Because every investor has different immediate financial needs and long-term investment goals, we offer multiple classes of shares for most of our funds. Each share class offers a distinct structure of sales charges, 12b-1 fees and other features meant to address a variety of needs.
Read the brief descriptions below, then contact a Morgan Stanley
Financial Advisor to discuss which class may be most appropriate for you and your investment objectives.
Note: Each fund has its own prospectus, which is updated annually. It contains information on all classes of shares. Sales charge and breakpoint schedules for Morgan Stanley Open End Funds are available in the fund's current prospectus in the "How to Buy Shares" section. Go to Mutual Fund Center.
|
Share Class |
Sales Charge |
12b-1 Distribution Fee |
Share Conversion |
| A |
Equity funds feature a maximum front-end sales charge of 5.25%; 4.25% for bond funds. The sales charge declines as investor purchases increase in value and is eliminated entirely for purchases of $1 million or more. Generally, there is a 1% contingent deferred sales charge (CDSC) for shares redeemed within one year of purchase.
|
Shares of equity and bond funds are subject to an annual 12b-1 distribution fee of 0.25%.
|
N/A
|
| B |
There is no initial sales charge, but shares are subject to a declining (CDSC) if shares are redeemed within six years of purchase (5%--4%--3%--2%--2%--1%).
|
Annual 12b-1 distribution fee is 1.00% for equity funds, 0.75% for taxable bond funds and 0.70% for tax-exempt bond funds.*
|
Class B shares automatically convert to Class A shares in the month following the 8-year anniversary of their purchase.
|
| C |
A CDSC of 1% applies to shares redeemed within one year of purchase.
|
Annual 12b-1 distribution fee is 1.00% for equity funds, 0.75% for taxable bond funds and 0.70% for tax-exempt bond funds.*
|
N/A |
| D |
This class is free from all sales charges and 12b-1 fees. It is offered only to a limited category of investors, most notably those whose cumulative investments in Class A and Class D shares total at least $5 million.
|
None |
N/A |
* Certain funds have 12b-1 fees that are different from the above schedule. Please review specific fund profiles for more information and contact your Morgan Stanley Financial Advisor for more details.
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.
