Strategy. Under normal circumstances, at least 80% of the Funds assets will be invested in equity securities of companies in the real estate industry, including real estate operating companies (REOCs), real estate investment trusts (REITs) and similar entities established outside the United States (foreign real estate companies). This policy may be changed without shareholder approval; however, you would be notified in writing of any changes. The Fund will invest primarily in companies located in the developed countries of North America, Europe and Asia, but may also invest in emerging markets. The Adviser and/or the Funds Sub-Advisers, Morgan Stanley Investment Management Limited (MSIM Limited) and Morgan Stanley Investment Management Company (MSIM Company), actively manage the Fund using a combination of bottom-up and … Show more… Under normal circumstances, at least 80% of the Funds assets will be invested in equity securities of companies in the real estate industry, including real estate operating companies (REOCs), real estate investment trusts (REITs) and similar entities established outside the United States (foreign real estate companies). This policy may be changed without shareholder approval; however, you would be notified in writing of any changes. The Fund will invest primarily in companies located in the developed countries of North America, Europe and Asia, but may also invest in emerging markets. The Adviser and/or the Funds Sub-Advisers, Morgan Stanley Investment Management Limited (MSIM Limited) and Morgan Stanley Investment Management Company (MSIM Company), actively manage the Fund using a combination of bottom-up and top-down methodologies. The Advisers and/or Sub-Advisers proprietary models drive the bottom-up value-driven approach for stock selection, which is utilized to identify those companies that the Adviser and/or Sub-Advisers determine represent the best value relative to their underlying assets and earnings. Analysts will assess real estate specific factors, broader equity factors, as well as ESG factors in their fundamental analysis in order to calculate appropriate valuation metrics. Top-down considerations are also incorporated into the portfolio construction process, and the Adviser and/or Sub-Advisers seek to achieve exposure across regions, countries and/or sectors and integrate forecasted fundamental inflections, macroeconomic considerations, geopolitical and country risk assessments, among other factors. When deemed by the Adviser and/or Sub-Advisers to be relevant to their evaluation of a companys financial performance and when applicable information is available, the Adviser and/or Sub-Advisers consider financially material environmental, social and/or governance issues (referred to as ESG) which may impact the prospects of an issuer or long-term stock price performance of a company. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision- making process and are not the sole determinant of whether an investment can be made or will remain in the Funds portfolio. The Adviser and/or Sub-Advisers generally consider selling a portfolio holding based upon the relative valuation ranking of securities in the investment universe. Show less