Morgan Stanley Global Fixed Income Opportunities Fund
03/14/2025 | Press release | Distributed by Public on 03/14/2025 14:55
Prospectus by Investment Company (Form 497)
March 14, 2025
Supplement
SUPPLEMENT DATED MARCH 14, 2025 TO THE SUMMARY PROSPECTUS AND PROSPECTUS OF
Morgan Stanley Global Fixed Income Opportunities Fund, dated February 28, 2025
Important Notice Regarding Change in Fund Name and Investment Policy
The Board of Trustees of Morgan Stanley Global Fixed Income Opportunities Fund (the "Fund") has approved various changes to the Fund, including: (i) changing the Fund's name from "Morgan Stanley Global Fixed Income Opportunities Fund" to "Morgan Stanley Income Opportunities Fund"; (ii) changing the Fund's benchmark from the Bloomberg Global Aggregate (Hedged USD) Index to the Bloomberg U.S. Aggregate Index; (iii) terminating the Sub-Advisory Agreement between Morgan Stanley Investment Management Inc. and Morgan Stanley Investment Management Limited with respect to the Fund; and (iv) amending the Fund's principal investment strategies to (a) remove the Fund's non-fundamental investment policy to normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of fixed-income securities, (b) remove the limitation to invest no more than 20% of the Fund's net assets in loan-related investments, (c) add a minimum average credit quality for the Fund of BBB- or higher as rated by S&P Global Ratings Group or Fitch Ratings, Inc. or Baa3 or higher as rated by Moody's Investors Service, Inc. and (d) distinguish that agency and non-agency residential and commercial mortgage-backed securities are different asset classes or market segments for purposes of the Fund's strategy to invest, under normal circumstances, up to 65% of its net assets in any one asset class or market segment. In addition, the portfolio managers for the Fund will change from Michael Kushma, Utkarsh Sharma, Leon Grenyer and Vishal Khanduja to Michael Kushma, Andrew Szczurowski, Brian Shaw and Justin Bourgette. Each of these changes will be effective May 30, 2025 (the "Effective Date").
Implementation of these changes will result in transaction costs and the Fund's performance may be impacted as a result. Additionally, these changes are expected to result in higher short-term portfolio turnover in order to implement the transition, which may have adverse tax consequences subject to the Fund's portfolio activity during the Fund's remaining fiscal year.
Accordingly, on the Effective Date, the Summary Prospectus and Prospectus will be amended as follows:
All references to "Morgan Stanley Global Fixed Income Opportunities Fund" will be deleted and replaced with "Morgan Stanley Income Opportunities Fund."
All references to "Morgan Stanley Investment Management Limited" or "Sub-Adviser" will be deleted.
The first six sentences of the first paragraph of the section of the Summary Prospectus titled "Principal Investment Strategies" and the sections of the Prospectus titled "Fund Summary-Principal Investment Strategies" and "Details of the Fund-Principal Investment Strategies" will be deleted in their entirety and replaced with the following:
The Fund's "Adviser," Morgan Stanley Investment Management Inc., will allocate the Fund's investments among the following asset classes or market segments: (1) corporate securities, (2) agency residential and commercial mortgage-backed securities, (3) non-agency residential and commercial mortgage-backed securities, (4) asset-backed securities, (5) emerging market securities, (6) convertible securities, (7) U.S. government securities and foreign sovereign debt, and (8) derivatives, including interest rate-related derivatives and currency derivatives. Securities may be rated either investment grade or below investment grade and denominated in any currency, hedged or un-hedged. The amount of the Fund's assets committed to any one asset class or market segment will fluctuate. Under normal circumstances, the Fund may invest up to 65% of its net assets in any one asset class or market segment. The Adviser has the flexibility to select any combination of at least two asset classes of the aforementioned groups depending upon market conditions and the current economic environment and, as a result, at any given time the Fund's assets may be invested in certain groups and not others.
The eighth and ninth paragraphs of the sections of the Summary Prospectus titled "Principal Investment Strategies" and the Prospectus titled "Fund Summary-Principal Investment Strategies" will be deleted in their entirety and replaced with the following:
In addition to its use of currency derivatives, the Fund may, but it is not required to, use derivatives and similar instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The Fund's use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and other similar instruments and techniques.
The Fund may invest in loan-related investments, such as public bank loans made by banks or other financial institutions and loan participations and assignments, which may be rated investment grade or below investment grade. The Fund may also invest in restricted and illiquid securities.
The following will be added as a new paragraph at the end of the sections of the Summary Prospectus titled "Principal Investment Strategies" and the Prospectus titled "Fund Summary-Principal Investment Strategies":
The Fund will maintain an average credit rating of at least investment grade (BBB- by S&P Global Ratings, a division of S&P Global Inc. ("S&P") or Fitch Ratings, Inc. ("Fitch"), or Baa3 by Moody's Investors Service, Inc. ("Moody's")). Although the Fund's average credit rating will be investment grade or higher, the Fund may invest in securities that are rated below investment grade (rated below BBB by either S&P or Fitch, or below Baa by Moody's) or in unrated securities considered to be of comparable quality by the Adviser (often referred to as "junk" instruments). If securities are rated differently by two or more rating agencies, the highest rating will be used.
The table in the sections of the Summary Prospectus titled "Past Performance-Average Annual Total Returns-Calendar Years" and the Prospectus titled "Fund Summary-Past Performance-Average Annual Total Returns-Calendar Years" will be deleted in its entirety and replaced with the following:
Average Annual Total Returns
(for the calendar periods ended December 31, 2024)
|
Past 1 Year |
Past 5 Years |
Past 10 Years |
Since Inception |
||||||||||||||||
|
Class A(1) Return Before Taxes |
2.97 |
% |
1.56 |
% |
2.79 |
% |
3.67 |
% |
|||||||||||
|
Return After Taxes on Distributions(2) |
0.80 |
% |
-0.19 |
% |
1.13 |
% |
1.46 |
% |
|||||||||||
|
Return After Taxes on Distributions and Sale of Fund Shares |
1.72 |
% |
0.42 |
% |
1.40 |
% |
1.77 |
% |
|||||||||||
|
Class L(1) |
|||||||||||||||||||
|
Return Before Taxes |
6.01 |
% |
1.86 |
% |
2.82 |
% |
3.31 |
% |
|||||||||||
|
Class I(1) |
|||||||||||||||||||
|
Return Before Taxes |
6.76 |
% |
2.50 |
% |
3.43 |
% |
4.08 |
% |
|||||||||||
|
Class C(1) |
|||||||||||||||||||
|
Return Before Taxes |
4.60 |
% |
1.46 |
% |
0.00 |
% |
2.42 |
%(3) |
|||||||||||
|
Class R6(1) |
|||||||||||||||||||
|
Return Before Taxes |
6.87 |
% |
2.59 |
% |
3.50 |
% |
3.94 |
% |
|||||||||||
|
Past 1 Year |
Past 5 Years |
Past 10 Years |
Since Inception |
||||||||||||||||
|
Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses and taxes)(4) |
1.25 |
% |
-0.33 |
% |
1.35 |
% |
4.03 |
%(5) |
|||||||||||
|
Bloomberg Global Aggregate (Hedged USD) Index (reflects no deduction for fees, expenses or taxes)(6) |
3.40 |
% |
0.48 |
% |
2.01 |
% |
4.27 |
%(5) |
|||||||||||
|
Global Fixed Income Opportunities Blend Index (reflects no deduction for fees, expenses and taxes)(7) |
3.40 |
% |
0.48 |
% |
1.40 |
% |
3.74 |
%(5) |
|||||||||||
(1) Class A, L and I shares commenced operations on July 28, 1997. Class R6 shares commenced operations on September 13, 2013 and Class C shares commenced operations on April 30, 2015.
(2) These returns do not reflect any tax consequences from a sale of your shares at the end of each period, but they do reflect any applicable sales charges on such a sale.
(3) Class C shares will automatically convert to Class A shares eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion.
(4) The Bloomberg U.S. Aggregate Index tracks the performance of U.S. government agency and Treasury securities, investment-grade corporate debt securities, agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. It is not possible to invest directly in an index. Effective May 30, 2025, the Fund changed its primary benchmark from the Bloomberg Global Aggregate (Hedged USD) Index to the Bloomberg U.S. Aggregate Index because the Adviser believes the Bloomberg U.S. Aggregate Index is a more appropriate benchmark for the Fund.
(5) Since Inception reflects the inception date of Class A shares.
(6) The Bloomberg Global Aggregate (Hedged USD) Index provides a broad-based measure of the global investment grade fixed-rate debt markets. Currency exposure is hedged to the U.S. dollar. It is not possible to invest directly in an index.
(7) The Global Fixed Income Opportunities Blend Index is a performance linked benchmark of the old benchmark represented by Bloomberg Global Aggregate Index (unhedged USD) (a benchmark that provides a broad-based measure of the global investment grade fixed rate debt markets with returns in unhedged USD) for the periods from the Fund's inception to December 31, 2016 to the prior benchmark represented by Bloomberg Global Aggregate (Hedged USD) Index for periods thereafter. It is not possible to invest directly in an index.
The sections of the Summary Prospectus titled "Fund Management-Portfolio Managers" and the Prospectus titled "Fund Summary-Fund Management-Portfolio Managers" will be deleted in their entirety and replaced with the following:
Portfolio Managers. Information about the individuals jointly and primarily responsible for the day-to-day management of the Fund's portfolio is shown below:
|
Name |
Title with Adviser |
Date Began Managing Fund |
|||||||||
|
Michael Kushma |
Managing Director |
April 2014 |
|||||||||
|
Justin H. Bourgette, CFA |
Managing Director |
May 2025 |
|||||||||
|
Andrew Szczurowski, CFA |
Managing Director |
May 2025 |
|||||||||
|
Brian Shaw, CFA |
Executive Director |
May 2025 |
|||||||||
The last sentence of the first paragraph of the section of the Prospectus titled "Details of the Fund-Principal Investment Strategies" will be deleted in its entirety.
The first two sentences of the seventh paragraph of the section of the Prospectus titled "Details of the Fund-Principal Investment Strategies" will be deleted and replaced with the following:
The Fund will maintain an average credit rating of at least investment grade (BBB- by S&P or Fitch, or Baa3 by Moody's). Although the Fund's average credit rating will be investment grade or higher, the Fund may invest in securities that are rated below investment grade (rated below BBB by either S&P or Fitch, or below Baa by Moody's) or in unrated securities considered to be of comparable quality by the Adviser (often referred to as "junk" instruments). If securities are rated differently by two or more rating agencies, the highest rating will be used.
The eleventh paragraph of the section of the Prospectus titled "Details of the Fund-Principal Investment Strategies" will be deleted in its entirety and replaced with the following:
The Fund may invest in loan-related investments, such as public bank loans made by banks or other financial institutions and loan participations and assignments, which may be rated investment grade or below investment grade. To the extent these investments are second lien loans, which are lower in priority to senior loans, but have seniority in a company's capital structure to other liabilities, the company would be required to pay down these second lien loans prior to other lower-ranked claims on their assets.
The third and fourth paragraphs of the section of the Prospectus titled "Fund Management" will be deleted in their entirety and replaced with the following:
The Fund is managed by members of the Fixed Income team. The team consists of portfolio managers, analysts and traders. Current members of the team jointly and primarily responsible for the day-to-day implementation of the Fund's overall strategy and portfolio construction are Michael Kushma, Justin Bourgette, CFA, Andrew Szczurowski, CFA and Brian Shaw, CFA.
Mr. Kushma is the Chief Investment Officer of the Broad Markets team for the Adviser. He joined Morgan Stanley in 1987 and the Adviser in 1994. Mr. Szczurowski and Mr. Bourgette are Managing Directors of the Adviser, manage other funds, and have been employed by the Morgan Stanley organization for more than five years. Mr. Shaw is an Executive Director of the Adviser, manages other funds, and has been employed by the Morgan Stanley organization for more than five years.
Please retain this supplement for future reference.
MSGFIOSUMPROSPT 3/25
March 14, 2025
Supplement
SUPPLEMENT DATED MARCH 14, 2025 TO THE SUMMARY PROSPECTUS AND PROSPECTUS OF
Morgan Stanley Global Fixed Income Opportunities Fund (Class IR), dated February 28, 2025
Important Notice Regarding Change in Fund Name and Investment Policy
The Board of Trustees of Morgan Stanley Global Fixed Income Opportunities Fund (the "Fund") has approved various changes to the Fund, including: (i) changing the Fund's name from "Morgan Stanley Global Fixed Income Opportunities Fund" to "Morgan Stanley Income Opportunities Fund"; (ii) changing the Fund's benchmark from the Bloomberg Global Aggregate (Hedged USD) Index to the Bloomberg U.S. Aggregate Index; (iii) terminating the Sub-Advisory Agreement between Morgan Stanley Investment Management Inc. and Morgan Stanley Investment Management Limited with respect to the Fund; and (iv) amending the Fund's principal investment strategies to (a) remove the Fund's non-fundamental investment policy to normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of fixed-income securities, (b) remove the limitation to invest no more than 20% of the Fund's net assets in loan-related investments, (c) add a minimum average credit quality for the Fund of BBB- or higher as rated by S&P Global Ratings Group or Fitch Ratings, Inc. or Baa3 or higher as rated by Moody's Investors Service, Inc. and (d) distinguish that agency and non-agency residential and commercial mortgage-backed securities are different asset classes or market segments for purposes of the Fund's strategy to invest, under normal circumstances, up to 65% of its net assets in any one asset class or market segment. In addition, the portfolio managers for the Fund will change from Michael Kushma, Utkarsh Sharma, Leon Grenyer and Vishal Khanduja to Michael Kushma, Andrew Szczurowski, Brian Shaw and Justin Bourgette. Each of these changes will be effective May 30, 2025 (the "Effective Date").
Implementation of these changes will result in transaction costs and the Fund's performance may be impacted as a result. Additionally, these changes are expected to result in higher short-term portfolio turnover in order to implement the transition, which may have adverse tax consequences subject to the Fund's portfolio activity during the Fund's remaining fiscal year.
Accordingly, on the Effective Date, the Summary Prospectus and Prospectus will be amended as follows:
All references to "Morgan Stanley Global Fixed Income Opportunities Fund" will be deleted and replaced with "Morgan Stanley Income Opportunities Fund."
All references to "Morgan Stanley Investment Management Limited" or "Sub-Adviser" will be deleted.
The first six sentences of the first paragraph of the section of the Summary Prospectus titled "Principal Investment Strategies" and the sections of the Prospectus titled "Fund Summary-Principal Investment Strategies" and "Fund Details-Principal Investment Strategies" will be deleted in their entirety and replaced with the following:
The Fund's "Adviser," Morgan Stanley Investment Management Inc., will allocate the Fund's investments among the following asset classes or market segments: (1) corporate securities, (2) agency residential and commercial mortgage-backed securities, (3) non-agency residential and commercial mortgage-backed securities, (4) asset-backed securities, (5) emerging market securities, (6) convertible securities, (7) U.S. government securities and foreign sovereign debt, and (8) derivatives, including interest rate-related derivatives and currency derivatives. Securities may be rated either investment grade or below investment grade and denominated in any currency, hedged or un-hedged. The amount of the Fund's assets committed to any one asset class or market segment will fluctuate. Under normal circumstances, the Fund may invest up to 65% of its net assets in any one asset class or market segment. The Adviser has the flexibility to select any combination of at least two asset classes of the aforementioned groups depending upon market conditions and the current economic environment and, as a result, at any given time the Fund's assets may be invested in certain groups and not others.
The eighth and ninth paragraphs of the sections of the Summary Prospectus titled "Principal Investment Strategies" and the Prospectus titled "Fund Summary-Principal Investment Strategies" will be deleted in their entirety and replaced with the following:
In addition to its use of currency derivatives, the Fund may, but it is not required to, use derivatives and similar instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The Fund's use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and other similar instruments and techniques.
The Fund may invest in loan-related investments, such as public bank loans made by banks or other financial institutions and loan participations and assignments, which may be rated investment grade or below investment grade. The Fund may also invest in restricted and illiquid securities.
The following will be added as a new paragraph at the end of the sections of the Summary Prospectus titled "Principal Investment Strategies" and the Prospectus titled "Fund Summary-Principal Investment Strategies":
The Fund will maintain an average credit rating of at least investment grade (BBB- by S&P Global Ratings, a division of S&P Global Inc. ("S&P") or Fitch Ratings, Inc. ("Fitch"), or Baa3 by Moody's Investors Service, Inc. ("Moody's")). Although the Fund's average credit rating will be investment grade or higher, the Fund may invest in securities that are rated below investment grade (rated below BBB by either S&P or Fitch, or below Baa by Moody's) or in unrated securities considered to be of comparable quality by the Adviser (often referred to as "junk" instruments). If securities are rated differently by two or more rating agencies, the highest rating will be used.
The table in the sections of the Summary Prospectus titled "Past Performance-Average Annual Total Returns-Calendar Years" and the Prospectus titled "Fund Summary-Past Performance-Average Annual Total Returns-Calendar Years" will be deleted in its entirety and replaced with the following:
Average Annual Total Returns
(for the calendar periods ended December 31, 2024)
|
Past 1 Year |
Past 5 Years |
Since Inception |
|||||||||||||
|
Class IR(1) Return Before Taxes |
6.87 |
% |
2.56 |
% |
3.45 |
% |
|||||||||
|
Return After Taxes on Distributions(2) |
4.51 |
% |
0.67 |
% |
1.51 |
% |
|||||||||
|
Return After Taxes on Distributions and Sale of Fund Shares |
4.02 |
% |
1.12 |
% |
1.79 |
% |
|||||||||
|
Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses and taxes)(3) |
1.25 |
% |
-0.33 |
% |
1.34 |
%(4) |
|||||||||
|
Bloomberg Global Aggregate (Hedged USD) Index (reflects no deduction for fees, expenses or taxes)(5) |
3.40 |
% |
0.48 |
% |
1.89 |
%(6) |
|||||||||
(1) Class IR shares commenced operations on June 15, 2018.
(2) These returns do not reflect any tax consequences from a sale of your shares at the end of each period.
(3) The Bloomberg U.S. Aggregate Index tracks the performance of U.S. government agency and Treasury securities, investment-grade corporate debt securities, agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. It is not possible to invest directly in an index. Effective May 30, 2025, the Fund changed its primary benchmark from the Bloomberg Global Aggregate (Hedged USD) Index to the
Bloomberg U.S. Aggregate Index because the Adviser believes the Bloomberg U.S. Aggregate Index is a more appropriate benchmark for the Fund.
(4) Since Inception reflects the inception date of Class IR shares.
(5) The Bloomberg Global Aggregate (Hedged USD) Index provides a broad-based measure of the global investment grade fixed-rate debt markets. Currency exposure is hedged to the U.S. dollar. It is not possible to invest directly in an index.
(6) Since Inception reflects the inception date of Class IR shares.
The sections of the Summary Prospectus titled "Fund Management-Portfolio Managers" and the Prospectus titled "Fund Summary-Fund Management-Portfolio Managers" will be deleted in their entirety and replaced with the following:
Portfolio Managers. Information about the individuals jointly and primarily responsible for the day-to-day management of the Fund's portfolio is shown below:
|
Name |
Title with Adviser |
Date Began Managing Fund |
|||||||||
|
Michael Kushma |
Managing Director |
April 2014 |
|||||||||
|
Justin H. Bourgette, CFA |
Managing Director |
May 2025 |
|||||||||
|
Andrew Szczurowski, CFA |
Managing Director |
May 2025 |
|||||||||
|
Brian Shaw, CFA |
Executive Director |
May 2025 |
|||||||||
The last sentence of the first paragraph of the section of the Prospectus titled "Fund Details-Principal Investment Strategies" will be deleted in its entirety.
The first two sentences of the seventh paragraph of the section of the Prospectus titled "Fund Details-Principal Investment Strategies" will be deleted and replaced with the following:
The Fund will maintain an average credit rating of at least investment grade (BBB- by S&P or Fitch, or Baa3 by Moody's). Although the Fund's average credit rating will be investment grade or higher, the Fund may invest in securities that are rated below investment grade (rated below BBB by either S&P or Fitch, or below Baa by Moody's) or in unrated securities considered to be of comparable quality by the Adviser (often referred to as "junk" instruments). If securities are rated differently by two or more rating agencies, the highest rating will be used.
The eleventh paragraph of the section of the Prospectus titled "Fund Details-Principal Investment Strategies" will be deleted in its entirety and replaced with the following:
The Fund may invest in loan-related investments, such as public bank loans made by banks or other financial institutions and loan participations and assignments, which may be rated investment grade or below investment grade. To the extent these investments are second lien loans, which are lower in priority to senior loans, but have seniority in a company's capital structure to other liabilities, the company would be required to pay down these second lien loans prior to other lower-ranked claims on their assets.
The third and fourth paragraphs of the section of the Prospectus titled "Fund Management" will be deleted in their entirety and replaced with the following:
The Fund is managed by members of the Fixed Income team. The team consists of portfolio managers, analysts and traders. Current members of the team jointly and primarily responsible for the day-to-day implementation of the Fund's overall strategy and portfolio construction are Michael Kushma, Justin Bourgette, CFA, Andrew Szczurowski, CFA and Brian Shaw, CFA.
Mr. Kushma is the Chief Investment Officer of the Broad Markets team for the Adviser. He joined Morgan Stanley in 1987 and the Adviser in 1994. Mr. Szczurowski and Mr. Bourgette are Managing Directors of the Adviser, manage other funds, and have been employed by the Morgan Stanley organization for more than five years. Mr. Shaw is an Executive Director of the Adviser, manages other funds, and has been employed by the Morgan Stanley organization for more than five years.
Please retain this supplement for future reference.
MSGFIOIRSUMPROSPT 3/25
March 14, 2025
Supplement
SUPPLEMENT DATED MARCH 14, 2025 TO THE STATEMENT OF ADDITIONAL INFORMATION OF
Morgan Stanley Global Fixed Income Opportunities Fund, dated February 28, 2025
The Board of Trustees of Morgan Stanley Global Fixed Income Opportunities Fund (the "Fund") has approved various changes to the Fund, including: (i) changing the Fund's name from "Morgan Stanley Global Fixed Income Opportunities Fund" to "Morgan Stanley Income Opportunities Fund"; (ii) changing the Fund's benchmark from the Bloomberg Global Aggregate (Hedged USD) Index to the Bloomberg U.S. Aggregate Index; (iii) terminating the Sub-Advisory Agreement between Morgan Stanley Investment Management Inc. and Morgan Stanley Investment Management Limited with respect to the Fund; and (iv) amending the Fund's principal investment strategies to (a) remove the Fund's non-fundamental investment policy to normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of fixed-income securities, (b) remove the limitation to invest no more than 20% of the Fund's net assets in loan-related investments, (c) add a minimum average credit quality for the Fund of BBB- or higher as rated by S&P Global Ratings Group or Fitch Ratings, Inc. or Baa3 or higher as rated by Moody's Investors Service, Inc. and (d) distinguish that agency and non-agency residential and commercial mortgage-backed securities are different asset classes or market segments for purposes of the Fund's strategy to invest, under normal circumstances, up to 65% of its net assets in any one asset class or market segment. In addition, the portfolio managers for the Fund will change from Michael Kushma, Utkarsh Sharma, Leon Grenyer and Vishal Khanduja to Michael Kushma, Andrew Szczurowski, Brian Shaw and Justin Bourgette. Each of these changes will be effective May 30, 2025 (the "Effective Date").
Accordingly, on the Effective Date, the Statement of Additional Information will be amended as follows:
All references to "Morgan Stanley Global Fixed Income Opportunities Fund" will be deleted and replaced with "Morgan Stanley Income Opportunities Fund."
All references to "Morgan Stanley Investment Management Limited" or "Sub-Adviser" will be deleted.
The following will be added at the end of the first paragraph of the section of the Statement of Additional Information titled "Fund History":
Effective May 30, 2025, the Fund's name was changed to Morgan Stanley Income Opportunities Fund.
The table in the section of the Statement of Additional Information titled "Fund Management-Other Accounts Managed by the Portfolio Managers" will be deleted in its entirety and replaced with the following:
Other Accounts Managed by Portfolio Managers at January 31, 2025 (unless otherwise indicated):
|
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
|||||||||||||||||||||||||
|
Portfolio Managers |
Number of Accounts |
Total Assets in the Accounts |
Number of Accounts |
Total Assets in the Accounts |
Number of Accounts |
Total Assets in the Accounts |
|||||||||||||||||||||
|
Michael Kushma* |
0 |
$0 |
20 |
$8.7 billion |
35 |
(1) |
$12.2 billion(1) | ||||||||||||||||||||
|
Justin H. Bourgette, CFA |
5 |
$8.5 billion |
5 |
$852.4 million |
2 |
$214.0 million | |||||||||||||||||||||
|
Andrew Szczurowski, CFA |
7 |
$12.4 billion |
1 |
$110.2 million |
0 |
$0 | |||||||||||||||||||||
|
Brian Shaw, CFA |
21 |
$30.3 billion |
3 |
$607.2 million |
0 |
$0 | |||||||||||||||||||||
* As of October 31, 2024.
(1) Of these other accounts, ten accounts with a total of approximately $4.3 billion in assets had performance-based fees.
The table in the section of the Statement of Additional Information titled "Fund Management-Securities Ownership of Portfolio Managers" will be deleted in its entirety and replaced with the following:
As of January 31, 2025 (unless otherwise noted), the dollar range of securities beneficially owned (or held notionally through IMAP) by each portfolio manager in the Trust is shown below:
| Michael Kushma* | $100,001-$500,000 | ||||||
|
Justin H. Bourgette, CFA |
None |
||||||
|
Andrew Szczurowski, CFA |
None |
||||||
|
Brian Shaw, CFA |
None |
||||||
* As of October 31, 2024.
Please retain this supplement for future reference.
Morgan Stanley Global Fixed Income Opportunities Fund published this content on March 14, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on March 14, 2025 at 20:55 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]