Multi-Asset Real Return Portfolio

Share Class :
 
MRJAX CUSIP: 61766J179
 
 
Overall Morningstar Rating
Multi-Asset Real Return Portfolio
MRJAX CUSIP: 61766J179
Share Class :

Multi-Asset Real Return Portfolio

SHARE CLASS :
MRJAX CUSIP: 61766J179
 
Overall Morningstar Rating
Ratings are historical and do not guarantee future results. For standardized ratings information refer to the Pricing & Performance section. Please click here for additional disclosures.

 
 
Investment Objective

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

Investment Approach
The Multi-Asset Real Return Strategy (MARRS) employs a concentrated set of inflation-sensitive assets and sectors which are managed tactically in alignment with the GMA team's dynamic macro views. The asset mix will be tailored with the intention of delivering strong performance in higher inflation environments, with flexible and dynamic exposure management (within proscribed ranges) designed to minimize downside participation during cyclical downturns. To help meet its real return objective the team will invest in "Core Real Assets" namely Treasury Inflation-Protected Securities (TIPS), gold, commodities and commodity equities, as well as other themes opportunistically.
 
 
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

Blended Index uses the MSCI World Net Index from inception, 6/18/2018, through 8/31/2021 and the Bloomberg US Treasury Bills 1–3 Months Index thereafter.

As of 11/30/2024

As of 12/10/2024

As of 11/30/2024

As of 12/10/2024


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.
*Effective August 31, 2021, the Fund's name changed to Multi-Asset Real Return Portfolio. As the result, there will be changes to the Fund’s Principal Investment Strategies, Risks, and Fund Management. See prospectus supplements for more information. The Fund's new benchmark is the Bloomberg US Treasury Bills 1 –3 Months (USD) Index.
 
 
Average Annual Total Returns As of 11/30/2024 As of 09/30/2024
 
  SALES CHARGE:
 
  •  
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MRJAX 0.63 2.60 5.58 -- 5.41
Bloomberg US Treasury Bills 1-3 Months (%) 5.39 3.84 2.44 -- 2.38
MSCI World Net Index (%) 27.83 8.79 12.42 -- 11.25
Lipper Category Average (%) 12.77 3.97 6.08 -- --
Morningstar Category Average (%) 15.23 3.59 5.59 -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MRJAX (%) 6.22 4.46 6.72 -- 6.29
Bloomberg US Treasury Bills 1-3 Months (%) 5.39 3.84 2.44 -- 2.38
MSCI World Net Index (%) 27.83 8.79 12.42 -- 11.25
Lipper Category Average (%) 12.77 3.97 6.08 -- --
Morningstar Category Average (%) 15.23 3.59 5.59 -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MRJAX 8.03 4.94 6.35 -- 5.85
Bloomberg US Treasury Bills 1-3 Months (%) 5.52 3.57 2.33 -- 2.32
MSCI World Net Index (%) 32.43 9.08 13.04 -- 11.12
Lipper Category Average (%) 16.64 4.58 6.38 -- --
Morningstar Category Average (%) 19.88 3.79 6.18 -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MRJAX (%) 14.04 6.83 7.50 -- 6.75
Bloomberg US Treasury Bills 1-3 Months (%) 5.52 3.57 2.33 -- 2.32
MSCI World Net Index (%) 32.43 9.08 13.04 -- 11.12
Lipper Category Average (%) 16.64 4.58 6.38 -- --
Morningstar Category Average (%) 19.88 3.79 6.18 -- --
2023 2022 2021 2020 2019 2018 2017
MRJAX 5.09 2.75 21.62 0.07 17.93 -- --
Bloomberg US Treasury Bills 1-3 Months (%) 5.14 1.52 0.04 0.54 2.21 -- --
MSCI World Net Index (%) 23.79 -18.14 21.82 15.90 27.67 -- --
Lipper Category Average (%) 5.60 -5.16 19.70 0.51 15.45 -- --
Morningstar Category Average (%) 10.72 -12.34 11.31 6.18 16.10 -- --
Average Annual Total Returns
  SALES CHARGE:
As of 11/30/2024
TIMEFRAME MRJAX Bloomberg US Treasury Bills 1-3 Months (%) MSCI World Net Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 0.63 5.39 27.83 12.77 15.23
3 Yrs 2.60 3.84 8.79 3.97 3.59
5 Yrs 5.58 2.44 12.42 6.08 5.59
10 Yrs -- -- -- -- --
Since Inception 5.41 2.38 } 11.25 } -- --
TIMEFRAME MRJAX Bloomberg US Treasury Bills 1-3 Months (%) MSCI World Net Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 6.22 5.39 27.83 12.77 15.23
3 Yrs 4.46 3.84 8.79 3.97 3.59
5 Yrs 6.72 2.44 12.42 6.08 5.59
10 Yrs -- -- -- -- --
Since Inception 6.29 2.38 } 11.25 } -- --
As of 09/30/2024
TIMEFRAME MRJAX Bloomberg US Treasury Bills 1-3 Months (%) MSCI World Net Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 8.03 5.52 32.43 16.64 19.88
3 Yrs 4.94 3.57 9.08 4.58 3.79
5 Yrs 6.35 2.33 13.04 6.38 6.18
10 Yrs -- -- -- -- --
Since Inception 5.85 2.32 } 11.12 } -- --
TIMEFRAME MRJAX Bloomberg US Treasury Bills 1-3 Months (%) MSCI World Net Index (%) Lipper Category Average (%) Morningstar Category Average (%)
1 Yr 14.04 5.52 32.43 16.64 19.88
3 Yrs 6.83 3.57 9.08 4.58 3.79
5 Yrs 7.50 2.33 13.04 6.38 6.18
10 Yrs -- -- -- -- --
Since Inception 6.75 2.32 } 11.12 } -- --
TIMEFRAME MRJAX Bloomberg US Treasury Bills 1-3 Months (%) MSCI World Net Index (%) Lipper Category Average (%) Morningstar Category Average (%)
2023 5.09 5.14 23.79 5.60 10.72
2022 2.75 1.52 -18.14 -5.16 -12.34
2021 21.62 0.04 21.82 19.70 11.31
2020 0.07 0.54 15.90 0.51 6.18
2019 17.93 2.21 27.67 15.45 16.10
2018 -- -- -- -- --
2017 -- -- -- -- --
Past performance is not indicative of future results. The Portfolio's calendar year returns do not include the deduction of any applicable sales charges.
 
 
Distributions
 Tax Center   
 
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)
12/08/2023 12/11/2023 12/11/2023 0.477787 0.000000 0.000000 0.000000
12/09/2022 12/12/2022 12/12/2022 0.400921 0.000800 0.034600 0.035400
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)
12/08/2023 12/11/2023 12/11/2023 0.477787 0.000000 0.000000 0.000000
12/09/2022 12/12/2022 12/12/2022 0.400921 0.000800 0.034600 0.035400
 
 
Composition As of 09/30/2024
Portfolio
Core Real Assets 101.70
OW U.S. 10-year TIPS 65.80
OW Gold 12.60
OW Gold Miners 3.40
OW GSCI Commodities Index 4.10
OW World Energy Equities 6.60
OW World Materials Equities 9.20
Total Exposure 101.70
 
May not sum to 100% due to the exclusion of other assets and liabilities.


Holdings As of 10/31/2024
Fund
United States Treasury 50.58
Exxon Mobil Corp 1.29
Linde plc 0.81
Newmont Corp 0.77
Chevron Corp 0.65
Agnico Eagle Mines Ltd 0.63
Gold 100 Oz Futr Dec24 Xcec 20241227 0.54
Shell plc 0.53
Barrick Gold Corp 0.51
BHP Group Ltd 0.51


Portfolio Characteristics
Fund
Number of holdings 206
 
 
Portfolio Managers
Cyril Moulle-Berteaux
Head of Global Multi-Asset Team
33 years industry experience
Mark Bavoso
Managing Director
41 years industry experience

Team members may be subject to change at any time without notice. 

Effective January 22, 2024, the Fund is managed by Cyril Moulle-Berteaux and Mark Bavoso. Prior to this date, Sergei Parmenov served as co-portfolio manager.

On August 31, 2021 the Fund was transitioned to the Global Multi-Asset Team.

 
 
 

Effective August 31, 2021, the Fund's name changed to Multi-Asset Real Return Portfolio. As the result, there will be changes to the Fund’s Principal Investment Strategies, Risks, and Fund Management. See prospectus supplements for more information. The Fund's new benchmark is the Bloomberg US Treasury Bills 1 –3 Months (USD) Index.

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. The minimum initial investment is $1,000,000 for Class I shares.

Inception Returns reflect the inception date of the fund.

Class R6 shares are being offered only to eligible investors who must meet a minimum initial investment of $5,000,000 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.

PORTFOLIO CHARACTERISTICS 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. 

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 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 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. 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. Privately placed and restricted securities may be subject to resale restrictions as well as a lack of publicly available information, which will increase their illiquidity and could adversely affect the ability to value and sell them (liquidity risk). LIBOR Discontinuance or Unavailability Risk.  The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate.  As a result, it is possible that commencing in 2022 , LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain derivatives and other instruments or investments comprising some of the Fund’s portfolio. Sovereign debt securities are subject to default risk. Mortgage-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). Inflation-Linked Securities Risk. The values of inflation-linked securities change in response to actual or anticipated changes When inflation is low, declining, or negative, the inflation-linked securities in which the Fund invests could underperform more conventional bonds. Interest payments on inflation-linked investments may vary widely and will fluctuate as the principal and interest are adjusted for inflation. Subsidiary and tax risk the Portfolio may seek to gain exposure to the commodity markets through investments in the Subsidiary or commodity index-linked structured notes. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Historically, the Internal Revenue Service ("IRS") has issued private letter rulings in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are "qualifying income" for purposes of compliance with Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Portfolio has not received such a private letter ruling, and is not able to rely on private letter rulings issued to other taxpayers. If the Portfolio failed to qualify as a regulated investment company, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Portfolio shareholders.

Morningstar 
Rankings:  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.   Source: Morningstar. Morningstar counts each share class as a separate fund for purposes of its ranking and ratings calculations. Morningstar compares mutual funds within a universe of funds with similar investment objectives, including dividend reinvestment. Morningstar rankings and ratings may vary for other share classes © 2023 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.

© 2024 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.

OTHER CONSIDERATIONS

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.

The Bloomberg US Treasury Bills 1 –3 Months (USD) Index includes public obligations of the U.S. Treasury of 1 to 3 months. 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 performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The Blended Index uses the MSCI World Net Index from inception, 6/18/2018, through 8/31/2021 and the Bloomberg US Treasury Bills 1–3 Months Index thereafter.

The indexes are unmanaged and do not include any expenses, fees or sales charges. It is not possible to invest directly in an index. Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor.

“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.

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.

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.

 

This is a Marketing Communication.

It is important that users read the Terms of Use before proceeding as it explains certain legal and regulatory restrictions applicable to the dissemination of information pertaining to Morgan Stanley Investment Management's investment products.

The services described on this website may not be available in all jurisdictions or to all persons. For further details, please see our Terms of Use.

Not FDIC Insured—Offer No Bank Guarantee—May Lose Value
Not Insured By Any Federal Government Agency—Not A Deposit

Subscriptions    •    Privacy & Cookies    •    Your Privacy Choices Your Privacy Choices Icon    •    Terms of Use

©  Morgan Stanley. All rights reserved.

Morgan Stanley Distribution, Inc. Member FINRA/SIPC.