Investors should carefully consider the investment objectives and risks as well as charges and expenses of a mutual fund before investing. To obtain a prospectus, contact your Financial Advisor or visit the fund company’s website. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

There is no assurance that any fund will achieve its investment objective. The funds' share prices and investment returns will fluctuate with changes in the market value of their portfolio securities. When you sell fund shares, they may be worth less than what you paid for them. Accordingly, you can lose money investing in any mutual fund. Please read the prospectus carefully before investing.

Morgan Stanley Funds are distributed by Morgan Stanley Distributors Inc.