(000) |
2021
(000) |
2019
(000) |
2020
(000) |
2021
(000) |
2019
(000) |
2020
(000) |
2021
(000) |
Emerging Markets Fixed Income Opportunities
|
101
|
41
|
0
|
265
|
300
|
285
|
8
|
4
|
1
|
Emerging Markets Leaders
|
239
|
367
|
2,272
|
202
|
196
|
139
|
3
|
3
|
5
|
Emerging Markets
|
6,187
|
5,193
|
6,077
|
777
|
310
|
233
|
33
|
13
|
5
|
Global Concentrated
|
0
|
0
|
564
|
136
|
200
|
146
|
@
|
1
|
@
|
Global Core
|
0
|
0
|
0
|
77
|
82
|
139
|
@
|
@
|
@
|
Global Endurance
|
0
|
0
|
282
|
20
|
38
|
215
|
@
|
@
|
1
|
Global Focus Real Estate
|
*
|
*
|
0
|
*
|
*
|
16
|
*
|
*
|
@
|
Global Franchise
|
12,970
|
18,436
|
24,247
|
0
|
0
|
0
|
84
|
101
|
26
|
Global Infrastructure
|
2,516
|
2,121
|
2,246
|
322
|
294
|
334
|
15
|
8
|
4
|
Global Insight
|
1,037
|
1,886
|
3,304
|
0
|
0
|
125
|
7
|
18
|
10
|
Global Opportunity
|
23,006
|
36,129
|
54,428
|
0
|
0
|
0
|
450
|
569
|
134
|
Global Permanence
|
0
|
0
|
0
|
13
|
21
|
29
|
@
|
@
|
@
|
Global Real Estate
|
6,625
|
2,714
|
945
|
6
|
270
|
280
|
11
|
4
|
1
|
Global Sustain
|
0
|
70
|
373
|
160
|
205
|
199
|
1
|
2
|
1
|
Growth
|
26,732
|
41,936
|
67,040
|
0
|
0
|
0
|
552
|
840
|
290
|
Inception
|
1,542
|
2,329
|
14,934
|
476
|
570
|
1,272
|
18
|
38
|
80
|
International Advantage
|
11,864
|
23,227
|
42,603
|
0
|
0
|
0
|
297
|
427
|
116
|
International Equity
|
18,654
|
15,839
|
17,579
|
18
|
58
|
0
|
67
|
53
|
15
|
International Opportunity
|
11,046
|
19,232
|
35,990
|
0
|
0
|
0
|
183
|
327
|
89
|
Multi-Asset Real Return
|
0
|
0
|
0
|
61
|
85
|
154
|
1
|
1
|
1
|
Next Generation Emerging Markets
|
2,443
|
786
|
639
|
34
|
170
|
757
|
1
|
@
|
2
|
Permanence
|
*
|
0
|
0
|
*
|
13
|
25
|
*
|
@
|
@
|
US Core
|
0
|
0
|
219
|
84
|
109
|
190
|
@
|
@
|
1
|
U.S. Focus Real Estate
|
*
|
*
|
0
|
*
|
*
|
9
|
*
|
*
|
@
|
U.S. Real Estate
|
1,427
|
390
|
103
|
204
|
235
|
228
|
3
|
1
|
@
|
Vitality
|
*
|
*
|
0
|
*
|
*
|
@
|
*
|
*
|
0
|
* Not operational for the period. |
@ Amount is less than $500. |
Fund
|
Contractual Rate of Advisory Fees
|
Expense Cap
Class I |
Expense Cap
Class A |
Expense Cap
Class L |
Expense Cap
Class C |
Expense Cap
Class R6 |
Expense Cap
Class IR |
Active International Allocation
|
0.65% of the portion of the daily net assets not exceeding $1 billion; and 0.60% of the portion of the daily net assets exceeding $1 billion.
|
0.90%
|
1.25%
|
1.75%
|
2.00%
|
0.85%
|
0.85%
|
Advantage
|
0.65% of the portion of the daily net assets not exceeding $750 million; 0.60% of the portion of the daily net assets exceeding $750 million but not exceeding $1.5 billion; and 0.55% of the portion of the daily net assets exceeding $1.5 billion.
|
0.85%
|
1.20%
|
0.99%
|
1.95%
|
0.81%
|
N/A
|
Fund
|
Contractual Rate of Advisory Fees
|
Expense Cap
Class I |
Expense Cap
Class A |
Expense Cap
Class L |
Expense Cap
Class C |
Expense Cap
Class R6 |
Expense Cap
Class IR |
Asia Opportunity
|
0.80% portion of the daily net assets not exceeding $750 million; 0.75% of the portion of the daily net assets exceeding $750 million but not exceeding $1.5 billion; and 0.70% of the portion of the daily net assets exceeding $1.5 billion.
|
1.10%
|
1.45%
|
N/A
|
2.20%
|
1.05%
|
N/A
|
China Equity
|
0.80% of daily net assets.
|
1.20%
|
1.55%
|
N/A
|
2.30%
|
1.15%
|
N/A
|
Counterpoint Global
|
0.80% of the portion of the daily net assets not exceeding $1 billion; and 0.75% of the portion of the daily net assets exceeding $1 billion.
|
1.05%
|
1.40%
|
N/A
|
2.15%
|
1.00%
|
N/A
|
Developing Opportunity
|
0.90% of the portion of the daily net assets not exceeding $1 billion; and 0.85% of the portion of the daily net assets exceeding $1 billion.
|
1.15%
|
1.50%
|
N/A
|
2.25%
|
1.10%
|
N/A
|
Emerging Markets Fixed Income Opportunities
|
0.75% of the portion of the daily net assets not exceeding $500 million; 0.70% of the portion of the daily net assets exceeding $500 million but not exceeding $1 billion; and 0.65% of the portion of the daily net assets exceeding $1 billion.
|
0.85%
|
1.20%
|
1.45%
|
1.95%
|
0.82%
|
N/A
|
Emerging Markets Leaders
|
0.90% of the portion of the daily net assets not exceeding $1 billion; and 0.85% of the portion of the daily net assets exceeding $1 billion.
|
1.20%
|
1.55%
|
N/A
|
2.30%
|
1.10%
|
1.10%
|
Emerging Markets
|
0.85% of the portion of the daily net assets not exceeding $500 million; 0.75% of the portion of the daily net assets exceeding $500 million but not exceeding $1 billion; 0.70% of the portion of the daily net assets exceeding $1 billion but not exceeding $2.5 billion; and 0.65% of the daily net assets exceeding $2.5 billion.
|
1.05%
|
1.40%
|
1.90%
|
2.15%
|
0.95%
|
0.95%
|
Global Concentrated
|
0.75% of the portion of the daily net assets not exceeding $750 million; 0.70% of the portion of the daily net assets exceeding $750 million but not exceeding $1.5 billion; and 0.65% of the portion of the daily net assets exceeding $1.5 billion.
|
1.00%
|
1.35%
|
N/A
|
2.10%
|
0.95%
|
N/A
|
Global Core
|
0.75% of the portion of the daily net assets not exceeding $750 million; 0.70% of the portion of the daily net assets exceeding $750 million but not exceeding $1.5 billion; and 0.65% of the portion of the daily net assets exceeding $1.5 billion.
|
1.00%
|
1.35%
|
N/A
|
2.10%
|
0.95%
|
N/A
|
Global Endurance
|
0.80% of the portion of the daily net assets not exceeding $1 billion; and 0.75% of the daily net assets exceeding $1 billion.
|
1.00%
|
1.35%
|
N/A
|
2.10%
|
0.95%
|
N/A
|
Global Focus Real Estate
|
0.75% of the portion of the daily net assets not exceeding $2 billion; and 0.70% of the portion of the daily net assets exceeding $2 billion.
|
0.95%
|
1.30%
|
N/A
|
2.05%
|
0.90%
|
N/A
|
Global Franchise
|
0.80% of the portion of the daily net assets not exceeding $500 million; 0.75% of the portion of the daily net assets exceeding $500 million but not exceeding $1 billion; and 0.70% of the portion of the daily net assets exceeding $1 billion.
|
1.00%
|
1.35%
|
1.85%
|
2.10%
|
0.95%
|
N/A
|
Global Infrastructure
|
0.85% of daily net assets.
|
0.97%
|
1.21%
|
1.78%
|
2.07%
|
0.94%
|
0.94%
|
Fund
|
Contractual Rate of Advisory Fees
|
Expense Cap
Class I |
Expense Cap
Class A |
Expense Cap
Class L |
Expense Cap
Class C |
Expense Cap
Class R6 |
Expense Cap
Class IR |
Global Insight
|
0.80% of the portion of the daily net assets not exceeding $1 billion; and 0.75% of the daily net assets exceeding $1 billion.
|
1.00%
|
1.32%
|
1.85%
|
2.10%
|
0.95%
|
N/A
|
Global Opportunity
|
0.80% of the portion of the daily net assets not exceeding $750 million; 0.75% of the portion of the daily net assets exceeding $750 million but not exceeding $1.5 billion; and 0.70% of the portion of the daily net assets exceeding $1.5 billion.
|
1.00%
|
1.35%
|
1.40%
|
2.10%
|
0.95%
|
0.95%
|
Global Permanence
|
0.80% of the portion of the daily net assets not exceeding $1 billion; and 0.75% of the daily net assets exceeding $1 billion.
|
1.00%
|
1.35%
|
N/A
|
2.10%
|
0.95%
|
N/A
|
Global Real Estate
|
0.80% of the portion of the daily net assets not exceeding $2 billion; and 0.75% of the portion of the daily net assets exceeding $2 billion.
|
1.00%
|
1.35%
|
1.85%
|
2.10%
|
0.94%
|
0.94%
|
Global Sustain
|
0.70% of the portion of the daily net assets not exceeding $500 million; and 0.65% of the portion of the daily net assets exceeding $500 million.
|
0.90%
|
1.25%
|
1.75%
|
2.00%
|
0.85%
|
N/A
|
Growth
|
0.50% of the portion of the daily net assets not exceeding $1 billion; 0.45% of the portion of the daily net assets exceeding $1 billion but not exceeding $2 billion; 0.40% of the portion of the daily net assets exceeding $2 billion but not exceeding $3 billion; and 0.35% of the portion of the daily net assets exceeding $3 billion.
|
0.80%
|
1.15%
|
1.65%
|
1.90%
|
0.73%
|
0.73%
|
Inception
|
0.92% of the portion of the daily net assets not exceeding $1 billion; 0.85% of the portion of the daily net assets exceeding $1 billion but not exceeding $1.5 billion; 0.80% of the portion of the daily net assets exceeding $1.5 billion but not exceeding $2 billion; and 0.75% of the portion of the daily net assets exceeding $2 billion.
|
1.00%
|
1.35%
|
1.85%
|
2.10%
|
0.93%
|
N/A
|
International Advantage
|
0.80% of the portion of the daily net assets not exceeding $1 billion; and 0.75% of the daily net assets exceeding $1 billion.
|
1.00%
|
1.35%
|
1.85%
|
2.10%
|
0.95%
|
N/A
|
International Equity
|
0.80% of the portion of the daily net assets not exceeding $3 billion; and 0.75% of the portion of the daily net assets exceeding $3 billion.
|
0.95%
|
1.30%
|
1.80%
|
2.05%
|
0.91%
|
N/A
|
International Opportunity
|
0.80% of the portion of the daily net assets not exceeding $1 billion; and 0.75% of the portion of the daily net assets exceeding $1 billion.
|
1.00%
|
1.35%
|
1.85%
|
2.10%
|
0.94%
|
0.94%
|
Multi-Assets Real Return
|
0.60% of the portion of the daily net assets not exceeding $1 billion; and 0.55% of the portion of the daily net assets exceeding $1 billion.
|
0.80%
|
1.15%
|
N/A
|
1.90%
|
0.75%
|
N/A
|
Next Gen Emerging Markets
|
1.20% of daily net assets.
|
1.25%
|
1.60%
|
2.10%
|
2.35%
|
1.20%
|
N/A
|
Permanence
|
0.65% of the portion of the daily net assets not exceeding $1 billion; and 0.60% of the portion of the daily net assets exceeding $1 billion.
|
0.85%
|
1.20%
|
N/A
|
1.95%
|
0.80%
|
N/A
|
Fund
|
Contractual Rate of Advisory Fees
|
Expense Cap
Class I |
Expense Cap
Class A |
Expense Cap
Class L |
Expense Cap
Class C |
Expense Cap
Class R6 |
Expense Cap
Class IR |
US Core
|
0.60% of the portion of the daily net assets not exceeding $750 million; 0.55% of the portion of the daily net assets exceeding $750 million but not exceeding $1.5 billion; and 0.50% of the portion of the daily net assets exceeding $1.5 billion.
|
0.80%
|
1.15%
|
N/A
|
1.90%
|
0.75%
|
N/A
|
U.S. Focus Real Estate
|
0.70% of the portion of the daily net assets not exceeding $1 billion; and 0.65% of the portion of the daily net assets exceeding $1 billion
|
0.90%
|
1.25%
|
N/A
|
2.00%
|
0.85%
|
N/A
|
U.S. Real Estate
|
0.70% of the portion of the daily net assets not exceeding $500 million; 0.65% of the portion of the daily net assets exceeding $500 million but not exceeding $1 billion; and 0.60% of the portion of the daily net assets exceeding $1 billion.
|
0.90%
|
1.25%
|
1.75%
|
2.00%
|
0.83%
|
0.83%
|
Vitality
|
0.75% of the portion of the daily net assets not exceeding $500 million and 0.70% of the portion of the daily net assets exceeding $500 million
|
0.95%
|
1.30%
|
N/A
|
2.05%
|
0.90%
|
N/A
|
Administrative Fees Paid
|
|||
Fund
|
2019
(000) |
2020
(000) |
2021
(000) |
Active International Allocation
|
$148
|
$143
|
$192
|
Advantage
|
306
|
507
|
772
|
Asia Opportunity
|
57
|
225
|
515
|
China Equity
|
1
|
10
|
11
|
Counterpoint Global
|
6
|
13
|
22
|
Developing Opportunity
|
*
|
59
|
238
|
Emerging Markets Fixed Income Opportunities
|
40
|
37
|
30
|
Emerging Markets Leaders
|
39
|
50
|
215
|
Emerging Markets
|
694
|
535
|
620
|
Global Concentrated
|
14
|
21
|
76
|
Global Core
|
8
|
9
|
15
|
Global Endurance
|
2
|
4
|
50
|
Global Focus Real Estate
|
*
|
*
|
2
|
Global Franchise
|
1,406
|
2,033
|
2,688
|
Global Infrastructure
|
268
|
228
|
243
|
Global Insight
|
104
|
190
|
344
|
Global Opportunity
|
2,552
|
4,065
|
6,107
|
Global Permanence
|
1
|
2
|
3
|
Global Real Estate
|
664
|
299
|
123
|
Global Sustain
|
18
|
32
|
65
|
Growth
|
5,536
|
9,092
|
14,704
|
Inception
|
177
|
255
|
1,488
|
International Advantage
|
1,245
|
2,470
|
4,503
|
International Equity
|
1,874
|
1,595
|
1,759
|
International Opportunity
|
1,144
|
2,033
|
3,795
|
Multi-Asset Real Return
|
8
|
11
|
21
|
Next Gen Emerging Markets
|
159
|
61
|
92
|
Permanence
|
*
|
2
|
3
|
US Core
|
11
|
15
|
55
|
U.S. Focus Real Estate
|
*
|
*
|
1
|
U.S. Real Estate
|
187
|
72
|
38
|
Vitality
|
*
|
*
|
@
|
* Not operational for the period. |
@ Amount is less than $500. |
■
|
Cash Bonus
|
■
|
Deferred Compensation:
|
■
|
A mandatory program that defers a portion of incentive compensation into restricted stock units or other awards based on Morgan Stanley common stock or other plans that are subject to vesting and other conditions.
|
■
|
IMAP is a cash-based deferred compensation plan designed to increase the alignment of participants’ interests with the interests of the Adviser’s clients. For eligible employees, a portion of their deferred compensation is mandatorily deferred into IMAP on an annual basis. Awards granted under IMAP are notionally invested in referenced funds available pursuant to the plan, which are funds advised by MSIM. Portfolio managers are required to notionally invest a minimum of 25% of their account balance in the designated funds that they manage and are included in the IMAP notional investment fund menu.
|
■
|
Deferred compensation awards are typically subject to vesting over a multi-year period and are subject to cancellation through the payment date for competition, cause (i.e., any act or omission that constitutes a breach of obligation to the Company, including failure to comply with internal compliance, ethics or risk management standards, and failure or refusal to perform duties satisfactorily, including supervisory and management duties), disclosure of proprietary information, and solicitation of employees or clients. Awards are also subject to clawback through the payment date if an employee’s act or omission (including with respect to direct supervisory responsibilities) causes a restatement of the Firm’s consolidated financial results, constitutes a violation of the Firm’s global risk management principles, policies and standards, or causes a loss of revenue associated with a position on which the employee was paid and the employee operated outside of internal control policies.
|
■
|
Revenue and profitability of the business and/or each fund/account managed by the portfolio manager
|
■
|
Revenue and profitability of the Firm
|
■
|
Return on equity and risk factors of both the business units and Morgan Stanley
|
■
|
Assets managed by the portfolio manager
|
■
|
External market conditions
|
■
|
New business development and business sustainability
|
■
|
Contribution to client objectives
|
■
|
Team, product and/or MSIM performance
|
■
|
The pre-tax investment performance of the funds/accounts managed by the portfolio manager (which may, in certain cases, be measured against the applicable benchmark(s) and/or peer group(s) over one, three and five-year periods
|
■
|
Individual contribution and performance
|
Other Registered Investment Companies
|
Other Pooled Investment Vehicles
|
Other Accounts
|
||||
Fund and Portfolio Managers
|
Number of Accounts
|
Total Assets in the Accounts
|
Number of Accounts
|
Total Assets in the Accounts
|
Number of Accounts
|
Total Assets in the Accounts
|
Active International Allocation
|
||||||
Ben V. Rozin
|
0
|
$0
|
0
|
$0
|
41
|
$1.7 billion1
|
Jitania Kandhari
|
0
|
$0
|
0
|
$0
|
52
|
$1.7 billion2
|
Advantage
|
||||||
Dennis P. Lynch
|
22
|
$41.6 billion
|
22
|
$26.8 billion
|
173
|
$10.1 billion3
|
Sam G. Chainani
|
21
|
$41.6 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Jason C. Yeung
|
21
|
$41.6 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Armistead B. Nash
|
21
|
$41.6 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
David S. Cohen
|
21
|
$41.6 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Alexander T. Norton
|
21
|
$41.6 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Asia Opportunity
|
||||||
Kristian Heugh
|
7
|
$19.0 billion
|
24
|
$54.3 billion
|
344
|
$5.1 billion4
|
Anil Agarwal
|
0
|
$0
|
1
|
$6.9 billion
|
1
|
$79.5 million
|
Alastair Pang
|
0
|
$0
|
0
|
$0
|
0
|
$0
|
China Equity
|
||||||
Amay Hattangadi
|
6
|
$2.2 billion
|
8
|
$3.5 billion
|
145
|
$6.3 billion5
|
Leon Sun
|
2
|
$602.4 million
|
3
|
$86.6 million
|
66
|
$3.4 billion6
|
Counterpoint Global
|
||||||
Dennis P. Lynch
|
22
|
$42.4 billion
|
22
|
$26.8 billion
|
173
|
$10.1 billion3
|
Kristian Heugh
|
7
|
$19.5 billion
|
24
|
$54.3 billion
|
344
|
$5.1 billion4
|
Developing Opportunity
|
Other Registered Investment Companies
|
Other Pooled Investment Vehicles
|
Other Accounts
|
||||
Fund and Portfolio Managers
|
Number of Accounts
|
Total Assets in the Accounts
|
Number of Accounts
|
Total Assets in the Accounts
|
Number of Accounts
|
Total Assets in the Accounts
|
Kristian Heugh
|
7
|
$19.3 billion
|
24
|
$54.3 billion
|
344
|
$5.1 billion4
|
Emerging Markets
|
||||||
Eric Carlson
|
2
|
$528.7 million
|
6
|
$3.6 billion
|
127
|
$3.3 billion7
|
Amay Hattangadi
|
6
|
$1.5 billion
|
8
|
$3.5 billion
|
148
|
$6.3 billion8
|
Paul C. Psaila
|
2
|
$528.7 million
|
6
|
$3.6 billion
|
127
|
$3.3 billion7
|
Emerging Markets Fixed Income Opportunities
|
||||||
Warren Mar
|
3
|
$762.3 million
|
10
|
$2.5 billion
|
6
|
$468.7 million
|
Sahil Tandon
|
3
|
$762.3 million
|
10
|
$2.5 billion
|
6
|
$468.7 million
|
Budi Suharto
|
0
|
$0
|
6
|
$2.2 billion
|
2
|
$52.0 million
|
Emerging Markets Leaders
|
||||||
Vishal Gupta
|
0
|
$0
|
3
|
$1.7 billion
|
1
|
$76.8 million
|
Global Concentrated
|
||||||
Andrew Slimmon
|
2
|
$188.6 million
|
3
|
$833.4 million
|
29
|
$6.3 billion
|
Phillip Kim
|
2
|
$188.6 million
|
3
|
$833.4 million
|
29
|
$6.3 billion
|
Global Core
|
||||||
Andrew Slimmon
|
2
|
$279.9 million
|
3
|
$833.4 million
|
29
|
$6.3 billion
|
Phillip Kim
|
2
|
$279.9 million
|
3
|
$833.4 million
|
29
|
$6.3 billion
|
Global Endurance
|
||||||
Manas Gautam
|
2
|
$8.2 million
|
3
|
$292.3 million
|
0
|
$0
|
Global Focus Real Estate
|
||||||
Laurel Durkay
|
5
|
$617.5 million
|
12
|
$2.2 billion
|
69
|
$389.1 million9
|
Global Franchise
|
||||||
Vladimir A. Demine
|
6
|
$3.8 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Alex Gabriele
|
6
|
$3.8 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
William D. Lock
|
6
|
$3.8 billion
|
38
|
$43.6 billion
|
6910
|
$29.7 billion10
|
Bruno Paulson
|
6
|
$3.8 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Richard Perrott
|
6
|
$3.8 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Nic Sochovsky
|
6
|
$3.8 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Marcus Watson
|
6
|
$3.8 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Nathan Wong
|
6
|
$3.8 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Global Infrastructure
|
||||||
Matthew King
|
1
|
$90.5 million
|
6
|
$2.2 billion
|
311
|
$960.4 million11
|
Global Insight
|
||||||
Dennis P. Lynch
|
22
|
$42.1 billion
|
22
|
$26.8 billion
|
173
|
$10.1 billion3
|
Sam G. Chainani
|
21
|
$42.1 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Jason C. Yeung
|
21
|
$42.1 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Armistead B. Nash
|
21
|
$42.1 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
David S. Cohen
|
21
|
$42.1 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Alexander T. Norton
|
21
|
$42.1 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Global Opportunity
|
||||||
Kristian Heugh
|
7
|
$12.4 billion
|
24
|
$54.3 billion
|
344
|
$5.1 billion4
|
Global Permanence
|
||||||
Dennis P. Lynch
|
22
|
$42.4 billion
|
22
|
$26.8 billion
|
173
|
$10.1 billion3
|
Sam G. Chainani
|
21
|
$42.4 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Jason C. Yeung
|
21
|
$42.4 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Armistead B. Nash
|
21
|
$42.4 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
David S. Cohen
|
21
|
$42.4 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Alexander T. Norton
|
21
|
$42.4 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Other Registered Investment Companies
|
Other Pooled Investment Vehicles
|
Other Accounts
|
||||
Fund and Portfolio Managers
|
Number of Accounts
|
Total Assets in the Accounts
|
Number of Accounts
|
Total Assets in the Accounts
|
Number of Accounts
|
Total Assets in the Accounts
|
Manas Gautam
|
2
|
$81.5 million
|
3
|
$292.3 million
|
0
|
$0
|
Global Real Estate
|
||||||
Laurel Durkay
|
5
|
$535.5 million
|
12
|
$2.2 billion
|
69
|
$389.1 million9
|
Desmond Foong
|
1
|
$58.3 million
|
7
|
$2.0 billion
|
1
|
$19.1 million
|
Angeline Ho
|
1
|
$58.3 million
|
7
|
$2.0 billion
|
1
|
$19.1 million
|
Simon Robson Brown
|
0
|
$0
|
0
|
$0
|
0
|
$0
|
Global Sustain
|
||||||
Vladimir A. Demine
|
6
|
$7.6 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Alex Gabriele
|
6
|
$7.6 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
William D. Lock
|
6
|
$7.6 billion
|
38
|
$43.6 billion
|
6910
|
$29.7 billion10
|
Bruno Paulson
|
6
|
$7.6 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Richard Perrott
|
6
|
$7.6 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Nic Sochovsky
|
6
|
$7.6 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Marcus Watson
|
6
|
$7.6 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Nathan Wong
|
6
|
$7.6 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Growth
|
||||||
Dennis P. Lynch
|
22
|
$26.3 billion
|
22
|
$26.8 billion
|
173
|
$10.1 billion3
|
Sam G. Chainani
|
21
|
$26.3 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Jason C. Yeung
|
21
|
$26.3 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Armistead B. Nash
|
21
|
$26.3 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
David S. Cohen
|
21
|
$26.3 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Alexander T. Norton
|
21
|
$26.3 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Inception
|
||||||
Dennis P. Lynch
|
22
|
$41.0 billion
|
22
|
$26.8 billion
|
173
|
$10.1 billion3
|
Sam G. Chainani
|
21
|
$41.0 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Jason C. Yeung
|
21
|
$41.0 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Armistead B. Nash
|
21
|
$41.0 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
David S. Cohen
|
21
|
$41.0 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Alexander T. Norton
|
21
|
$41.0 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
International Advantage
|
||||||
Kristian Heugh
|
7
|
$13.0 billion
|
24
|
$54.3 billion
|
344
|
$5.1 billion4
|
Wendy Wang
|
2
|
$1.0 billion
|
2
|
$2.7 billion
|
0
|
$0
|
International Equity
|
||||||
Vladimir A. Demine
|
6
|
$5.7 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Alex Gabriele
|
6
|
$5.7 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
William D. Lock
|
6
|
$5.7 billion
|
38
|
$43.6 billion
|
6910
|
$29.7 billion10
|
Bruno Paulson
|
6
|
$5.7 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Richard Perrott
|
6
|
$5.7 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Nic Sochovsky
|
6
|
$5.7 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Marcus Watson
|
6
|
$5.7 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
Nathan Wong
|
6
|
$5.7 billion
|
38
|
$43.6 billion
|
6810
|
$29.6 billion10
|
International Opportunity
|
||||||
Kristian Heugh
|
7
|
$15.2 billion
|
24
|
$54.3 billion
|
344
|
$5.1 billion4
|
Multi-Asset Real Return
|
||||||
Mark A. Bavoso
|
5
|
$2.3 billion
|
6
|
$1.1 billion
|
912
|
$8.7 billion12
|
Cyril Moullé-Berteaux
|
5
|
$2.3 billion
|
6
|
$1.1 billion
|
1012
|
$8.8 billion12
|
Sergei Parmenov
|
5
|
$2.3 billion
|
6
|
$1.1 billion
|
912
|
$8.7 billion12
|
Next Gen Emerging Markets
|
Other Registered Investment Companies
|
Other Pooled Investment Vehicles
|
Other Accounts
|
||||
Fund and Portfolio Managers
|
Number of Accounts
|
Total Assets in the Accounts
|
Number of Accounts
|
Total Assets in the Accounts
|
Number of Accounts
|
Total Assets in the Accounts
|
Steven Quattry
|
0
|
$0
|
1
|
$141.3 million
|
0
|
$0
|
Jorge Chirino
|
0
|
$0
|
2
|
$227.4 million
|
0
|
$0
|
Permanence
|
||||||
Dennis P. Lynch
|
22
|
$42.4 billion
|
22
|
$26.8 billion
|
173
|
$10.1 billion3
|
Sam G. Chainani
|
21
|
$42.4 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Armistead B. Nash
|
21
|
$42.4 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Jason C. Yeung
|
21
|
$42.4 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
David S. Cohen
|
21
|
$42.4 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Alexander T. Norton
|
21
|
$42.4 billion
|
21
|
$26.8 billion
|
163
|
$10.1 billion3
|
Manas Gautam
|
2
|
$81.3 million
|
3
|
$292.3 million
|
0
|
$0
|
US Core
|
||||||
Andrew Slimmon
|
2
|
$138.4 million
|
3
|
$833.4 million
|
29
|
$6.3 billion
|
Phillip Kim
|
2
|
$138.4 million
|
3
|
$833.4 million
|
29
|
$6.3 billion
|
U.S. Focus Real Estate
|
||||||
Laurel Durkay
|
5
|
$617.1 million
|
12
|
$2.2 billion
|
69
|
$389.1 million9
|
U.S. Real Estate
|
||||||
Laurel Durkay
|
5
|
$575.2 million
|
12
|
$2.2 billion
|
69
|
$389.1 million9
|
Vitality
|
||||||
Anne Edelstein
|
0
|
$0
|
0
|
$0
|
0
|
$0
|
Jenny Leeds, Ph.D.
|
0
|
$0
|
0
|
$0
|
0
|
$0
|
1 | Of these other accounts, three accounts with a total of approximately $1.6 billion in assets had performance-based fees. |
2 | Of these other accounts, four accounts with a total of approximately $1.6 billion in assets had performance-based fees. |
3 | Of these other accounts, two accounts with a total of approximately $468.7 million in assets had performance-based fees. |
4 | Of these other accounts, ten accounts with a total of approximately $1.1 billion in assets had performance-based fees. |
5 | Of these other accounts, three accounts with a total of approximately $841.2 million in assets had performance-based fees. |
6 | Of these other accounts, two accounts with a total of approximately $262.4 million in assets had performance-based fees. |
7 | Of these other accounts, two accounts with a total of approximately $821.8 million in assets had performance-based fees. |
8 | Of these other accounts, three accounts with a total of approximately $841.2 million in assets had performance-based fees. |
9 | Of these other accounts, one account with a total of approximately $87.8 million in assets had performance-based fees. |
10 | Of these other accounts, six accounts with a total of approximately $3.1 billion in assets had performance-based fees. |
11 | Of these other accounts, one account with a total of approximately $345.6 million in assets had performance-based fees. |
12 | Of these other accounts, two accounts with a total of approximately $4.0 billion in assets had performance-based fees. |
Fund and Portfolio Managers
|
Fund Holdings
|
Active International Allocation
|
|
Ben V. Rozin
|
$500,001 - $1,000,000
|
Jitania Kandhari
|
$50,001-$100,000
|
Asia Opportunity
|
|
Kristian Heugh
|
Over $1 million
|
Anil Agarwal
|
None
|
Alastair Pang
|
$100,001-$500,000
|
Advantage
|
|
Dennis P. Lynch
|
Over $1 million
|
Sam G. Chainani
|
$500k-1 million
|
Jason C. Yeung
|
$100,001-$500,000
|
Armistead B. Nash
|
$100,001-$500,000
|
David S. Cohen
|
Over $1 million
|
Alexander T. Norton
|
$10,001-$50,000
|
China Equity
|
|
Amay Hattangadi
|
None
|
Leon Sun
|
None
|
Counterpoint Global
|
|
Dennis P. Lynch
|
$500,001-$1,000,000
|
Kristian Heugh
|
None
|
Developing Opportunity
|
|
Kristian Heugh
|
Over $1 million
|
Emerging Markets
|
|
Eric Carlson
|
None
|
Amay Hattangadi
|
$10,001-$50,000
|
Paul C. Psaila
|
$10,001 - $50,000
|
Emerging Markets Fixed Income Opportunities
|
|
Warren Mar
|
$10,001-$50,000
|
Sahil Tandon
|
None
|
Budi Suharto
|
None
|
Emerging Markets Leaders
|
|
Vishal Gupta
|
$500,001-$1,000,000
|
Next Gen Emerging Markets
|
|
Steven Quattry
|
$50,001-$100,000
|
Jorge Chirino
|
None
|
Global Concentrated
|
|
Andrew Slimmon
|
Over $1 million
|
Phillip Kim
|
$10,001-$50,000
|
Global Core
|
|
Andrew Slimmon
|
$100,001-$500,000
|
Phillip Kim
|
None
|
Global Endurance
|
|
Manas Gautam
|
Over $1 million
|
Global Franchise
|
|
Vladimir A. Demine
|
$100,001-$500,000
|
Alex Gabriele
|
$500k- $1 million
|
William D. Lock
|
Over $1 million
|
Bruno Paulson
|
Over $1 million
|
Richard Perrott
|
$100,001-$500,000
|
Nic Sochovsky
|
None
|
Marcus Watson
|
$100,001-$500,000
|
Nathan Wong
|
Over $1 million
|
Global Focus Real Estate
|
|
Laurel Durkay
|
None
|
Global Infrastructure
|
|
Matthew King
|
$100,000-$500,000
|
Global Insight
|
|
Dennis P. Lynch
|
Over $1 million
|
Sam G. Chainani
|
Over $1 million
|
Jason C. Yeung
|
None
|
Armistead B. Nash
|
$100,001-$500,000
|
David S. Cohen
|
Over $1 million
|
Alexander T. Norton
|
None
|
Global Opportunity
|
|
Kristian Heugh
|
Over $1 million
|
Global Permanence
|
|
Dennis P. Lynch
|
Over $1 million
|
Sam G. Chainani
|
$500,001-$1,000,000
|
Jason C. Yeung
|
None
|
Armistead B. Nash
|
$50,001-$100,000
|
David S. Cohen
|
$100,001-$500,000
|
Alexander T. Norton
|
$1-$10,000
|
Manas Gautam
|
$10,001-$50,000
|
Global Real Estate
|
|
Laurel Durkay
|
$100,001-$500,000
|
Desmond Foong
|
$10,001 - $50,000
|
Angeline Ho
|
$1-$10,000
|
Simon Robson Brown
|
None
|
Global Sustain
|
|
Vladimir A. Demine
|
$50,001-$100,000
|
Alex Gabriele
|
None
|
William D. Lock
|
Over $1 million
|
Bruno Paulson
|
Over $1 million
|
Richard Perrott
|
$100,001-$500,000
|
Nic Sochovsky
|
Over $1 million
|
Marcus Watson
|
$100,001-$500,000
|
Nathan Wong
|
None
|
Growth
|
|
Dennis P. Lynch
|
Over $1 million
|
Sam G. Chainani
|
Over $1 million
|
Jason C. Yeung
|
Over $1 million
|
Armistead B. Nash
|
$100,001-$500,000
|
David S. Cohen
|
Over $1 million
|
Alexander T. Norton
|
$500,001 - $1,000,000
|
Inception
|
|
Dennis P. Lynch
|
Over $1 million
|
Sam G. Chainani
|
$500,001-$1,000,000
|
Jason C. Yeung
|
$100,001-$500,000
|
Armistead B. Nash
|
$100,001-$500,000
|
David S. Cohen
|
$500,001-$1,000,000
|
Alexander T. Norton
|
$10,001 - $50,000
|
International Advantage
|
|
Kristian Heugh
|
Over $1 million
|
Wendy Wang
|
None
|
International Equity
|
|
Vladimir A. Demine
|
$1-$10,000
|
Alex Gabriele
|
None
|
William D. Lock
|
$100,001-$500,000
|
Bruno Paulson
|
Over $1 million
|
Richard Perrott
|
$100,001 - $500,000
|
Nic Sochovsky
|
None
|
Marcus Watson
|
None
|
Nathan Wong
|
None
|
International Opportunity
|
|
Kristian Heugh
|
Over $1 million
|
Permanence
|
|
Dennis P. Lynch
|
Over $1 million
|
Sam G. Chainani
|
$100,001-$500,000
|
Armistead B. Nash
|
$100,001-$500,000
|
Jason C. Yeung
|
None
|
David S. Cohen
|
$100,001-$500,000
|
Alexander T. Norton
|
None
|
Manas Gautam
|
None
|
Multi-Asset Real Return
|
|
Mark A. Bavoso
|
None
|
Cyril Moulle-Berteaux
|
None
|
Sergei Parmenov
|
None
|
U.S. Focus Real Estate
|
|
Laurel Durkay
|
None
|
US Core
|
|
Andrew Slimmon
|
$500,001-$1million
|
Phillip Kim
|
$10,001-$50,000
|
U.S. Real Estate
|
|
Laurel Durkay
|
$100,001-$500,000
|
Vitality
|
|
Anne Edelstein
|
None
|
Jenny Leeds, Ph.D.
|
$100,000 - $500,000
|
Fund
|
Gross
Income1 |
Revenue
Split2 |
Cash
Collateral Management Fees3 |
Administrative
Fees4 |
Indemnification
Fees5 |
Rebates to
Borrowers |
Other
Fees |
Total Cost
of the Securities Lending Activities |
Net Income
from the Securities Lending Activities |
Active International Allocation
|
$118,250
|
$17,735
|
$0
|
$0
|
$0
|
$7
|
$0
|
$17,742
|
$100,508
|
Asia Opportunity
|
1,008,975
|
151,338
|
0
|
0
|
0
|
21
|
0
|
151,359
|
857,616
|
Emerging Markets
|
39,808
|
5,970
|
0
|
0
|
0
|
7
|
0
|
5,977
|
33,831
|
Global Endurance
|
26,668
|
4,000
|
0
|
0
|
0
|
0
|
0
|
4,000
|
22,668
|
Global Infrastructure
|
22,866
|
3,431
|
0
|
0
|
0
|
0
|
0
|
3,431
|
19,435
|
Global Insight
|
947,188
|
142,077
|
0
|
0
|
0
|
0
|
0
|
142,077
|
805,111
|
Global Real Estate
|
10,601
|
1,585
|
0
|
0
|
0
|
10
|
0
|
1,595
|
9,006
|
Growth
|
495,703
|
74,355
|
0
|
0
|
0
|
0
|
0
|
74,355
|
421,348
|
Inception
|
9,123,169
|
1,368,461
|
0
|
0
|
0
|
0
|
0
|
1,368,461
|
7,754,708
|
International Advantage
|
21,924
|
3,283
|
0
|
0
|
0
|
39
|
0
|
3,322
|
18,602
|
International Equity
|
174,962
|
26,209
|
0
|
0
|
0
|
233
|
0
|
26,442
|
148,520
|
International Opportunity
|
4,003,128
|
600,442
|
0
|
0
|
0
|
127
|
0
|
600,569
|
3,402,559
|
Multi-Asset Real Return
|
1,091
|
161
|
0
|
0
|
0
|
0
|
0
|
161
|
930
|
U.S. Real Estate Portfolio
|
156
|
23
|
0
|
0
|
0
|
0
|
0
|
23
|
133
|
1 | Gross income includes income from the reinvestment of cash collateral. |
2 | Revenue split represents the share of revenue generated by the securities lending program and paid to State Street. |
3 | Cash collateral management fees include fees deducted from a pooled cash collateral reinvestment vehicle that are not included in the revenue split. |
4 | These administrative fees are not included in the revenue split. |
5 | These indemnification fees are not included in the revenue split. |
Fund
|
Total Distribution and/or Shareholder Servicing Fees Paid by Fund
|
Distribution and/or Shareholder Servicing Expenses*
|
Distribution and/or Shareholder Servicing Fees Retained by Morgan Stanley Distribution, Inc. (Expenditures in Excess of Distribution and/or Shareholder Servicing Fees)
|
Class A
|
|||
Active International Allocation
|
$184,341
|
$181,312
|
$3,029
|
Advantage
|
$342,188
|
$330,701
|
$11,487
|
Asia Opportunity
|
$264,611
|
$258,090
|
$6,521
|
China Equity
|
$396
|
$305
|
$91
|
Counterpoint Global
|
$4,261
|
$4,223
|
$38
|
Developing Opportunity
|
$45,061
|
$45,030
|
$31
|
Emerging Markets Fixed Income Opportunities
|
$8,446
|
$7,914
|
$532
|
Emerging Markets Leaders
|
$57,184
|
$57,033
|
$151
|
Emerging Markets
|
$22,213
|
$22,191
|
$22
|
Global Concentrated
|
$19,877
|
$19,845
|
$32
|
Global Core
|
$5,533
|
$5,499
|
$34
|
Global Endurance
|
$10,559
|
$10,241
|
$318
|
Global Focus Real Estate†
|
$35
|
$25
|
$10
|
Global Franchise
|
$858,118
|
$841,281
|
$16,837
|
Global Infrastructure
|
$560,010
|
$526,420
|
$33,590
|
Global Insight
|
$270,234
|
$277,236
|
$(7,002)
|
Global Opportunity
|
$4,243,641
|
$4,106,043
|
$137,598
|
Global Permanence
|
$63
|
$24
|
$39
|
Global Real Estate
|
$9,598
|
$9,516
|
$82
|
Global Sustain
|
$20,812
|
$19,893
|
$919
|
Growth
|
$15,142,452
|
$14,762,121
|
$380,331
|
Inception
|
$1,671,915
|
$1,644,886
|
$27,029
|
International Advantage
|
$1,754,501
|
$1,796,244
|
$(41,743)
|
International Equity
|
$151,643
|
$146,675
|
$4,968
|
International Opportunity
|
$1,855,976
|
$1,830,811
|
$25,165
|
Multi-Asset Real Return
|
$549
|
$526
|
$23
|
Next Gen Emerging Markets
|
$23,374
|
$22,871
|
$503
|
Fund
|
Total Distribution and/or Shareholder Servicing Fees Paid by Fund
|
Distribution and/or Shareholder Servicing Expenses*
|
Distribution and/or Shareholder Servicing Fees Retained by Morgan Stanley Distribution, Inc. (Expenditures in Excess of Distribution and/or Shareholder Servicing Fees)
|
Permanence
|
$604
|
$561
|
$43
|
U.S. Real Estate
|
$29,807
|
$29,159
|
$648
|
US Core
|
$36,947
|
$36,397
|
$550
|
U.S. Focus Real Estate††
|
$34
|
$0
|
$34
|
Vitality†††
|
@
|
$0
|
@
|
Class L
|
|||
Active International Allocation
|
$43,732
|
$42,933
|
$799
|
Advantage1
|
$2,038
|
$35,304
|
$(33,266)
|
Emerging Markets Fixed Income Opportunities
|
$1,883
|
$1,374
|
$509
|
Emerging Markets
|
$1,781
|
$1,685
|
$96
|
Global Franchise
|
$65,347
|
$65,245
|
$102
|
Global Infrastructure
|
$24,492
|
$23,972
|
$520
|
Global Insight
|
$6,772
|
$6,207
|
$565
|
Global Opportunity2
|
$158,153
|
$293,840
|
$(135,687)
|
Global Real Estate
|
$4,401
|
$4,400
|
$1
|
Global Sustain
|
$11,795
|
$10,429
|
$1,366
|
Growth
|
$1,322,192
|
$1,311,103
|
$11,089
|
Inception
|
$19,680
|
$19,792
|
$68
|
International Advantage
|
$2,728
|
$2,277
|
$451
|
International Equity
|
$41,982
|
$41,591
|
$391
|
International Opportunity
|
$3,803
|
$3,613
|
$190
|
Next Gen Emerging Markets
|
$3,169
|
$3,172
|
$(3)
|
U.S. Real Estate
|
$13,692
|
$13,617
|
$75
|
Class C
|
|||
Active International Allocation
|
$6,693
|
$1,032
|
$5,661
|
Advantage
|
$764,925
|
$599,308
|
$165,617
|
Asia Opportunity
|
$261,509
|
$111,645
|
$149,864
|
China Equity
|
$920
|
$95
|
$825
|
Counterpoint Global
|
$866
|
$379
|
$487
|
Developing Opportunity
|
$89,315
|
$20,340
|
$68,975
|
Emerging Markets Fixed Income Opportunities
|
$4,660
|
$3,127
|
$1,533
|
Emerging Markets Leaders
|
$77,443
|
$20,951
|
$56,492
|
Emerging Markets
|
$7,592
|
$4,375
|
$3,217
|
Global Concentrated
|
$59,129
|
$30,445
|
$28,684
|
Global Core
|
$25,521
|
$19,055
|
$6,466
|
Global Endurance
|
$14,926
|
$1,027
|
$13,899
|
Global Focus Real Estate†
|
$42
|
$0
|
$42
|
Global Franchise
|
$1,373,124
|
$1,087,620
|
$285,505
|
Global Infrastructure
|
$36,288
|
$25,774
|
$10,514
|
Global Insight
|
$226,718
|
$160,236
|
$66,482
|
Global Opportunity
|
$4,497,964
|
$3,682,001
|
$815,963
|
Global Permanence
|
$147
|
$0
|
$147
|
Global Real Estate
|
$4,574
|
$2,041
|
$2,533
|
Global Sustain
|
$45,711
|
$34,380
|
$11,331
|
Growth
|
$5,868,893
|
$4,168,170
|
$1,700,723
|
Inception
|
$367,698
|
$69,656
|
$298,042
|
International Advantage
|
$352,932
|
$236,179
|
$116,753
|
Fund
|
Total Distribution and/or Shareholder Servicing Fees Paid by Fund
|
Distribution and/or Shareholder Servicing Expenses*
|
Distribution and/or Shareholder Servicing Fees Retained by Morgan Stanley Distribution, Inc. (Expenditures in Excess of Distribution and/or Shareholder Servicing Fees)
|
International Equity
|
$9,245
|
$6,511
|
$2,734
|
International Opportunity
|
$1,023,133
|
$737,711
|
$285,422
|
Multi-Asset Real Return Portfolio
|
$9,253
|
$4,808
|
$4,445
|
Next Gen Emerging Markets
|
$9,247
|
$8,664
|
$583
|
Permanence
|
$241
|
$25
|
$216
|
U.S. Real Estate
|
$3,388
|
$1,655
|
$1,733
|
US Core
|
$68,139
|
$51,069
|
$17,070
|
U.S. Focus Real Estate††
|
$134
|
$0
|
$134
|
Vitality†††
|
@
|
$0
|
@
|
Fund Total
|
$44,533,173
|
$39,961,908
|
$4,571,265
|
@ Amount is less than $0.50. |
* | Includes payments for distribution and/or shareholder servicing to third-parties and affiliated entities. |
† | Class A and Class C shares of Global Focus Real Estate Portfolio commenced offering on July 30, 2021. |
†† | Class A and Class C shares of U.S. Focus Real Estate Portfolio commenced offering on September 30, 2021. |
††† | Class A and Class C shares of Vitality Portfolio commenced offering on December 31, 2021. |
1 | The distribution and shareholder servicing fee paid by the Advantage Portfolio pursuant to the Class L Plan reflects a waiver of $36,174. |
2 | The distribution and shareholder servicing fee paid by the Global Opportunity Portfolio pursuant to the Class L Plan reflects a waiver of $237,231. |
1 | an ongoing annual fee in an amount of $582,650 in consideration of the Adviser’s participation at various Morgan Stanley Smith Barney LLC events, including seminars, conferences and meetings as determined by Morgan Stanley Smith Barney LLC; |
2 | an ongoing annual fee in an amount of $525,000 in consideration of Morgan Stanley Smith Barney LLC providing Adviser with access to distribution analytical data in relation to sales of the Funds and certain other products managed and/or sponsored by the Adviser or its affiliates; |
3 | on Class I, Class A, Class L and Class C shares of the Funds held in Morgan Stanley Smith Barney LLC brokerage and advisory accounts, an ongoing annual fee in an amount up to 0.10% of the total average daily NAV of such shares for the applicable quarterly period; |
4 | on Class I shares of a Fund held in Morgan Stanley Smith Barney LLC brokerage and advisory accounts as of June 30, 2014, where each such account holds $5 million or more in Class I shares of the Fund, or had $4 million or more in assets (but less than $5 million) as of June 30, 2014 and reached $5 million by December 31, 2014, an ongoing annual fee in an amount equal to 35% of the advisory fee the Adviser receives from such Fund based on the average daily NAV of such shares for the applicable quarterly period; |
5 | on purchases of $1 million or more of Class A shares (for which no initial sales charge was paid), Morgan Stanley Smith Barney |
LLC may, at the discretion of the Distributor, receive a gross sales credit of up to 1.00% (with respect to the U.S. Equity, Global and International Equity and Listed Real Asset Funds) or 0.50% (with respect to the Fixed Income Funds) of the amount sold, as applicable*; |
6 | on certain Class I shares of the Global Real Estate Portfolio purchased prior to August 2018, an ongoing annual fee in an amount up to 25% of the advisory fee the Adviser receives from such Fund based on the average daily NAV of such shares for the applicable quarterly period. |
7 | on Class IR shares converted from Class I shares of a Fund held in Morgan Stanley Smith Barney LLC brokerage and advisory accounts as of June 30, 2014, where each such account holds $5 million or more in Class I shares of the Fund, or had $4 million or more in assets (but less than $5 million) as of June 30, 2014 and reached $5 million by December 31, 2014, an ongoing annual fee in an amount equal to 35% of the advisory fee the Adviser receives from such Fund based on the average daily NAV of such shares for the applicable quarterly period; |
8 | on Class IR shares of a Fund, an ongoing annual fee in an amount up to 25% of the advisory fee the Adviser receives from such Fund based on the average daily NAV of such shares for the applicable quarterly period; and |
9 | on shares of the Global Real Estate Portfolio, Growth Portfolio or International Opportunity Portfolio converted into Class IR shares of the same Fund prior to August 31, 2018, a one-time fee in an amount equal to 0.07% of assets under management of such shares of the applicable Fund at the date of conversion. |
1 | on shares of a Fund, a fee in an amount up to 20% of the advisory fee the Adviser receives from such Fund attributable to such shares for the applicable period, not to exceed one year. |
1 | on Class I, Class A, Class L and Class C shares of the Funds, reimbursement for ticket charges applied to Fund shares; |
2 | on Class I, Class A, Class L and Class C shares of the Funds held in brokerage and/or advisory program accounts, an ongoing annual fee in an amount up to 0.225% of the total average daily NAV of such shares for the applicable quarterly period; |
3 | an ongoing annual fee in an amount up to 0.25% on sales of Class I, Class A, Class L and Class C shares of the Funds through brokerage accounts; |
4 | on purchases of $1 million or more of Class A shares (for which no initial sales charge was paid), Financial Intermediaries may, at the discretion of the Distributor, receive a gross sales credit of up to 1.00% (with respect to the U.S. Equity, Global and International Equity and Listed Real Asset Funds) or 0.50% (with respect to the Fixed Income Funds) of the amount sold, as applicable; and |
5 | on Class IR shares of a Fund, an ongoing annual fee in an amount up to 25% of the advisory fee the Adviser receives from such Fund based on the average daily NAV of such shares for the applicable quarterly period. |
* Commissions or transaction fees paid when Morgan Stanley Smith Barney LLC or other Financial Intermediaries initiate and are responsible for purchases of $1 million or more are computed on a percentage of the dollar value of such shares sold as follows: (i) with respect to the U.S. Equity, Global and International Equity and Listed Real Asset Funds: 1.00% on sales of $1 million to $4 million, plus 0.50% on sales over $4 million to $15 million, plus 0.25% on the excess over $15 million; and (ii) with respect to the Fixed Income Funds: 0.50% on sales of $1 million to $4 million, plus 0.25% on sales over $4 million to $15 million, plus 0.15% on the excess over $15 million. Purchases of Class A shares for which no initial sales charge is paid are subject to a CDSC of 1% if the redemption of such shares occurs within 12 months after purchase. The full amount of such CDSC will be retained by the Distributor.
|
Brokerage Commissions Paid During Fiscal Year Ended December 31, 2021
|
||||
Commissions Paid to Morgan Stanley & Co. LLC and/or its affiliated broker-dealers
|
||||
Fund
|
Total Commissions Paid
|
Total Commissions
|
Percent of Total Commissions
|
Percent of Total Brokered Transactions
|
Active International Allocation
|
$91,158
|
$0
|
0.00%
|
0.00%
|
Advantage
|
$135,318
|
$0
|
0.00%
|
0.00%
|
Asia Opportunity
|
$602,753
|
$0
|
0.00%
|
0.00%
|
China Equity
|
$16,504
|
$0
|
0.00%
|
0.00%
|
Counterpoint Global
|
$9,240
|
$0
|
0.00%
|
0.00%
|
Developing Opportunity
|
$237,674
|
$0
|
0.00%
|
0.00%
|
Emerging Markets Fixed Income Opportunities
|
$0
|
$0
|
0.00%
|
0.00%
|
Emerging Markets Leaders
|
$233,457
|
$0
|
0.00%
|
0.00%
|
Emerging Markets
|
$545,503
|
$0
|
0.00%
|
0.00%
|
Global Concentrated
|
$4,659
|
$0
|
0.00%
|
0.00%
|
Global Core
|
$851
|
$0
|
0.00%
|
0.00%
|
Global Endurance
|
$51,523
|
$0
|
0.00%
|
0.00%
|
Global Focus Real Estate1
|
$1,460
|
$0
|
0.00%
|
0.00%
|
Global Franchise
|
$194,845
|
$0
|
0.00%
|
0.00%
|
Global Infrastructure
|
$129,898
|
$0
|
0.00%
|
0.00%
|
Brokerage Commissions Paid During Fiscal Year Ended December 31, 2021
|
||||
Commissions Paid to Morgan Stanley & Co. LLC and/or its affiliated broker-dealers
|
||||
Fund
|
Total Commissions Paid
|
Total Commissions
|
Percent of Total Commissions
|
Percent of Total Brokered Transactions
|
Global Insight
|
$204,644
|
$1,137
|
0.56%
|
0.04%
|
Global Opportunity
|
$654,997
|
$0
|
0.00%
|
0.00%
|
Global Permanence
|
$756
|
$0
|
0.00%
|
0.00%
|
Global Real Estate
|
$295,604
|
$0
|
0.00%
|
0.00%
|
Global Sustain
|
$6,031
|
$0
|
0.00%
|
0.00%
|
Growth
|
$1,882,288
|
$0
|
0.00%
|
0.00%
|
Inception
|
$1,322,586
|
$0
|
0.00%
|
0.00%
|
International Advantage
|
$1,150,804
|
$0
|
0.00%
|
0.00%
|
International Equity
|
$337,040
|
$0
|
0.00%
|
0.00%
|
International Opportunity
|
$1,956,289
|
$0
|
0.00%
|
0.00%
|
Multi-Asset Real Return
|
$17,886
|
$0
|
0.00%
|
0.00%
|
Next Gen Emerging Markets
|
$165,115
|
$0
|
0.00%
|
0.00%
|
Permanence
|
$321
|
$0
|
0.00%
|
0.00%
|
US Core
|
$4,948
|
$0
|
0.00%
|
0.00%
|
U.S. Focus Real Estate2
|
$775
|
$0
|
0.00%
|
0.00%
|
U.S. Real Estate
|
$55,559
|
$0
|
0.00%
|
0.00%
|
Vitality3
|
$418
|
$0
|
0.00%
|
0.00%
|
1 | The Fund commenced operations on July 30, 2021. |
2 | The Fund commenced operations on September 30, 2021. |
3 | The Fund commenced operations on December 31, 2021. |
Brokerage Commissions Paid During Fiscal Year Ended December 31, 2019 and 2020
|
||||
Fiscal Year Ended December 31, 2019
|
Fiscal Year Ended December 31, 2020
|
|||
Fund
|
Total
|
Morgan Stanley & Co. LLC and/or its affiliated broker-dealers
|
Total
|
Morgan Stanley & Co. LLC and/or its affiliated broker-dealers
|
Active International Allocation
|
$104,512
|
$0
|
$177,181
|
$0
|
Advantage
|
$102,061
|
$0
|
$128,650
|
$0
|
Asia Opportunity
|
$65,486
|
$0
|
$293,436
|
$0
|
China Equity1
|
$11,157
|
$0
|
$4,595
|
$0
|
Counterpoint Global
|
$2,876
|
$0
|
$10,407
|
$0
|
Developing Opportunity2
|
—
|
—
|
92,231
|
$0
|
Emerging Markets Fixed Income Opportunities
|
$0
|
$0
|
$0
|
$0
|
Emerging Markets Leaders
|
$50,762
|
$0
|
$49,690
|
$0
|
Emerging Markets
|
$1,220,613
|
$1,664
|
$706,952
|
$0
|
Global Concentrated
|
$5,200
|
$0
|
$2,786
|
$0
|
Global Core
|
$1,639
|
$0
|
$528
|
$0
|
Global Endurance
|
$1,658
|
$0
|
$3,735
|
$0
|
Global Focus Real Estate3
|
—
|
—
|
—
|
—
|
Global Franchise
|
$139,269
|
$0
|
$236,018
|
$0
|
Global Infrastructure
|
$142,921
|
$0
|
$209,308
|
$0
|
Global Insight
|
$60,635
|
$0
|
$85,145
|
$0
|
Global Opportunity
|
$287,245
|
$0
|
$854,365
|
$0
|
Global Permanence4
|
$958
|
$0
|
$1,141
|
$0
|
Global Real Estate
|
$907,534
|
$0
|
$364,236
|
$0
|
Global Sustain
|
$1,897
|
$0
|
$3,928
|
$0
|
Brokerage Commissions Paid During Fiscal Year Ended December 31, 2019 and 2020
|
||||
Fiscal Year Ended December 31, 2019
|
Fiscal Year Ended December 31, 2020
|
|||
Fund
|
Total
|
Morgan Stanley & Co. LLC and/or its affiliated broker-dealers
|
Total
|
Morgan Stanley & Co. LLC and/or its affiliated broker-dealers
|
Growth
|
$2,331,431
|
$0
|
$1,810,323
|
$0
|
Inception
|
$192,602
|
$0
|
$400,649
|
$0
|
International Advantage
|
$561,174
|
$0
|
$739,821
|
$0
|
International Equity
|
$502,952
|
$0
|
$326,216
|
$0
|
International Opportunity
|
$639,137
|
$0
|
$969,282
|
$0
|
Multi-Asset Real Return
|
$2,589
|
$0
|
$6,098
|
$0
|
Next Gen Emerging Markets
|
$1,007,956
|
$0
|
$385,043
|
$0
|
Permanence5
|
—
|
—
|
$568
|
$0
|
US Core
|
$1,233
|
$0
|
$1,438
|
$0
|
U.S. Focus Real Estate3
|
—
|
—
|
—
|
—
|
U.S. Real Estate
|
$119,957
|
$0
|
$92,779
|
$0
|
Vitality3
|
—
|
—
|
—
|
—
|
1 | The Fund commenced operations on October 31, 2019. |
2 | The Fund commenced operations on February 14, 2020. |
3 | Not operational during the period. |
4 | The Fund commenced operations on April 30, 2019. |
5 | The Fund commenced operations on March 31, 2020. |
Fund
|
Issuer
|
International Equity
|
UBS Financial Services, Inc.
|
Multi-Asset Real Return
|
Bank of America Securities LLC
Goldman Sachs & Co. |
Fund
|
Regular Broker-Dealer
|
Approximate Market Value at 12/31/21
|
International Equity
|
UBS Financial Services, Inc.
|
$15,412,000
|
Fund
|
Name and Address
|
% of Class
|
Class I
|
||
Active International Allocation
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
68.66%
|
National Fincl Services Corp
For Exclusive Benefit Of Our Customers 499 Washington Blvd ATTN Mutual Funds Dept - 4Th Floor Jersey City NJ 07310-1995 |
11.28%
|
|
Charles Schwab & Co Inc
ATTN Mutual Fund Ops 101 Montgomery St San Francisco CA 94104-4151 |
6.11%
|
|
Pershing LLC
ATTN Joe Mattiello One Pershing Plaza, 14TH Fl. Jersey City NJ 07399-0001 |
5.13%
|
|
Advantage
|
National Fincl Services
For Exclusive Benefit Of Our Customers 499 Washington Blvd ATTN Mutual Funds Dept - 4Th Floor Jersey City NJ 07310-1995 |
23.12%
|
Charles Schwab & Co., Inc
ATTN Mutual Funds 101 Montgomery Street San Francisco, CA 94104-4151 |
13.15%
|
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
12.81%
|
|
LPL Financial
Omnibus Customer Account ATTN Mutual Fund Trading 4707 Executive Dr San Diego CA 92121-3091 |
11.11%
|
|
Raymond James
House Acct Firm 92500015 Omnibus For Mutual Funds ATTN Courtney Waller 880 Carillon Pkwy St Petersburg Fl 33716-1102 |
10.47%
|
|
Pershing LLC
ATTN Joe Mattiello One Pershing Plaza, 14th Fl. Jersey City, NJ 07399-0001 |
9.21%
|
|
Merrill Lynch Pierce Fenner & Smith
Inc For The Sole Benefit Of Its Customers 4800 Deer Lake Dr. E Jacksonville, FL 32246-6484 |
7.05%
|
|
Emerging Markets Fixed Income Opportunities
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
63.78%
|
Fund
|
Name and Address
|
% of Class
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave., 12th Fl New York, NY 10019-6835 |
29.00%
|
|
Emerging Markets Leaders
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
47.13%
|
LPL Financial
Omnibus Customer Account ATTN Mutual Fund Trading 4707 Executive Dr San Diego CA 92121-3091 |
14.20%
|
|
Raymond James Omnibus
For Mutual Funds House Acct Firm 92500015 ATTN Courtney Waller 880 Carillon Pkwy. St. Petersburg, FL 33716-1102 |
10.34%
|
|
Pershing LLC.
1 Pershing Plaza. Jersey City, NJ 07399-0002 |
10.13%
|
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
5.61%
|
|
Emerging Markets
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
27.31%
|
Charles Schwab & Co Inc.
ATTN Mutual Funds 101 Montgomery St San Francisco, CA 94104-4151 |
25.03%
|
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
23.27%
|
|
Global Insight
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
32.91%
|
LPL Financial
Omnibus Customer Account ATTN Mutual Fund Trading 4707 Executive Dr. San Diego, CA 92121-3091 |
13.78%
|
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
9.98%
|
|
RBC Capital Markets LLC
Mutual Fund Omnibus Processing Omnibus ATTN Mutual Fund Ops 60 South Sixth Street-PO8 Minneapolis MN 55402-4413 |
7.37%
|
Fund
|
Name and Address
|
% of Class
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave., 12th Fl New York, NY 10019-6835 |
6.09%
|
|
Raymond James,
House Acct Firm 92500015 Omnibus for Mutual Funds ATTN Courtney Waller 880 Carillon PKWY St. Petersburg, FL 33716-1102 |
6.07%
|
|
Michael Janzen TTEE
Janzen Family Foundation Inc. UA DTD 01/18/2020 59 Cardinal Cres S, Waterloo Ontario Canada N2J 2E6 |
6.07%
|
|
Pershing LLC.
1 Pershing Plaza. Jersey City, NJ 07399-0002 |
5.71%
|
|
Global Franchise
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
33.46%
|
National Financial Services LLC
For Exclusive Benefit of our Customer 499 Washington BLVD ATTN Mutual Funds Dept - 4th Floor Jersey City, NJ 07310-1995 |
18.10%
|
|
Charles Schwab & Co., Inc.
ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
8.12%
|
|
Raymond James
House Acct Firm 92500015 Omnibus for Mutual Funds ATTN Courtney Waller 880 Carillon PKWY. St. Petersburg, FL 33716-1102 |
8.12%
|
|
Pershing LLC.
ATTN Joe Mattiello One Pershing Plaza, 14th Fl. Jersey City, NJ 07399-0001 |
7.99%
|
|
Global Infrastructure
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
48.57%
|
Pershing LLC
ATTN Joe Mattiello One Pershing Plaza, 14th Fl. Jersey City, NJ 07399-0001 |
23.22%
|
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 5th Floor 499 Washington BLVD. Jersey City, NJ 07310-2010 |
14.16%
|
|
Charles Schwab & Co., Inc.
Special Custody A/C FBO Customers ATTN Mutual Funds 211 Main Street San Francisco, CA 94104-1905 |
9.02%
|
|
Global Opportunity
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
21.90%
|
Fund
|
Name and Address
|
% of Class
|
Raymond James
House Acct Firm 92500015 Omnibus for Mutual Funds ATTN Courtney Waller 880 Carillon Pkwy. St. Petersburg, FL 33716-1102 |
16.85%
|
|
National Financial Services LLC
For Exclusive Benefit of our Customer 499 Washington BLVD ATTN Mutual Funds Dept - 4th Floor Jersey City, NJ 07310-1995 |
13.25%
|
|
Wells Fargo Clearing Services, LLC
A/C 1699-0135 Special Custody Acct for the Exclusive Benefit of Customer 2801 Market St. Saint Louis, MO 63103-2523 |
9.93%
|
|
Charles Schwab & Co. Inc.
ATTN Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
7.17%
|
|
LPL Financial
Omnibus Customer A/C ATTN Mutual Fund Trading 4707 Executive Dr. San Diego, CA 92121-3091 |
6.41%
|
|
Pershing LLC
1 Pershing Plaza Jersey City, NJ 07399-0002 |
6.25%
|
|
Global Real Estate
|
MAC & Co. A/C 884464
ATTN: Mutual Fund Operations 500 Grant St. Room 151-1010 Pittsburgh, PA 15219-2502 |
57.20%
|
LPL Financial
Omnibus Customer Account ATTN Mutual Fund Trading 4707 Executive Dr. San Diego, CA 92121-3091 |
11.15%
|
|
National Financial Services LLC
For Exclusive Benefit of our Customer 499 Washington BLVD ATTN Mutual Funds Dept - 4th Floor Jersey City, NJ 07310-1995 |
8.28%
|
|
Global Sustain
|
National Fincl Services
For Exclusive Benefit Of Our Customers 499 Washington Blvd ATTN Mutual Funds Dept - 4Th Floor Jersey City NJ 07310-1995 |
29.31%
|
Morgan Stanley & Co
Harborside Financial Center Plaza II 3rd Floor Jersey City NJ 07311 |
20.24%
|
|
Attn Mutual Funds Administrator
C/O Principal Financial ID 636 SEI Private Trust Company One Freedom Valley Drive Oaks PA 19456-9989 |
8.31%
|
Fund
|
Name and Address
|
% of Class
|
LPL Financial
Omnibus Customer Account ATTN Mutual Fund Trading 4707 Executive Dr San Diego CA 92121-3091 |
7.24%
|
|
Attn Mutual Funds Processing Team
C/O Fiduciary Trust Company INT’L Dengel & Co 280 Park Avenue New York NY 10017-1274 |
6.27%
|
|
Attn Mutual Funds
C/O Id 225 SEI Private Trust Company One Freedom Valley Drive Oaks PA 19456-9989 |
5.96%
|
|
UBS WM USA
0O0 11011 6100 Omni Account M/F SPEC CDY A/C EBOC UBSFSI 1000 Harbor BLVD Weehawken NJ 07086-6761 |
5.90%
|
|
Growth
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
21.67%
|
Merrill Lynch Pierce Fenner & Smith
Inc For The Sole Benefit Of Its Customers 4800 Deer Lake Dr. E Jacksonville, FL 32246-6484 |
14.47%
|
|
National Financial Services LLC
For Exclusive Benefit of our Customer 499 Washington BLVD ATTN Mutual Funds Dept - 4th Floor Jersey City, NJ 07310-1995 |
11.78%
|
|
Charles Schwab & Co. Inc.
ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
8.73%
|
|
Raymond James
House Acct Firm 92500015 Omnibus for Mutual Funds ATTN Courtney Waller 880 Carillon Pkwy. St. Petersburg, FL 33716-1102 |
7.26%
|
|
LPL Financial
Omnibus Customer A/C ATTN Mutual Fund Trading 4707 Executive Dr. San Diego, CA 92121-3091 |
6.92%
|
|
Inception
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
20.26%
|
National Financial Services LLC
For Exclusive Benefit of our Cust ATTN Mutual Funds Dept 4th Fl. 499 Washington BLVD. Jersey City, NJ 07310-1995 |
16.50%
|
|
Charles Schwab & Co. Inc.
ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
15.53%
|
Fund
|
Name and Address
|
% of Class
|
Pershing LLC.
ATTN Joe Mattiello One Pershing Plaza, 14th Fl. Jersey City, NJ 07399-0001 |
10.97%
|
|
LPL Financial
Omnibus Customer Account ATTN Mutual Fund Trading 4707 Executive Dr. San Diego, CA 92121-3091 |
9.22%
|
|
Wells Fargo Clearing Services, LLC
A/C 1699-0135 Special Custody Acct for the Exclusive Benefit of Customer 2801 Market St. Saint Louis, MO 63103-2523 |
7.89%
|
|
Raymond James
House Acct Firm 92500015 Omnibus for Mutual Funds ATTN Courtney Waller 880 Carillon Pkwy. St. Petersburg, FL 33716-1102 |
7.34%
|
|
International Advantage
|
Charles Schwab & Co. Inc.
ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
20.63%
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
18.28%
|
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
11.63%
|
|
Raymond James
House Acct Firm 92500015 Omnibus For Mutual Funds ATTN Courtney Waller 880 Carillon Pkwy. St. Petersburg, FL 33716-1102 |
8.39%
|
|
Reliance Trust Co FBO
Huntington National Bank 201 17TH ST NW STE 1000 Atlanta GA 30363-1195 |
7.67%
|
|
Pershing LLC
1 Pershing Plaza Jersey City, NJ 07399-0002 |
6.07%
|
|
LPL Financial
Omnibus Customer Account ATTN Mutual Fund Trading 4707 Executive Dr. San Diego, CA 92121-3091 |
5.93%
|
|
International Equity
|
National Financial Services LLC
For Exclusive Benefit of our Customer 499 Washington BLVD ATTN Mutual Funds Dept - 4th Floor Jersey City, NJ 07310-1995 |
46.35%
|
Charles Schwab & Co., Inc.
ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
25.67%
|
Fund
|
Name and Address
|
% of Class
|
Mitra & Co FBO 98
C/O Reliance Trust Company WI Mailcode:BD1N-ATTN:MF 4900 W Brown Deer RD Milwaukee WI 53223-2422 |
6.28%
|
|
International Opportunity
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
19.97%
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
18.97%
|
|
UBS WM USA
0O0 11011 6100 Omni Account M/F SPEC CDY A/C EBOC UBSFSI 1000 Harbor Blvd. Weehawken, NJ 07086-6761 |
10.31%
|
|
Charles Schwab & Co., Inc.
ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
7.46%
|
|
LPL Financial
Omnibus Customer Account ATTN Mutual Fund Trading 4707 Executive Dr. San Diego, CA 92121-3091 |
7.32%
|
|
Pershing LLC
1 Pershing Plaza Jersey City, NJ 07399-0002 |
7.16%
|
|
Raymond James
House Acct Firm 92500015 Omnibus For Mutual Funds ATTN Courtney Waller 880 Carillon Pkwy. St. Petersburg, FL 33716-1102 |
6.79%
|
|
Next Gen Emerging Markets
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave., 12th Fl New York, NY 10019-6835 |
31.59%
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
20.36%
|
|
Wells Fargo Clearing Services LLC
A/C 1699-0135 Special Custody Acct for the Exclusive Benefit of Customer 2801 Market St. Saint Louis, MO 63103-2523 |
13.36%
|
|
National Financial Services LLC
For Exclusive Benefit of our Customer 499 Washington BLVD. ATTN Mutual Funds Dept - 4th Floor Jersey City, NJ 07310-1995 |
8.47%
|
|
U.S. Real Estate
|
LPL Financial
Omnibus Customer Account ATTN Mutual Fund Trading 4707 Executive Dr. San Diego, CA 92121-3091 |
26.82%
|
Fund
|
Name and Address
|
% of Class
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
23.72%
|
|
National Financial Services LLC
For Exclusive Benefit of our Customers 499 Washington BLVD ATTN Mutual Funds Dept - 4th Floor Jersey City, NJ 07310-1995 |
11.99%
|
|
TD Ameritrade Inc. For The
Exclusive Benefit of our Clients P.O. Box 2226 Omaha, NE 68103-2226 |
7.54%
|
|
Charles Schwab & Co Inc.
ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
7.15%
|
|
Class A
|
||
Active International Allocation
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
74.11%
|
Advantage
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
28.41%
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
15.58%
|
|
Charles Schwab & Co Inc
ATTN Mutual Fund Ops 101 Montgomery St San Francisco CA 94104-4151 |
14.22%
|
|
Pershing LLC
1 Pershing Plaza Jersey City, NJ 07399-002 |
10.93%
|
|
Raymond James
House Acct Firm 92500015 Omnibus For Mutual Funds ATTN Courtney Waller 880 Carillon Pkwy St Petersburg Fl 33716-1102 |
7.56%
|
|
TD Ameritrade Inc for the
Exclusive Benefit of our Clients P.O. Box 2226 Omaha, NE 68103-2226 |
5.47%
|
|
Emerging Markets Fixed Income Opportunities
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
66.74%
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave., 12th Fl New York, NY 10019-6835 |
16.13%
|
|
Charles Schwab & Co. Inc.
ATTN Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
8.04%
|
Fund
|
Name and Address
|
% of Class
|
National Fincl Services
For Exclusive Benefit Of Our Customers 499 Washington Blvd ATTN Mutual Funds Dept - 4Th Floor Jersey City NJ 07310-1995 |
6.79%
|
|
Emerging Markets Leaders
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
46.69%
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
31.55%
|
|
TD Ameritrade Inc for the
Exclusive Benefit of our Clients P.O. Box 2226 Omaha, NE 68103-2226 |
5.46%
|
|
Emerging Markets
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
45.16%
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
38.79%
|
|
Global Insight
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
46.94%
|
Morgan Stanley & Co
Harborside Financial Center Plaza II 3rd Floor Jersey City NJ 07311 |
19.15%
|
|
Charles Schwab & Co Inc.
ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
7.24%
|
|
TD Ameritrade Inc. for the
Exclusive Benefit of our client P.O. Box 2226 Omaha, NE 68103-2226 |
6.48%
|
|
LPL Financial
Omnibus Customer Account ATN Mutual Fund Trading 4707 Executive Dr San Diego CA 92121-3091 |
5.37%
|
|
Global Franchise
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
51.78%
|
Charles Schwab & Co. Inc.
Special Custody A/C FBO Customer ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
12.37%
|
Fund
|
Name and Address
|
% of Class
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
9.08%
|
|
Global Infrastructure
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
69.66%
|
Global Opportunity
|
National Financial Services LLC
For Exclusive Benefit Of Our Cust ATTN Mutual Funds Dept 4Th Floor 499 Washington Blvd Jersey City NJ 07310-1995 |
42.03%
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
16.91%
|
|
Charles Schwab & Co. Inc.
ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
7.38%
|
|
Wells Fargo Clearing Services LLC
A/C 1699-0135 Special Custody Acct For The Exclusive Benefit Of Customer 2801 Market St Saint Louis Mo 63103-2523 |
5.09%
|
|
Global Real Estate
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
38.49%
|
National Financial Services LLC
For Exclusive Benefit of our Cust ATTN Mutual Funds Dept 4th Fl. 499 Washington BLVD. Jersey City, NJ 07310-1995 |
35.13%
|
|
TD Ameritrade Inc. for the
Exclusive Benefit of our client P.O. Box 2226 Omaha, NE 68103-2226 |
5.88%
|
|
UBS WM USA
0O0 11011 6100 Omni Account M/F SPEC CDY A/C EBOC UBSFSI 1000 Harbor Blvd. Weehawken, NJ 07086-6761 |
5.51%
|
|
Global Sustain
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
53.07%
|
TD Ameritrade Inc.
For The Exclusive Benefit of our Clients P.O. Box 2226 Omaha, NE 68103-2226 |
17.69%
|
|
Charles Schwab & Co. Inc.
ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
5.23%
|
Fund
|
Name and Address
|
% of Class
|
Raymond James
House Acct Firm 92500015 Omnibus For Mutual Funds ATTN Courtney Waller 880 Carillon Pkwy. St. Petersburg, FL 33716-1102 |
5.11%
|
|
Growth
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
41.41%
|
National Financial Services LLC
For Exclusive Benefit of our Cust ATTN Mutual Funds Dept 4th Fl. 499 Washington BLVD. Jersey City, NJ 07310-1995 |
16.19%
|
|
Charles Schwab & Co. Inc.
ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
11.82%
|
|
Inception
|
National Financial Services LLC
For Exclusive Benefit of our Cust ATTN Mutual Funds Dept 4th Fl. 499 Washington BLVD. Jersey City, NJ 07310-1995 |
55.06%
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
15.29%
|
|
Charles Schwab & Co. Inc.
Special Custody Account For The Exclusive Benefit Of Customers ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
10.44%
|
|
Charles Schwab & Co. Inc.
Special Custody A/C FBO Customers ATTN Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
5.39%
|
|
International Advantage
|
Charles Schwab & Co. Inc.
Special Custody Account For The Exclusive Benefit Of Customers ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
45.67%
|
National Financial Services LLC
For Exclusive Benefit of our Cust ATTN Mutual Funds Dept 4th Fl. 499 Washington BLVD. Jersey City, NJ 07310-1995 |
36.40%
|
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
6.33%
|
|
TD Ameritrade Inc. For
The Exclusive Benefit of our Clients P.O. Box 2226 Omaha, NE 68103-2226 |
5.77%
|
|
International Equity
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
53.60%
|
Fund
|
Name and Address
|
% of Class
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
20.15%
|
|
International Opportunity
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
47.54%
|
Charles Schwab & Co.
Special Custody Account for The exclusive benefit of Customers ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
13.73%
|
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
13.21%
|
|
TD Ameritrade Inc. for
The Exclusive Benefit of our Clients P.O. Box 2226 Omaha, NE 68103-2226 |
7.06%
|
|
Raymond James
House Acct Firm 92500015 Omnibus For Mutual Funds ATTN Courtney Waller 880 Carillon Pkwy. St. Petersburg, FL 33716-1102 |
5.10%
|
|
Next Gen Emerging Markets
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
34.03%
|
Charles Schwab & Co Inc.
ATTN Mutual Funds 101 Montgomery St San Francisco, CA 94104-4151 |
22.93%
|
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
19.01%
|
|
Wells Fargo Clearing Services LLC
A/C 1699-0135 Special Custody Acct for the Exclusive Benefit of Customer 2801 Market St. Saint Louis, MO 63103-2523 |
10.91%
|
|
U.S. Real Estate
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
52.16%
|
Nationwide Trust Company FSB
FBO Participating Retirement Plans Ntc-Plns C/O Ipo Portfolio Accounting PO Box 182029 Columbus OH 43218-2029 |
9.74%
|
Fund
|
Name and Address
|
% of Class
|
National Financial Services LLC
For Exclusive Benefit of our Customer ATTN Mutual Funds Dept - 4th Floor 499 Washington BLVD. Jersey City, NJ 07310-1995 |
9.71%
|
|
Pershing LLC.
ATTN Joe Mattiello One Pershing Plaza, 14th Fl. Jersey City, NJ 07399-0001 |
5.36%
|
|
Class L
|
||
Active International Allocation
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
78.35%
|
Advantage
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
47.50%
|
TD Ameritrade Inc FBO Our Client
PO Box 2226 Omaha NE 68103-2226 |
15.00%
|
|
National Fincl Services
For Exclusive Benefit Of Our Customers 499 Washington Blvd ATTN Mutual Funds Dept - 4Th Floor Jersey City NJ 07310-1995 |
13.74%
|
|
Wells Fargo Clearing Services LLC
A/C 1699-0135 Special Custody Acct For The Exclusive Benefit Of Customer 2801 Market St Saint Louis MO 63103-2523 |
8.67%
|
|
Emerging Markets Fixed Income Opportunities
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave., 12th Fl New York, NY 10019-6835 |
64.83%
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
33.84%
|
|
Emerging Markets
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
94.61%
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave., Fl. 12 New York, NY 10019-6835 |
5.39%
|
|
Global Insight
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
89.36%
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave., Fl. 12 New York, NY 10019-6835 |
10.64%
|
|
Global Franchise
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
98.75%
|
Fund
|
Name and Address
|
% of Class
|
Global Infrastructure
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
83.38%
|
Global Opportunity
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
34.43%
|
Wells Fargo Clearing Services LLC
A/C# 1699-0135 Special Custody Acct for the Exclusive Benefit of Customer 10750 Wheat First Dr. Ws1165 Glen Allen, VA 23060-9243 |
9.37%
|
|
Merrill Lynch Pierce Fenner & Smith
Inc For The Sole Benefit Of Its Customers 4800 Deer Lake Dr. E, Jacksonville, FL 32246-6484 |
5.69%
|
|
UBS WM USA
0O0 11011 6100 Omni Account M/F SPEC CDY A/C EBOC UBSFSI 1000 Harbor BLVD Weehawken NJ 07086-6761 |
5.58%
|
|
Global Real Estate
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
93.09%
|
Raymond James
House Acct Firm 92500015 Omnibus For Mutual Funds ATTN Courtney Waller 880 Carillon Pkwy St Petersburg Fl 33716-1102 |
5.52%
|
|
Global Sustain
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
80.77%
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave. 12th Fl. New York, NY 10019-6835 |
11.88%
|
|
Gerlach & Co LLC/Citibank Open WE0
3800 Citigroup Center bldg B3-14 Tampa FL 33610 |
7.35%
|
|
Growth
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
73.35%
|
Wells Fargo Clearing Services LLC
A/C 1699-0135 Special Custody Acct For The Exclusive Benefit Of Customer 2801 Market Street St. Louis, MO 63103-2523 |
6.69%
|
|
Inception
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
78.86%
|
Fund
|
Name and Address
|
% of Class
|
Charles Schwab & Co. Inc.
Special Custody A/C FBO Customers ATTN Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
10.37%
|
|
International Advantage
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
80.31%
|
Patricia A Murphy
TOD DTD Subject To STA TOD Rules 35 Appleby Ave. Spotswood, NJ 08884-1119 |
12.53%
|
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave. 12th Fl. New York, NY 10019-6835 |
7.16%
|
|
International Equity
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
91.39%
|
International Opportunity
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
89.21%
|
Raymond James
House Acct Firm 92500015 Omnibus For Mutual Funds ATTN Courtney Waller 880 Carillon Pkwy St Petersburg Fl 33716-1102 |
5.59%
|
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave. 12th Fl. New York, NY 10019-6835 |
5.20%
|
|
Next Gen Emerging Markets
|
Morgan Stanley & Co
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
53.93%
|
LPL Financial
Omnibus Customer Account ATTN Mutual Fund Trading 4707 Executive Dr. San Diego, CA 92121-3091 |
28.04%
|
|
Robert W Baird & Co Inc
A/C 4745-0220 777 East Wisconsin Avenue Milwaukee, WI 53202-5391 |
16.89%
|
|
U.S. Real Estate
|
Morgan Stanley & Co.
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
81.40%
|
Wells Fargo Clearing Services LLC
A/C 1699-0135 Special Custody Acct for the Exclusive Benefit of Customer 2801 Market St. Saint Louis, MO 63103-2523 |
6.96%
|
|
Class C
|
||
Active International Allocation
|
Wells Fargo Clearing Services, LLC
2801 Market St. Saint Louis, MO 63103 |
47.30%
|
Fund
|
Name and Address
|
% of Class
|
Morgan Stanley Investment Management
750 Seventh Ave., Fl. 12 New York, NY 10019 |
27.84%
|
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
25.85%
|
|
Advantage
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
28.00%
|
National Financial Services LLC
499 Washington BLVD. Jersey City, NJ 07310 |
22.29%
|
|
Pershing LLC
One Pershing Plaza, 14th Fl. Jersey City, NJ 07399 |
19.80%
|
|
LPL Financial
P.O. Box 509046 San Diego, CA 92150 |
7.17%
|
|
Raymond James
880 Carillon Pkwy. St. Petersburg, FL 33716 |
7.10%
|
|
Wells Fargo Clearing Services, LLC
2801 Market St. Saint Louis, MO 63103 |
6.44%
|
|
Asia Opportunity
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
94.76%
|
Counterpoint Global
|
Morgan Stanley Investment Management
750 Seventh Ave., Fl. 12 New York, NY 10019 |
100.00%
|
Emerging Markets Fixed Income Opportunities
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
97.19%
|
Emerging Markets Leaders
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
92.40%
|
Raymond James
880 Carillon Pkwy. St. Petersburg, FL 33716 |
5.35%
|
|
Emerging Markets
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
81.51%
|
Wells Fargo Clearing Services, LLC
2801 Market St. Saint Louis, MO 63103 |
14.30%
|
|
Global Insight
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
41.86%
|
Pershing LLC
One Pershing Plaza, 14th Fl. Jersey City, NJ 07399 |
6.00%
|
|
UBS WM USA
1000 Harbor BLVD., Fl. 5 Weehawken, NJ 07086 |
5.19%
|
Fund
|
Name and Address
|
% of Class
|
Global Concentrated
|
Morgan Stanley Smith Barney LLC
1 New York Plaza, Floor 12 New York, NY 10004 |
98.43%
|
Global Core
|
Morgan Stanley Smith Barney LLC
1 New York Plaza, Floor 12 New York, NY 10004 |
88.17%
|
J.P. Morgan Securities LLC
4 Chase Metrotech Center, Third Floor Brooklyn, NY 11245 |
10.29%
|
|
Global Endurance
|
Morgan Stanley Investment Management
750 Seventh Ave., Fl. 12 New York, NY 10019 |
100.00%
|
Global Franchise
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
55.57%
|
Raymond James
880 Carillon Pkwy. St. Petersburg, FL 33716 |
15.19%
|
|
Wells Fargo Clearing Services, LLC
2801 Market St. Saint Louis, MO 63103 |
6.38%
|
|
LPL Financial
P.O. Box 509046 San Diego, CA 92150 |
6.24%
|
|
Global Infrastructure
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
73.75%
|
Raymond James
880 Carillon Pkwy. St. Petersburg, FL 33716 |
9.56%
|
|
Global Opportunity
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
35.06%
|
Wells Fargo Clearing Services, LLC
2801 Market St. Saint Louis, MO 63103 |
23.54%
|
|
Raymond James
880 Carillon Pkwy. St. Petersburg, FL 33716 |
18.09%
|
|
Pershing LLC
One Pershing Plaza, 14th Fl. Jersey City, NJ 07399 |
9.34%
|
|
UBS WM USA
1000 Harbor BLVD., Fl. 5 Weehawken, NJ 07086 |
5.01%
|
|
Global Real Estate
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
86.34%
|
LPL Financial
P.O. Box 509046 San Diego, CA 92150 |
11.01%
|
|
Global Sustain
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
90.08%
|
Fund
|
Name and Address
|
% of Class
|
Growth
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
44.74%
|
Wells Fargo Clearing Services, LLC
2801 Market St. Saint Louis, MO 63103 |
17.59%
|
|
Merrill Lynch Pierce Fenner & Smith
4800 Deer Lake Dr. E, 2nd Fl. Jacksonville, FL 32246 |
10.26%
|
|
LPL Financial
P.O. Box 509046 San Diego, CA 92150 |
6.02%
|
|
Raymond James
880 Carillon Pkwy. St. Petersburg, FL 33716 |
5.56%
|
|
Inception
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
54.89%
|
Wells Fargo Clearing Services, LLC
2801 Market St. Saint Louis, MO 63103 |
42.26%
|
|
International Advantage
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
38.14%
|
Raymond James
880 Carillon Pkwy. St. Petersburg, FL 33716 |
24.27%
|
|
National Financial Services
499 Washington BLVD., Fl. 5 Jersey City, NJ 07310 |
15.73%
|
|
Pershing LLC
One Pershing Plaza, 14th Fl. Jersey City, NJ 07399 |
6.68%
|
|
UBS WM USA
1000 Harbor BLVD., Fl. 5 Weehawken, NJ 07086 |
5.39%
|
|
LPL Financial
P.O. Box 509046 San Diego, CA 92150 |
5.00%
|
|
International Equity
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
28.62%
|
Raymond James
880 Carillon Pkwy. St. Petersburg, FL 33716 |
25.23%
|
|
National Financial Services
499 Washington BLVD., Fl. 5 Jersey City, NJ 07310 |
18.73%
|
|
Wells Fargo Clearing Services, LLC
2801 Market St. Saint Louis, MO 63103 |
13.79%
|
|
Pershing LLC
One Pershing Plaza, 14th Fl. Jersey City, NJ 07399 |
5.84%
|
|
International Opportunity
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
42.52%
|
Fund
|
Name and Address
|
% of Class
|
UBS WM USA
1000 Harbor BLVD., Fl. 5 Weehawken, NJ 07086 |
17.68%
|
|
Raymond James
880 Carillon Pkwy. St. Petersburg, FL 33716 |
14.07%
|
|
National Financial Services LLC
499 Washington BLVD. Jersey City, NJ 07310 |
6.26%
|
|
US Core
|
Morgan Stanley Smith Barney LLC
1 New York Plaza, Floor 12 New York, NY 10004 |
93.85%
|
U.S. Real Estate
|
LPL Financial
P.O. Box 509046 San Diego, CA 92150 |
38.39%
|
Morgan Stanley & Co. LLC
Harborside Financial Center Plaza II, 3rd Fl. Jersey City, NJ 07311 |
28.01%
|
|
Pershing LLC
One Pershing Plaza, 14th Fl. Jersey City, NJ 07399 |
16.20%
|
|
Carol Norman and Douglas Norman
P.O. Box 117 Inkom, ID 83245-0117 |
14.31%
|
|
Class R6
|
||
Advantage
|
National Financial Services LLC
For Exclusive Benefit of our Customers 499 Washington BLVD. ATTN Mutual Funds Dept - 4th Floor Jersey City, NJ 07310-1995 |
52.02%
|
PIMS/Prudential Retirement
As Nominee for the TTEE/Cust PL 006 Catholic Diocese of Arlington 200 North Glebe road Suite 205 Arlington VA 22203-3728 |
22.95%
|
|
PIMS/Prudential Retirement
As Nominee for the TTEE/Cust PL 007 Keller Technology Corporation P.O. Box 103 Buffalo, NY 14217-0103 |
14.87%
|
|
PIMS/Prudential Retirement
As Nominee for the TTEE/Cust PL 764 PCCA Employees’ 401(K) Savings 9901 S Wilcrest Dr. Houston, TX 77099-5132 |
9.67%
|
|
Core Plus Fixed Income
|
Northern TR CO Cust FBO Mather
Foundation FX Income TR A/C2678267 P.O. Box 92956 Chicago, IL 60675-2956 |
44.67%
|
ATTN Mutual Funds
C/O ID 701 SEI Private Trust Company One Freedom Valley Drive OAKS, PA 19456-9989 |
26.36%
|
|
Grayhawk Fixed income Pool
UA DTD 04/14/2020 350 7th Avenue SW, STE 1900 Calgary AB T2P 3N9 |
16.26%
|
Fund
|
Name and Address
|
% of Class
|
ATTN Mutual Funds
C/O ID 701 SEI Private Trust Company One Freedom Valley Drive OAKS, PA 19456-9989 |
9.48%
|
|
Emerging Markets Fixed Income Opportunities
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave., 12th Fl New York, NY 10019-6835 |
100.00%
|
Emerging Markets Leaders
|
Bell Atlantic Master Trust
295 N Maple Ave Building 7, 1st Floor. Basking Ridge, NJ 07920 |
66.46%
|
D Janzen Family Partnership
ATTN Michael Janzen 59 Cardinal Cres S Waterloo, N2J 2E6 |
33.16%
|
|
Emerging Markets
|
State Street Bank And Trust Co
FBO New York State Deferred Com Plan ATTN Mutual Fund Operations 1200 Crown Colony DR Quincy MA 02169-0938 |
92.54%
|
Global Infrastructure
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave., 12th Fl. New York, NY 10019-6835 |
100.00%
|
Global Opportunity
|
The Wallace Foundation
140 Broadway FL 49 New York, NY 10005-1105 |
22.02%
|
Texas Tech University System
2500 Broadway Lubbock TX 79409 |
15.32%
|
|
Attn Mutual Funds
C/O Id 866 SEI Private Trust Company One Freedom Valley Drive Oaks PA 19456-9989 |
11.18%
|
|
Services Group of America Inc
c/o Morgan Stanley 100 Front ST STE 400 Conshohocken PA 19428-2881 |
10.62%
|
|
SEI Private Trust Company
C/O Trust ID 866 One Freedom Valley Drive Oaks PA 19456-9989 |
8.40%
|
|
Voya Institutional Trust Company
One Orange Way B3N Windsor CT 06095-4773 |
6.16%
|
|
National Financial Services LLC
For Exclusive Benefit of our Customers 499 Washington BLVD. ATTN Mutual Funds Dept - 4th Floor Jersey City, NJ 07310-1995 |
5.95%
|
|
Reliance Trust Company FBO
Massmutual RP PO Box 28004 Atlanta GA 30358-0004 |
5.18%
|
Fund
|
Name and Address
|
% of Class
|
Global Real Estate
|
National Fincl Services
For Exclusive Benefit Of Our Customers 499 Washington Blvd ATTN Mutual Funds Dept - 4Th Floor Jersey City NJ 07310-1995 |
71.48%
|
Edward D Jones & Co
For the Benefit of Customers ATTN Terrance Spencer 12555 Manchester Rd Saint Louis MO 63131-3710 |
23.28%
|
|
Global Sustain
|
Pratt Institute
200 Willoughby Ave Brooklyn, NY 11205-3899 |
99.86%
|
Growth
|
Northern Trust Company as TTEE FBO
Morgan Stanley 401K Savings Plan DV P.O. Box 92994 Chicago, IL 60675-2994 |
67.02%
|
National Financial Services LLC
For Exclusive Benefit of our Customer 499 Washington BLVD. ATTN Mutual Funds Dept - 4th Floor Jersey City, NJ 07310-1995 |
13.83%
|
|
Inception
|
National Financial Services LLC
For Exclusive Benefit of our Customer 499 Washington BLVD. ATTN Mutual Funds Dept - 4th Floor Jersey City, NJ 07310-1995 |
47.80%
|
Charles Schwab & Co. Inc.
ATTN Mutual Funds 101 Montgomery St. San Francisco, CA 94104-4151 |
43.06%
|
|
Nationwide Trust Company FSB
FBO Participating Retirement Plans Ntc-Plns C/O Ipo Portfolio Accounting PO Box 182029 Columbus OH 43218-2029 |
8.50%
|
|
International Advantage
|
C/O First Hawaiian Bank
SEI Private Trust Company 1 Freedom Valley Drive Oaks PA 19456-9989 |
27.16%
|
C/O GWP US Advisors
SEI Private Trust Company One Freedom Valley Drive Oaks PA 19456-9989 |
18.63%
|
|
Reliance Trust Co Cust
FBO Massmutual RP PO Box 38004 Atlanta GA 30358 |
11.01%
|
|
C/O First Hawaiian Bank
SEI Private Trust Company 1 Freedom Valley Drive Oaks PA 19456-9989 |
9.66%
|
|
Saxon & Co
FBO 20460023835935 PO Box 7780-1888 Philadelphia PA 19182-0001 |
7.82%
|
Fund
|
Name and Address
|
% of Class
|
Grayhawk Investment Strategies INC
TTEE Grayhawk Global Growth Pool U/A DTD 02/07/2017 350 7th Avenue SW, STE 1900 Calgary AB T2P 3N9 |
7.71%
|
|
Mailcode: Bd1N - Attn: MF
C/O Reliance Trust Company WI Vallee & Co FBO 50 4900 W Brown Deer Rd Milwaukee WI 53223-2422 |
6.15%
|
|
International Equity
|
National Financial Services LLC
For Exclusive Benefit of our Customer 499 Washington BLVD ATTN Mutual Funds Dept - 4th Floor Jersey City, NJ 07310-1995 |
25.40%
|
The TJX Companies Inc.
Retirement Plan ATTN Mary B Reyonolds- Treasurer 770 Cochituate Rd. Framingham, MA 01701-4666 |
24.58%
|
|
Charles Schwab & Co. Inc
ATTN Mutual Funds 211 Main St. San Francisco, CA 94105-1905 |
21.84%
|
|
C/O Legacy TX
SEI Private Trust Company 1 Freedom Valley Drive Oaks, PA 19456-9989 |
13.22%
|
|
Capinco
C/O U.S. Bank P.O. Box 1787 Milwaukee, WI 53201-1787 |
9.55%
|
|
International Opportunity
|
State of Michigan Retirement System
2501 Coolidge Rd STE 400 East Lansing MI 48823-6352 |
48.84%
|
National Fincl Services
For Exclusive Benefit Of Our Customers 499 Washington Blvd ATTN Mutual Funds Dept - 4Th Floor Jersey City NJ 07310-1995 |
16.54%
|
|
Attn Mutual Fund Operations
Mac & Co A/C 999092 500 Grant Street Room 151-1010 Pittsburgh PA 15219-2502 |
6.04%
|
|
Reliance Trust Company FBO
Massmutual RP PO Box 78446 Atlanta GA 30357-2446 |
5.33%
|
|
U.S. Real Estate
|
Matrix Trust Company Cust FBO
Retirement Advantage Ira 717 17Th Street Suite 1300 Denver Co 80202-3304 |
57.98%
|
Matrix Trust Company Cust FBO
Retirement Advantage Roth Ira 717 17Th Street Suite 1300 Denver Co 80202-3304 |
8.90%
|
|
Matrix Trust Company Cust FBO
Horace Mann Inherited IRA 717 17Th Street Suite 1300 Denver Co 80202-3304 |
5.54%
|
|
Class IR
|
Fund
|
Name and Address
|
% of Class
|
Emerging Markets
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave., 12th Fl New York, NY 10019-6835 |
100.00%
|
Global Infrastructure
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave., 12th Fl. New York, NY 10019-6835 |
100.00%
|
Global Opportunity
|
Northern Trust As Custodian
FBO TNT-LDN-RWBH07-RWJBH Sep Acct 7008678 P.O. Box 92956 Chicago, IL 60675-2956 |
77.72%
|
Northern TR Co Cust FBO Mercy
Health Inc AC 4498111 P.O. Box 92956 Chicago, IL 60675-2956 |
22.27%
|
|
Global Real Estate
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave. 12th Fl. New York, NY 10019-6835 |
100.00%
|
Growth
|
Northern Trust As Custodian
FBO TNT-LDN-RWBH07-RWJBH Sep Acct 7008678 P.O. Box 92956 Chicago, IL 60675-2956 |
61.77%%
|
Vallee & Co FBO FCB
C/O Reliance Trust Company WI Mailcode: Bd1N - Attn: MF 4900 W Brown Deer Rd Milwaukee WI 53223-2422 |
16.67%
|
|
Mitra & Co FBO FCB DB
C/O Reliance Trust Company WI Mailcode: Bd1N - Attn: MF 4900 W Brown Deer Rd Milwaukee WI 53223-2422 |
13.91%
|
|
Mitra & Co FBO FCB
C/O Reliance Trust Company WI Mailcode: Bd1N - Attn: MF 4900 W Brown Deer Rd Milwaukee WI 53223-2422 |
7.14%
|
|
High Yield
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave., 12th Fl New York, NY 10019-6835 |
100.00%
|
International Opportunity
|
Northern Trust As Custodian
FBO TNT-LDN-RWBH07-RWJBH Sep Acct 7008678 P.O. Box 92956 Chicago, IL 60675-2956 |
99.99%
|
U.S. Real Estate
|
Morgan Stanley Investment Management
ATTN Michael Agosta 750 Seventh Ave 12th Fl New York, NY 10019-6835 |
100.00%
|
Fund
|
Inception Date
|
One Year
|
Average Annual
Five Years |
Average Annual
Ten Years |
Average Annual
Since Inception |
Active International Allocation
|
|||||
Class I
|
1/17/1992
|
2.33%
|
11.59%
|
8.47%
|
6.39%
|
Class A
|
1/2/1996
|
2.03%
|
11.24%
|
8.12%
|
5.78%
|
Class L
|
6/14/2012
|
1.48%
|
10.67%
|
N/A
|
8.16%
|
Class C
|
4/30/2015
|
1.23%
|
10.39%
|
N/A
|
5.52%
|
Class R6
|
10/31/2019
|
2.39%
|
N/A
|
N/A
|
18.03%
|
Class IR
|
10/31/2019
|
2.39%
|
N/A
|
N/A
|
18.03%
|
Advantage
|
|||||
Class I*
|
6/30/2008
|
-4.45%
|
23.70%
|
19.11%
|
15.20%
|
Class A
|
5/21/2010
|
-4.72%
|
23.31%
|
18.73%
|
18.36%
|
Class L*
|
6/30/2008
|
-4.54%
|
23.58%
|
19.00%
|
15.07%
|
Class C
|
4/30/2015
|
-5.41%
|
22.45%
|
N/A
|
17.36%
|
Class R6
|
9/13/2013
|
-4.36%
|
23.78%
|
N/A
|
18.76%
|
Asia Opportunity
|
|||||
Class I
|
12/29/2015
|
-20.52%
|
21.79%
|
N/A
|
17.63%
|
Class A
|
12/29/2015
|
-20.74%
|
21.41%
|
N/A
|
17.26%
|
Class C
|
12/29/2015
|
-21.32%
|
20.51%
|
N/A
|
16.38%
|
Class R6
|
12/29/2015
|
-20.46%
|
21.84%
|
N/A
|
17.68%
|
China Equity
|
|||||
Class I
|
10/31/2019
|
-22.14%
|
N/A
|
N/A
|
4.11%
|
Class A
|
10/31/2019
|
-22.46%
|
N/A
|
N/A
|
3.68%
|
Class C
|
10/31/2019
|
-23.05%
|
N/A
|
N/A
|
2.93%
|
Class R6
|
10/31/2019
|
-22.14%
|
N/A
|
N/A
|
4.11%
|
Counterpoint Global
|
|||||
Class I
|
6/29/2018
|
-0.58%
|
N/A
|
N/A
|
21.29%
|
Class A
|
6/29/2018
|
-0.95%
|
N/A
|
N/A
|
20.87%
|
Class C
|
6/29/2018
|
-1.73%
|
N/A
|
N/A
|
19.94%
|
Class R6
|
6/29/2018
|
-0.59%
|
N/A
|
N/A
|
21.33%
|
Developing Opportunity
|
|||||
Class I
|
2/14/2020
|
-18.69%
|
N/A
|
N/A
|
9.16%
|
Class A
|
2/14/2020
|
-18.94%
|
N/A
|
N/A
|
8.86%
|
Class C
|
2/14/2020
|
-19.57%
|
N/A
|
N/A
|
7.97%
|
Class R6
|
2/14/2020
|
-18.68%
|
N/A
|
N/A
|
9.21%
|
Emerging Markets Fixed Income Opportunities
|
|||||
Class I
|
5/24/2012
|
-3.08%
|
4.06%
|
N/A
|
4.04%
|
Class A
|
5/24/2012
|
-3.43%
|
3.69%
|
N/A
|
3.69%
|
Class L
|
5/24/2012
|
-3.51%
|
3.47%
|
N/A
|
3.42%
|
Class C
|
4/30/2015
|
-4.17%
|
2.94%
|
N/A
|
2.78%
|
Class R6
|
9/13/2013
|
-3.04%
|
4.11%
|
N/A
|
4.38%
|
Emerging Markets
|
|||||
Class I
|
9/25/1992
|
3.55%
|
9.60%
|
5.60%
|
7.63%
|
Class A
|
1/2/1996
|
3.23%
|
9.26%
|
5.27%
|
6.63%
|
Class L
|
4/27/2012
|
2.64%
|
8.65%
|
N/A
|
3.62%
|
Class C
|
4/30/2015
|
2.43%
|
8.39%
|
N/A
|
3.95%
|
Class R6
|
9/13/2013
|
3.63%
|
9.71%
|
N/A
|
4.87%
|
Fund
|
Inception Date
|
One Year
|
Average Annual
Five Years |
Average Annual
Ten Years |
Average Annual
Since Inception |
Class IR
|
6/15/2018
|
3.63%
|
N/A
|
N/A
|
6.57%
|
Emerging Markets Leaders
|
|||||
Class I**
|
6/30/2011
|
1.84%
|
17.33%
|
10.04%
|
8.46%
|
Class A**
|
6/30/2011
|
1.56%
|
16.91%
|
9.75%
|
8.19%
|
Class C
|
4/30/2015
|
0.75%
|
16.02%
|
N/A
|
10.23%
|
Class R6**
|
6/30/2011
|
1.94%
|
17.41%
|
10.08%
|
8.50%
|
Global Concentrated
|
|||||
Class I
|
5/27/2016
|
17.83%
|
15.20%
|
N/A
|
13.92%
|
Class A
|
5/27/2016
|
17.42%
|
14.81%
|
N/A
|
13.53%
|
Class C
|
5/27/2016
|
16.58%
|
13.94%
|
N/A
|
12.70%
|
Class R6
|
5/27/2016
|
17.86%
|
15.26%
|
N/A
|
13.98%
|
Global Core
|
|||||
Class I
|
5/27/2016
|
17.63%
|
13.87%
|
N/A
|
12.52%
|
Class A
|
5/27/2016
|
17.14%
|
13.45%
|
N/A
|
12.10%
|
Class C
|
5/27/2016
|
16.32%
|
12.61%
|
N/A
|
11.27%
|
Class R6
|
5/27/2016
|
17.55%
|
13.90%
|
N/A
|
12.55%
|
Global Endurance Portfolio
|
|||||
Class I
|
12/31/2018
|
9.59%
|
N/A
|
N/A
|
44.21%
|
Class A
|
12/31/2018
|
9.20%
|
N/A
|
N/A
|
43.68%
|
Class C
|
12/31/2018
|
8.41%
|
N/A
|
N/A
|
42.62%
|
Class R6
|
12/31/2018
|
9.62%
|
N/A
|
N/A
|
44.27%
|
Global Franchise
|
|||||
Class I
|
11/28/2001
|
21.92%
|
17.27%
|
13.70%
|
12.26%
|
Class A
|
11/28/2001
|
21.61%
|
16.97%
|
13.41%
|
11.97%
|
Class L
|
4/27/2012
|
21.02%
|
16.39%
|
N/A
|
11.88%
|
Class C
|
9/30/2015
|
20.74%
|
16.10%
|
N/A
|
14.40%
|
Class R6
|
5/29/2015
|
22.05%
|
17.37%
|
N/A
|
13.95%
|
Global Infrastructure
|
|||||
Class I
|
9/20/2010
|
14.14%
|
8.33%
|
9.09%
|
9.91%
|
Class A
|
9/20/2010
|
13.89%
|
8.06%
|
8.81%
|
9.64%
|
Class L
|
9/20/2010
|
13.28%
|
7.46%
|
8.20%
|
9.03%
|
Class C
|
4/30/2015
|
12.93%
|
7.14%
|
N/A
|
4.37%
|
Class R6
|
9/13/2013
|
14.17%
|
8.26%
|
N/A
|
7.84%
|
Class IR
|
6/15/2018
|
14.18%
|
N/A
|
N/A
|
9.40%
|
Global Insight
|
|||||
Class I
|
12/28/2010
|
-14.25%
|
24.01%
|
17.23%
|
15.59%
|
Class A
|
12/28/2010
|
-14.49%
|
23.62%
|
16.86%
|
15.22%
|
Class L
|
12/28/2010
|
-14.96%
|
22.97%
|
16.26%
|
14.63%
|
Class C
|
4/30/2015
|
-15.14%
|
22.67%
|
N/A
|
15.87%
|
Global Opportunity
|
|||||
Class I*
|
5/30/2008
|
0.22%
|
24.37%
|
19.60%
|
14.92%
|
Class A
|
5/21/2010
|
-0.05%
|
24.00%
|
19.22%
|
18.78%
|
Class L*
|
5/30/2008
|
-0.12%
|
23.93%
|
19.15%
|
14.51%
|
Class C
|
4/30/2015
|
-0.77%
|
23.12%
|
N/A
|
17.73%
|
Class R6
|
9/13/2013
|
0.33%
|
24.43%
|
N/A
|
20.23%
|
Class IR
|
6/15/2018
|
0.31%
|
N/A
|
N/A
|
16.57%
|
Global Permanence
|
|||||
Class I
|
4/30/2019
|
19.73%
|
N/A
|
N/A
|
19.71%
|
Class A
|
4/30/2019
|
19.27%
|
N/A
|
N/A
|
19.29%
|
Class C
|
4/30/2019
|
18.39%
|
N/A
|
N/A
|
18.40%
|
Class R6
|
4/30/2019
|
19.71%
|
N/A
|
N/A
|
19.76%
|
Fund
|
Inception Date
|
One Year
|
Average Annual
Five Years |
Average Annual
Ten Years |
Average Annual
Since Inception |
Global Real Estate
|
|||||
Class I
|
8/30/2006
|
23.99%
|
4.90%
|
7.19%
|
3.98%
|
Class A
|
8/30/2006
|
23.47%
|
4.54%
|
6.86%
|
3.68%
|
Class L
|
6/16/2008
|
22.94%
|
4.00%
|
6.33%
|
3.49%
|
Class C
|
4/30/2015
|
22.54%
|
3.73%
|
N/A
|
2.39%
|
Class R6
|
9/13/2013
|
24.02%
|
4.95%
|
N/A
|
5.08%
|
Class IR
|
6/15/2018
|
24.08%
|
N/A
|
N/A
|
4.38%
|
Global Sustain
|
|||||
Class I
|
8/30/2013
|
18.62%
|
17.19%
|
N/A
|
13.18%
|
Class A
|
8/30/2013
|
18.20%
|
16.78%
|
N/A
|
12.79%
|
Class L
|
8/30/2013
|
17.58%
|
16.18%
|
N/A
|
12.22%
|
Class C
|
4/30/2015
|
17.33%
|
15.90%
|
N/A
|
12.18%
|
Class R6
|
9/13/2013
|
18.60%
|
17.23%
|
N/A
|
12.91%
|
Growth
|
|||||
Class I
|
4/2/1991
|
0.43%
|
32.79%
|
23.55%
|
13.35%
|
Class A
|
1/2/1996
|
0.16%
|
32.45%
|
23.23%
|
12.86%
|
Class L
|
4/27/2012
|
-0.30%
|
31.80%
|
N/A
|
21.16%
|
Class C
|
4/30/2015
|
-0.55%
|
31.47%
|
N/A
|
22.71%
|
Class R6
|
9/13/2013
|
0.51%
|
32.90%
|
N/A
|
23.19%
|
Class IR
|
6/15/2018
|
0.52%
|
N/A
|
N/A
|
26.68%
|
Inception
|
|||||
Class I
|
11/1/1989
|
-3.33%
|
32.34%
|
20.16%
|
13.34%
|
Class A
|
1/2/1996
|
-3.70%
|
31.95%
|
19.79%
|
13.02%
|
Class L
|
11/11/2011
|
-4.17%
|
31.23%
|
19.17%
|
18.47%
|
Class C
|
5/31/2017
|
-4.37%
|
N/A
|
N/A
|
29.96%
|
Class R6
|
9/13/2013
|
-3.29%
|
32.43%
|
N/A
|
17.71%
|
International Advantage
|
|||||
Class I
|
12/28/2010
|
13.16%
|
21.73%
|
15.53%
|
13.86%
|
Class A
|
12/28/2010
|
12.87%
|
21.35%
|
15.18%
|
13.52%
|
Class L
|
12/28/2010
|
12.21%
|
20.69%
|
14.58%
|
12.93%
|
Class C
|
4/30/2015
|
12.06%
|
20.48%
|
N/A
|
14.76%
|
Class R6
|
6/15/2018
|
13.29%
|
N/A
|
N/A
|
15.28%
|
International Equity
|
|||||
Class I
|
8/4/1989
|
4.19%
|
8.56%
|
7.21%
|
8.12%
|
Class A
|
1/2/1996
|
4.07%
|
8.25%
|
6.89%
|
7.16%
|
Class L
|
6/14/2012
|
3.34%
|
7.65%
|
N/A
|
6.43%
|
Class C
|
4/30/2015
|
3.02%
|
7.36%
|
N/A
|
3.44%
|
Class R6
|
9/13/2013
|
4.24%
|
8.59%
|
N/A
|
5.00%
|
International Opportunity
|
|||||
Class I
|
3/31/2010
|
-5.24%
|
21.86%
|
15.59%
|
13.90%
|
Class A
|
3/31/2010
|
-5.50%
|
21.51%
|
15.23%
|
13.56%
|
Class L
|
3/31/2010
|
-6.04%
|
20.83%
|
14.62%
|
12.96%
|
Class C
|
4/30/2015
|
-6.17%
|
20.62%
|
N/A
|
14.47%
|
Class R6
|
9/13/2013
|
-5.13%
|
21.93%
|
N/A
|
15.96%
|
Class IR
|
6/15/2018
|
-5.13%
|
N/A
|
N/A
|
13.40%
|
Multi-Asset Real Return
|
|||||
Class I
|
6/18/2018
|
22.11%
|
N/A
|
N/A
|
8.94%
|
Class A
|
6/18/2018
|
21.62%
|
N/A
|
N/A
|
8.54%
|
Class C
|
6/18/2018
|
20.80%
|
N/A
|
N/A
|
7.73%
|
Class R6
|
6/18/2018
|
22.16%
|
N/A
|
N/A
|
8.96%
|
Fund
|
Inception Date
|
One Year
|
Average Annual
Five Years |
Average Annual
Ten Years |
Average Annual
Since Inception |
Next Generation Emerging Markets
|
|||||
Class I***
|
8/25/2008
|
15.34%
|
6.71%
|
7.93%
|
2.60%
|
Class A
|
9/14/2012
|
14.89%
|
6.34%
|
N/A
|
6.50%
|
Class L
|
9/14/2012
|
14.32%
|
5.78%
|
N/A
|
5.89%
|
Class C
|
4/30/2015
|
14.01%
|
5.54%
|
N/A
|
2.18%
|
Class R6
|
2/27/2015
|
15.34%
|
6.73%
|
N/A
|
3.65%
|
Permanence
|
|||||
Class I
|
3/31/2020
|
16.85%
|
N/A
|
N/A
|
40.56%
|
Class A
|
3/31/2020
|
16.41%
|
N/A
|
N/A
|
40.04%
|
Class C
|
3/31/2020
|
15.52%
|
N/A
|
N/A
|
38.97%
|
Class R6
|
3/31/2020
|
16.95%
|
N/A
|
N/A
|
40.62%
|
U.S. Real Estate
|
|||||
Class I
|
2/24/1995
|
38.96%
|
4.98%
|
8.05%
|
10.94%
|
Class A
|
1/2/1996
|
38.46%
|
4.65%
|
7.73%
|
10.16%
|
Class L
|
11/11/2011
|
37.78%
|
4.10%
|
7.16%
|
7.19%
|
Class C
|
4/30/2015
|
37.50%
|
3.83%
|
N/A
|
4.13%
|
Class R6
|
9/13/2013
|
39.06%
|
5.05%
|
N/A
|
7.61%
|
Class IR
|
6/15/2018
|
39.06%
|
N/A
|
N/A
|
7.07%
|
US Core
|
|||||
Class I
|
5/27/2016
|
35.99%
|
19.53%
|
N/A
|
18.40%
|
Class A
|
5/27/2016
|
35.58%
|
19.11%
|
N/A
|
17.99%
|
Class C
|
5/27/2016
|
34.55%
|
18.22%
|
N/A
|
17.10%
|
Class R6
|
5/27/2016
|
36.06%
|
19.58%
|
N/A
|
18.45%
|
* | Performance shown for each Fund’s Class I and Class L shares, as applicable, for periods prior to May 21, 2010 reflects the performance of the Class I, Class A, and Class C shares, respectively, of the applicable Predecessor Fund. |
** | 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 (the Predecessor Fund) for periods prior to January 6, 2015, 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. |
*** | 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. |
Fund
|
Inception Date
|
One Year
|
Average Annual Five Years
|
Average Annual Ten Years
|
Average Annual Since Inception
|
Active International Allocation
|
|||||
Class A
|
1/2/1996
|
-3.35%
|
10.04%
|
7.54%
|
5.56%
|
Advantage
|
|||||
Class A
|
5/21/2010
|
-9.73%
|
21.99%
|
18.09%
|
17.81%
|
Asia Opportunity
|
|||||
Class A
|
12/29/2015
|
-24.89%
|
20.10%
|
N/A
|
16.22%
|
China Equity
|
|||||
Class A
|
10/31/2019
|
-26.56%
|
N/A
|
N/A
|
1.15%
|
Counterpoint Global
|
|||||
Class A
|
6/29/2018
|
-6.17%
|
N/A
|
N/A
|
19.04%
|
Developing Opportunity
|
|||||
Class A
|
2/14/2020
|
-23.18%
|
N/A
|
N/A
|
5.80%
|
Emerging Markets Fixed Income Opportunities
|
|||||
Class A
|
5/24/2012
|
-6.59%
|
3.02%
|
N/A
|
3.33%
|
Emerging Markets
|
|||||
Class A
|
1/2/1996
|
-2.20%
|
8.08%
|
4.71%
|
6.41%
|
Fund
|
Inception Date
|
One Year
|
Average Annual Five Years
|
Average Annual Ten Years
|
Average Annual Since Inception
|
Emerging Markets Leaders†
|
|||||
Class A
|
6/30/2011
|
-3.79%
|
15.64%
|
9.16%
|
7.64%
|
Global Concentrated
|
|||||
Class A
|
5/27/2016
|
11.27%
|
13.58%
|
N/A
|
12.45%
|
Global Core
|
|||||
Class A
|
5/27/2016
|
11.00%
|
12.22%
|
N/A
|
11.03%
|
Global Endurance
|
|||||
Class A
|
12/31/2018
|
3.46%
|
N/A
|
N/A
|
41.14%
|
Global Franchise
|
|||||
Class A
|
11/28/2001
|
15.22%
|
15.71%
|
12.80%
|
11.67%
|
Global Infrastructure
|
|||||
Class A
|
9/20/2010
|
7.91%
|
6.90%
|
8.23%
|
9.12%
|
Global Insight
|
|||||
Class A
|
12/28/2010
|
-18.99%
|
22.29%
|
16.23%
|
14.66%
|
Global Opportunity
|
|||||
Class A
|
5/21/2010
|
-5.29%
|
22.68%
|
18.57%
|
18.22%
|
Global Permanence
|
|||||
Class A
|
4/30/2019
|
13.01%
|
N/A
|
N/A
|
16.92%
|
Global Real Estate
|
|||||
Class A
|
8/30/2006
|
16.95%
|
3.42%
|
6.28%
|
3.31%
|
Global Sustain
|
|||||
Class A
|
8/30/2013
|
12.03%
|
15.52%
|
N/A
|
12.07%
|
Growth
|
|||||
Class A
|
1/2/1996
|
-5.10%
|
31.03%
|
22.57%
|
12.63%
|
Inception
|
|||||
Class A
|
1/2/1996
|
-8.78%
|
30.53%
|
19.15%
|
12.79%
|
International Advantage
|
|||||
Class A
|
12/28/2010
|
6.95%
|
20.05%
|
14.56%
|
12.97%
|
International Equity
|
|||||
Class A
|
1/2/1996
|
-1.36%
|
7.09%
|
6.31%
|
6.94%
|
International Opportunity
|
|||||
Class A
|
3/31/2010
|
-10.47%
|
20.20%
|
14.61%
|
13.04%
|
Multi-Asset Real Return
|
|||||
Class A
|
6/18/2018
|
15.20%
|
N/A
|
N/A
|
6.91%
|
Next Gen Emerging Markets
|
|||||
Class A
|
9/14/2012
|
8.86%
|
5.20%
|
N/A
|
5.88%
|
Permanence
|
|||||
Class A
|
3/31/2020
|
10.29%
|
N/A
|
N/A
|
35.83%
|
U.S. Real Estate
|
|||||
Class A
|
1/2/1996
|
31.25%
|
3.53%
|
7.15%
|
9.93%
|
US Core
|
|||||
Class A
|
5/27/2016
|
28.44%
|
17.83%
|
N/A
|
16.87%
|
† | Performance shown for the Fund’s Class A shares reflects the performance of the limited partnership interests of the Private Fund (the Predecessor Fund) for periods prior to January 6, 2015, 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. |
Fund
|
Inception Date
|
One Year
|
Average Annual Five Years
|
Average Annual Ten Years
|
Average Annual Since Inception
|
Active International Allocation
|
|||||
Class C
|
4/30/2015
|
0.29%
|
10.39%
|
N/A
|
5.52%
|
Advantage
|
|||||
Class C
|
4/30/2015
|
-6.16%
|
22.45%
|
N/A
|
17.36%
|
Asia Opportunity
|
|||||
Class C
|
12/29/2015
|
-22.10%
|
20.51%
|
N/A
|
16.38%
|
China Equity
|
|||||
Class C
|
10/31/2019
|
-23.79%
|
N/A
|
N/A
|
2.93%
|
Counterpoint Global
|
|||||
Class C
|
6/29/2018
|
-2.52%
|
N/A
|
N/A
|
19.94%
|
Developing Opportunity
|
|||||
Class C
|
2/14/2020
|
-20.37%
|
N/A
|
N/A
|
7.97%
|
Emerging Markets Fixed Income Opportunities
|
|||||
Class C
|
4/30/2015
|
-5.09%
|
2.94%
|
N/A
|
2.78%
|
Emerging Markets
|
|||||
Class C
|
4/30/2015
|
1.48%
|
8.39%
|
N/A
|
3.95%
|
Emerging Markets Leaders
|
|||||
Class C
|
4/30/2015
|
-0.25%
|
16.02%
|
N/A
|
10.23%
|
Global Concentrated
|
|||||
Class C
|
5/27/2016
|
15.58%
|
13.94%
|
N/A
|
12.70%
|
Global Core
|
|||||
Class C
|
5/27/2016
|
15.32%
|
12.61%
|
N/A
|
11.27%
|
Global Endurance
|
|||||
Class C
|
12/31/2018
|
7.41%
|
N/A
|
N/A
|
42.62%
|
Global Franchise
|
|||||
Class C
|
9/30/2015
|
19.74%
|
16.10%
|
N/A
|
14.40%
|
Global Infrastructure
|
|||||
Class C
|
4/30/2015
|
11.93%
|
7.14%
|
N/A
|
4.37%
|
Global Insight
|
|||||
Class C
|
4/30/2015
|
-15.64%
|
22.67%
|
N/A
|
15.87%
|
Global Opportunity
|
|||||
Class C
|
4/30/2015
|
-1.71%
|
23.12%
|
N/A
|
17.73%
|
Global Permanence
|
|||||
Class C
|
04/30/2019
|
17.39%
|
N/A
|
N/A
|
18.40%
|
Global Real Estate
|
|||||
Class C
|
4/30/2015
|
21.68%
|
3.73%
|
N/A
|
2.39%
|
Global Sustain
|
|||||
Class C
|
4/30/2015
|
16.33%
|
15.90%
|
N/A
|
12.18%
|
Growth
|
|||||
Class C
|
4/30/2015
|
-1.32%
|
31.47%
|
N/A
|
22.71%
|
Inception
|
|||||
Class C
|
5/31/2017
|
-5.06%
|
N/A
|
N/A
|
29.96%
|
International Advantage
|
|||||
Class C
|
4/30/2015
|
11.06%
|
20.48%
|
N/A
|
14.76%
|
International Equity
|
|||||
Class C
|
4/30/2015
|
2.08%
|
7.36%
|
N/A
|
3.44%
|
International Opportunity
|
|||||
Class C
|
4/30/2015
|
-7.09%
|
20.62%
|
N/A
|
14.47%
|
Multi-Asset Real Return
|
|||||
Class C
|
6/18/2018
|
19.80%
|
N/A
|
N/A
|
7.73%
|
Fund
|
Inception Date
|
One Year
|
Average Annual Five Years
|
Average Annual Ten Years
|
Average Annual Since Inception
|
Next Gen Emerging Markets
|
|||||
Class C
|
4/30/2015
|
13.01%
|
5.54%
|
N/A
|
2.18%
|
Permanence
|
|||||
Class C
|
3/31/2020
|
14.55%
|
N/A
|
N/A
|
38.97%
|
U.S. Real Estate
|
|||||
Class C
|
4/30/2015
|
36.50%
|
3.83%
|
N/A
|
4.13%
|
US Core
|
|||||
Class C
|
5/27/2016
|
33.55%
|
18.22%
|
N/A
|
17.10%
|
Fund
|
Inception Date
|
One Year
|
Average Annual Five Years
|
Average Annual Ten Years
|
Average Annual Since Inception
|
Active International Allocation
|
|||||
Class I
|
1/17/1992
|
0.56%
|
11.03%
|
7.97%
|
5.25%
|
Advantage*
|
|||||
Class I
|
6/30/2008
|
-9.65%
|
21.09%
|
17.20%
|
13.76%
|
Asia Opportunity
|
|||||
Class I
|
12/29/2015
|
-20.69%
|
21.52%
|
N/A
|
17.26%
|
China Equity
|
|||||
Class I
|
10/31/2019
|
-22.99%
|
N/A
|
N/A
|
3.35%
|
Counterpoint Global
|
|||||
Class I
|
6/29/2018
|
-6.95%
|
N/A
|
N/A
|
18.54%
|
Developing Opportunity
|
|||||
Class I
|
2/14/2020
|
-18.69%
|
N/A
|
N/A
|
9.16%
|
Emerging Markets Fixed Income Opportunities
|
|||||
Class I
|
5/24/2012
|
-4.96%
|
1.78%
|
N/A
|
1.65%
|
Emerging Markets
|
|||||
Class I
|
9/25/1992
|
1.60%
|
8.48%
|
4.86%
|
6.78%
|
Emerging Markets Leaders**
|
|||||
Class I
|
6/30/2011
|
1.81%
|
16.87%
|
9.80%
|
8.24%
|
Global Concentrated
|
|||||
Class I
|
5/27/2016
|
16.77%
|
14.88%
|
N/A
|
13.61%
|
Global Core
|
|||||
Class I
|
5/27/2016
|
16.44%
|
13.53%
|
N/A
|
12.18%
|
Global Endurance
|
|||||
Class I
|
12/31/2018
|
7.93%
|
N/A
|
N/A
|
43.10%
|
Global Franchise
|
|||||
Class I
|
11/28/2001
|
21.11%
|
16.13%
|
12.55%
|
11.25%
|
Global Infrastructure
|
|||||
Class I
|
9/20/2010
|
11.97%
|
6.76%
|
7.67%
|
8.55%
|
Global Insight
|
|||||
Class I
|
12/28/2010
|
-22.82%
|
20.27%
|
14.62%
|
13.23%
|
Global Opportunity*
|
|||||
Class I
|
5/30/2008
|
-1.02%
|
23.90%
|
18.60%
|
14.10%
|
Global Permanence
|
|||||
Class I
|
4/30/2019
|
15.36%
|
N/A
|
N/A
|
17.93%
|
Global Real Estate
|
|||||
Class I
|
8/30/2006
|
11.40%
|
0.95%
|
4.65%
|
2.08%
|
Fund
|
Inception Date
|
One Year
|
Average Annual Five Years
|
Average Annual Ten Years
|
Average Annual Since Inception
|
Global Sustain
|
|||||
Class I
|
8/30/2013
|
18.11%
|
16.03%
|
N/A
|
12.01%
|
Growth
|
|||||
Class I
|
4/2/1991
|
-4.85%
|
28.42%
|
20.68%
|
11.42%
|
Inception
|
|||||
Class I
|
11/1/1989
|
-10.65%
|
24.96%
|
15.76%
|
10.37%
|
International Advantage
|
|||||
Class I
|
12/28/2010
|
12.89%
|
21.46%
|
14.69%
|
13.07%
|
International Equity
|
|||||
Class I
|
8/4/1989
|
1.89%
|
6.88%
|
6.15%
|
6.70%
|
International Opportunity
|
|||||
Class I
|
3/31/2010
|
-5.73%
|
21.63%
|
15.25%
|
13.53%
|
Multi-Asset Real Return
|
|||||
Class I
|
6/18/2018
|
16.51%
|
N/A
|
N/A
|
6.86%
|
Next Gen Emerging Markets**
|
|||||
Class I
|
8/25/2008
|
15.34%
|
6.43%
|
7.73%
|
2.41%
|
Permanence
|
|||||
Class I
|
3/31/2020
|
11.28%
|
N/A
|
N/A
|
34.88%
|
U.S. Real Estate
|
|||||
Class I
|
2/24/1995
|
37.54%
|
1.62%
|
5.17%
|
8.14%
|
US Core
|
|||||
Class I
|
5/27/2016
|
35.98%
|
19.32%
|
N/A
|
18.17%
|
Fund
|
Inception Date
|
One Year
|
Average Annual Five Years
|
Average Annual Ten Years
|
Average Annual Since Inception
|
Active International Allocation
|
|||||
Class I
|
1/17/1992
|
2.90%
|
9.30%
|
6.90%
|
4.94%
|
Advantage*
|
|||||
Class I
|
6/30/2008
|
-0.51%
|
18.83%
|
15.74%
|
12.65%
|
Asia Opportunity
|
|||||
Class I
|
12/29/2015
|
-12.03%
|
17.84%
|
N/A
|
14.36%
|
China Equity
|
|||||
Class I
|
10/31/2019
|
-12.88%
|
N/A
|
N/A
|
2.95%
|
Counterpoint Global
|
|||||
Class I
|
6/29/2018
|
0.86%
|
N/A
|
N/A
|
16.09%
|
Developing Opportunity
|
|||||
Class I
|
2/14/2020
|
-11.06%
|
N/A
|
N/A
|
7.04%
|
Emerging Markets Fixed Income Opportunities
|
|||||
Class I
|
5/24/2012
|
-1.82%
|
2.12%
|
N/A
|
2.04%
|
Emerging Markets
|
|||||
Class I
|
9/25/1992
|
3.67%
|
7.65%
|
4.54%
|
6.55%
|
Emerging Markets Leaders**
|
|||||
Class I
|
6/30/2011
|
1.09%
|
14.01%
|
8.27%
|
6.92%
|
Global Concentrated
|
|||||
Class I
|
5/27/2016
|
11.26%
|
12.23%
|
N/A
|
11.23%
|
Global Core
|
|||||
Class I
|
5/27/2016
|
11.23%
|
11.11%
|
N/A
|
10.03%
|
Fund
|
Inception Date
|
One Year
|
Average Annual Five Years
|
Average Annual Ten Years
|
Average Annual Since Inception
|
Global Endurance
|
|||||
Class I
|
12/31/2018
|
6.02%
|
N/A
|
N/A
|
35.84%
|
Global Franchise
|
|||||
Class I
|
11/28/2001
|
13.51%
|
13.73%
|
11.14%
|
10.44%
|
Global Infrastructure
|
|||||
Class I
|
9/20/2010
|
9.67%
|
6.35%
|
7.18%
|
7.96%
|
Global Insight
|
|||||
Class I
|
12/28/2010
|
-4.35%
|
19.03%
|
13.88%
|
12.56%
|
Global Opportunity*
|
|||||
Class I
|
5/30/2008
|
0.82%
|
20.07%
|
16.42%
|
12.55%
|
Global Permanence
|
|||||
Class I
|
4/30/2019
|
14.20%
|
N/A
|
N/A
|
15.28%
|
Global Real Estate
|
|||||
Class I
|
8/30/2006
|
16.11%
|
2.61%
|
4.92%
|
2.51%
|
Global Sustain
|
|||||
Class I
|
8/30/2013
|
11.37%
|
13.62%
|
N/A
|
10.51%
|
Growth
|
|||||
Class I
|
4/2/1991
|
2.96%
|
25.99%
|
19.31%
|
10.94%
|
Inception
|
|||||
Class I
|
11/1/1989
|
-1.49%
|
23.18%
|
14.95%
|
10.10%
|
International Advantage
|
|||||
Class I
|
12/28/2010
|
7.97%
|
17.79%
|
12.76%
|
11.37%
|
International Equity
|
|||||
Class I
|
8/4/1989
|
4.26%
|
6.67%
|
5.78%
|
6.68%
|
International Opportunity
|
|||||
Class I
|
3/31/2010
|
-2.78%
|
17.95%
|
13.14%
|
11.74%
|
Multi-Asset Real Return
|
|||||
Class I
|
6/18/2018
|
14.27%
|
N/A
|
N/A
|
6.28%
|
Next Gen Emerging Markets***
|
|||||
Class I
|
8/25/2008
|
9.08%
|
5.25%
|
6.52%
|
2.08%
|
Permanence
|
|||||
Class I
|
3/31/2020
|
11.77%
|
N/A
|
N/A
|
29.91%
|
U.S. Real Estate
|
|||||
Class I
|
2/24/1995
|
22.99%
|
3.02%
|
5.71%
|
8.35%
|
U.S. Core
|
|||||
Class I
|
5/27/2016
|
21.32%
|
15.88%
|
N/A
|
15.02%
|
* | Performance shown for each Fund’s Class I shares, as applicable, for periods prior to May 21, 2010 reflects the performance of the Class I shares of the applicable Predecessor Fund. |
** | Performance shown for the Fund’s Class I shares reflects the performance of the limited partnership interests of the Private Fund (the Predecessor Fund) for periods prior to January 6, 2015, 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. |
*** | 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. |
Fund
|
Class I
|
Class A
|
Class L
|
Class C
|
Class R6
|
Class IR
|
Emerging Markets Fixed Income Opportunities
|
5.78%
|
5.25%1
|
5.17%
|
4.66%
|
5.81%
|
N/A
|
Global Real Estate
|
2.08%
|
1.47%2
|
0.97%
|
0.68%
|
2.02%
|
2.02%
|
Multi-Asset Real Return
|
1.55%
|
1.15%2
|
N/A
|
0.48%
|
1.66%
|
N/A
|
U.S. Real Estate
|
1.50%
|
1.07%2
|
0.69%
|
0.45%
|
1.57%
|
1.58%
|
1 | The yield as of December 31, 2021 of Class A shares has been restated to reflect the current maximum initial sales charge of 3.25%. |
2 | The yield as of December 31, 2021 of Class A shares has been restated to reflect the current maximum initial sales charge of 5.25%. |
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With respect to the U.S. registered investment companies sponsored, managed or advised by any MSIM Affiliate (the “MS Funds”), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the Board of Directors/Trustees of the MS Funds.
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For other pooled investment vehicles (e.g., UCITS), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the relevant governing board.
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For separately managed accounts (including ERISA and ERISA-equivalent clients), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under the applicable investment advisory agreement or investment management agreement. Where an MSIM Affiliate has the authority to vote proxies on behalf of ERISA and ERISA-equivalent clients, the MSIM Affiliate must do so in accordance with its fiduciary duties under ERISA (and the Internal Revenue Code).
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In certain situations, a client or its fiduciary may reserve the authority to vote proxies for itself or an outside party or may provide an MSIM Affiliate with a statement of proxy voting policy. The MSIM Affiliate will comply with the client’s policy.
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1 | This Policy does not apply to MSIM’s authority to exercise certain decision-making rights associated with investments in loans and other fixed income instruments (collectively, for purposes hereof, “Fixed Income Instruments”). |
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Approval of financial statements and auditor reports if delivered with an unqualified auditor’s opinion.
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General updating/corrective amendments to the charter, articles of association or bylaws, unless we believe that such amendments would diminish shareholder rights.
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Most proposals related to the conduct of the annual meeting, with the following exceptions. We generally oppose proposals that relate to “the transaction of such other business which may come before the meeting,” and open-ended requests for adjournment. However, where management specifically states the reason for requesting an adjournment and the requested adjournment would facilitate passage of a proposal that would otherwise be supported under this Policy (i.e., an uncontested corporate transaction), the adjournment request will be supported. We do not support proposals that allow companies to call a special meeting with a short (generally two weeks or less) time frame for review.
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1 | Election of directors: Votes on board nominees can involve balancing a variety of considerations. In vote decisions, we may take into consideration whether the company has a majority voting policy in place that we believe makes the director vote more meaningful. In the absence of a proxy contest, we generally support the board’s nominees for director except as follows: |
a | We consider withholding support from or voting against a nominee if we believe a direct conflict exists between the interests of the nominee and the public shareholders, including failure to meet fiduciary standards of care and/or loyalty. We may oppose directors where we conclude that actions of directors are unlawful, unethical or negligent. We consider |
opposing individual board members or an entire slate if we believe the board is entrenched and/or dealing inadequately with performance problems; if we believe the board is acting with insufficient independence between the board and management; or if we believe the board has not been sufficiently forthcoming with information on key governance or other material matters. |
b | We consider withholding support from or voting against interested directors if the company’s board does not meet market standards for director independence, or if otherwise we believe board independence is insufficient. We refer to prevalent market standards as promulgated by a stock exchange or other authority within a given market (e.g., New York Stock Exchange or Nasdaq rules for most U.S. companies, and The Combined Code on Corporate Governance in the United Kingdom). Thus, for an NYSE company with no controlling shareholder, we would expect that at a minimum a majority of directors should be independent as defined by NYSE. Where we view market standards as inadequate, we may withhold votes based on stronger independence standards. Market standards notwithstanding, we generally do not view long board tenure alone as a basis to classify a director as non-independent. |
i | At a company with a shareholder or group that controls the company by virtue of a majority economic interest in the company, we have a reduced expectation for board independence, although we believe the presence of independent directors can be helpful, particularly in staffing the audit committee, and at times we may withhold support from or vote against a nominee on the view the board or its committees are not sufficiently independent. In markets where board independence is not the norm (e.g. Japan), however, we consider factors including whether a board of a controlled company includes independent members who can be expected to look out for interests of minority holders. |
ii | We consider withholding support from or voting against a nominee if he or she is affiliated with a major shareholder that has representation on a board disproportionate to its economic interest. |
c | Depending on market standards, we consider withholding support from or voting against a nominee who is interested and who is standing for election as a member of the company’s compensation/remuneration, nominating/governance or audit committee. |
d | We consider withholding support from or voting against nominees if the term for which they are nominated is excessive. We consider this issue on a market-specific basis. |
e | We consider withholding support from or voting against nominees if in our view there has been insufficient board renewal (turnover), particularly in the context of extended poor company performance. Also, if the board has failed to consider diversity, including but not limited to, gender and ethnicity, in its board composition. |
f | We consider withholding support from or voting against a nominee standing for election if the board has not taken action to implement generally accepted governance practices for which there is a “bright line” test. For example, in the context of the U.S. market, failure to eliminate a dead hand or slow hand poison pill would be seen as a basis for opposing one or more incumbent nominees. |
g | In markets that encourage designated audit committee financial experts, we consider voting against members of an audit committee if no members are designated as such. We also consider voting against the audit committee members if the company has faced financial reporting issues and/or does not put the auditor up for ratification by shareholders. |
h | We believe investors should have the ability to vote on individual nominees, and may abstain or vote against a slate of nominees where we are not given the opportunity to vote on individual nominees. |
i | We consider withholding support from or voting against a nominee who has failed to attend at least 75% of the nominee’s board and board committee meetings within a given year without a reasonable excuse. We also consider opposing nominees if the company does not meet market standards for disclosure on attendance. |
j | We consider withholding support from or voting against a nominee who appears overcommitted, particularly through service on an excessive number of boards. Market expectations are incorporated into this analysis; for U.S. boards, we generally oppose election of a nominee who serves on more than five public company boards (excluding investment companies), or public company CEOs that serve on more than two outside boards given the level of time commitment required in their primary job. |
k | We consider withholding support from or voting against a nominee where we believe executive remuneration practices are poor, particularly if the company does not offer shareholders a separate “say-on-pay” advisory vote on pay. |
2 | Discharge of directors’ duties: In markets where an annual discharge of directors’ responsibility is a routine agenda item, we generally support such discharge. However, we may vote against discharge or abstain from voting where there are serious findings of fraud or other unethical behavior for which the individual bears responsibility. The annual discharge of responsibility represents shareholder approval of disclosed actions taken by the board during the year and may make future shareholder action against the board difficult to pursue. |
3 | Board independence: We generally support U.S. shareholder proposals requiring that a certain percentage (up to 66⅔%) of the |
company’s board members be independent directors, and promoting all-independent audit, compensation and nominating/governance committees. |
4 | Board diversity: We generally support shareholder proposals urging diversity of board membership with respect to gender, race or other factors where we believe the board has failed to take these factors into account. We will also consider not supporting the re-election of the nomination committee and/or chair (or other resolutions when the nomination chair is not up for re- election) where we perceive limited progress in gender diversity, with the expectation where feasible and with consideration of any idiosyncrasies of individual markets, that female directors represent not less than a third of the board, unless there is evidence that the company has made significant progress in this area. In markets where information on director ethnicity is available, and it is legal to obtain it, and where it is relevant, we will generally also consider not supporting the re-election of the nomination committee chair (or other resolutions when the nomination chair is not up for re-election) if the board lacks ethnic diversity and has not outlined a credible diversity strategy. |
5 | Majority voting: We generally support proposals requesting or requiring majority voting policies in election of directors, so long as there is a carve-out for plurality voting in the case of contested elections. |
6 | Proxy access: We consider proposals on procedures for inclusion of shareholder nominees and to have those nominees included in the company’s proxy statement and on the company’s proxy ballot on a case-by-case basis. Considerations include ownership thresholds, holding periods, the number of directors that shareholders may nominate and any restrictions on forming a group |
7 | Reimbursement for dissident nominees: We generally support well-crafted U.S. shareholder proposals that would provide for reimbursement of dissident nominees elected to a board, as the cost to shareholders in electing such nominees can be factored into the voting decision on those nominees. |
8 | Proposals to elect directors more frequently: In the U.S. public company context, we usually support shareholder and management proposals to elect all directors annually (to “declassify” the board), although we make an exception to this policy where we believe that long-term shareholder value may be harmed by this change given particular circumstances at the company at the time of the vote on such proposal. As indicated above, outside the United States, we generally support greater accountability to shareholders that comes through more frequent director elections, but recognize that many markets embrace longer term lengths, sometimes for valid reasons given other aspects of the legal context in electing boards. |
9 | Cumulative voting: We generally support proposals to eliminate cumulative voting in the U.S. market context. (Cumulative voting provides that shareholders may concentrate their votes for one or a handful of candidates, a system that can enable a minority bloc to place representation on a board.) U.S. proposals to establish cumulative voting in the election of directors generally will not be supported. |
10 | Separation of Chairman and CEO positions: We vote on shareholder proposals to separate the Chairman and CEO positions and/or to appoint an independent Chairman based in part on prevailing practice in particular markets, since the context for such a practice varies. In many non-U.S. markets, we view separation of the roles as a market standard practice, and support division of the roles in that context. In the United States, we consider such proposals on a case-by-case basis, considering, among other things, the existing board leadership structure, company performance, and any evidence of entrenchment or perceived risk that power is overly concentrated in a single individual. |
11 | Director retirement age and term limits: Proposals setting or recommending director retirement ages or director term limits are voted on a case-by-case basis that includes consideration of company performance, the rate of board renewal, evidence of effective individual director evaluation processes, and any indications of entrenchment. |
12 | Proposals to limit directors’ liability and/or broaden indemnification of officers and directors: Generally, we will support such proposals provided that an individual is eligible only if he or she has not acted in bad faith, with gross negligence or with reckless disregard of their duties. |
1 | We generally support the following: |
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Management and shareholder proposals aimed at eliminating unequal voting rights, assuming fair economic treatment of classes of shares we hold.
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U.S. management proposals to increase the authorization of existing classes of common stock (or securities convertible into common stock) if: (i) a clear business purpose is stated that we can support and the number of shares requested is reasonable in relation to the purpose for which authorization is requested; and/or (ii) the authorization does not exceed 100% of shares currently authorized and at least 30% of the total new authorization will be outstanding. (We consider proposals that do not meet these criteria on a case-by-case basis.)
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U.S. management proposals to create a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital, unless we have concerns about use of the authority for anti-takeover purposes.
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Proposals in non-U.S. markets that in our view appropriately limit potential dilution of existing shareholders. A major consideration is whether existing shareholders would have preemptive rights for any issuance under a proposal for standing share issuance authority. We generally consider market-specific guidance in making these decisions; for example, in the U.K. market we usually follow Association of British Insurers’ (“ABI”) guidance, although company-specific factors may be considered and for example, may sometimes lead us to voting against share authorization proposals even if they meet ABI guidance.
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Management proposals to authorize share repurchase plans, except in some cases in which we believe there are insufficient protections against use of an authorization for anti-takeover purposes.
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Management proposals to reduce the number of authorized shares of common or preferred stock, or to eliminate classes of preferred stock.
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Management proposals to effect stock splits.
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Management proposals to effect reverse stock splits if management proportionately reduces the authorized share amount set forth in the corporate charter. Reverse stock splits that do not adjust proportionately to the authorized share amount generally will be approved if the resulting increase in authorized shares coincides with the proxy guidelines set forth above for common stock increases.
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Management dividend payout proposals, except where we perceive company payouts to shareholders as inadequate.
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2 | We generally oppose the following (notwithstanding management support): |
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Proposals to add classes of stock that would substantially dilute the voting interests of existing shareholders.
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Proposals to increase the authorized or issued number of shares of existing classes of stock that are unreasonably dilutive, particularly if there are no preemptive rights for existing shareholders. However, depending on market practices, we consider voting for proposals giving general authorization for issuance of shares not subject to preemptive rights if the authority is limited.
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Proposals that authorize share issuance at a discount to market rates, except where authority for such issuance is de minimis, or if there is a special situation that we believe justifies such authorization (as may be the case, for example, at a company under severe stress and risk of bankruptcy).
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Proposals relating to changes in capitalization by 100% or more.
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1 | Shareholder rights plans: We generally support proposals to require shareholder approval or ratification of shareholder rights plans (poison pills). In voting on rights plans or similar takeover defenses, we consider on a case-by-case basis whether the company has demonstrated a need for the defense in the context of promoting long-term share value; whether provisions of the defense are in line with generally accepted governance principles in the market (and specifically the presence of an adequate qualified offer provision that would exempt offers meeting certain conditions from the pill); and the specific context if the proposal is made in the midst of a takeover bid or contest for control. |
2 | Supermajority voting requirements: We generally oppose requirements for supermajority votes to amend the charter or bylaws, unless the provisions protect minority shareholders where there is a large shareholder. In line with this view, in the absence of a large shareholder we support reasonable shareholder proposals to limit such supermajority voting requirements. Also, we oppose provisions that do not allow shareholders any right to amend the charter or bylaws. |
3 | Shareholders right to call a special meeting: We consider proposals to enhance a shareholder’s rights to call meetings on a case-by-case basis. At large-cap U.S. companies, we generally support efforts to establish the right of holders of 10% or more of shares to call special meetings, unless the board or state law has set a policy or law establishing such rights at a threshold that we believe to be acceptable. |
4 | Written consent rights: In the U.S. context, we examine proposals for shareholder written consent rights on a case-by-case basis. |
5 | Reincorporation: We consider management and shareholder proposals to reincorporate to a different jurisdiction on a case-by-case basis. We oppose such proposals if we believe the main purpose is to take advantage of laws or judicial precedents that reduce shareholder rights. |
6 | Anti-greenmail provisions: Proposals relating to the adoption of anti-greenmail provisions will be supported, provided that the proposal: (i) defines greenmail; (ii) prohibits buyback offers to large block holders (holders of at least 1% of the outstanding shares and in certain cases, a greater amount) not made to all shareholders or not approved by disinterested shareholders; and (iii) contains no anti-takeover measures or other provisions restricting the rights of shareholders. |
7 | Bundled proposals: We may consider opposing or abstaining on proposals if disparate issues are “bundled” and presented for a single vote. |
1 | We generally support the following: |
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Proposals for employee equity compensation plans and other employee ownership plans, provided that our research does not indicate that approval of the plan would be against shareholder interest. Such approval may be against shareholder interest if it authorizes excessive dilution and shareholder cost, particularly in the context of high usage (“run rate”) of equity compensation in the recent past; or if there are objectionable plan design and provisions.
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Proposals relating to fees to outside directors, provided the amounts are not excessive relative to other companies in the country or industry, and provided that the structure is appropriate within the market context. While stock-based compensation to outside directors is positive if moderate and appropriately structured, we are wary of significant stock option awards or other performance-based awards for outside directors, as well as provisions that could result in significant forfeiture of value on a director’s decision to resign from a board (such forfeiture can undercut director independence).
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Proposals for employee stock purchase plans that permit discounts, but only for grants that are part of a broad-based employee plan, including all non-executive employees, and only if the discounts are limited to a reasonable market standard or less.
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Proposals for the establishment of employee retirement and severance plans, provided that our research does not indicate that approval of the plan would be against shareholder interest.
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2 | We generally oppose retirement plans and bonuses for non-executive directors and independent statutory auditors. |
3 | In the U.S. context, we generally vote against shareholder proposals requiring shareholder approval of all severance agreements, but we generally support proposals that require shareholder approval for agreements in excess of three times the annual compensation (salary and bonus) or proposals that require companies to adopt a provision requiring an executive to receive accelerated vesting of equity awards if there is a change of control and the executive is terminated. We generally oppose shareholder proposals that would establish arbitrary caps on pay. We consider on a case-by-case basis shareholder proposals that seek to limit Supplemental Executive Retirement Plans (SERPs), but support such shareholder proposals where we consider SERPs excessive. |
4 | Shareholder proposals advocating stronger and/or particular pay-for-performance models will be evaluated on a case-by-case basis, with consideration of the merits of the individual proposal within the context of the particular company and its labor markets, and the company’s current and past practices. While we generally support emphasis on long-term components of senior executive pay and strong linkage of pay to performance, we consider factors including whether a proposal may be overly prescriptive, and the impact of the proposal, if implemented as written, on recruitment and retention. |
5 | We generally support proposals advocating reasonable senior executive and director stock ownership guidelines and holding requirements for shares gained in executive equity compensation programs. |
6 | We generally support shareholder proposals for reasonable “claw-back” provisions that provide for company recovery of senior executive bonuses to the extent they were based on achieving financial benchmarks that were not actually met in light of subsequent restatements. |
7 | Management proposals effectively to re-price stock options are considered on a case-by-case basis. Considerations include the company’s reasons and justifications for a re-pricing, the company’s competitive position, whether senior executives and outside directors are excluded, potential cost to shareholders, whether the re-pricing or share exchange is on a value-for-value basis, and whether vesting requirements are extended. |
8 | Say-on-Pay: We consider proposals relating to an advisory vote on remuneration on a case-by-case basis. Considerations include a review of the relationship between executive remuneration and performance based on operating trends and total shareholder return over multiple performance periods. In addition, we review remuneration structures and potential poor pay practices, including relative magnitude of pay, discretionary bonus awards, tax gross ups, change-in-control features, internal pay equity and peer group construction. As long-term investors, we support remuneration policies that align with long-term shareholder returns. |
1 | The issuer soliciting the vote is a client of MSIM or an affiliate of MSIM and the vote is on a matter that materially affects the issuer. |
2 | The proxy relates to Morgan Stanley common stock or any other security issued by Morgan Stanley or its affiliates except if echo voting is used, as with MS Funds, as described herein. |
3 | Morgan Stanley has a material pecuniary interest in the matter submitted for a vote (e.g., acting as a financial advisor to a party to a merger or acquisition for which Morgan Stanley will be paid a success fee if completed). |
4 | One of Morgan Stanley’s independent directors or one of MS Funds’ directors also serves on the board of directors or is a nominee for election to the board of directors of a company held by an MS Fund or affiliate. |
1 | If the matter relates to a topic that is discussed in this Policy, the proposal will be voted as per the Policy. |
2 | If the matter is not discussed in this Policy or the Policy indicates that the issue is to be decided case-by-case, the proposal will be voted in a manner consistent with the Research Providers, provided that all the Research Providers consulted have the same recommendation, no portfolio manager objects to that vote, and the vote is consistent with MSIM’s Client Proxy Standard. |
3 | If the Research Providers’ recommendations differ, the GST Director will refer the matter to a Special Committee to vote on the proposal, as appropriate. |
1 | Any rights with respect to the removal or replacement of a director, general partner, managing member or other person acting in a similar capacity for or on behalf of the Fund (each individually a “Designated Person,” and collectively, the “Designated Persons”), which may include, but are not limited to, voting on the election or removal of a Designated Person in the event of such Designated Person’s death, disability, insolvency, bankruptcy, incapacity, or other event requiring a vote of interest holders of the Fund to remove or replace a Designated Person; and |
2 | Any rights in connection with a determination to renew, dissolve, liquidate, or otherwise terminate or continue the Fund, which may include, but are not limited to, voting on the renewal, dissolution, liquidation, termination or continuance of the Fund upon the occurrence of an event described in the Fund’s organizational documents; provided, however, that, if the Fund’s organizational documents require the consent of the Fund’s general partner or manager, as the case may be, for any such termination or continuation of the Fund to be effective, then AIP may exercise its voting rights with respect to such matter. |
(a) (1) |
Articles
of Amendment and Restatement, dated September 20, 1995, are incorporated herein by reference to Exhibit 1(a) to Post-Effective
Amendment No. 26 to the Registration Statement on Form N-1A filed on October 13, 1995. |
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(2) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (reclassifying shares), dated December 18, 1995, are incorporated
herein by reference to Exhibit 1(b) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A
filed on May 24, 1996. |
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|
(3) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding new Technology Portfolio), dated May 2, 1996, are
incorporated herein by reference to Exhibit 1(c) to Post-Effective Amendment No. 30 to the Registration Statement on Form N-1A
filed on May 24, 1996. |
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(4) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding U.S. Equity Plus Portfolio), dated May 21, 1997,
are incorporated herein by reference to Exhibit 1(d) to Post-Effective Amendment No. 38 to the Registration Statement on
Form N-1A filed on February 27, 1998. |
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|
(5) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding European Real Estate and Asian Real Estate Portfolios),
dated June 10, 1997, are incorporated herein by reference to Exhibit 1(e) to Post-Effective Amendment No. 38 to the Registration
Statement on Form N-1A filed on February 27, 1998. |
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|
(6) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Class B shares to the Money Market Portfolio),
dated December 16, 1997, are incorporated herein by reference to Exhibit 1(f) to Post-Effective Amendment No. 38 to the
Registration Statement on Form N-1A filed on February 27, 1998. |
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(7) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (Active Country Allocation Portfolio name changed to Active
International Portfolio), dated July 17, 1998, are incorporated herein by reference to Exhibit (a)(7) to Post-Effective Amendment
No. 40 to the Registration Statement on Form N-1A filed on January 27, 1999. |
|
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(8) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (Active International Portfolio name changed to Active International
Allocation Portfolio), dated August 6, 1998, are incorporated herein by reference to Exhibit (a)(8) to Post-Effective Amendment
No. 40 to the Registration Statement on Form N-1A filed on January 27, 1999. |
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(9) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing corporate name to Morgan Stanley Dean Witter Institutional
Fund, Inc.), dated November 20, 1998, are incorporated herein by reference to Exhibit (a)(9) to Post-Effective Amendment
No. 40 to the Registration Statement on Form N-1A filed on January 27, 1999. |
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(10) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (Aggressive Equity Portfolio name changed to Focus Equity
Portfolio and Emerging Growth Portfolio name changed to Small Company Growth Portfolio), dated September 24, 1999, are incorporated herein
by reference to Exhibit (a)(10) to Post-Effective Amendment No. 43 to the Registration Statement on Form N-1A filed
on May 1, 2000. |
(11) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing corporate name to Morgan Stanley Institutional
Fund, Inc., Global Equity Portfolio name changed to Global Value Equity Portfolio, European Equity Portfolio named changed to European
Value Equity Portfolio and Japanese Equity Portfolio name changed to Japanese Value Equity Portfolio), dated April 23, 2001, are incorporated
herein by reference to Exhibit (a)(11) to Post-Effective Amendment No. 45 to the Registration Statement on Form N-1A filed
on April 30, 2001. |
(12) |
Articles
of Amendment to the Amended and Restated Articles of Incorporation (Fixed Income Portfolio name changed to Fixed Income III Portfolio,
High Yield Portfolio name changed to High Yield II Portfolio and Global Fixed Income Portfolio name changed to Global Fixed Income II
Portfolio), dated July 23, 2001, are incorporated herein by reference to Exhibit (a)(12) to Post-Effective Amendment No. 59
to the Registration Statement on Form N-1A filed on April 28, 2006. |
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(13) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding new Global Franchise Portfolio), dated October 18,
2001, are incorporated herein by reference to Exhibit (a)(7) to Post-Effective Amendment No. 48 to the Registration Statement
on Form N-1A filed on November 26, 2001. |
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(14) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating Small Cap Value Equity Portfolio, Balanced
Portfolio, Fixed Income Portfolio, High Yield Portfolio and Global Fixed Income Portfolio and adding Large Cap Relative Value Portfolio),
dated June 6, 2003, are incorporated herein by reference to Exhibit (a)(13) to Post-Effective Amendment No. 50 to the Registration
Statement on Form N-1A filed on June 6, 2003. |
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(15) |
Certificate
of Correction to the Articles Supplementary, dated March 21, 2005, is incorporated herein by reference to Exhibit (a)(15)
to Post-Effective Amendment No. 70 to the Registration Statement on Form N-1A filed on July 18, 2007. |
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(16) |
Certificate
of Correction to the Articles Supplementary, dated April 26, 2005, is incorporated herein by reference to Exhibit (a)(14) to
Post-Effective Amendment No. 53 to the Registration Statement on Form N-1A filed on April 29, 2005. |
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(17) |
Certificate
of Correction to the Articles Supplementary, dated April 26, 2005, is incorporated herein by reference to Exhibit (a)(15) to
Post-Effective Amendment No. 53 to the Registration Statement on Form N-1A filed on April 29, 2005. |
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(18) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating the Asian Equity, Asian Real Estate, European
Value Equity, Japanese Value Equity, Latin American and Technology Portfolios), dated April 26, 2005, are incorporated herein by reference
to Exhibit (a)(16) to Post-Effective Amendment No. 53 to the Registration Statement on Form N-1A filed on April 29,
2005. |
|
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(19) |
Articles
of Amendment to the Articles of Amendment and Restatement (Large Cap Relative Value Portfolio name changed to Large Cap Value Portfolio
and Value Equity Portfolio name changed to Large Cap Relative Value Portfolio), dated August 25, 2005, are incorporated by reference to
Exhibit (a)(17) to Post-Effective Amendment No. 55 to the Registration Statement on Form N-1A filed on October 7,
2005. |
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(20) |
Articles
of Amendment to the Articles of Amendment and Restatement (European Real Estate Portfolio name changed to International Real Estate
Portfolio), dated August 25, 2005, are incorporated herein by reference to Exhibit (a)(18) to Post-Effective Amendment No. 55
to the Registration Statement on Form N-1A filed on October 7, 2005. |
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(21) |
Certificate
of Correction to the Articles Supplementary, dated September 20, 2005, is incorporated herein by reference to Exhibit (a)(19)
to Post-Effective Amendment No. 55 to the Registration Statement on Form N-1A filed on October 7, 2005. |
|
|
(22) |
Certificate
of Correction to the Articles Supplementary, dated September 20, 2005, is incorporated herein by reference to Exhibit (a)(20)
to Post-Effective Amendment No. 55 to the Registration Statement on Form N-1A filed on October 7, 2005. |
(23) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing the name of the Value Equity Portfolio to the Large
Cap Relative Value Portfolio and the Equity Growth Portfolio to the U.S. Large Cap Growth Portfolio), dated September 20, 2005, are incorporated
herein by reference to Exhibit (a)(21) to Post-Effective Amendment No. 55 to the Registration Statement on Form N-1A filed
on October 7, 2005. |
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(24) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding International Growth Equity Portfolio), dated November
15, 2005, are incorporated herein by reference to Exhibit (a)(22) to Post-Effective Amendment No. 56 to the Registration Statement
on Form N-1A filed on December 20, 2005. |
|
|
(25) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (effecting a reverse stock split of the Emerging Markets
Debt Portfolio), dated February 24, 2006, are incorporated herein by reference to Exhibit (a)(24) to Post-Effective Amendment No. 59
to the Registration Statement on Form N-1A filed on April 28, 2006. |
|
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(26) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Systematic Active Large Cap Core Portfolio, Systematic
Active Small Cap Core Portfolio, Systematic Active Small Cap Value Portfolio and Systematic Active Small Cap Growth Portfolio), dated
February 6, 2006, are incorporated herein by reference to Exhibit (a)(25) to Post-Effective Amendment No. 59 to the Registration
Statement on Form N-1A filed on April 28, 2006. |
|
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(27) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Global Real Estate Portfolio), dated April 25, 2006,
are incorporated herein by reference to Exhibit (a)(26) to Post-Effective Amendment No. 60 to the Registration Statement on
Form N-1A filed on May 3, 2006. |
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(28) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating the assets of Municipal Money Market Portfolio
and Money Market Portfolio), dated August 24, 2006, are incorporated herein by reference to Exhibit (a)(28) to Post-Effective Amendment
No. 70 to the Registration Statement on Form N-1A filed on July 18, 2007. |
|
|
(29) |
Certificate
of Correction to the Registrant’s Articles of Amendment, dated February 6, 2007, is incorporated herein by reference to
Exhibit (a)(27) to Post-Effective Amendment No. 65 to the Registration Statement on Form N-1A filed on April 27, 2007.
|
|
|
(30) |
Certificate
of Correction to the Registrant’s Articles of Amendment, dated February 6, 2007, is incorporated herein by reference to
Exhibit (a)(28) to Post-Effective Amendment No. 65 to the Registration Statement on Form N-1A filed on April 27, 2007.
|
|
|
(31) |
Articles
of Restatement, dated February 20, 2007, are incorporated herein by reference to Exhibit (a)(29) to Post-Effective Amendment
No. 65 to the Registration Statement on Form N-1A filed on April 27, 2007. |
|
|
(32) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Disciplined Large Cap Value Active Extension Portfolio
and Systematic Large Cap Core Active Extension Portfolio), dated February 21, 2007, are incorporated herein by reference to Exhibit (a)(30)
to Post-Effective Amendment No. 68 to the Registration Statement on Form N-1A filed on May 29, 2007. |
|
|
(33) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding International Growth Active Extension Portfolio),
dated April 25, 2007, are incorporated herein by reference to Exhibit (a)(31) to Post-Effective Amendment No. 69 to the
Registration Statement on Form N-1A filed on July 10, 2007. |
(34) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding U.S. Small/Mid Cap Value Portfolio), dated September 26,
2007, are incorporated herein by reference to Exhibit (a)(34) to Post-Effective Amendment No. 71 to the Registration Statement
on Form N-1A filed on September 26, 2007. |
(35) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Class H shares to certain Portfolios), dated
December 18, 2007, are incorporated herein by reference to Exhibit (a)(35) to Post-Effective Amendment No. 73 to the Registration
Statement on Form N-1A filed on December 20, 2007. |
|
|
(36) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement, (redesignating all Portfolios’ Class A and Class B
shares as Class I and Class P shares, respectively), dated December 18, 2007, are incorporated herein by reference to Exhibit (a)(36)
to Post-Effective Amendment No. 73 to the Registration Statement on Form N-1A filed on December 20, 2007.
|
|
|
(37) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing the name of the Focus Equity Portfolio to the Focus
Growth Portfolio and the U.S. Large Cap Growth Portfolio to the Capital Growth Portfolio), dated April 22, 2008, are incorporated
herein by reference to Exhibit (a)(37) to Post-Effective Amendment No. 75 to the Registration Statement on Form N-1A filed
on April 28, 2008. |
|
|
(38) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Class L shares to certain Portfolios), dated
June 3, 2008, are incorporated herein by reference to Exhibit (a)(37) to Post-Effective Amendment No. 76 to the Registration
Statement on Form N-1A filed on June 3, 2008. |
|
|
(39) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating the assets of Systematic Active Large Cap Core,
Systematic Active Small Cap Core, Systematic Active Small Cap Growth and Systematic Active Small Cap Value Portfolios), dated June 27,
2008, are incorporated herein by reference to Exhibit (a)(38) to Post-Effective Amendment No. 78 to the Registration Statement
on Form N-1A filed on October 17, 2008. |
|
|
(40) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating the assets of Disciplined Large Cap Value Active
Extension and Systematic Large Cap Core Active Extension Portfolios), dated October 13, 2008, are incorporated herein by reference
to Exhibit (a)(39) to Post-Effective Amendment No. 78 to the Registration Statement on Form N-1A filed on October 17,
2008. |
|
|
(41) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (with respect to Class P shares of International Small
Cap Portfolio), dated October 14, 2008, are incorporated herein by reference to Exhibit (a)(40) to Post-Effective Amendment No. 78
to the Registration Statement on Form N-1A filed on October 17, 2008. |
|
|
(42) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating the assets of International Magnum Portfolio),
dated April 16, 2009, are incorporated herein by reference to Exhibit (a)(42) to Post-Effective Amendment No. 79 to the
Registration Statement on Form N-1A filed on April 28, 2009. |
|
|
(43) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating the assets of International Growth Active Extension
Portfolio), dated January 20, 2010, are incorporated herein by reference to Exhibit (a)(43) to Post-Effective Amendment
No. 82 to the Registration Statement on Form N-1A filed on February 23, 2010. |
|
|
(44) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating the assets of Global Value Equity Portfolio),
dated January 20, 2010, are incorporated herein by reference to Exhibit (a)(44) to Post-Effective Amendment No. 82
to the Registration Statement on Form N-1A filed on February 23, 2010. |
(45) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Advantage, Equity Growth, Global Growth and International
Opportunity Portfolios), dated January 20, 2010, are incorporated herein by reference to Exhibit (a)(45) to Post-Effective Amendment
No. 82 to the Registration Statement on Form N-1A filed on February 23, 2010. |
(46) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating the assets of International Growth Equity,
Large Cap Relative Value and U.S. Small/Mid Cap Value Portfolios), dated July 28, 2010, are incorporated herein by reference to Exhibit (a)(46)
to Post-Effective Amendment No. 87 to the Registration Statement on Form N-1A filed on August 31, 2010. |
|
|
(47) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Select Global Infrastructure Portfolio), dated July
28, 2010, are incorporated herein by reference to Exhibit (a)(47) to Post-Effective Amendment No. 87 to the Registration Statement
on Form N-1A filed on August 31, 2010. |
|
|
(48) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing the name of the Equity Growth Portfolio to
the Opportunity Portfolio and changing the name of the Global Growth Portfolio to the Global Opportunity Portfolio), dated October
4, 2010, are incorporated herein by reference to Exhibit (a)(48) to Post-Effective Amendment No. 90 to the Registration Statement on Form
N-1A filed on October 28, 2010. |
|
|
(49) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Asian Equity, Global Advantage, Global Discovery
and International Advantage Portfolios), dated December 8, 2010, are incorporated herein by reference to Exhibit (a)(49)
to Post-Effective Amendment No. 91 to the Registration Statement on Form N-1A filed on December 14, 2010.
|
|
|
(50) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing the name of the Capital Growth Portfolio to the
Growth Portfolio), dated April 5, 2011, are incorporated herein by reference to Exhibit (a)(50) to Post-Effective No. 93 to the Registration
Statement on Form N-1A filed on April 27, 2011. |
|
|
(51) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Class H and Class L shares to Small Company Growth
and U.S. Real Estate Portfolios), dated August 11, 2011, are incorporated herein by reference to Exhibit (a)(51) to Post-Effective Amendment
No. 96 to the Registration Statement on Form N-1A filed on August 22, 2011. |
|
|
(52) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Global Insight and Insight Portfolios), dated October
7, 2011, are incorporated by reference to Exhibit (a)(52) to Post-Effective Amendment No. 99 to the Registration Statement
on Form N-1A filed on December 9, 2011. |
|
|
(53) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing the name of the Emerging Markets Debt Portfolio
to the Emerging Markets Domestic Debt Portfolio), dated April 23, 2012, are incorporated by reference to Exhibit (a)(54)
to Post-Effective Amendment No. 99 to the Registration Statement on Form N-1A filed on April 27, 2012. |
|
|
(54) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Class H and Class L shares to Active International
Allocation, Emerging Markets, Focus Growth, Global Franchise, Growth, International Equity, International Real Estate and International
Small Cap Portfolios), dated April 23, 2012, are incorporated by reference to Exhibit (a)(53) to Post-Effective Amendment
No. 99 to the Registration Statement on Form N-1A filed on April 27, 2012. |
|
|
(55) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Emerging Markets External Debt, Multi-Asset and
Total Emerging Markets Portfolios), dated May 17, 2012, are incorporated by reference to Exhibit (a)(55) to Post-Effective
Amendment No. 107 to the Registration Statement on Form N-1A filed on May 23, 2012. |
|
|
(56) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Frontier Emerging Markets Portfolio), dated
June 22, 2012, are incorporated by reference to Exhibit (a)(56) to Post-Effective Amendment No. 109 to the Registration
Statement on Form N-1A filed on June 26, 2012. |
(57) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating the assets of Focus Growth Portfolio), dated
April 8, 2013, are incorporated herein by reference to Exhibit (a)(57) to Post-Effective Amendment No. 114 to the Registration Statement
on Form N-1A filed on April 25, 2013. |
|
|
(58) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Class IS shares to Advantage, Emerging Markets,
Emerging Markets Domestic Debt, Emerging Markets External Debt, Global Opportunity, Global Real Estate, Growth, International Equity,
International Opportunity, International Real Estate, Opportunity, Select Global Infrastructure, Small Company Growth and U.S. Real Estate
Portfolios), dated May 16, 2013, are incorporated herein by reference to Exhibit (a)(58) to Post-Effective Amendment
No. 118 to the Registration Statement on Form N-1A filed on June 3, 2013. |
|
|
(59) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Global Quality Portfolio), dated August 2, 2013, are
incorporated herein by reference to Exhibit (a)(59) to Post-Effective Amendment No. 123 to the Registration Statement
on Form N-1A filed on August 16, 2013. |
|
|
(60) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (reclassifying Class H shares of each Portfolio (other
than Global Insight, Insight and International Real Estate Portfolios) as Class P shares), dated August 13, 2013, are
incorporated herein by reference to Exhibit (a)(60) to Post-Effective Amendment No. 123 to the Registration Statement
on Form N-1A filed on August 16, 2013. |
|
|
(61) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement ((i) changing the designation of Class H shares of each
of the Global Insight and Insight Portfolios to Class A shares and (ii) changing the designation of Class P shares of each
Portfolio (other than Global Insight, Global Quality and Insight Portfolios)) to Class A shares, dated August 13, 2013, are
incorporated herein by reference to Exhibit (a)(61) to Post-Effective Amendment No. 123 to the Registration Statement
on Form N-1A filed on August 16, 2013. |
|
|
(62) |
Certificate
of Correction to the Registrant’s Articles of Amendment, dated September 5, 2013, is incorporated herein by reference
to Exhibit (a)(62) to Post-Effective Amendment No. 125 to the Registration Statement on Form N-1A filed on April 29,
2014. |
|
|
(63) |
Certificate
of Correction to the Registrant’s Articles of Amendment, dated September 5, 2013, is incorporated herein by reference
to Exhibit (a)(63) to Post-Effective Amendment No. 125 to the Registration Statement on Form N-1A filed on April 29,
2014. |
|
|
(64) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Emerging Markets Leaders Portfolio), dated November 14,
2014, are incorporated herein by reference to Exhibit (a)(64) to Post-Effective Amendment No. 128 to the Registration Statement
on Form N-1A filed on November 25, 2014. |
|
|
(65) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Class IS shares to Frontier Emerging Markets
Portfolio), are incorporated herein by reference to Exhibit (a)(65) to Post-Effective Amendment No. 133 to the Registration
Statement on Form N-1A filed on February 13, 2015. |
|
|
(66) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating the assets of Total Emerging Markets Portfolio),
dated March 26, 2015, are incorporated herein by reference to Exhibit (a)(66) to Post-Effective Amendment No. 137 to the
Registration Statement on Form N-1A filed on April 27, 2015. |
(67) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (changing the name of the Select Global Infrastructure Portfolio
to Global Infrastructure Portfolio), dated March 27, 2015, are incorporated herein by reference to Exhibit (a)(67) to Post-Effective
Amendment No. 137 to the Registration Statement on Form N-1A filed on April 27, 2015. |
(68) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Class C shares to all Portfolios), dated April 23,
2015, are incorporated herein by reference to Exhibit (a)(68) to Post-Effective Amendment No. 137 to the Registration Statement
on Form N-1A filed on April 27, 2015. |
|
|
(69) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Class IS shares to Global Franchise and Multi-Asset
Portfolios), dated May 11, 2015, are incorporated herein by reference to Exhibit (a)(69) to Post-Effective Amendment No. 138
to the Registration Statement on Form N-1A filed on May 12, 2015. |
|
|
(70) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing the name of the Emerging Markets External Debt
Portfolio to the Emerging Markets Fixed Income Opportunities Portfolio), dated November 25, 2015, are incorporated herein by reference
to Exhibit (a)(70) to Post-Effective Amendment No. 143 to the Registration Statement on Form N-1A filed on December 1,
2015. |
|
|
(71) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (eliminating Emerging Markets Domestic Debt Portfolio),
dated November 25, 2015, are incorporated herein by reference to Exhibit (a)(71) to Post-Effective Amendment No. 143 to
the Registration Statement on Form N-1A filed on December 1, 2015. |
|
|
(72) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating International Small Cap Portfolio), dated November 25,
2015, are incorporated herein by reference to Exhibit (a)(72) to Post-Effective Amendment No. 143 to the Registration Statement
on Form N-1A filed on December 1, 2015. |
|
|
(73) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Emerging Markets Small Cap Portfolio), dated November 25,
2015, are incorporated herein by reference to Exhibit (a)(73) to Post-Effective Amendment No. 143 to the Registration Statement
on Form N-1A filed on December 1, 2015. |
|
|
(74) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Asia Opportunity Portfolio), dated November 25,
2015, are incorporated herein by reference to Exhibit (a)(74) to Post-Effective Amendment No. 143 to the Registration Statement
on Form N-1A filed on December 1, 2015. |
|
|
(75) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (eliminating Opportunity Portfolio), dated March 1,
2016, are incorporated herein by reference to Exhibit (a)(75) to Post-Effective Amendment No. 148 to the Registration Statement
on Form N-1A filed on April 26, 2016. |
|
|
(76) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (eliminating Class H shares of International Real Estate
Portfolio), dated March 1, 2016, are incorporated herein by reference to Exhibit (a)(76) to Post-Effective Amendment No. 148
to the Registration Statement on Form N-1A filed on April 26, 2016. |
|
|
(77) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Fundamental Multi-Cap Core, Global Concentrated,
Global Core and US Core Portfolios), dated May 9, 2016, are incorporated herein by reference to Exhibit (a)(77) to Post-Effective
Amendment No. 150 to the Registration Statement on Form N-1A filed on May 11, 2016. |
(78) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating Asian Equity Portfolio), dated September 1,
2016, are incorporated herein by reference to Exhibit (a)(78) to Post-Effective Amendment No. 155 to the Registration
Statement on Form N-1A filed on September 29, 2016. |
(79) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Emerging Markets Breakout Nations Portfolio), dated
October 20, 2016, are incorporated herein by reference to Exhibit (a)(79) to Post-Effective Amendment No. 157 to the Registration Statement
on Form N-1A filed on December 13, 2016. |
(80) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing the name of the Frontier Emerging Markets Portfolio
to the Frontier Markets Portfolio), dated March 31, 2017, are incorporated herein by reference to Exhibit (a)(80) to Post-Effective Amendment
No. 165 to the Registration Statement on Form N-1A filed on April 28, 2017. |
|
|
(81) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Class T shares to all Portfolios except Fundamental
Multi-Cap Core Portfolio), dated September 11, 2017, are incorporated herein by reference to Exhibit (a)(81) to Post-Effective Amendment
No. 173 to the Registration Statement on Form N-1A filed on September 29, 2017. |
|
|
(82) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Global Counterpoint Portfolio), dated November 14,
2017, are incorporated herein by reference to Exhibit (a)(82) to Post-Effective Amendment No. 180 to the Registration Statement on Form
N-1A filed on December 15, 2017. |
|
|
(83) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Class IS shares to Active International Allocation,
Global Advantage, Global Discovery, Global Insight, Insight and International Advantage Portfolios and Class IR shares to all Portfolios
except Fundamental Multi-Cap Core Portfolio), dated March 16, 2018, are incorporated herein by reference to Exhibit (a)(83) to Post-Effective
Amendment No. 199 to the Registration Statement on Form N-1A filed on April 27, 2018. |
|
|
(84) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing the name of the Global Quality Portfolio to the
Global Sustain Portfolio), dated March 30, 2018, are incorporated herein by reference to Exhibit (a)(84) to Post-Effective Amendment No.
199 to the Registration Statement on Form N-1A filed on April 27, 2018. |
|
|
(85) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Global Concentrated Real Estate and Real Assets
Portfolios), dated March 30, 2018, are incorporated herein by reference to Exhibit (a)(85) to Post-Effective Amendment No. 205 to the
Registration Statement on Form N-1A filed on May 29, 2018.
|
(86) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Global Permanence Portfolio), dated August 23, 2018,
are incorporated herein by reference to Exhibit (a)(86) to Post-Effective Amendment No. 212 to the Registration Statement on Form N-1A
filed on October 4, 2018. |
(87) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing the name of the Global Permanence Portfolio to
the Global Endurance Portfolio), dated December 4, 2018, are incorporated herein by reference to Exhibit (a)(87) to Post-Effective Amendment
No. 214 to the Registration Statement on Form N-1A filed on January 29, 2019. |
(88) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Global Permanence Portfolio), dated March 1, 2019,
are incorporated herein by reference to Exhibit (a)(88) to Post-Effective Amendment No. 215 to the Registration Statement on Form N-1A
filed on April 12, 2019. |
(89) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (eliminating Fundamental Multi-Cap Core Portfolio), dated
October 9, 2018, are incorporated herein by reference to Exhibit (a)(89) to Post-Effective Amendment No. 217 to the Registration Statement
on Form N-1A filed on April 30, 2019. |
(90) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing the name of the Small Company Growth Portfolio
to the Inception Portfolio), dated February 5, 2019, are incorporated herein by reference to Exhibit (a)(90) to Post-Effective Amendment
No. 217 to the Registration Statement on Form N-1A filed on April 30, 2019.
|
(91) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding China Equity Portfolio), dated August 13, 2019,
are incorporated herein by reference to Exhibit (a)(91) to Post-Effective Amendment No. 221 to the Registration Statement on Form N-1A
filed on August 28, 2019. |
(92) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Developing Opportunity Portfolio), dated October
23, 2019, are incorporated herein by reference to Exhibit (a)(92) to Post-Effective Amendment No. 226 to the Registration Statement on
Form N-1A filed on December 13, 2019. |
(93) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (adding Permanence Portfolio), dated January 2, 2020, are
incorporated herein by reference to Exhibit (a)(93) to Post-Effective Amendment No. 230 to the Registration Statement on Form N-1A filed
on March 6, 2020. |
(94) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating the assets of Emerging Markets Breakout Nations),
dated September 16, 2020, are incorporated herein by reference to Exhibit (a)(94) to Post-Effective Amendment No. 236 to
the Registration Statement on Form N-1A filed on April 6, 2021. |
(95) |
Articles
Supplementary to Registrant’s Articles of Amendment and Restatement (liquidating the assets of International Real Estate and
Multi-Asset Portfolios), dated September 16, 2020, are incorporated herein by reference to Exhibit (a)(95) to Post-Effective
Amendment No. 236 to the Registration Statement on Form N-1A filed on April 6, 2021. |
(96) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing the name of the Global Advantage Portfolio to the
Global Insight Portfolio), dated March 30, 2021, are incorporated herein by reference to Exhibit (a)(96) to Post-Effective Amendment
No. 236 to the Registration Statement on Form N-1A filed on April 6, 2021. |
(97) |
Articles
of Amendment to Registrant’s Articles of Amendment and Restatement (changing the name of the Frontier Markets Portfolio to the
Next Gen Emerging Markets Portfolio), dated June 29, 2021, are incorporated herein by reference to Exhibit (a)(97) to Post-Effective
Amendment No. 243 to the Registration Statement on Form N-1A filed on June 30, 2021. |
(98) |
|
(99) |
|
(100) |
|
(101) |
|
(102) |
|
(103) |
|
(b) |
Amended
and Restated By-Laws, dated December 2, 2021, are incorporated herein by reference to Exhibit (b) to Post-Effective Amendment No.
251 to the Registration Statement on Form N-1A filed on April 29, 2022. |
|
|
(c) (1) |
Specimen
Security with respect to Morgan Stanley Institutional Fund, Inc. Class A shares is incorporated herein by reference to Exhibit 1(a) (Amended
and Restated Articles of Incorporation), as amended to date to Post-Effective Amendment No. 26 to the Registration Statement filed
on October 13, 1995 and is incorporated by reference to Exhibit 2 (Amended and Restated By-Laws), as amended to date to Post-Effective
Amendment No. 33 to the Registration Statement filed on February 28, 1997. |
|
|
(2) |
Specimen
Security with respect to Morgan Stanley Institutional Fund, Inc. Class B shares is incorporated herein by reference to Exhibit 1(a) (Amended
and Restated Articles of Incorporation), as amended to date to Post-Effective Amendment No. 26 to the Registration Statement filed
on October 13, 1995 and is incorporated by reference to Exhibit 2 (Amended and Restated By-Laws), as amended to date to Post-Effective
Amendment No. 33 to the Registration Statement filed on February 28, 1997.
|
(d) (1) |
|
(2) |
Amended
and Restated Sub-Advisory Agreement, dated May 30, 2013, between Morgan Stanley Investment Management Inc. and Morgan Stanley Investment
Management Limited (relating to the Global Franchise Portfolio, Global Real Estate Portfolio, Global Sustain Portfolio, International
Equity Portfolio, International Real Estate Portfolio and Real Assets Portfolio), is incorporated herein by reference to Exhibit (d)(2)
to Post-Effective Amendment No. 217 to the Registration Statement on Form N-1A filed on April 30, 2019. |
|
|
(3) |
Amended
and Restated Sub-Advisory Agreement, dated June 30, 2009, between Morgan Stanley Investment Management Inc. and Morgan Stanley Investment
Management Company (relating to the Emerging Markets Leaders Portfolio, Emerging Markets Portfolio, Global Real Estate Portfolio
and International Real Estate Portfolio), is incorporated herein by reference to Exhibit (d)(3) to Post-Effective Amendment No. 217 to
the Registration Statement on Form N-1A filed on April 30, 2019. |
|
|
(e) |
Distribution
Agreement between Registrant and Morgan Stanley Distribution, Inc. is incorporated herein by reference to Exhibit (e)(2) to
Post-Effective Amendment No. 53 to the Registration Statement on Form N-1A filed on April 29, 2005. |
|
|
(f) |
Not applicable. |
|
|
(g) |
|
|
|
(h) (1) |
Amended
and Restated Administration Agreement between the Registrant and Morgan Stanley Investment Management Inc., dated August 26, 2016,
is incorporated herein by reference to Exhibit (h)(1) to Post-Effective Amendment No. 165 to the Registration Statement on Form N-1A filed
on April 28, 2017. |
|
|
(2) |
(3) |
Amendment
to the Transfer Agency and Service Agreement with Boston Financial Data Services, Inc., dated June 2, 2014, is incorporated herein
by reference to Exhibit (h)(2) to Post-Effective Amendment No. 34 to the Registration Statement on Form N-1A of Morgan
Stanley Limited Duration U.S. Government Trust, filed on September 26, 2014. |
|
|
(4) |
Fee
Waiver Agreement between the Registrant (relating to Multi-Asset Portfolio) and Morgan Stanley Investment Management Inc., dated August 2,
2016, is incorporated by reference to Exhibit (h)(4) to Post-Effective Amendment No. 153 to the Registration Statement
on Form N-1A filed on August 26, 2016. |
|
|
(5) |
Form of
Appointment of Agent for Service of Process relating to Multi-Asset Cayman Portfolio, Ltd., is incorporated by reference to Exhibit (h)(5) to
Post-Effective Amendment No. 153 to the Registration Statement on Form N-1A filed on August 26, 2016. |
(6)
|
Amendment
to the Transfer Agency and Service Agreement with Boston Financial Data Services, Inc., dated May 23, 2017, is incorporated herein
by reference to Exhibit (h)(4) to Post-Effective Amendment No. 33 to the Registration Statement on Form N-1A of Active
Assets Prime Trust, filed on October 27, 2017. |
(7) |
Addendum
to the Transfer Agency and Service Agreement with Boston Financial Data Services, Inc., dated October 5, 2017, is incorporated herein
by reference to Exhibit (h)(5) to Post-Effective Amendment No. 33 to the Registration Statement on Form N-1A of Active Assets Prime Trust,
filed on October 27, 2017. |
(8) |
Form of
Appointment of Agent for Service of Process relating to Advantage Cayman Portfolio, Ltd., Asia Opportunity Cayman Portfolio, Ltd., Counterpoint
Global Cayman Portfolio, Ltd., Developing Opportunity Cayman Portfolio, Ltd., Global Advantage Cayman Portfolio, Ltd., Global Opportunity
Cayman Portfolio, Ltd., Global Permanence Cayman Portfolio, Ltd., Growth Cayman Portfolio, Ltd., Inception Cayman Portfolio, Ltd., International
Advantage Cayman Portfolio, Ltd., International Opportunity Cayman Portfolio, Ltd. and Permanence Cayman Portfolio, Ltd., is incorporated
herein by reference to Exhibit (h)(8) to Post-Effective Amendment No. 241 to the Registration Statement on Form N-1A
filed on June 11, 2021.
|
(9) |
Form
of Fund of Funds Investment Agreement are incorporated herein by reference to Exhibit (h)(9) to Post-Effective Amendment No. 251 to
the Registration Statement on Form N-1A filed on April 29, 2022. |
|
|
(i) (1) |
Opinion
of Ballard Spahr Andrews & Ingersoll, LLP is incorporated herein by reference to Exhibit (i)(1) to Post-Effective
Amendment No. 53 to the Registration Statement on Form N-1A filed on April 29, 2005. |
|
|
(2) |
Opinion
and Consent of Clifford Chance US LLP is incorporated herein by reference to Exhibit (i)(2) to Post-Effective Amendment
No. 53 to the Registration Statement on Form N-1A filed on April 29, 2005. |
|
|
(3) |
Opinion
and Consent of Clifford Chance US LLP (with respect to the International Growth Equity Portfolio), is incorporated herein by reference
to Exhibit (i)(3) to Post-Effective Amendment No. 56 to the Registration Statement on Form N-1A filed on December 20,
2005. |
|
|
(4) |
Opinion
of Ballard Spahr Andrews & Ingersoll, LLP (with respect to the International Growth Equity Portfolio), is incorporated herein
by reference to Exhibit (i)(4) to Post-Effective Amendment No. 56 to the Registration Statement on Form N-1A filed
on December 20, 2005. |
|
|
(5) |
Opinion
and Consent of Clifford Chance US LLP (with respect to the Systematic Active Large Cap Core Portfolio, Systematic Active Small Cap
Core Portfolio, Systematic Active Small Cap Value Portfolio and Systematic Active Small Cap Growth Portfolio), is incorporated herein
by reference to Exhibit (i)(5) to Post-Effective Amendment No. 59 to the Registration Statement on Form N-1A filed
on April 28, 2006. |
|
|
(6) |
Opinion
of Ballard Spahr Andrews & Ingersoll, LLP (with respect to the Systematic Active Large Cap Core Portfolio, Systematic Active
Small Cap Core Portfolio, Systematic Active Small Cap Value Portfolio and Systematic Active Small Cap Growth Portfolio), is incorporated
herein by reference to Exhibit (i)(6) to Post-Effective Amendment No. 59 to the Registration Statement on Form N-1A
filed on April 28, 2006. |
(7) |
Opinion
and Consent of Clifford Chance US LLP (with respect to the Global Real Estate Portfolio), is incorporated herein by reference
to Exhibit (i)(7) to Post-Effective Amendment No. 62 to the Registration Statement on Form N-1A filed on August 1,
2006. |
|
|
(8) |
Opinion
of Ballard Spahr Andrews & Ingersoll, LLP (with respect to the Global Real Estate Portfolio), is incorporated herein
by reference to Exhibit (i)(8) to Post-Effective Amendment No. 62 to the Registration Statement on Form N-1A filed
on August 1, 2006.
|
(9) |
Opinion
and Consent of Clifford Chance, LLP (with respect to the Disciplined Large Cap Value Active Extension Portfolio and Systematic Large
Cap Core Active Extension Portfolio), is incorporated herein by reference to Exhibit (i)(9) to Post-Effective Amendment No. 68
to the Registration Statement on Form N-1A filed on May 29, 2007. |
|
|
(10) |
Opinion
of Ballard Spahr Andrews & Ingersoll, LLP (with respect to the Disciplined Large Cap Value Active Extension and Systematic
Large Cap Core Active Extension Portfolio), is incorporated herein by reference to Exhibit (i)(10) to Post-Effective Amendment
No. 68 to the Registration Statement on Form N-1A filed on May 29, 2007. |
(11) |
Opinion
and Consent of Clifford Chance US LLP (with respect to the International Growth Active Extension Portfolio), is incorporated herein
by reference to Exhibit (i)(11) to Post-Effective Amendment No. 70 to the Registration Statement on Form N-1A, filed on
July 18, 2007. |
(12) |
Opinion
of Ballard Spahr Andrews & Ingersoll, LLP (with respect to the International Growth Active Extension Portfolio), is incorporated
herein by reference to Exhibit (i)(12) to Post-Effective Amendment No. 70 to the Registration Statement on Form N-1A, filed
on July 18, 2007. |
|
|
(13) |
Opinion
and Consent of Clifford Chance US LLP (with respect to U.S. Small/Mid Cap Value Portfolio), is incorporated herein by reference to
Exhibit (i)(13) to Post-Effective Amendment No. 71 to the Registration Statement on Form N-1A filed on September 26,
2007. |
|
|
(14) |
Opinion
of Ballard Spahr Andrews & Ingersoll, LLP (with respect to U.S. Small/Mid Cap Value Portfolio), is incorporated herein by
reference to Exhibit (i)(14) to Post-Effective Amendment No. 71 to the Registration Statement on Form N-1A filed on September 26,
2007. |
|
|
(15) |
Opinion
and Consent of Clifford Chance US LLP (with respect to Class H Shares), is incorporated herein by reference to Exhibit (i)(15)
to Post-Effective Amendment No. 73 to the Registration Statement on Form N-1A filed on December 20, 2007.
|
|
|
(16) |
Opinion
of Ballard Spahr Andrews & Ingersoll, LLP (with respect to Class H Shares), is incorporated herein by reference to Exhibit (i)(16)
to Post-Effective Amendment No. 73 to the Registration Statement on Form N-1A filed on December 20, 2007. |
|
|
(17) |
Opinion
and Consent of Clifford Chance US LLP (with respect to Class L Shares), is incorporated herein by reference to Exhibit (i)(17)
to Post-Effective Amendment No. 76 to the Registration Statement on Form N-1A filed on June 3, 2008. |
|
|
(18) |
Opinion
of Ballard Spahr Andrews & Ingersoll, LLP (with respect to Class L Shares), is incorporated herein by reference to Exhibit (i)(18)
to Post-Effective Amendment No. 76 to the Registration Statement on Form N-1A filed on June 3, 2008. |
|
|
(19) |
Opinion
and Consent of Clifford Chance US LLP (with respect to Class P shares of International Small Cap Portfolio), is incorporated
herein by reference to Exhibit (i)(19) to Post-Effective Amendment No. 78 to the Registration Statement on Form N-1A filed
October 17, 2008. |
|
|
(20) |
Opinion
of Ballard Spahr Andrews & Ingersoll, LLP (with respect to Class P shares of International Small Cap Portfolio), is
incorporated herein by reference to Exhibit (i)(20) to Post-Effective Amendment No. 78 to the Registration Statement on Form N-1A
filed October 17, 2008. |
(21) |
Opinion
and Consent of Dechert LLP (with respect to Advantage, Equity Growth, Global Growth and International Opportunity Portfolios), is
incorporated herein by reference to Exhibit (i)(22) to Post-Effective Amendment No. 82 to the Registration Statement on Form N-1A
filed on February 23, 2010. |
|
|
(22) |
Opinion
of Ballard Spahr LLP (with respect to Advantage, Equity Growth, Global Growth and International Opportunity Portfolios), is incorporated
herein by reference to Exhibit (i)(23) to Post-Effective Amendment No. 82 to the Registration Statement on Form N-1A filed
on February 23, 2010. |
|
|
(23) |
Opinion
and Consent of Dechert LLP (with respect to Select Global Infrastructure Portfolio), is incorporated herein by reference to Exhibit (i)(23)
to Post-Effective Amendment No. 87 to the Registration Statement on Form N-1A filed on August 31, 2010. |
|
|
(24) |
Opinion
of Ballard Spahr LLP (with respect to Select Global Infrastructure Portfolio), is incorporated herein by reference to Exhibit (i)(24)
to Post-Effective Amendment No. 87 to the Registration Statement on Form N-1A filed on August 31, 2010. |
(25) |
Opinion
and Consent of Dechert LLP (with respect to Global Advantage, Global Discovery and International Advantage Portfolios), is incorporated
herein by reference to Exhibit (i)(25) to Post-Effective Amendment No. 91 to the Registration Statement on Form N-1A filed
on December 14, 2010. |
(26) |
Opinion
of Ballard Spahr LLP (with respect to Global Advantage, Global Discovery and International Advantage Portfolios), is incorporated
herein by reference to Exhibit (i)(26) to Post-Effective Amendment No. 91 to the Registration Statement on Form N-1A filed
on December 14, 2010. |
|
|
(27) |
Opinion
and Consent of Dechert LLP (with respect to Asian Equity Portfolio), is incorporated herein by reference to Exhibit (i)(27) to
Post-Effective Amendment No. 92 to the Registration Statement on Form N-1A filed on December 22, 2010. |
|
|
(28) |
Opinion
of Ballard Spahr LLP (with respect to Asian Equity Portfolio), is incorporated herein by reference to Exhibit (i)(28) to Post-Effective
Amendment No. 92 to the Registration Statement on Form N-1A filed on December 22, 2010. |
|
|
(29) |
Opinion
and Consent of Dechert LLP (with respect to Class H and Class L shares of Small Company Growth and U.S. Real Estate Portfolios), is
incorporated herein by reference to Exhibit (i)(29) to Post-Effective Amendment No. 96 to the Registration Statement on Form N-1A
filed on August 22, 2011. |
|
|
(30) |
Opinion
of Ballard Spahr LLP (with respect to Class H and Class L shares of Small Company Growth and U.S. Real Estate Portfolios), is
incorporated herein by reference to Exhibit (i)(30) to Post-Effective Amendment No. 96 to the Registration Statement on Form N-1A
filed on August 22, 2011. |
|
|
(31) |
Opinion
and Consent of Dechert LLP (with respect to Global Insight and Insight Portfolios), is incorporated herein by reference to Exhibit (i)(31)
to Post-Effective Amendment No. 99 to the Registration Statement on Form N-1A filed on December 9, 2011. |
|
|
(32) |
Opinion
of Ballard Spahr LLP (with respect to Global Insight and Insight Portfolios), is incorporated herein by reference to Exhibit (i)(32)
to Post-Effective Amendment No. 99 to the Registration Statement on Form N-1A filed on December 9, 2011. |
|
|
(33) |
Opinion
of Dechert LLP (with respect to Class H and Class L shares of Active International Allocation, Emerging Markets Equity,
Focus Growth, Global Franchise, Growth, International Equity, International Real Estate and International Small Cap Portfolios),
is incorporated by reference to Exhibit (i)(33) to Post-Effective Amendment No. 99 to the Registration Statement on Form N-1A
filed on April 27, 2012. |
(34) |
Opinion
of Ballard Spahr LLP (with respect to Class H and Class L shares of Active International Allocation, Emerging Markets Equity,
Focus Growth, Global Franchise, Growth, International Equity, International Real Estate and International Small Cap Portfolios),
is incorporated by reference to Exhibit (i)(34) to Post-Effective Amendment No. 99 to the Registration Statement on Form N-1A
filed on April 27, 2012. |
|
|
(35) |
Opinion
and Consent of Dechert LLP (with respect to Emerging Markets External Debt, Multi-Asset and Total Emerging Markets Portfolios), is incorporated
by reference to Exhibit (i)(35) to Post-Effective Amendment No. 107 to the Registration Statement on Form N-1A filed on
May 23, 2012. |
|
|
(36) |
Opinion
of Ballard Spahr LLP (with respect to Emerging Markets External Debt, Multi-Asset and Total Emerging Markets Portfolios), is incorporated
by reference to Exhibit (i)(36) to Post-Effective Amendment No. 107 to the Registration Statement on Form N-1A filed on
May 23, 2012. |
|
|
(37) |
Opinion
and Consent of Dechert LLP (with respect to Frontier Emerging Markets Portfolio), are incorporated by reference to Exhibit (i)(37)
to Post-Effective Amendment No. 109 to the Registration Statement on Form N-1A filed on June 26, 2012. |
|
|
(38) |
Opinion
of Ballard Spahr LLP (with respect to Frontier Emerging Markets Portfolio), is incorporated by reference to Exhibit (i)(38) to
Post-Effective Amendment No. 109 to the Registration Statement on Form N-1A filed on June 26, 2012. |
(39) |
Opinion
and Consent of Dechert LLP (with respect to Class IS shares of Advantage, Emerging Markets, Emerging Markets Domestic Debt, Emerging
Markets External Debt, Global Opportunity, Global Real Estate, Growth, International Equity, International Opportunity, International
Real Estate, Opportunity, Select Global Infrastructure and U.S. Real Estate Portfolios), is incorporated herein by reference to Exhibit (i)(41)
to Post-Effective Amendment No. 119 to the Registration Statement on Form N-1A filed on June 13, 2013.
|
(40) |
Opinion
of Ballard Spahr LLP (with respect to Class IS shares of Advantage, Emerging Markets, Emerging Markets Domestic Debt, Emerging Markets
External Debt, Global Opportunity, Global Real Estate, Growth, International Equity, International Opportunity, International Real Estate,
Opportunity, Select Global Infrastructure and U.S. Real Estate Portfolios), is incorporated herein by reference to Exhibit (i)(42)
to Post-Effective Amendment No. 119 to the Registration Statement on Form N-1A filed on June 13, 2013.
|
|
|
(41) |
Opinion
and Consent of Dechert LLP (with respect to Class IS shares of Small Company Growth Portfolio), is incorporated herein by reference
to Exhibit (i)(41) to Post-Effective Amendment No. 121 to the Registration Statement on Form N-1A filed on July 12, 2013.
|
|
|
(42) |
Opinion
of Ballard Spahr LLP (with respect to Class IS shares of Small Company Growth Portfolio), is incorporated herein by reference
to Exhibit (i)(42) to Post-Effective Amendment No. 121 to the Registration Statement on Form N-1A filed on July 12, 2013.
|
|
|
(43) |
Opinion
and Consent of Dechert LLP (with respect to the Global Quality Portfolio), is incorporated herein by reference to Exhibit (i)(43)
to Post-Effective Amendment No. 123 to the Registration Statement on Form N-1A filed on August 16, 2013. |
|
|
(44) |
Opinion
of Ballard Spahr LLP (with respect to the Global Quality Portfolio), is incorporated herein by reference to Exhibit (i)(44)
to Post-Effective Amendment No. 123 to the Registration Statement on Form N-1A filed on August 16, 2013. |
|
|
(45) |
Opinion
and Consent of Dechert LLP (with respect to Emerging Markets Leaders Portfolio), is incorporated herein by reference to Exhibit (i)(45)
to Post-Effective Amendment No. 128 to the Registration Statement on Form N-1A filed on November 25, 2014.
|
(46) |
Opinion
of Ballard Spahr LLP (with respect to Emerging Markets Leaders Portfolio), is incorporated herein by reference to Exhibit (i)(46)
to Post-Effective Amendment No. 128 to the Registration Statement on Form N-1A filed on November 25, 2014.
|
|
|
(47) |
Opinion
and Consent of Dechert LLP (with respect to Class IS shares of Frontier Emerging Markets Portfolio), is incorporated herein by
reference to Exhibit (i)(47) to Post-Effective Amendment No. 133 to the Registration Statement on Form N-1A filed on February 13,
2015. |
|
|
(48) |
Opinion
of Ballard Spahr LLP (with respect to Class IS shares of Frontier Emerging Markets Portfolio), is incorporated herein by reference
to Exhibit (i)(48) to Post-Effective Amendment No. 133 to the Registration Statement on Form N-1A filed on February 13,
2015. |
|
|
(49) |
Opinion
and Consent of Dechert LLP (with respect to Class C shares of all Portfolios), is incorporated herein by reference to Exhibit (i)(49)
to Post-Effective Amendment No. 137 to the Registration Statement on Form N-1A filed on April 27, 2015. |
|
|
(50) |
Opinion
of Ballard Spahr LLP (with respect to Class C shares of all Portfolios), is incorporated herein by reference to Exhibit (i)(50)
to Post-Effective Amendment No. 137 to the Registration Statement on Form N-1A filed on April 27, 2015. |
|
|
(51) |
Opinion
and Consent of Dechert LLP (with respect to Class IS shares of Global Franchise and Multi-Asset Portfolios), is incorporated
herein by reference to Exhibit (i)(51) to Post-Effective Amendment No. 138 to the Registration Statement on Form N-1A filed
on May 12, 2015. |
(52) |
Opinion
of Ballard Spahr LLP (with respect to Class IS shares of Global Franchise and Multi-Asset Portfolios), is incorporated herein
by reference to Exhibit (i)(52) to Post-Effective Amendment No. 138 to the Registration Statement on Form N-1A filed on
May 12, 2015. |
|
|
(53) |
Opinion
and Consent of Dechert LLP (with respect to Asia Opportunity Portfolio), is incorporated herein by reference to Exhibit (i)(53)
to Post-Effective Amendment No. 143 to the Registration Statement on Form N-1A filed on December 1, 2015.
|
(54) |
Opinion
of Ballard Spahr LLP (with respect to Asia Opportunity Portfolio), is incorporated herein by reference to Exhibit (i)(54)
to Post-Effective Amendment No. 143 to the Registration Statement on Form N-1A filed on December 1, 2015.
|
|
|
(55) |
Opinion
and Consent of Dechert LLP (with respect to Emerging Markets Small Cap Portfolio), is incorporated herein by reference to Exhibit (i)(55)
to Post-Effective Amendment No. 144 to the Registration Statement on Form N-1A filed on December 2, 2015.
|
|
|
(56) |
Opinion
of Ballard Spahr LLP (with respect to Emerging Markets Small Cap Portfolio), is incorporated herein by reference to Exhibit (i)(56)
to Post-Effective Amendment No. 144 to the Registration Statement on Form N-1A filed on December 2, 2015.
|
|
|
(57) |
Opinion
and Consent of Dechert LLP (with respect to Fundamental Multi-Cap Core, Global Concentrated, Global Core and US Core Portfolios),
is incorporated by reference to Exhibit (i)(57) to Post-Effective Amendment No. 150 to the Registration Statement on Form N-1A
filed on May 11, 2016. |
|
|
(58) |
Opinion
of Ballard Spahr LLP (with respect to Fundamental Multi-Cap Core, Global Concentrated, Global Core and US Core Portfolios), is incorporated
by reference to Exhibit (i)(58) to Post-Effective Amendment No. 150 to the Registration Statement on Form N-1A filed on
May 11, 2016. |
(59) |
Opinion
and Consent of Dechert LLP (with respect to Emerging Markets Breakout Nations Portfolio), is incorporated herein by reference to Exhibit
(i)(59) to Post-Effective Amendment No. 157 to the Registration Statement on Form N-1A filed on December 13, 2016. |
|
|
(60) |
Opinion
of Ballard Spahr LLP (with respect to Emerging Markets Breakout Nations Portfolio), is incorporated herein by reference to Exhibit
(i)(60) to Post-Effective Amendment No. 157 to the Registration Statement on Form N-1A filed on December 13, 2016. |
|
|
(61) |
Opinion
and Consent of Dechert LLP (with respect to Global Counterpoint Portfolio), is incorporated herein by reference to Exhibit (i)(61)
to Post-Effective Amendment No. 180 to the Registration Statement on Form N-1A filed on December 15, 2017. |
|
|
(62) |
Opinion
of Ballard Spahr LLP (with respect to Global Counterpoint Portfolio), is incorporated herein by reference to Exhibit (i)(62) to Post-Effective
Amendment No. 180 to the Registration Statement on Form N-1A filed on December 15, 2017. |
|
|
(63) |
Opinion
of Dechert LLP (with respect to Global Concentrated Real Estate and Real Assets Portfolios), is incorporated herein by reference to
Exhibit (i)(63) to Post-Effective Amendment No. 205 to the Registration Statement on Form N-1A filed on May 29, 2018.
|
|
|
(64) |
Opinion
of Ballard Spahr LLP (with respect to Global Concentrated Real Estate and Real Assets Portfolios), is incorporated herein by reference
to Exhibit (i)(64) to Post-Effective Amendment No. 205 to the Registration Statement on Form N-1A filed on May 29, 2018.
|
|
|
(65) |
Opinion
and Consent of Dechert LLP (with respect to Class IS shares of Global Discovery, Insight and International Advantage Portfolios and
Class IR shares of Emerging Markets, Global Discovery, Global Infrastructure, Global Opportunity, Global Real Estate, Growth, International
Opportunity and U.S. Real Estate Portfolios), is incorporated herein by reference to Exhibit (i)(65) to Post-Effective Amendment No. 207
to the Registration Statement on Form N-1A filed on June 7, 2018. |
(66) |
Opinion
of Ballard Spahr LLP (with respect to Class IS shares of Global Discovery, Insight and International Advantage Portfolios and Class
IR shares of Emerging Markets, Global Discovery, Global Infrastructure, Global Opportunity, Global Real Estate, Growth, International
Opportunity and U.S. Real Estate Portfolios), is incorporated herein by reference to Exhibit (i)(66) to Post-Effective Amendment No. 207
to the Registration Statement on Form N-1A filed on June 7, 2018. |
(67) |
Opinion
and Consent of Dechert LLP (with respect to Global Permanence Portfolio), is incorporated herein by reference to Exhibit (i)(67) to
Post-Effective Amendment No. 212 to the Registration Statement on Form N-1A filed on October 4, 2018. |
(68) |
Opinion
of Ballard Spahr LLP (with respect to Global Permanence Portfolio), is incorporated herein by reference to Exhibit (i)(68) to Post-Effective
Amendment No. 212 to the Registration Statement on Form N-1A filed on October 4, 2018. |
(69) |
Opinion
and Consent of Dechert LLP (with respect to Global Permanence Portfolio), is incorporated herein by reference to Exhibit (i)(69) to
Post-Effective Amendment No. 215 to the Registration Statement on Form N-1A filed on April 12, 2019. |
(70) |
Opinion
of Ballard Spahr LLP (with respect to Global Permanence Portfolio), is incorporated herein by reference to Exhibit (i)(70) to Post-Effective
Amendment No. 215 to the Registration Statement on Form N-1A filed on April 12, 2019.
|
(71) |
Opinion
and Consent of Dechert LLP (with respect to China Equity Portfolio), is incorporated herein by reference to Exhibit (i)(71) to Post-Effective
Amendment No. 221 to the Registration Statement on Form N-1A filed on August 28, 2019. |
(72) |
Opinion
of Ballard Spahr LLP (with respect to China Equity Portfolio), is incorporated herein by reference to Exhibit (i)(72) to Post-Effective
Amendment No. 221 to the Registration Statement on Form N-1A filed on August 28, 2019. |
(73) |
Opinion
and Consent of Dechert LLP (with respect to Class IS shares and Class IR shares of Active International Allocation Portfolio), is
incorporated herein by reference to Exhibit (i)(73) to Post-Effective Amendment No. 224 to the Registration Statement on Form N-1A
filed on October 22, 2019. |
(74) |
Opinion
of Ballard Spahr LLP (with respect to Class IS shares and Class IR shares of Active International Allocation Portfolio), is incorporated
herein by reference to Exhibit (i)(74) to Post-Effective Amendment No. 224 to the Registration Statement on Form N-1A filed on October
22, 2019. |
(75) |
Opinion
and Consent of Dechert LLP (with respect to Developing Opportunity Portfolio), is incorporated herein by reference to Exhibit (i)(75)
to Post-Effective Amendment No. 226 to the Registration Statement on Form N-1A filed on December 13, 2019. |
(76) |
Opinion
and Consent of Ballard Spahr LLP (with respect to Developing Opportunity Portfolio), is incorporated herein by reference to Exhibit
(i)(76) to Post-Effective Amendment No. 226 to the Registration Statement on Form N-1A filed on December 13, 2019. |
(77) |
Opinion
and Consent of Dechert LLP (with respect to Permanence Portfolio), is incorporated herein by reference to Exhibit (i)(77) to Post-Effective
Amendment No. 230 to the Registration Statement on Form N-1A filed on March 6, 2020. |
(78) |
Opinion
and Consent of Ballard Spahr LLP (with respect to Permanence Portfolio), is incorporated herein by reference to Exhibit (i)(78) to
Post-Effective Amendment No. 230 to the Registration Statement on Form N-1A filed on March 6, 2020. |
(79) |
Opinion
and Consent of Dechert LLP (with respect to Class IR shares of Emerging Markets Leaders Portfolio), dated April 6, 2021, are incorporated
herein by reference to Exhibit (i)(79) to Post-Effective Amendment No. 236 to the Registration Statement on Form N-1A filed on April 6,
2021. |
(80) |
Opinion
and Consent of Ballard Spahr LLP (with respect to Class IR shares of Emerging Markets Leaders Portfolio), dated April 6, 2021, are
incorporated herein by reference to Exhibit (i)(80) to Post-Effective Amendment No. 236 to the Registration Statement on
Form N-1A filed on April 6, 2021. |
(81) |
Opinion
and Consent of Dechert LLP (with respect to Class IS shares of Global Insight Portfolio), dated June 11, 2021, are incorporated herein
by reference to Exhibit (i)(79) to Post-Effective Amendment No. 241 to the Registration Statement on Form N-1A filed
on June 11, 2021. |
(82) |
Opinion
and Consent of Ballard Spahr LLP (with respect to Class IS shares of Global Insight Portfolio), dated June 11, 2021, are incorporated
herein by reference to Exhibit (i)(80) to Post-Effective Amendment No. 241 to the Registration Statement on Form N-1A
filed on June 11, 2021. |
(83) |
|
(84) |
|
(85) |
(86) |
|
(87) |
|
(88) |
|
(89) |
|
(j) |
|
|
|
(k) |
Not applicable. |
|
|
(l) |
Purchase
Agreement, is incorporated herein by reference to Exhibit 13 to Post-Effective Amendment No. 25 to the Registration Statement
on Form N-1A filed on August 1, 1995. |
|
|
(m) (1) |
|
|
|
(2) |
Amended
and Restated Distribution and Shareholder Services Plan under Rule 12b-1 for Class L Shares, is incorporated herein
by reference to Exhibit (m)(2) to Post-Effective Amendment No. 215 to the Registration Statement on Form N-1A filed on April 12,
2019. |
|
|
(3) |
|
|
|
(n) |
|
|
|
(o) |
Reserved. |
|
|
(p) (1) |
|
(2) |
|
|
|
(q) (1) |
|
|
|
(2) |
|
NAME AND POSITION WITH
|
|
OTHER SUBSTANTIAL BUSINESS,
|
MORGAN STANLEY INVESTMENT MANAGEMENT INC.
|
|
PROFESSION OR VOCATION
|
|
|
|
Dan Simkowitz
Managing Director and President |
|
Managing Director of Morgan Stanley. |
|
|
|
Stefanie V. Chang Yu Managing Director, Secretary and General Counsel |
|
Managing Director and Secretary of other entities affiliated
with the Adviser. |
|
|
|
Tom Torrisi Managing Director and Chief Compliance Officer |
|
|
Jeannine Ali
Managing Director and Chief Financial Officer
|
||
|
|
|
John Hagarty
Managing Director and Director |
|
|
|
|
|
Ken Topping
Managing Director and Director |
|
|
|
|
|
Anita Rios
Executive Director and Treasurer |
|
|
|
|
|
Anton Kuzmanov
Managing Director and Director |
|
|
Tatiana Segal
Managing Director and Director |
||
Jared P. Wong Executive Director and Chief Anti-Money Laundering Officer |
|
Executive Director and Anti-Money Laundering Officer of
Morgan Stanley Distribution, Inc. and Morgan Stanley Services Company, Inc. |
(1) |
Morgan Stanley California Tax-Free Daily Income Trust
|
|
|
(2) |
Morgan Stanley Europe Opportunity Fund Inc.
|
|
|
(3) |
Morgan Stanley Global Fixed Income Opportunities Fund
|
|
|
(4) |
Morgan Stanley Insight Fund |
(5) |
Morgan Stanley Institutional Fund Trust |
|
|
(6) |
Morgan Stanley Institutional Liquidity Funds
|
|
|
(7) |
Morgan Stanley Mortgage Securities Trust |
|
|
(8) |
Morgan Stanley Tax-Free Daily Income Trust
|
|
|
(9) |
Morgan Stanley U.S. Government Money Market Trust
|
|
|
(10) |
Morgan Stanley U.S. Government Securities Trust
|
|
|
(11) |
Morgan Stanley Variable Insurance Fund, Inc.
|
|
|
(12) |
Morgan Stanley Variable Investment Series |
NAME AND PRINCIPAL BUSINESS | POSITIONS AND OFFICES WITH | POSITIONS AND OFFICES WITH | ||
ADDRESS | UNDERWRITER | REGISTRANT | ||
James
Costabile |
President,
Director and Managing Director |
|
None
| |
|
|
|
| |
Matthew
J. Witkos |
President
|
|
None
| |
|
|
|
| |
Ilene
L. Shore |
Chief
Compliance Officer |
|
None
| |
|
|
|
| |
Jared
P. Wong |
Chief
Anti-Money Laundering Officer |
|
None
| |
|
|
|
| |
Stefanie
V. Chang Yu |
General
Counsel |
|
None
| |
|
|
|
| |
Susan
Brengle |
Managing
Director |
|
None
| |
|
|
|
| |
Jacques
Chappuis |
Managing
Director |
|
None
| |
|
|
|
| |
Jeffrey
Corso |
Managing
Director |
|
None
| |
|
|
|
| |
James
Costabile |
Managing
Director |
|
None
| |
|
|
|
| |
Frank
J Famiglietti |
Managing
Director |
|
None
| |
|
|
|
| |
Frederick
McMullen |
Managing
Director |
|
None
| |
|
|
|
| |
Samantha
Schoen |
Managing
Director |
|
None
| |
|
|
|
| |
Brian
Taranto |
Managing
Director |
|
None
| |
|
|
|
| |
Kristin
Carcio |
Executive
Director |
|
None
| |
|
|
|
| |
Anita
Rios |
Treasurer
|
|
None
| |
|
|
|
| |
Fred (Feng)
Wang |
Assistant
Treasurer |
|
None
| |
|
|
|
| |
Michelle
Rousseau |
Secretary
|
|
None
| |
|
|
|
| |
John Crowe
|
Principal
Financial Officer and Financial and Operations Principal |
|
None
| |
|
|
|
| |
Aaron
Guth |
Assistant
Secretary |
|
None
| |
|
|
|
| |
Matt Mistal
|
Principal
Operations Officer |
|
None
| |
|
|
|
| |
Lopez
Erick |
Deputy
Anti-Money Laundering Officer |
|
None
| |
Matthew
Mistal |
Principal
Operations Officer and Executive Director |
None
| ||
Nina Kimble
|
Deputy
Anti-Money Laundering Officer and Vice President |
Deputy
AML Officer | ||
Anita
Rios |
Treasurer
and Executive Director |
None
|
|
MORGAN STANLEY INSTITUTIONAL FUND, INC.
| |
|
| |
|
By: |
/s/ John H. Gernon |
|
|
John H. Gernon |
|
|
President and Principal Executive Officer |
Signatures |
|
Title
|
|
Date
| ||
|
|
|
|
| ||
(1) Principal Executive Officer
|
|
President and Principal Executive Officer |
|
| ||
|
|
|
|
| ||
By: |
/s/ John H. Gernon |
|
|
|
May 4, 2022 | |
|
John H. Gernon |
|
|
|
| |
|
|
|
|
| ||
|
|
|
|
| ||
(2) Principal Financial Officer
|
|
Principal Financial Officer |
|
| ||
|
|
|
|
| ||
By: |
/s/ Francis J. Smith |
|
|
|
May 4, 2022 | |
|
Francis J. Smith |
|
|
|
| |
|
|
|
|
| ||
(3) Majority of the Directors |
|
|
|
| ||
|
|
|
|
| ||
Independent Directors |
|
|
|
| ||
|
|
|
|
| ||
|
Frank L. Bowman |
Dr. Manuel H. Johnson |
|
|
| |
|
Frances L. Cashman
Kathleen A. Dennis |
Joseph J. Kearns
Michael F. Klein |
|
|
| |
|
Nancy C. Everett
Eddie A. Grier |
Patricia Maleski
W. Allen Reed (Chairman) |
|
|
| |
|
Jakki L. Haussler |
|
|
| ||
|
|
|
| |||
|
|
|
|
|
|
|
By: |
/s/ Carl Frischling |
|
|
|
May 4, 2022 | |
|
Carl Frischling |
|
|
|
| |
|
Attorney-in-Fact for the Independent Trustees
|
|
|
(i)(89) |
|
(j) |
|
EX-101.INS |
XBRL Instance Document
|
EX-101.SCH |
XBRL Taxonomy Extension Schema
Document |
EX-101.CAL |
XBRL Taxonomy Extension Calculation
Linkbase |
EX-101.DEF |
XBRL Taxonomy Extension Definition
Linkbase |
EX-101.LAB |
XBRL Taxonomy Extension Labels
Linkbase |
EX-101.PRE |
XBRL Taxonomy Extension Presentation
Linkbase |