Overview

Historical Returns (%) as of Sep 30, 2024

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. The share class has no sales charge.
 

Fund Facts as of Sep 30, 2024

Class I 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 $7.3M
Minimum Investment $1000000
Expense Ratio (Gross)2 5.13%
Expense Ratio (Net)2,3 0.85%
CUSIP 131582181

Top 10 Holdings (%)4,5 as of Sep 30, 2024

American Tower Corp 9.24
Welltower Inc 5.21
Equinix Inc 4.57
Realty Income Corp 3.96
Prologis Inc 3.87
AvalonBay Communities Inc 3.69
Public Storage 3.58
Goodman Group 3.22
Digital Realty Trust Inc 2.54
Weyerhaeuser Co 2.36
Total 42.23
 

Portfolio Management

Laurel Durkay, CFA Managed Fund since inception

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.

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.


1. The FTSE EPRA Nareit Developed Extended Net Total Return Index is a market capitalization weighted index designed to represent general trends in eligible real estate stocks worldwide. Relevant real estate activities are defined as the ownership, trading and development of income-producing real estate. The FTSE EPRA Nareit Developed Extended Index represents the extension of real estate property sectors (e.g. Infrastructure and Timber) and additional securities beyond what is currently eligible for the FTSE EPRA Nareit Developed Index. The performance of the Index is listed in U.S. dollars and assumes reinvestment of dividends.
2. Source: Fund prospectus.
3. Net Expense Ratio reflects a contractual expense reimbursement that continues through 5/1/25. Without the reimbursement, if applicable, performance would have been lower.
4. Top 10 Holdings excludes cash and equivalents.
5. Percent of total net assets.

Performance

Historical Returns (%) as of Sep 30, 2024

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. The share class has no sales charge.
 

Fund Facts

Class I Inception 04/29/2022
Expense Ratio (Gross)2 5.13%
Expense Ratio (Net)2,3 0.85%
Distribution Frequency Quarterly
 

NAV History

Date NAV NAV Change
Oct 11, 2024 $9.27 $0.08
Oct 10, 2024 $9.19 -$0.06
Oct 09, 2024 $9.25 -$0.01
Oct 08, 2024 $9.26 $0.01
Oct 07, 2024 $9.25 -$0.08
Oct 04, 2024 $9.33 -$0.06
Oct 03, 2024 $9.39 -$0.07
Oct 02, 2024 $9.46 -$0.04
Oct 01, 2024 $9.50 -$0.04
Sep 30, 2024 $9.54 $0.03
 

Distribution History6

Ex-Date Distribution Reinvest NAV
Jun 26, 2024 $0.06170 $8.16
Mar 26, 2024 $0.05450 $8.24
Dec 21, 2023 $0.03240 $8.40
Sep 27, 2023 $0.06910 $7.25
Jun 28, 2023 $0.05380 $7.77
Mar 29, 2023 $0.04260 $7.67
Dec 28, 2022 $0.05740 $7.73
Sep 28, 2022 $0.06800 $7.56
Jun 28, 2022 $0.04550 $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 History6

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.

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.


1. The FTSE EPRA Nareit Developed Extended Net Total Return Index is a market capitalization weighted index designed to represent general trends in eligible real estate stocks worldwide. Relevant real estate activities are defined as the ownership, trading and development of income-producing real estate. The FTSE EPRA Nareit Developed Extended Index represents the extension of real estate property sectors (e.g. Infrastructure and Timber) and additional securities beyond what is currently eligible for the FTSE EPRA Nareit Developed Index. The performance of the Index is listed in U.S. dollars and assumes reinvestment of dividends.
2. Source: Fund prospectus.
3. Net Expense Ratio reflects a contractual expense reimbursement that continues through 5/1/25. Without the reimbursement, if applicable, performance would have been lower.
6. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Sector Breakdown (%) as of Sep 30, 2024

View All

Assets by Country (%)5 as of Sep 30, 2024

United States 67.52
Japan 7.07
Australia 6.06
United Kingdom 3.54
Germany 2.33
France 2.23
Sweden 2.22
Canada 1.94
Hong Kong 1.89
Cash & Other Assets 1.57
Total 100.00
View All
 

Geographic Mix (%)5 as of Sep 30, 2024

Region Portfolio
North America 69.46
Asia/Pacific 15.84
Europe 13.13
Cash & Other Assets 1.57
 

Fund Holdings (%)5,7 as of Aug 31, 2024

Holding % of Net Assets
American Tower Corp 9.29%
Welltower Inc 5.13%
Equinix Inc 4.49%
Prologis Inc 4.08%
Realty Income Corp 4.05%
Public Storage 3.53%
Goodman Group 2.97%
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 2.97%
AvalonBay Communities Inc 2.80%
Mitsui Fudosan Co Ltd 2.51%
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.

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.


1. The FTSE EPRA Nareit Developed Extended Net Total Return Index is a market capitalization weighted index designed to represent general trends in eligible real estate stocks worldwide. Relevant real estate activities are defined as the ownership, trading and development of income-producing real estate. The FTSE EPRA Nareit Developed Extended Index represents the extension of real estate property sectors (e.g. Infrastructure and Timber) and additional securities beyond what is currently eligible for the FTSE EPRA Nareit Developed Index. The performance of the Index is listed in U.S. dollars and assumes reinvestment of dividends.
5. Percent of total net assets.
7. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

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

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Annual Financial Statements and Add'l Information

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Semi-Annual Financial Statements and Add'l Information

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Commentary

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Annual Report

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Full Prospectus

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Q1 Holdings

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Q3 Holdings

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SAI

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Semi-Annual Report

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Summary Prospectus

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