|
Share
Class and Ticker Symbol | ||||
Fund |
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
American
Resilience Portfolio |
MSBVX |
MSCUX |
— |
MSBWX |
MSBQX |
Global
Franchise Portfolio |
MSFAX |
MSFBX |
MSFLX |
MSGFX |
MGISX |
Global
Stars Portfolio |
MGQIX |
MGQAX |
MGQLX |
MSGQX |
MGQSX |
International
Equity Portfolio |
MSIQX |
MIQBX |
MSQLX |
MSECX |
MIQPX |
International
Resilience Portfolio |
MSDKX |
MSDFX |
— |
MSDEX |
MSCZX |
|
Class
I |
Class
A |
Class
C |
Class
R6 |
|
Maximum
sales charge (load) imposed on purchases (as a percentage
of offering price) |
|
|
|
|
|
Maximum
deferred sales charge (load) (as a percentage based on
the lesser of the offering price or NAV at redemption) |
|
|
|
|
|
Class
I |
Class
A |
Class
C |
Class
R6 |
|
Advisory
Fee |
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
Total
Annual Fund Operating Expenses3
|
|
|
|
|
|
Fee
Waiver and/or Expense Reimbursement3
|
|
|
|
|
|
Total
Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement3
|
|
|
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Class
I |
$ |
$ |
$ |
$ |
|
Class
A |
$ |
$ |
$ |
$ |
|
Class
C |
$ |
$ |
$ |
$ |
|
Class
R6 |
$ |
$ |
$ |
$ |
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Class
I |
$ |
$ |
$ |
$ |
|
Class
A |
$ |
$ |
$ |
$ |
|
Class
C |
$ |
$ |
$ |
$ |
|
Class
R6 |
$ |
$ |
$ |
$ |
1 |
2 |
3 | The Fund’s “Adviser,” Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.70% for Class I, 1.05% for Class A, 1.80% for Class C and 0.65% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. |
• |
Equity
Securities.
In general, prices of equity securities are more volatile than those of
fixed-income securities. The prices of equity securities
fluctuate, and sometimes widely fluctuate, in response to activities
specific to the issuer of the security as well as factors unrelated
to the fundamental condition of the issuer, including general market,
economic, political conditions and public health conditions.
During periods when equity securities experience heightened volatility,
such as during periods of market, economic or financial
uncertainty or distress, the Fund’s investments in equity securities may
be subject to heightened
risks. |
The
value of equity securities and related instruments may decline in response
to adverse changes in the economy or the economic outlook;
deterioration in investor sentiment; interest rate, currency, and
commodity price fluctuations; adverse geopolitical, social or
environmental developments; issuer- and sector-specific considerations;
unexpected trading activity among retail investors; and other
factors. Market conditions may affect certain types of stocks to a greater
extent than other types of stocks. If the stock market
declines, the value of Fund shares will also likely
decline. |
• |
Convertible
Securities.
A convertible security is a bond, debenture, note, preferred stock, right,
warrant or other security that may be
converted into or exchanged for a prescribed amount of common stock or
other security of the same or a different issuer or into cash
within a particular period of time at a specified price or formula. To the
extent that the Fund invests in convertible securities, and
the convertible security’s investment value is greater than its conversion
value, its price will be likely to increase when interest rates
fall and decrease when interest rates rise. If the conversion value
exceeds the investment value, the price of the convertible security
will tend to fluctuate directly with the price of the underlying
security. |
• |
Small
and Mid Cap Companies.
Investments in small and mid cap companies may involve greater risks than
investments in larger, more
established companies. The securities issued by small and mid cap
companies may be less liquid and such companies may have
more limited markets, financial resources and product lines, and may lack
the depth of management of larger
companies. |
• |
Liquidity.
The Fund may make investments that are illiquid or restricted or that may
become illiquid or 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 and may be unable
to sell the security at
all. |
• |
Market
and Geopolitical Risk.
The value of your investment in the Fund is based on the values of the
Fund’s investments, which 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, social unrest, recessions, inflation,
interest rate changes and supply chain disruptions) 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. |
• |
Non-Diversification.
The Fund is non-diversified, which means that the Fund may invest a
greater percentage of its assets in a smaller
number of issuers than a diversified fund. Because the Fund is
non-diversified, it may be more susceptible to an adverse event
affecting a single issuer or portfolio investment than a diversified
portfolio and a decline in the value of that issuer’s securities
or that portfolio investment may cause the Fund’s overall value to decline
to a greater degree than a diversified
portfolio. |
• |
ESG Investment Risk. To the extent that financially material environmental, social and/or governance (“ESG”) issues are considered as an integrated component of the investment decision-making process, investment performance of the Fund may be impacted and may differ from similar strategies that do not consider such issues. The Adviser’s and/or Sub-Adviser’s ESG analysis may be subjective, may rely on limited data, and may change over time. |
• |
Derivatives.
Derivatives and other similar instruments that create synthetic exposure
often are subject to risks similar to those of the
underlying asset or instrument, including market risk, and may be subject
to 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 and payment requirements,
risks arising from mispricing or valuation complexity and operational and
legal risks. Certain derivatives transactions
may give rise to a form of leverage. Leverage magnifies the potential for
gain and the risk of
loss. |
• |
Foreign
and Emerging Market Securities.
Investments in foreign markets entail special risks such as currency,
political (including geopolitical),
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 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 market 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. |
• |
Active
Management Risk.
In pursuing the Fund’s investment objective, the Adviser has considerable
leeway in deciding which investments
to buy, hold or sell on a day-to-day basis, and which trading strategies
to use. For example, the Adviser, in its discretion,
may determine to use some permitted trading strategies while not using
others. The success or failure of such decisions will
affect the Fund’s
performance. |
|
|
|
|
|
- |
|
Past
One Year |
Since
Inception | |
Class
I
(commenced operations on 7/29/2022) |
|||
Return
Before Taxes |
|
| |
Return
After Taxes on Distributions1
|
|
| |
Return
After Taxes on Distributions and Sale of Fund Shares |
|
| |
Class
A
(commenced operations on 7/29/2022) |
|||
Return
Before Taxes |
|
| |
Class
C
(commenced operations on 7/29/2022) |
|||
Return
Before Taxes |
|
| |
Class
R6
(commenced operations on 7/29/2022) |
|||
Return
Before Taxes |
|
| |
S&P
500® Index (reflects no deduction for fees, expenses or taxes)2
|
|
|
1 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
2 | The Standard & Poor’s 500® Index (S&P 500® Index) measures the performance of the large cap segment of the U.S. equities market, covering approximately 80% of the U.S. equities market. The Index includes 500 leading companies in leading industries of the U.S. economy. It is not possible to invest directly in an Index. |
3 | Since Inception reflects the inception date of the Fund. |
Name |
Title
with Sub-Adviser |
Date
Began Managing Fund |
William
D. Lock |
Managing
Director of MSIM Limited |
Since
Inception |
Bruno
Paulson |
Managing
Director of MSIM Limited |
Since
Inception |
Nic
Sochovsky |
Managing
Director of MSIM Limited |
Since
Inception |
Marcus
Watson |
Managing
Director of MSIM Limited |
Since
Inception |
Alex
Gabriele |
Managing
Director of MSIM Limited |
Since
Inception |
Richard
Perrott |
Executive
Director of MSIM Limited |
Since
Inception |
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
|
Maximum
sales charge (load) imposed on purchases
(as a percentage of offering price) |
|
|
|
|
|
|
Maximum
deferred sales charge (load) (as a percentage
based on the lesser of the offering price
or NAV at redemption) |
|
|
|
|
|
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
|
Advisory
Fee |
|
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
|
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
|
Total
Annual Fund Operating Expenses |
|
|
|
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Class
I |
$ |
$ |
$ |
$ |
|
Class
A |
$ |
$ |
$ |
$ |
|
Class
L |
$ |
$ |
$ |
$ |
|
Class
C |
$ |
$ |
$ |
$ |
|
Class
R6 |
$ |
$ |
$ |
$ |
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Class
I |
$ |
$ |
$ |
$ |
|
Class
A |
$ |
$ |
$ |
$ |
|
Class
L |
$ |
$ |
$ |
$ |
|
Class
C |
$ |
$ |
$ |
$ |
|
Class
R6 |
$ |
$ |
$ |
$ |
1 |
2 |
• |
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, political conditions and public health
|
conditions.
During periods when equity securities experience heightened volatility,
such as during periods of market, economic or financial
uncertainty or distress, the Fund’s investments in equity securities may
be subject to heightened
risks. |
The
value of equity securities and related instruments may decline in response
to adverse changes in the economy or the economic outlook;
deterioration in investor sentiment; interest rate, currency, and
commodity price fluctuations; adverse geopolitical, social or
environmental developments; issuer- and sector-specific considerations;
unexpected trading activity among retail investors; and other
factors. Market conditions may affect certain types of stocks to a greater
extent than other types of stocks. If the stock market
declines, the value of Fund shares will also likely
decline. |
• |
Convertible
Securities.
A convertible security is a bond, debenture, note, preferred stock, right,
warrant or other security that may be
converted into or exchanged for a prescribed amount of common stock or
other security of the same or a different issuer or into cash
within a particular period of time at a specified price or formula. To the
extent that the Fund invests in convertible securities, and
the convertible security’s investment value is greater than its conversion
value, its price will be likely to increase when interest rates
fall and decrease when interest rates rise. If the conversion value
exceeds the investment value, the price of the convertible security
will tend to fluctuate directly with the price of the underlying
security. |
• |
Foreign
and Emerging Market Securities.
Investments in foreign markets entail special risks such as currency,
political (including geopolitical),
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 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 market countries.
In addition, the Fund’s investments in foreign issuers may be denominated
in foreign currencies and therefore, to the extent
unhedged, the value of those investments will fluctuate with U.S. dollar
exchange rates. To the extent hedged by the use of foreign
currency forward exchange contracts, the precise matching of the foreign
currency forward exchange contract amounts and the
value of the securities involved will not generally be possible because
the future value of such securities in foreign currencies will
change as a consequence of market movements in the value of those
securities between the date on which the contract is entered
into and the date it matures. There is additional risk that such
transactions may reduce or preclude the opportunity for gain
if the value of the currency should move in the direction opposite to the
position taken and that foreign currency forward exchange
contracts create exposure to currencies in which the Fund’s securities are
not denominated. The use of foreign currency forward
exchange contracts involves the risk of loss from the insolvency or
bankruptcy of the counterparty to the contract or the failure
of the counterparty to make payments or otherwise comply with the terms of
the contract. Economic sanctions or other similar
measures may be, and have been, imposed against certain countries,
organizations, companies, entities and/or individuals. Economic
sanctions and other similar measures could, among other things,
effectively restrict or eliminate the Fund’s ability to purchase
or sell securities, negatively impact the value or liquidity of the
Fund’s investments, significantly delay or prevent the settlement
of the Fund’s securities transactions, force the Fund to sell or otherwise
dispose of investments at inopportune times or prices,
or impair the Fund’s ability to meet its investment objective or invest in
accordance with its investment
strategies. |
• |
Liquidity.
The Fund may make investments that are illiquid or restricted or that may
become illiquid or 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 and may be unable
to sell the security at
all. |
• |
Derivatives.
Derivatives and other similar instruments that create synthetic exposure
often are subject to risks similar to those of the
underlying asset or instrument, including market risk, and may be subject
to 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 and payment requirements,
risks arising from mispricing or valuation complexity and operational and
legal risks. Certain derivatives transactions
may give rise to a form of leverage. Leverage magnifies the potential for
gain and the risk of
loss. |
• |
Small
and Mid Cap Companies.
Investments in small and mid cap companies may involve greater risks than
investments in larger, more
established companies. The securities issued by small and mid cap
companies may be less liquid and such companies may have
more limited markets, financial resources and product lines, and may lack
the depth of management of larger
companies. |
• |
Global
Franchise Companies. Changes
in the worldwide economy, consumer spending, competition, demographics and
consumer preferences,
government regulation and economic conditions may adversely affect global
franchise companies and may negatively impact
the Fund to a greater extent than if the Fund’s assets were invested in a
wider variety of
companies. |
• |
Market
and Geopolitical Risk.
The value of your investment in the Fund is based on the values of the
Fund’s investments, which 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, social unrest, recessions, inflation,
interest rate changes and supply chain disruptions) 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. |
• |
Non-Diversification.
The Fund is non-diversified, which means that the Fund may invest a
greater percentage of its assets in a smaller
number of issuers than a diversified fund. Because the Fund is
non-diversified, it may be more susceptible to an adverse event
affecting a single issuer or portfolio investment than a diversified
portfolio and a decline in the value of that issuer’s securities
or that portfolio investment may cause the Fund’s overall value to decline
to a greater degree than a diversified
portfolio. |
• |
ESG Investment Risk. To the extent that financially material environmental, social and/or governance (“ESG”) issues are considered as an integrated component of the investment decision-making process, investment performance of the Fund may be impacted and may differ from similar strategies that do not consider such issues. The Adviser’s and/or Sub-Adviser’s ESG analysis may be subjective, may rely on limited data, and may change over time. |
• |
Active
Management Risk.
In pursuing the Fund’s investment objective, the Adviser has considerable
leeway in deciding which investments
to buy, hold or sell on a day-to-day basis, and which trading strategies
to use. For example, the Adviser, in its discretion,
may determine to use some permitted trading strategies while not using
others. The success or failure of such decisions will
affect the Fund’s
performance. |
|
|
|
|
|
- |
|
Past
One Year |
Past
Five Years |
Past
Ten Years |
Since
Inception |
Class
I
(commenced operations on 11/28/2001) | ||||
Return
Before Taxes |
|
|
|
|
Return
After Taxes on Distributions1
|
|
|
|
|
Return
After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
|
Class
A
(commenced operations on 11/28/2001) | ||||
Return
Before Taxes |
|
|
|
|
Class
L
(commenced operations on 4/27/2012) | ||||
Return
Before Taxes |
|
|
|
|
Class
C
(commenced operations on 9/30/2015) | ||||
Return
Before Taxes |
|
|
N/A |
|
Class
R6
(commenced operations on 5/29/2015) | ||||
Return
Before Taxes |
|
|
N/A |
|
MSCI
World Net Index (reflects no deduction for fees,
expenses or taxes)3
|
|
|
|
|
1 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
2 | Class C shares will generally automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion. |
3 | The MSCI World Net Index is a free float-adjusted market capitalization weighted index that is designed to measure the global equity market performance of developed markets. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The MSCI World Net Index currently consists of 23 developed market country indices. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. |
4 | Since Inception reflects the inception date of Class I. |
Name |
Title
with Sub-Adviser |
Date
Began Managing Fund |
William
D. Lock |
Managing
Director of MSIM Limited |
June
2009 |
Bruno
Paulson |
Managing
Director of MSIM Limited |
June
2009 |
Nic
Sochovsky |
Managing
Director of MSIM Limited |
December
2015 |
Marcus
Watson |
Managing
Director of MSIM Limited |
January
2013 |
Alex
Gabriele |
Managing
Director of MSIM Limited |
September
2017 |
Richard
Perrott |
Executive
Director of MSIM Limited |
September
2017 |
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
|
Maximum
sales charge (load) imposed on purchases
(as a percentage of offering price) |
|
|
|
|
|
|
Maximum
deferred sales charge (load) (as a percentage
based on the lesser of the offering price
or NAV at redemption) |
|
|
|
|
|
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
|
Advisory
Fee3
|
|
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
|
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
|
Total
Annual Fund Operating Expenses4
|
|
|
|
|
|
|
Fee
Waiver and/or Expense Reimbursement4
|
|
|
|
|
|
|
Total
Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement4
|
|
|
|
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Class
I |
$ |
$ |
$ |
$ |
|
Class
A |
$ |
$ |
$ |
$ |
|
Class
L |
$ |
$ |
$ |
$ |
|
Class
C |
$ |
$ |
$ |
$ |
|
Class
R6 |
$ |
$ |
$ |
$ |
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Class
I |
$ |
$ |
$ |
$ |
|
Class
A |
$ |
$ |
$ |
$ |
|
Class
L |
$ |
$ |
$ |
$ |
|
Class
C |
$ |
$ |
$ |
$ |
|
Class
R6 |
$ |
$ |
$ |
$ |
1 |
2 |
3 | The Advisory Fee has been restated to reflect the decrease in the advisory fee schedule effective on June 27, 2024. |
4 | The Fund’s “Adviser,” Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.80% for Class I, 1.15% for Class A, 1.65% for Class L, 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. Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement have been restated to reflect the decrease in the expense limitation arrangement effective on June 27, 2024. |
• |
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, political conditions and public health conditions. During
periods when equity securities experience heightened volatility, such as
during periods of market, economic or financial
uncertainty or distress, the Fund’s investments in equity securities may
be subject to heightened
risks. |
The
value of equity securities and related instruments may decline in response
to adverse changes in the economy or the economic outlook;
deterioration in investor sentiment; interest rate, currency, and
commodity price fluctuations; adverse geopolitical, social or
environmental developments; issuer- and sector-specific considerations;
unexpected trading activity among retail investors; and other
factors. Market conditions may affect certain types of stocks to a greater
extent than other types of stocks. If the stock market
declines, the value of Fund shares will also likely
decline. |
• |
Convertible
Securities.
A convertible security is a bond, debenture, note, preferred stock, right,
warrant or other security that may be
converted into or exchanged for a prescribed amount of common stock or
other security of the same or a different issuer or into cash
within a particular period of time at a specified price or formula. To the
extent that the Fund invests in convertible securities, and
the convertible security’s investment value is greater than its conversion
value, its price will be likely to increase when interest rates
fall and decrease when interest rates rise. If the conversion value
exceeds the investment value, the price of the convertible security
will tend to fluctuate directly with the price of the underlying
security. |
• |
Small
and Mid Cap Companies.
Investments in small and mid cap companies may involve greater risks than
investments in larger, more
established companies. The securities issued by small and mid cap
companies may be less liquid and such companies may have
more limited markets, financial resources and product lines, and may lack
the depth of management of larger
companies. |
• |
Foreign
and Emerging Market Securities.
Investments in foreign markets entail special risks such as currency,
political (including geopolitical),
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 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 market countries.
In addition, the Fund’s investments in foreign issuers may be denominated
in foreign currencies and therefore, to the extent
unhedged, the value of those investments will fluctuate with U.S. dollar
exchange rates. To the extent hedged by the use of foreign
currency forward exchange contracts, the precise matching of the foreign
currency forward exchange contract amounts and the
value of the securities involved will not generally be possible because
the future value of such securities in foreign currencies will
change as a consequence of market movements in the value of those
securities between the date on which the contract is entered
into and the date it matures. There is additional risk that such
transactions may reduce or preclude the opportunity for gain
if the value of the currency should move in the direction opposite to the
position taken and that foreign currency forward exchange
contracts create exposure to currencies in which the Fund’s securities are
not denominated. The use of foreign currency forward
exchange contracts involves the risk of loss from the insolvency or
bankruptcy of the counterparty to the contract or the failure
of the counterparty to make payments or otherwise comply with the terms of
the contract. Economic sanctions or other similar
measures may be, and have been, imposed against certain countries,
organizations, companies, entities and/or individuals. Economic
sanctions and other similar measures could, among other things,
effectively restrict or eliminate the Fund’s ability to purchase
or sell securities, negatively impact the value or liquidity of the
Fund’s investments, significantly delay or prevent the settlement
of the Fund’s securities transactions, force the Fund to sell or otherwise
dispose of investments at inopportune times or prices,
or impair the Fund’s ability to meet its investment objective or invest in
accordance with its investment
strategies. |
• |
Liquidity.
The Fund may make investments that are illiquid or restricted or that may
become illiquid or 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 and may be unable
to sell the security at
all. |
• |
Derivatives.
Derivatives and other similar instruments that create synthetic exposure
often are subject to risks similar to those of the
underlying asset or instrument, including market risk, and may be subject
to 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 and payment requirements,
risks arising from mispricing or valuation complexity and operational and
legal risks. Certain derivative transactions may
give rise to a form of leverage. Leverage magnifies the potential for gain
and the risk of
loss. |
• |
Market
and Geopolitical Risk.
The value of your investment in the Fund is based on the values of the
Fund’s investments, which 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, social unrest, recessions, inflation,
interest rate changes and supply chain disruptions) 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. |
• |
Non-Diversification.
The Fund is non-diversified, which means that the Fund may invest a
greater percentage of its assets in a smaller
number of issuers than a diversified fund. Because the Fund is
non-diversified, it may be more susceptible to an adverse event
affecting a single issuer or portfolio investment than a diversified
portfolio and a decline in the value of that issuer’s securities
or that portfolio investment may cause the Fund’s overall value to decline
to a greater degree than a diversified
portfolio. |
• |
ESG Investment Risk. To the extent that financially material environmental, social and/or governance (“ESG”) issues are considered as an integrated component of the investment decision-making process, investment performance of the Fund may be impacted and may differ from similar strategies that do not consider such issues. The Adviser’s and/or Sub-Adviser’s ESG analysis may be subjective, may rely on limited data, and may change over time. |
• |
Active
Management Risk.
In pursuing the Fund’s investment objective, the Adviser has considerable
leeway in deciding which investments
to buy, hold or sell on a day-to-day basis, and which trading strategies
to use. For example, the Adviser, in its discretion,
may determine to use some permitted trading strategies while not using
others. The success or failure of such decisions will
affect the Fund’s
performance. |
|
|
|
|
|
- |
|
Past
One Year |
Past
Five Years |
Past
Ten Years |
Since
Inception |
Class
I
(commenced operations on 8/30/2013) |
|
|
||
Return
Before Taxes |
|
|
|
|
Return
After Taxes on Distributions1
|
|
|
|
|
Return
After Taxes on Distributions and Sale of Fund Shares |
|
|
|
|
Class
A
(commenced operations on 8/30/2013) |
|
|
||
Return
Before Taxes |
|
|
|
|
Class
L
(commenced operations on 8/30/2013) |
|
|
||
Return
Before Taxes |
|
|
|
|
Class
C
(commenced operations on 4/30/2015) |
|
|
||
Return
Before Taxes |
|
|
N/A |
|
Class
R6 (commenced
operations on 9/13/2013) |
|
|
||
Return
Before Taxes |
|
|
|
|
MSCI
All Country World Net Index (reflects no deduction for fees, expenses
or
taxes)3
|
|
|
|
|
MSCI
World Net Index (reflects no deduction for fees, expenses or
taxes)5
|
|
|
|
|
1 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
2 | Class C shares will generally automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion. |
3 | The MSCI All Country World Net Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. |
4 | Since Inception reflects the inception date of Class I. |
5 | The MSCI World Net Index is a free float-adjusted market capitalization weighted index that is designed to measure the global equity market performance of developed markets. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The MSCI World Net Index currently consists of 23 developed market country indices. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. |
Name |
Title
with Sub-Adviser |
Date
Began Managing Fund |
Alex
Gabriele |
Managing
Director of MSIM Limited |
September
2017 |
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
|
Maximum
sales charge (load) imposed on purchases
(as a percentage of offering price) |
|
|
|
|
|
|
Maximum
deferred sales charge (load) (as a percentage
based on the lesser of the offering price
or NAV at redemption) |
|
|
|
|
|
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
|
Advisory
Fee |
|
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
|
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
|
Total
Annual Fund Operating Expenses3
|
|
|
|
|
|
|
Fee
Waiver and/or Expense Reimbursement3
|
|
|
|
|
|
|
Total
Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement3
|
|
|
|
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Class
I |
$ |
$ |
$ |
$ |
|
Class
A |
$ |
$ |
$ |
$ |
|
Class
L |
$ |
$ |
$ |
$ |
|
Class
C |
$ |
$ |
$ |
$ |
|
Class
R6 |
$ |
$ |
$ |
$ |
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Class
I |
$ |
$ |
$ |
$ |
|
Class
A |
$ |
$ |
$ |
$ |
|
Class
L |
$ |
$ |
$ |
$ |
|
Class
C |
$ |
$ |
$ |
$ |
|
Class
R6 |
$ |
$ |
$ |
$ |
1 |
2 |
3 | The Fund’s “Adviser,” Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.95% for Class I, 1.30% for Class A, 1.80% for Class L, 2.05% for Class C and 0.91% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. |
• |
Equity
Securities.
In general, prices of equity securities are more volatile than those of
fixed-income securities. The prices of equity securities
fluctuate, and sometimes widely fluctuate, in response to activities
specific to the issuer of the security as well as factors unrelated
to the fundamental condition of the issuer, including general market,
economic, political conditions and public health conditions. During
periods when equity securities experience heightened volatility, such as
during periods of market, economic or financial
uncertainty or distress, the Fund’s investments in equity securities may
be subject to heightened
risks. |
The
value of equity securities and related instruments may decline in response
to adverse changes in the economy or the economic outlook;
deterioration in investor sentiment; interest rate, currency, and
commodity price fluctuations; adverse geopolitical, social or
environmental developments; issuer- and sector-specific considerations;
unexpected trading activity among retail investors; and other
factors. Market conditions may affect certain types of stocks to a greater
extent than other types of stocks. If the stock market
declines, the value of Fund shares will also likely
decline. |
• |
Convertible
Securities.
A convertible security is a bond, debenture, note, preferred stock, right,
warrant or other security that may be
converted into or exchanged for a prescribed amount of common stock or
other security of the same or a different issuer or into cash
within a particular period of time at a specified price or formula. To the
extent that the Fund invests in convertible securities, and
the convertible security’s investment value is greater than its conversion
value, its price will be likely to increase when interest rates
fall and decrease when interest rates rise. If the conversion value
exceeds the investment value, the price of the convertible security
will tend to fluctuate directly with the price of the underlying
security. |
• |
Small
and Mid Cap Companies.
Investments in small and mid cap companies may involve greater risks than
investments in larger, more
established companies. The securities issued by small and mid cap
companies may be less liquid and such companies may have
more limited markets, financial resources and product lines, and may lack
the depth of management of larger
companies. |
• |
Foreign
and Emerging Market Securities.
Investments in foreign markets entail special risks such as currency,
political (including geopolitical),
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 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 market countries.
In addition, the Fund’s investments in foreign issuers may be denominated
in foreign currencies and therefore, to the extent
unhedged, the value of those investments will fluctuate with U.S. dollar
exchange rates. To the extent hedged by the use of
|
foreign
currency forward exchange contracts, the precise matching of the foreign
currency forward exchange contract amounts and the
value of the securities involved will not generally be possible because
the future value of such securities in foreign currencies will
change as a consequence of market movements in the value of those
securities between the date on which the contract is entered
into and the date it matures. There is additional risk that such
transactions may reduce or preclude the opportunity for gain
if the value of the currency should move in the direction opposite to the
position taken and that foreign currency forward exchange
contracts create exposure to currencies in which the Fund’s securities are
not denominated. The use of foreign currency forward
exchange contracts involves the risk of loss from the insolvency or
bankruptcy of the counterparty to the contract or the failure
of the counterparty to make payments or otherwise comply with the terms of
the contract. Economic sanctions or other similar
measures may be, and have been, imposed against certain countries,
organizations, companies, entities and/or individuals. Economic
sanctions and other similar measures could, among other things,
effectively restrict or eliminate the Fund’s ability to purchase
or sell securities, negatively impact the value or liquidity of the
Fund’s investments, significantly delay or prevent the settlement
of the Fund’s securities transactions, force the Fund to sell or otherwise
dispose of investments at inopportune times or prices,
or impair the Fund’s ability to meet its investment objective or invest in
accordance with its investment
strategies. |
• |
Liquidity.
The Fund may make investments that are illiquid or restricted or that may
become illiquid or 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 and may be unable
to sell the security at
all. |
• |
Derivatives.
Derivatives and other similar instruments that create synthetic exposure
often are subject to risks similar to those of the
underlying asset or instrument, including market risk, and may be subject
to 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 and payment requirements,
risks arising from mispricing or valuation complexity and operational and
legal risks. Certain derivatives transactions
may give rise to a form of leverage. Leverage magnifies the potential for
gain and the risk of
loss. |
• |
Market
and Geopolitical Risk.
The value of your investment in the Fund is based on the values of the
Fund’s investments, which 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, social unrest, recessions, inflation,
interest rate changes and supply chain disruptions) adversely interrupt
the global economy and financial markets. It is difficult
to predict when events affecting the U.S. or global financial markets may
occur, the effects that such events may have and the
duration of those effects (which may last for extended periods). These
events may negatively impact broad segments of businesses
and populations and have a significant and rapid negative impact on the
performance of the Fund’s investments, adversely
affect and increase the volatility of the Fund’s share price
and exacerbate pre-existing risks to the
Fund. |
• |
ESG
Investment Risk.
To the extent that financially material environmental, social and/or
governance (“ESG”) issues are considered
as an integrated component of the investment decision-making process,
investment performance of the Fund may be impacted
and may differ from similar strategies that do not consider such issues.
The Adviser’s and/or
Sub-Adviser’s ESG
analysis may
be subjective, may rely on limited data, and may change over
time. |
• |
Active
Management Risk.
In pursuing the Fund’s investment objective, the Adviser has considerable
leeway in deciding which investments
to buy, hold or sell on a day-to-day basis, and which trading strategies
to use. For example, the Adviser, in its discretion,
may determine to use some permitted trading strategies while not using
others. The success or failure of such decisions will
affect the Fund’s
performance. |
|
|
|
|
|
- |
|
Past
One Year |
Past
Five Years |
Past
Ten Years |
Since
Inception |
Class
I
(commenced operations on 8/4/1989) | ||||
Return
Before Taxes |
|
|
|
|
Return
After Taxes on Distributions1
|
|
|
|
|
Return
After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
|
Class
A
(commenced operations on 1/2/1996) | ||||
Return
Before Taxes |
|
|
|
|
Class
L
(commenced operations on 6/14/2012) | ||||
Return
Before Taxes |
|
|
|
|
Class
C
(commenced operations on 4/30/2015) | ||||
Return
Before Taxes |
|
|
N/A |
|
Class
R6 (commenced
operations on 9/13/2013) | ||||
Return
Before Taxes |
|
|
|
|
MSCI
EAFE Index (reflects no deduction for fees, expenses
or taxes)3
|
|
|
|
|
1 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
2 | Class C shares will generally automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion. |
3 | The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the international equity market performance of developed markets, excluding the United States and Canada. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The MSCI EAFE Index currently consists of 21 developed market country indices. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. |
4 | Since Inception reflects the inception date of Class I. |
Name |
Title
with Sub-Adviser |
Date
Began Managing Fund |
William
D. Lock |
Managing
Director of MSIM Limited |
May
1999 |
Bruno
Paulson |
Managing
Director of MSIM Limited |
June
2009 |
Nic
Sochovsky |
Managing
Director of MSIM Limited |
December
2015 |
Marcus
Watson |
Managing
Director of MSIM Limited |
January
2013 |
Alex
Gabriele |
Managing
Director of MSIM Limited |
September
2017 |
Richard
Perrott |
Executive
Director of MSIM Limited |
September
2017 |
|
Class
I |
Class
A |
Class
C |
Class
R6 |
|
Maximum
sales charge (load) imposed on purchases (as a percentage
of offering price) |
|
|
|
|
|
Maximum
deferred sales charge (load) (as a percentage based on
the lesser of the offering price or NAV at redemption) |
|
|
|
|
|
Class
I |
Class
A |
Class
C |
Class
R6 |
|
Advisory
Fee |
|
|
|
|
|
Distribution
and/or Shareholder Service (12b-1) Fee |
|
|
|
|
|
Other
Expenses |
|
|
|
|
|
Total
Annual Fund Operating Expenses3
|
|
|
|
|
|
Fee
Waiver and/or Expense Reimbursement3
|
|
|
|
|
|
Total
Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement3
|
|
|
|
|
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Class
I |
$ |
$ |
$ |
$ |
|
Class
A |
$ |
$ |
$ |
$ |
|
Class
C |
$ |
$ |
$ |
$ |
|
Class
R6 |
$ |
$ |
$ |
$ |
|
|||||
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Class
I |
$ |
$ |
$ |
$ |
|
Class
A |
$ |
$ |
$ |
$ |
|
Class
C |
$ |
$ |
$ |
$ |
|
Class
R6 |
$ |
$ |
$ |
$ |
1 |
2 |
3 | The Fund’s “Adviser,” Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.85% for Class I, 1.20% for Class A, 1.95% for Class C and 0.80% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Directors of Morgan Stanley Institutional Fund, Inc. (the “Company”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. |
• |
Equity
Securities.
In general, prices of equity securities are more volatile than those of
fixed-income securities. The prices of equity securities
fluctuate, and sometimes widely fluctuate, in response to activities
specific to the issuer of the security as well as factors unrelated
to the fundamental condition of the issuer, including general market,
economic, political conditions and public health conditions. During
periods when equity securities experience heightened volatility, such as
during periods of market, economic or financial
uncertainty or distress, the Fund’s investments in equity securities may
be subject to heightened
risks. |
The
value of equity securities and related instruments may decline in response
to adverse changes in the economy or the economic outlook;
deterioration in investor sentiment; interest rate, currency, and
commodity price fluctuations; adverse geopolitical, social or
environmental developments; issuer- and sector-specific considerations;
unexpected trading activity among retail investors; and other
factors. Market conditions may affect certain types of stocks to a greater
extent than other types of stocks. If the stock market
declines, the value of Fund shares will also likely
decline. |
• |
Convertible
Securities.
A convertible security is a bond, debenture, note, preferred stock, right,
warrant or other security that may be
converted into or exchanged for a prescribed amount of common stock or
other security of the same or a different issuer or into cash
within a particular period of time at a specified price or formula. To the
extent that the Fund invests in convertible securities, and
the convertible security’s investment value is greater than its conversion
value, its price will be likely to increase when interest rates
fall and decrease when interest rates rise. If the conversion value
exceeds the investment value, the price of the convertible security
will tend to fluctuate directly with the price of the underlying
security. |
• |
Small
and Mid Cap Companies.
Investments in small and mid cap companies may involve greater risks than
investments in larger, more
established companies. The securities issued by small and mid cap
companies may be less liquid and such companies may have
more limited markets, financial resources and product lines, and may lack
the depth of management of larger
companies. |
• |
Foreign
and Emerging Market Securities.
Investments in foreign markets entail special risks such as currency,
political (including geopolitical),
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 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 market countries.
In addition, the Fund’s investments in foreign issuers may be denominated
in foreign currencies and therefore, to the extent
unhedged, the value of those investments will fluctuate with U.S. dollar
exchange rates. To the extent hedged by the use of foreign
currency forward exchange contracts, the precise matching of the foreign
currency forward exchange contract amounts and the
value of the securities involved will not generally be possible because
the future value of such securities in foreign currencies will
change as a consequence of market movements in the value of those
securities between the date on which the contract is entered
into and the date it matures. There is additional risk that such
transactions may reduce or preclude the opportunity for gain
if the value of the currency should move in the direction opposite to the
position taken and that foreign currency forward exchange
contracts create exposure to currencies in which the Fund’s securities are
not denominated. The use of foreign currency forward
exchange contracts involves the risk of loss from the insolvency or
bankruptcy of the counterparty to the contract or the failure
of the counterparty to make payments or otherwise comply with the terms of
the contract. Economic sanctions or other similar
measures may be, and have been, imposed against certain countries,
organizations, companies, entities and/or individuals. Economic
sanctions and other similar measures could, among other things,
effectively restrict or eliminate the Fund’s ability to purchase
or sell securities, negatively impact the value or liquidity of the
Fund’s investments, significantly delay or prevent the settlement
of the Fund’s securities transactions, force the Fund to sell or otherwise
dispose of investments at inopportune times or prices,
or impair the Fund’s ability to meet its investment objective or invest in
accordance with its investment
strategies. |
• |
Liquidity.
The Fund may make investments that are illiquid or restricted or that may
become illiquid or 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 and may be unable
to sell the security at
all. |
• |
Market
and Geopolitical Risk.
The value of your investment in the Fund is based on the values of the
Fund’s investments, which 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, social unrest, recessions, inflation,
interest rate changes and supply chain disruptions) 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. |
• |
Non-Diversification.
The Fund is non-diversified, which means that the Fund may invest a
greater percentage of its assets in a smaller
number of issuers than a diversified fund. Because the Fund is
non-diversified, it may be more susceptible to an adverse event
affecting a single issuer or portfolio investment than a diversified
portfolio and a decline in the value of that issuer’s securities
or that portfolio investment may cause the Fund’s overall value to decline
to a greater degree than a diversified
portfolio. |
• |
ESG Investment Risk. To the extent that financially material environmental, social and/or governance (“ESG”) issues are considered as an integrated component of the investment decision-making process, investment performance of the Fund may be impacted and may differ from similar strategies that do not consider such issues. The Adviser’s and/or Sub-Adviser’s ESG analysis may be subjective, may rely on limited data, and may change over time. |
• |
Derivatives.
Derivatives and other similar instruments that create synthetic exposure
often are subject to risks similar to those of the
underlying asset or instrument, including market risk, and may be subject
to 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 and payment requirements,
risks arising from mispricing or valuation complexity and operational and
legal risks. Certain derivatives transactions
may give rise to a form of leverage. Leverage magnifies the potential for
gain and the risk of
loss. |
• |
Active
Management Risk.
In pursuing the Fund’s investment objective, the Adviser has considerable
leeway in deciding which investments
to buy, hold or sell on a day-to-day basis, and which trading strategies
to use. For example, the Adviser, in its discretion,
may determine to use some permitted trading strategies while not using
others. The success or failure of such decisions will
affect the Fund’s
performance. |
|
|
|
|
|
- |
|
Past
One Year |
Since
Inception | |
Class
I
(commenced operations on 7/29/2022) |
|||
Return
Before Taxes |
|
| |
Return
After Taxes on Distributions1
|
|
| |
Return
After Taxes on Distributions and Sale of Fund Shares |
|
| |
Class
A
(commenced operations on 7/29/2022) |
|||
Return
Before Taxes |
|
| |
Class
C
(commenced operations on 7/29/2022) |
|||
Return
Before Taxes |
|
| |
Class
R6
(commenced operations on 7/29/2022) |
|||
Return
Before Taxes |
|
| |
MSCI
All Country World ex USA Net Index (reflects no deduction for fees,
expenses or taxes)2
|
|
|
1 | These returns do not reflect any tax consequences from a sale of your shares at the end of each period. |
2 | The MSCI All Country World ex USA Net Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. It is not possible to invest directly in an index. |
3 | Since Inception reflects the inception date of Class I. |
Name |
Title
with Sub-Adviser |
Date
Began Managing Fund |
William
D. Lock |
Managing
Director of MSIM Limited |
Since
Inception |
Bruno
Paulson |
Managing
Director of MSIM Limited |
Since
Inception |
Nic
Sochovsky |
Managing
Director of MSIM Limited |
Since
Inception |
Marcus
Watson |
Managing
Director of MSIM Limited |
Since
Inception |
Alex
Gabriele |
Managing
Director of MSIM Limited |
Since
Inception |
Richard
Perrott |
Executive
Director of MSIM Limited |
Since
Inception |
This
section discusses additional information relating to Fund investment
strategies, other types of investments that the Funds
may make and related risk factors. “Fund” as used herein and under
“Additional Information About Fund Investment Strategies
and Related Risks” refers to each Fund listed on the cover page of this
Prospectus (unless otherwise noted). In addition,
references to the “Adviser” under “Additional Information
About Fund Investment Strategies and Related Risks” refer
to the Adviser and/or Sub-Adviser. Fund investment practices and
limitations are also described in more detail in the Statement
of Additional Information (“SAI”), which is incorporated by reference and
legally is a part of this Prospectus. For details
on how to obtain a copy of the SAI and other reports and information, see
the back cover of this Prospectus. |
Fund
(as a percentage of average daily net assets) | |
American
Resilience |
0.00% |
Global
Franchise |
0.72% |
Global
Stars |
0.45% |
International
Equity |
0.77% |
International
Resilience |
0.00% |
Fund |
Expense
Cap Class
I |
Expense
Cap Class
A |
Expense
Cap Class
L |
Expense
Cap Class
C |
Expense
Cap Class
R6 |
|
American
Resilience |
0.70% |
1.05% |
N/A |
1.80% |
0.65% |
|
Global
Franchise |
1.00% |
1.35% |
1.85% |
2.10% |
0.95% |
|
Global
Stars |
0.80% |
1.15% |
1.65% |
1.90% |
0.75% |
|
International
Equity |
0.95% |
1.30% |
1.80% |
2.05% |
0.91% |
|
International
Resilience |
0.85% |
1.20% |
N/A |
1.95% |
0.80% |
|
Front-End
Sales Charge |
||
Amount
of Single Transaction |
Percentage
of Public Offering
Price |
Approximate
Percentage of Net
Amount Invested |
Dealer
Commission as a Percentage
of Offering Price |
Less
than $50,000 |
5.25% |
5.54% |
4.75% |
$50,000
but less than $100,000 |
4.50% |
4.71% |
4.00% |
$100,000
but less than $250,000 |
3.50% |
3.63% |
3.00% |
$250,000
but less than $500,000 |
2.50% |
2.56% |
2.00% |
$500,000
but less than $1 million |
2.00% |
2.04% |
1.50% |
$1
million and over* |
0.00% |
0.00% |
0.00% |
* | The Distributor may pay a commission of up to 1.00% to a Financial Intermediary for purchase amounts of $1 million or more. |
• |
A
single account (including an individual, a joint account, a trust or
fiduciary account). |
• |
A
family member account (limited to spouse, and children under the age of
21, but including trust accounts established solely for the
benefit of a spouse, or children under the age of
21). |
• |
An
UGMA/UTMA (Uniform Gifts to Minors Act/Uniform Transfers to Minors Act)
account. |
• |
An
individual retirement account (“IRA”). |
• |
Sales
through banks, broker-dealers and other financial institutions (including
registered investment advisers and financial planners)
purchasing shares on behalf of their clients in (i) discretionary and
non-discretionary advisory programs, (ii) asset allocation
programs, (iii) other programs in which the client pays an asset-based fee
for advice or for executing transactions in Fund
shares or for otherwise participating in the program or (iv) certain other
investment programs that do not charge an asset-based
fee, as outlined in an agreement between the Distributor and such
financial institution. |
• |
Sales
through Financial Intermediaries who have entered into an agreement with
the Distributor to offer Fund shares to self-directed
investment brokerage accounts, which may or may not charge a transaction
fee. |
• |
Qualified
state tuition plans described in Section 529 of the Code (subject to all
applicable terms and conditions). |
• |
Defined
contribution, defined benefit and other employer-sponsored employee
benefit plans, whether or not qualified under the Code,
where such plans purchase Class A shares through a plan-level or omnibus
account sponsored or serviced by a Financial Intermediary
that has an agreement with the Fund, the Distributor and/or the Adviser
pursuant to which Class A shares are available
to such plans without an initial sales
charge. |
• |
Certain
retirement and deferred compensation programs established by Morgan
Stanley Investment Management or its affiliates for
their employees or the Company’s
Directors. |
• |
Current
or retired Directors or Trustees of the Morgan Stanley Funds (as defined
below), such persons’ spouses, and children under
the age of 21, and trust accounts for which any of such persons is a
beneficiary. |
• |
Current
or retired directors, officers and employees of Morgan Stanley and any of
its subsidiaries, such persons’ spouses, and children
under the age of 21, and trust accounts for which any of such persons is a
beneficiary. |
• |
Certain
other registered open-end investment companies whose shares are
distributed by the Distributor. |
• |
Investments
made in connection with certain mergers and/or reorganizations as approved
by the Adviser. |
• |
The
reinvestment of dividends from Class A shares in additional Class A shares
of the same Fund. |
• |
Current
employees of financial intermediaries or their affiliates that have
executed a selling agreement with the Distributor, such persons’
spouses, children under the age of 21, and trust accounts for which any
such person is a beneficiary, as permitted by internal
policies of their employer. |
• |
Investment
and institutional clients of the Adviser and its
affiliates. |
• |
Direct
purchases of shares by accounts where no financial intermediary is
specified. |
• |
Sales
of shares held at the time you die or become disabled (within the
definition in Section 72(m)(7) of the Code, which relates to
the ability to engage in gainful employment), if the shares are: (i)
registered either in your individual name or in the names of you
and your spouse as joint tenants with right of survivorship; (ii)
registered in the name of a trust of which (a) you are the settlor
and
that is revocable by you (i.e., a “living trust”) or (b) you and your
spouse are the settlors and that is revocable by you or your spouse
(i.e., a “joint living trust”); or (iii) held in a qualified corporate or
self-employed retirement plan, IRA or 403(b) Custodial Account;
provided in either case that the sale is requested within one year after
your death or initial determination of
disability. |
• |
Sales
in connection with the following retirement plan “distributions”: (i)
lump-sum or other distributions from a qualified corporate
or self-employed retirement plan following retirement (or, in the case of
a “key employee” of a “top heavy” plan, following
attainment of age 59 ½); (ii) required minimum distributions and
certain other distributions (such as those following attainment
of age 59 ½) from an IRA or 403(b) Custodial Account; or (iii) a
tax-free return of an excess IRA contribution (a “distribution”
does not include a direct transfer of IRA, 403(b) Custodial Account or
retirement plan assets to a successor custodian
or trustee). |
• |
Sales
of shares in connection with the systematic withdrawal plan of up to 12%
annually of the value of each Fund from which plan
sales are made. The percentage is determined on the date you establish the
systematic withdrawal plan and based on the next calculated
share price. You may have this CDSC waiver applied in amounts up to 1% per
month, 3% per quarter, 6% semi-annually
or 12% annually. Shares with no CDSC will be sold first, followed by those
with the lowest CDSC. As such, the waiver benefit
will be reduced by the amount of your shares that are not subject to a
CDSC. If you suspend your participation in the plan,
you may later resume plan payments without requiring a new determination
of the account value for the 12% CDSC waiver. |
*
The American Resilience, Asia Opportunity, Counterpoint Global, Developing
Opportunity, Emerging Markets Leaders, Global
Concentrated, Global Core, Global Endurance, Global Focus Real Estate,
Global Permanence, International Resilience, Multi-Asset
Real Return, Permanence, Emerging Markets ex China, US Core, U.S. Focus
Real Estate and Vitality Portfolios do not
offer Class L shares. |
|
Class
I | |||
Selected
Per Share Data and Ratios |
Year
Ended December 31, 2023 |
Period
from July 29, 2022(1) to December 31, 2022 | ||
Net
Asset Value, Beginning of Period |
$ |
9.33
|
$ |
10.00
|
Income
(Loss) from Investment Operations: | ||||
Net
Investment Income(2)
|
|
0.10
|
|
0.04
|
Net
Realized and Unrealized Gain (Loss) |
|
1.72
|
|
(0.71
)
|
Total
from Investment Operations |
|
1.82
|
|
(0.67
)
|
Distributions
from and/or in Excess of: | ||||
Net
Investment Income |
|
(0.14
)
|
|
—
|
Net
Asset Value, End of Period |
$ |
11.01
|
$ |
9.33
|
Total
Return(3)
|
|
19.54
%
(4)
|
|
(6.70
)%
(5)
|
Ratios
to Average Net Assets and Supplemental Data: | ||||
Net
Assets, End of Period (Thousands) |
$ |
952
|
$ |
793
|
Ratio
of Expenses Before Expense Limitation |
|
29.44
%
|
|
36.85
%
(6)
|
Ratio
of Expenses After Expense Limitation |
|
0.50
%
(7)(8)
|
|
0.70
%
(6)(8)
|
Ratio
of Net Investment Income |
|
0.95
%
(7)(8)
|
|
0.91
%
(6)(8)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(9)
|
|
0.00
%
(6)(9)
|
Portfolio
Turnover Rate |
|
35
%
|
|
6
%
(5)
|
(1) |
Commencement
of Operations. | |||
(2) |
Per
share amount is based on average shares outstanding. | |||
(3) |
Calculated
based on the net asset value as of the last business day of the
period. | |||
(4) |
Performance
was positively impacted by approximately 0.22% for Class I shares due to
the reimbursement of transfer agency and sub transfer agency fees from
prior
years. Had this reimbursement not occurred, the total return for Class I
shares would have been 19.32%. Refer to Note B in the Notes to Financial
Statements. | |||
(5) |
Not
annualized. | |||
(6) |
Annualized. | |||
(7) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Income, would have been as follows for Class I
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
0.70% |
0.75% |
|
(8) |
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.” | |||
(9) |
Amount
is less than 0.005%. |
|
Class
A | |||
Selected
Per Share Data and Ratios |
Year
Ended December 31, 2023 |
Period
from July 29, 2022(1) to December 31, 2022 | ||
Net
Asset Value, Beginning of Period |
$ |
9.31
|
$ |
10.00
|
Income
(Loss) from Investment Operations: | ||||
Net
Investment Income(2)
|
|
0.06
|
|
0.02
|
Net
Realized and Unrealized Gain (Loss) |
|
1.73
|
|
(0.71
)
|
Total
from Investment Operations |
|
1.79
|
|
(0.69
)
|
Distributions
from and/or in Excess of: | ||||
Net
Investment Income |
|
(0.11
)
|
|
—
|
Net
Asset Value, End of Period |
$ |
10.99
|
$ |
9.31
|
Total
Return(3)
|
|
19.20
%
(4)
|
|
(6.90
)%
(5)
|
Ratios
to Average Net Assets and Supplemental Data: | ||||
Net
Assets, End of Period (Thousands) |
$ |
55
|
$ |
47
|
Ratio
of Expenses Before Expense Limitation |
|
33.82
%
|
|
41.47
%
(6)
|
Ratio
of Expenses After Expense Limitation |
|
0.85
%
(7)(8)
|
|
1.05
%
(6)(8)
|
Ratio
of Net Investment Income |
|
0.61
%
(7)(8)
|
|
0.56
%
(6)(8)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(9)
|
|
0.00
%
(6)(9)
|
Portfolio
Turnover Rate |
|
35
%
|
|
6
%
(5)
|
(1) |
Commencement
of Operations. | |||
(2) |
Per
share amount is based on average shares outstanding. | |||
(3) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. | |||
(4) |
Performance
was positively impacted by approximately 0.22% for Class A shares due to
the reimbursement of transfer agency and sub transfer agency fees from
prior
years. Had this reimbursement not occurred, the total return for Class A
shares would have been 18.98%. Refer to Note B in the Notes to Financial
Statements. | |||
(5) |
Not
annualized. | |||
(6) |
Annualized. | |||
(7) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Income, would have been as follows for Class A
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
1.05% |
0.41% |
|
(8) |
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.” | |||
(9) |
Amount
is less than 0.005%. |
|
Class
C | |||
Selected
Per Share Data and Ratios |
Year
Ended December 31, 2023 |
Period
from July 29, 2022(1) to December 31, 2022 | ||
Net
Asset Value, Beginning of Period |
$ |
9.29
|
$ |
10.00
|
Income
(Loss) from Investment Operations: | ||||
Net
Investment Loss(2)
|
|
(0.02
)
|
|
(0.01
)
|
Net
Realized and Unrealized Gain (Loss) |
|
1.71
|
|
(0.70
)
|
Total
from Investment Operations |
|
1.69
|
|
(0.71
)
|
Distributions
from and/or in Excess of: | ||||
Net
Investment Income |
|
(0.03
)
|
|
—
|
Net
Asset Value, End of Period |
$ |
10.95
|
$ |
9.29
|
Total
Return(3)
|
|
18.21
%
(4)
|
|
(7.10
)%
(5)
|
Ratios
to Average Net Assets and Supplemental Data: | ||||
Net
Assets, End of Period (Thousands) |
$ |
55
|
$ |
46
|
Ratio
of Expenses Before Expense Limitation |
|
34.58
%
|
|
42.21
%
(6)
|
Ratio
of Expenses After Expense Limitation |
|
1.60
%
(7)(8)
|
|
1.80
%
(6)(8)
|
Ratio
of Net Investment Loss |
|
(0.15
)%
(7)(8)
|
|
(0.20
)%
(6)(8)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(9)
|
|
0.00
%
(6)(9)
|
Portfolio
Turnover Rate |
|
35
%
|
|
6
%
(5)
|
(1) |
Commencement
of Operations. | |||
(2) |
Per
share amount is based on average shares outstanding. | |||
(3) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. | |||
(4) |
Performance
was positively impacted by approximately 0.22% for Class C shares due to
the reimbursement of transfer agency and sub transfer agency fees from
prior
years. Had this reimbursement not occurred, the total return for Class C
shares would have been 17.99%. Refer to Note B in the Notes to Financial
Statements. | |||
(5) |
Not
annualized. | |||
(6) |
Annualized. | |||
(7) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Loss, would have been as follows for Class C
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Loss Ratio | |
|
December
31, 2023 |
1.80% |
(0.35)% |
|
(8) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Loss reflect the rebate of certain Fund expenses in connection with the
investments in
Morgan Stanley affiliates during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Ratio of Rebate from Morgan
Stanley Affiliates.” | |||
(9) |
Amount
is less than 0.005%. |
|
Class
R6 | |||
Selected
Per Share Data and Ratios |
Year
Ended December 31, 2023 |
Period
from July 29, 2022(1) to December 31, 2022 | ||
Net
Asset Value, Beginning of Period |
$ |
9.33
|
$ |
10.00
|
Income
(Loss) from Investment Operations: | ||||
Net
Investment Income(2)
|
|
0.10
|
|
0.04
|
Net
Realized and Unrealized Gain (Loss) |
|
1.73
|
|
(0.71
)
|
Total
from Investment Operations |
|
1.83
|
|
(0.67
)
|
Distributions
from and/or in Excess of: | ||||
Net
Investment Income |
|
(0.15
)
|
|
—
|
Net
Asset Value, End of Period |
$ |
11.01
|
$ |
9.33
|
Total
Return(3)
|
|
19.60
%
(4)
|
|
(6.70
)%
(5)
|
Ratios
to Average Net Assets and Supplemental Data: | ||||
Net
Assets, End of Period (Thousands) |
$ |
56
|
$ |
47
|
Ratio
of Expenses Before Expense Limitation |
|
33.36
%
|
|
41.22
%
(6)
|
Ratio
of Expenses After Expense Limitation |
|
0.45
%
(7)(8)
|
|
0.65
%
(6)(8)
|
Ratio
of Net Investment Income |
|
1.00
%
(7)(8)
|
|
0.95
%
(6)(8)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(9)
|
|
0.00
%
(6)(9)
|
Portfolio
Turnover Rate |
|
35
%
|
|
6
%
(5)
|
(1) |
Commencement
of Operations. | |||
(2) |
Per
share amount is based on average shares outstanding. | |||
(3) |
Calculated
based on the net asset value as of the last business day of the
period. | |||
(4) |
Performance
was positively impacted by approximately 0.22% for Class R6 shares due to
the reimbursement of transfer agency fees from prior years. Had this
reimbursement
not occurred, the total return for Class R6 shares would have been 19.38%.
Refer to Note B in the Notes to Financial Statements. | |||
(5) |
Not
annualized. | |||
(6) |
Annualized. | |||
(7) |
If
the Fund had not received the reimbursement of transfer agency fees from
the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of
Net Investment
Income, would have been as follows for Class R6 shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
0.65% |
0.80% |
|
(8) |
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.” | |||
(9) |
Amount
is less than 0.005%. |
|
Class
I | |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
30.10 |
$ |
36.99 |
$ |
31.20 |
$ |
28.53 |
$ |
23.03 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
|
0.29 |
|
0.25 |
|
0.27 |
|
0.30 |
|
0.30 |
Net
Realized and Unrealized Gain (Loss) |
|
4.64 |
|
(6.63) |
|
6.54 |
|
3.45 |
|
6.51 |
Total
from Investment Operations |
|
4.93 |
|
(6.38) |
|
6.81 |
|
3.75 |
|
6.81 |
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
(0.30) |
|
(0.25) |
|
(0.27) |
|
(0.28) |
|
(0.27) |
Net
Realized Gain |
|
(0.37) |
|
(0.26) |
|
(0.74) |
|
(0.80) |
|
(1.04) |
Paid-in-Capital
|
|
— |
|
— |
|
(0.01) |
|
— |
|
— |
Total
Distributions |
|
(0.67) |
|
(0.51) |
|
(1.02) |
|
(1.08) |
|
(1.31) |
Net
Asset Value, End of Period |
$ |
34.36 |
$ |
30.10 |
$ |
36.99 |
$ |
31.20 |
$ |
28.53 |
Total
Return(2)
|
|
16.42%(3)
|
|
(17.24)% |
|
21.92% |
|
13.22% |
|
29.60% |
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
2,160,291 |
$ |
2,046,621 |
$ |
2,790,499 |
$ |
2,300,448 |
$ |
1,593,092 |
Ratio
of Expenses Before Expense Limitation |
|
0.92% |
|
0.92% |
|
0.91% |
|
N/A |
|
N/A |
Ratio
of Expenses After Expense Limitation |
|
0.92%(4)
|
|
0.92%(4)
|
|
0.91%(4)
|
|
0.92%(4)
|
|
0.93%(4)
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
|
N/A |
|
N/A |
|
N/A |
|
0.92%(4)
|
|
0.93%(4)
|
Ratio
of Net Investment Income |
|
0.88%(4)
|
|
0.79%(4)
|
|
0.79%(4)
|
|
1.04%(4)
|
|
1.09%(4)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00%(5)
|
|
0.00%(5)
|
|
0.00%(5)
|
|
0.00%(5)
|
|
0.00%(5)
|
Portfolio
Turnover Rate |
|
15% |
|
15% |
|
17% |
|
19% |
|
16% |
(1) |
Per
share amount is based on average shares outstanding. |
(2) |
Calculated
based on the net asset value as of the last business day of the
period. |
(3) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency and sub transfer agency fees that were reimbursed
in the current
period. The amount of the reimbursement was immaterial on a per share
basis and the impact was less than 0.005% to the total return of Class I
shares. |
(4) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” |
(5) |
Amount
is less than 0.005%. |
|
Class
A | |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
29.32 |
$ |
36.05 |
$ |
30.44 |
$ |
27.86 |
$ |
22.53 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
|
0.20 |
|
0.17 |
|
0.18 |
|
0.22 |
|
0.23 |
Net
Realized and Unrealized Gain (Loss) |
|
4.53 |
|
(6.46) |
|
6.37 |
|
3.37 |
|
6.35 |
Total
from Investment Operations |
|
4.73 |
|
(6.29) |
|
6.55 |
|
3.59 |
|
6.58 |
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
(0.22) |
|
(0.18) |
|
(0.19) |
|
(0.21) |
|
(0.21) |
Net
Realized Gain |
|
(0.37) |
|
(0.26) |
|
(0.74) |
|
(0.80) |
|
(1.04) |
Paid-in-Capital
|
|
— |
|
— |
|
(0.01) |
|
— |
|
— |
Total
Distributions |
|
(0.59) |
|
(0.44) |
|
(0.94) |
|
(1.01) |
|
(1.25) |
Net
Asset Value, End of Period |
$ |
33.46 |
$ |
29.32 |
$ |
36.05 |
$ |
30.44 |
$ |
27.86 |
Total
Return(2)
|
|
16.16%(3)
|
|
(17.45)% |
|
21.61% |
|
12.95% |
|
29.24% |
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
337,938 |
$ |
328,979 |
$ |
395,450 |
$ |
317,673 |
$ |
292,491 |
Ratio
of Expenses Before Expense Limitation |
|
1.17% |
|
1.16% |
|
1.16% |
|
N/A |
|
N/A |
Ratio
of Expenses After Expense Limitation |
|
1.16%(4)(5)
|
|
1.16%(5)
|
|
1.16%(5)
|
|
1.16%(5)
|
|
1.19%(5)
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
|
N/A |
|
N/A |
|
N/A |
|
1.16%(5)
|
|
1.19%(5)
|
Ratio
of Net Investment Income |
|
0.64%(4)(5)
|
|
0.57%(5)
|
|
0.54%(5)
|
|
0.77%(5)
|
|
0.83%(5)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00%(6)
|
|
0.00%(6)
|
|
0.00%(6)
|
|
0.00%(6)
|
|
0.00%(6)
|
Portfolio
Turnover Rate |
|
15% |
|
15% |
|
17% |
|
19% |
|
16% |
(1) |
Per
share amount is based on average shares outstanding. | |||
(2) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. | |||
(3) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency and sub transfer agency fees that were reimbursed
in the current
period. The amount of the reimbursement was immaterial on a per share
basis and the impact was less than 0.005% to the total return of Class A
shares. | |||
(4) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Income, would have been as follows for Class A
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
1.17% |
0.63% |
|
(5) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” | |||
(6) |
Amount
is less than 0.005%. |
|
Class
L | |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
29.29 |
$ |
36.01 |
$ |
30.41 |
$ |
27.84 |
$ |
22.51 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
|
0.04 |
|
0.02 |
|
0.01 |
|
0.07 |
|
0.09 |
Net
Realized and Unrealized Gain (Loss) |
|
4.51 |
|
(6.45) |
|
6.36 |
|
3.36 |
|
6.35 |
Total
from Investment Operations |
|
4.55 |
|
(6.43) |
|
6.37 |
|
3.43 |
|
6.44 |
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
(0.06) |
|
(0.03) |
|
(0.02) |
|
(0.06) |
|
(0.07) |
Net
Realized Gain |
|
(0.37) |
|
(0.26) |
|
(0.74) |
|
(0.80) |
|
(1.04) |
Paid-in-Capital
|
|
— |
|
— |
|
(0.01) |
|
— |
|
— |
Total
Distributions |
|
(0.43) |
|
(0.29) |
|
(0.77) |
|
(0.86) |
|
(1.11) |
Net
Asset Value, End of Period |
$ |
33.41 |
$ |
29.29 |
$ |
36.01 |
$ |
30.41 |
$ |
27.84 |
Total
Return(2)
|
|
15.57%(3)
|
|
(17.86)% |
|
21.02% |
|
12.38% |
|
28.62% |
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
8,048 |
$ |
7,397 |
$ |
9,473 |
$ |
8,390 |
$ |
8,388 |
Ratio
of Expenses Before Expense Limitation |
|
1.67% |
|
1.66% |
|
1.66% |
|
N/A |
|
N/A |
Ratio
of Expenses After Expense Limitation |
|
1.66%(4)(5)
|
|
1.66%(5)
|
|
1.66%(5)
|
|
1.66%(5)
|
|
1.69%(5)
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
|
N/A |
|
N/A |
|
N/A |
|
1.66%(5)
|
|
1.69%(5)
|
Ratio
of Net Investment Income |
|
0.13%(4)(5)
|
|
0.06%(5)
|
|
0.05%(5)
|
|
0.26%(5)
|
|
0.31%(5)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00%(6)
|
|
0.00%(6)
|
|
0.00%(6)
|
|
0.00%(6)
|
|
0.00%(6)
|
Portfolio
Turnover Rate |
|
15% |
|
15% |
|
17% |
|
19% |
|
16% |
(1) |
Per
share amount is based on average shares outstanding. | |||
(2) |
Calculated
based on the net asset value as of the last business day of the
period. | |||
(3) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency and sub transfer agency fees that were reimbursed
in the current
period. The amount of the reimbursement was immaterial on a per share
basis and the impact was less than 0.005% to the total return of Class L
shares. | |||
(4) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Income, would have been as follows for Class L
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
1.67% |
0.12% |
|
(5) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” | |||
(6) |
Amount
is less than 0.005%. |
|
Class
C | |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
28.57
|
$ |
35.18
|
$ |
29.77
|
$ |
27.30
|
$ |
22.13
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income (Loss)(1)
|
|
(0.03
)
|
|
(0.06
)
|
|
(0.06
)
|
|
0.01
|
|
0.02
|
Net
Realized and Unrealized Gain (Loss) |
|
4.39
|
|
(6.29
)
|
|
6.21
|
|
3.27
|
|
6.23
|
Total
from Investment Operations |
|
4.36
|
|
(6.35
)
|
|
6.15
|
|
3.28
|
|
6.25
|
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
—
|
|
—
|
|
—
|
|
(0.01
)
|
|
(0.04
)
|
Net
Realized Gain |
|
(0.37
)
|
|
(0.26
)
|
|
(0.74
)
|
|
(0.80
)
|
|
(1.04
)
|
Paid-in-Capital
|
|
—
|
|
—
|
|
(0.00
)
(2)
|
|
—
|
|
—
|
Total
Distributions |
|
(0.37
)
|
|
(0.26
)
|
|
(0.74
)
|
|
(0.81
)
|
|
(1.08
)
|
Net
Asset Value, End of Period |
$ |
32.56
|
$ |
28.57
|
$ |
35.18
|
$ |
29.77
|
$ |
27.30
|
Total
Return(3)
|
|
15.29
%
(4)
|
|
(18.06
)%
|
|
20.74
%
|
|
12.09
%
|
|
28.27
%
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
103,671
|
$ |
110,399
|
$ |
157,721
|
$ |
125,919
|
$ |
99,141
|
Ratio
of Expenses Before Expense Limitation |
|
1.91
%
|
|
1.90
%
|
|
1.90
%
|
|
N/A
|
|
N/A
|
Ratio
of Expenses After Expense Limitation |
|
1.90
%
(5)(6)
|
|
1.90
%
(6)
|
|
1.90
%
(6)
|
|
1.91
%
(6)
|
|
1.95
%
(6)
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
|
N/A
|
|
N/A
|
|
N/A
|
|
1.91
%
(6)
|
|
1.95
%
(6)
|
Ratio
of Net Investment Income (Loss) |
|
(0.10
)%
(5)(6)
|
|
(0.19
)%
(6)
|
|
(0.20
)%
(6)
|
|
0.03
%
(6)
|
|
0.07
%
(6)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(7)
|
|
0.00
%
(7)
|
|
0.00
%
(7)
|
|
0.00
%
(7)
|
|
0.00
%
(7)
|
Portfolio
Turnover Rate |
|
15
%
|
|
15
%
|
|
17
%
|
|
19
%
|
|
16
%
|
(1) |
Per
share amount is based on average shares outstanding. | |||
(2) |
Amount
is less than $0.005. | |||
(3) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. | |||
(4) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency and sub transfer agency fees that were reimbursed
in the current
period. The amount of the reimbursement was immaterial on a per share
basis and the impact was less than 0.005% to the total return of Class C
shares. | |||
(5) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Income, would have been as follows for Class C
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
1.91% |
(0.11)% |
|
(6) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income (Loss) reflect the rebate of certain Fund expenses in connection
with the investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” | |||
(7) |
Amount
is less than 0.005%. |
|
Class
R6(1)
| |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
30.11
|
$ |
37.01
|
$ |
31.21
|
$ |
28.53
|
$ |
23.03
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(2)
|
|
0.31
|
|
0.29
|
|
0.31
|
|
0.33
|
|
0.32
|
Net
Realized and Unrealized Gain (Loss) |
|
4.65
|
|
(6.64
)
|
|
6.54
|
|
3.45
|
|
6.51
|
Total
from Investment Operations |
|
4.96
|
|
(6.35
)
|
|
6.85
|
|
3.78
|
|
6.83
|
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
(0.33
)
|
|
(0.29
)
|
|
(0.30
)
|
|
(0.30
)
|
|
(0.29
)
|
Net
Realized Gain |
|
(0.37
)
|
|
(0.26
)
|
|
(0.74
)
|
|
(0.80
)
|
|
(1.04
)
|
Paid-in-Capital
|
|
—
|
|
—
|
|
(0.01
)
|
|
—
|
|
—
|
Total
Distributions |
|
(0.70
)
|
|
(0.55
)
|
|
(1.05
)
|
|
(1.10
)
|
|
(1.33
)
|
Net
Asset Value, End of Period |
$ |
34.37
|
$ |
30.11
|
$ |
37.01
|
$ |
31.21
|
$ |
28.53
|
Total
Return(3)
|
|
16.52
%
(4)
|
|
(17.17
)%
|
|
22.05
%
|
|
13.33
%
|
|
29.67
%
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
321,335
|
$ |
512,423
|
$ |
605,486
|
$ |
370,127
|
$ |
137,283
|
Ratio
of Expenses Before Expense Limitation |
|
0.83
%
|
|
0.83
%
|
|
0.82
%
|
|
N/A
|
|
N/A
|
Ratio
of Expenses After Expense Limitation |
|
0.82
%
(5)(6)
|
|
0.83
%
(6)
|
|
0.82
%
(6)
|
|
0.83
%
(6)
|
|
0.86
%
(6)
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
|
N/A
|
|
N/A
|
|
N/A
|
|
0.83
%
(6)
|
|
0.86
%
(6)
|
Ratio
of Net Investment Income |
|
0.97
%
(5)(6)
|
|
0.90
%
(6)
|
|
0.90
%
(6)
|
|
1.14
%
(6)
|
|
1.21
%
(6)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(7)
|
|
0.00
%
(7)
|
|
0.00
%
(7)
|
|
0.00
%
(7)
|
|
0.00
%
(7)
|
Portfolio
Turnover Rate |
|
15
%
|
|
15
%
|
|
17
%
|
|
19
%
|
|
16
%
|
(1) |
Effective
April 29, 2022, Class IS shares were renamed Class R6
shares. | |||
(2) |
Per
share amount is based on average shares outstanding. | |||
(3) |
Calculated
based on the net asset value as of the last business day of the
period. | |||
(4) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency fees that were reimbursed in the current period.
The amount of the
reimbursement was immaterial on a per share basis and the impact was less
than 0.005% to the total return of Class R6 shares. | |||
(5) |
If
the Fund had not received the reimbursement of transfer agency fees from
the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of
Net Investment
Income, would have been as follows for Class R6 shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
0.83% |
0.96% |
|
(6) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” | |||
(7) |
Amount
is less than 0.005%. |
|
Class
I | |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
15.20 |
$ |
19.30 |
$ |
16.57 |
$ |
14.66 |
$ |
11.58 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
|
0.08 |
|
0.08 |
|
0.09 |
|
0.08 |
|
0.09 |
Net
Realized and Unrealized Gain (Loss) |
|
3.22 |
|
(4.08) |
|
2.98 |
|
2.25 |
|
3.38 |
Total
from Investment Operations |
|
3.30 |
|
(4.00) |
|
3.07 |
|
2.33 |
|
3.47 |
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
(0.09) |
|
(0.05) |
|
(0.07) |
|
(0.06) |
|
(0.08) |
Net
Realized Gain |
|
— |
|
(0.05) |
|
(0.27) |
|
(0.36) |
|
(0.31) |
Total
Distributions |
|
(0.09) |
|
(0.10) |
|
(0.34) |
|
(0.42) |
|
(0.39) |
Net
Asset Value, End of Period |
$ |
18.41 |
$ |
15.20 |
$ |
19.30 |
$ |
16.57 |
$ |
14.66 |
Total
Return(2)
|
|
21.69%(3)
|
|
(20.69)% |
|
18.62% |
|
15.96% |
|
30.03% |
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
81,322 |
$ |
55,997 |
$ |
80,097 |
$ |
34,042 |
$ |
14,756 |
Ratio
of Expenses Before Expense Limitation |
|
1.20% |
|
1.24% |
|
1.17% |
|
1.45% |
|
1.92% |
Ratio
of Expenses After Expense Limitation |
|
0.87%(4)(5)
|
|
0.90%(5)
|
|
0.90%(5)
|
|
0.90%(5)
|
|
0.90%(5)
|
Ratio
of Net Investment Income |
|
0.50%(4)(5)
|
|
0.47%(5)
|
|
0.51%(5)
|
|
0.52%(5)
|
|
0.68%(5)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00%(6)
|
|
0.00%(6)
|
|
0.00%(6)
|
|
0.00%(6)
|
|
0.00%(6)
|
Portfolio
Turnover Rate |
|
34% |
|
26% |
|
11% |
|
20% |
|
14% |
(1) |
Per
share amount is based on average shares outstanding. | |||
(2) |
Calculated
based on the net asset value as of the last business day of the
period. | |||
(3) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency and sub transfer agency fees that were reimbursed
in the current
period. The amount of the reimbursement was immaterial on a per share
basis and the impact was less than 0.005% to the total return of Class I
shares. | |||
(4) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Income, would have been as follows for Class I
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
0.90% |
0.47% |
|
(5) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” | |||
(6) |
Amount
is less than 0.005%. |
|
Class
A | |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
15.14
|
$ |
19.21
|
$ |
16.51
|
$ |
14.62
|
$ |
11.56
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
|
0.02
|
|
0.02
|
|
0.03
|
|
0.03
|
|
0.05
|
Net
Realized and Unrealized Gain (Loss) |
|
3.19
|
|
(4.04
)
|
|
2.96
|
|
2.23
|
|
3.36
|
Total
from Investment Operations |
|
3.21
|
|
(4.02
)
|
|
2.99
|
|
2.26
|
|
3.41
|
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
(0.02
)
|
|
—
|
|
(0.02
)
|
|
(0.01
)
|
|
(0.04
)
|
Net
Realized Gain |
|
—
|
|
(0.05
)
|
|
(0.27
)
|
|
(0.36
)
|
|
(0.31
)
|
Total
Distributions |
|
(0.02
)
|
|
(0.05
)
|
|
(0.29
)
|
|
(0.37
)
|
|
(0.35
)
|
Net
Asset Value, End of Period |
$ |
18.33
|
$ |
15.14
|
$ |
19.21
|
$ |
16.51
|
$ |
14.62
|
Total
Return(2)
|
|
21.19
%
(3)
|
|
(20.91
)%
|
|
18.20
%
|
|
15.53
%
|
|
29.53
%
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
5,775
|
$ |
5,816
|
$ |
10,812
|
$ |
4,839
|
$ |
2,949
|
Ratio
of Expenses Before Expense Limitation |
|
1.51
%
|
|
1.51
%
|
|
1.46
%
|
|
1.76
%
|
|
2.25
%
|
Ratio
of Expenses After Expense Limitation |
|
1.22
%
(4)(5)
|
|
1.25
%
(5)
|
|
1.22
%
(5)
|
|
1.24
%
(5)
|
|
1.25
%
(5)
|
Ratio
of Net Investment Income |
|
0.16
%
(4)(5)
|
|
0.13
%
(5)
|
|
0.18
%
(5)
|
|
0.17
%
(5)
|
|
0.35
%
(5)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(6)
|
|
0.00
%
(6)
|
|
0.00
%
(6)
|
|
0.00
%
(6)
|
|
0.00
%
(6)
|
Portfolio
Turnover Rate |
|
34
%
|
|
26
%
|
|
11
%
|
|
20
%
|
|
14
%
|
(1) |
Per
share amount is based on average shares outstanding. | |||
(2) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. | |||
(3) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency and sub transfer agency fees that were reimbursed
in the current
period. The amount of the reimbursement was immaterial on a per share
basis and the impact was less than 0.005% to the total return of Class A
shares. | |||
(4) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Income, would have been as follows for Class A
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
1.25% |
0.13% |
|
(5) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” | |||
(6) |
Amount
is less than 0.005%. |
|
Class
L | |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
14.78
|
$ |
18.86
|
$ |
16.28
|
$ |
14.48
|
$ |
11.47
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Loss(1)
|
|
(0.06
)
|
|
(0.06
)
|
|
(0.05
)
|
|
(0.05
)
|
|
(0.01
)
|
Net
Realized and Unrealized Gain (Loss) |
|
3.11
|
|
(3.97
)
|
|
2.90
|
|
2.21
|
|
3.33
|
Total
from Investment Operations |
|
3.05
|
|
(4.03
)
|
|
2.85
|
|
2.16
|
|
3.32
|
Distributions
from and/or in Excess of: | ||||||||||
Net
Realized Gain |
|
—
|
|
(0.05
)
|
|
(0.27
)
|
|
(0.36
)
|
|
(0.31
)
|
Net
Asset Value, End of Period |
$ |
17.83
|
$ |
14.78
|
$ |
18.86
|
$ |
16.28
|
$ |
14.48
|
Total
Return(2)
|
|
20.64
%
(3)
|
|
(21.35
)%
|
|
17.58
%
|
|
14.97
%
|
|
28.87
%
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
1,421
|
$ |
1,253
|
$ |
1,684
|
$ |
1,441
|
$ |
1,437
|
Ratio
of Expenses Before Expense Limitation |
|
2.07
%
|
|
2.05
%
|
|
2.08
%
|
|
2.32
%
|
|
2.77
%
|
Ratio
of Expenses After Expense Limitation |
|
1.72
%
(4)(5)
|
|
1.75
%
(5)
|
|
1.75
%
(5)
|
|
1.75
%
(5)
|
|
1.75
%
(5)
|
Ratio
of Net Investment Loss |
|
(0.34
)%
(4)(5)
|
|
(0.37
)%
(5)
|
|
(0.27
)%
(5)
|
|
(0.33
)%
(5)
|
|
(0.09
)%
(5)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(6)
|
|
0.00
%
(6)
|
|
0.00
%
(6)
|
|
0.00
%
(6)
|
|
0.00
%
(6)
|
Portfolio
Turnover Rate |
|
34
%
|
|
26
%
|
|
11
%
|
|
20
%
|
|
14
%
|
(1) |
Per
share amount is based on average shares outstanding. | |||
(2) |
Calculated
based on the net asset value as of the last business day of the
period. | |||
(3) |
Refer
to Note B in the Notes to Financial Statements for discussion of
prior period transfer agency and sub transfer agency fees that were
reimbursed in the current
period. The amount of the reimbursement was immaterial on a per share
basis and the impact was less than 0.005% to the total return of Class L
shares. | |||
(4) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Loss, would have been as follows for Class L
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
1.75% |
(0.37)% |
|
(5) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Loss reflect the rebate of certain Fund expenses in connection with the
investments in
Morgan Stanley affiliates during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Ratio of Rebate from Morgan
Stanley Affiliates.” | |||
(6) |
Amount
is less than 0.005%. |
|
Class
C | |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
14.40
|
$ |
18.41
|
$ |
15.94
|
$ |
14.22
|
$ |
11.30
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Loss(1)
|
|
(0.09
)
|
|
(0.09
)
|
|
(0.09
)
|
|
(0.08
)
|
|
(0.05
)
|
Net
Realized and Unrealized Gain (Loss) |
|
3.02
|
|
(3.87
)
|
|
2.83
|
|
2.16
|
|
3.28
|
Total
from Investment Operations |
|
2.93
|
|
(3.96
)
|
|
2.74
|
|
2.08
|
|
3.23
|
Distributions
from and/or in Excess of: | ||||||||||
Net
Realized Gain |
|
—
|
|
(0.05
)
|
|
(0.27
)
|
|
(0.36
)
|
|
(0.31
)
|
Net
Asset Value, End of Period |
$ |
17.33
|
$ |
14.40
|
$ |
18.41
|
$ |
15.94
|
$ |
14.22
|
Total
Return(2)
|
|
20.35
%
(3)
|
|
(21.54
)%
|
|
17.33
%
|
|
14.68
%
|
|
28.63
%
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
3,890
|
$ |
4,279
|
$ |
5,551
|
$ |
3,594
|
$ |
2,872
|
Ratio
of Expenses Before Expense Limitation |
|
2.23
%
|
|
2.25
%
|
|
2.22
%
|
|
2.51
%
|
|
2.97
%
|
Ratio
of Expenses After Expense Limitation |
|
1.96
%
(4)(5)
|
|
1.98
%
(5)
|
|
1.97
%
(5)
|
|
1.99
%
(5)
|
|
1.98
%
(5)
|
Ratio
of Net Investment Loss |
|
(0.60
)%
(4)(5)
|
|
(0.61
)%
(5)
|
|
(0.52
)%
(5)
|
|
(0.56
)%
(5)
|
|
(0.38
)%
(5)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(6)
|
|
0.00
%
(6)
|
|
0.00
%
(6)
|
|
0.00
%
(6)
|
|
0.00
%
(6)
|
Portfolio
Turnover Rate |
|
34
%
|
|
26
%
|
|
11
%
|
|
20
%
|
|
14
%
|
(1) |
Per
share amount is based on average shares outstanding. | |||
(2) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. | |||
(3) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency and sub transfer agency fees that were reimbursed
in the current
period. The amount of the reimbursement was immaterial on a per share
basis and the impact was less than 0.005% to the total return of Class C
shares. | |||
(4) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Loss, would have been as follows for Class C
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
1.99% |
(0.63)% |
|
(5) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Loss reflect the rebate of certain Fund expenses in connection with the
investments in
Morgan Stanley affiliates during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Ratio of Rebate from Morgan
Stanley Affiliates.” | |||
(6) |
Amount
is less than 0.005%. |
|
Class
R6(1)
| |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
15.20
|
$ |
19.29
|
$ |
16.57
|
$ |
14.66
|
$ |
11.58
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(2)
|
|
0.09
|
|
0.09
|
|
0.11
|
|
0.09
|
|
0.11
|
Net
Realized and Unrealized Gain (Loss) |
|
3.21
|
|
(4.07
)
|
|
2.96
|
|
2.25
|
|
3.37
|
Total
from Investment Operations |
|
3.30
|
|
(3.98
)
|
|
3.07
|
|
2.34
|
|
3.48
|
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
(0.09
)
|
|
(0.06
)
|
|
(0.08
)
|
|
(0.07
)
|
|
(0.09
)
|
Net
Realized Gain |
|
—
|
|
(0.05
)
|
|
(0.27
)
|
|
(0.36
)
|
|
(0.31
)
|
Total
Distributions |
|
(0.09
)
|
|
(0.11
)
|
|
(0.35
)
|
|
(0.43
)
|
|
(0.40
)
|
Net
Asset Value, End of Period |
$ |
18.41
|
$ |
15.20
|
$ |
19.29
|
$ |
16.57
|
$ |
14.66
|
Total
Return(3)
|
|
21.75
%
(4)
|
|
(20.60
)%
|
|
18.60
%
|
|
16.00
%
|
|
30.08
%
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
14,099
|
$ |
11,562
|
$ |
14,563
|
$ |
9,317
|
$ |
7,450
|
Ratio
of Expenses Before Expense Limitation |
|
1.12
%
|
|
1.14
%
|
|
1.12
%
|
|
1.41
%
|
|
1.88
%
|
Ratio
of Expenses After Expense Limitation |
|
0.82
%
(5)(6)
|
|
0.85
%
(6)
|
|
0.85
%
(6)
|
|
0.85
%
(6)
|
|
0.85
%
(6)
|
Ratio
of Net Investment Income |
|
0.55
%
(5)(6)
|
|
0.53
%
(6)
|
|
0.60
%
(6)
|
|
0.58
%
(6)
|
|
0.79
%
(6)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(7)
|
|
0.00
%
(7)
|
|
0.00
%
(7)
|
|
0.00
%
(7)
|
|
0.00
%
(7)
|
Portfolio
Turnover Rate |
|
34
%
|
|
26
%
|
|
11
%
|
|
20
%
|
|
14
%
|
(1) |
Effective
April 29, 2022, Class IS shares were renamed Class R6
shares. | |||
(2) |
Per
share amount is based on average shares outstanding. | |||
(3) |
Calculated
based on the net asset value as of the last business day of the
period. | |||
(4) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency fees that were reimbursed in the current period.
The amount of the
reimbursement was immaterial on a per share basis and the impact was less
than 0.005% to the total return of Class R6 shares. | |||
(5) |
If
the Fund had not received the reimbursement of transfer agency fees from
the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of
Net Investment
Income, would have been as follows for Class R6 shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
0.85% |
0.52% |
|
(6) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” | |||
(7) |
Amount
is less than 0.005%. |
|
Class
I | |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
12.14 |
$ |
15.22 |
$ |
16.20 |
$ |
14.74 |
$ |
13.49 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
|
0.22 |
|
0.23 |
|
0.29 |
|
0.18 |
|
0.28 |
Net
Realized and Unrealized Gain (Loss) |
|
1.82 |
|
(2.40) |
|
0.34 |
|
1.50 |
|
2.47 |
Total
from Investment Operations |
|
2.04 |
|
(2.17) |
|
0.63 |
|
1.68 |
|
2.75 |
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
(0.31) |
|
(0.13) |
|
(0.33) |
|
(0.22) |
|
(0.32) |
Net
Realized Gain |
|
(0.29) |
|
(0.78) |
|
(1.28) |
|
— |
|
(1.18) |
Total
Distributions |
|
(0.60) |
|
(0.91) |
|
(1.61) |
|
(0.22) |
|
(1.50) |
Redemption
Fees |
|
— |
|
— |
|
— |
|
— |
|
0.00(2)
|
Net
Asset Value, End of Period |
$ |
13.58 |
$ |
12.14 |
$ |
15.22 |
$ |
16.20 |
$ |
14.74 |
Total
Return(3)
|
|
16.91%(4)
|
|
(14.18)% |
|
4.19% |
|
11.42% |
|
20.37% |
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
1,078,331 |
$ |
741,596 |
$ |
1,531,709 |
$ |
1,658,464 |
$ |
1,539,709 |
Ratio
of Expenses Before Expense Limitation |
|
1.02% |
|
1.03% |
|
1.01% |
|
1.00% |
|
1.00% |
Ratio
of Expenses After Expense Limitation |
|
0.94%(5)(6)
|
|
0.95%(6)
|
|
0.95%(6)
|
|
0.95%(6)
|
|
0.95%(6)
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
0.95%(6)
|
Ratio
of Net Investment Income |
|
1.63%(5)(6)
|
|
1.76%(6)
|
|
1.70%(6)
|
|
1.28%(6)
|
|
1.86%(6)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00%(7)
|
|
0.00%(7)
|
|
0.00%(7)
|
|
0.00%(7)
|
|
0.00%(7)
|
Portfolio
Turnover Rate |
|
28% |
|
36% |
|
20% |
|
20% |
|
20% |
(1) |
Per
share amount is based on average shares outstanding. | |||
(2) |
Amount
is less than $0.005 per share. | |||
(3) |
Calculated
based on the net asset value as of the last business day of the
period. | |||
(4) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency and sub transfer agency fees that were reimbursed
in the current
period. The amount of the reimbursement was immaterial on a per share
basis and the impact was less than 0.005% to the total return of Class I
shares. | |||
(5) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Income, would have been as follows for Class I
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
0.95% |
1.62% |
|
(6) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” | |||
(7) |
Amount
is less than 0.005%. |
|
Class
A | |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
12.08 |
$ |
15.17 |
$ |
16.15 |
$ |
14.67 |
$ |
13.42 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
|
0.17 |
|
0.06 |
|
0.25 |
|
0.11 |
|
0.24 |
Net
Realized and Unrealized Gain (Loss) |
|
1.80 |
|
(2.25) |
|
0.36 |
|
1.50 |
|
2.46 |
Total
from Investment Operations |
|
1.97 |
|
(2.19) |
|
0.61 |
|
1.61 |
|
2.70 |
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
(0.04) |
|
(0.12) |
|
(0.31) |
|
(0.13) |
|
(0.27) |
Net
Realized Gain |
|
(0.29) |
|
(0.78) |
|
(1.28) |
|
— |
|
(1.18) |
Total
Distributions |
|
(0.33) |
|
(0.90) |
|
(1.59) |
|
(0.13) |
|
(1.45) |
Redemption
Fees |
|
— |
|
— |
|
— |
|
— |
|
0.00(2)
|
Net
Asset Value, End of Period |
$ |
13.72 |
$ |
12.08 |
$ |
15.17 |
$ |
16.15 |
$ |
14.67 |
Total
Return(3)
|
|
16.38%(4)
|
|
(14.37)% |
|
4.07% |
|
11.00% |
|
20.11% |
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
43,492 |
$ |
330,721 |
$ |
58,739 |
$ |
60,346 |
$ |
212,578 |
Ratio
of Expenses Before Expense Limitation |
|
1.38% |
|
1.26% |
|
1.07% |
|
1.43% |
|
1.25% |
Ratio
of Expenses After Expense Limitation |
|
1.30%(5)
|
|
1.23%(5)
|
|
1.07%(5)
|
|
1.30%(5)
|
|
1.25%(5)
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
1.25%(5)
|
Ratio
of Net Investment Income |
|
1.28%(5)
|
|
0.50%(5)
|
|
1.57%(5)
|
|
0.80%(5)
|
|
1.62%(5)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00%(6)
|
|
0.00%(6)
|
|
0.00%(6)
|
|
0.00%(6)
|
|
0.00%(6)
|
Portfolio
Turnover Rate |
|
28% |
|
36% |
|
20% |
|
20% |
|
20% |
(1) |
Per
share amount is based on average shares outstanding. | |||
(2) |
Amount
is less than $0.005 per share. | |||
(3) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. | |||
(4) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency and sub transfer agency fees that were reimbursed
in the current
period. The amount of the reimbursement was immaterial on a per share
basis and the impact was less than 0.005% to the total return of Class A
shares. | |||
(5) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” | |||
(6) |
Amount
is less than 0.005%. |
|
Class
L | |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
11.91 |
$ |
14.93 |
$ |
15.91 |
$ |
14.50 |
$ |
13.28 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
|
0.10 |
|
0.10 |
|
0.14 |
|
0.06 |
|
0.15 |
Net
Realized and Unrealized Gain (Loss) |
|
1.77 |
|
(2.33) |
|
0.35 |
|
1.45 |
|
2.44 |
Total
from Investment Operations |
|
1.87 |
|
(2.23) |
|
0.49 |
|
1.51 |
|
2.59 |
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
(0.19) |
|
(0.01) |
|
(0.19) |
|
(0.10) |
|
(0.19) |
Net
Realized Gain |
|
(0.29) |
|
(0.78) |
|
(1.28) |
|
— |
|
(1.18) |
Total
Distributions |
|
(0.48) |
|
(0.79) |
|
(1.47) |
|
(0.10) |
|
(1.37) |
Redemption
Fees |
|
— |
|
— |
|
— |
|
— |
|
0.00(2)
|
Net
Asset Value, End of Period |
$ |
13.30 |
$ |
11.91 |
$ |
14.93 |
$ |
15.91 |
$ |
14.50 |
Total
Return(3)
|
|
15.80%(4)
|
|
(14.86)% |
|
3.34% |
|
10.40% |
|
19.48% |
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
3,843 |
$ |
3,579 |
$ |
5,394 |
$ |
5,513 |
$ |
5,888 |
Ratio
of Expenses Before Expense Limitation |
|
1.84% |
|
1.85% |
|
1.79% |
|
1.83% |
|
1.79% |
Ratio
of Expenses After Expense Limitation |
|
1.79%(5)(6)
|
|
1.80%(6)
|
|
1.79%(6)
|
|
1.80%(6)
|
|
1.78%(6)
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
1.78%(6)
|
Ratio
of Net Investment Income |
|
0.78%(5)(6)
|
|
0.77%(6)
|
|
0.88%(6)
|
|
0.41%(6)
|
|
1.06%(6)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00%(7)
|
|
0.00%(7)
|
|
0.00%(7)
|
|
0.00%(7)
|
|
0.00%(7)
|
Portfolio
Turnover Rate |
|
28% |
|
36% |
|
20% |
|
20% |
|
20% |
(1) |
Per
share amount is based on average shares outstanding. | |||
(2) |
Amount
is less than $0.005 per share. | |||
(3) |
Calculated
based on the net asset value as of the last business day of the
period. | |||
(4) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency and sub transfer agency fees that were reimbursed
in the current
period. The amount of the reimbursement was immaterial on a per share
basis and the impact was less than 0.005% to the total return of Class L
shares. | |||
(5) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Income, would have been as follows for Class L
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
1.80% |
0.77% |
|
(6) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” | |||
(7) |
Amount
is less than 0.005%. |
|
Class
C | |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
11.63
|
$ |
14.63
|
$ |
15.64
|
$ |
14.26
|
$ |
13.08
|
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(1)
|
|
0.07
|
|
0.06
|
|
0.09
|
|
0.02
|
|
0.10
|
Net
Realized and Unrealized Gain (Loss) |
|
1.73
|
|
(2.28
)
|
|
0.34
|
|
1.43
|
|
2.41
|
Total
from Investment Operations |
|
1.80
|
|
(2.22
)
|
|
0.43
|
|
1.45
|
|
2.51
|
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
(0.16
)
|
|
—
|
|
(0.16
)
|
|
(0.07
)
|
|
(0.15
)
|
Net
Realized Gain |
|
(0.29
)
|
|
(0.78
)
|
|
(1.28
)
|
|
—
|
|
(1.18
)
|
Total
Distributions |
|
(0.45
)
|
|
(0.78
)
|
|
(1.44
)
|
|
(0.07
)
|
|
(1.33
)
|
Redemption
Fees |
|
—
|
|
—
|
|
—
|
|
—
|
|
0.00
(2)
|
Net
Asset Value, End of Period |
$ |
12.98
|
$ |
11.63
|
$ |
14.63
|
$ |
15.64
|
$ |
14.26
|
Total
Return(3)
|
|
15.56
%
(4)
|
|
(15.12
)%
|
|
3.02
%
|
|
10.17
%
|
|
19.18
%
|
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
1,109
|
$ |
1,098
|
$ |
929
|
$ |
776
|
$ |
674
|
Ratio
of Expenses Before Expense Limitation |
|
2.32
%
|
|
2.28
%
|
|
2.33
%
|
|
2.41
%
|
|
2.35
%
|
Ratio
of Expenses After Expense Limitation |
|
2.04
%
(5)(6)
|
|
2.05
%
(6)
|
|
2.05
%
(6)
|
|
2.05
%
(6)
|
|
2.05
%
(6)
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
2.05
%
(6)
|
Ratio
of Net Investment Income |
|
0.53
%
(5)(6)
|
|
0.48
%
(6)
|
|
0.58
%
(6)
|
|
0.15
%
(6)
|
|
0.73
%
(6)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(7)
|
|
0.00
%
(7)
|
|
0.00
%
(7)
|
|
0.00
%
(7)
|
|
0.00
%
(7)
|
Portfolio
Turnover Rate |
|
28
%
|
|
36
%
|
|
20
%
|
|
20
%
|
|
20
%
|
(1) |
Per
share amount is based on average shares outstanding. | |||
(2) |
Amount
is less than $0.005 per share. | |||
(3) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. | |||
(4) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency and sub transfer agency fees that were reimbursed
in the current
period. The amount of the reimbursement was immaterial on a per share
basis and the impact was less than 0.005% to the total return of Class C
shares. | |||
(5) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Income, would have been as follows for Class C
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
2.05% |
0.52% |
|
(6) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income reflect the rebate of certain Fund expenses in connection with the
investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” | |||
(7) |
Amount
is less than 0.005%. |
|
Class
R6(1)
| |||||||||
|
Year
Ended December 31, | |||||||||
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020 |
2019 | |||||
Net
Asset Value, Beginning of Period |
$ |
12.13 |
$ |
15.21 |
$ |
16.19 |
$ |
14.74 |
$ |
13.48 |
Income
(Loss) from Investment Operations: | ||||||||||
Net
Investment Income(2)
|
|
0.22 |
|
0.22 |
|
0.30 |
|
0.18 |
|
0.29 |
Net
Realized and Unrealized Gain (Loss) |
|
1.82 |
|
(2.38) |
|
0.33 |
|
1.50 |
|
2.48 |
Total
from Investment Operations |
|
2.04 |
|
(2.16) |
|
0.63 |
|
1.68 |
|
2.77 |
Distributions
from and/or in Excess of: | ||||||||||
Net
Investment Income |
|
(0.31) |
|
(0.14) |
|
(0.33) |
|
(0.23) |
|
(0.33) |
Net
Realized Gain |
|
(0.29) |
|
(0.78) |
|
(1.28) |
|
— |
|
(1.18) |
Total
Distributions |
|
(0.60) |
|
(0.92) |
|
(1.61) |
|
(0.23) |
|
(1.51) |
Redemption
Fees |
|
— |
|
— |
|
— |
|
— |
|
0.00(3)
|
Net
Asset Value, End of Period |
$ |
13.57 |
$ |
12.13 |
$ |
15.21 |
$ |
16.19 |
$ |
14.74 |
Total
Return(4)
|
|
16.96%(5)
|
|
(14.14)% |
|
4.24% |
|
11.39% |
|
20.42% |
Ratios
to Average Net Assets and Supplemental Data: | ||||||||||
Net
Assets, End of Period (Thousands) |
$ |
240,372 |
$ |
245,372 |
$ |
453,413 |
$ |
468,152 |
$ |
456,618 |
Ratio
of Expenses Before Expense Limitation |
|
0.93% |
|
0.92% |
|
0.91% |
|
0.91% |
|
0.91% |
Ratio
of Expenses After Expense Limitation |
|
0.90%(6)(7)
|
|
0.92%(7)
|
|
0.91%(7)
|
|
0.91%(7)
|
|
0.91%(7)
|
Ratio
of Expenses After Expense Limitation Excluding Interest Expenses |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
0.91%(7)
|
Ratio
of Net Investment Income |
|
1.67%(6)(7)
|
|
1.67%(7)
|
|
1.76%(7)
|
|
1.31%(7)
|
|
1.94%(7)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00%(8)
|
|
0.00%(8)
|
|
0.00%(8)
|
|
0.00%(8)
|
|
0.00%(8)
|
Portfolio
Turnover Rate |
|
28% |
|
36% |
|
20% |
|
20% |
|
20% |
(1) |
Effective
April 29, 2022, Class IS shares were renamed Class R6
shares. | |||
(2) |
Per
share amount is based on average shares outstanding. | |||
(3) |
Amount
is less than $0.005 per share. | |||
(4) |
Calculated
based on the net asset value as of the last business day of the
period. | |||
(5) |
Refer
to Note B in the Notes to Financial Statements for discussion of prior
period transfer agency fees that were reimbursed in the current period.
The amount of the
reimbursement was immaterial on a per share basis and the impact was less
than 0.005% to the total return of Class R6 shares. | |||
(6) |
If
the Fund had not received the reimbursement of transfer agency fees from
the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of
Net Investment
Income, would have been as follows for Class R6 shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
0.91% |
1.66% |
|
(7) |
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.” | |||
(8) |
Amount
is less than 0.005%. |
|
Class
I | |||
Selected
Per Share Data and Ratios |
Year
Ended December 31, 2023 |
Period
from July 29, 2022(1) to December 31, 2022 | ||
Net
Asset Value, Beginning of Period |
$ |
9.76
|
$ |
10.00
|
Income
(Loss) from Investment Operations: | ||||
Net
Investment Income(2)
|
|
0.10
|
|
0.00
(3)
|
Net
Realized and Unrealized Gain (Loss) |
|
1.51
|
|
(0.24
)
|
Total
from Investment Operations |
|
1.61
|
|
(0.24
)
|
Distributions
from and/or in Excess of: | ||||
Net
Investment Income |
|
(0.08
)
|
|
—
|
Net
Realized Gain |
|
(0.15
)
|
|
—
|
Total
Distributions |
|
(0.23
)
|
|
—
|
Net
Asset Value, End of Period |
$ |
11.14
|
$ |
9.76
|
Total
Return(4)
|
|
16.54
%
(5)
|
|
(2.40
)%
(6)
|
Ratios
to Average Net Assets and Supplemental Data: | ||||
Net
Assets, End of Period (Thousands) |
$ |
1,537
|
$ |
1,317
|
Ratio
of Expenses Before Expense Limitation |
|
19.42
%
|
|
25.45
%
(7)
|
Ratio
of Expenses After Expense Limitation |
|
0.73
%
(8)(9)
|
|
0.84
%
(7)(9)
|
Ratio
of Net Investment Income |
|
0.91
%
(8)(9)
|
|
0.01
%
(7)(9)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(10)
|
|
0.01
%
(7)
|
Portfolio
Turnover Rate |
|
25
%
|
|
7
%
(6)
|
(1) |
Commencement
of Operations. | |||
(2) |
Per
share amount is based on average shares outstanding. | |||
(3) |
Amount
is less than $0.005 per share. | |||
(4) |
Calculated
based on the net asset value as of the last business day of the
period. | |||
(5) |
Performance
was positively impacted by approximately 0.10% for Class I shares due to
the reimbursement of transfer agency and sub transfer agency fees from
prior
years. Had this reimbursement not occurred, the total return for Class I
shares would have been 16.44%. Refer to Note B in the Notes to Financial
Statements. | |||
(6) |
Not
annualized. | |||
(7) |
Annualized. | |||
(8) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Income, would have been as follows for Class I
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
0.85% |
0.79% |
|
(9) |
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.” | |||
(10) |
Amount
is less than 0.005%. |
|
Class
A | |||
Selected
Per Share Data and Ratios |
Year
Ended December 31, 2023 |
Period
from July 29, 2022(1) to December 31, 2022 | ||
Net
Asset Value, Beginning of Period |
$ |
9.75
|
$ |
10.00
|
Income
(Loss) from Investment Operations: | ||||
Net
Investment Income (Loss)(2)
|
|
0.06
|
|
(0.01
)
|
Net
Realized and Unrealized Gain (Loss) |
|
1.51
|
|
(0.24
)
|
Total
from Investment Operations |
|
1.57
|
|
(0.25
)
|
Distributions
from and/or in Excess of: | ||||
Net
Investment Income |
|
(0.05
)
|
|
—
|
Net
Realized Gain |
|
(0.15
)
|
|
—
|
Total
Distributions |
|
(0.20
)
|
|
—
|
Net
Asset Value, End of Period |
$ |
11.12
|
$ |
9.75
|
Total
Return(3)
|
|
16.06
%
(4)
|
|
(2.50
)%
(5)
|
Ratios
to Average Net Assets and Supplemental Data: | ||||
Net
Assets, End of Period (Thousands) |
$ |
56
|
$ |
49
|
Ratio
of Expenses Before Expense Limitation |
|
23.60
%
|
|
30.17
%
(6)
|
Ratio
of Expenses After Expense Limitation |
|
1.08
%
(7)(8)
|
|
1.20
%
(6)(8)
|
Ratio
of Net Investment Income (Loss) |
|
0.55
%
(7)(8)
|
|
(0.35
)%
(6)(8)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(9)
|
|
0.00
%
(6)(9)
|
Portfolio
Turnover Rate |
|
25
%
|
|
7
%
(5)
|
(1) |
Commencement
of Operations. | |||
(2) |
Per
share amount is based on average shares outstanding. | |||
(3) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. | |||
(4) |
Performance
was positively impacted by approximately 0.10% for Class A shares due to
the reimbursement of transfer agency and sub transfer agency fees from
prior
years. Had this reimbursement not occurred, the total return for Class A
shares would have been 15.96%. Refer to Note B in the Notes to Financial
Statements. | |||
(5) |
Not
annualized. | |||
(6) |
Annualized. | |||
(7) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Income, would have been as follows for Class A
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
1.20% |
0.43% |
|
(8) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Income (Loss) reflect the rebate of certain Fund expenses in connection
with the investments
in Morgan Stanley affiliates during the period. The effect of the rebate
on the ratios is disclosed in the above table as “Ratio of Rebate from
Morgan Stanley
Affiliates.” | |||
(9) |
Amount
is less than 0.005%. |
|
Class
C | |||
Selected
Per Share Data and Ratios |
Year
Ended December 31, 2023 |
Period
from July 29, 2022(1) to December 31, 2022 | ||
Net
Asset Value, Beginning of Period |
$ |
9.71
|
$ |
10.00
|
Income
(Loss) from Investment Operations: | ||||
Net
Investment Loss(2)
|
|
(0.02
)
|
|
(0.04
)
|
Net
Realized and Unrealized Gain (Loss) |
|
1.51
|
|
(0.25
)
|
Total
from Investment Operations |
|
1.49
|
|
(0.29
)
|
Distributions
from and/or in Excess of: | ||||
Net
Realized Gain |
|
(0.15
)
|
|
—
|
Net
Asset Value, End of Period |
$ |
11.05
|
$ |
9.71
|
Total
Return(3)
|
|
15.33
%
(4)
|
|
(2.90
)%
(5)
|
Ratios
to Average Net Assets and Supplemental Data: | ||||
Net
Assets, End of Period (Thousands) |
$ |
56
|
$ |
49
|
Ratio
of Expenses Before Expense Limitation |
|
24.37
%
|
|
30.92
%
(6)
|
Ratio
of Expenses After Expense Limitation |
|
1.83
%
(7)(8)
|
|
1.95
%
(6)(8)
|
Ratio
of Net Investment Loss |
|
(0.19
)%
(7)(8)
|
|
(1.10
)%
(6)(8)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(9)
|
|
0.00
%
(6)(9)
|
Portfolio
Turnover Rate |
|
25
%
|
|
7
%
(5)
|
(1) |
Commencement
of Operations. | |||
(2) |
Per
share amount is based on average shares outstanding. | |||
(3) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. | |||
(4) |
Performance
was positively impacted by approximately 0.10% for Class C shares due to
the reimbursement of transfer agency and sub transfer agency fees from
prior
years. Had this reimbursement not occurred, the total return for Class C
shares would have been 15.23%. Refer to Note B in the Notes to Financial
Statements. | |||
(5) |
Not
annualized. | |||
(6) |
Annualized. | |||
(7) |
If
the Fund had not received the reimbursement of transfer agency and sub
transfer agency fees from the Adviser, the Ratio of Expenses After Expense
Limitation and
Ratio of Net Investment Loss, would have been as follows for Class C
shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
1.95% |
(0.31)% |
|
(8) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Loss reflect the rebate of certain Fund expenses in connection with the
investments in
Morgan Stanley affiliates during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Ratio of Rebate from Morgan
Stanley Affiliates.” | |||
(9) |
Amount
is less than 0.005%. |
|
Class
R6 | |||
Selected
Per Share Data and Ratios |
Year
Ended December 31, 2023 |
Period
from July 29, 2022(1) to December 31, 2022 | ||
Net
Asset Value, Beginning of Period |
$ |
9.76
|
$ |
10.00
|
Income
(Loss) from Investment Operations: | ||||
Net
Investment Income(2)
|
|
0.10
|
|
0.00
(3)
|
Net
Realized and Unrealized Gain (Loss) |
|
1.52
|
|
(0.24
)
|
Total
from Investment Operations |
|
1.62
|
|
(0.24
)
|
Distributions
from and/or in Excess of: | ||||
Net
Investment Income |
|
(0.09
)
|
|
—
|
Net
Realized Gain |
|
(0.15
)
|
|
—
|
Total
Distributions |
|
(0.24
)
|
|
—
|
Net
Asset Value, End of Period |
$ |
11.14
|
$ |
9.76
|
Total
Return(4)
|
|
16.60
%
(5)
|
|
(2.40
)%
(6)
|
Ratios
to Average Net Assets and Supplemental Data: | ||||
Net
Assets, End of Period (Thousands) |
$ |
57
|
$ |
49
|
Ratio
of Expenses Before Expense Limitation |
|
23.18
%
|
|
29.95
%
(7)
|
Ratio
of Expenses After Expense Limitation |
|
0.67
%
(8)(9)
|
|
0.80
%
(7)(9)
|
Ratio
of Net Investment Income |
|
0.97
%
(8)(9)
|
|
0.05
%
(7)(9)
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
0.00
%
(10)
|
|
0.00
%
(7)(10)
|
Portfolio
Turnover Rate |
|
25
%
|
|
7
%
(6)
|
(1) |
Commencement
of Operations. | |||
(2) |
Per
share amount is based on average shares outstanding. | |||
(3) |
Amount
is less than $0.005 per share. | |||
(4) |
Calculated
based on the net asset value as of the last business day of the
period. | |||
(5) |
Performance
was positively impacted by approximately 0.11% for Class R6 shares due to
the reimbursement of transfer agency fees from prior years. Had this
reimbursement
not occurred, the total return for Class R6 shares would have been 16.49%.
Refer to Note B in the Notes to Financial Statements. | |||
(6) |
Not
annualized. | |||
(7) |
Annualized. | |||
(8) |
If
the Fund had not received the reimbursement of transfer agency fees from
the Adviser, the Ratio of Expenses After Expense Limitation and Ratio of
Net Investment
Income, would have been as follows for Class R6 shares: | |||
|
Period
Ended |
Expense Ratio |
Net
Investment Income Ratio | |
|
December
31, 2023 |
0.80% |
0.84% |
|
(9) |
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.” | |||
(10) |
Amount
is less than 0.005%. |
• |
Shares
of mutual funds available for purchase by employer-sponsored retirement,
deferred compensation, and employee benefit plans
(including health savings accounts) and trusts used to fund those plans
provided the shares are not held in a commission-based
brokerage account and shares are held for the benefit of the plan. For
purposes of this provision, employer-sponsored retirement
plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh
plans |
• |
Shares
purchased through a Merrill investment advisory
program |
• |
Brokerage
class shares exchanged from advisory class shares due to the holdings
moving from a Merrill investment advisory program
to a Merrill brokerage account |
• |
Shares
purchased through the Merrill Edge Self-Directed
platform |
• |
Shares
purchased through the systematic reinvestment of capital gains
distributions and dividend reinvestment when purchasing shares
of the same mutual fund in the same
account |
• |
Shares
exchanged from level-load shares to front-end load shares of the same
mutual fund in accordance with the description in the
Merrill SLWD Supplement |
• |
Shares
purchased by eligible employees of Merrill or its affiliates and their
family members who purchase shares in accounts within the
employee’s Merrill Household (as defined in the Merrill SLWD
Supplement) |
• |
Shares
purchased by eligible persons associated with the fund as defined in this
prospectus (e.g. the fund’s officers or
trustees) |
• |
Shares
purchased from the proceeds of a mutual fund redemption in front-end load
shares provided (1) the repurchase is in a mutual
fund within the same fund family; (2) the repurchase occurs within 90
calendar days from the redemption trade date, and (3)
the redemption and purchase occur in the same account (known as Rights of
Reinstatement). Automated transactions (i.e. systematic
purchases and withdrawals) and purchases made after shares are
automatically sold to pay Merrill’s account maintenance
fees are not eligible for Rights of
Reinstatement |
• |
Shares
sold due to the client’s death or disability (as defined by Internal
Revenue Code Section 22e(3)) |
• |
Shares
sold pursuant to a systematic withdrawal program subject to Merrill’s
maximum systematic withdrawal limits as described in
the Merrill SLWD Supplement |
• |
Shares
sold due to 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 investor reaching the qualified age
based on applicable IRS regulation |
• |
Front-end
or level-load shares held in commission-based, non-taxable retirement
brokerage accounts (e.g. traditional, Roth, rollover,
SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to
fee-based accounts or platforms and exchanged
for a lower cost share class of the same mutual
fund |
• |
Breakpoint
discounts, as described in this prospectus, where the sales load is at or
below the maximum sales load that Merrill permits
to be assessed to a front-end load purchase, as described in the
Merrill SLWD Supplement |
• |
Rights
of Accumulation (ROA), as described in the Merrill SLWD Supplement, which
entitle clients to breakpoint discounts based
on the aggregated holdings of mutual fund family assets held in accounts
in their Merrill Household |
• |
Letters
of Intent (LOI), which allow for breakpoint discounts on eligible new
purchases based on anticipated future eligible purchases
within a fund family at Merrill, in accounts within your Merrill
Household, as further described in the Merrill SLWD Supplement |
• |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase
pension plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include
SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh
plans |
• |
Morgan
Stanley employee and employee-related accounts according to Morgan
Stanley’s account linking rules |
• |
Shares
purchased through reinvestment of dividends and capital gains
distributions when purchasing shares of the same
fund |
• |
Shares
purchased through a Morgan Stanley self-directed brokerage
account |
• |
Class
C (i.e., level-load) shares that are no longer subject to a contingent
deferred sales charge and are converted to Class A shares of
the same fund pursuant to Morgan Stanley Wealth Management’s share class
conversion program |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (i) the repurchase occurs within 90 days
following the redemption, (ii) the redemption and purchase occur in the
same account, and (iii) redeemed shares were subject
to a front-end or deferred sales charge |
• |
Shares
purchased in an investment advisory
program |
• |
Shares
purchased within the same fund family through a systematic reinvestment of
capital gains and dividend distributions |
• |
Employees
and registered representatives of Raymond James or its affiliates and
their family members as designated by Raymond James |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same account, and (3) redeemed shares were subject to
a front-end or deferred sales load (known as Rights of
Reinstatement) |
• |
A
shareholder in the Fund’s Class C shares will have their shares converted
at net asset value to Class A shares (or the appropriate share
class) of the Fund if the shares are no longer subject to a CDSC and the
conversion is in line with the policies and procedures
of Raymond James |
• |
Death
or disability of the shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Return
of excess contributions from an IRA
Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified
age based on applicable IRS regulations as described in the Fund’s
Prospectus |
• |
Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James |
• |
Shares
acquired through a right of reinstatement |
• |
Breakpoints
as described in this Prospectus |
• |
Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at Raymond James. Eligible fund family
assets not held at Raymond James may be included in the calculation of
rights of accumulation only if the shareholder notifies
his or her financial advisor about such
assets |
• |
Letters
of intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period.
Eligible fund family assets not held at Raymond James may be included in
the calculation of letters of intent only if the shareholder
notifies his or her financial advisor about such
assets |
• |
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including
health savings accounts) and trusts used
to fund those plans, provided that the shares are not held in a
commission-based brokerage account and shares are held for the
benefit of the plan |
• |
Shares
purchased by or through a 529 Plan |
• |
Shares
purchased through an OPCO affiliated investment advisory
program |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund (but not any other fund within the fund
family |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same account, and (3) redeemed shares were subject to
a front-end or deferred sales load (known as Rights of
Restatement). |
• |
A
shareholder in the Fund’s Class C shares will have their shares converted
at net asset value to Class A shares (or the appropriate share
class) of the Fund if the shares are no longer subject to a CDSC and the
conversion is in line with the policies and procedures
of OPCO |
• |
Employees
and registered representatives of OPCO or its affiliates and their family
members |
• |
Directors
or Trustees of the Fund, and employees of the Fund’s investment adviser or
any of its affiliates, as described in this prospectus |
• |
Death
or disability of the shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
prospectus |
• |
Return
of excess contributions from an IRA
Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified
age based on applicable IRS regulations as described in the
prospectus |
• |
Shares
sold to pay OPCO fees but only if the transaction is initiated by
OPCO |
• |
Shares
acquired through a right of reinstatement |
• |
Breakpoints
as described in this prospectus |
• |
Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts
will be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at OPCO. Eligible fund family assets not
held at OPCO may be included in the ROA calculation only if the
shareholder notifies his or her financial advisor about such assets |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund (but not any other fund within the fund
family) |
• |
Shares
purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by Janney |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same account, and (3) redeemed shares were subject to
a front-end or deferred sales load (i.e., right of
reinstatement) |
• |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase
pension plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include
SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh
plans |
• |
Shares
acquired through a right of reinstatement |
• |
Class
C shares that are no longer subject to a contingent deferred sales charge
and are converted to Class A shares of the same fund pursuant
to Janney’s policies and procedures |
• |
Shares
sold upon the death or disability of the
shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Shares
purchased in connection with a return of excess contributions from an IRA
account |
• |
Shares
sold as part of a required minimum distribution for IRA and other
retirement accounts due to the shareholder reaching age 70½
as described in the Fund’s Prospectus |
• |
Shares
sold to pay Janney fees but only if the transaction is initiated by
Janney |
• |
Shares
acquired through a right of reinstatement |
• |
Shares
exchanged into the same share class of a different
fund |
• |
Breakpoints
as described in this Prospectus |
• |
Rights
of Accumulation (ROA), which entitle shareholders to breakpoint discounts,
will be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at Janney. Eligible fund family assets not
held at Janney may be included in the ROA calculation only if the
shareholder notifies his or her financial advisor about such assets |
• |
Letters
of Intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period.
Eligible fund family assets not held at Janney Montgomery Scott may be
included in the calculation of letters of intent only
if the shareholder notifies his or her financial advisor about such
assets |
• |
Class
C (i.e., level-load) shares that are no longer subject to a contingent
deferred sales charge and are converted to Class A shares of
the same fund pursuant to Stifel’s policies and procedures. All other
sales charge waivers and reductions described elsewhere in the
Fund’s Prospectus or SAI still apply. |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund |
• |
Shares
purchased by employees and registered representatives of Baird or its
affiliate and their family members as designated by Baird |
• |
Shares
purchased using the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same accounts, and (3) redeemed shares were subject
to a front-end or deferred sales charge (known as rights of
reinstatement) |
• |
A
shareholder in the Funds C Shares will have their share converted at net
asset value to A shares of the same fund if the shares are no
longer subject to CDSC and the conversion is in line with the policies and
procedures of Baird |
• |
Employer-sponsored
retirement plans or charitable accounts in a transactional brokerage
account at Baird, including 401(k) plans, 457
plans, employer-sponsored 403(b) plans, profit sharing and money purchase
pension plans and defined benefit plans. For purposes
of this provision, employer-sponsored retirement plans do not include SEP
IRAs, SIMPLE IRAs or SAR-SEPs |
• |
Shares
sold due to death or disability of the
shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Shares
bought due to returns of excess contributions from an IRA
Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified
age based on applicable Internal Revenue Service regulations as described
in the Fund’s prospectus |
• |
Shares
sold to pay Baird fees but only if the transaction is initiated by
Baird |
• |
Shares
acquired through a right of reinstatement |
• |
Breakpoints
as described in this prospectus |
• |
Rights
of accumulations which entitles shareholders to breakpoint discounts will
be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at Baird. Eligible fund family assets not
held at Baird may be included in the rights of accumulations calculation
only if the shareholder notifies his or her financial advisor
about such assets |
• |
Letters
of Intent (LOI) allow for breakpoint discounts based on anticipated
purchases within a fund family, through Baird, over a 13-month
period of time |
• |
Employer-sponsored
retirement plans (e.g., 401(k) plans 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase
pension plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include
SEP IRAs, Simple IRAs or SAR-SEPs. |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
Fund (but not any other fund within the same fund
family). |
• |
Shares
exchanged from Class C shares of the same fund in the month of or
following the 7-year anniversary of the purchase date. To
the extent that this Prospectus elsewhere provides for a waiver with
respect to exchanges of Class C shares or conversion of Class
C shares following a shorter holding period, that waiver will
apply. |
• |
Employees
and registered representatives of Ameriprise Financial or its affiliates
and their immediate family members. |
• |
Shares
purchased by or through qualified accounts (including IRAs, Coverdell
Education Savings Accounts, 401(k)s, 403(b) TSCAs
subject to ERISA and defined benefit plans) that are held by a covered
family member, defined as an Ameriprise financial advisor
and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father,
grandmother, grandfather, great grandmother, great grandfather),
advisor’s lineal descendant (son, step-son, daughter, step-daughter,
grandson, granddaughter, great grandson, great granddaughter)
or any spouse of a covered family member who is a lineal
descendant. |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same account, and (3) redeemed shares were subject to
a front-end or deferred sales load (i.e. Rights of
Reinstatement). |
• |
Breakpoint
pricing, otherwise known as volume pricing, at dollar thresholds as
described in the prospectus. |
• |
The
applicable sales charge on a purchase of Class A shares is determined by
taking into account all share classes (except certain money
market funds and any assets held in group retirement plans) of Morgan
Stanley Funds held by the shareholder or in an account
grouped by Edward Jones with other accounts for the purpose of providing
certain pricing considerations (“pricing groups”).
If grouping assets as a shareholder, this includes all share classes held
on the Edward Jones platform and/or held on another
platform. The inclusion of eligible fund family assets in the ROA
calculation is dependent on the shareholder notifying Edward
Jones of such assets at the time of calculation. Money market funds are
included only if such shares were sold with a sales charge
at the time of purchase or acquired in exchange for shares purchased with
a sales charge. |
• |
The
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect
to establish or change ROA for the IRA accounts associated
with the plan to a plan-level grouping as opposed to including all share
classes at a shareholder or pricing group
level. |
• |
ROA
is determined by calculating the higher of cost minus redemptions or
market value (current shares x
NAV). |
• |
Through
a LOI, shareholders can receive the sales charge and breakpoint
discounts for purchases shareholders intend to make over a
13-month period from the date Edward Jones receives the LOI. The LOI is
determined by calculating the higher of cost or market
value of qualifying holdings at LOI initiation in combination with the
value that the shareholder intends to buy over a
|
13-month
period to calculate the front-end sales charge and any breakpoint
discounts. Each purchase the shareholder makes during
that 13-month period will receive the sales charge and breakpoint discount
that applies to the total amount. The inclusion of
eligible fund family assets in the LOI calculation is dependent on the
shareholder notifying Edward Jones of such assets at the time
of calculation. Purchases made before the LOI is received by Edward Jones
are not adjusted under the LOI and will not reduce
the sales charge previously paid. Sales charges will be adjusted if LOI is
not met. |
• |
If
the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has
elected to establish or change ROA for the IRA accounts
associated with the plan to a plan-level grouping, LOIs will also be at
the plan-level and may only be established by the employer. |
• |
Associates
of Edward Jones and its affiliates and other accounts in the same pricing
group (as determined by Edward Jones under its
policies and procedures) as the associate. This waiver will continue for
the remainder of the associate’s life if the associate retires
from
Edward Jones in good-standing and remains in good standing pursuant to
Edward Jones’ policies and procedures. |
• |
Shares
purchased in an Edward Jones fee-based
program. |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment. |
• |
Shares
purchased from the proceeds of redeemed shares of the same fund family so
long as the following conditions are met: the proceeds
are from the sale of shares within 60 days of the purchase, the sale and
purchase are made from a share class that charges a
front load and one of the following: |
• |
The
redemption and repurchase occur in the same
account. |
• |
The
redemption proceeds are used to process an: IRA contribution, excess
contributions, conversion, recharacterizing of contributions,
or distribution, and the repurchase is done in an account within the same
Edward Jones grouping for ROA. |
• |
Shares
exchanged into Class A shares from another share class so long as the
exchange is into the same fund and was initiated at the
discretion of Edward Jones. Edward Jones is responsible for any
remaining CDSC due to the fund company, if applicable. Any
future purchases are subject to the applicable sales charge as disclosed
in the prospectus. |
• |
Exchanges
from Class C shares to Class A shares of the same fund, generally,
in the 84th month following the anniversary of the purchase
date or earlier at the discretion of Edward
Jones. |
• |
Purchases
of Class 529-A shares through a rollover from either another education
savings plan or a security used for qualified distributions. |
• |
Purchases
of Class 529 shares made for recontribution of refunded
amounts. |
• |
The
death or disability of the shareholder. |
• |
Systematic
withdrawals with up to 10% per year of the account
value. |
• |
Return
of excess contributions from an Individual Retirement Account
(IRA). |
• |
Shares
redeemed as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after
the year the shareholder reaches qualified age based on applicable IRS
regulations. |
• |
Shares
redeemed to pay Edward Jones fees or costs in such cases where the
transaction is initiated by Edward Jones. |
• |
Shares
exchanged in an Edward Jones fee-based
program. |
• |
Shares
acquired through NAV reinstatement. |
• |
Shares
redeemed at the discretion of Edward Jones for Minimums Balances, as
described below. |
• |
Initial
purchase minimum: $250 |
• |
Subsequent
purchase minimum: none |
• |
Edward
Jones has the right to redeem at its discretion fund holdings with a
balance of $250 or less. The following are examples of accounts
that are not included in this policy: |
○ |
A
fee-based account held on an Edward Jones
platform |
○ |
A
529 account held on an Edward Jones
platform |
○ |
An
account with an active systematic investment plan
or LOI |
• |
At
any time it deems necessary, Edward Jones has the authority to exchange at
NAV a shareholder’s holdings in a fund to Class A shares
of the same fund. |
• |
Shares
exchanged from Class C (i.e. level-load) shares that are no longer
subject to a CDSC and are exchanged into Class A shares of
the same fund pursuant to J.P. Morgan Securities LLC’s share class
exchange policy. |
• |
Qualified
employer-sponsored defined contribution and defined benefit retirement
plans, nonqualified deferred compensation plans,
other employee benefit plans and trusts used to fund those plans. For
purposes of this provision, such plans do not include SEP
IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3)
accounts. |
• |
Shares
of funds purchased through J.P. Morgan Securities LLC Self-Directed
Investing accounts. |
• |
Shares
purchased through rights of
reinstatement. |
• |
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 J.P. Morgan
Securities LLC or its affiliates and their spouse or financial
dependent as defined by J.P. Morgan Securities
LLC. |
• |
A
shareholder in the fund’s Class C shares will have their shares converted
at net asset value by J.P. Morgan Securities LLC to Class
A shares (or the appropriate share class) of the same fund if the shares
are no longer subject to a CDSC and the conversion is consistent
with J.P. Morgan Securities LLC’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 retirement
accounts pursuant to the Internal Revenue
Code. |
• |
Shares
acquired through a right of
reinstatement. |
• |
Breakpoints
as described in the 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 within the purchaser’s household at
J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P.
Morgan Securities LLC (including 529 program holdings,
where applicable) may be included in the ROA calculation only if the
shareholder notifies their financial advisor about such
assets. |
• |
Letters
of Intent (“LOI”) which allow for breakpoint discounts based on
anticipated purchases within a fund family, through J.P. Morgan
Securities LLC, over a 13-month period of time (if
applicable). |