485BPOS
2012-06-30
0000351895
2012-10-31
ACTIVE ASSETS MONEY TRUST
false
2012-10-26
2012-10-31
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(800) 869-NEWS
<tt>Active Assets Tax-Free Trust is a money market fund that seeks to provide as<br />high a level of daily income exempt from federal personal income tax as is<br />consistent with stability of principal and liquidity.</tt>
<tt>The example below is intended to help you compare the cost of investing in the<br />Fund with the cost of investing in other mutual funds.<br /> <br />The example assumes that you invest $10,000 in the Fund, your investment has a<br />5% return each year, and the Fund's operating expenses remain the same. Although<br />your actual costs may be higher or lower, based on these assumptions your costs<br />would be:</tt>
<tt>The Fund will invest in high quality, short-term securities that are normally<br />municipal obligations that pay interest exempt from federal income taxes. The<br />Adviser seeks to maintain the Fund's share price at $1.00. The Fund has a<br />fundamental policy of investing at least 80% of its net assets in securities <br />the interest on which is exempt from federal personal income tax. This policy <br />may not be changed without shareholder approval. In addition, the Fund may <br />invest up to 20% of its net assets in securities that pay interest income <br />subject to the "alternative minimum tax," and some taxpayers may have to pay <br />tax on a Fund distribution of this income. For more information, please see <br />the "Tax Consequences" section beginning on page 26 of this Prospectus.<br /> <br />Municipal obligations are securities issued by state and local governments and<br />their agencies. These securities typically are "general obligation" or "revenue"<br />bonds, notes or commercial paper, including participations in lease obligations<br />and installment purchase contracts of municipalities.<br /> <br />The Fund may purchase debt obligations that have fixed, variable or floating<br />rates of interest. The interest rates payable on variable or floating rate<br />obligations may fluctuate based upon changes in market rates.<br /> <br />The Fund's investments may include tender option bonds and custodial receipts.<br />Tender option bonds are municipal obligations held pursuant to a custodial<br />arrangement and issued pursuant to an agreement with a third-party such as a<br />bank or financial institution to provide the holder with the option of tendering <br />the bond at periodic intervals. The holder of the tender option bond effectively <br />holds a demand obligation that bears interest at prevailing short-term rates. <br />Custodial receipts represent interests in future interest and/or principal <br />payments on U.S. government securities or municipal obligations. Additionally, <br />the Fund may invest in investment companies, including money market funds some <br />or all of which may be advised or managed by the Adviser or its affiliates.</tt>
Active Assets Tax-Free Trust
Example
Investment Objective
The Fund's past performance does not indicate how the Fund will perform in the future.
Principal Risks
These fee waivers and/or expense reimbursements will continue for at least one year
or until such time as the Fund's Board of Trustees acts to discontinue all or a
portion of such waivers and/or expense reimbursements when it deems such action
appropriate.
Annual Total Returns--Calendar Years
Past Performance
<tt>For the Fund's most recent 7-day annualized yield you may call toll-free (800)<br />869-NEWS.</tt>
The bar chart and table below provide some indication of the risks of investing
in the Fund by showing changes in the Fund's performance from year to year and
by showing the Fund's average annual returns for the one, five and 10 year periods.
<tt>The year-to-date total return as of September 30, 2012 was 0.01%.<br /> <br />High Quarter 6/30/07 0.83%<br /> <br />Low Quarter 3/31/11 0.00%</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (as of December 31, 2011)
Although the Fund seeks to preserve the value of your investment at $1.00 per share,
if it is unable to do so, it is possible to lose money by investing in the Fund.
<tt>There is no assurance that the Fund will achieve its investment objectives.<br />Although the Fund seeks to preserve the value of your investment at $1.00 per<br />share, if it is unable to do so, it is possible to lose money by investing in<br />the Fund. The principal risks of investing in the Fund include:<br /> <br />• Credit and Interest Rate Risk. Debt obligations, such as bonds, are subject <br />  to two types of risk: credit risk and interest rate risk. Credit risk refers <br />  to thepossibility that the issuer of a security will be unable to make interest<br />  payments and/or repay the principal on its debt. In the case of revenue bonds,<br />  notes or commercial paper, for example, the credit risk is the possibility that<br />  the user fees from a project or other specified revenue sources are insufficient<br />  to meet interest and/or principal payment obligations. Interest rate risk refers<br />  to fluctuations in the value of a debt security resulting from changes in the<br />  general level of interest rates.<br /> <br />• Tender Option Bonds and Custodial Receipts. The risks of tender option bonds<br />  and custodial receipts include the risk that the owner of such instruments may<br />  not be considered the owner for federal income tax purposes and thus will not be<br />  entitled to treat such interest as exempt from federal income tax. Additionally,<br />  the occurrence of certain defaults or a credit rating downgrade on the underlying <br />  security may impair the ability to tender the bond or receipt back to the third-party <br />  provider of the demand option, thus causing the bond or receipt to become illiquid.<br /> <br />• Investment Companies. An investment in an investment company is subject to the<br />  underlying risks of that investment company's portfolio securities. In addition<br />  to the Fund's fees and expenses, the Fund generally would bear its share of the<br />  investment company's fees and expenses.<br /> <br />Shares of the Fund are not bank deposits and are not guaranteed or insured by<br />the FDIC or any other government agency.</tt>
Fees and Expenses
Principal Investment Strategies
<tt>The bar chart and table below provide some indication of the risks of investing<br />in the Fund by showing changes in the Fund's performance from year to year and<br />by showing the Fund's average annual returns for the one, five and 10 year<br />periods. The Fund's past performance does not indicate how the Fund will perform<br />in the future.</tt>
<tt>The table below describes the fees and expenses that you may pay if you buy and<br />hold shares of the Fund. The Fund is a no-load fund. The Fund does not impose<br />any sales charges.</tt>
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Shares of the Fund are not bank deposits and are not guaranteed or insured by the FDIC or any other government agency.
AATXX
0.0099
Low Quarter
High Quarter
2012-09-30
14
2007-06-30
45
0.0000
0.0074
-0.0027
0.0001
179
79
0.0328
0.0083
0.0001
0.0007
0.0173
0.0024
2011-03-31
0.0004
0.0101
0.0194
The year-to-date total return
0.0001
0.0057
0.0010
0.0123
0.0014
0.0041
0.0301
0.0001
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<tt>Active Assets Money Trust is a money market fund that seeks to provide high<br />current income, preservation of capital and liquidity.</tt>
<tt>The example below is intended to help you compare the cost of investing in the<br />Fund with the cost of investing in other mutual funds.<br /> <br />The example assumes that you invest $10,000 in the Fund, your investment has a<br />5% return each year, and the Fund's operating expenses remain the same. Although<br />your actual costs may be higher or lower, based on these assumptions your costs<br />would be:</tt>
<tt>The Fund invests in high quality, short-term debt obligations. In selecting<br />investments, the Adviser and/or Morgan Stanley Investment Management Limited<br />("Sub-Adviser") seek to maintain the Fund's share price at $1.00. The Fund's<br />investments include the following money market instruments: corporate<br />obligations (including but not limited to commercial paper); debt obligations <br />of U.S.-regulated banks (including domestic branches or subsidiaries of foreign<br />banks) and instruments secured by those obligations (including certificates of<br />deposit); certificates of deposit of savings banks and savings and loan<br />associations; debt obligations issued or guaranteed as to principal and interest<br />by the U.S. Government, its agencies or instrumentalities, including U.S.<br />government securities guaranteed under the Federal Deposit Insurance Corporation<br />("FDIC") Temporary Liquidity Guarantee Program; asset-backed securities; U.S.<br />dollar-denominated foreign bank obligations; and repurchase agreements.</tt>
Active Assets Money Trust
Example
Investment Objectives
The Fund's past performance does not indicate how the Fund will perform in the future.
Principal Risks
Annual Total Returns--Calendar Years
Past Performance
<tt>For the Fund's most recent 7-day annualized yield you may call toll-free (800)<br />869-NEWS.</tt>
The bar chart and table below provide some indication of the risks of investing in
the Fund by showing changes in the Fund's performance from year to year and by showing
the Fund's average annual returns for the one, five and 10 year periods.
<tt>The year-to-date total return as of September 30, 2012 was 0.01%.<br /> <br />High Quarter 9/30/07 1.24%<br /> <br />Low Quarter 6/30/09 0.00%</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (as of December 31, 2011)
Although the Fund seeks to preserve the value of your investment at $1.00 per share,
if it is unable to do so, it is possible to lose money by investing in the Fund.
<tt>There is no assurance that the Fund will achieve its investment objectives.<br />Although the Fund seeks to preserve the value of your investment at $1.00 per<br />share, if it is unable to do so, it is possible to lose money by investing in<br />the Fund. The principal risks of investing in the Fund include:<br /> <br />• Credit and Interest Rate Risk. Debt obligations, such as bonds, are subject <br />  to two types of risk: credit and interest rate risk. Credit risk refers to <br />  the possibility that the issuer of a security will be unable to make interest<br />  payments and/or repay the principal on its debt. Interest rate risk refers to<br />  fluctuations in the value of a debt security resulting from changes in the<br />  general level of interest rates.<br /> <br />• U.S. Government Securities. With respect to U.S. government securities that<br />  are not backed by the full faith and credit of the United States, there is the<br />  risk that the U.S. Government will not provide financial support to such U.S.<br />  government agencies, instrumentalities or sponsored enterprises if it is not<br />  obligated to do so by law.<br /> <br />• Asset-Backed Securities. Asset-backed securities involve the risk that the<br />  various federal and state consumer laws and other legal and economic factors <br />  may result in the collateral backing the securities being insufficient to <br />  support payment on the securities. Some asset-backed securities also entail <br />  prepayment risk, which may vary depending on the type of asset.<br /> <br />• Foreign Money Market Securities. Investing in money market securities of<br />  foreign issuers involves some additional risks, including the possibility of<br />  adverse political, economic or other developments affecting the issuers of <br />  these securities.<br /> <br />• Repurchase Agreements. Repurchase agreements are subject to risks associated<br />  with the possibility of default by the seller at a time when the collateral has<br />  declined in value, or insolvency of the seller, which may affect the Fund's<br />  right to control the collateral and result in certain costs and delays.<br /> <br />Shares of the Fund are not bank deposits and are not guaranteed or insured by<br />the FDIC or any other government agency.</tt>
Fees and Expenses
Principal Investment Strategies
<tt>The bar chart and table below provide some indication of the risks of investing<br />in the Fund by showing changes in the Fund's performance from year to year and<br />by showing the Fund's average annual returns for the one, five and 10 year<br />periods. The Fund's past performance does not indicate how the Fund will perform<br />in the future.</tt>
<tt>The table below describes the fees and expenses that you may pay if you buy and<br />hold shares of the Fund. The Fund is a no-load fund. The Fund does not impose<br />any sales charges.</tt>
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Shares of the Fund are not bank deposits and are not guaranteed or insured by the FDIC or any other government agency.
(800) 869-NEWS
AAMXX
0.0146
Low Quarter
High Quarter
2012-09-30
24
2007-09-30
74
0.0000
0.0099
-0.0019
0.0001
293
130
0.0501
0.0124
0.0001
0.0008
0.0263
0.0024
These fee waivers and/or expense reimbursements will continue for at least one year
or until such time as the Fund's Board of Trustees acts to discontinue all or a portion
of such waivers and/or expense reimbursements when it deems such action appropriate.
2009-06-30
0.0003
0.0152
0.0285
The year-to-date total return
0.0001
0.0078
0.0010
0.0183
0.0023
0.0042
0.0468
0.0001
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<tt>Active Assets Government Securities Trust is a money market fund that seeks to<br />provide high current income, preservation of capital and liquidity.</tt>
<tt>The example below is intended to help you compare the cost of investing in the<br />Fund with the cost of investing in other mutual funds.<br /> <br />The example assumes that you invest $10,000 in the Fund, your investment has a<br />5% return each year, and the Fund's operating expenses remain the same. Although<br />your actual costs may be higher or lower, based on these assumptions your costs<br />would be:</tt>
<tt>The Fund invests in high quality, short-term U.S. government securities. In<br />selecting investments, the Adviser and/or Morgan Stanley Investment Management<br />Limited ("Sub-Adviser") seek to maintain the Fund's share price at $1.00. The<br />U.S. government securities that the Fund may purchase include: U.S Treasury<br />bills, notes and bonds, all of which are direct obligations of the U.S.<br />Government; securities issued by agencies and instrumentalities of the U.S.<br />Government, which are backed by the full faith and credit of the United States;<br />securities issued by agencies and instrumentalities which are not backed by the<br />full faith and credit of the United States, but whose issuing agency or<br />instrumentality has the right to borrow from the U.S. Treasury to meet its<br />obligations; securities issued by agencies and instrumentalities which are<br />backed solely by the credit of the issuing agency or instrumentality; and<br />securities guaranteed under the FDIC Temporary Liquidity Guarantee Program. <br />The Fund also may invest up to 10% of its assets in FDIC insured certificates <br />of deposit of banks and savings and loan institutions. In addition, the Fund <br />may invest in repurchase agreements.</tt>
Active Assets Government Securities Trust
Example
Investment Objectives
The Fund's past performance does not indicate how the Fund will perform in the future.
Principal Risks
These fee waivers and/or expense reimbursements will continue for at least one
year or until such time as the Fund's Board of Trustees acts to discontinue all
or a portion of such waivers and/or expense reimbursements when it deems such
action appropriate.
Annual Total Returns--Calendar Years
Past Performance
<tt>For the Fund's most recent 7-day annualized yield you may call toll-free (800)<br />869-NEWS.</tt>
The bar chart and table below provide some indication of the risks of investing
in the Fund by showing changes in the Fund's performance from year to year and by
showing the Fund's average annual returns for the one, five and 10 year periods.
<tt>The year-to-date total return as of September 30, 2012 was 0.01%.<br /> <br />High Quarter 9/30/06 1.16%<br /> <br />Low Quarter 6/30/09 0.00%</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (as of December 31, 2011)
Although the Fund seeks to preserve the value of your investment at $1.00 per share,
if it is unable to do so, it is possible to lose money by investing in the Fund.
<tt>There is no assurance that the Fund will achieve its investment objectives.<br />Although the Fund seeks to preserve the value of your investment at $1.00 per<br />share, if it is unable to do so, it is possible to lose money by investing in<br />the Fund. The principal risks of investing in the Fund include:<br /> <br />• Credit and Interest Rate Risk. Debt obligations, such as bonds, are subject to<br />  two types of risk: credit risk and interest rate risk. Credit risk refers to the<br />  possibility that the issuer of a security will be unable to make interest payments <br />  and/or repay the principal on its debt. Interest rate risk refers to fluctuations <br />  in the value of a debt security resulting from changes in the general level of <br />  interest rates.<br /> <br />• U.S. Government Securities. With respect to U.S. government securities that<br />  are not backed by the full faith and credit of the United States, there is the<br />  risk that the U.S. Government will not provide financial support to such U.S.<br />  government agencies, instrumentalities or sponsored enterprises if it is not<br />  obligated to do so by law.<br /> <br />• Repurchase Agreements. Repurchase agreements are subject to risks associated<br />  with the possibility of default by the seller at a time when the collateral <br />  has declined in value, or insolvency of the seller, which may affect the Fund's<br />  right to control the collateral and result in certain costs and delays.<br /> <br />Shares of the Fund are not bank deposits and are not guaranteed or insured by<br />the FDIC or any other government agency.</tt>
Fees and Expenses
Principal Investment Strategies
<tt>The bar chart and table below provide some indication of the risks of investing<br />in the Fund by showing changes in the Fund's performance from year to year and<br />by showing the Fund's average annual returns for the one, five and 10 year<br />periods. The Fund's past performance does not indicate how the Fund will perform<br />in the future.</tt>
<tt>The table below describes the fees and expenses that you may pay if you buy and<br />hold shares of the Fund. The Fund is a no-load fund. The Fund does not impose<br />any sales charges.</tt>
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Shares of the Fund are not bank deposits and are not guaranteed or insured by the FDIC or any other government agency.
(800) 869-NEWS
AAGXX
0.0125
Low Quarter
High Quarter
2012-09-30
11
2006-09-30
35
0.0000
0.0079
-0.0059
0.0001
141
62
0.0464
0.0116
0.0001
0.0015
0.0199
0.0045
2009-06-30
0.0001
0.0132
0.0263
The year-to-date total return
0.0001
0.0060
0.0010
0.0162
0.0011
0.0070
0.0439
0.0001
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<tt>Active Assets California Tax-Free Trust is a money market fund that seeks to<br />provide as high a level of daily income exempt from federal and California<br />personal income tax as is consistent with stability of principal and liquidity.</tt>
<tt>The example below is intended to help you compare the cost of investing in the<br />Fund with the cost of investing in other mutual funds.<br /> <br />The example assumes that you invest $10,000 in the Fund, your investment has a<br />5% return each year, and the Fund's operating expenses remain the same. Although<br />your actual costs may be higher or lower, based on these assumptions your costs<br />would be:</tt>
<tt>The Fund will invest in high quality, short-term securities that are normally<br />municipal obligations that pay interest exempt from federal and California<br />personal income taxes. The Adviser seeks to maintain the Fund's share price <br />at$1.00. The Adviser generally invests substantially all of the Fund's assets <br />in California municipal obligations and the Fund has a fundamental policy of<br />investing at least 80% of its net assets in securities the interest on which <br />is exempt from federal and California personal income tax. This policy may not <br />be changed without shareholder approval. In addition, the Fund may invest up <br />to 20% of its net assets in securities that pay interest income subject to the<br />"alternative minimum tax," and some taxpayers may have to pay tax on a Fund<br />distribution of this income. For more information, see the "Tax Consequences"<br />section beginning on page 26 of this Prospectus.<br /> <br />Municipal obligations are securities issued by state and local governments and<br />their agencies. These securities typically are "general obligation" or "revenue"<br />bonds, notes or commercial paper, including participations in lease obligations<br />and installment purchase contracts of municipalities.<br /> <br />The Fund may purchase debt obligations that have fixed, variable or floating<br />rates of interest. The interest rates payable on variable or floating rate<br />obligations may fluctuate based upon changes in market rates.<br /> <br />The Fund's investments may include tender option bonds and custodial receipts.<br />Tender option bonds are municipal obligations held pursuant to a custodial<br />arrangement and issued pursuant to an agreement with a third-party such as <br />a bank or financial institution to provide the holder with the option of <br />tendering the bond at periodic intervals. The holder of the tender option <br />bond effectively holds a demand obligation that bears interest at prevailing <br />short-term rates. Custodial receipts represent interests in future interest <br />and/or principal payments on U.S. government securities or municipal obligations. <br />Additionally, the Fund may invest in investment companies, including money market <br />funds some or all of which may be advised or managed by the Adviser or its <br />affiliates.</tt>
Active Assets California Tax-Free Trust
Example
Investment Objective
The Fund's past performance does not indicate how the Fund will perform in the future.
Principal Risks
These fee waivers and/or expense reimbursements will continue for at least one
year or until such time as the Fund's Board of Trustees acts to discontinue all
or a portion of such waivers and/or expense reimbursements when it deems such
action appropriate.
Annual Total Returns--Calendar Years
Past Performance
<tt>For the Fund's most recent 7-day annualized yield you may call toll-free (800)<br />869-NEWS.</tt>
The bar chart and table below provide some indication of the risks of investing in
the Fund by showing changes in the Fund's performance from year to year and by showing
the Fund's average annual returns for the one, five and 10 year periods.
<tt>The year-to-date total return as of September 30, 2012 was 0.01%.<br /> <br />High Quarter 6/30/07 0.79%<br /> <br />Low Quarter 6/30/09 0.00%</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Returns (as of December 31, 2011)
Although the Fund seeks to preserve the value of your investment at $1.00 per share,
if it is unable to do so, it is possible to lose money by investing in the Fund.
<tt>There is no assurance that the Fund will achieve its investment objectives.<br />Although the Fund seeks to preserve the value of your investment at $1.00 per<br />share, if it is unable to do so, it is possible to lose money by investing in<br />the Fund. The principal risks of investing in the Fund include:<br /> <br />• Credit and Interest Rate Risk. Debt obligations, such as bonds, are subject <br />  to two types of risk: credit risk and interest rate risk. Credit risk refers <br />  to the possibility that the issuer of a security will be unable to make interest<br />  payments and/or repay the principal on its debt. In the case of revenue bonds,<br />  notes or commercial paper, for example, the credit risk is the possibility that<br />  the user fees from a project or other specified revenue sources are insufficient<br />  to meet interest and/or principal payment obligations. Interest rate risk refers<br />  to fluctuations in the value of a debt security resulting from changes in the<br />  general level of interest rates.<br /> <br />• Tender Option Bonds and Custodial Receipts. The risks of tender option bonds<br />  and custodial receipts include the risk that the owner of such instruments may<br />  not be considered the owner for federal income tax purposes and thus will not be<br />  entitled to treat such interest as exempt from federal income tax. Additionally,<br />  the occurrence of certain defaults or a credit rating downgrade on the underlying <br />  security may impair the ability to tender the bond or receipt back to the <br />  third-party provider of the demand option, thus causing the bond or receipt<br />  to become illiquid.<br /> <br />• Investment Companies. An investment in an investment company is subject to the<br />  underlying risks of that investment company's portfolio securities. In addition<br />  to the Fund's fees and expenses, the Fund generally would bear its share of the<br />  investment company's fees and expenses.<br /> <br />• California Municipal Securities Risks. As the Fund invests principally in<br />  municipal obligations issued by state and local governments and their agencies,<br />  the Fund is susceptible to political, economic, or other factors affecting<br />  issuers of California municipal obligations. The deterioration of California's<br />  fiscal situation as a result of recent economic conditions increases the risk <br />  of investing in California municipal securities. Several major ratings agencies<br />  have downgraded California's general obligation bond rating in recent years. A<br />  default or credit rating downgrade of a small number of California municipal<br />  security issuers could affect the market values and marketability of all<br />  California municipal obligations held by the Fund and the Fund's performance.<br /> <br />Shares of the Fund are not bank deposits and are not guaranteed or insured by<br />the FDIC or any other government agency.</tt>
Fees and Expenses
Principal Investment Strategies
<tt>The bar chart and table below provide some indication of the risks of investing<br />in the Fund by showing changes in the Fund's performance from year to year and<br />by showing the Fund's average annual returns for the one, five and 10 year<br />periods. The Fund's past performance does not indicate how the Fund will perform<br />in the future.</tt>
<tt>The table below describes the fees and expenses that you may pay if you buy and<br />hold shares of the Fund. The Fund is a no-load fund. The Fund does not impose<br />any sales charges.</tt>
<div style="display:none">~ http://www.morganstanley.com/role/OperatingExpensesData_S000004036Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.morganstanley.com/role/PerformanceTableData_S000004036Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
Shares of the Fund are not bank deposits and are not guaranteed or insured by the FDIC or any other government agency.
(800) 869-NEWS
AACXX
0.0080
Low Quarter
High Quarter
2012-09-30
14
2007-06-30
45
0.0000
0.0060
-0.0036
0.0001
179
79
0.0310
0.0079
0.0001
0.0007
0.0155
0.0033
2009-06-30
0.0002
0.0093
0.0178
The year-to-date total return
0.0001
0.0041
0.0010
0.0110
0.0014
0.0050
0.0282
0.0001
0000351895
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The Fund's "Distributor," Morgan Stanley Distribution, Inc., its "Adviser," Morgan Stanley Investment Management Inc., and its "Administrator," Morgan Stanley Services Company Inc., have agreed to waive and/or reimburse all or a portion of the Fund's distribution fee, advisory fee and administration fee, respectively, to the extent that total expenses exceed total income on a daily basis. These fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Fund's Board of Trustees acts to discontinue all or a portion of such waivers and/or expense reimbursements when it deems such action appropriate.
The Fund's "Distributor," Morgan Stanley Distribution, Inc., its "Adviser," Morgan Stanley Investment Management Inc., and its "Administrator," Morgan Stanley Services Company Inc., have agreed to waive and/or reimburse all or a portion of the Fund's distribution fee, advisory fee and administration fee, respectively, to the extent that total expenses exceed total income on a daily basis. These fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Fund's Board of Trustees acts to discontinue all or a portion of such waivers and/or expense reimbursements when it deems such action appropriate.
The Fund's "Distributor," Morgan Stanley Distribution, Inc., its "Adviser," Morgan Stanley Investment Management Inc., and its "Administrator," Morgan Stanley Services Company Inc., have agreed to waive and/or reimburse all or a portion of the Fund's distribution fee, advisory fee and administration fee, respectively, to the extent that total expenses exceed total income on a daily basis. These fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Fund's Board of Trustees acts to discontinue all or a portion of such waivers and/or expense reimbursements when it deems such action appropriate.