Real Assets Portfolio
Share Class :
MRJSX CUSIP: 61766J153
Real Assets Portfolio
MRJSX CUSIP: 61766J153
Share Class :

Real Assets Portfolio

MRJSX CUSIP: 61766J153
Investment Objective

Seeks total return, targeted to be in excess of inflation, through capital appreciation and current income.

Investment Approach
We seek attractive, risk-adjusted total returns by investing primarily in real assets, which may include publicly traded real estate, publicly traded infrastructure companies, equities (including natural resource related equities), commodity-linked investments (including exposure to precious metals), Master Limited Partnerships (MLPs), treasury inflation protected securities (TIPS) and other fixed income securities. We invest in companies or issuers of any size market capitalization located throughout the world. We combine a top-down investment process with bottom-up security selection.
Pricing & Performance

As of 05/31/2020

As of 07/01/2020

As of 05/31/2020

As of 07/01/2020

Performance of $10,000 invested
Performance of $10,000 invested

Past performance is not indicative of future results.
Average Annual Total Returns As of 05/31/2020 As of 03/31/2020
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MRJSX -5.21 -- -- -- -1.46
MSCI World Net Index (%) 6.80 -- -- -- 2.42
Blended Index (%) -0.76 -- -- -- 2.35
Lipper Category Average (%) -7.16 -- -- -- --
Morningstar Category Average (%) -0.90 -- -- -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MRJSX -13.00 -- -- -- -5.76
MSCI World Net Index (%) -10.39 -- -- -- -5.69
Blended Index (%) -10.00 -- -- -- -2.71
Lipper Category Average (%) -17.10 -- -- -- --
Morningstar Category Average (%) -11.01 -- -- -- --
2019 2018 2017 2016 2015 2014 2013
MRJSX 18.37 -- -- -- -- -- --
MSCI World Net Index (%) 27.67 -- -- -- -- -- --
Blended Index (%) 21.66 -- -- -- -- -- --
Lipper Category Average (%) 15.45 -- -- -- -- -- --
Morningstar Category Average (%) 16.10 -- -- -- -- -- --
Average Annual Total Returns
As of 05/31/2020
TIMEFRAME MRJSX MSCI World Net Index (%) Blended Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr -5.21 6.80 -0.76 -7.16 -0.90
3 Yrs -- -- -- -- --
5 Yrs -- -- -- -- --
10 Yrs -- -- -- -- --
Since Inception -1.46 2.42 } 2.35 } -- --
As of 03/31/2020
TIMEFRAME MRJSX MSCI World Net Index (%) Blended Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr -13.00 -10.39 -10.00 -17.10 -11.01
3 Yrs -- -- -- -- --
5 Yrs -- -- -- -- --
10 Yrs -- -- -- -- --
Since Inception -5.76 -5.69 } -2.71 } -- --
TIMEFRAME MRJSX MSCI World Net Index (%) Blended Index (%) Lipper Category Average (%) Morningstar Category Average (%)
2019 18.37 27.67 21.66 15.45 16.10
2018 -- -- -- -- --
2017 -- -- -- -- --
2016 -- -- -- -- --
2015 -- -- -- -- --
2014 -- -- -- -- --
2013 -- -- -- -- --
Past performance is not indicative of future results. The Portfolio's calendar year returns do not include the deduction of any applicable sales charges.
Record Date Ex-Date Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)
04/01/2020 04/02/2020 04/02/2020 0.042500 0.000000 0.000000 0.000000
12/10/2019 12/11/2019 12/11/2019 0.055000 0.000000 0.000000 0.000000
10/01/2019 10/02/2019 10/02/2019 0.052500 0.000000 0.000000 0.000000
07/01/2019 07/02/2019 07/02/2019 0.062500 0.000000 0.000000 0.000000
04/01/2019 04/02/2019 04/02/2019 0.035000 0.000000 0.000000 0.000000
12/10/2018 12/11/2018 12/11/2018 0.202500 0.000000 0.000000 0.000000
10/01/2018 10/02/2018 10/02/2018 0.080000 0.000000 0.000000 0.000000
Record Date Ex-Date Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)
04/01/2020 04/02/2020 04/02/2020 0.042500 0.000000 0.000000 0.000000
12/10/2019 12/11/2019 12/11/2019 0.055000 0.000000 0.000000 0.000000
10/01/2019 10/02/2019 10/02/2019 0.052500 0.000000 0.000000 0.000000
07/01/2019 07/02/2019 07/02/2019 0.062500 0.000000 0.000000 0.000000
04/01/2019 04/02/2019 04/02/2019 0.035000 0.000000 0.000000 0.000000
12/10/2018 12/11/2018 12/11/2018 0.202500 0.000000 0.000000 0.000000
10/01/2018 10/02/2018 10/02/2018 0.080000 0.000000 0.000000 0.000000
Composition As of 03/31/2020
Real Estate 27.03
Utilities 12.45
Industrials 6.72
Information Technology 5.52
Government 5.40
Financials 4.80
Health Care 3.88
Energy 3.83
Communication Services 2.91
Consumer Staples 2.87
Other 21.07
Cash 3.13
May not sum to 100% due to the exclusion of other assets and liabilities.

Geography As of 03/31/2020
United States 63.45
United Kingdom 6.08
Hong Kong 4.50
Japan 4.17
Canada 3.71
France 2.64
Australia 1.86
Spain 1.74
China 1.50
Switzerland 1.32
Other 5.52
Cash 3.13
May not sum to 100% due to the exclusion of other assets and liabilities.

Holdings As of 05/31/2020
United States Treasury 20.31
American Tower Corp 2.71
United States of America 2.45
Crown Castle International Corp 1.63
Simon Property Group 1.45
National Grid Plc 1.23
SL Green Realty Corp 1.23
Boston Properties Inc 1.05
TC Energy Corp 1.04
SBA Communications Corp 1.03
Total 34.13

Portfolio Characteristics
Number of holdings 225
Weighted average market capitalization ($B) 89.10
Weighted median market capitalization ($B) 20.55
Product Literature
Prospectus & Reports

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please click on the monthly radio button above or call 1-800-548-7786. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost.

Class C shares include deferred sales charge of 1.00% which declines to zero after first year.

Where the net expense ratio is lower than the gross expense ratio, certain fees have been waived and/or expenses reimbursed. These waivers and/or reimbursements will continue for at least one year from the date of the applicable fund’s current prospectus (unless otherwise noted in the applicable prospectus) or until such time as the fund's Board of Directors /Trustees acts to discontinue all or a portion of such waivers and/or reimbursements. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund's current prospectus.

Short-term returns may not be indicative of the fund’s long-term performance potential. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

Inception Returns reflect the inception date of the fund.

Class IS shares are being offered only to eligible investors who must meet a minimum initial investment of $10,000,000 or be a defined contribution, defined benefit or other employer sponsored employee benefit plan, in each case provided that the plan trades on an omnibus level, whether or not qualified under the Internal Revenue Code of 1986, as amended (the "Code"), in each case subject to the discretion of the Portfolio's investment advisor.

Growth of Investment illustration is based on an initial investment of $10,000 made since fund inception, assumes reinvestment of dividends and capital gains and application of fees, but does not include sales charges. Performance would have been lower if sales charges had been included. Results are hypothetical.

Performance and fund information is as of the most recent calendar quarter end, unless otherwise noted. Returns are net of fees and assume the reinvestment of all dividends and income. Returns for less than one year are cumulative (not annualized). Performance of other share classes will vary.

Please keep in mind that double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

SEC yield
is a measure of the income generated by the portfolio's underlying asset over the trailing 30 days, relative to the asset base of the portfolio itself. The SEC 30-day yield - Subsidized (Sub.) reflects current fee waivers in effect. Absent such fee waivers, the yield would have been lower. The SEC 30-Day yield - Unsubsidized (Unsub.) does not reflect the fee waivers currently in effect. Weighted Average Market Capitalization is an average of the market capitalization of stocks comprising a portfolio or index, adjusted by each stock’s weight in the portfolio or index. Weighted Median Market Capitalization is the point at which half of the market value of a portfolio or index is invested in stocks with a greater market cap, while the other half of the market value is invested in stocks with a lower market cap.

There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this strategy. Please be aware that this strategy may be subject to certain additional risks. In general, equities securities’ values also fluctuate in response to activities specific to a company. Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging market countries are greater than the risks generally associated with foreign investments. Real estate investments, including real estate investment trusts, are subject to risks similar to those associated with the direct ownership of real estate and they are sensitive to such factors as management skills and changes in tax laws. Companies within the infrastructure industry are subject to a variety of factors that may adversely affect their business or operations, including high interest, leverage and regulatory costs, difficulty raising capital, the effect of an economic slowdown or recession and surplus capacity, and increased competition. Other risks include technological innovation, significant changes in the number of end-users, an increasing deregulatory environment, natural and environmental risks, and terrorist attacks. Stocks of small- and medium-capitalization companies entail special risks, such as limited product lines, markets and financial resources, and greater market volatility than securities of larger, more established companies. When investing in value securities (those believed to be undervalued in comparison to their peers), the market may not have the same value assessment as the manager, and, therefore, the performance of the securities may decline. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In the current rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. Longer-term securities may be more sensitive to interest rate changes. In a declining interest-rate environment, the portfolio may generate less income. Derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). Trading in commodity interests may involve substantial risks and investment exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate widely based on a variety of factors, including changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/ or investor expectations concerning interest rates, domestic and foreign inflation rates and investment and trading activities of mutual funds, hedge funds and commodities funds. Investments in natural resource industries can be significantly affected by events relating to those industries, such as international political and economic developments, energy conservation, the success of exploration projects, tax and other government regulations, as well as other factors. Exchange traded funds (ETFs) shares have many of the same risks as direct investments in common stocks or bonds and their market value will fluctuate as the value of the underlying index does. By investing in Exchange traded funds (ETFs), the portfolio absorbs both its own expenses and those of the ETFs it invests in. Supply and demand for ETFs may not be correlated to that of the underlying securities. Individual Master Limited Partnerships (MLPs) are publically traded partnerships that have unique risks related to their structure. These include, but are not limited to, their reliance on the capital markets to fund growth, adverse ruling on the current tax treatment of distributions (typically mostly tax deferred), and commodity volume risk. The potential tax benefits from investing in MLPs depend on their being treated as partnerships for federal income tax purposes and, if the MLP is deemed to be a corporation, then its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution to the fund which could result in a reduction of the fund’s value. MLPs carry interest rate risk and may underperform in a rising interest rate environment. There is the risk that the Adviser’s asset allocation methodology and assumptions regarding the Underlying Portfolios may be incorrect in light of actual market conditions and the Portfolio may not achieve its investment objective. Share prices also tend to be volatile and there is a significant possibility of loss.

The percentile rankings are based on the average annual total returns for the periods stated and do not include any sales charges, but do include reinvestment of dividends and capital gains and Rule 12b-1 fees. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1.

Ratings: The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account sales loads.

© 2020 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Blended Index is comprised of 1/4 MSCI World Index(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 performance of the indices is listed in U.S. dollars and assumes reinvestment of net dividends), 1/4 Dow Jones Brookfield Global Infrastructure IndexSM (a free float-adjusted market capitalization weighted index that measures the stock performance of companies that exhibit strong infrastructure characteristics. The Index intends to measure all sectors of the infrastructure market), 1/4 FTSE EPRA/NAREIT Developed Index (a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets), and 1/4 Bloomberg Barclays US Treasury Inflation Notes Total Return Index (measures the performance of the US Treasury Inflation Protected Securities (TIPS) market. Federal Reserve holdings of US TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index). On April 30, 2019, the fixed income portion of the Blended Index was changed from 25% Bloomberg Barclays Global Inflation-Linked total Return Index Hedged USD to 25% Bloomberg Barclays US Treasury Inflation Notes Total Return. Historical performance shown prior to this date reflects that of the Blended Index with the new fixed income component. The indices do not include any expenses, fees or sales charges, which would lower performance.

The indices are unmanaged and should not be considered an investment. It is not possible to invest directly in an index.

Please consider the investment objective, risks, charges and expenses of the fund carefully before investing. The prospectus contains this and other information about the fund. To obtain a prospectus, download one at or call 1-800-548-7786. Please read the prospectus carefully before investing.

Index definitions can be found on the individual fund pages. These pages can be opened by clicking the fund's name in the left column of the above table.

Morgan Stanley Investment Management is the asset management division of Morgan Stanley.


WAM is the weighted average maturity of the portfolio. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.


WAL is the weighted average life of the portfolio. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.


Tracking error and information ratio are calculated using the Portfolio's Blended Index (added October 2, 2013), as this is a better representation of the Portfolio's global multi-asset strategy. The investment team manages the Portfolio relative to this Blended Index.


Excess return versus Custom Benchmark is calculated using the Portfolio's Blended Index based on the period since it was added as a benchmark on October 2, 2013.


NTM = Next Twelve Months


LTM = Last Twelve Months


Because the Portfolio had not commenced operations as of the most recent fiscal year end, no portfolio turnover rate is available for the Portfolio.


The Reorganization occurred on January 6, 2015. The inception date reflects the inception date of the Private Fund.


Global equities is represented by the MSCI All Country World Index.


Net exposure % calculated as [(MV of long cash security and derivative positions)-(absolute value of MV in short derivative positions)]/(portfolio MV)


Gross exposure % calculated as [(MV of long cash security and derivative positions)+(absolute value of MV in short derivative positions)]/(portfolio MV).


Fixed income net and gross exposure is duration adjusted (U.S. Treasury 10-Year equivalents)


Security ratings disclosed above have been obtained from Standard & Poor's Ratings Group ("S&P"). S&P's credit ratings express its opinion about the ability and willingness of an issuer to meet its financial obligations in full and on time.'AAA' is the highest rating. Any rating below 'BBB-' rating is considered non-investment grade. Ratings are relative and subjective and are not absolute standards of quality. Ratings apply only to the underlying holdings of the portfolio and does not remove market risk. "NR" or "Not Rated" indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy. Futures are not rated.


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