Overview

Historical Returns (%) as of Dec 31, 2022

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 5.25%.
 

Fund Facts as of Dec 31, 2022

Class A Inception 04/29/2022
Investment Objective The Fund's investment objective is to seek to provide total return through a combination of long-term capital appreciation and dividend income.
Total Net Assets $4.0M
Expense Ratio (Gross)2 1.35%
Expense Ratio (Net)2,3 1.20%
CUSIP 131582215
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%) as of Dec 31, 2022

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Max Sales Charge: 5.25%.
 

Fund Facts

Expense Ratio (Gross)2 1.35%
Expense Ratio (Net)2,3 1.20%
Class A Inception 04/29/2022
Distribution Frequency Quarterly
 

NAV History

Date NAV NAV Change
Feb 03, 2023 $8.60 -$0.16
Feb 02, 2023 $8.76 $0.16
Feb 01, 2023 $8.60 $0.08
Jan 31, 2023 $8.52 $0.09
Jan 30, 2023 $8.43 -$0.08
Jan 27, 2023 $8.51 $0.07
Jan 26, 2023 $8.44 $0.07
Jan 25, 2023 $8.37 $0.01
Jan 24, 2023 $8.36 $0.05
Jan 23, 2023 $8.31 $0.03
 

Distribution History4

Ex-Date Distribution Reinvest NAV
Dec 28, 2022 $0.05270 $7.73
Sep 28, 2022 $0.06260 $7.56
Jun 28, 2022 $0.04280 $8.82
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus
 

Capital Gain History4

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

 

Fund Holdings (%)5,6 as of Dec 31, 2022

Holding % of Net Assets
Prologis Inc 6.91%
American Tower Corp 6.05%
Welltower Inc 5.06%
Realty Income Corp 5.02%
Public Storage 4.64%
Equinix Inc 3.88%
Mid-America Apartment Communities Inc 3.72%
Simon Property Group Inc 2.92%
Sun Communities Inc 2.82%
Iron Mountain Inc 2.82%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Laurel Durkay, CFA

Managing Director, Portfolio Manager
Joined Morgan Stanley in 2020

Biography

Laurel Durkay joined Morgan Stanley in 2020 and has 21 years of investment experience. She is the Head of Global Listed Real Assets within Morgan Stanley Investment Management (MSIM) and the lead portfolio manager for U.S. and Global listed real estate strategies

Prior to joining MSIM, Ms. Durkay was a Senior Vice President and Global Portfolio Manager for Listed Real Estate at Cohen & Steers Capital Management for 14 years. Previously, Ms. Durkay held several positions at Citigroup, including working on asset allocation and manager selection within the alternatives space of the Corporate Pension Plan, and worked at Arthur Andersen as a valuation analyst.

She has a BS from Tulane University and holds the Chartered Financial Analyst designation. Ms. Durkay is also an active participant and member of the CFA Institute, the New York Society of Securities Analysts, the National Association of Real Estate Investment Trusts (Nareit) and the Real Estate Roundtable. Ms. Durkay is an appointed member of the FTSE EPRA Nareit Americas Regional Advisory Committee and Nareit’s Investment Advisory Council Chairperson’s Cabinet. She is based in New York.

Education
  • B.S. Tulane University

Experience
  • Managed Fund since inception

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Dec 31, 2022

Full Prospectus

Download Full Prospectus - Last updated: Apr 29, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Sep 30, 2022

SAI

Download SAI - Last updated: Apr 29, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Jun 30, 2022

Summary Prospectus

Download Summary Prospectus - Last updated: Apr 29, 2022