Intermediate Municipal Income Portfolio

Share Class :
 
IMIKX CUSIP: 617455365
Intermediate Municipal Income Portfolio
IMIKX CUSIP: 617455365
Share Class :

Intermediate Municipal Income Portfolio

SHARE CLASS :
IMIKX CUSIP: 617455365
 
 
 
Investment Objective
Seeks to provide a high level of current income that is exempt from federal income tax, consistent with the preservation of capital.
Investment Approach
The Fund invests in municipal securities, the income from which is exempt from federal income tax, using a combination of top-down and bottom-up research to determine duration and yield positioning, sector and credit quality allocation, and security selection. The Fund targets an average portfolio duration of +/- 3 years of the average duration of its benchmark, the Bloomberg Municipal Bond 1-15 Year Index.
 
 
Pricing & Performance

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 select the "month" timeframe 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. For additional important information, please click here

As of 08/31/2021

As of 09/17/2021

As of 08/31/2021

As of 09/17/2021


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

    
Past performance is not indicative of future results. Information above does not take into account any applicable sales charges.
 
 
Average Annual Total Returns As of 08/31/2021 As of 06/30/2021
 
 TIMEFRAME:
 
1 YR 3 YRS 5 YRS 10 YRS Since Inception
IMIKX -- -- -- -- 2.94
Bloomberg Municipal Bond 1-15 Year (1-17 yr actual) Index (%) -- -- -- -- 2.45
Lipper Category Average (%) -- -- -- -- --
Morningstar Category Average (%) -- -- -- -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
IMIKX -- -- -- -- 2.32
Bloomberg Municipal Bond 1-15 Year (1-17 yr actual) Index (%) -- -- -- -- 1.91
Lipper Category Average (%) -- -- -- -- --
Morningstar Category Average (%) -- -- -- -- --
Average Annual Total Returns
As of 08/31/2021
TIMEFRAME IMIKX Bloomberg Municipal Bond 1-15 Year (1-17 yr actual) Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr -- -- -- --
3 Yrs -- -- -- --
5 Yrs -- -- -- --
10 Yrs -- -- -- --
Since Inception 2.94 2.45 } -- --
As of 06/30/2021
TIMEFRAME IMIKX Bloomberg Municipal Bond 1-15 Year (1-17 yr actual) Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr -- -- -- --
3 Yrs -- -- -- --
5 Yrs -- -- -- --
10 Yrs -- -- -- --
Since Inception 2.32 1.91 } -- --
Past performance is not indicative of future results. A fund's performance, especially for very short time periods, should not be the sole factor in making your investment decision
 
 
Distributions Accrued Daily
 
 TIMEFRAME:
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)
09/01/2021 09/02/2021 09/02/2021 0.010594 0.000000 0.000000 0.000000
08/02/2021 08/03/2021 08/03/2021 0.010094 0.000000 0.000000 0.000000
07/01/2021 07/02/2021 07/02/2021 0.010575 0.000000 0.000000 0.000000
06/01/2021 06/02/2021 06/02/2021 0.010064 0.000000 0.000000 0.000000
05/03/2021 05/04/2021 05/04/2021 0.010062 0.000000 0.000000 0.000000
04/01/2021 04/05/2021 04/05/2021 0.009065 0.000000 0.000000 0.000000
03/01/2021 03/02/2021 03/02/2021 0.010058 0.000000 0.000000 0.000000
02/01/2021 02/02/2021 02/02/2021 0.007565 0.000000 0.000000 0.000000
12/10/2020 12/11/2020 12/11/2020 0.007566 0.000000 0.000000 0.000000
12/01/2020 12/02/2020 12/02/2020 0.007596 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)
09/01/2021 09/02/2021 09/02/2021 0.010594 0.000000 0.000000 0.000000
08/02/2021 08/03/2021 08/03/2021 0.010094 0.000000 0.000000 0.000000
07/01/2021 07/02/2021 07/02/2021 0.010575 0.000000 0.000000 0.000000
06/01/2021 06/02/2021 06/02/2021 0.010064 0.000000 0.000000 0.000000
05/03/2021 05/04/2021 05/04/2021 0.010062 0.000000 0.000000 0.000000
04/01/2021 04/05/2021 04/05/2021 0.009065 0.000000 0.000000 0.000000
03/01/2021 03/02/2021 03/02/2021 0.010058 0.000000 0.000000 0.000000
02/01/2021 02/02/2021 02/02/2021 0.007565 0.000000 0.000000 0.000000
12/10/2020 12/11/2020 12/11/2020 0.007566 0.000000 0.000000 0.000000
12/01/2020 12/02/2020 12/02/2020 0.007596 0.000000 0.000000 0.000000
Distributions & Capital Gains are as of the date indicated and subject to change. The final determination of the source and tax characteristics of all distributions will be made after the end of the relevant year.
Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)  
Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)
Distributions & Capital Gains are as of the date indicated and subject to change. The final determination of the source and tax characteristics of all distributions will be made after the end of the relevant year.
Historical Yields (Subsidized)

As of 08/31/2021

 
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 additional important information, please click here
 
 
 
Composition As of 06/30/2021
  Fund
AAA 3.54
AA 44.30
A 37.11
BBB 8.91
BB 1.91
Not Rated 2.47
Cash 1.76
  Fund
Less than 1 Year 15.44
1 to 3 Years 14.57
3 to 5 Years 17.06
5 to 7 Years 24.93
7 to 10 Years 25.48
Greater than 10 Years 2.51
Portfolio
General Obligation 10.14
Local 7.60
State 2.54
Revenue 91.05
Tobacco 3.71
IDR/PCR 19.58
Special Tax 7.60
Lease 2.97
Water & Sewer 5.07
Education 3.60
Power 8.75
Hospital 16.07
Transportation 23.71
Other -1.18
Portfolio
Tax Exempt Muni 101.18
New York 16.25
California 8.85
Texas 7.62
Pennsylvania 5.75
Florida 4.61
Alabama 4.11
Illinois 3.89
Georgia 3.66
Colorado 3.61
North Carolina 3.49
Other 39.35
Cash Securities -1.18
 
May not sum to 100% due to rounding.


Holdings As of 08/31/2021
Fund
Colorado Health Facs Auth Rev 3.05
California Infrastructure and Ec 2.91
New York St Dorm Auth 2.70
New York City Ny Transitional 2.47
Main Street Natural Gas Inc 2.12
Delaware St Economic Dev Auth Rev 1.97
New Jersey Economic Development 1.97
Clark Cnty Nev Arpt Rev 1.93
Chicago Ill Brd Ed 1.88
Metropolitan Transn Auth N Y 1.82
Total 22.82


Portfolio Characteristics
Fund
Number of holdings 108
Duration (years) 4.96
 
 
Resources
Product Literature
 
 
Prospectus & Reports
SAI
 
 
 
 
 

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 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. The minimum initial investment is $5,000,000 for Class I shares.

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.

Subject to change daily. Fund information, Portfolio Composition and Characteristics are provided for informational purposes only, and should not be deemed as a recommendation to buy or sell any security or securities in the region presented.

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.

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.

DEFINITIONS
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. Taxable equivalent yield (also called equivalent taxable interest rate) is the return that is required on a taxable investment to make it equal to the return on a tax-exempt investment. The taxable equivalent yield is commonly used when evaluating municipal bond returns. The tax-equivalent yield takes into account an individual investor's current tax rate (37%) to determine whether an investment in a municipal bond is equivalent to a corresponding investment in a given taxable bond.

PORTFOLIO CHARACTERISTICS DEFINITIONS
The Net Asset Value (NAV) per share is determined by dividing the value of the fund's portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the fund at a given time. Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices. 

The Portfolio may invest a portion of its total assets in bonds that may subject certain investors to the federal Alternative Minimum Tax (AMT). Investors should consult their tax adviser for further information on tax implications.

Turnover is sourced from the fund's current prospectus.

Quality distribution refers to the rating given by a Nationally Recognized Statistical Rating Organization ("NRSRO") and is the rating firms’ subjective opinion concerning the ability and willingness of an issuer to meet its financial obligations in full and on time. Ratings apply only to portfolio holdings and do not remove the Fund’s market risk. Quality distribution data for securities is sourced from Fitch, Moody’s and S&P. Where the credit ratings for individual securities differ between the three ratings agencies, the ‘highest’ rating is applied. The rating of credit default swaps is based on the ‘highest’ rating of the underlying reference bond. ‘Cash’ includes investments in short term instruments, including investments in Morgan Stanley liquidity funds.

RISK CONSIDERATIONS
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 these portfolios Please be aware that these portfolios may be subject to certain additional risks. 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 a rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. In a declining interest-rate environment, the portfolio may generate less income. Longer-term securities may be more sensitive to interest rate changes.   Municipal Obligations issued by state and local governments and their agencies may be susceptible to political, economic, regulatory or other factors affecting issuers of these municipal obligations. Investments in municipal obligations of issuers in the same economic sector or state could be more sensitive to economic, business or political developments that affect such sector or state. The Fund may be more sensitive to adverse developments if it invests a substantial portion of its assets in the bonds of similar projects   U.S. Government securities may not be backed by the full faith and credit of the U.S. It is possible that these issuers will not have the funds to meet their payment obligations in the future.  Tender Option Bonds include the risk that the owner of such instrument may not be considered the owner for federal income tax purposes and thus will not be entitled to treat such interest as exempt from federal income tax.   Taxability Risk. Changes in tax laws or adverse determinations by the Internal Revenue Service (“IRS”) may make the income from some municipal obligations taxable.   Mortgage- and asset-backed securities are sensitive to early prepayment risk and a higher risk of default and may be hard to value and difficult to sell (liquidity risk). They are also subject to credit, market and interest rate risks.    Repurchase agreements are subject to default and credit risks. Reverse Repurchase agreements  may be viewed as a speculative form of borrowing called leveraging which may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet earmarking requirements. Leverage, including borrowing, may cause the Fund to be more volatile than if the Fund had not been leveraged because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities. High yield securities (“junk bonds”) are lower rated securities that may have a higher degree of credit and liquidity risk. Public bank loans are subject to liquidity risk and the credit risks of lower rated securities.  By investing in investment company securities, the portfolio is subject to the underlying risks of that investment company's portfolio securities. In addition to the Portfolio's fees and expenses, the Portfolio generally would bear its share of the investment company's fees and expenses.  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). Restricted and illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk).  

OTHER CONSIDERATIONS 
The Bloomberg Municipal Bond 1-15Year (1-17 yr actual)Index covers the intermediate term (bonds with maturities of 1-15 years), USD-denominated tax-exempt bond market.

“Bloomberg®” and the Bloomberg Index/Indices used are service marks of Bloomberg Finance L.P. and its affiliates, and have been licensed for use for certain purposes by Morgan Stanley Investment Management (MSIM). Bloomberg is not affiliated with MSIM, does not approve, endorse, review, or recommend any product, and. does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any product.

The index is unmanaged and does not include any expenses, fees or sales charges. 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 morganstanley.com/im or call 1-800-548-7786. Please read the prospectus carefully before investing.

Morgan Stanley Investment Management (MSIM) 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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