0001193125-13-019040.txt : 20130122 0001193125-13-019040.hdr.sgml : 20130121 20130122150607 ACCESSION NUMBER: 0001193125-13-019040 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130122 DATE AS OF CHANGE: 20130122 EFFECTIVENESS DATE: 20130122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSULTING GROUP CAPITAL MARKETS FUNDS CENTRAL INDEX KEY: 0000875186 IRS NUMBER: 000000000 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-40823 FILM NUMBER: 13540092 BUSINESS ADDRESS: STREET 1: 2000 WESTCHESTER AVENUE CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 8883749999 MAIL ADDRESS: STREET 1: 2000 WESTCHESTER AVENUE CITY: PURCHASE STATE: NY ZIP: 10577 FORMER COMPANY: FORMER CONFORMED NAME: TRUST FOR TRAK INVESTMENTS DATE OF NAME CHANGE: 19920929 FORMER COMPANY: FORMER CONFORMED NAME: INSTITUTIONAL ADVISORS PORTFOLIOS DATE OF NAME CHANGE: 19600201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSULTING GROUP CAPITAL MARKETS FUNDS CENTRAL INDEX KEY: 0000875186 IRS NUMBER: 000000000 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06318 FILM NUMBER: 13540093 BUSINESS ADDRESS: STREET 1: 2000 WESTCHESTER AVENUE CITY: PURCHASE STATE: NY ZIP: 10577 BUSINESS PHONE: 8883749999 MAIL ADDRESS: STREET 1: 2000 WESTCHESTER AVENUE CITY: PURCHASE STATE: NY ZIP: 10577 FORMER COMPANY: FORMER CONFORMED NAME: TRUST FOR TRAK INVESTMENTS DATE OF NAME CHANGE: 19920929 FORMER COMPANY: FORMER CONFORMED NAME: INSTITUTIONAL ADVISORS PORTFOLIOS DATE OF NAME CHANGE: 19600201 0000875186 S000008429 Large Capitalization Growth Investments C000023137 Large Capitalization Growth Investments TLGUX 0000875186 S000008430 Municipal Bond Investments C000023138 Municipal Bond Investments TMUUX 0000875186 S000008431 Money Market Investments C000023139 Money Market Investments TGMXX 0000875186 S000008432 Large Capitalization Value Equity Investments C000023140 Large Capitalization Value Equity Investments TLVUX 0000875186 S000008433 Small Capitalization Growth Investments C000023141 Small Capitalization Growth Investments TSGUX 0000875186 S000008434 Small Capitalization Value Equity Investments C000023142 Small Capitalization Value Equity Investments TSVUX 0000875186 S000008435 International Equity Investments C000023143 International Equity Investments TIEUX 0000875186 S000008436 Emerging Markets Equity Investments C000023144 Emerging Markets Equity Investments TEMUX 0000875186 S000008437 Core Fixed Income Investments C000023145 Core Fixed Income Investments TIIUX 0000875186 S000008438 High Yield Investments C000023146 High Yield Investments THYUX 0000875186 S000008439 International Fixed Income Investments C000023147 International Fixed Income Investments TIFUX 485BPOS 1 d460037d485bpos.htm CGCM 485BPOS XBRL CGCM 485BPOS XBRL

As filed with the Securities and Exchange Commission on January 22, 2013

Securities Act File No. 033-40823

Investment Company Act No. 811-06318

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

   THE INVESTMENT COMPANY ACT OF 1933   
   Post-effective Amendment No. 60    þ

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

   Post-effective Amendment No. 60    þ

(Check appropriate box or boxes)

 

 

Consulting Group Capital Markets Funds

 

 

2000 Westchester Avenue

Purchase, NY 10577

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code:

(888) 374-9999

CT Corp

155 Federal Street Suite 700

Boston, MA 02110

(Name and Address of Agent for Service)

 

 

Continuous

(Approximate Date of Proposed Public Offering)

It is proposed that this filing will become effective (check appropriate box):

 

  þ immediately upon filing pursuant to paragraph (b)

 

  ¨ on (date) pursuant to paragraph (b)

 

  ¨ 60 days after filing pursuant to paragraph (a)(1)

 

  ¨ On (date) pursuant to paragraph (a)(1)

 

  ¨ On (date) pursuant to paragraph (a)(3)

 

  ¨ 75 days after filing pursuant to paragraph (a)(2)

 

  ¨ On (date) pursuant to paragraph (a)(2) of rule 485

 

 

 

EXPLANATORY NOTE

This Post-Effective Amendment (“PEA”) No. 60 to the Registration Statement of Consulting Group Capital Markets Funds (the “Trust”) hereby incorporates by reference, the Trust’s PEA No. 59 on Form N-1A filed on December 28, 2012. This PEA No. 60 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 59 to the Trust’s Registration Statement.

The exhibits filed herewith do not constitute the complete publicly filed disclosure of the Trust and should be used in conjunction with the complete prospectus of the Trust.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended and has duly caused this PEA No. 60 to its Registration Statement to be signed on its behalf by the undersigned, and where applicable, the true and lawful attorney-in-fact, thereto duly authorized, in the town of Purchase and State of New York on the 17th day of January, 2013.

 

CONSULTING GROUP CAPITAL MARKETS FUNDS
By:   /s/ James J. Tracy
  James J. Tracy, Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this PEA to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

 

Name    Title   Date

/s/ James J. Tracy

James J. Tracy

   

Chief Executive Officer

   January 17, 2013

/s/ Marc Gordon

Marc Gordon

   

Chief Financial Officer

   January 17, 2013

/s/ James F. Walker

James F. Walker

   

Trustee

   January 17, 2013

 

Adela Cepeda**

   

Trustee

   January 17, 2013

 

W. Thomas Matthews*

   

Trustee

   January 17, 2013

 

John J. Murphy*

   

Trustee

   January 17, 2013

 

Mark J. Reed*

   

Trustee

   January 17, 2013

 

* Signed pursuant to power of attorney dated November 28, 2007.
** Signed pursuant to a power of attorney dated October 6, 2008.

 

/s/ Paul F. Gallagher    
Paul F. Gallagher, Attorney-in-Fact  
Secretary   January 17, 2013

Exhibit Index

 

Exhibit Number

   

Description

EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase
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cgcmf1:S000008439Member rr:AfterTaxesOnDistributionsAndSalesMember cgcmf1:C000023147Member 2012-01-02 2013-01-01 0000875186 cgcmf1:S000008439Member cgcmf1:CitigroupNonUsDollarWorldGovBondIndexMember 2012-01-02 2013-01-01 0000875186 cgcmf1:S000008439Member cgcmf1:LipperInternationalIncomeFundsAverageMember 2012-01-02 2013-01-01 pure iso4217:USD <div style="display:none">~ http://www.morganstanley.com/role/ScheduleShareholderFeesEmergingMarketsEquityInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualFundOperatingExpensesEmergingMarketsEquityInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedEmergingMarketsEquityInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAverageAnnualTotalReturnsTransposedEmergingMarketsEquityInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleShareholderFeesHighYieldInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualFundOperatingExpensesHighYieldInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedHighYieldInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAverageAnnualTotalReturnsTransposedHighYieldInvestments column period compact * ~</div> Small Capitalization Growth Investments <b>Investment objective </b> Capital appreciation. <b>Fund fees and expenses </b> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleShareholderFeesCoreFixedIncomeInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualFundOperatingExpensesCoreFixedIncomeInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedCoreFixedIncomeInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAverageAnnualTotalReturnsTransposedCoreFixedIncomeInvestments column period compact * ~</div> This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. <b>Shareholder Fees (fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment<br/> advisory program) </b> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your<br/> investment) </b> <b>Examples</b> These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The figures are calculated based upon total annual Fund operating expenses including the maximum annual fee for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 485BPOS <b>Portfolio turnover</b> 2012-08-31 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 68% of the average value of its portfolio. CONSULTING GROUP CAPITAL MARKETS FUNDS 0000875186 false <b>Principal investment strategies</b> 2012-12-28 2013-01-01 2013-01-01 The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in the equity securities of small capitalization (or "cap") companies or in other investments with similar economic characteristics. The Fund defines small cap companies as companies with market caps not exceeding $3 billion or the highest month-end market cap value of any stock in the Russell 2000<sup>&#174;</sup> Growth Index for the previous 12 months, whichever is greater. The Fund may invest up to 10% of its assets in the securities of foreign issuers that are not traded on a U.S. exchange or the U.S. over-the-counter market. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. Long-term capital appreciation. <b>Principal risks of investing in the Fund</b> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAverageAnnualTotalReturnsTransposedSmallCapitalizationValueEquityInvestments column period compact * ~</div> Small Capitalization Value Equity Investments Above-average capital appreciation. This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. <b>Shareholder Fees (fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment<br/> advisory program)</b> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your<br/> investment)</b> These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The figures are calculated based upon total annual Fund operating expenses including the maximum annual fee for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24% of the average value of its portfolio. Loss of money is a risk of investing in the Fund.<br/><br/> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's principal risks include: <ul type="square"><li style="margin-left:-20px">Market risk, which is the risk that stock prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. Market risk may affect a single company, sector of the economy or the market as a whole. </li><li style="margin-left:-20px">Equity risk, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole. </li><li style="margin-left:-20px">Investment style risk, which means small cap and/or growth stocks could fall out of favor with investors and trail the performance of other types of investments.</li><li style="margin-left:-20px">Small cap risk, which refers to the fact that historically, small cap companies tend to be more vulnerable to adverse business and economic events, have been more sensitive to changes in earnings results and forecasts and investor expectations, and experience sharper swings in market values than larger, more established companies. At times, small cap stocks may be less liquid and harder to sell at prices the Sub-advisers believe are appropriate.</li><li style="margin-left:-20px">Foreign investment risk, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates. </li> <li style="margin-left:-20px">Securities lending risk, which includes the potential insolvency of a borrower and losses due to the reinvestment of collateral received on loaned securities in investments that default or do not perform well. </li> <li style="margin-left:-20px">Manager risk, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.</li><li style="margin-left:-20px">Multi-manager risk, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a higher portfolio turnover rate, which can increase the Fund's transaction costs and more taxable short-term gains for shareholders. </li> <li style="margin-left:-20px">Issuer risk, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. </li></ul>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information on the risks of investing in the Fund please see the "Fund details" section in the Prospectus. <b>Performance</b> 0.007 0.0027 0.0097 <b>Annual total returns (%) as of December 31, 2011 <br/><br/>Small Capitalization Growth Investments<br/><br/>Calendar years ended December 31 <b>Fund's best and worst calendar quarters </b><br/><br/>Best: 25.27% in 4th quarter 2001<br/> Worst: (29.83)% in 3rd quarter 2001<br/> Year-to-date: 11.03% (through 3rd quarter 2012) <b>Average Annual Total Returns (for the periods ended<br/> December 31, 2011) </b> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.<br/><br/> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's benchmark is the Russell 2000<sup>&#174;</sup> Growth Index. This index represents companies in the Russell 2000<sup>&#174;</sup> Index with better than average growth orientation. The Russell 2000<sup>&#174;</sup> Index includes the smallest 2000 U.S. companies out of the Russell 3000<sup>&#174;</sup> universe. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper Small Cap Growth Funds Average. The Lipper Small Cap Growth Funds Average is comprised of funds that, by fund practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&amp;P SuperComposite 1500<sup>&#174;</sup> Index. Small cap growth securities normally have an above-average price-to-earnings ratio price-to-book ratio and three-year earnings growth figure, compared to the S&amp;P SmallCap 600<sup>&#174;</sup> Index. -0.136 -0.1354 -0.0819 -0.1214 -0.1238 -0.054 0.2031 -0.0439 -0.0538 -0.0472 -0.0393 -0.0442 0.0921 0.0218 0.1018 0.0183 0.0462 -0.2745 0.0391 0.0381 0.0467 0.0431 0.5378 0.165 1991-11-18 1991-11-18 1991-11-18 0.0191 1991-11-18 1991-11-18 Large Capitalization Growth Investments Capital appreciation. This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. -0.1756 0.4127 0.1696 0.1629 0.2415 0.0984 -0.4615 0.3896 0.1249 0.0191 -0.0119 0.0126 0.0498 0.0282 -0.136 0.0616 0.0276 0.0319 0.0754 0.0548 <b>Shareholder Fees (fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment <br/>advisory program)</b> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your <br/>investment)</b> 0.0655 0.0337 0.0364 0.0885 0.0727 294 901 1533 3233 <b>Investment objective</b> <b>Fund fees and expenses </b> 0.007 0.0021 <b>Examples</b> 0.0091 0.68 Loss of money is a risk of investing in the Fund. 0.02 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 66% of the average value of its portfolio. The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleShareholderFeesInternationalEquityInvestments column period compact * ~</div> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.morganstanley.com/cgcm Year-to-date: 2012-09-30 0.1103 Best: Loss of money is a risk of investing in the Fund. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's principal risks include: <ul type="square"><li style="margin-left:-20px">Market risk, which is the risk that stock prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. Market risk may affect a single company, sector of the economy or the market as a whole. </li><li style="margin-left:-20px">Equity risk, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole. </li><li style="margin-left:-20px">Investment style risk, which means small cap and/or value stocks could fall out of favor with investors and trail the performance of other types of investments.</li><li style="margin-left:-20px">Small cap risk, which refers to the fact that historically, small cap companies tend to be more vulnerable to adverse business and economic events, have been more sensitive to changes in earnings results and forecasts and investor expectations, and experience sharper swings in market values than larger, more established companies. At times, small cap stocks may be less liquid and harder to sell at prices the Sub-advisers believe are appropriate.</li><li style="margin-left:-20px">Foreign investment risk, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates. </li> <li style="margin-left:-20px">Emerging markets risk, emerging market countries generally are those countries that the International Bank for Reconstruction and Development (the World Bank) considers to be emerging or developing. In addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets. </li><li style="margin-left:-20px">Securities lending risk, which includes the potential insolvency of a borrower and losses due to the reinvestment of collateral received on loaned securities in investments that default or do not perform well. </li> <li style="margin-left:-20px">Manager risk, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.</li><li style="margin-left:-20px">Multi-manager risk, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a higher portfolio turnover rate, which can increase the Fund's transaction costs and more taxable short-term gains for shareholders. </li> <li style="margin-left:-20px">Issuer risk, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. </li></ul>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information on the risks of investing in the Fund please see the "Fund details" section in the Prospectus. 2001-12-31 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualFundOperatingExpensesInternationalEquityInvestments column period compact * ~</div> 0.2527 1998-07-13 1998-07-13 Worst: 1998-07-13 1998-07-13 1998-07-13 2001-09-30 -0.2983 The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in the equity securities of small capitalization (or "cap") companies or in other investments with similar economic characteristics. The Fund defines small cap companies as companies with market caps not exceeding $3 billion or the highest month-end market cap value of any stock in the Russell 2000<sup>&#174;</sup> Value Index for the previous 12 months, whichever is greater. The Fund may invest up to 10% of its assets in foreign securities, including emerging markets securities. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance. <br /><br />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedInternationalEquityInvestments column period compact * ~</div> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Principal risks of investing in the Fund </b> Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Emerging Markets Equity Investments <b>Investment objective </b> <b>Fund fees and expenses </b> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper Small Cap Growth Funds Average. <b>Shareholder Fees (fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment <br/>advisory program) </b> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your <br/>investment) </b> <b>Examples </b> <b>Principal investment strategies</b> <b>Portfolio turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 40% of the average value of its portfolio. <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualTotalReturnsInternationalEquityInvestmentsBarChart column period compact * ~</div> These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The figures are based off of total annual Fund operating expenses including the maximum annual fee for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.02 <b>Principal investment strategies </b> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAverageAnnualTotalReturnsTransposedInternationalEquityInvestments column period compact * ~</div> The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of issuers located in emerging markets countries, which are generally defined as countries that may be represented in a market index such as the MSCI Emerging Markets Index or having per capita income in the low to middle ranges, as determined by the World Bank. To diversify its investments, the Fund invests primarily in securities of issuers located in at least three foreign countries. The Fund also may invest a portion of its assets in closed-end investment companies that invest in emerging markets. The Fund may attempt to hedge against unfavorable changes in currency exchange rates by engaging in forward currency transactions and trading currency futures contracts and options on these futures. However, a Sub-adviser may choose not to, or may be unable to, hedge the Fund's currency exposure. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. <b>Principal risks of investing in the Fund </b> 0.008 0.0018 0.0098 Loss of money is a risk of investing in the Fund.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's principal risks include:<ul type="square"><li style="margin-left:-20px">Market risk, which is the risk that stock prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. Market risk may affect a single company, sector of the economy or the market as a whole.</li><li style="margin-left:-20px">Equity risk, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole.</li><li style="margin-left:-20px">Foreign investment risk, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.</li><li style="margin-left:-20px">Emerging markets risk, emerging markets countries, which are generally defined as countries that may be represented in a market index such as the MSCI Emerging Markets Index or having per capita income in the low to middle ranges, as determined by the World Bank. In addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets.</li><li style="margin-left:-20px">Currency risk, which refers to the risk that as a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged.</li><li style="margin-left:-20px">Forwards and futures risk, which means that the Fund's use of forwards and futures to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Even a small investment in forward or futures contracts can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using forward and futures can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in forward or futures contracts if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. Investing in forward and futures contracts can also make the Fund's assets less liquid and harder to value, especially in declining markets. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.</li><li style="margin-left:-20px">Closed-end investment company risk, which means that since closed-end investment companies issue a fixed number of shares they typically trade on a stock exchange or over-the-counter at a premium or discount to their net asset value per share.</li><li style="margin-left:-20px">Securities lending risk, which includes the potential insolvency of a borrower and losses due to the reinvestment of collateral received on loaned securities in investments that default or do not perform well.</li><li style="margin-left:-20px">Manager risk, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.</li><li style="margin-left:-20px">Multi-manager risk, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a higher portfolio turnover rate, which can increase the Fund's transaction costs and more taxable short-term gains for shareholders.</li><li style="margin-left:-20px">Issuer risk, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.</li></ul>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information on the risks of investing in the Fund please see the "Fund details" section in the Prospectus. International Equity Investments <b>Performance </b> The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/cgcm. <b>Investment objective</b> <b>Annual total returns (%) as of December 31, 2011 <br/><br/>Emerging Markets Equity Investments<br/><br/>Calendar years ended December 31 </b> Capital appreciation. This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. <b>Fund's best and worst calendar quarters </b><br/><br/>Best: 32.91% in 2nd quarter 2009 <br/>Worst: (29.44)% in 3rd quarter 2008 <br/>Year-to-date: 12.05% (through 3rd quarter 2012) <b>Investment objective</b> <b>Fund fees and expenses</b> 301 <b>Fund fees and expenses</b> <b>Examples</b> 921 <b>Performance</b> <b>Annual total returns (%) as of December 31, 2011<br/><br/>Small Capitalization Value Equity Investments<br/><br/>Calendar years ended December 31</b> 1567 3299 <b>Average Annual Total Returns (for the periods ended <br/>December 31, 2011) </b> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's benchmark is the MSCI Emerging Markets Index. The benchmark is composed of equity total returns of countries with low to middle per capita incomes, as determined by the World Bank. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper Emerging Markets Funds Average. The Lipper Emerging Markets Funds Average is comprised of funds that, by fund practice, seek long-term capital appreciation by investing at least 65% of their total assets in emerging market equity securities, where "emerging market" is defined by a country's gross national product per capita or other economic measures. <b>Shareholder Fees (fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment<br/> advisory program) </b> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your <br/>investment) </b> <b>Examples</b> <b>Average Annual Total Returns (for the periods ended<br/>December 31, 2011)</b> These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The figures are calculated based upon total annual Fund operating expenses including the maximum annual fee for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 75% of the average value of its portfolio. <b>Portfolio turnover</b> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualTotalReturnsHighYieldInvestmentsBarChart column period compact * ~</div> -0.0726 <b>Principal investment strategies</b> The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in the equity securities of companies located outside the U.S. The Fund focuses on companies located in developed markets, but also may invest a portion of its assets in securities of companies located in emerging markets. The Fund intends to diversify its assets by investing primarily in securities of issuers located in at least three foreign countries. The Fund may attempt to hedge against unfavorable changes in currency exchange rates by engaging in forward currency transactions and trading currency futures contracts and options on these futures. However, a Sub-adviser may choose not to, or may be unable to, hedge the Fund's currency exposure. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. <b>Principal risks of investing in the Fund</b> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's benchmark is the Russell 2000<sup>&#174;</sup> Value Index. The benchmark represents stocks in the Russell 2000<sup>&#174;</sup> Index with less-than-average growth orientation. The Russell 2000<sup>&#174;</sup> Index is comprised of the smallest 2,000 U.S. stocks out of the Russell 3000<sup>&#174;</sup> universe. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper Small Cap Value Funds Average, which is comprised of funds that, by fund practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&amp;P SuperComposite 1500<sup>&#174;</sup> Index. Small cap value securities will normally have a below average price-to-earnings ratio, price-to-book ratio and three-year earnings growth figure, compared to the S&amp;P SmallCap 600<sup>&#174;</sup> Index. -0.0277 -0.0291 -0.0472 -0.0726 -0.0726 0.0167 0.0209 The ratio of Total Annual Operating Expenses in this table does not match the ratio found in the "Financial Highlights" section of this prospectus ("Expense Ratio") because the Expense Ratio reflects the current operating expenses of the Fund and does not include the ratio of acquired fund fees and expenses, which are expenses incurred indirectly by the Fund as a result of its investment in other funds. 0.013 0.0152 0.0152 0.0437 0.032 0.0448 0.0368 0.0368 <b>Fund's best and worst calendar quarters</b><br/><br/>Best: 24.90% in 3rd quarter 2009<br/>Worst: (23.94)% in 4th quarter 2008<br/>Year-to-date: 14.07% (through 3rd quarter 2012) 1991-11-18 1991-11-18 1991-11-18 1991-11-18 1991-11-18 0.4 Loss of money is a risk of investing in the Fund. The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. Loss of money is a risk of investing in the Fund. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's principal risks include: <ul type="square"><li style="margin-left:-20px">Market risk, which is the risk that stock prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. Market risk may affect a single company, sector of the economy or the market as a whole. </li><li style="margin-left:-20px">Equity risk, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole. </li><li style="margin-left:-20px">Foreign investment risk, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates. </li><li style="margin-left:-20px">Currency risk, which refers to the risk that as a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged. </li><li style="margin-left:-20px">Forwards and futures risk, which means that the Fund's use of forwards and futures to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Even a small investment in forward or futures contracts can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using forward and futures can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in forward or futures contracts if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. Investing in forward and futures contracts can also make the Fund's assets less liquid and harder to value, especially in declining markets. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.</li><li style="margin-left:-20px">Emerging markets risk, emerging market countries generally are those countries that the International Bank for Reconstruction and Development (the World Bank) considers to be emerging or developing. In addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets. </li><li style="margin-left:-20px"> Small and mid cap risk, which refers to the fact that historically, small and mid cap stocks tend to be more vulnerable to adverse business and economic events, more sensitive to changes in earnings results and forecasts and investor expectations and will experience sharper swings in market values than larger, more established companies. At times, small and mid cap stocks may be less liquid and harder to sell at prices the Sub-advisers believe are appropriate. </li><li style="margin-left:-20px"> Securities lending risk, which includes the potential insolvency of a borrower and losses due to the reinvestment of collateral received on loaned securities in investments that default or do not perform well.</li><li style="margin-left:-20px">Manager risk, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds. </li><li style="margin-left:-20px"> Multi-manager risk, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a higher portfolio turnover rate, which can increase the Fund's transaction costs and more taxable short-term gains for shareholders.</li><li style="margin-left:-20px"> Issuer risk, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. </li></ul>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information on the risks of investing in the Fund please see the "Fund details" section in the Prospectus. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. <b>Performance</b> www.morganstanley.com/cgcm <b>Annual total returns (%) as of December 31, 2011</b> <br/><br/><b>International Equity Investments</b><br/><br/><b>Calendar years ended December 31</b> High Yield Investments <b>Fund's best and worst calendar quarters </b><br/><br/>Best: 25.95% in 2nd quarter 2009 <br/>Worst: (23.14)% in 4th quarter 2008 <br/>Year-to-date: 10.38% (through 3rd quarter 2012) Best: <b>Average Annual Total Returns (for the periods ended<br/>December 31, 2011) </b> Maximum total return, consistent with preservation of capital and prudent investment management. This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. 0.3291 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 429% of the average value of its portfolio. 2009-06-30 0.008 0.0019 0.0099 Worst: 2008-09-30 -0.2944 Year-to-date: 2012-09-30 The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's benchmark is the MSCI EAFE<sup>&#174;</sup><sup> </sup>&#151; Capitalization Weighted Index ("MSCI EAFE<sup>&#174;</sup> Index"). The Benchmark is a composite portfolio of equity total returns for developed countries in Europe and the Far East and Australia and New Zealand. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper International Large-Cap Core Average. The Lipper International Large-Cap Core Average is comprised of funds that, by fund practice, invest at least 75% of their equity assets in companies strictly outside of the U.S., with market capitalizations (on a three-year weighted basis) greater than the 250th largest companies in the S&amp;P/Citigroup World ex-U.S. Broad Market<sup>&#174;</sup> Index ("BMI<sup>&#174;</sup>"). Large cap core securities typically have an average price-to-cash ratio, price-to-book ratio, and three year sales-per-year growth value, compared to S&amp;P/Citigroup World ex-U.S. BMI<sup>&#174;</sup>. 0.1205 <b>Investment Objective</b> A high level of current income primarily through investment in below-investment grade debt securities. The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Fund fees and expenses </b> Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper International Large-Cap Core Average. This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. -0.1325 <b>Shareholder Fees (fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment <br/>advisory program) </b> 0.4167 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleShareholderFeesSmallCapitalizationGrowthInvestments column period compact * ~</div> 0.236 In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your <br/>investment) </b> 0.0871 <b>Examples </b> 0.1784 These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The figures are calculated based upon total annual Fund operating expenses including the maximum annual fee for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be: -0.0193 Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. -0.289 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper Emerging Markets Funds Average. 0.3743 The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.2831 -0.0211 <b>Portfolio turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 101% of the average value of its portfolio. <b>Principal investment strategies </b> <b>Principal risks of investing in the Fund </b> Year-to-date: 2012-09-30 0.1038 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualFundOperatingExpensesSmallCapitalizationGrowthInvestments column period compact * ~</div> Best: 2009-06-30 0.2595 Worst: 2008-12-31 -0.0211 -0.0226 -0.0118 -0.055 -0.0546 -0.2314 0.0377 0.0284 0.0296 -0.0187 0.0006 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedSmallCapitalizationGrowthInvestments column period compact * ~</div> www.morganstanley.com/cgcm 0.02 The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. 0.0888 0.0719 These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> 0.0724 0.064 0.0706 The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. 1991-11-18 1991-11-18 1991-11-18 1991-11-18 1991-11-18 Loss of money is a risk of investing in the Fund. 0.75 Municipal Bond Investments <b>Investment objective </b> A high level of interest income that is excluded from federal income taxation, to the extent consistent with prudent investment management and the preservation of capital. <b>Fund fees and expenses</b> This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. <b>Shareholder Fees (fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment<br/> advisory program)</b> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your<br/> investment)</b> <b>Examples </b> <b>Portfolio turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio. <b>Principal investment strategies</b> The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in tax exempt general obligation, revenue and private activity bonds and notes, which are issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies and instrumentalities (including Puerto Rico, the Virgin Islands and Guam). Tax-exempt means that the bonds pay interest that is excluded from gross income for regular federal income tax purposes but such bonds may pay income that is subject to the Alternative Minimum Tax. The Fund's investments generally include municipal obligations with a full range of maturities and broad issuer and geographic diversification.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Credit quality.</b> The Fund limits its investments to municipal obligations that are rated investment grade or higher by a nationally recognized statistical rating organization, or, if unrated, of equivalent quality as determined by the Sub-adviser.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Duration.</b> The Fund's average duration is typically maintained at 90-110% of the average benchmark duration, which is the average duration of all the constituent bonds in the Barclays Capital Municipal Bond Index, the Fund's benchmark. The Sub-adviser seeks to target the average duration of the benchmark which varies over time and may be impacted by market conditions. Duration is an approximate measure of the sensitivity of the market value of the portfolio holdings to changes in interest rates. The Fund is generally composed of securities having a full range of maturities. Maturity means the date on which the principal amount of a debt security is due and payable. Individual investments may be of any maturity. <b>Principal risks of investing in the Fund</b> Loss of money is a risk of investing in the Fund.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's principal risks include: <ul type="square"><li style="margin-left:-20px"> Market risk, which is the risk that municipal bond prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. Market risk may affect a single company, sector of the economy or the market as a whole.</li><li style="margin-left:-20px">Interest rate risk, which is the risk that interest rates rise and fall over time. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.</li><li style="margin-left:-20px">Credit risk, which means the Fund is subject to the risk that a decline in the credit quality of an investment could cause the Fund to lose money. Although the Fund invests primarily in investment grade securities, the Fund could lose money if the issuer or guarantor of a portfolio security fails to make timely payment or otherwise honor its obligations.</li><li style="margin-left:-20px">Prepayment and extension risks, which means a debt obligation may be paid off earlier or later than expected. Either situation could cause the Fund to hold securities paying lower-than-market rates of interest, which could hurt the Fund's yield or share price.</li><li style="margin-left:-20px"> Municipal securities risk, which includes risks that new federal or state legislation or Internal Revenue Service determinations may adversely affect the tax-exempt status of securities held by the Fund or the financial ability of the municipalities to repay these obligations. Additionally, issuers of municipal obligations may not be able to make timely payments because of general economic downturns or increased governmental costs.</li><li style="margin-left:-20px">Liquidity risk, exists when securities are difficult or impossible for the Fund to sell at the time and the price that the Fund would like due to a limited market or to legal restrictions. These securities may also need to be fair valued.</li><li style="margin-left:-20px">Taxation risk, which means the possibility that some of the Fund's income distributions may be, and distributions of the Fund's gains may be, subject to federal taxation. The Fund may realize taxable gains on the sale of its securities or other transactions, and some of the Fund's income distributions may be subject to the federal alternative minimum tax. This may result in a lower tax-adjusted return. Additionally, distributions of the Fund's income and gains generally will be subject to state taxation.</li><li style="margin-left:-20px">Manager risk, which is the risk that poor security selection by the Sub-adviser will cause the Fund to underperform relevant benchmarks or other investments with similar strategies. This risk is common for all actively managed funds.</li><li style="margin-left:-20px">Issuer risk, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.</li></ul>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information on the risks of investing in the Fund please see the "Fund details" section in the Prospectus. <b>Performance</b> The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above).<b> The performance information in the bar chart and table below does not reflect this fee, which would reduce your return. </b>The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/cgcm. These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The figures are calculated based upon total annual Fund operating expenses including the maximum annual fee for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio turnover</b> <b>Average Annual Total Returns (for the periods ended<br/> December 31, 2011)</b> <b>Annual total returns (%) as of December 31, 2011<br/><br/> Municipal Bond Investments<br/><br/>Calendar years ended December 31</b> <b>Fund's best and worst calendar quarters</b><br/><br/> Best: 6.67% in 3rd quarter 2009<br/>Worst: (4.74)% in 4th quarter 2010<br/>Year-to-date: 4.57% (through 3rd quarter 2012) 0.02 <b>Principal investment strategies </b> The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of large capitalization (or "cap") companies or in other investments with similar economic characteristics. The Fund defines large cap companies as companies whose market capitalizations typically fall within the range of the Russell 1000<sup>&#174;</sup> Growth Index, which ranged from approximately $60.3 Million to $564.7 Billion as of November 30, 2012. The market capitalization of the companies in large-cap market indices and the Fund's portfolio changes over time. The Fund may invest up to 10% of its assets in the securities of foreign issuers that are not traded on a U.S. exchange or the U.S. over-the-counter market. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. <b>Principal risks of investing in the Fund</b> Loss of money is a risk of investing in the Fund. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's principal risks include: <ul type="square"><li style="margin-left:-20px">Market risk, which is the risk that stock prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. Market risk may affect a single company, sector of the economy or the market as a whole. </li><li style="margin-left:-20px">Equity risk, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole. </li><li style="margin-left:-20px">Investment style risk, which means large cap and/or growth stocks could fall out of favor with investors and trail the performance of other types of investments.</li><li style="margin-left:-20px">Foreign investment risk, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates. </li><li style="margin-left:-20px">Securities lending risk, which includes the potential insolvency of a borrower and losses due to the reinvestment of collateral received on loaned securities in investments that default or do not perform well.</li><li style="margin-left:-20px">Manager risk, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.</li><li style="margin-left:-20px">Multi-manager risk, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a higher portfolio turnover rate, which can increase the Fund's transaction costs and more taxable short-term gains for shareholders.</li><li style="margin-left:-20px">Issuer risk, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.</li></ul>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information on the risks of investing in the Fund please see the "Fund details" section in the Prospectus. The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's primary benchmark is the Barclays Capital Municipal Bond Index. The benchmark is a composite measure of the total return performance of the municipal bond market. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper General &amp; Insured Municipal Debt Funds Average. The Lipper General &amp; Insured Municipal Debt Funds Average is comprised of funds that, by fund practice, invest in municipal debt issues in the top four credit ratings as determined by a nationally recognized statistical rating organization. <b>Performance</b> The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above).<b> The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/cgcm. <b>Annual total returns (%) as of December 31, 2011</b><br/><br/><b>Large Capitalization Growth Investments <br/><br/>Calendar years ended December 31</b> <b>Fund's best and worst calendar quarters </b><br/><br/>Best: 19.27% in 4th quarter 2001 <br/>Worst: (24.61)% in 4th quarter 2008 <br/>Year-to-date: 17.61% (through 3rd quarter 2012) <b>Average Annual Total Returns (for the periods ended December 31, 2011) </b> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's benchmark is the Russell 1000<sup>&#174;</sup> Growth Index. The benchmark is comprised of those Russell 1000<sup>&#174;</sup> Index securities with greater than average growth orientation. The Russell 1000<sup>&#174;</sup> Index is composed of the 1,000 largest U.S. companies by market capitalization. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper Large Cap Growth Funds Average. The Lipper Large Cap Growth Funds Average is comprised of funds that, by fund practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&amp;P SuperComposite 1500<sup>&#174;</sup> Index. Large cap growth securities will normally have an above-average price-to-earnings ratio, price-to-book ratio and three-year earnings growth figure, compared to the S&amp;P 500<sup>&#174;</sup> Index. 0.26 Loss of money is a risk of investing in the Fund. 0.66 0.0107 Loss of money is a risk of investing in the Fund. 0.0001 The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above).<b> The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> 0.0016 The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. 0.009 www.morganstanley.com/cgcm www.morganstanley.com/cgcm Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper Large Cap Growth Funds Average. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 309 945 1606 3374 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper General &amp; Insured Municipal Debt Funds Average. 0.24 Loss of money is a risk of investing in the Fund. -0.0849 The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. 0.5439 These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. 0.228 www.morganstanley.com/cgcm 0.3318 0.3077 The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.02 0.3883 Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.004 0.0017 -0.5505 0.0057 0.7159 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper Small Cap Value Funds Average, which is comprised of funds that, by fund practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&amp;P SuperComposite 1500<sup>&#174;</sup> Index. 0.1943 -0.1982 260 799 1365 2905 0.02 Year-to-date: 2012-09-30 0.1407 Best: 0.006 2009-09-30 0.249 Worst: -0.1982 -0.2003 2008-12-31 -0.1239 -0.1842 -0.2021 -0.2394 0.0009 0.0069 0.005 -0.0014 0.0035 0.024 0.0046 0.1197 0.1148 0.1064 0.1386 0.1314 272 1994-04-21 1994-04-21 1994-04-21 1994-04-21 835 1425 3022 -0.3161 0.3812 0.1022 0.0886 0.0456 0.1657 -0.4147 0.3816 0.1698 -0.0253 -0.0253 -0.0261 -0.0154 0.0264 -0.0181 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualFundOperatingExpensesSmallCapitalizationValueEquityInvestments column period compact * ~</div> 0.0145 0.0126 0.0118 0.025 0.0108 0.0244 0.0235 0.0208 0.026 0.0202 1991-11-18 1991-11-18 1991-11-18 1991-11-18 1991-11-18 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualTotalReturnsSmallCapitalizationValueEquityInvestmentsBarChart column period compact * ~</div> 0.0976 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAverageAnnualTotalReturnsTransposedSmallCapitalizationGrowthInvestments column period compact * ~</div> 0.0524 0.0409 0.024 0.0422 0.0291 -0.0297 0.123 0.0173 0.1048 These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The figures are calculated based upon total annual Fund operating expenses including the maximum annual fee for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments. Fixed income instruments include securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises (Note that securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury); corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper; mortgage-backed and other asset-backed securities; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or "indexed" securities and event-linked bonds; loan participations and assignments; delayed funding loans and revolving credit facilities; bank certificates of deposit, fixed time deposits and bankers' acceptances; repurchase agreements on fixed income instruments and reverse repurchase agreements on fixed income instruments; debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities. The Fund may invest in derivatives based on fixed income instruments, including futures, forwards, options, swaps, and swaptions, and may use other investment techniques such as mortgage dollar rolls, buy-backs and securities lending to earn additional income. The Fund also may engage in short sales. Investments may be structured to provide all types of interest rate payments, including fixed, variable, floating, inverse, zero or interest only rates of interest. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest in currency spot and forward transactions for the purpose of active currency exposure. Foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) normally will be limited to 20% of the Fund's total assets. The Fund may invest up to 15% in emerging market securities. The Fund may also invest up to 5% of its total asset in convertibles and 10% of its total assets in preferred stocks. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help fund performance.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Credit quality.</b> The Fund invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in noninvestment grade securities (sometimes called "high yield securities" or "junk bonds") rated CCC- or higher by Moody's, or equivalently rated by S&amp;P or Fitch, or, if unrated, determined by the Sub-advisers to be of comparable quality.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Duration.</b> The Fund's average portfolio duration normally ranges within two years (plus or minus) of the duration of the benchmark. Duration is an approximate measure of the sensitivity of the market value of the Fund's holdings to changes in interest rates. Maturity means the date on which the principal amount of a debt security is due and payable. Individual investments may be of any maturity.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. Loss of money is a risk of investing in the Fund.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's principal risks include:<ul type="square"><li style="margin-left:-20px">Market risk, which is the risk that bond prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. Market risk may affect a single company, sector of the economy or the market as a whole. </li><li style="margin-left:-20px">Interest rate risk, which is the risk that interest rates rise and fall over time. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares. </li><li style="margin-left:-20px">Credit risk, which means the Fund is subject to the risk that a decline in the credit quality of an investment could cause the Fund to lose money. Non-investment grade securities (sometimes called "high yield securities" or "junk bonds") involve greater risks of default or downgrade, are more volatile and may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity, which could substantially adversely affect the market value of the securities. </li><li style="margin-left:-20px">Prepayment and extension risks, which means a debt obligation may be paid off earlier or later than expected. Either situation could cause the Fund to hold securities paying lower-than-market rates of interest, which could hurt the Fund's yield or share price.</li><li style="margin-left:-20px">Mortgage-backed securities risk, exists when the Fund invests in mortgage-backed securities, which represent an interest in a pool of mortgages. Mortgage backed securities are subject to prepayment and extension risk as well as the risk that underlying borrowers will be unable to meet their obligations.</li><li style="margin-left:-20px">Asset-backed securities risk, exists when the Fund invests in asset-backed securities which are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. Asset-backed securities are subject to many of the same risks as mortgage-backed securities including prepayment and extension risk. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited. </li><li style="margin-left:-20px">Portfolio turnover risk, Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities.</li><li style="margin-left:-20px">Liquidity risk, exists when securities are difficult or impossible for the Fund to sell at the time and the price that the Fund would like due to a limited market or to legal restrictions. These securities may also need to be fair valued. </li><li style="margin-left:-20px">Derivatives risk, which means that the Fund's use of futures, forwards, options, swaps and swaptions to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Even a small investment in futures, forwards, options, swaps and swaptions can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using futures, forwards, options, swaps and swaptions can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in futures, forwards, options, swaps and swaptions if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain futures, forwards, options, swaps and swaptions presents the same types of credit risks as issuers of fixed income securities. Investing in futures, forwards, options, swaps and swaptions can also make the Fund's assets less liquid and harder to value, especially in declining markets. </li><li style="margin-left:-20px">Leverage risk, which means the Fund's use of leverage may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities and cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to maintain asset coverage. </li><li style="margin-left:-20px">Foreign investment risk, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates. </li><li style="margin-left:-20px">Emerging markets risk, emerging market countries generally are those countries that the International Bank for Reconstruction and Development (the "World Bank") considers to be emerging or developing. In addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets. </li><li style="margin-left:-20px">Currency risk, which refers to the risk that as a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged.</li><li style="margin-left:-20px">Short sale risk, selling short may produce higher than normal portfolio turnover, result in increased transaction costs and magnify the potential for both gain and loss to the Fund. In addition, because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, the Fund's loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot drop below zero. </li><li style="margin-left:-20px">Securities lending risk, which includes the potential insolvency of a borrower and losses due to the reinvestment of collateral received on loaned securities in investments that default or do not perform well. </li><li style="margin-left:-20px">Delayed funding loans and revolving credit facilities risk, the Fund's investments in delayed funding loans and revolving credit facilities may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so. Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender. </li><li style="margin-left:-20px">Event-linked exposure risk, event-linked exposure results in gains or losses that typically are contingent, or formulaically related to defined trigger events such as hurricanes, earthquakes, weather-related phenomena, or statistics relating to such events. If a trigger event occurs, a Fund may lose a portion of or the entire principal investment in the case of a bond or a portion of or the entire notional amount in the case of a swap. Event-linked exposure instruments often provide for an extension of maturity to process and audit loss claims where a trigger event has, or possibly has, occurred, such extension of maturity may increase volatility. Event-linked exposure may also expose a Fund to liquidity risk and certain unanticipated risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences. </li><li style="margin-left:-20px">Manager risk, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds. </li><li style="margin-left:-20px">Multi-manager risk, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a higher portfolio turnover rate, which can increase the Fund's transaction costs and more taxable short-term gains for shareholders. </li><li style="margin-left:-20px">Issuer risk, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.</li></ul>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information on the risks of investing in the Fund please see the "Fund details" section in the Prospectus. <b>Fund's best and worst calendar quarters</b> <br/><br/>Best: 7.00% in 3rd quarter 2009<br/>Worst: (2.30)% in 2nd quarter 2004<br/>Year-to-date: 7.02% (through 3rd quarter 2012) The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's benchmark is the Barclays Capital U.S. Aggregate Bond<sup>TM</sup> Index. The benchmark is composed of debt securities of the U.S. government and its agencies and publicly issued, fixed rate, non-convertible, investment-grade domestic corporate debt with at least one year remaining to maturity. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper Intermediate Investment Grade Debt Funds Average. The Lipper Intermediate Investment Grade Debt Funds Average is comprised of funds that, by fund practice, invest primarily in investment-grade debt issues rated in the top four grades by a nationally recognized statistical rating organization, with dollar-weighted average maturities of one to five years. 0.1048 0.0709 0.0461 0.107 0.106 0.0473 0.0311 0.0294 0.0522 0.0381 0.0492 0.041 0.0395 0.0538 0.0439 1991-11-18 1991-11-18 1991-11-18 1991-11-18 1991-11-18 Core Fixed Income Investments <b>Investment objective </b> <b>Fund fees and expenses </b> <b>Shareholder Fees (fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment<br/> advisory program)</b> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your<br/> investment) </b> <b>Examples </b> <b>Portfolio turnover </b> <b>Principal investment strategies</b> <b>Principal risks of investing in the Fund </b> Year-to-date: <b>Performance </b> <b>Annual total returns (%) as of December 31, 2011 <br/><br/>Core Fixed Income Investments <br/><br/>Calendar years ended December 31 </b> 2012-09-30 <b>Average Annual Total Returns (for the periods ended<br/> December 31, 2011) 0.1761 Best: <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualTotalReturnsEmergingMarketsEquityInvestmentsBarChart column period compact * ~</div> 2001-12-31 0.1927 Worst: 2008-12-31 -0.2461 Year-to-date: 2012-09-30 0.0457 Best: 2009-09-30 0.0667 Worst: 2010-12-31 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleShareholderFeesLargeCapitalizationGrowthInvestments column period compact * ~</div> -0.0474 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualFundOperatingExpensesLargeCapitalizationGrowthInvestments column period compact * ~</div> 4.29 Loss of money is a risk of investing in the Fund. The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedLargeCapitalizationGrowthInvestments column period compact * ~</div> These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.morganstanley.com/cgcm Year-to-date: 2012-09-30 0.0702 Best: 2009-09-30 0.07 Worst: 2004-06-30 -0.023 The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualTotalReturnsLargeCapitalizationGrowthInvestmentsBarChart column period compact * ~</div> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper Intermediate Investment Grade Debt Funds Average. <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAverageAnnualTotalReturnsTransposedLargeCapitalizationGrowthInvestments column period compact * ~</div> 0.02 0.004 0.0012 0.0052 The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in high yield fixed income securities of corporate issuers located in the United States rated below investment grade by two or more nationally recognized statistical rating organizations (commonly called "junk bonds"), or, if unrated, of equivalent quality as determined by the Sub-advisers. These securities include all types of debt obligations, such as corporate bonds and notes and collateralized mortgage obligations. The Fund may invest up to 20% of its assets in securities of issuers located in developed and emerging market foreign countries. The Fund also may invest up to 20% of its assets in equity and equity-related securities, including common stock, convertible securities, preferred stock, warrants and rights. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Credit quality.</b> The Fund invests primarily in high yield securities or junk bonds.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Duration.</b> The Fund's average duration ranges from two to six years. Duration is an approximate measure of the sensitivity of the market value of the Fund's holdings to changes in interest rates. Maturity means the date on which the principal amount of a debt security is due and payable. Individual securities may be of any maturity.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. Loss of money is a risk of investing in the Fund. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's principal risks include:<ul type="square"><li style="margin-left:-20px">Market risk, which is the risk that bond prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. Market risk may affect a single company, sector of the economy or the market as a whole.</li><li style="margin-left:-20px">Equity risk, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole.</li><li style="margin-left:-20px">Interest rate risk, which is the risk that interest rates rise and fall over time. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.</li><li style="margin-left:-20px">Credit risk, which means the Fund is subject to the risk that a decline in the credit quality of an investment could cause the Fund to lose money. Non-investment grade securities (sometimes called "high yield securities" or "junk bonds") involve greater risks of default or downgrade, are more volatile and may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity, which could substantially adversely affect the market value of the securities. </li><li style="margin-left:-20px">Prepayment and extension risks, which means a debt obligation may be paid off earlier or later than expected. Either situation could cause the Fund to hold securities paying lower-than-market rates of interest, which could hurt the Fund's yield or share price.</li><li style="margin-left:-20px">Mortgage-backed securities risk, exists when the Fund invests in mortgage-backed securities, which represent an interest in a pool of mortgages. Mortgage backed securities are subject to prepayment and extension risk as well as the risk that underlying borrowers will be unable to meet their obligations.</li><li style="margin-left:-20px">Asset-backed securities risk, exists when the Fund invests in asset-backed securities which are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. Asset-backed securities are subject to many of the same risks as mortgage-backed securities including prepayment and extension risk. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited.</li><li style="margin-left:-20px">Liquidity risk, exists when securities are difficult or impossible for the Fund to sell at the time and the price that the Fund would like due to a limited market or to legal restrictions. These securities may also need to be fair valued. </li><li style="margin-left:-20px">Foreign investment risk, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.</li><li style="margin-left:-20px">Emerging markets risk, emerging markets countries, which are generally defined as countries that may be represented in a market index such as the MSCI Emerging Markets Index or having per capita income in the low to middle ranges, as determined by the World Bank. In addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets. </li><li style="margin-left:-20px">Currency risk, which refers to the risk that as a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged. </li><li style="margin-left:-20px">Securities lending risk, which includes the potential insolvency of a borrower and losses due to the reinvestment of collateral received on loaned securities in investments that default or do not perform well.</li><li style="margin-left:-20px">Manager risk, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.</li><li style="margin-left:-20px">Multi-manager risk, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a higher portfolio turnover rate, which can increase the Fund's transaction costs and more taxable short-term gains for shareholders. </li><li style="margin-left:-20px">Issuer risk, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.</li></ul>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information on the risks of investing in the Fund please see the "Fund details" section in the Prospectus. <b>Performance </b> The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/cgcm. <b>Annual total returns (%) as of December 31, 2011<br/><br/>High Yield Investments<br/><br/>Calendar years ended December 31</b> 0.0696 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleShareholderFeesMunicipalBondInvestments column period compact * ~</div> <b>Fund's best and worst calendar quarters</b> <br/><br/>Best: 21.79% in 2nd quarter 2009 <br/>Worst: (19.89)% in 4th quarter 2008 <br/>Year-to-date: 11.99% (through 3rd quarter 2012) 0.0366 <b>Average Annual Total Returns (for the periods ended <br/>December 31, 2011) </b> 0.0417 The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's benchmark is the Barclays Capital High Yield Index, a broad-based market measure of high yield bonds, commonly known as "junk bonds." The benchmark is designed to mirror the investible universe of the dollar-denominated high yield debt market. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance to the Lipper High Current Yield Funds Average. The Lipper High Current Yield Funds Average is comprised of funds that, by Fund practice, aim at high current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower grade debt issues. 0.0228 0.0412 1.01 0.0727 0.0028 Loss of money is a risk of investing in the Fund. 0.1356 The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. 0.085 0.0642 These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> www.morganstanley.com/cgcm <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualFundOperatingExpensesMunicipalBondInvestments column period compact * ~</div> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0642 0.0496 Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.042 0.0784 0.063 0.0711 0.0503 0.0488 0.065 0.0562 0.0566 0.0381 0.0375 0.0578 0.0515 In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedMunicipalBondInvestments column period compact * ~</div> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance to the Lipper High Current Yield Funds Average. Best: 1991-11-18 1991-11-18 1991-11-18 1991-11-18 1991-11-18 0.2179 2009-06-30 Worst: -0.1989 2008-12-31 Year-to-date: 0.1199 2012-09-30 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualTotalReturnsMunicipalBondInvestmentsBarChart column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAverageAnnualTotalReturnsTransposedMunicipalBondInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleShareholderFeesLargeCapitalizationValueEquityInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualFundOperatingExpensesLargeCapitalizationValueEquityInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedLargeCapitalizationValueEquityInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAverageAnnualTotalReturnsTransposedLargeCapitalizationValueEquityInvestments column period compact * ~</div> Total return, consisting of capital appreciation and dividend income. This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The figures are calculated based upon total annual Fund operating expenses including the maximum annual fee for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 32% of the average value of its portfolio. <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualTotalReturnsCoreFixedIncomeInvestmentsBarChart column period compact * ~</div> Large Capitalization Value Equity Investments <b>Investment objective</b> <b>Fund fees and expenses </b> <b>Shareholder Fees (fees paid directly from your investment in the applicable Morgan Stanley-sponsored<br/>investment advisory program)</b> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of<br/>your investment) </b> <b>Examples </b> <b>Portfolio turnover</b> <b>Principal investment strategies</b> The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in the equity securities of large capitalization (or "cap") companies or in other investments with similar economic characteristics. The Fund defines large cap companies as companies whose market capitalizations typically fall within the range of the Russell 1000<sup>&#174;</sup> Value Index, which ranged from approximately $26.6 million to $423.7 billion as of November 30, 2012. The market capitalization of the companies in large-cap market indices and the Fund's portfolio changes over time. The Fund may invest up to 10% of its assets in the securities of foreign issuers that are not traded on a U.S. exchange or the U.S. over-the-counter market. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.<br/><br/> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. <b>Principal risks of investing in the Fund </b> Loss of money is a risk of investing in the Fund. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's principal risks include: <ul type="square"><li style="margin-left:-20px">Market risk, which is the risk that stock prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. Market risk may affect a single company, sector of the economy or the market as a whole. </li><li style="margin-left:-20px">Equity risk, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole. </li><li style="margin-left:-20px">Investment style risk, which means large cap and/or value stocks could fall out of favor with investors and trail the performance of other types of investments. </li><li style="margin-left:-20px">Foreign investment risk, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates. </li><li style="margin-left:-20px">Securities lending risk, which includes the potential insolvency of a borrower and losses due to the reinvestment of collateral received on loaned securities in investments that default or do not perform well.</li><li style="margin-left:-20px">Manager risk, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.</li><li style="margin-left:-20px">Multi-manager risk, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a higher portfolio turnover rate, which can increase the Fund's transaction costs and more taxable short-term gains for shareholders.</li><li style="margin-left:-20px">Issuer risk, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.</li></ul>For more information on the risks of investing in the Fund please see the "Fund details" section in the Prospectus. <b>Performance </b> The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above).<b> The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/cgcm. <b>Annual total returns (%) as of December 31, 2011</b><br/><br/><b>Large Capitalization Value Equity Investments <br/><br/>Calendar years ended December 31</b> <b>Fund's best and worst calendar quarters </b><br/><br/>Best: 18.13% in 2nd quarter 2009 <br/>Worst: (22.03)% in 4th quarter 2008 <br/>Year-to-date: 11.43% (through 3rd quarter 2012) <b>Average Annual Total Returns (for the periods ended December 31, 2011) </b> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's benchmark is the Russell 1000<sup>&#174;</sup> Value Index. The benchmark represents the stocks in the Russell 1000<sup>&#174;</sup> Index with less than average growth orientation. The Russell 1000<sup>&#174;</sup> Index includes the 1,000 largest U.S. companies by market capitalization. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper Large Cap Value Funds Average. The Lipper Large Cap Value Funds Average is comprised of funds that, by fund practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&amp;P SuperComposite 1500<sup>&#174;</sup> Index. Large cap value securities typically have a below-average price-to-earnings ratio, price-to-book ratio and three-year sales-per-share growth value, compared to the S&amp;P 500<sup>&#174;</sup> Index. 0.32 Loss of money is a risk of investing in the Fund. The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above).<b> The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.morganstanley.com/cgcm The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper Large Cap Value Funds Average. 0.02 0.006 0.0009 0.0069 272 835 1425 3022 -0.2055 0.2823 0.1236 0.0707 0.209 0.0035 -0.3872 0.227 0.1333 0.0097 0.0097 0.0108 0.0064 0.0039 -0.0189 -0.0289 -0.0382 -0.0273 -0.0264 -0.0248 0.0249 0.0161 0.0186 0.0389 0.0292 1991-11-18 1991-11-18 1991-11-18 1991-11-18 -0.3117 0.4724 0.1069 0.0839 0.0943 0.1088 -0.4311 0.409 0.3084 Best: 2009-06-30 0.1813 Worst: 2008-12-31 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualTotalReturnsSmallCapitalizationGrowthInvestmentsBarChart column period compact * ~</div> -0.2203 Year-to-date: 2012-09-30 0.1143 The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/cgcm. <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualTotalReturnsLargeCapitalizationValueEquityInvestmentsBarChart column period compact * ~</div> Money Market Investments <b>Investment objective </b> To provide maximum current income to the extent consistent with the maintenance of liquidity and the preservation of capital. <b>Fund fees and expenses </b> This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. <b>Shareholder Fees (fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment<br/> advisory program)</b> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your <br/>investment) </b> <b>Examples </b> These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The figures are calculated based upon total annual Fund operating expenses including the maximum annual fee for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Principal investment strategies</b> The Fund invests exclusively in high-quality, short-term U.S. dollar denominated money market investments issued by U.S. and foreign issuers; provided that all such investments meet the requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended ("1940 Act"), at the time of acquisition.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Credit quality.</b> The Fund invests exclusively in high quality securities, generally those that are in the top two tiers of credit quality.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Maturity.</b> Individual securities must have remaining maturities of 397 days or less. Maturity means the date on which the principal amount of debt security is due and payable. The Fund maintains an average dollar-weighted portfolio maturity of 60 days or less. <b>Principal risks of investing in the Fund</b> Loss of money is a risk of investing in the Fund.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's principal risks include:<ul type="square"><li style="margin-left:-20px">Interest rate risk, which is the risk that interest rates rise and fall over time. As the yields of the underlying investments change over time, the Fund's yield will change. The longer the Fund's maturity, the more sensitive it will be to interest rate movements. During periods when interest rates are low, the Fund's yield will be low. During times of extreme financial crisis, the Federal Reserve may lower interest rates to very low levels, thereby exacerbating this risk.</li><li style="margin-left:-20px">Credit risk, which means the Fund is subject to the risk that a decline in the credit quality of an investment could cause the Fund to lose money. Although the risk of default generally is considered unlikely (even among foreign investments, which carry additional risks), any default on the part of a Fund investment could cause the Fund's share price or yield to fall. The additional risks of foreign investments are due to reasons ranging from a lack of issuer information to the risk of political uncertainties. Securities issued by certain agencies and instrumentalities of the U.S. government are not guaranteed by the U.S. government and are supported solely by the credit of the instrumentality. The credit quality of the securities held by the Fund can change rapidly in certain market environments, and the default of a single holding could have the potential to cause significant deterioration of the Fund's net asset value. <b>YOUR INVESTMENT IS NOT A BANK DEPOSIT. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.</b></li><li style="margin-left:-20px">Liquidity risk, which is when there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities may fall dramatically, potentially lowering the Fund's share price, even during periods of declining interest rates. Also, during such periods, redemptions by a few large investors in the Fund may have a significant adverse effect on the Fund's net asset value and remaining Fund shareholders.</li><li style="margin-left:-20px">Manager risk, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.</li><li style="margin-left:-20px">Regulatory risk, the SEC and other regulators may adopt additional money market fund regulation in the future, which may significantly impact the operation and performance of the Fund and the money market fund industry as a whole.</li><li style="margin-left:-20px">Issuer risk, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.</li></ul>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information on the risks of investing in the Fund please see the "Fund details" section in the Prospectus. <b>Performance</b> The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above).<b> The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/cgcm. <b>Annual total returns (%) as of December 31, 2011</b><br/><br/> <b>Money Market Investments</b> <br/><br/><b>Calendar years ended December 31</b> <b>Fund's best and worst calendar quarters</b><br/><br/>Best: 1.29% in 1st quarter 2001<br/>Worst: 0.00% 2nd quarter 2011<br/>Year-to-date: 0.01% (through 3rd quarter 2012) <b>Average Annual Total Returns (for the periods ended<br/> December 31, 2011)</b> The Fund's 7-day yield as of December 31, 2011 was 0.08%.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's benchmark is the rate of return reflected in the 90-day Treasury Bill Index. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, the Fund compares its performance to the Lipper Money Market Funds Average. The Lipper Money Market Funds Average is comprised of the 30 largest funds in the Lipper Money Market Funds Category. These funds invest in high quality financial instruments rated in top two grades with dollar-weighted average maturities of less than 90 days. Beginning in 2012, the Fund determined to use the Lipper Money Market Funds Average in lieu of the Lipper US Government Money Market Funds Average as the Fund's secondary benchmark because the Adviser believes it provides a better comparison to the Fund. Returns of both Lipper indices are provided in the table above. <b>An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.</b> <b> Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund. </b> The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> www.morganstanley.com/cgcm The Fund's 7-day yield as of December 31, 2011 was 0.0008 The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Additionally, the Fund compares its performance to the Lipper Money Market Funds Average. 0.02 0.0008 0.0015 International Fixed Income Investments 0.0023 <b>Investment objective</b> Maximize current income, consistent with the protection of principal. <b>Fund fees and expenses</b> This table describes the fees and expenses you may pay if you buy and hold shares of the Fund. <b>Shareholder Fees (fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment<br/> advisory program)</b> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your <br/>investment)</b> <b>Examples</b> These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The figures are calculated based upon total annual Fund operating expenses including the maximum annual fee for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 226 <b>Portfolio turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transactions costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the above examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 223% of the average value of its portfolio. 697 <b>Principal investment strategies</b> The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in non-U.S. dollar-denominated fixed income instruments. The Fund invests primarily in fixed income instruments of issuers located in at least three countries, including the U.S. Up to 15% of the Fund's total assets may be invested in fixed income securities of issuers located in emerging markets countries. The fixed income instruments in which the Fund may invest include securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises (Note that securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury); corporate debt securities of U.S. and non-U.S. issuers, including preferred and convertible securities and corporate commercial paper; mortgage-backed and other asset-backed securities; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or "indexed" securities and event-linked bonds; loan participations and assignments; delayed funding loans and revolving credit facilities; bank loans; bank certificates of deposit, fixed time deposits and bankers' acceptances; repurchase agreements on fixed income instruments and reverse repurchase agreements on fixed income instruments; debt securities issued by foreign sovereigns, states or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities. The Fund may invest in derivatives based on fixed income instruments including futures, forwards, options, swaps, and swaptions and may use other investment techniques such as mortgage dollar rolls, buy-backs and securities lending to earn additional income. The Fund also may engage in short sales and invest in privately placed securities. Investments may be structured to provide all types of interest rate payments, including fixed, variable, floating, inverse, zero or interest only rates of interest. The Fund may invest in currency spot and forward transactions for the purpose of active currency exposure. Foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) normally will be limited to 30% of the Fund's total assets. The Fund may also invest up to 5% of its total asset in convertibles and 10% of its total assets in preferred stocks. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Credit Quality.</b> The Fund invests primarily in investment grade debt securities, but may invest up to 15% of its total assets in non-investment grade securities (sometimes called "high yield securities" or "junk bonds") rated CCC- or higher by Moody's, or equivalently rated by S&amp;P or Fitch, or, if unrated, determined by the Sub-adviser to be of comparable quality.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Duration.</b> The Fund's average portfolio duration normally ranges within two years (plus or minus) of the duration of the benchmark index. Duration is an approximate measure of the sensitivity of the market value of the Fund's holdings to changes in interest rates. Maturity means the date on which the principal amount of a debt security is due and payable. The Fund may invest in individual securities of any maturity. 1195 <b>Principal risks of investing in the Fund</b> 2565 Loss of money is a risk of investing in the Fund.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's principal risks include:<br/><ul><li style="margin-left:-20px">Market risk, which is the risk that bond prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. Market risk may affect a single company, sector of the economy or the market as a whole.</li><li style="margin-left:-20px">Interest rate risk, which is the risk that interest rates rise and fall over time. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.</li><li style="margin-left:-20px">Portfolio turnover risk, Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities.</li><li style="margin-left:-20px">Credit risk, which means the Fund is subject to the risk that a decline in the credit quality of an investment could cause the Fund to lose money. Non-investment grade securities (sometimes called "high yield securities" or "junk bonds") involve greater risks of default or downgrade, are more volatile and may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity, which could substantially adversely affect the market value of the securities.</li><li style="margin-left:-20px">Prepayment and extension risks, which means a debt obligation may be paid off earlier or later than expected. Either situation could cause the Fund to hold securities paying lower-than-market rates of interest, which could hurt the Fund's yield or share price.</li><li style="margin-left:-20px">Mortgage-backed securities risk, exists when the Fund invests in mortgage-backed securities, which represent an interest in a pool of mortgages. Mortgage backed securities are subject to prepayment and extension risk as well as the risk that underlying borrowers will be unable to meet their obligations.</li><li style="margin-left:-20px">Asset-backed securities risk, exists when the Fund invests in asset-backed securities which are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. Asset-backed securities are subject to many of the same risks as mortgage-backed securities including prepayment and extension risk. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited.</li><li style="margin-left:-20px">Derivatives risk, which means that the Fund's use of futures, forwards, options, swaps and swaptions to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Even a small investment in futures, forwards, options, swaps and swaptions can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using futures, forwards, options, swaps and swaptions can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in futures, forwards, options, swaps and swaptions if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain futures, forwards, options, swaps and swaptions presents the same types of credit risks as issuers of fixed income securities. Investing in futures, forwards, options, swaps and swaptions can also make the Fund's assets less liquid and harder to value, especially in declining markets.</li><li style="margin-left:-20px">Delayed funding loans and revolving credit facilities risk, the Fund's investments in delayed funding loans and revolving credit facilities may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so. Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender.</li><li style="margin-left:-20px">Event-linked exposure risk, event-linked exposure results in gains or losses that typically are contingent, or formulaically related to defined trigger events such as hurricanes, earthquakes, weather-related phenomena, or statistics relating to such events. If a trigger event occurs, a Fund may lose a portion of or the entire principal investment in the case of a bond or a portion of or the entire notional amount in the case of a swap. Event-linked exposure instruments often provide for an extension of maturity to process and audit loss claims where a trigger event has, or possibly has, occurred, such extension of maturity may increase volatility. Event-linked exposure may also expose a Fund to liquidity risk and certain unanticipated risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences.</li><li style="margin-left:-20px">Foreign investment risk, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.</li><li style="margin-left:-20px">Emerging markets risk, which refers to the fact that in addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets.</li><li style="margin-left:-20px">Currency risk, which refers to the risk that as a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged.</li><li style="margin-left:-20px">Short sale risk, selling short may produce higher than normal portfolio turnover, result in increased transaction costs and magnify the potential for both gain and loss to the Fund. In addition, because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, the Fund's loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot drop below zero.</li><li style="margin-left:-20px">Liquidity risk, exists when securities are difficult or impossible for the Fund to sell at the time and the price that the Fund would like due to a limited market or to legal restrictions. These securities may also need to be fair valued.</li><li style="margin-left:-20px">Non-diversification risk, which means that because the Fund is a "non-diversified" fund, it is permitted to invest in a limited number of issuers. To the extent the Fund invests in a limited number of issuers or countries, it is subject, to a greater extent, to the risks associated with those issuers or countries.</li><li style="margin-left:-20px">Securities lending risk, which includes the potential insolvency of a borrower and losses due to the reinvestment of collateral received on loaned securities in investments that default or do not perform well.</li><li style="margin-left:-20px">Manager risk, which is the risk that poor security selection by the Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.</li><li style="margin-left:-20px">Equity risk, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole.</li><li style="margin-left:-20px">Issuer risk, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.</li></ul>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information on the risks of investing in the Fund please see the "Fund details" section in the Prospectus. <b>Performance</b> The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above).<b> The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/cgcm. 0.0132 0.0064 0.0099 0.0261 0.0454 0.0481 0.019 0.0016 0.0084 0.0001 The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. 0.0001 0.0005 0.0002 0.0153 0.0121 0.0137 0.0177 0.0156 0.0178 1991-11-18 1991-11-18 1991-11-18 Year-to-date: 2012-09-30 0.0001 Best: 2001-03-31 0.0129 Worst: 2011-06-30 0 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualFundOperatingExpensesMoneyMarketInvestments column period compact * ~</div> <b>Annual total returns (%) as of December 31, 2011 <br/><br/>International Fixed Income Investments<br/><br/>Calendar years ended December 31</b> Fund's best and worst calendar quarters <br/><br/>Best: 11.91% in 2nd quarter 2002 <br/>Worst: (4.55)% in 1st quarter 2001 <br/>Year-to-date: 6.42% (through 3rd quarter 2012) <b>Average Annual Total Returns (for the periods ended<br/> December 31, 2011)</b> The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's benchmark is the Citigroup Non-U.S. Dollar World Government Bond Index-Hedged. The benchmark is a market capitalization-weighted index consisting of government bond markets in developed countries, excluding the U.S., as the term "developed countries" is defined by the benchmark. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index. Unlike the Citigroup Non-U.S. Dollar World Government Bond Index-Hedged, the Fund may invest in U.S. securities.<br/><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper International Income Funds Average. The Lipper International Income Funds Average is an average of the reinvested performance of funds that invest primarily in U.S. dollar and non-U.S. dollar debt securities located in at least three countries, excluding the United States, except in periods of market weakness. <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedMoneyMarketInvestments column period compact * ~</div> 2.23 Loss of money is a risk of investing in the Fund. <ul><li style="margin-left:-20px">Non-diversification risk, which means that because the Fund is a "non-diversified" fund, it is permitted to invest in a limited number of issuers. To the extent the Fund invests in a limited number of issuers or countries, it is subject, to a greater extent, to the risks associated with those issuers or countries.</li></ul> The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.morganstanley.com/cgcm The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also compares its performance with the Lipper International Income Funds Average. <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualTotalReturnsMoneyMarketInvestmentsBarChart column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAverageAnnualTotalReturnsTransposedMoneyMarketInvestments column period compact * ~</div> 0.02 0.005 0.0014 0.0064 267 820 1400 2973 0.1819 0.1818 0.1247 -0.0926 0.0429 0.0488 0.0328 0.0952 0.0765 0.0586 0.0586 0.0572 0.0381 0.0406 0.0281 0.0621 0.0436 0.0421 0.0434 0.0632 0.0722 0.0533 0.0514 0.0443 0.0716 Year-to-date: 2012-09-30 0.0642 Best: 2002-06-30 0.1191 Worst: 2001-03-31 -0.0455 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleShareholderFeesMoneyMarketInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleShareholderFeesInternationalFixedIncomeInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualFundOperatingExpensesInternationalFixedIncomeInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedInternationalFixedIncomeInvestments column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAnnualTotalReturnsInternationalFixedIncomeInvestmentsBarChart column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleAverageAnnualTotalReturnsTransposedInternationalFixedIncomeInvestments column period compact * ~</div> 1991-11-18 1991-11-18 1991-11-18 1991-11-18 1991-11-18 The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/cgcm. The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/cgcm. The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index and Lipper peer group. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee, which may be up to 2.50% depending on the particular program through which you invest (see Shareholder Fees above). <b>The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.</b> The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/cgcm. 0.02 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleShareholderFeesSmallCapitalizationValueEquityInvestments column period compact * ~</div> 302 924 1572 3308 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedSmallCapitalizationValueEquityInvestments column period compact * ~</div> 255 785 1340 2856 These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The figures are calculated based upon total annual Fund operating expenses including the maximum annual fee for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 300 918 1562 3290 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the TRAK<sup>&#174;</sup> CGCM or Consulting Group Advisor investment advisory programs: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the TRAK&#174; CGCM or Consulting Group Advisor investment advisory programs: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the TRAK<sup>&#174;</sup> CGCM or Consulting Group Advisor investment advisory programs: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the TRAK<sup>&#174;</sup> CGCM or Consulting Group Advisor investment advisory programs: 0.025 0.025 0.025 0.025 0.025 0.025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the TRAK<sup>&#174;</sup> CGCM or Consulting Group Advisor investment advisory programs: 0.025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the TRAK<sup>&#174;</sup> CGCM or Consulting Group Advisor investment advisory programs: 0.025 0.025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the TRAK<sup>&#174;</sup> CGCM or Consulting Group Advisor investment advisory programs: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the TRAK<sup>&#174;</sup> CGCM or Consulting Group Advisor investment advisory programs: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the TRAK<sup>&#174;</sup> CGCM or Consulting Group Advisory investment advisory programs: 0.025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the TRAK<sup>&#174;</sup> CGCM or Consulting Group Advisor investment advisory programs: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the TRAK<sup>&#174;</sup> CGCM or Consulting Group Advisor investment advisory programs: 0.025 1991-11-18 1994-04-21 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the Portfolio Management or Select UMA investment advisory programs: 322 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedLargeCapitalizationGrowthInvestmentsSupplement column period compact * ~</div> 1669 3494 983 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the Portfolio Management or Select UMA investment advisory programs: 276 847 1445 3061 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the Portfolio Management or Select UMA investment advisory programs: 322 983 1669 3494 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedMoneyMarketInvestmentsSupplement column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedLargeCapitalizationValueEquityInvestmentsSupplement column period compact * ~</div> 344 1048 1774 3694 310 948 1611 3383 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the Portfolio Management or Select UMA investment advisory programs: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the Portfolio Management or Select UMA investment advisory programs: <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedInternationalEquityInvestmentsSupplement column period compact * ~</div> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the Portfolio Management or Select UMA investment advisory programs: <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedMunicipalBondInvestmentsSupplement column period compact * ~</div> 351 1068 1807 317 969 3756 1645 3448 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedSmallCapitalizationGrowthInvestmentsSupplement column period compact * ~</div> <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedInternationalFixedIncomeInvestmentsSupplement column period compact * ~</div> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the Portfolio Management or Select UMA investment advisory programs: 352 1071 1812 3765 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the Portfolio Management or Select UMA investment advisory programs: <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedSmallCapitalizationValueEquityInvestmentsSupplement column period compact * ~</div> 340 1036 1755 3658 359 1091 1845 3827 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the Portfolio Management or Select UMA investment advisory programs: <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedHighYieldInvestmentsSupplement column period compact * ~</div> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the Portfolio Management or Select UMA<sup>&#174;</sup> investment advisory program: <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedEmergingMarketsEquityInvestmentsSupplement column period compact * ~</div> 305 933 1587 3337 <div style="display:none">~ http://www.morganstanley.com/role/ScheduleExpenseExampleTransposedCoreFixedIncomeInvestmentsSupplement column period compact * ~</div> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For Fund investments made through the Portfolio Management or Select UMA investment advisory programs: The ratio of Total Annual Operating Expenses in this table does not match the ratio found in the "Financial Highlights" section of this prospectus ("Expense Ratio") because the Expense Ratio reflects the current operating expenses of the Fund and does not include the ratio of acquired fund fees and expenses, which are expenses incurred indirectly by the Fund as a result of its investment in other funds. 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