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Morgan
Stanley Institutional Fund Trust
Discovery
Portfolio
Prospectus | January
28, 2024
| |
Share
Class |
Ticker
Symbol |
Class
I |
MPEGX |
Class
A |
MACGX |
Class
L |
MSKLX |
Class
C |
MSMFX |
Class
R6 |
MMCGX |
The
Securities and Exchange Commission (“SEC”) has not approved or disapproved these
securities or passed upon the adequacy
of this Prospectus. Any representation to the contrary is a criminal
offense.
An
investment in the Fund is not a bank deposit and is not insured by the Federal
Deposit Insurance Corporation or any other
government agency. An investment in the Fund involves investment risks, and you
may lose money in the Fund.
Morgan
Stanley Institutional Fund Trust Prospectus | Fund
Summary
Investment
Objective
The
Discovery Portfolio (the “Fund”) seeks long-term capital
growth.
Fees
and Expenses
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You
may pay fees other
than the fees and expenses of the Fund, such as brokerage commissions and other
fees charged by financial intermediaries,
which are not reflected in the tables and examples
below.
For
purchases of Class A shares, you may qualify for a sales charge discount if the
cumulative net asset value per share (“NAV”) of Class
A shares of the Fund being purchased in a single transaction, together with the
NAV of any shares of the Fund and any other Morgan
Stanley Multi-Class Fund already held in Related Accounts (as defined in the
section of the Prospectus entitled “Shareholder Information—Sales
Charges Applicable to Purchases of Class A Shares”) as of the date of the
transaction, amounts to $50,000
or more.
For purposes of this calculation, holdings of the following Morgan Stanley Funds
are excluded: Morgan Stanley Institutional Fund
Trust Short Duration Income, Ultra-Short Income and Short Duration Municipal
Income Portfolios (as defined in the section of
the Prospectus entitled “Shareholder Information—Exchange Privilege”) and Morgan
Stanley Money Market Funds (as defined in the
section of the Prospectus entitled “Shareholder Information—Exchange
Privilege”). Shares of Morgan Stanley Money Market Funds
that you acquired in a prior exchange of shares of the Fund or shares of another
Morgan Stanley Multi-Class Fund (other than Morgan
Stanley Institutional Fund Trust Short Duration Income, Ultra-Short Income and
Short Duration Municipal Income Portfolios)
are included in the Class A share right of accumulation. More information about
this combined purchase discount and other
discounts is available from your authorized financial intermediary, on page
21
of the Prospectus in the section entitled “Shareholder
Information—Sales Charges Applicable to Purchases of Class A Shares” and in
Appendix A attached to the Prospectus.
Class
I shares may be available on brokerage platforms of firms that have agreements
with the Fund’s principal underwriter permitting
such firms to (i) offer Class I shares solely when acting as an agent for the
investor and (ii) impose on an investor transacting
in Class I shares through such platforms a commission and/or other forms of
compensation to the broker. Shares of the Fund
are available in other share classes that have different fees and
expenses.
Shareholder
Fees (fees
paid directly from your investment)
|
|
|
|
|
| |
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
|
Maximum
sales charge (load) imposed on purchases
(as a percentage of offering price) |
None |
5.25% |
None |
None |
None |
|
Maximum
deferred sales charge (load) (as a percentage
based on the lesser of the offering price
or NAV at redemption) |
None |
1 |
None |
%2 |
None |
|
Annual
Fund Operating Expenses (expenses
that you pay each year as a percentage of the value of your
investment)
|
|
|
|
|
| |
|
Class
I |
Class
A |
Class
L |
Class
C |
Class
R6 |
|
Advisory
Fee3
|
% |
% |
% |
% |
% |
|
Distribution
and/or Shareholder Service (12b-1) Fee |
None |
0.25% |
0.75% |
1.00% |
None |
|
Other
Expenses4
|
% |
% |
% |
% |
% |
|
Total
Annual Fund Operating Expenses |
0.74% |
1.02% |
1.56% |
1.80% |
0.65% |
|
Morgan
Stanley Institutional Fund Trust Prospectus | Fund
Summary
Discovery
Portfolio (Con’t)
Example
The
example below is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds.
The
example assumes that you invest $10,000 in the Fund, your investment has a 5%
return each year and that the Fund’s operating expenses
remain the same. After
eight years, Class C shares of the Fund generally will convert automatically to
Class A shares of the Fund.
The example for Class C shares reflects the conversion to Class A shares after
eight years. Please refer to the section of the Prospectus
entitled “Shareholder Information—Conversion Features” for more
information. Although
your actual costs may be higher
or lower, based on these assumptions your costs would
be:
|
|
|
|
| |
If
You SOLD Your Shares |
|
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Class
I |
$76 |
$237 |
$411 |
$918 |
|
Class
A |
$624 |
$833 |
$1,059 |
$1,707 |
|
Class
L |
$159 |
$493 |
$850 |
$1,856 |
|
Class
C |
$283 |
$566 |
$975 |
$1,911 |
|
Class
R6 |
$66 |
$208 |
$362 |
$810 |
|
|
|
|
|
| |
If
You HELD Your Shares |
|
|
1
Year |
3
Years |
5
Years |
10
Years |
|
Class
I |
$76 |
$237 |
$411 |
$918 |
|
Class
A |
$624
|
$833 |
$1,059
|
$1,707 |
|
Class
L |
$159 |
$493 |
$850 |
$1,856
|
|
Class
C |
$183 |
$566 |
$975 |
$1,911 |
|
Class
R6 |
$66 |
$208
|
$362 |
$810 |
|
1 |
Investments
in Class A shares that are not subject to any sales charges at the time of
purchase are subject to a contingent deferred sales charge (“CDSC”)
of 1.00% that will be imposed if you sell your shares within 12 months
after purchase, except for certain specific circumstances. See
“Shareholder
Information—How To Redeem Fund Shares” for further information about the
CDSC waiver categories.
|
2 |
The
Class C CDSC is only applicable if you sell your shares within one year
after the last day of the month of purchase. See “Shareholder
Information—How
To Redeem Fund Shares” for a complete discussion of the
CDSC.
|
3 |
“Advisory
Fee” includes the management fee of a wholly-owned subsidiary of the Fund
organized as a company under the laws of the Cayman Islands (the
“Subsidiary”). The Fund’s “Adviser,” Morgan Stanley Investment Management
Inc., has agreed to waive or credit a portion of the advisory fee in an
amount
equal to the management fee paid to the Adviser by the
Subsidiary. |
4 |
“Other
Expenses” include expenses of the Fund’s and Subsidiary’s most recent
fiscal year. |
Portfolio
Turnover
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 transaction costs and may result in higher
taxes when Fund shares are held in a taxable account.
These costs, which are not reflected in Total Annual Fund Operating Expenses or
in the example, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
51% of
the average value of its portfolio.
Principal
Investment Strategies
Under
normal circumstances, the Adviser seeks to achieve the Fund’s investment
objective by investing primarily in established and emerging
companies, with capitalizations within the range of companies included in the
Russell Midcap® Growth Index, which as of December
31, 2023, ranged between $202.3 million and $57.7
billion.
The
Adviser emphasizes a bottom-up stock selection process, seeking attractive
investments on an individual company basis. The Adviser
typically invests in unique companies it believes have sustainable competitive
advantages with above average business visibility,
the ability to deploy capital at high rates of return, strong balance sheets and
an attractive risk/reward. The Adviser typically focuses
a significant portion of the Fund’s investments in a limited number of issuers,
which may be in the same industry, sector or geographic
region.
The
Adviser actively integrates sustainability into the investment process by using
environmental, social and governance (“ESG”) factors
as a lens for additional fundamental research, which can contribute to
investment decision-making. The Adviser seeks to understand
how environmental and social initiatives within companies can create value by
strengthening durable competitive advantages,
creating growth opportunities, driving profitability and/or aligning with
secular growth trends. The Adviser generally engages
with company management teams to discuss their ESG practices, with the aim of
identifying how sustainability themes present
opportunities and risks that can be material to the value of the security over
the long-term. Other aspects of the investment
Morgan
Stanley Institutional Fund Trust Prospectus | Fund
Summary
Discovery
Portfolio (Con’t)
process
include a proprietary, systematic evaluation of governance policies,
specifically focusing on compensation alignment on long-term
value creation. Although consideration of ESG factors is incorporated into the
investment process, it is only one of many tools the
Adviser utilizes to make investment
decisions.
The
Fund may invest in equity securities. The Fund may also invest in privately
placed and restricted securities.
The
Fund may invest up to 25% of its total assets in securities of foreign issuers,
including issuers located in emerging market or developing
countries. The securities in which the Fund may invest may be denominated in
U.S. dollars or in currencies other than U.S.
dollars.
Principal
Risks
There
is no assurance that the Fund will achieve its investment objective, and you can
lose money investing in this Fund.
The principal
risks of investing in the Fund include:
• |
Equity
Securities.
In general, prices of equity securities are more volatile than those of
fixed-income securities. The prices of equity securities
fluctuate, and sometimes widely fluctuate, in response to activities
specific to the issuer of the security as well as factors unrelated
to the fundamental condition of the issuer, including general market,
economic, political conditions and public health conditions.
During periods when equity securities experience heightened volatility,
such as during periods of market, economic or financial
uncertainty or distress, the Fund’s investments in equity securities may
be subject to heightened risks.
The
value of equity securities and related instruments may decline in response
to adverse changes in the economy or the economic outlook;
deterioration in investor sentiment; interest rate, currency, and
commodity price fluctuations; adverse geopolitical, social or
environmental developments; issuer- and sector-specific considerations;
unexpected trading activity among retail investors; and other
factors. Market conditions may affect certain types of stocks to a greater
extent than other types of stocks. If the stock market
declines, the value of Fund shares will also likely
decline. |
• |
Mid
Cap Companies.
Investments in mid cap companies may involve greater risks than
investments in larger, more established companies.
The securities issued by mid cap companies may be less liquid and such
companies may have more limited markets, financial
resources and product lines and may lack the depth of management of larger
companies. |
• |
Foreign
and Emerging Market Securities.
Investments in foreign markets entail special risks such as currency,
political (including geopolitical),
economic and market risks. There also may be greater market volatility,
less reliable financial information, less stringent
investor protections and disclosure standards, higher transaction and
custody costs, decreased market liquidity and less government
and exchange regulation associated with investments in foreign markets. In
addition, investments in certain foreign markets
that have historically been considered stable may become more volatile and
subject to increased risk due to developments and
changing conditions in such markets. Moreover, the growing
interconnectivity of global economies and financial markets has
increased
the probability that adverse developments and conditions in one country or
region will affect the stability of economies and
financial markets in other countries or regions. Certain foreign markets
may rely heavily on particular industries or foreign capital
and are more vulnerable to diplomatic developments, the imposition of
economic sanctions against a particular country or countries,
organizations, companies, entities and/or individuals, changes in
international trading patterns, trade barriers and other protectionist
or retaliatory measures. Investments in foreign markets may also be
adversely affected by governmental actions such as
the imposition of capital controls, nationalization of companies or
industries, expropriation of assets or the imposition of punitive
taxes. The governments of certain countries may prohibit or impose
substantial restrictions on foreign investing in their capital
markets or in certain sectors or industries. In addition, a foreign
government may limit or cause delay in the convertibility or
repatriation of its currency which would adversely affect the U.S. dollar
value and/or liquidity of investments denominated in that
currency. Certain foreign investments may become less liquid in response
to market developments or adverse investor perceptions,
or become illiquid after purchase by the Fund, particularly during periods
of market turmoil. When the Fund holds illiquid
investments, its portfolio may be harder to value. The risks of investing
in emerging market countries are greater than the risks
associated with investments in foreign developed countries. Certain
emerging market countries may be subject to less stringent
requirements regarding accounting, auditing, financial reporting and
record keeping and therefore, material information related
to an investment may not be available or reliable. In addition, the
Fund is limited in its ability to exercise its legal rights or
enforce
a counterparty’s legal obligations in certain jurisdictions outside of the
United States, in particular, in emerging market countries.
In addition, the Fund’s investments in foreign issuers may be denominated
in foreign currencies and therefore, to the extent
unhedged, the value of those investments will fluctuate with U.S. dollar
exchange rates. To the extent hedged by the use of foreign
currency forward exchange contracts, the precise matching of the foreign
currency forward exchange contract amounts and the
value of the securities involved will not generally be possible because
the future value of such securities in foreign currencies will
change as a consequence of market movements in the value of those
securities between the date on which the contract is entered
into and the date it matures. There is additional risk that such
transactions may reduce or preclude the opportunity for gain
if the value of the currency should move in the direction opposite to the
position taken and that foreign currency forward exchange
contracts create exposure to currencies in which the Fund’s securities are
not denominated. The use of foreign currency forward
exchange contracts involves the risk of loss from the insolvency or
bankruptcy of the counterparty to the contract or the failure
of the counterparty to make payments or otherwise comply with the terms of
the contract. Economic sanctions or other
|
Morgan
Stanley Institutional Fund Trust Prospectus | Fund
Summary
Discovery
Portfolio (Con’t)
|
similar
measures may be, and have been, imposed against certain countries,
organizations, companies, entities and/or individuals. Economic
sanctions and other similar measures could, among other things,
effectively restrict or eliminate the Fund’s ability to purchase
or sell securities, negatively impact the value or liquidity of the
Fund’s investments, significantly delay or prevent the settlement
of the Fund’s securities transactions, force the Fund to sell or otherwise
dispose of investments at inopportune times or prices,
or impair the Fund’s ability to meet its investment objective or invest in
accordance with its investment
strategies. |
• |
Liquidity.
The Fund may make investments that are illiquid or restricted or that may
become illiquid or less liquid in response to overall
economic conditions or adverse investor perceptions, and which may entail
greater risk than investments in other types of securities.
These investments may be more difficult to value or sell, particularly in
times of market turmoil, and there may be little trading
in the secondary market available for particular securities. If the
Fund is forced to sell an illiquid or restricted security to fund
redemptions or for other cash needs, it may be forced to sell the security
at a loss or for less than its fair
value. |
• |
Focused
Investing.
Although the Fund is a diversified investment company under the Investment
Company Act of 1940 (the “1940
Act”), the Fund typically invests a significant portion of its portfolio
in a limited number of issuers, which may be in the same
industry, sector or geographic region. As a result, the Fund will be more
susceptible to risks associated with, and negative events
affecting those issuers, industries, sectors or geographic regions, and a
decline in the value of a particular instrument may cause
the Fund’s overall value to be more volatile and decline to a greater
degree than if the Fund were invested more
widely. |
• |
Private
Placements and Restricted Securities.
The Fund’s investments may include privately placed securities, which are
subject to resale
restrictions. These securities could have the effect of increasing the
level of Fund illiquidity to the extent the Fund may be unable
to sell or transfer these securities due to restrictions on transfers or
on the ability to find buyers interested in purchasing the securities.
Additionally, the market for certain investments deemed liquid at the time
of purchase may become illiquid under adverse
market or economic
conditions. |
• |
Information
Technology Sector Risk.
To the extent the Fund invests a substantial portion of its assets in the
information technology sector,
the value of Fund shares may be particularly impacted by events that
adversely affect the information technology sector, such
as rapid changes in technology product cycles, product obsolescence,
government regulation, and competition, and may fluctuate
more than that of a fund that does not invest significantly in companies
in the technology
sector. |
• |
Market
and Geopolitical Risk.
The value of your investment in the Fund is based on the values of the
Fund’s investments, which change
due to economic and other events that affect markets generally, as well as
those that affect particular regions, countries, industries,
companies or governments. These events may be sudden and unexpected, and
could adversely affect the liquidity of the Fund’s
investments, which may in turn impact valuation, the Fund’s ability to
sell securities and/or its ability to meet redemptions.
The risks associated with these developments may be magnified if certain
social, political, economic and other conditions
and events (such as war, natural disasters, epidemics and pandemics,
terrorism, conflicts, social unrest, recessions, inflation,
interest rate changes and supply chain disruptions) adversely interrupt
the global economy and financial markets. It is difficult
to predict when events affecting the U.S. or global financial
markets may occur, the effects that such events may have and the
duration of those effects (which may last for extended periods). These
events may negatively impact broad segments of businesses
and populations and have a significant and rapid negative impact on the
performance of the Fund’s investments, and exacerbate
pre-existing risks to the
Fund. |
• |
Active
Management Risk.
In pursuing the Fund’s investment objective, the Adviser has considerable
leeway in deciding which investments
to buy, hold or sell on a day-to-day basis, and which trading strategies
to use. For example, the Adviser, in its discretion,
may determine to use some permitted trading strategies while not using
others. The success or failure of such decisions will
affect the Fund’s
performance. |
Shares
of the Fund are not bank deposits and are not guaranteed or insured by the
Federal Deposit Insurance Corporation or any other
government agency.
Performance
Information
The
bar chart and table below provide some indication of the risks of investing in
the Fund by showing changes in the Fund’s Class
I shares’
performance from
year-to-year
and by showing how the Fund’s average annual returns for the past one,
five and 10 year periods
and since inception compare with those of a
broad measure of market performance, as well as an index that represents a
group
of similar mutual funds, over time. The
performance of the other classes, which is shown in the table below, will differ
because the
classes have different ongoing fees.
The
Fund’s returns in the table include the maximum applicable sales charge for
Class A and Class
C and assume you sold your shares at the end of each period (unless otherwise
noted). The
Fund’s past performance, before and
after taxes, is not necessarily an indication of how the Fund will perform in
the future.
Updated performance information is available
online at www.morganstanley.com/im
or by calling toll-free 1-800-869-6397.
Morgan
Stanley Institutional Fund Trust Prospectus | Fund
Summary
Discovery
Portfolio (Con’t)
Annual
Total Returns—Calendar Years
|
| |
High
Quarter |
06/30/20
|
69.78% |
Low
Quarter |
06/30/22
|
-41.72% |
Average
Annual Total Returns
(for
the calendar periods ended December
31, 2023)
|
|
|
| |
|
Past One
Year |
Past Five
Years |
Past Ten
Years |
Since
Inception |
Class
I
(commenced operations on 3/30/90) |
Return
Before Taxes |
46.66% |
9.90% |
7.55% |
11.66% |
Return
After Taxes on Distributions1
|
% |
% |
% |
% |
Return
After Taxes on Distributions and Sale of Fund
Shares |
27.62% |
8.55% |
5.21% |
9.33% |
Class
A
(commenced operations on 1/31/97) |
Return
Before Taxes |
38.60% |
8.43% |
6.67% |
9.28% |
Class
L
(commenced operations on 6/14/12) |
Return
Before Taxes |
45.56% |
9.04% |
6.67% |
9.18% |
Class
C
(commenced operations on 5/31/17) |
Return
Before Taxes |
44.17% |
8.77% |
N/A |
9.73% |
Class
R6 (commenced
operations on 9/13/13) |
Return
Before Taxes |
46.83% |
10.02% |
7.66% |
8.42% |
Russell
Midcap®
Growth Index (reflects no deduction
for fees, expenses or taxes)2
|
% |
% |
% |
%3 |
Lipper
Mid-Cap Growth Funds Index (reflects no deductions
for taxes)4
|
% |
% |
% |
%3 |
1 |
These
returns do not reflect any tax consequences from a sale of your shares at
the end of each
period. |
2 |
The
Russell Midcap® Growth Index measures the performance of the mid-cap
growth segment of the U.S. equity universe. It includes those Russell
Midcap®
Index companies with higher price-to-book ratios and higher forecasted
growth values. The Russell Midcap® Index is a subset of the Russell
1000®
Index and includes approximately 800 of the smallest securities in the
Russell 1000® Index, which in turn consists of approximately 1,000 of
the
largest U.S. securities based on a combination of market capitalization
and current index membership. It is not possible to invest directly in an
index. |
3 |
Since
Inception reflects the inception date of Class
I. |
4 |
The
Lipper Mid-Cap Growth Funds Index is an equally weighted performance index
of the largest qualifying funds (based on net assets) in the Lipper
Mid-Cap
Growth Funds classification. There are currently 30 funds represented in
this Index. It is not possible to invest directly in an
index. |
The
after-tax returns shown in the table above are calculated using the historical
highest individual federal marginal income tax rates during
the period shown and do not reflect the impact of state and local
taxes.
After-tax
returns for the Fund’s other classes will vary from
Class
I shares’ returns. Actual
after-tax returns depend on the investor’s tax situation and may differ from
those shown, and after-tax
returns are not relevant to investors who hold their Fund shares through tax
deferred arrangements such as 401(k) plans or individual
retirement accounts. After-tax
returns may be higher than before-tax returns due to foreign tax credits and/or
an assumed benefit
from capital losses that would have been realized had Fund shares been sold at
the end of the relevant periods, as
applicable.
Fund
Management
Adviser.
Morgan Stanley Investment Management Inc.
Morgan
Stanley Institutional Fund Trust Prospectus | Fund
Summary
Discovery
Portfolio (Con’t)
Portfolio
Managers. The
Fund is managed by members of Counterpoint Global. Information about the members
jointly and primarily
responsible for the day-to-day management of the Fund is shown
below:
|
| |
Name |
Title
with Adviser |
Date
Began Managing
Fund |
Dennis
P. Lynch |
Managing
Director |
January
2002 |
Sam
G. Chainani |
Managing
Director |
June
2004 |
Jason
C. Yeung |
Managing
Director |
September
2007 |
Armistead
B. Nash |
Managing
Director |
September
2008 |
David
S. Cohen |
Managing
Director |
January
2002 |
Alexander
T. Norton |
Executive
Director |
July
2005 |
Purchase
and Sale of Fund Shares
Morgan
Stanley Institutional Fund Trust (the “Trust”) has suspended offering Class L
shares of the Fund for sale to all investors. The Class L shareholders
of the Fund do not have the option of purchasing additional Class L shares.
However, the existing Class L shareholders may invest
in additional Class L shares through reinvestment of dividends and
distributions.
The
minimum initial investment generally is $1
million for Class
I shares and $1,000
for each of Class
A and Class
C shares of the Fund.
To purchase Class
R6 shares, an investor must meet a minimum initial investment of $5
million or be a defined contribution, defined
benefit or other employer sponsored employee benefit plan, in each case provided
that the plan trades through an intermediary
that combines its clients’ assets in a single omnibus account, whether or not
such plan is qualified under the Internal Revenue
Code of 1986, as amended (the “Code”), and in each case subject to the
discretion of the Adviser. The minimum initial investment
may be waived for certain investments. For more information, please refer to the
section of the Prospectus entitled “Shareholder
Information—Minimum Investment Amounts.”
Shares
of the Fund may be purchased or sold on any day the New York Stock Exchange
(“NYSE”) is open for business directly from the
Fund by mail (c/o SS&C Global Investor and Distribution Solutions, Inc.
(“SS&C GIDS”), P.O. Box 219804, Kansas City, MO
64121-9804), by telephone (1-800-869-6397) or by contacting an authorized
third-party, such as a broker-dealer or other financial
intermediary that has entered into a selling agreement with the Fund’s
“Distributor,” Morgan Stanley Distribution, Inc. (each,
a “Financial Intermediary”). In addition, you can sell Fund shares at any time
by enrolling in a systematic withdrawal plan. If you
sell Class A or Class C shares, your net sale proceeds are reduced by the amount
of any applicable CDSC. For more information, please
refer to the sections of the Prospectus entitled
“Shareholder Information—How To Purchase Fund Shares” and “—How To
Redeem
Fund Shares.”
Tax
Information
The
Fund intends to make distributions that may be taxed as ordinary income or
capital gains, unless you are investing through a tax-deferred
arrangement, such as a 401(k) plan or an individual retirement
account.
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of the Fund through a Financial Intermediary (such as a
bank), the Adviser and/or the Distributor may pay the Financial
Intermediary for the sale of Fund shares and related services. These payments,
which may be significant in amount, may create
a conflict of interest by influencing the Financial Intermediary and your
salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your Financial Intermediary’s web site for more
information.
Morgan
Stanley Institutional Fund Trust Prospectus | Details
of the Fund
Investment
Objective
The
Discovery Portfolio seeks long-term capital growth.
Approach
The
Adviser seeks long-term capital growth by investing primarily in established and
emerging companies with capitalizations within the
range of companies included in the Russell MidCap® Growth Index.
Process
The
Adviser emphasizes a bottom-up stock selection process, seeking attractive
investments on an individual company basis. The Adviser
typically invests in unique companies it believes have sustainable competitive
advantages with above average business visibility,
the ability to deploy capital at high rates of return, strong balance sheets and
an attractive risk/reward. The Adviser typically focuses
a significant portion of the Fund’s investments in a limited number of issuers,
which may be in the same industry, sector or geographic
region. The Adviser generally considers selling a portfolio holding when it
determines that the holding no longer satisfies its
investment criteria.
In
accordance with the Fund’s investment strategy of investing in mid cap
companies, the capitalization range of securities in which the
Fund may invest is consistent with the capitalization range of the Russell
Midcap® Growth Index, which as of December 31, 2023,
was between $202.3 million and $57.7 billion. The market capitalization limit is
subject to adjustment annually based upon the
Adviser’s assessment as to the capitalization range of companies which possess
the fundamental characteristics of mid cap companies.
The
Adviser actively integrates sustainability into the investment process by using
environmental, social and governance (“ESG”) factors
as a lens for additional fundamental research, which can contribute to
investment decision-making. The Adviser seeks to understand
how environmental and social initiatives within companies can create value by
strengthening durable competitive advantages,
creating growth opportunities, driving profitability and/or aligning with
secular growth trends. The Adviser generally engages
with company management teams to discuss their ESG practices, with the aim of
identifying how sustainability themes present
opportunities and risks that can be material to the value of the security over
the long-term. Other aspects of the investment process
include a proprietary, systematic evaluation of governance policies,
specifically focusing on compensation alignment on long-term
value creation. Although consideration of ESG factors is incorporated into the
investment process, it is only one of many tools the
Adviser utilizes to make investment decisions.
The
Fund may invest in equity securities. The Fund may also invest in privately
placed and restricted securities.
The
Fund may invest up to 25% of its total assets in securities of foreign issuers,
including issuers located in emerging market or developing
countries. The securities in which the Fund may invest may be denominated in
U.S. dollars or in currencies other than U.S.
dollars.
Morgan
Stanley Institutional Fund Trust Prospectus | Additional
Information About Fund Investment Strategies and Related Risks
Additional
Information About Fund Investment Strategies and Related Risks
|
| |
This
section discusses additional information relating to Fund investment
strategies, other types of investments that the Fund
may make and related risk factors. Fund investment practices and
limitations are also described in more detail in the Statement
of Additional Information (“SAI”), which is incorporated by reference and
legally is a part of this Prospectus. For details
on how to obtain a copy of the SAI and other reports and information, see
the back cover of this Prospectus. |
Economies
and financial markets worldwide have recently experienced periods of increased
volatility, uncertainty, distress, government
spending, inflation and disruption to consumer demand, economic output and
supply chains. To the extent these conditions
continue, the risks associated with an investment in the Fund, including those
described below, could be heightened and the
Fund’s investments (and thus a shareholder’s investment in the Fund) may be
particularly susceptible to sudden and substantial losses,
reduced yield or income or other adverse developments. The occurrence, duration
and extent of these or other types of adverse economic
and market conditions and uncertainty over the long term cannot be reasonably
projected or estimated at this time.
Equity
Securities
Equity
securities may include common and preferred stocks, convertible securities and
equity-linked securities, real estate investment trusts
(“REITs”), rights and warrants to purchase common stocks, depositary receipts,
shares of investment companies, limited partnership
interests and other specialty securities having equity features. Many factors
affect the value of equity securities, including earnings,
earnings forecasts, corporate events and factors impacting the issuer’s industry
and the market generally. The Fund may invest
in equity securities that are publicly traded on securities exchanges or
over-the-counter (“OTC”) or in equity securities that are not
publicly traded. Securities that are not publicly traded may be more difficult
to value or sell and their value may fluctuate more dramatically
than other securities.
The
value of equity securities and related instruments may decline in response to
adverse changes in the economy or the economic outlook;
deterioration in investor sentiment; interest rate, currency, and commodity
price fluctuations; adverse geopolitical, social or environmental
developments; issuer- and sector-specific considerations; unexpected trading
activity among retail investors; and other factors.
Market conditions may affect certain types of stocks to a greater extent than
other types of stocks. If the stock market declines,
the value of Fund shares will also likely decline. Although stock prices can
rebound, there is no assurance that values will return
to previous levels.
During
periods when equity securities experience heightened volatility, such as during
periods of market, economic or financial uncertainty
or distress, the Fund’s investments in equity securities may be subject to
heightened risks.
Depositary
Receipts
A
depositary receipt is generally issued by a bank or financial institution and
represents the common stock or other equity securities of
a foreign company. Depositary receipts involve many of the same risks as those
associated with direct investment in foreign securities.
In addition, the underlying issuers of certain depositary receipts, particularly
unsponsored or unregistered depositary receipts,
are under no obligation to distribute shareholder communications to the holders
of such receipts, or to pass through to them any
voting rights with respect to the deposited securities.
Convertible
Securities
A
convertible security is a bond, debenture, note, preferred stock, right, warrant
or other security that may be converted into or exchanged
for a prescribed amount of common stock or other security of the same or a
different issuer or into cash within a particular period
of time at a specified price or formula. A convertible security generally
entitles the holder to receive interest paid or accrued on debt
securities or the dividend paid on preferred stock until the convertible
security matures or is redeemed, converted or exchanged. Before
conversion, convertible securities generally have characteristics similar to
both debt and equity securities. The value of convertible
securities tends to decline as interest rates rise and, because of the
conversion feature, tends to vary with fluctuations in the
market value of the underlying securities. Convertible securities ordinarily
provide a stream of income with generally higher yields than
those of common stock of the same or similar issuers. Convertible securities
generally rank senior to common stock in a corporation’s
capital structure but are usually subordinated to other comparable
nonconvertible fixed-income securities in such capital
structure. Convertible securities generally do not participate directly in any
dividend increases or decreases of the underlying securities
although the market prices of convertible securities may be affected by any
dividend changes or other changes in the underlying
securities.
Market
and Geopolitical Risk
The
value of your investment in the Fund is based on the values of the Fund’s
investments, which may change due to economic and other
events that affect markets generally, as well as those that affect particular
regions, countries, industries, companies or governments.
Price movements, sometimes called volatility, may be greater or less depending
on the types of securities the Fund owns and
the markets in which the securities trade. Volatility and disruption in
financial markets and economies may be sudden and unexpected,
expose the Fund to greater risk, including risks associated with reduced market
liquidity and fair valuation, and adversely affect
the Fund’s operations. For example, the Adviser potentially will be prevented
from executing investment decisions at an
Morgan
Stanley Institutional Fund Trust Prospectus | Additional
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Additional
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(Con’t)
advantageous
time or price as a result of any domestic or global market disruptions and
reduced market liquidity may impact the Fund’s
ability to sell securities to meet redemptions.
The
increasing interconnectivity between global economies and markets increases the
likelihood that events or conditions in one region,
sector, industry, market or with respect to one company may adversely impact
other companies and issuers in a different country,
region, sector, industry, or market. For example, adverse developments in the
banking or financial services sector could impact
companies operating in various sectors or industries and adversely impact the
Fund’s investments. Securities in the Fund’s portfolio
may underperform due to inflation (or expectations for inflation), interest
rates, global demand for particular products or resources,
natural disasters and extreme weather events, health emergencies (such as
epidemics and pandemics), terrorism, regulatory events
and governmental or quasi-governmental actions. The occurrence of global events
such as terrorist attacks around the world, natural
disasters, health emergencies, social and political (including geopolitical)
discord and tensions or debt crises and downgrades, among
others, may result in market volatility and may have long term effects on both
the U.S. and global financial markets. Inflation rates
may change frequently and significantly because of various factors, including
unexpected shifts in the domestic or global economy
and changes in monetary or economic policies (or expectations that these
policies may change). Changes in expected inflation
rates may adversely affect market and economic conditions, the Fund’s
investments and an investment in the Fund. Other financial,
economic and other global market and social developments or disruptions may
result in similar adverse circumstances, and it
is difficult to predict when similar events affecting the U.S. or global
financial markets may occur, the effects that such events may have
and the duration of those effects (which may last for extended periods). In
general, the securities or other instruments that the Adviser
believes represent an attractive investment opportunity or in which the Fund
seeks to invest may be unavailable entirely or in the
specific quantities sought by the Fund. As a result, the Fund may need to obtain
the desired exposure through a less advantageous investment,
forgo the investment at the time or seek to replicate the desired exposure
through a derivative transaction or investment in
another investment vehicle. Any such event(s) could have a significant adverse
impact on the value and risk profile of the Fund’s portfolio.
There is a risk that you may lose money by investing in the Fund.
Social,
political, economic and other conditions and events, such as war, natural
disasters, health emergencies (e.g., the novel coronavirus
outbreak, epidemics and other pandemics), terrorism, conflicts, social unrest,
recessions, inflation, interest rate changes and
supply chain disruptions could reduce consumer demand or economic output, result
in market closures, travel restrictions or quarantines,
and generally have a significant impact on the economies and financial markets
and the Adviser’s investment advisory activities
and services of other service providers, which in turn could adversely affect
the Fund’s investments and other operations.
Global
events may negatively impact broad segments of businesses and populations, cause
a significant negative impact on the performance
of the Fund’s investments, and exacerbate pre-existing political, social and
economic risks to the Fund. The Fund’s operations
may be interrupted as a result, which may contribute to the negative impact on
investment performance. In addition, governments,
their regulatory agencies, or self-regulatory organizations may take actions
that affect the instruments in which the Fund
invests, or the issuers of such instruments, in ways that could have a
significant negative impact on the Fund’s investment performance.
In addition, government actions (such as changes to interest rates) could have
unintended economic and market consequences
that adversely affect the Fund’s investments.
IPOs
The
Fund may purchase shares issued as part of, or a short period after, a
company’s initial public offering (“IPO”), and may at times dispose
of those shares shortly after their acquisition. The
Fund’s purchase of shares issued in IPOs exposes it to the risks associated
with
companies that have little operating history as public companies, including
unseasoned trading, small number of shares available for
trading and limited information about the issuer, as well as to the risks
inherent in those sectors of the market where these new issuers
operate. The market for IPO issuers may be volatile, and share prices of
newly-public companies have fluctuated significantly over
short periods of time. IPOs may produce high, double-digit returns. Such returns
are highly unusual and may not be sustainable.
Fixed-Income
Securities
Fixed-income
securities are securities that pay a fixed or a variable rate of interest until
a stated maturity date. Fixed-income securities include
U.S. government securities, securities issued by federal or federally sponsored
agencies and instrumentalities, corporate bonds and
notes, asset-backed securities, mortgage-backed securities, securities rated
below investment grade (commonly referred to as “junk
bonds” or “high yield/high risk securities”), municipal bonds, loan
participations and assignments, zero coupon bonds, convertible
securities, Eurobonds, Brady Bonds, Yankee Bonds, repurchase agreements,
commercial paper and cash equivalents.
Fixed-income
securities are subject to the risk of the issuer’s inability to meet principal
and interest payments on its obligations (i.e., credit
risk) and are subject to price volatility resulting from, among other things,
interest rate sensitivity (i.e., interest rate risk), market
perception of the creditworthiness of the issuer and general market liquidity
(i.e., market risk). The Fund may face a heightened
level of interest rate risk in times of monetary policy change and/or
uncertainty, such as when the Federal Reserve Board adjusts
a quantitative easing program and/or changes rates. A changing interest rate
environment increases certain risks, including the potential
for periods of volatility, increased redemptions, shortened durations (i.e.,
prepayment risk) and extended durations (i.e., extension
risk).
Morgan
Stanley Institutional Fund Trust Prospectus | Additional
Information About Fund Investment Strategies and Related Risks
Additional
Information About Fund Investment Strategies and Related Risks
(Con’t)
Fixed
income and other debt instruments, including mortgage- and other asset-backed
securities, are subject to prepayment risk, which
is the risk that the principal of such obligation is paid earlier than expected,
such as in the case of refinancing. This risk is increased
during periods of declining interest rates and prepayments may reduce the Fund’s
yield or income as a result of reinvesting the
income or other proceeds in lower yielding securities or instruments. These
investments are also subject to extension risk, which is the
risk that the principal of such obligation is paid lower or later than expected.
This may negatively affect Fund returns, as the value of
the investment decreases when principal payments are made later than expected.
This risk is elevated during periods of increasing interest
rates. In addition, because principal payments are made later than expected, the
investment’s duration may extend (and result in
increased interest rate risk) and the Fund may be prevented from investing
proceeds it would otherwise have received at the higher prevailing
interest rates. Prepayments and extensions may result in a security or debt
instrument offering less potential for gains during
periods of declining interest rates or rising interest rates,
respectively.
Securities
with longer durations are likely to be more sensitive to changes in
interest rates, generally making them more volatile than securities
with shorter durations. Lower rated fixed-income securities have greater
volatility because there is less certainty that principal
and interest payments will be made as scheduled. The
Fund may be subject to liquidity risk, which may result from the lack
of
an active market and the reduced number and capacity of traditional market
participants to make a market in fixed-income securities.
Fixed-income securities may be called (i.e., redeemed by the issuer) prior to
final maturity. If a callable security is called, the
Fund may have to reinvest the proceeds at a lower rate of interest.
High
Yield Securities
High
yield securities may be issued by companies that are restructuring, are smaller
and less creditworthy or are more highly indebted than
other companies. This means that they may have more difficulty making scheduled
payments of principal and interest. Changes in
the value of high yield securities are influenced more by changes in the
financial and business position of the issuing company than by
changes in interest rates when compared to investment grade securities. During
adverse market or economic conditions, high yield securities
are typically particularly susceptible to default risk.
In
recent years, there has been a broad trend of weaker or less restrictive
covenant protections in the high yield market. Among other things,
under such weaker or less restrictive covenants, borrowers might be able to
exercise more flexibility with respect to certain activities
than borrowers who are subject to stronger or more protective covenants. For
example, borrowers might be able to incur more
debt, including secured debt, return more capital to shareholders, remove or
reduce assets that are designated as collateral securing
high yield securities, increase the claims against assets that are permitted
against collateral securing high yield securities or otherwise
manage their business in ways that could impact creditors negatively. In
addition, certain privately held borrowers might be permitted
to file less frequent, less detailed or less timely financial reporting or other
information, which could negatively impact the value
of the high yield securities issued by such borrowers. Each of these factors
might negatively impact the high yield securities held by
the Fund.
Foreign
Securities
Foreign
issuers generally are subject to different accounting, auditing and financial
reporting standards than U.S. issuers. There may be
less information available to the public about foreign issuers. Securities of
foreign issuers can be less liquid and experience greater price
movements. In addition, the prices of such securities may be susceptible to
influence by large traders, due to the limited size of many
foreign securities markets. Moreover, investments in certain foreign markets
that have historically been considered stable may become
more volatile and subject to increased risk due to developments and changing
conditions in such markets. Also, the growing interconnectivity
of global economies and financial markets has increased the probability that
adverse developments and conditions
in one country or region will affect the stability of economies and financial
markets in other countries or regions. In some foreign
countries, there is also the risk of government expropriation, excessive
taxation, political or social instability, the imposition of currency
controls or diplomatic developments that could affect the Fund’s investment.
There also can be difficulty obtaining and enforcing
judgments against issuers in foreign countries. Foreign stock exchanges,
broker-dealers and listed issuers may be subject to less
government regulation and oversight. The cost of investing in foreign
securities, including brokerage commissions and custodial expenses,
can be higher than the cost of investing in domestic securities.
Certain
foreign markets may rely heavily on particular industries or foreign capital and
are more vulnerable to diplomatic developments,
the imposition of economic sanctions against a particular country or countries,
organizations, companies, entities and/or
individuals, changes in international trading patterns, trade barriers and other
protectionist or retaliatory measures. International trade
barriers or economic sanctions against foreign countries, organizations,
companies, entities and/or individuals may adversely affect
the Fund’s foreign holdings or exposures. Investments in foreign markets may
also be adversely affected by less stringent investor
protections and disclosure standards, and governmental actions such as the
imposition of capital controls, nationalization of companies
or industries, expropriation of assets or the imposition of punitive taxes.
Governmental actions can have a significant effect
on the economic conditions in foreign countries, which also may adversely affect
the value and liquidity of the Fund’s investments.
Foreign investment in the securities markets of certain foreign countries is
restricted or controlled to varying degrees. For
example, the governments of certain countries may prohibit or impose substantial
restrictions on foreign investing in their capital markets
or in certain sectors or industries. In addition, a foreign government may limit
or cause delay in the convertibility or repatriation
of its currency which would adversely affect the U.S. dollar value and/or
liquidity of investments denominated in that
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Stanley Institutional Fund Trust Prospectus | Additional
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Additional
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(Con’t)
currency.
Moreover, if a deterioration occurs in a country’s balance of payments, the
country could impose temporary restrictions on foreign
capital remittances. The Fund could also be adversely affected by delays in, or
a refusal to grant, any required governmental approval
for repatriation, as well as by the application to it of other restrictions on
investment. Any of these actions could severely affect
security prices, which could result in losses to the Fund and increased
transaction costs, impair the Fund’s ability to purchase or sell
foreign securities or transfer the Fund’s assets back into the United States, or
otherwise adversely affect the Fund’s operations. Certain
foreign investments may become less liquid in response to market developments or
adverse investor perceptions, or become illiquid
after purchase by the Fund, particularly during periods of market turmoil.
Certain foreign investments may become illiquid when,
for instance, there are few, if any, interested buyers and sellers or when
dealers are unwilling to make a market for certain securities.
When the Fund holds illiquid investments, its portfolio may be harder to
value.
Economic
sanctions or other similar measures may be, and have been, imposed against
certain countries, organizations, companies, entities
and/or individuals. The Fund’s investments in foreign securities are subject to
trade laws and potential economic sanctions in the
United States and other jurisdictions. These laws and related governmental
actions, including counter-sanctions and other retaliatory
measures, can, from time to time, prevent or prohibit the Fund from investing in
certain foreign securities. In addition, economic
sanctions could prohibit the Fund from transacting with particular countries,
organizations, companies, entities and/or individuals
by banning them from global payment systems that facilitate cross-border
payments, restricting their ability to settle securities
transactions, and freezing their assets. The imposition of sanctions and other
similar measures could, among other things, cause
a decline in the value of securities issued by the sanctioned country or
companies located in, or economically linked to, the sanctioned
country, downgrades in the credit ratings of the sanctioned country or companies
located in, or economically linked to, the
sanctioned country, devaluation of the sanctioned country’s currency, and
increased market volatility and disruption in the sanctioned
country and throughout the world. Economic sanctions or other similar measures
could, among other things, effectively restrict
or eliminate the Fund’s ability to purchase or sell securities, negatively
impact the value or liquidity of the Fund’s investments, significantly
delay or prevent the settlement of the Fund’s securities transactions, force the
Fund to sell or otherwise dispose of investments
at inopportune times or prices, increase the Fund’s transaction costs, make the
Fund’s investments more difficult to value
or impair the Fund’s ability to meet its investment objective or invest in
accordance with its investment strategies. These conditions
may be in place for a substantial period of time and enacted with limited
advance notice to the Fund. Even if the Fund does
not have significant investments in securities affected by sanctions, sanctions
or the threat of sanctions may cause volatility in regional
and global markets and may negatively impact the performance of various sectors
and industries, as well as companies in other
countries, including through global supply chain disruptions, increased
inflationary pressures, and reduced economic activity, which
could have a negative effect on the Fund’s performance. In addition, trade
disputes may affect investor and consumer confidence
and adversely affect financial markets and the broader economy, perhaps suddenly
and to a significant degree. Events such as
these and their impact on the Fund are difficult to predict.
In
addition, the Holding Foreign Companies Accountable Act (the “HFCAA”) could
cause securities of a foreign (non-U.S.) company,
including American Depositary Receipts, to be delisted from U.S. stock exchanges
if the company does not allow the U.S. government
to oversee the auditing of its financial information. Although the requirements
of the HFCAA apply to securities of all foreign
(non-U.S.) issuers, the SEC has thus far limited its enforcement efforts to
securities of Chinese companies. If securities are delisted,
the Fund’s ability to transact in such securities will be impaired, and the
liquidity and market price of the securities may decline.
The Fund may also need to seek other markets in which to transact in such
securities, which could increase the Fund’s costs.
Foreign
Currency
Investments
in foreign securities may be denominated in foreign currencies. The value of
foreign currencies may fluctuate relative to the
value of the U.S. dollar or other applicable foreign currency. Since the
Fund
may invest in non-U.S. dollar-denominated securities,
and therefore may convert the value of such securities into U.S. dollars,
changes in currency exchange rates can increase or decrease
the U.S. dollar value of the Fund’s
assets. Currency exchange rates may fluctuate significantly over short periods
of time for a number
of reasons, including changes in interest rates and the overall economic health
of the issuer. Devaluation of a currency by a country’s
government or banking authority also will have a significant impact on the value
of any investments denominated in that currency.
The Adviser may use derivatives to seek to reduce this risk. The Adviser may in
its discretion choose not to hedge against currency
risk. In addition, certain market conditions may make it impossible or
uneconomical to hedge against currency risk.
Emerging
Market Securities
The
Fund
may invest in emerging market or developing countries, which are countries that
major international financial institutions generally
consider to be less economically mature than developed nations (such as the
United States or most nations in Western Europe).
Emerging market or developing countries may be more likely to experience
political turmoil or rapid changes in economic conditions
than more developed countries, and the financial condition of issuers in
emerging market or developing countries may be more
precarious than in other countries. Certain emerging market countries may be
subject to less stringent requirements regarding accounting,
auditing, financial reporting and record keeping and therefore, material
information related to an investment may not be available
or reliable. In addition, the
Fund is limited in its ability to exercise its legal rights or enforce a
counterparty’s legal obligations
in certain jurisdictions outside of the United States, in particular, in
emerging markets countries. In addition, due to jurisdictional
limitations, U.S. authorities (e.g., SEC and the U.S. Department of Justice) may
be limited in their ability to enforce
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Stanley Institutional Fund Trust Prospectus | Additional
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Additional
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(Con’t)
regulatory
or legal obligations in emerging market countries. In addition, emerging market
securities generally are less liquid and subject
to wider price and currency fluctuations than securities issued in more
developed countries. These characteristics result in greater
risk of price volatility in emerging market or developing countries, which may
be heightened by currency fluctuations relative to
the U.S. dollar.
REITs
and Foreign Real Estate Companies
Investing
in REITs and foreign real estate companies exposes investors to the risks of
owning real estate directly and investing in companies
in the real estate industry, as well as to risks that relate specifically to the
way in which REITs and foreign real estate companies
are organized and operated. REITs and foreign real estate companies generally
invest directly in real estate, in mortgages or
in some combination of the two. Real estate income and values may also be
greatly affected by demographic trends, such as population
shifts or changing tastes, preferences (such as remote work arrangements) and
values.
Operating
REITs and foreign real estate companies requires specialized management skills
and the Fund indirectly bears management
expenses along with the direct expenses of the Fund. The value of REIT and
foreign real estate company securities will also
rise and fall in response to the management skill and creditworthiness of the
issuer. In particular, the value of these securities may decline
when interest rates rise and will also be affected by the real estate market and
by the management or development of the underlying
properties, which may also be subject to mortgage loans and the underlying
mortgage loans may be subject to the risks of default.
REITs may be more volatile and/or more illiquid than other types of securities,
and publicly traded REIT and real estate company
shares are also subject to risks associated with equity securities. In addition,
individual REITs and foreign real estate companies
may own a limited number of properties and may concentrate in a particular
region or property type. REITs may also be subject
to heavy cash flow dependency, default by borrowers and
self-liquidation.
REITs
also must satisfy specific requirements of the Code in order to qualify for
tax-free pass-through income. The failure of a company
to qualify as a REIT could have adverse consequences for the Fund, including
significantly reducing the return to the Fund on
its investment in such company. Foreign real estate companies may be subject to
laws, rules and regulations governing those entities
and their failure to comply with those laws, rules and regulations could
negatively impact the performance of those entities. In
addition, REITs and foreign real estate companies, like mutual funds, have
expenses, including management and administration fees,
that are paid by their shareholders. As a result, shareholders will directly
bear the expenses of their investment in the Fund and indirectly
bear the expenses of the Fund’s investments when the Fund invests in REITs and
foreign real estate companies.
Foreign
Currency Forward Exchange Contracts
In
connection with its
investments in foreign securities, the Fund also may enter into contracts with
banks, brokers or dealers to purchase
or sell securities or foreign currencies at a future date. A foreign currency
forward exchange contract is a negotiated agreement
between the contracting parties to exchange a specified amount of currency at a
specified future time at a specified rate. The
rate can be higher or lower than the spot rate between the currencies that are
the subject of the contract. Foreign currency forward
exchange contracts may be used to seek to protect against uncertainty in the
level of future foreign currency exchange rates or to
gain or modify exposure to a particular currency. In addition, the Fund may use
cross currency hedging or proxy hedging with respect
to currencies in which the Fund has or expects to have portfolio or currency
exposure. Cross currency and proxy hedges involve
the sale of one currency against the positive exposure to a different currency
and may be used for hedging purposes or to establish
an active exposure to the exchange rate between any two currencies.
Investments
in foreign currency forward exchange contracts may substantially change the
Fund’s exposure to currency exchange rates and
could result in losses to the Fund if currencies do not perform as the Adviser
expects. The Adviser’s success in these transactions will
depend principally on its ability to predict accurately the future exchange
rates between foreign currencies and the U.S. dollar. Foreign
currency forward exchange contracts may be used for non-hedging purposes in
seeking to meet the Fund’s investment objective,
such as when the Adviser anticipates that particular non-U.S. currencies will
appreciate or depreciate in value, even though securities
denominated in those currencies are not then held in the Fund’s investment
portfolio. Investing in foreign currency forward
exchange contracts for purposes of gaining from projected changes in exchange
rates, as opposed to hedging currency risks applicable
to the Fund’s holdings, further increases the Fund’s exposure to foreign
securities losses. There is no assurance that the Adviser’s
use of currency derivatives will benefit the Fund or that they will be, or can
be, used at appropriate times.
Derivatives
The
Fund may, but is not required to, use derivatives and other similar
instruments for a variety of purposes, including hedging, risk management,
portfolio management or to seek to earn income. Derivative instruments used by
the Fund will be counted towards the Fund’s
exposure in the types of securities listed herein to the extent they have
economic characteristics similar to such securities. A derivative
is a financial instrument whose value is based, in part, on the value of an
underlying asset, interest rate, index or financial instrument.
Prevailing interest rates and volatility levels, among other things, also affect
the value of derivative instruments. Derivatives
and other similar instruments that create synthetic exposure often are subject
to risks similar to those of the underlying asset
or instrument and may be subject to additional risks, including imperfect
correlation between the value of the derivative and the underlying
asset, risks of default by the counterparty to certain transactions,
magnification of losses incurred due to changes in the market
value of the securities, instruments, indices or interest rates to which the
derivative instrument relates, risks that the
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transactions
may not be liquid, risks arising from margin and payment requirements, risks
arising from mispricing or valuation complexity
and operational and legal risks. The use of derivatives involves risks that are
different from, and possibly greater than, the risks
associated with other portfolio investments. Derivatives may involve the use of
highly specialized instruments that require investment
techniques and risk analyses different from those associated with other
portfolio investments.
Certain
derivative transactions may give rise to a form of leverage. Leverage magnifies
the potential for gain and the risk of loss. Leverage
associated with derivative transactions may cause the
Fund to liquidate portfolio positions when it may not be advantageous
to
do so to satisfy its obligations or may cause the
Fund to be more volatile than if the Fund had not been leveraged. Although the
Adviser
seeks to use derivatives to further the
Fund’s investment objective, there is no assurance that the use of derivatives
will achieve this
result.
The
derivative instruments and techniques that the Fund
may use include:
Futures.
A futures contract is a standardized, exchange-traded agreement to buy or sell a
specific quantity of an underlying asset, reference
rate or index at a specific price at a specific future time. While the value of
a futures contract tends to increase or decrease in tandem
with the value of the underlying instrument, differences between the futures
market and the market for the underlying asset may
result in an imperfect correlation. Depending on the terms of the particular
contract, futures contracts are settled through either physical
delivery of the underlying instrument on the settlement date or by payment of a
cash settlement amount on the settlement date.
A decision as to whether, when and how to use futures contracts involves the
exercise of skill and judgment and even a well-conceived
futures transaction may be unsuccessful because of market behavior or unexpected
events. In addition to the derivatives risks
discussed above, the prices of futures contracts can be highly volatile, using
futures contracts can lower total return, and the potential
loss from futures contracts can exceed the Fund’s initial investment in such
contracts. No assurance can be given that a liquid
market will exist for any particular futures contract at any particular time.
There is also the risk of loss by the Fund of margin deposits
in the event of bankruptcy of a broker with which the Fund has open positions in
the futures contract.
Options.
If the
Fund buys an option, it buys a legal contract giving it the right to buy or sell
a specific amount of the underlying instrument,
foreign currency or contract, such as a swap agreement or futures contract, on
the underlying instrument or foreign currency
at an agreed-upon price typically in exchange for a premium paid by the Fund. If
the
Fund sells an option, it sells to another person
the right to buy from or sell to the Fund a specific amount of the underlying
instrument, swap, foreign currency, or futures contract
on the underlying instrument or foreign currency, at an agreed-upon price during
a period of time or on a specified date typically
in exchange for a premium received by the Fund. When options are purchased OTC,
the
Fund bears the risk that the counterparty
that wrote the option will be unable or unwilling to perform its obligations
under the option contract. Options may also
be illiquid and the
Fund may have difficulty closing out its position. A decision as to whether,
when and how to use options involves
the exercise of skill and judgment and even a well-conceived option transaction
may be unsuccessful because of market behavior
or unexpected events. The prices of options can be highly volatile and the use
of options can lower total returns.
Investments
in foreign currency options may substantially change the Fund’s exposure to
currency exchange rates and could result in losses
to the Fund if currencies do not perform as the Adviser expects. There is a risk
that such transactions may reduce or preclude the
opportunity for gain if the value of the currency should move in the direction
opposite to the position taken. The value of a foreign
currency option is dependent upon the value of the underlying foreign currency
relative to the U.S. dollar or other applicable foreign
currency. The price of the option may vary with changes in the value of either
or both currencies and has no relationship to the
investment merits of a foreign security. Options on foreign currencies are
affected by all of those factors that influence foreign exchange
rates and foreign investment generally. Unanticipated changes in currency prices
may result in losses to the Fund and poorer
overall performance for the Fund than if it had not entered into such contracts.
Options on foreign currencies are traded primarily
in the OTC market, but may also be traded on U.S. and foreign
exchanges.
Foreign
currency options contracts may be used for hedging purposes or non-hedging
purposes in pursuing the Fund’s investment objective,
such as when the Adviser anticipates that particular non-U.S. currencies will
appreciate or depreciate in value, even though securities
denominated in those currencies are not then held in the Fund’s investment
portfolio. Investing in foreign currencies for purposes
of gaining from projected changes in exchange rates, as opposed to only hedging
currency risks applicable to the Fund’s holdings,
further increases the Fund’s exposure to foreign securities losses. There is no
assurance that the Adviser’s use of currency derivatives
will benefit the Fund or that they will be, or can be, used at appropriate
times.
Swaps.
The Fund may enter into OTC swap contracts or cleared swap transactions. An OTC
swap contract is an agreement between two
parties pursuant to which the parties exchange payments at specified dates on
the basis of a specified notional amount, with the payments
calculated by reference to specified securities, indices, reference rates,
currencies or other instruments. Typically swap agreements
provide that when the period payment dates for both parties are the same, the
payments are made on a net basis (i.e., the two
payment streams are netted out, with only the net amount paid by one party to
the other). The Fund’s obligations or rights under
a swap contract entered into on a net basis will generally be equal only to the
net amount to be paid or received under the agreement,
based on the relative values of the positions held by each party. Cleared swap
transactions may help reduce counterparty credit
risk. In a cleared swap, the Fund’s ultimate counterparty is a clearinghouse
rather than a swap dealer, bank or other financial
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institution.
OTC swap agreements are not entered into or traded on exchanges and often there
is no central clearing or guaranty function
for swaps. These OTC swaps are often subject to credit risk or the risk of
default or non-performance by the counterparty. Certain
swaps have begun trading on exchanges called swap execution facilities. Exchange
trading is expected to increase liquidity of swaps
trading. Both OTC and cleared swaps could result in losses if interest rates,
foreign currency exchange rates or other factors are not
correctly anticipated by the Fund or if the reference index, security or
investments do not perform as expected. The Dodd-Frank Wall
Street Reform and Consumer Protection Act and related regulatory developments
require the clearing and exchange trading of certain
standardized swap transactions. Mandatory exchange-trading and clearing is
occurring on a phased-in basis. The Fund may pay
fees or incur costs each time it enters into, amends or terminates a swap
agreement.
Structured
Investments.
The Fund also may invest a portion of its assets in structured investments. A
structured investment is a derivative
security designed to offer a return linked to a particular underlying security,
currency, commodity or market. Structured investments
may come in various forms including notes (such as exchange-traded notes),
warrants and options to purchase securities. The
Fund will typically use structured investments to gain exposure to a permitted
underlying security, currency, commodity or market
when direct access to a market is limited or inefficient from a tax or cost
standpoint. There can be no assurance that structured
investments will trade at the same price or have the same value as the
underlying security, currency, commodity or market. Investments
in structured investments involve risks including issuer risk, counterparty risk
and market risk. Holders of structured investments
bear risks of the underlying investment and are subject to issuer or
counterparty risk because the Fund is relying on the creditworthiness
of such issuer or counterparty and has no rights with respect to the underlying
investment. Certain structured investments
may be thinly traded or have a limited trading market and may have the effect of
increasing the Fund’s illiquidity to the extent
that the Fund, at a particular point in time, may be unable to find qualified
buyers for these securities.
Mid
Cap Companies Risk
Investments
in mid cap companies may involve greater risks than investments in larger, more
established companies. The securities issued
by mid cap companies may be less liquid and such companies may have more limited
markets, financial resources and product lines
and may lack the depth of management of larger companies.
Focused
Investing
Although
the Fund is a diversified investment company under the Investment Company Act of
1940 (the “1940 Act”), the Fund typically
invests a significant portion of its portfolio in a limited number of issuers,
which may be in the same industry, sector or geographic
region. As a result, the Fund will be more susceptible to risks associated with,
and negative events, conditions or developments
affecting or economic results of, those issuers, industries, sectors or
geographic regions, and a decline in the value of a particular
instrument may cause the Fund’s overall value to be more volatile and decline to
a greater degree than if the Fund were invested
more widely. Such volatility and decline may be sudden and significant. In
addition, if such issuers are within the same market
segment or of a similar type (e.g., growth stocks), the Fund will be more
sensitive to adverse developments or conditions and risks
affecting such market segment or type of issuer, including that the market
segment or type of issuer may fall out of favor, than if the
Fund were invested more widely.
The
Fund does not lose its status as a diversified investment company because of any
subsequent discrepancy between the value of its various
investments and the diversification requirements of the 1940 Act, so long as any
such discrepancy existing immediately after the
Fund’s acquisition of any security or other property is neither wholly nor
partly the result of such acquisition.
Liquidity
The Fund
may make investments that are illiquid or restricted or that may become illiquid
or less liquid in response to, among other developments,
overall economic conditions or adverse investor perceptions, and which may
entail greater risk than investments in other
types of securities. Illiquidity can also be caused by, among other things, a
drop in overall market trading volume, an inability to
find a willing buyer, or legal restrictions on the securities’ resale. These
investments may be more difficult to value or sell, particularly
in times of market turmoil, and there may be little trading in the secondary
market available for particular securities. If the
Fund is forced to sell an illiquid or restricted security to fund redemptions or
for other cash needs, it may be forced to sell the security
at a loss or for less than its fair value and may be unable to sell the security
at all.
Private
Placements and Restricted Securities
The
Fund’s
investments may include privately placed securities, which are subject to resale
restrictions. These securities could have the
effect of increasing the level of Fund illiquidity to the extent the
Fund may be unable to sell or transfer these securities due to restrictions
on transfers or on the ability to find buyers interested in purchasing the
securities. Additionally, the market for certain investments
deemed liquid at the time of purchase may become illiquid under adverse market
or economic conditions. The illiquidity of
the market, as well as the lack of publicly available information regarding
these securities, may also adversely affect the ability to arrive
at a fair value for certain securities at certain times and could make it
difficult for the
Fund to sell certain securities. If the
Fund is
forced to sell an illiquid security to fund redemptions or for other cash needs,
it may be forced to sell the security at a loss or for less than
its fair value.
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Special
Purpose Acquisition Companies
A
special purpose acquisition company (“SPAC”) is a publicly traded company that
raises investment capital for the purpose of acquiring
or merging with an existing company. Typically, the acquisition target is an
existing privately held company that wants to trade
publicly, which it accomplishes through a combination with a SPAC rather than by
conducting a traditional initial public offering
(“IPO”). SPACs and similar entities are blank check companies and do not have
any operating history or ongoing business other
than seeking acquisitions. The long term value of a SPAC’s securities is
particularly dependent on the ability of the SPAC’s management
to identify a merger target and complete an acquisition.
An
investment in a SPAC is subject to the risks that any proposed acquisition or
merger may not obtain the requisite approval of SPAC
shareholders, may require governmental or other approvals that it fails to
obtain or that an acquisition or merger, once effected,
may prove unsuccessful and lose value. In addition, among other conflicts of
interest, the economic interests of the management,
directors, officers and related parties of a SPAC can differ from the economic
interests of public shareholders, which may
lead to conflicts as they evaluate, negotiate and recommend business combination
transactions to shareholders. This risk may become
more acute as the deadline for the completion of a business combination nears or
in the event that attractive acquisition or merger
targets become scarce.
An
investment in a SPAC is also subject to the risk that a significant portion of
the funds raised by the SPAC may be expended during
the search for a target acquisition or merger. The value of investments in SPACs
may be highly volatile and may depreciate over
time. In addition, investments in SPACs may be subject to the same risks as
investing in any initial public offering, including the
risks associated with companies that have little operating history as public
companies, including unseasoned trading, small number
of shares available for trading and limited information about the issuer. In
addition, the market for IPO issuers may be volatile,
and share prices of newly-public companies have fluctuated significantly over
short periods of time. Although some IPOs may
produce high returns, such returns are not typical and may not be sustainable.
Certain investments in SPACs are privately placed securities
and are also subject to the risks of such securities.
Information
Technology Sector Risk
To
the extent the Fund invests a substantial portion of its assets in the
information technology sector, the value of Fund shares may be
particularly impacted by events that adversely affect the information technology
sector, such as rapid changes in technology product
cycles, competition for the services of qualified personnel and government
regulation. The products of information technology
companies may face product obsolescence due to rapid technological developments
and frequent new product introduction
and unpredictable changes in growth rates. Companies in the information
technology sector also can be heavily dependent
on patent protection and the expiration of patents may adversely affect the
profitability of these companies. As a result, the
value of shares may fluctuate more than that of a fund that does not invest
significantly in companies in the technology sector.
Large
Shareholder Transactions Risk
The Fund
may experience adverse effects when certain shareholders, or shareholders
collectively, purchase or redeem large amounts of
shares of the Fund. Such larger than normal redemptions may cause the Fund to
sell portfolio securities at times when it would not
otherwise do so, which may negatively impact the Fund’s NAV and liquidity.
Similarly, large Fund share purchases may adversely
affect the Fund’s performance to the extent that the Fund is delayed in
investing new cash and is required to maintain a larger
cash position than it ordinarily would. Large shareholder transactions may also
accelerate the realization of taxable income to shareholders
if such sales of investments resulted in gains, and may also increase
transaction costs. In addition, a large redemption could
result in the Fund’s current expenses being allocated over a smaller asset base,
leading to an increase in the Fund’s expense ratio.
Although large shareholder transactions may be more frequent under certain
circumstances, the Fund is generally subject to the risk
that shareholders can purchase or redeem a significant percentage of Fund shares
at any time.
Active
Management Risk
In
pursuing the Fund’s investment objective, the Adviser has considerable leeway in
deciding which investments it buys, holds or sells on
a day-to-day basis, and which trading strategies it uses. For example, the
Adviser, in its discretion, may determine to use some permitted
trading strategies while not using others. The success or failure of such
decisions will affect the Fund’s performance. In addition,
it is expected that confidential or material non-public information regarding an
investment or potential investment opportunity
may become available to the Adviser. If such information becomes available, the
Adviser may be precluded (including by applicable
law or internal policies or procedures) from pursuing an investment or
disposition opportunity with respect to such investment
or investment opportunity and the Adviser may be restricted in its ability to
cause the Fund to buy or sell securities of an issuer
for substantial periods of time when the Fund otherwise could realize profit or
avoid loss. This may adversely affect the Fund’s flexibility
with respect to buying or selling securities and may impair the Fund’s
liquidity.
Temporary
Defensive Investments
Under
adverse or unstable market conditions or abnormal circumstances or when the
Adviser believes that changes in market, economic,
political or other conditions warrant, the Fund may, in the discretion of the
Adviser, take temporary positions that are inconsistent
with the Fund’s principal investment strategies in attempting to respond to such
conditions or circumstances. For example,
the Fund may invest without limit in cash, cash equivalents or other
fixed-income instruments, derivatives, repurchase
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agreements
or securities of other investment companies, including money market funds, for
temporary purposes. If the Adviser incorrectly
predicts the effects of these changes or during periods of temporary defensive
or other temporary positions, such temporary
investments may adversely affect the Fund’s performance and the Fund may not
achieve its investment objective.
ESG
Investment Risk
To
the extent that the Adviser considers environmental, social and/or governance
(“ESG”) issues as a component in its investment decision-making
process, the Fund’s performance may be impacted. Additionally, the Adviser’s
consideration of ESG issues in its investment
decision-making process may require subjective analysis and the ability of the
Adviser to consider ESG issues may be difficult
if data about a particular issuer (or obligor) is limited. The Adviser’s
consideration of ESG issues may contribute to the Adviser’s
decision to forgo opportunities to buy certain securities. ESG issues with
respect to an issuer (or obligor) or the Adviser’s assessment
of such may change over time.
Regulatory
and Legal Risk
U.S.
and non-U.S. governmental agencies and other regulators regularly implement
additional regulations and legislators pass new laws
that affect the investments held by the Fund, the strategies used by the Fund or
the level of regulation or taxation applying to the
Fund (such as regulations related to investments in derivatives and other
transactions). These regulations and laws impact the investment
strategies, performance, costs and operations of the Fund or taxation of
shareholders.
The
SEC has recently proposed amendments to Rule 22e-4 of the 1940 Act that, if
adopted, would result in changes to the Fund’s liquidity
classification framework and could potentially increase the percentage of the
Fund’s investments classified as illiquid. In addition,
the Fund’s operations and investment strategies may be adversely impacted if the
proposed amendments are adopted.
Morgan
Stanley Institutional Fund Trust Prospectus | Fund
Management
Adviser
Morgan
Stanley Investment Management Inc., with principal offices at 1585 Broadway, New
York, NY 10036, conducts a worldwide
portfolio management business and provides a broad range of portfolio management
services to customers in the United States
and abroad. Morgan Stanley (NYSE: “MS”) is the parent of the Adviser, which is
the parent of the Distributor. Morgan Stanley
is a preeminent global financial services firm engaged in securities trading and
brokerage activities, as well as providing investment
banking, research and analysis, financing and financial advisory services. As of
December
31, 2023, the Adviser, together with
its affiliated asset management companies, had approximately $1.5 trillion
in assets under management or supervision.
A
discussion regarding the basis for the Board of Trustees’ approval of the
investment advisory agreement is available in the Fund’s Annual
Report to Shareholders for the fiscal year ended September
30, 2023.
Advisory
Fees
For
the fiscal year ended September
30, 2023, the Adviser received a fee for advisory services (net of fee waivers,
if applicable) equal to
0.50%
of the Fund’s average daily net assets.
The
Adviser has agreed to reduce its advisory fee and/or reimburse the Fund, if
necessary, if such fees would cause the total annual operating
expenses of the Fund to exceed 0.80%
for Class
I, 1.15%
for Class
A, 1.65%
for Class
L, 1.90%
for Class
C and 0.73%
for Class
R6. In determining the actual amount of fee waiver and/or expense reimbursement
for the Fund, if any, the Adviser excludes from
total annual operating expenses, acquired fund fees and expenses (as
applicable), certain investment related expenses, taxes, interest
and other extraordinary expenses (including litigation). The fee waivers and/or
expense reimbursements for the Fund will continue
for at least one year from the date of this Prospectus or until such time as the
Trust’s Board of Trustees acts to discontinue all
or a portion of such waivers and/or reimbursements when it deems such action is
appropriate. The Adviser may make additional voluntary
fee waivers and/or expense reimbursements. The Adviser may discontinue these
voluntary fee waivers and/or expense reimbursements
at any time in the future.
The
Fund’s annual operating expenses may vary throughout the period and from year to
year. The Fund’s actual expenses may be different
than the expenses listed in the Fund’s fee and expense table based upon the
extent and amount of a fee waiver and/or expense
reimbursement.
Portfolio
Management
The
Fund is managed by members of Counterpoint Global. Counterpoint Global consists
of portfolio managers and analysts. Current
members of Counterpoint Global who are jointly and primarily responsible for the
day-to-day management of the Fund are Dennis
P. Lynch, Sam G. Chainani, Jason C. Yeung, Armistead B. Nash, David
S. Cohen and Alexander T. Norton.
Mr.
Lynch has been associated with the Adviser in an investment management capacity
since 1998. Mr. Chainani has been associated with
the Adviser in an investment management capacity since 1996. Mr. Yeung has been
associated with the Adviser in an investment
management capacity since 2002. Mr. Nash has been associated with the
Adviser in an investment management capacity since
2002. Mr. Cohen has been associated with the Adviser in an investment
management capacity since 1993. Mr. Norton has been
associated with the Adviser in an investment management capacity since
2000.
Mr.
Lynch is the lead portfolio manager of the Fund. Messrs. Chainani,
Yeung, Nash, Cohen and Norton are co-portfolio managers.
Counterpoint
Global members collaborate to manage the assets of the Fund.
Additional
Information
The
Fund’s
SAI provides additional information about the portfolio managers’ compensation
structure, other accounts managed by the
portfolio managers and the portfolio managers’ ownership of securities in the
Fund.
The
composition of the
team may change from time to time.
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
Information
Share
Class Arrangements
The
Trust
has suspended offering Class L shares of the Fund for sale to all investors. The
Class L shareholders of the Fund do not have the option
of purchasing additional Class L shares. However, the existing Class L
shareholders of the Fund may invest in additional Class L shares
through reinvestment of dividends and distributions.
The
Trust
currently offers investors Class I, Class A, Class C and Class R6 shares of the
Fund. Class I and Class R6 shares are not subject
to a sales charge and are not subject to a distribution and/or shareholder
service (12b-1) fee. In addition, no sub-accounting or
other similar fees, or any finder’s fee payments are charged or paid on Class R6
shares. The Class L shares of the Fund are currently
closed to all investors except in the limited circumstances set forth in this
Prospectus. Class
C shares
are sold at NAV with no
initial sales charge, but are subject to a CDSC of 1.00% on sales made within
one year after the last day of the month of purchase. Class
I and Class
R6 shares
generally require investments in minimum amounts that are substantially higher
than
Class
A and
Class
C shares.
Minimum
Investment Amounts
The
minimum initial investment generally is $1
million for Class
I shares and $1,000
for Class
A and Class
C shares of the
Fund. The
minimum initial investment amount may be waived by the Adviser for the following
categories: (1) sales through banks, broker-dealers
and other financial institutions (including registered investment advisers and
financial planners) purchasing shares on behalf of
their clients in (i) discretionary and non-discretionary advisory programs, (ii)
asset allocation programs, (iii) other programs in which
the client pays an asset-based fee for advice or for executing transactions in
Fund shares or for otherwise participating in the program
or (iv) certain other investment programs that do not charge an asset-based fee,
as outlined in an agreement between the Distributor
and such financial institution; (2) sales through a Financial Intermediary that
has entered into an agreement with the Distributor
to offer Fund shares to self-directed investment brokerage accounts, which may
or may not charge a transaction fee; (3) qualified
state tuition plans described in Section 529 of the Code (subject to all
applicable terms and conditions); (4) defined contribution,
defined benefit and other employer-sponsored employee benefit plans, whether or
not qualified under the Code, where such
plans purchase Class
A, Class C and/or Class I shares through a plan-level or omnibus account
sponsored or serviced by a Financial
Intermediary that has entered into an agreement with
the
Fund, the Distributor and/or the Adviser pursuant to which such Class
A, Class
C and/or Class
I shares are available to such plans; (5) certain retirement and deferred
compensation programs established
by Morgan Stanley Investment Management or its affiliates for their employees or
the Trust’s Trustees; (6) current or retired
directors, officers and employees of Morgan Stanley and any of its subsidiaries,
such persons’ spouses, and children under the age
of 21, and trust accounts for which any of such persons is a beneficiary; (7)
current or retired Directors or Trustees of the Morgan
Stanley Funds (as defined herein), such persons’ spouses, and children
under the age of 21, and trust accounts for which any of
such persons is a beneficiary; (8) certain other registered open-end investment
companies whose shares are distributed by the Distributor;
(9) investments made in connection with certain mergers and/or reorganizations
as approved by the Adviser; (10) the reinvestment
of dividends from Class
A, Class
C or Class
I shares of the
Fund in additional shares of the same class of such Fund; or (11)
certain other institutional investors based on assets under management or other
considerations at the discretion of the Adviser. The
Fund no longer accepts direct purchases of Class
C shares by accounts for which no broker-dealer or other Financial Intermediary
is specified. Any direct purchase received by the
Fund’s transfer agent for Class
C shares for such accounts will automatically
be invested in Class
A shares of the Fund.
Certain
waivers may not be available depending on the policies at certain Financial
Intermediaries. Each Financial Intermediary may also
have its own rules about minimum initial investment amounts, minimum account
balances, share transactions and limits on the number
of share transactions you are permitted to make in a given time period and about
rights of accumulation and letters of intent. When
purchasing shares through a Financial Intermediary, you may not benefit from
certain policies and procedures of the Fund
as your
eligibility may be dependent upon the policies and procedures of your Financial
Intermediary, including those regarding reductions
of sales charges. Please consult your Financial Intermediary for more
information.
Class
R6 shares are offered only to eligible investors meeting certain minimum
investment requirements. To purchase Class R6 shares,
an investor must meet a minimum initial investment of $5
million or be a defined contribution, defined benefit or other employer
sponsored employee benefit plan, in each case provided that the plan trades
through an intermediary that combines its clients’
assets in a single omnibus account, whether or not such plan is qualified under
the Code and in each case subject to the discretion
of the Adviser. Initial omnibus trades of $5
million or more shall be accepted from certain platforms, including (i) banks
and
trust companies; (ii) insurance companies; and (iii) registered investment
advisory firms. The $5
million minimum initial investment
amount may be waived for Fund shares purchased by or through: (1) certain
registered open-end investment companies whose
shares are distributed by the Distributor; or (2) investments made in connection
with certain mergers and/or reorganizations as approved
by the Adviser.
If
the value of your account falls below the applicable minimum initial investment
amount for a class of shares of the
Fund as a result of
share redemptions or you no longer meet one of the waiver criteria set forth
above, your account may be subject to involuntary
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
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Shareholder
Information (Con’t)
conversion
or involuntary redemption, as applicable. You will be notified prior to any such
conversions or redemptions. No
CDSC will
be imposed on any involuntary conversion or involuntary redemption.
The
Adviser, in its sole discretion, may waive a minimum initial investment amount
in certain cases.
Distribution
of Fund Shares
Morgan
Stanley Distribution, Inc. is the exclusive distributor of shares of the
Fund.
The Distributor receives no compensation from the
Fund for distributing Class
I and Class
R6 shares of the Fund. The Trust
has adopted a Shareholder Services Plan with respect to the
Class
A shares of the Fund and a Distribution and Shareholder Services Plan with
respect to the Class
L and Class
C shares of the Fund
(the “Plans”) pursuant to Rule 12b-1 under the 1940
Act. Under the Plans, the Fund pays the Distributor (i) a shareholder
services
fee of up to 0.25% of the average daily net assets of each of the Class
A shares, Class
L shares and Class
C shares on an annualized
basis and (ii) a distribution fee of up to 0.50% of the average daily net assets
of Class
L shares on an annualized basis and up
to 0.75% of the average daily net assets of Class
C shares on an annualized basis. The Distributor may compensate other
parties for
providing distribution-related and/or shareholder support services to investors
who purchase Class
A, Class
L and Class
C shares. Such
fees relate solely to the Class
A, Class
L and Class
C shares and will reduce the net investment income and total return of the
Class
A, Class
L and Class
C shares, respectively. Because the fees are paid out of the Fund’s assets on an
ongoing basis, over time these
fees will increase the cost of your investment and may cost you more than paying
other types of sales charges.
The
Adviser and/or Distributor may pay compensation to Financial Intermediaries in
connection with the sale, distribution, marketing
and retention of the Fund’s shares and/or shareholder servicing. Such
compensation may be significant in amount and the prospect
of receiving any such additional compensation may provide affiliated or
unaffiliated Financial Intermediaries with an incentive
to favor sales of shares of the Fund over other investment options. Any such
payments will not change the NAV or the price of
the Fund’s shares. For more information, please see the Fund’s SAI.
About
Net Asset Value
The
NAV of a class of shares of the
Fund is determined by dividing the total of the value of the Fund’s investments
and other assets attributable
to the class, less any liabilities attributable to the class, by the total
number of outstanding shares of that class of the Fund.
In making this calculation, the
Fund generally values its portfolio securities and other assets at market price.
When no market quotations
are readily available for a security or other asset, including circumstances
under which the Adviser determines
that a market
quotation is not accurate, fair value for the security or other asset will be
determined in good faith using methods approved by the
Trust’s
Board of Trustees.
In
addition, with respect to securities that primarily are listed on foreign
exchanges, when an event occurs after the close of such exchanges
that is likely to have changed the value of the securities (e.g., a percentage
change in value of one or more U.S. securities indices
in excess of specified thresholds), such securities will be valued at their fair
value, as determined under procedures approved by the
Trust’s
Board of Trustees.
Securities also may be fair valued in the event of a significant development
affecting a country or region
or an issuer-specific development that is likely to have changed the value of
the security. In these cases, the
Fund’s NAV will reflect
certain portfolio securities’ fair value rather than their market price. To the
extent the
Fund invests in open-end management companies
(other than ETFs)
that are registered under the 1940
Act, the Fund’s NAV is calculated based in relevant part upon the NAV
of such funds. The prospectuses for such funds explain the circumstances under
which they will use fair value pricing and its effects.
Fair
value pricing involves subjective judgments and it is possible that the fair
value determined for a security or other asset is materially
different than the value that could be realized upon the sale of that security
or other asset. With respect to securities that are
primarily listed on foreign exchanges, the values of the
Fund’s portfolio securities may change on days when you will not be able
to
purchase or sell your shares. The NAV of the
Fund (excluding any applicable sales charges) is based on the value of the
Fund’s portfolio
securities or other assets. Although the assets of each class are invested in
the same portfolio of securities or other assets, the NAV
of each class will differ because the classes have different class specific
expenses.
The
Fund relies on various sources to calculate its NAV. The ability of the Fund’s
provider of administrative services to calculate the NAV
per share of the Fund is subject to operational risks associated with processing
or human errors, systems or technology failures, cyber
attacks and errors caused by third party service providers, data sources or
trading counterparties. Such failures may result in delays
in calculating the Fund’s NAV and/or the inability to calculate NAV over
extended periods. The Fund may be unable to recover
any losses associated with such failures. In addition, if the third party
service providers and/or data sources upon which the Fund
directly or indirectly relies to calculate its NAV or price individual
securities are unavailable or otherwise unable to calculate the NAV
correctly, it may be necessary for alternative procedures to be utilized to
price the securities at the time of determining the Fund’s
NAV.
The
Fund’s
NAV per share is subject to various investment and other risks. Please refer to
the “Additional Information About Fund Investment
Strategies and Related Risks” and “Fund Investments and Strategies” sections of
the Prospectus and SAI, respectively, for more
information regarding risks associated with an investment in the
Fund.
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
Information
Shareholder
Information (Con’t)
Pricing
of Fund Shares
You
may buy or sell (redeem) shares of the Fund
at the NAV next determined for the class after receipt of your order in good
order, plus
any applicable sales charge. The Trust
determines the NAV for the Fund
as of the close of the NYSE (normally 4:00 p.m. Eastern
time) on each day that the NYSE is open for business (the “Pricing Time”).
Shares generally will not be priced on days that the
NYSE is closed. If the NYSE is closed due to inclement weather, technology
problems or any other reason on a day it would normally
be open for business, or the NYSE has an unscheduled early closing on a day it
has opened for business, the
Fund reserves the
right to treat such day as a business day and accept purchase and redemption
orders until, and calculate its NAV as of, the normally
scheduled close of regular trading on the NYSE for that day, so long as the
Adviser believes there generally remains an adequate
market to obtain reliable and accurate market quotations. The
Fund may elect to remain open and price its shares on days when
the NYSE is closed but the primary securities markets on which the Fund’s
securities trade remain open. Trading of securities that
are primarily listed on foreign exchanges may take place on weekends and other
days when the
Fund does not price its shares. Therefore,
to the extent, if any, that the
Fund invests in securities primarily listed on foreign exchanges, the value of
the Fund’s portfolio
securities may change on days when you will not be able to purchase or sell your
shares.
Portfolio
Holdings
A
description of the Trust’s
policies and procedures with respect to the disclosure of the Fund’s portfolio
securities is available in the Trust’s
SAI.
How
To Purchase Fund Shares
You
may purchase shares of the
Fund on each day that the Fund is open for business by contacting your Financial
Intermediary or directly
from the Fund.
Purchasing
Shares Through a Financial Intermediary
You
may open a new account and purchase shares of the Fund
through a Financial Intermediary. The Financial Intermediary will assist
you with the procedures to invest in shares of the
Fund. Investors purchasing or selling shares of the
Fund through a Financial Intermediary,
including Morgan Stanley Wealth Management, may be charged transaction-based or
other fees by the Financial Intermediary
for its services. If you are purchasing shares of the
Fund through a Financial Intermediary, please consult your Financial
Intermediary
for more information regarding any such fees and for purchase
instructions.
Financial
Intermediaries may impose a limit on the dollar value of a Class C share
purchase order that they will accept. You should discuss
with your Financial Intermediary which share class is most appropriate for you
based on the size of your investment, your expected
time horizon for holding the shares and other factors, bearing in mind the
availability of reduced sales loads on Class A share
purchases that qualify for such reduction under the combined purchase privilege
or right of accumulation privilege available on Class
A share purchases.
The
availability of sales charge waivers and discounts may depend on whether you
purchase Fund shares directly from the Fund (or the
Distributor) or a Financial Intermediary. More information regarding sales
charge discounts and waivers is summarized below. The
Fund’s sales charge waivers (and discounts) disclosed in this Prospectus are
available for qualifying purchases made directly from the
Fund (or the Distributor) and are generally available through Financial
Intermediaries. The sales charge waivers (and discounts) available
through certain other Financial Intermediaries are set forth in Appendix A to
this Prospectus (Intermediary-Specific Sales Charge
Waivers and Discounts), which may differ from those available for purchases made
directly from the Fund (or the Distributor).
Please refer to Appendix A to this Prospectus (Intermediary-Specific Sales
Charge Waivers and Discounts) or contact your
Financial Intermediary regarding applicable sales charge waivers (and discounts)
and for information regarding the Financial Intermediary’s
related policies and procedures, such as with respect to rights of accumulation
and letters of intent.
With
respect to sales through Financial Intermediaries, no offers or sales of Fund
shares may be made in any foreign jurisdiction, except
with the consent of the Distributor.
Purchasing
Shares Directly From the Fund
Initial Purchase
You
may open a new account, subject to acceptance by the Fund,
and purchase shares of the Fund by completing and signing a New Account
Application provided by SS&C Global Investor and Distribution Solutions,
Inc. (“SS&C GIDS”), the Fund’s
transfer agent,
or Eaton Vance Management, the Fund’s
co-transfer agent, which you can obtain by calling Morgan Stanley Shareholder
Services
at 1-800-869-6397 and mailing it to Morgan Stanley Institutional Fund Trust, c/o
SS&C Global Investor and Distribution Solutions,
Inc., P.O. Box 219804, Kansas City, MO 64121-9804.
After
submitting a completed New Account Application to SS&C GIDS, you may wire
Federal Funds (monies credited by a Federal Reserve
Bank) to State
Street Bank and Trust Company (the “Custodian”). You should instruct your
bank to send a Federal Funds wire
in a specified amount to the Custodian using the following wire
instructions:
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
Information
Shareholder
Information (Con’t)
State
Street Bank and Trust Company
One
Lincoln Street
Boston,
MA 02111-2101
ABA
#011000028
DDA
#00575373
Attn:
Morgan
Stanley Institutional Fund Trust
Subscription
Account
Ref:
(Fund Name, Account Number, Account Name)
The Fund
no longer accepts direct purchases of Class C shares by accounts for which no
broker-dealer or other Financial Intermediary
is specified (i.e., such purchasers are not eligible investors for Class C
shares). Any direct purchase received by the
Fund’s
transfer agent for Class C shares for such accounts will automatically be
invested in Class A shares of the Fund. In addition, Class
C shares held in an account for which no broker-dealer or other Financial
Intermediary is specified and which are not subject to a
CDSC will periodically be converted to Class A shares of the
Fund.
Additional Investments
You
may purchase additional shares of the
Fund for your account at any time by contacting your Financial Intermediary or
by contacting
the Fund directly. For additional purchases directly from the
Fund, you should write a “letter of instruction” that includes your
account name, account number, the Fund name and the class selected, signed by
the account owner(s), to assure proper crediting
to your account. After mailing a “letter of instruction,” you may wire Federal
Funds by following the instructions under “Initial
Purchase.”
Sales
Charges Applicable to Purchases of Class A Shares
Class
A shares are subject to a sales charge equal to a maximum of 5.25%
calculated as a percentage of the offering price on a single transaction
as shown in the table below. For Class A shares sold by the Distributor, the
Distributor will receive the sales charge imposed
on purchases of Class A shares (or
any CDSC paid on redemption)
and will retain the full amount of such sales charge. As shown
below, the sales charge is reduced for purchases of $50,000
and over.
|
|
|
| |
|
Front-End
Sales Charge |
|
|
Amount
of Single Transaction |
Percentage
of Public Offering Price |
Approximate
Percentage of Net Amount
Invested |
Dealer
Commission as a Percentage
of Public Offering Price |
|
Less
than $50,000 |
5.25% |
5.54% |
4.75% |
|
$50,000
but less than $100,000 |
4.50% |
4.71% |
4.00% |
|
$100,000
but less than $250,000 |
3.50% |
3.63% |
3.00% |
|
$250,000
but less than $500,000 |
2.50% |
2.56% |
2.00% |
|
$500,000
but less than $1 million |
2.00% |
2.04% |
1.50% |
|
$1
million and over* |
0.00% |
0.00% |
0.00% |
|
* |
The
Distributor may pay a commission of up to 1.00%
to a Financial Intermediary for purchase amounts of $1 million or
more. |
You
may benefit from a reduced sales charge schedule (i.e., breakpoint discount) for
purchases of Class A shares of the
Fund,
as applicable,
by combining, in a single transaction, your purchase with purchases of Class A
shares of the Fund by the following related accounts
(“Related Accounts”):
• |
A
single account (including an individual, a joint account, a trust or
fiduciary account). |
• |
A
family member account (limited to spouse, and children under the age of
21, but including
trust accounts established solely for the
benefit of a spouse, or children under the age of
21). |
• |
An
UGMA/UTMA (Uniform Gifts to Minors Act/Uniform Transfers to Minors Act)
account. |
• |
An
individual retirement account (“IRA”). |
Investments
made through employer-sponsored retirement plan accounts will not be aggregated
with individual accounts.
Investments
of $1
million or more are not subject to an initial sales charge, but are generally
subject to a CDSC of 1.00%
on sales made
within 12 months after purchase. See “—How to Redeem Fund Shares” below for more
information about how the CDSC is assessed.
The CDSC is assessed on an amount equal to the lesser of the then market value
of the shares or the historical cost of the shares
(which is the amount actually paid for the shares at the time of original
purchase) being redeemed. Accordingly, no sales charge
is imposed on increases in NAV above the initial purchase price. In determining
whether a CDSC applies to a redemption, it is
assumed that the shares being redeemed first are any shares in the shareholder’s
account that are not subject to a CDSC, followed by
shares held the longest in the shareholder’s account.
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
Information
Shareholder
Information (Con’t)
In
addition to investments of $1
million or more, purchases of Class A shares are not subject to a front-end
sales charge if your account
qualifies under one of the following categories:
• |
Sales
through banks, broker-dealers and other financial institutions (including
registered investment advisers and financial planners)
purchasing shares on behalf of their clients in (i) discretionary and
non-discretionary advisory programs, (ii) asset allocation
programs, (iii) other programs in which the client pays an asset-based fee
for advice or for executing transactions in Fund
shares or for otherwise participating in the program or (iv) certain other
investment programs that do not charge an asset-based
fee, as outlined in an agreement between the Distributor and such
financial institution. |
• |
Sales
through Financial Intermediaries who have entered into an agreement with
the Distributor to offer Fund shares to self-directed
investment brokerage accounts, which may or may not charge a transaction
fee. |
• |
Qualified
state tuition plans described in Section 529 of the Code (subject to all
applicable terms and conditions). |
• |
Defined
contribution, defined benefit and other employer-sponsored employee
benefit plans, whether or not qualified under the Code,
where such plans purchase Class A shares through a plan-level or omnibus
account sponsored or serviced by a Financial Intermediary
that has an agreement with the Fund, the Distributor and/or the Adviser
pursuant to which Class A shares are available
to such plans without an initial sales
charge. |
• |
Certain
retirement and deferred compensation programs established by Morgan
Stanley Investment Management or its affiliates for
their employees or the Trust’s Trustees. |
• |
Current
or retired Directors or Trustees of the Morgan Stanley Funds, such
persons’ spouses, and children under the age of 21, and
trust accounts for which any of such persons is a
beneficiary. |
• |
Current
or retired directors, officers and employees of Morgan Stanley and any of
its subsidiaries, such persons’ spouses, and children
under the age of 21, and trust accounts for which any of such persons is a
beneficiary. |
• |
Certain
other registered open-end investment companies, whose shares are
distributed by the Distributor. |
• |
Investments
made in connection with certain mergers and/or reorganizations as approved
by the Adviser. |
• |
The
reinvestment of dividends in additional Fund
shares. |
• |
The
reinvestment of dividends from Class A shares of the
Fund in additional Class A shares of the same
Fund. |
• |
Current
employees of financial intermediaries or their affiliates that have
executed a selling agreement with the Distributor, such persons’
spouses, children under the age of 21, and trust accounts for which any
such person is a beneficiary, as permitted by internal
policies of their employer. |
• |
Investment
and institutional clients of the Adviser and its
affiliates. |
• |
Direct
purchases of shares by accounts where no Financial Intermediary is
specified. |
Certain
waivers may not be available depending on the policies at certain Financial
Intermediaries. Please consult your Financial Intermediary
for more information. For specific information with respect to sales charge
waivers and discounts available through a specific
Financial Intermediary, please refer to Appendix A attached to this
Prospectus.
Combined
Purchase Privilege
You
will have the benefit of a reduced sales charge by combining your purchase of
Class A shares of the
Fund in a single transaction with
your purchase of Class A shares of any other Morgan Stanley Multi-Class Fund (as
defined herein) for any Related Account except
for purchases of shares of Morgan Stanley Institutional Fund Trust Short
Duration Income, Ultra-Short Income or Short Duration
Municipal Income Portfolios.
Right
of Accumulation
Your
sales charge may be reduced if you invest $50,000
or more in a single transaction, calculated as follows: the NAV of Class A
shares
of the
Fund being purchased plus the total of the NAV of any shares of the Fund and any
other Morgan Stanley Multi-Class Fund
(as defined below) held in Related Accounts as of the transaction
date.
For
the purposes of this calculation, holdings of the following Morgan Stanley Funds
are excluded: Morgan Stanley Institutional Fund
Trust Short Duration Income, Ultra-Short Income and Short Duration Municipal
Income Portfolios and Morgan Stanley Money
Market Funds. Shares of Morgan Stanley Money Market Funds that you acquired in
the prior exchange of shares of the Fund or
shares of another Morgan Stanley Multi-Class Fund (other than Morgan Stanley
Institutional Fund Trust Short Duration Income,
Ultra-Short Income and Short Duration Municipal Income Portfolios) are included
in the Class A share right of accumulation.
Notification
You
must notify your Financial Intermediary (or the Trust’s transfer agent, if you
purchase shares of the Fund directly through the
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
Information
Shareholder
Information (Con’t)
Trust)
at the time a purchase order is placed that the purchase qualifies for a reduced
sales charge under any of the privileges discussed
above. The reduced sales charge will not be granted if: (i) notification is not
furnished at the time of the order; or (ii) a review
of the records of your Financial Intermediary or the Trust’s transfer
agent, SS&C GIDS, or Eaton Vance Management, the Fund’s
co-transfer agent, does not confirm your represented holdings. Certain waivers
may not be available depending on the policies at
certain Financial Intermediaries. Please consult your Financial Intermediary for
more information.
In
order to obtain a reduced sales charge for Class A shares of the
Fund under any of the privileges discussed above, it may be necessary
at the time of purchase for you to inform your Financial Intermediary (or the
Trust’s transfer agent, if you purchase shares of
the Fund directly through the Trust) of the existence of any Related Accounts in
which there are holdings eligible to be aggregated to
meet the sales load breakpoint and/or right of accumulation threshold. In order
to verify your eligibility, you may be required to provide
account statements and/or confirmations regarding your purchases and/or holdings
of any Class A shares of the
Fund or any other
Morgan Stanley Multi-Class Fund (including shares of Morgan Stanley Money Market
Funds that you acquired in an exchange from
Class A shares of the Fund or any other Morgan Stanley Multi-Class Fund except
Morgan Stanley Institutional Fund Trust Short
Duration Income, Ultra-Short Income and Short Duration Municipal Income
Portfolios, if applicable) held in all Related Accounts
at your Financial Intermediary, in order to determine whether you have met the
sales load breakpoint and/or right of accumulation
threshold.
Letter
of Intent
The
above schedule of reduced sales charges for larger purchases also will be
available to you if you enter into a written “Letter of Intent.”
A Letter of Intent provides for the purchase of Class A shares of the
Fund and Class A shares of other Morgan Stanley Multi-Class
Funds, except Morgan Stanley Institutional Fund Trust Short Duration Income,
Ultra-Short Income and Short Duration Municipal
Income Portfolios, within a 13-month period. The initial purchase of Class A
shares of the
Fund under a Letter of Intent must
be at least 5% of the stated investment goal. The Letter of Intent does not
preclude the
Fund (or any other Morgan Stanley Multi-Class
Fund) from discontinuing sales of its shares. To determine the applicable sales
charge reduction, you may also include (1)
the cost of Class A shares of the
Fund or any other Morgan Stanley Multi-Class Fund that were previously purchased
at a price including
a front-end sales charge during the 90-day period prior to the Distributor
receiving the Letter of Intent and (2) the historical
cost of shares of any Morgan Stanley Money Market Fund that you acquired in an
exchange from Class A shares of the Fund
or any other Morgan Stanley Multi-Class Fund purchased during that period at a
price including a front-end sales charge. You may
also combine purchases and exchanges by any Related Accounts during such 90-day
period.
You
should retain any records necessary to substantiate historical costs because
the
Fund, SS&C GIDS and your Financial Intermediary
may not maintain this information. You can obtain a Letter of Intent by
contacting your Financial Intermediary or by calling
toll-free 1-800-869-6397. If you do not achieve the stated investment goal
within the 13-month period, you are required to pay
the difference between the sales charges otherwise applicable and sales charges
actually paid, which may be deducted from your investment.
Shares acquired through reinvestment of distributions are not aggregated to
achieve the stated investment goal.
Class
A shares also are offered at net asset value to investment and institutional
clients of the Adviser and its affiliates and direct purchases
of shares by accounts where no Financial Intermediary is specified.
Conversion
Features
A
shareholder currently holding Class A shares of the
Fund in a fee-based advisory program (“Advisory Program”) account, or
currently
holding Class A shares in a brokerage account but wishing to transfer into an
Advisory Program account, may convert such shares
to Class I shares of the Fund within the Advisory Program at any time. In
addition, a shareholder holding Class C or
Class L
shares
of the
Fund through a brokerage account or an Advisory Program account may convert such
shares to either Class A or Class I shares
of the Fund within an Advisory Program at any time. Such conversions will be on
the basis of the relative NAVs, without requiring
any investment minimum to be met and without the imposition of any redemption
fee or other charge. If a CDSC is applicable
to such Class A or Class C shares, then the conversion may not occur until after
the shareholder has held the shares for an 18-month
or 12-month period, respectively, except that a CDSC applicable to Class A and
Class C shares converted to Class I shares through
Traditional IRAs, Roth IRAs, Rollover IRAs, Inherited IRAs, SEP IRAs, SIMPLE
IRAs, BASIC Plans, Educational Savings Accounts
and Medical Savings Accounts on the Merrill Lynch platform will be waived. With
respect to Class A shares, Merrill Lynch will
remit to the Distributor the full amount of the CDSC otherwise payable upon sale
of such shares. With respect to Class C shares,
Merrill Lynch will remit the portion of the payment to be made to the
Distributor in an amount equal to the CDSC multiplied
by the number of months remaining on the CDSC period divided by the maximum
number of months of the CDSC period.
In
addition, a shareholder currently holding a class of shares of the
Fund in a Merrill Lynch Advisory Program account may have such
shares converted by Merrill Lynch to an eligible class of shares of the Fund for
a Merrill Lynch brokerage account upon the transfer
of the shares of the Fund from a Merrill Lynch Advisory Program account to a
brokerage account with Merrill Lynch. Such conversions
will be on the basis of the relative NAVs and without the imposition of any
redemption fee or other charge. The fees and expenses
of the new class may be higher than those of the previously held
class.
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
Information
Shareholder
Information (Con’t)
After
eight years, Class C shares of the Fund
generally will convert automatically to Class A shares of the Fund with no
initial sales charge,
provided that the Fund or the Financial Intermediary through which a shareholder
purchased or holds Class C shares has records
verifying that the Class C shares have been held for at least eight years. The
automatic conversion of Class C shares to Class A shares
will not apply to shares held through group retirement plan recordkeeping
platforms of certain Financial Intermediaries who hold
such shares in an omnibus account and do not track participant level share lot
aging to facilitate such a conversion. The eight-year
period runs from the last day of the month in which the shares were purchased
or, in the case of Class C shares acquired through an
exchange, from the last day of the month in which the original Class C shares
were purchased; the shares will convert to Class A shares
based on their relative NAVs in the month following the eight-year period. At
the same time, an equal proportion of Class C shares
acquired through automatically reinvested distributions will convert to Class A
shares on the same basis.
Furthermore,
the Adviser may in its sole discretion permit a conversion of one share class to
another share class of the same Fund in certain
other circumstances, provided that the Fund’s eligibility requirements are met,
and subject to the shareholder’s consent. Such conversions
will be on the basis of the relative NAVs and without the imposition of any
redemption fee or other charge.
A
conversion of shares of one class directly for shares of another class of the
same Fund normally should not be taxable for federal income
tax purposes.
Please
ask your financial advisor if you are eligible for converting a class of shares
pursuant to these conversion features. A
conversion feature’s
availability will be subject to the applicable classes being offered on a
Financial Intermediary’s platform. Shareholders should carefully
review information in this Prospectus regarding share class features, including
conversions and exchanges, or contact their financial
advisor for more information.
You should talk to your tax advisor before making a conversion.
In
addition, Class C shares held in an account for which no broker-dealer or other
Financial Intermediary is specified and which are not
subject to a CDSC will periodically be converted to Class A shares of the same
Fund.
General
Shares
of the
Fund may, in the Fund’s discretion, be purchased with investment securities (in
lieu of or, in conjunction with, cash) acceptable
to the Fund. The securities would be accepted by the
Fund at their market value in return for Fund shares of equal value,
taking
into account any applicable sales charge.
To
help the U.S. Government fight the funding of terrorism and money laundering
activities, federal law requires all financial institutions
to obtain, verify and record information that identifies each person who opens
an account. What this means to you is that
when you open an account, we will ask your name, address, date of birth and
other information that will allow us to identify you.
If we are unable to verify your identity, we reserve the right to restrict
additional transactions and/or liquidate your account at the
next calculated NAV after your account is closed (less any applicable
sales/account charges and/or tax penalties) or take any other action
required by law. In accordance with federal law requirements, the Trust
has implemented an anti-money laundering compliance
program, which includes the designation of an anti-money laundering compliance
officer.
When
you buy Fund shares, the shares (plus any applicable sales charge) will be
purchased at the next share price calculated after we receive
your purchase order in good order. Purchase
orders not received in good order prior to Pricing Time will be executed at the
NAV
next determined after the purchase order is received in good order. Certain
institutional investors and financial institutions have
entered into arrangements with the
Fund, the Adviser and/or the Distributor pursuant to which they may place orders
prior to the
Pricing Time, but make payment in Federal Funds for those shares up to three
days after the purchase order is placed, depending on
the arrangement.
We reserve the right to reject any order for the purchase of Fund shares for any
reason.
The
Trust may suspend the offering of shares, or any class of shares, of
the
Fund or reject any purchase orders when we think it is in the
best interest of the Fund.
Certain
patterns of past exchanges and/or purchase or sale transactions involving
the
Fund may result in the Fund rejecting, limiting or
prohibiting, at its sole discretion and without prior notice, additional
purchases and/or exchanges and may result in a shareholder’s account
being closed. Determinations in this regard may be made based on the frequency
or dollar amount of previous exchanges or purchase
or sale transactions. For more information, please refer to the section of this
Prospectus entitled “Frequent Purchases and Redemptions
of Shares.”
How
To Redeem Fund Shares
You
may process a redemption request by contacting your Financial Intermediary.
Otherwise, you may redeem shares of the
Fund by mail
or, if authorized, by telephone, at no charge other than as described below. The
value of shares redeemed may be more or less than
the purchase price, depending on the NAV at the time of redemption. Shares of
the
Fund will be redeemed at the NAV next determined
after we receive your redemption request in good order and
will be reduced by the amount of any applicable CDSC.
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
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Redemptions by Letter
Requests
should be addressed to Morgan
Stanley Institutional Fund Trust,
c/o SS&C
GIDS, P.O. Box 219804, Kansas City, MO 64121-9804.
To
be in good order, redemption requests must include the following
documentation:
(a)
A letter of instruction, if required, or a stock assignment specifying the
account name, the account number, the name of the Fund and
the number of shares or dollar amount to be redeemed, signed by all registered
owners of the shares in the exact names in which the
shares are registered, and whether you wish to receive the redemption proceeds
by check
or by wire to the bank account we have on
file for you;
(b)
Any required signature guarantees if you are requesting payment to anyone other
than the registered owner(s) or that payment be sent
to any address other than the address of the registered owner(s) or
pre-designated bank account; and
(c)
Other supporting legal documents, if required, in the case of estates, trusts,
guardianships, custodianship, corporations, pension and
profit sharing plans and other organizations.
Redemptions
by Telephone
You
automatically have telephone redemption and exchange privileges unless you
indicate otherwise by checking the applicable box on
the New Account Application or calling Morgan Stanley Shareholder Services to
opt out of such privileges. You may request a redemption
of shares of the
Fund by calling the Morgan Stanley Shareholder Services at 1-800-869-6397
and requesting that the redemption
proceeds be mailed or wired to you. You cannot redeem shares of the
Fund by telephone if you hold share certificates for those
shares. For your protection when calling the
Fund, we will employ reasonable procedures to confirm that instructions
communicated
over the telephone are genuine. These procedures may include requiring various
forms of personal identification (such as
name, mailing address, social security number or other tax identification
number), tape-recording telephone communications and providing
written confirmation of instructions communicated by telephone. If reasonable
procedures are employed, neither Morgan Stanley,
SS&C GIDS nor the
Fund will be liable for following telephone instructions that it reasonably
believes to be genuine. Telephone
redemptions and exchanges may not be available if you cannot reach Morgan
Stanley Shareholder Services by telephone, whether
because all telephone lines are busy or for any other reason; in such case, a
shareholder would have to use the
Fund’s other redemption
and exchange procedures described in this section. Telephone instructions will
be accepted if received by Morgan Stanley Shareholder
Services between 9:00 a.m. and 4:00
p.m. Eastern time on any day the NYSE is open for business. During periods of
drastic
economic or market changes, it is possible that the telephone privileges may be
difficult to implement, although this has not been
the case with the Fund in
the past. To opt out of telephone privileges, please contact the Fund at
1-800-869-6397.
Systematic
Withdrawal Plan
If
your investment in all of the Morgan Stanley Funds has a total market value of
at least $10,000,
you may elect to withdraw amounts
of $25
or more, or in any whole percentage of a fund’s balance (provided the amount is
at least $25), on a monthly, quarterly,
semi-annual or annual basis, from any fund with a balance of at least
$1,000.
Each time you add a fund to the plan, you must
meet the plan requirements.
Amounts
withdrawn are subject to any applicable CDSC. A CDSC may be waived under certain
circumstances. See the Class
A and Class
C waiver categories listed below.
To
sign up for the systematic withdrawal plan, contact your Morgan Stanley
Financial Advisor or call toll-free 1-800-869-6397.
You may
terminate or suspend your plan at any time. Please remember that withdrawals
from the plan are sales of shares, not Fund “distributions,”
and ultimately may exhaust your account balance. The Trust may terminate or
revise the plan at any time.
CDSC
Waivers on Class A and Class C Shares
The
CDSC on Class
A and Class
C shares will be waived in connection with sales of Class
A and Class
C shares for which no commission
or transaction fee was paid by the Distributor or Financial Intermediary at the
time of purchase of such shares. In addition,
a CDSC, if otherwise applicable, will be waived in the case of:
• |
Sales
of shares held at the time you die or become disabled (within the
definition in Section 72(m)(7) of the Code, which relates to
the ability to engage in gainful employment), if the shares are: (i)
registered either in your individual name or in the names of you
and your spouse as joint tenants with right of survivorship; (ii)
registered in the name of a trust of which (a) you are the settlor
and
that is revocable by you (i.e., a “living trust”) or (b) you and your
spouse are the settlors and that is revocable by you or your spouse
(i.e., a “joint living trust”); or (iii) held in a qualified corporate or
self-employed retirement plan, IRA or 403(b) Custodial Account;
provided in each case that the sale is requested within one year after
your death or initial determination of
disability. |
• |
Sales
in connection with the following retirement plan “distributions”: (i)
lump-sum or other distributions from a qualified corporate
or self-employed retirement plan following retirement (or, in the case of
a “key employee” of a “top heavy” plan, following
attainment of age 59½); (ii) required minimum distributions and certain
other distributions (such as those following
|
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
Information
Shareholder
Information (Con’t)
|
attainment
of age 59½) from an IRA or 403(b) Custodial Account; or (iii) a tax-free
return of an excess IRA contribution (a “distribution”
does not include a direct transfer of IRA, 403(b) Custodial Account or
retirement plan assets to a successor custodian
or trustee). |
• |
Sales
of shares in connection with the systematic withdrawal plan of up to 12%
annually of the value of the
Fund from which plan sales
are made. The percentage is determined on the date you establish the
systematic withdrawal plan and based on the next calculated
share price. You may have this CDSC waiver applied in amounts up to 1% per
month, 3% per quarter, 6% semi-annually
or 12% annually. Shares with no CDSC will be sold first, followed by those
with the lowest CDSC. As such, the waiver benefit
will be reduced by the amount of your shares that are not subject to a
CDSC. If you suspend your participation in the plan,
you may later resume plan payments without requiring a new determination
of the account value for the 12% CDSC waiver. |
The
Distributor may require confirmation of your entitlement before granting a CDSC
waiver. If you believe you are eligible for a CDSC
waiver, please contact your Financial Intermediary or call toll-free
1-800-869-6397.
Redemption
Proceeds
The
Fund typically expects to pay redemption proceeds to you within two business
days following receipt of your redemption request for
those payments made to your brokerage account held with a Financial
Intermediary. For redemption proceeds that are paid directly
to you by the
Fund, the Fund typically expects to pay redemption proceeds by check
or by wire to you within one business day,
following receipt of your redemption request; however, in all cases, it may take
up to seven calendar days to pay redemption proceeds.
The
Fund typically expects to meet redemption requests by using a combination of
sales of securities held by the Fund and/or holdings
of cash and cash equivalents. On a less regular basis, the
Fund also reserves the right to use borrowings or interfund lending to
meet redemption requests, and the Fund may use these methods during both normal
and stressed market conditions.
If
we determine that it is in the best interest of the Trust or the
Fund not to pay redemption proceeds in cash, we may distribute to you
securities held by the Fund. If requested, we will pay a portion of your
redemption(s) in cash (during any 90 day period) up to the
lesser of $250,000 or 1% of the net assets of the
Fund at the beginning of such period. If the
Fund redeems your shares in-kind, you
will bear any market risks associated with the securities paid as redemption
proceeds. Such in-kind securities may be illiquid and difficult
or impossible for a shareholder to sell at a time and at a price that a
shareholder would like. Redemptions paid in such securities
generally will give rise to income, gain or loss for income tax purposes in the
same manner as redemptions paid in cash. In addition,
you may incur brokerage costs and a further gain or loss for income tax purposes
when you ultimately sell the securities.
Reinstatement
Privilege
If
you redeem shares, you may reinvest at net asset value all or any portion of the
redemption proceeds in the same account and in the
same class of shares of the Fund you redeemed from or another Morgan Stanley
Multi-Class Fund, provided that the reinvestment
occurs within 90 days of the redemption, the privilege has not been used more
than once in the prior 12 months, the redeemed
shares were subject to a front-end sales charge or CDSC and that you are
otherwise eligible to invest in that class. Under these
circumstances your account will be credited with any CDSC paid in connection
with the redemption. Any CDSC period applicable
to the shares you acquire upon reinvestment will run from the date of your
original share purchase. For requests for reinvestment
sent to the Fund’s transfer agent, the request must be in writing. At the time
of a reinvestment, you or your Financial Intermediary
must notify the Fund or the transfer agent that you are reinvesting redemption
proceeds in accordance with this privilege.
If you reinvest, your purchase will be at the next determined net asset value
following receipt of your request.
Exchange
Privilege
You
may exchange shares of any class of the
Fund for the same class of shares of any mutual fund (excluding money market
funds) sponsored
and advised by the Adviser (each, a “Morgan Stanley Multi-Class Fund”), if
available, without the imposition of an exchange
fee. Class
L shares of the
Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund
even though Class
L shares are closed to investors. In
addition, you may exchange shares of any class of the
Fund for shares of Morgan Stanley U.S.
Government Money Market Trust (a “Morgan Stanley Money Market Fund” and,
together with the Morgan Stanley Multi-Class
Funds, the “Morgan Stanley Funds”), if available, without the imposition of an
exchange fee. Because
purchases of Class A shares
of Morgan Stanley Institutional Fund Trust Ultra-Short Income and Short Duration
Municipal Income Portfolios are not subject
to a sales charge, and purchases of Class A shares of Morgan Stanley
Institutional Fund Trust Short Duration Income Portfolio
are subject to a reduced sales charge, you may be subject to the payment of a
sales charge by your Financial Intermediary, at time
of exchange into Class A shares of a Morgan Stanley Fund, based on the amount
that you would have owed if you directly purchased
Class A shares of that Morgan Stanley Fund (less any sales charge previously
paid in connection with shares exchanged for such
shares of Morgan Stanley Institutional Fund Trust Short Duration Income,
Ultra-Short Income or Short Duration Municipal Income
Portfolios, as applicable).
Class
L shares of the
Fund that are exchanged for shares of a Morgan Stanley Money Market Fund
may
be subsequently re-exchanged for Class L shares of any other Morgan Stanley
Multi-Class Fund (even though Class L shares are closed
to investors). Exchanges
are effected based on the respective NAVs of the applicable Morgan Stanley Fund
(subject to any
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
Information
Shareholder
Information (Con’t)
applicable
redemption fee) and in accordance with the eligibility requirements of such
Fund. To obtain a prospectus for another Morgan
Stanley Fund, contact your Financial Intermediary or call Morgan Stanley
Shareholder Services at 1-800-869-6397. Prospectuses
are also available on our Internet site at www.morganstanley.com/im. If you
purchased Fund shares through a Financial Intermediary,
certain Morgan Stanley Funds may be unavailable for exchange. Contact your
Financial Intermediary for more information
regarding the exchange privilege and to determine which Morgan Stanley Funds are
available for exchange.
The
current prospectus for each Morgan Stanley Fund describes its investment
objective(s), policies, investment minimums and applicable
sales charges, and should be read before investing. Since exchanges are
available only into continuously offered Morgan Stanley
Funds, exchanges are generally not available into Morgan Stanley Funds or
classes of Morgan Stanley Funds that are not currently
being offered for purchase.
You
can process your exchange by contacting your Financial Intermediary. You may
also send exchange requests to the Trust’s transfer
agent, SS&C GIDS, or Eaton Vance Management, the Fund’s
co-transfer agent, by mail to Morgan Stanley Institutional
Fund Trust, c/o SS&C GIDS, P.O. Box 219804, Kansas City, MO 64121-9804 or by
calling 1-800-869-6397.
There
are special considerations when you exchange Class
A and Class
C shares of the
Fund that are subject to a CDSC. When determining
the length of time you held the Class
A or Class
C shares, any period (starting at the end of the month) during which
you
held such shares will be counted. In addition, any period (starting at the end
of the month) during which you held (i) Class
A or Class
C shares of other funds of the Trust; (ii) Class
A or Class
C shares of a Morgan Stanley Multi-Class Fund; or (iii) shares of a
Morgan
Stanley Money Market Fund, any of which you acquired in an exchange from such
Class
A or Class
C shares of the
Fund, will
also be counted; however, if you sell shares of (a) such other fund of the
Trust; (b) the Morgan Stanley Multi-Class Fund; or (c) the
Morgan Stanley Money Market Fund, before the expiration of the CDSC “holding
period,” you will be charged the CDSC applicable
to such shares.
You
will be subject to the same minimum initial investment and account size as an
initial purchase. Your exchange price will be the price
calculated at the next Pricing Time after the Morgan Stanley Fund receives your
exchange order. The Morgan Stanley Fund, in its
sole discretion, may waive the minimum initial investment amount in certain
cases. For direct accounts, the check writing privilege
is not available for Morgan Stanley Money Market Fund shares you acquire in an
exchange from a non-money market fund. If
you are investing through a financial advisor, check with your advisor regarding
the availability of check writing privileges. The
Fund
may terminate or revise the exchange privilege upon required notice or in
certain cases without notice. The
Fund reserves the right
to reject an exchange order for any reason.
If
you exchange shares of the
Fund for shares of another Morgan Stanley Fund, there are important tax
considerations. For tax purposes,
the exchange out of the
Fund is considered a sale of Fund shares and the exchange into the other fund is
considered a purchase.
As a result, you may realize a capital gain or loss. You should review the
“Taxes” section and consult your own tax professional
about the tax consequences of an exchange.
Frequent
Purchases and Redemptions of Shares
Frequent
purchases and redemptions of shares by Fund shareholders are referred to as
“market-timing” or “short-term trading” and may
present risks for other shareholders of the
Fund, which may include, among other things, diluting the value of the
Fund’s shares held
by long-term shareholders, interfering with the efficient management of
the
Fund, increasing brokerage and administrative costs,
incurring unwanted taxable gains and forcing the
Fund to hold excess levels of cash.
In
addition, the
Fund is subject to the risk that market-timers and/or short-term traders may
take advantage of time zone differences between
the foreign markets on which the
Fund’s securities trade and the time the
Fund’s NAV is calculated (“time-zone arbitrage”). For
example, a market-timer may purchase shares of the
Fund based on events occurring after foreign market closing prices are
established,
but before the
Fund’s NAV calculation, that are likely to result in higher prices in foreign
markets the following day. The market-timer
would redeem the
Fund’s shares the next day when the
Fund’s share price would reflect the increased prices in foreign markets
for a quick profit at the expense of long-term Fund shareholders.
Investments
in other types of securities also may be susceptible to short-term trading
strategies. These investments include securities that
are, among other things, thinly traded, traded infrequently or relatively
illiquid, which have the risk that the current market price for
the securities may not accurately reflect current market values. A shareholder
may seek to engage in short-term trading to take advantage
of these pricing differences (referred to as “price arbitrage”). Investments in
certain fixed-income securities may be adversely
affected by price arbitrage trading strategies.
The
Trust discourages and does not accommodate frequent purchases and redemptions of
Fund shares by Fund shareholders and the Trust’s
Board of Trustees has adopted policies and procedures with respect to such
frequent purchases and redemptions.
The
Trust’s policies with respect to purchases, redemptions and exchanges of Fund
shares are described in the “Shareholder Information—How
To Purchase Fund Shares,” “Shareholder
Information—Sales Charges Applicable to Purchases of Class A
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
Information
Shareholder
Information (Con’t)
Shares,”
“Shareholder Information—General,” “Shareholder Information—How To Redeem Fund
Shares” and “Shareholder Information—Exchange
Privilege” sections of this Prospectus. Except as described in each of these
sections, and with respect to trades
that occur through omnibus accounts at Financial Intermediaries, as described
below, the Trust’s policies regarding frequent trading
of Fund shares are applied uniformly to all shareholders. With respect to trades
that occur through omnibus accounts at Financial
Intermediaries, such as investment advisers, broker-dealers, transfer agents and
third-party administrators, the Trust (i)
has requested
assurance that such Financial Intermediaries currently selling Fund shares have
in place internal policies and procedures reasonably
designed to address market-timing concerns and has instructed such Financial
Intermediaries to notify the
Fund immediately
if they are unable to comply with such policies and procedures and (ii) requires
all prospective Financial Intermediaries to
agree to cooperate in enforcing the Trust’s policies (or, upon prior written
approval only, a Financial Intermediary’s own policies) with
respect to frequent purchases, redemptions and exchanges of Fund
shares.
With
respect to trades that occur through omnibus accounts at Financial
Intermediaries, to some extent, the Trust relies
on the Financial
Intermediary to monitor frequent short-term trading within the
Fund by the Financial Intermediary’s customers. However, the
Fund has entered into agreements with Financial Intermediaries whereby Financial
Intermediaries are required to provide certain customer
identification and transaction information upon the
Fund’s request. The
Fund may use this information to help identify and
prevent market-timing activity in the
Fund. There can be no assurance that the
Fund will be able to identify or prevent all market-timing
activities.
Inactive
Accounts and Risk of Escheatment
In
accordance with state “unclaimed property” laws, your Fund shares may legally be
considered abandoned and required to be transferred
to the relevant state (also known as “escheatment”) under various circumstances.
These circumstances, which vary by state,
can include inactivity (e.g., no owner-initiated contact for a certain period),
returned mail (e.g., when mail sent to a shareholder is
returned by the post office as undeliverable), uncashed checks or a combination
of these. An incorrect address may cause a shareholder’s
account statements and other mailings to be returned to the Fund or your
Financial Intermediary. Since states’ statutory
requirements regarding inactivty differ, it is important to regularly contact
your Financial Intermediary or the Fund’s transfer
agent. The process described above, and the application of state escheatment
laws, may vary by state and/or depending on how
shareholders hold their shares in the Fund.
It
is your responsibility to ensure that you maintain a valid mailing address for
your account, keep your account active by contacting your
Financial Intermediary or the Fund’s transfer agent (e.g., by mail or
telephone), and promptly cash all checks for dividends, capital
gains and redemptions. Neither the Fund nor the Adviser will be liable to
shareholders or their representatives for good faith compliance
with escheatment laws.
For
more information, please contact us at 1-888-378-1630.
Taxes
As
with any investment, you should consider how your Fund investment will be taxed.
The tax information in this Prospectus is provided
as general information. You should consult your own tax professional about the
tax consequences of an investment in the
Fund.
Unless your investment in the Fund
is through a tax deferred retirement account, such as a 401(k) plan or IRA, you
need to be aware
of the possible tax consequences when the Fund makes distributions and when you
sell shares, including an exchange to another
Morgan Stanley Fund.
Taxation
of Distributions.
Your distributions normally are subject to federal and state income tax when
they are paid, whether you take
them in cash or reinvest them in Fund shares. A distribution also may be subject
to local income tax. Any income dividend distributions
and any short-term capital gain distributions are taxable to you as ordinary
income. Any long-term capital gain distributions
are taxable as long-term capital gains, no matter how long you have owned shares
in the Fund.
If
certain holding period requirements are met with respect to your shares, a
portion of the income dividends you receive may be taxed
at the same rates as long-term capital gains. However, even if income received
in the form of income dividends is taxed at the same
rates as long-term capital gains, such income will not be considered long-term
capital gains for other federal income tax purposes.
For example, you will not be permitted to offset income dividends with capital
losses. Short term capital gain distributions will
continue to be taxed as ordinary income taxes.
If
certain holding period requirements are met, corporate shareholders may be
entitled to a dividends-received deduction for the portion
of dividends they receive which are attributable to dividends received by the
Fund from U.S. corporations.
If
you buy shares of the Fund before a distribution, you may be subject to tax on
the entire amount of the taxable distribution you receive.
Distributions are taxable to you even if they are paid from income or gain
earned by the Fund before your investment (and thus
were included in the price you paid for your Fund shares).
Investment
income received by the Fund from sources within foreign countries may be subject
to foreign income taxes.
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
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Shareholder
Information (Con’t)
You
will be sent a statement (Internal Revenue Service (“IRS”) Form 1099-DIV) by
February of each year showing the taxable distributions
paid to you in the previous year. The statement provides information on your
dividends and any capital gains for tax purposes.
Taxation
of Sales.
Your sale of Fund shares normally is subject to federal and state income tax and
may result in a taxable gain or loss to
you. A sale also may be subject to local income tax. Your exchange of Fund
shares for shares of another Morgan Stanley Fund is treated
for tax purposes like a sale of your original shares and a purchase of your new
shares. Thus, the exchange may, like a sale, result
in a taxable gain or loss to you and will give you a new tax basis for your
shares.
The
Fund
(or its
administrative agent)
is
required to report to the IRS and furnish to Fund shareholders the cost basis
information for
sale transactions of shares purchased on or after January 1, 2012. Shareholders
may elect to have one of several cost basis methods applied
to their account when calculating the cost basis of shares sold, including
average cost, FIFO (“first-in, first-out”) or some other
specific identification method. Unless you instruct otherwise, the
Fund will use average cost as its default cost basis method, and
will treat sales as first coming from shares purchased prior to January 1, 2012.
If average cost is used for the first sale of Fund shares
covered by these rules, the shareholder may only use an alternative cost basis
method for shares purchased prospectively. Fund shareholders
should consult with their tax advisors to determine the best cost basis method
for their tax situation.
An
additional 3.8% Medicare tax is imposed on certain net investment income
(including ordinary dividends and capital gain distributions
received from the
Fund and net gains from redemptions or other taxable dispositions of Fund
shares) of U.S. individuals,
estates and trusts to the extent that such person’s “modified adjusted gross
income” (in the case of an individual) or “adjusted
gross income” (in the case of an estate or trust) exceeds certain threshold
amounts.
When
you open your account, you should provide your social security or tax
identification number on your investment application. By
providing this information, you will avoid being subject to federal backup
withholding at the applicable rate on taxable distributions
and redemption proceeds. Any withheld amount would be sent to the IRS as an
advance payment of your taxes due on your
income for such year.
Shareholders
who are not citizens or residents of the United States and certain foreign
entities will generally be subject to withholding of
U.S. tax of 30% on distributions made by the
Fund of investment income and short-term capital gains.
The
Fund is required to withhold U.S. tax (at a 30% rate) on payments of taxable
dividends made to certain non-U.S. entities that fail
to comply (or be deemed compliant) with extensive reporting and withholding
requirements designed to inform the U.S. Department
of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be
requested to provide additional information
to the
Fund to enable the Fund to determine whether withholding is
required.
Because
each investor’s tax circumstances are unique and the tax laws may change, you
should consult your tax advisor about your investment.
Dividends
and Distributions
The
Fund’s policy is to distribute to shareholders substantially all of its net
investment income, if any, in the form of an
annual
dividend
and to distribute net realized capital gains, if any, at least
annually.
The
Fund automatically reinvests all dividends and distributions in additional
shares. However, you may elect to receive distributions in
cash by giving written notice to the Fund
or your Financial Intermediary or by checking the appropriate box in the
Distribution Option
section on the New Account Application.
If
any distribution check remains uncashed for six months, the Adviser reserves the
right to invest the amount represented by the check
in Fund shares at the then-current net asset value of the Fund and all future
distributions will be reinvested. For accounts held directly
with the Fund’s transfer agent for which the shareholder has elected to receive
distributions via check, any distribution (dividend
or capital gain) under $10.00 is automatically reinvested in additional shares
regardless of your elected distribution option.
Potential
Conflicts of Interest
As
a diversified global financial services firm, Morgan Stanley, the parent company
of the Adviser, engages in a broad spectrum of activities,
including financial advisory services, investment management activities,
lending, commercial banking, sponsoring and managing
private investment funds, engaging in broker-dealer transactions and principal
securities, commodities and foreign exchange
transactions, research publication and other activities. In the ordinary course
of its business, Morgan Stanley is a full-service investment
banking and financial services firm and therefore engages in activities where
Morgan Stanley’s interests or the interests of its
clients may conflict with the interests of the
Fund. Morgan Stanley advises clients and sponsors, manages or advises other
investment
funds and investment programs, accounts and businesses (collectively, together
with any new or successor funds, programs,
accounts or businesses, the ‘‘Affiliated Investment Accounts’’) with a wide
variety of investment objectives that in some instances
may overlap or conflict with the
Fund’s investment objectives and present conflicts of interest. In addition,
Morgan Stanley may
also from time to time create new or successor Affiliated Investment Accounts
that may compete with the
Fund and present
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
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Shareholder
Information (Con’t)
similar
conflicts of interest. The discussion below enumerates certain actual, apparent
and potential conflicts of interest. There is no assurance
that conflicts of interest will be resolved in favor of Fund shareholders and,
in fact, they may not be. Conflicts of interest not
described below may also exist.
For
more information about conflicts of interest, see the section entitled
“Potential Conflicts of Interest” in the SAI.
Material
Nonpublic Information.
It is expected that confidential or material nonpublic information regarding an
investment or potential
investment opportunity may become available to the Adviser. If such information
becomes available, the Adviser may be precluded
(including by applicable law or internal policies or procedures) from pursuing
an investment or disposition opportunity with
respect to such investment or investment opportunity. Morgan Stanley has
established certain information barriers and other policies
to address the sharing of information between different businesses within Morgan
Stanley. In limited circumstances, however,
including for purposes of managing business and reputational risk, and subject
to policies and procedures and any applicable
regulations, personnel, including personnel of the investment adviser, on one
side of an information barrier may have access
to information and personnel on the other side of the information barrier
through “wall crossings.” The Adviser faces conflicts of
interest in determining whether to engage in such wall crossings. Information
obtained in connection with such wall crossings may limit
or restrict the ability of the Adviser to engage in or otherwise effect
transactions on behalf of the Fund
(including purchasing or selling
securities that the Adviser may otherwise have purchased or sold for
the
Fund in the absence of a wall crossing).
Investments
by Morgan Stanley and its Affiliated Investment Accounts.
In serving in multiple capacities to Affiliated Investment Accounts,
Morgan Stanley, including the Adviser and the Investment team, may have
obligations to other clients or investors in Affiliated
Investment Accounts, the fulfillment of which may not be in the best interests
of the
Fund or its shareholders. The
Fund’s investment
objectives may overlap with the investment objectives of certain Affiliated
Investment Accounts. As a result, the members of
an Investment team may face conflicts in the allocation of investment
opportunities among the
Fund and other investment funds, programs,
accounts and businesses advised by or affiliated with the Adviser. Certain
Affiliated Investment Accounts may provide for higher
management or incentive fees or greater expense reimbursements or overhead
allocations, all of which may contribute to this conflict
of interest and create an incentive for the Adviser to favor such other
accounts. To seek to reduce potential conflicts of interest
and to attempt to allocate such investment opportunities in a fair and equitable
manner, the Adviser has implemented allocation
policies and procedures. These policies and procedures are intended to give all
clients of the Adviser, including the Fund,
fair
access to investment opportunities consistent with the requirements of
organizational documents, investment strategies, applicable
laws and regulations, and the fiduciary duties of the
Adviser.
Payments
to Broker-Dealers and Other Financial Intermediaries.
The Adviser and/or the Distributor may pay compensation, out of their
own funds and not as an expense of the
Fund, to certain Financial Intermediaries (which may include affiliates of the
Adviser and
Distributor), including recordkeepers and administrators of various deferred
compensation plans, in connection with the sale, distribution,
marketing and retention of shares of the Fund and/or shareholder servicing. The
prospect of receiving, or the receipt of, additional
compensation, as described above, by Financial Intermediaries may provide such
Financial Intermediaries and their financial
advisors and other salespersons with an incentive to favor sales of shares of
the
Fund over other investment options with respect
to which these Financial Intermediaries do not receive additional compensation
(or receives lower levels of additional compensation).
These payment arrangements, however, will not change the price that an investor
pays for shares of the
Fund or the amount
that the Fund receives to invest on behalf of an investor. Investors may wish to
take such payment arrangements into account when
considering and evaluating any recommendations relating to Fund shares and
should review carefully any disclosures provided by
Financial Intermediaries as to their compensation. In addition, in certain
circumstances, the Adviser restricts, limits or reduces the amount
of the
Fund’s investment, or restricts the type of governance or voting rights it
acquires or exercises, where the Fund (potentially
together with Morgan Stanley) exceeds a certain ownership interest, or possesses
certain degrees of voting or control or has
other interests.
Morgan
Stanley Trading and Principal Investing Activities.
Notwithstanding anything to the contrary herein, Morgan Stanley will
generally
conduct its sales and trading businesses, publish research and analysis, and
render investment advice without regard for the
Fund’s
holdings, although these activities could have an adverse impact on the value of
one or more of the Fund’s investments, or could
cause Morgan Stanley to have an interest in one or more portfolio investments
that is different from, and potentially adverse to,
that of the
Fund.
Morgan
Stanley’s Investment Banking and Other Commercial Activities.
Morgan Stanley advises clients on a variety of mergers, acquisitions,
restructuring, bankruptcy and financing transactions. Morgan Stanley may act as
an advisor to clients, including other investment
funds that may compete with the
Fund and with respect to investments that the
Fund may hold. Morgan Stanley may give
advice and take action with respect to any of its clients or proprietary
accounts that may differ from the advice given, or may involve
an action of a different timing or nature than the action taken, by the
Fund. Morgan Stanley may give advice and provide recommendations
to persons competing with the
Fund and/or any of the
Fund’s investments that are contrary to the Fund’s best interests
and/or the best interests of any of its investments. Morgan Stanley’s activities
on behalf of its clients (such as engagements as an
underwriter or placement agent) may restrict or otherwise limit investment
opportunities that may otherwise be available to the
Fund.
Morgan
Stanley Institutional Fund Trust Prospectus | Shareholder
Information
Shareholder
Information (Con’t)
Morgan
Stanley may be engaged to act as a financial advisor to a company in connection
with the sale of such company, or subsidiaries
or divisions thereof, may represent potential buyers of businesses through its
mergers and acquisition activities and may provide
lending and other related financing services in connection with such
transactions. Morgan Stanley’s compensation for such activities
is usually based upon realized consideration and is usually contingent, in
substantial part, upon the closing of the transaction.
Under these circumstances, the Fund may be precluded from participating in a
transaction with or relating to the company
being sold or participating in any financing activity related to a merger or an
acquisition.
Morgan
Stanley Institutional Fund Trust Prospectus | Consolidated
Financial Highlights
Consolidated
Financial Highlights
The
consolidated financial highlights tables that follow are intended to help you
understand the financial performance of the Class
I, Class
A, Class
L, Class
C and Class
R6 shares of the Fund for the past five years. Certain information reflects
financial results for a single
Fund share. The total returns in the tables represent the rate that an investor
would have earned (or lost) on an investment in the
Fund (assuming reinvestment of all dividends and distributions).
The
ratio of expenses to average net assets listed in the tables below for each
class of shares of the Fund are based on the average net assets
of the Fund for each of the periods listed in the tables. To the extent that the
Fund’s average net assets decrease over the Fund’s next
fiscal year, such expense ratios can be expected to increase, potentially
significantly, because certain fixed costs will be spread over
a smaller amount of assets.
The
information below has been derived from the consolidated financial statements
audited by Ernst & Young LLP, the Fund’s independent
registered public accounting firm. Ernst & Young LLP’s report, along with
the Fund’s consolidated financial statements,
are incorporated by reference into the Fund’s SAI. The Annual Report to
Shareholders (which includes the Fund’s consolidated
financial statements) and SAI are available at no cost from the Trust at the
toll-free number noted on the back cover to this
Prospectus.
Morgan
Stanley Institutional Fund Trust Prospectus | Consolidated
Financial Highlights
|
|
|
|
|
|
|
|
|
| |
|
|
Class
I |
|
Year
Ended September 30, |
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020(1)
|
2019(1)
|
Net
Asset Value, Beginning of Period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(Loss) from Investment Operations: |
Net
Investment Loss(2)
|
|
|
|
|
|
|
|
|
|
|
Net
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Distributions
from and/or in Excess of: |
Net
Realized Gain |
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
Return(3)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets and Supplemental Data: |
Net
Assets, End of Period (Thousands) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Ratio
of Expenses Before Expense Limitation |
|
|
|
|
|
|
|
|
|
|
Ratio
of Expenses After Expense Limitation |
|
|
|
|
|
|
|
|
|
|
Ratio
of Expenses After Expense Limitation Excluding Interest
Expenses |
|
|
|
|
|
|
|
|
|
|
Ratio
of Net Investment Loss |
|
|
|
|
|
|
|
|
|
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
|
|
|
|
|
|
|
|
|
Portfolio
Turnover Rate |
|
|
|
|
|
|
|
|
|
|
| |
(1) |
Not
consolidated. |
(2) |
Per
share amount is based on average shares outstanding. |
(3) |
Calculated
based on the net asset value as of the last business day of the
period. |
(4) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Loss reflect the rebate of certain Fund expenses in connection with the
investments in
Morgan Stanley affiliates during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Ratio of Rebate from Morgan
Stanley Affiliates.” |
(5) |
Amount
is less than 0.005%. |
Morgan
Stanley Institutional Fund Trust Prospectus | Consolidated
Financial Highlights
|
|
|
|
|
|
|
|
|
| |
|
|
Class
A |
|
Year
Ended September 30, |
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020(1)
|
2019(1)
|
Net
Asset Value, Beginning of Period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(Loss) from Investment Operations: |
Net
Investment Loss(2)
|
|
|
|
|
|
|
|
|
|
|
Net
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Distributions
from and/or in Excess of: |
Net
Realized Gain |
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
Return(3)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets and Supplemental Data: |
Net
Assets, End of Period (Thousands) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Ratio
of Expenses Before Expense Limitation |
|
|
|
|
|
|
|
|
|
|
Ratio
of Expenses After Expense Limitation |
|
|
|
|
|
|
|
|
|
|
Ratio
of Expenses After Expense Limitation Excluding Interest
Expenses |
|
|
|
|
|
|
|
|
|
|
Ratio
of Net Investment Loss |
|
|
|
|
|
|
|
|
|
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
|
|
|
|
|
|
|
|
|
Portfolio
Turnover Rate |
|
|
|
|
|
|
|
|
|
|
| |
(1) |
Not
consolidated. |
(2) |
Per
share amount is based on average shares outstanding. |
(3) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. |
(4) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Loss reflect the rebate of certain Fund expenses in connection with the
investments in
Morgan Stanley affiliates during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Ratio of Rebate from Morgan
Stanley Affiliates.” |
(5) |
Amount
is less than 0.005%. |
Morgan
Stanley Institutional Fund Trust Prospectus | Consolidated
Financial Highlights
|
|
|
|
|
|
|
|
|
| |
|
|
Class
L |
|
Year
Ended September 30, |
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020(1)
|
2019(1)
|
Net
Asset Value, Beginning of Period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(Loss) from Investment Operations: |
Net
Investment Loss(2)
|
|
|
|
|
|
|
|
|
|
|
Net
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Distributions
from and/or in Excess of: |
Net
Realized Gain |
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
Return(3)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets and Supplemental Data: |
Net
Assets, End of Period (Thousands) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Ratio
of Expenses Before Expense Limitation |
|
|
|
|
|
|
|
|
|
|
Ratio
of Expenses After Expense Limitation |
|
|
|
|
|
|
|
|
|
|
Ratio
of Expenses After Expense Limitation Excluding Interest
Expenses |
|
|
|
|
|
|
|
|
|
|
Ratio
of Net Investment Loss |
|
|
|
|
|
|
|
|
|
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
|
|
|
|
|
|
|
|
|
Portfolio
Turnover Rate |
|
|
|
|
|
|
|
|
|
|
| |
(1) |
Not
consolidated. |
(2) |
Per
share amount is based on average shares outstanding. |
(3) |
Calculated
based on the net asset value as of the last business day of the
period. |
(4) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Loss reflect the rebate of certain Fund expenses in connection with the
investments in
Morgan Stanley affiliates during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Ratio of Rebate from Morgan
Stanley Affiliates.” |
(5) |
Amount
is less than 0.005%. |
Morgan
Stanley Institutional Fund Trust Prospectus | Consolidated
Financial Highlights
|
|
|
|
|
|
|
|
|
| |
|
|
Class
C |
|
Year
Ended September 30, |
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020(1)
|
2019(1)
|
Net
Asset Value, Beginning of Period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(Loss) from Investment Operations: |
Net
Investment Loss(2)
|
|
|
|
|
|
|
|
|
|
|
Net
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Distributions
from and/or in Excess of: |
Net
Realized Gain |
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
Return(3)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets and Supplemental Data: |
Net
Assets, End of Period (Thousands) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Ratio
of Expenses Before Expense Limitation |
|
|
|
|
|
|
|
|
|
|
Ratio
of Expenses After Expense Limitation |
|
|
|
|
|
|
|
|
|
|
Ratio
of Expenses After Expense Limitation Excluding Interest
Expenses |
|
|
|
|
|
|
|
|
|
|
Ratio
of Net Investment Loss |
|
|
|
|
|
|
|
|
|
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
|
|
|
|
|
|
|
|
|
Portfolio
Turnover Rate |
|
|
|
|
|
|
|
|
|
|
| |
(1) |
Not
consolidated. |
(2) |
Per
share amount is based on average shares outstanding. |
(3) |
Calculated
based on the net asset value which does not reflect sales charges, if
applicable, as of the last business day of the period. |
(4) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Loss reflect the rebate of certain Fund expenses in connection with the
investments in
Morgan Stanley affiliates during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Ratio of Rebate from Morgan
Stanley Affiliates.” |
(5) |
Amount
is less than 0.005%. |
Morgan
Stanley Institutional Fund Trust Prospectus | Consolidated
Financial Highlights
|
|
|
|
|
|
|
|
|
| |
|
|
Class
R6(1)
|
|
Year
Ended September 30, |
Selected
Per Share Data and Ratios |
2023 |
2022 |
2021 |
2020(2)
|
2019(2)
|
Net
Asset Value, Beginning of Period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Income
(Loss) from Investment Operations: |
Net
Investment Loss(3)
|
|
|
|
|
|
|
|
|
|
|
Net
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
Distributions
from and/or in Excess of: |
Net
Realized Gain |
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
Return(4)
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets and Supplemental Data: |
Net
Assets, End of Period (Thousands) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Ratio
of Expenses Before Expense Limitation |
|
|
|
|
|
|
|
|
|
|
Ratio
of Expenses After Expense Limitation |
|
|
|
|
|
|
|
|
|
|
Ratio
of Expenses After Expense Limitation Excluding Interest
Expenses |
|
|
|
|
|
|
|
|
|
|
Ratio
of Net Investment Loss |
|
|
|
|
|
|
|
|
|
|
Ratio
of Rebate from Morgan Stanley Affiliates |
|
|
|
|
|
|
|
|
|
|
Portfolio
Turnover Rate |
|
|
|
|
|
|
|
|
|
|
| |
(1) |
Effective
April 29, 2022, Class IS shares were renamed Class R6
shares. |
(2) |
Not
consolidated. |
(3) |
Per
share amount is based on average shares outstanding. |
(4) |
Calculated
based on the net asset value as of the last business day of the
period. |
(5) |
The
Ratio of Expenses After Expense Limitation and Ratio of Net Investment
Loss reflect the rebate of certain Fund expenses in connection with the
investments in
Morgan Stanley affiliates during the period. The effect of the rebate on
the ratios is disclosed in the above table as “Ratio of Rebate from Morgan
Stanley Affiliates.” |
(6) |
Amount
is less than 0.005%. |
Morgan
Stanley Prospectus | Appendix
Intermediary-Specific
Sales Charge Waivers and Discounts
The
availability of certain sales charge waivers and discounts will depend on
whether you purchase your shares directly from the Fund or
through a Financial Intermediary. Financial Intermediaries may have different
policies and procedures regarding the availability of front-end
sales charge waivers or CDSC waivers, which are discussed below. In all
instances, it is the purchaser’s responsibility to notify
the Fund or the purchaser’s Financial Intermediary at the time of purchase of
any relationship or other facts qualifying the purchaser
for sales charge waivers or discounts. For waivers and discounts not available
through a particular Financial Intermediary, shareholders
will have to purchase Fund shares directly from the Fund (or the Distributor) or
through another Financial Intermediary
to receive these waivers or discounts. A Financial Intermediary’s administration
and implementation of its particular policies
with respect to any variations, waivers and/or discounts is neither supervised
nor verified by the Fund, the Adviser or the Distributor.
The Fund and the Distributor do not provide investment advice or recommendations
or any form of tax or legal advice to
existing or potential shareholders with respect to investment transactions
involving the Fund.
*****
Merrill
Lynch
Shareholders
purchasing Fund shares through a Merrill Lynch platform or account will be
eligible only for the following load waivers (front-end
sales charge waivers and contingent deferred, or back-end, sales charge waivers)
and discounts, which may differ from those
disclosed elsewhere in this Fund’s prospectus or SAI.
Front-end
Sales Load Waivers on Class A Shares available at Merrill Lynch
• |
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including
health savings accounts) and trusts used
to fund those plans, provided that the shares are not held in a
commission-based brokerage account and shares are held for the
benefit of the plan |
• |
Shares
purchased by a 529 Plan (does not include 529 Plan units or 529-specific
share classes or equivalents) |
• |
Shares
purchased through a Merrill Lynch affiliated investment advisory
program |
• |
Shares
exchanged due to the holdings moving from a Merrill Lynch affiliated
investment advisory program to a Merrill Lynch brokerage
(non-advisory) account pursuant to Merrill Lynch’s policies relating to
sales load discounts and waivers |
• |
Shares
purchased by third party investment advisors on behalf of their advisory
clients through Merrill Lynch’s platform |
• |
Shares
of funds purchased through the Merrill Edge Self-Directed platform (if
applicable) |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund (but not any other fund within the fund
family) |
• |
Shares
exchanged from Class C (i.e. level-load) shares of the same fund pursuant
to Merrill Lynch’s policies relating to sales load discounts
and waivers |
• |
Employees
and registered representatives of Merrill Lynch or its affiliates and
their family members |
• |
Directors
or Trustees of the Fund, and employees of the Fund’s investment adviser or
any of its affiliates, as described in this prospectus |
• |
Eligible
shares purchased from the proceeds of redemptions within the same fund
family, provided (1) the repurchase occurs within
90 days following the redemption, (2) the redemption and purchase occur in
the same account, and (3) redeemed shares were
subject to a front-end or deferred sales load (known as Rights of
Reinstatement). Automated transactions (i.e. systematic purchases
and withdrawals) and purchases made after shares are automatically sold to
pay Merrill Lynch’s account maintenance fees
are not eligible for reinstatement |
CDSC
Waivers on A and C Shares available at Merrill Lynch
• |
Death
or disability of the shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Return
of excess contributions from an IRA
Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts pursuant to the Internal Revenue
Code |
• |
Shares
sold to pay Merrill Lynch fees but only if the transaction is initiated by
Merrill Lynch |
• |
Shares
acquired through a right of reinstatement |
• |
Shares
held in retirement brokerage accounts, that are exchanged for a lower cost
share class due to transfer to certain fee based accounts
or platforms (applicable to A and C shares
only) |
Morgan
Stanley Prospectus | Appendix
• |
Shares
received through an exchange due to the holdings moving from a Merrill
Lynch affiliated investment advisory program to a Merrill
Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s
policies relating to sales load discounts and
waivers |
Front-end
Load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation
and Letters of Intent
• |
Breakpoints
as described in this Prospectus |
• |
Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts
as described in the Fund’s prospectus will be automatically
calculated based on the aggregated holding of fund family assets held by
accounts (including 529 program holdings, where
applicable) within the purchaser’s household at Merrill Lynch. Eligible
fund family assets not held at Merrill Lynch may be included
in the ROA calculation only if the shareholder notifies his or her
financial advisor about such assets |
• |
Letters
of Intent (LOI) which allow for breakpoint discounts based on anticipated
purchases within a fund family, through Merrill Lynch,
over a 13-month period of time (if
applicable) |
Morgan
Stanley Wealth Management
Shareholders
purchasing Fund shares through a Morgan Stanley Wealth Management transactional
brokerage account will be eligible only
for the following front-end sales charge waivers with respect to Class A shares,
which may differ from and may be more limited than
those disclosed elsewhere in this Prospectus or SAI, except that such
shareholders will continue to be eligible for front-end sales charge
breakpoint discounts as described in the Prospectus.
Front-end
Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth
Management
• |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase
pension plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include
SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh
plans |
• |
Morgan
Stanley employee and employee-related accounts according to Morgan
Stanley’s account linking rules |
• |
Shares
purchased through reinvestment of dividends and capital gains
distributions when purchasing shares of the same
fund |
• |
Shares
purchased through a Morgan Stanley self-directed brokerage
account |
• |
Class
C (i.e., level-load) shares that are no longer subject to a contingent
deferred sales charge and are converted to Class A shares of
the same fund pursuant to Morgan Stanley Wealth Management’s share class
conversion program |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (i) the repurchase occurs within 90 days
following the redemption, (ii) the redemption and purchase occur in the
same account, and (iii) redeemed shares were subject
to a front-end or deferred sales charge |
Raymond
James & Associates, Inc., Raymond James Financial Services, Inc. and each
entity’s affiliates (“Raymond James”)
Shareholders
purchasing fund shares through a Raymond James platform or account, or through
an introducing broker-dealer or independent
registered investment adviser for which Raymond James provides trade execution,
clearance, and/or custody services, will
be eligible only for the following load waivers (front-end sales charge waivers
and contingent deferred, or back-end, sales charge waivers)
and discounts, which may differ from those disclosed elsewhere in this Fund’s
prospectus or SAI.
Front-end
Sales Load Waivers on Class A Shares available at Raymond James
• |
Shares
purchased in an investment advisory
program |
• |
Shares
purchased within the same fund family through a systematic reinvestment of
capital gains and dividend distributions |
• |
Employees
and registered representatives of Raymond James or its affiliates and
their family members as designated by Raymond James |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same account, and (3) redeemed shares were subject to
a front-end or deferred sales load (known as Rights of
Reinstatement) |
• |
A
shareholder in the Fund’s Class C shares will have their shares converted
at net asset value to Class A shares (or the appropriate share
class) of the Fund if the shares are no longer subject to a CDSC and the
conversion is in line with the policies and procedures
of Raymond James |
CDSC
Waivers on Classes A and C shares available at Raymond James
• |
Death
or disability of the shareholder |
Morgan
Stanley Prospectus | Appendix
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Return
of excess contributions from an IRA
Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified
age based on applicable IRS regulations as described in the Fund’s
Prospectus |
• |
Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James |
• |
Shares
acquired through a right of reinstatement |
Front-end
load discounts available at Raymond James: breakpoints, rights of accumulation,
and/or letters of intent
• |
Breakpoints
as described in this Prospectus |
• |
Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at Raymond James. Eligible fund family
assets not held at Raymond James may be included in the calculation of
rights of accumulation only if the shareholder notifies
his or her financial advisor about such
assets |
• |
Letters
of intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period.
Eligible fund family assets not held at Raymond James may be included in
the calculation of letters of intent only if the shareholder
notifies his or her financial advisor about such
assets |
Oppenheimer
& Co. Inc. (“OPCO”)
Shareholders
purchasing Fund shares through an OPCO platform or account are eligible only for
the following load waivers (front-end
sales charge waivers and contingent deferred, or back-end, sales charge waivers)
and discounts, which may differ from those disclosed
elsewhere in this Fund’s prospectus or SAI.
Front-end
Sales Load Waivers on Class A Shares available at OPCO
• |
Employer-sponsored
retirement, deferred compensation and employee benefit plans (including
health savings accounts) and trusts used
to fund those plans, provided that the shares are not held in a
commission-based brokerage account and shares are held for the
benefit of the plan |
• |
Shares
purchased by or through a 529 Plan |
• |
Shares
purchased through an OPCO affiliated investment advisory
program |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund (but not any other fund within the fund
family |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same account, and (3) redeemed shares were subject to
a front-end or deferred sales load (known as Rights of
Restatement). |
• |
A
shareholder in the Fund’s Class C shares will have their shares converted
at net asset value to Class A shares (or the appropriate share
class) of the Fund if the shares are no longer subject to a CDSC and the
conversion is in line with the policies and procedures
of OPCO |
• |
Employees
and registered representatives of OPCO or its affiliates and their family
members |
• |
Directors
or Trustees of the Fund, and employees of the Fund’s investment adviser or
any of its affiliates, as described in this prospectus |
CDSC
Waivers on A and C Shares available at OPCO
• |
Death
or disability of the shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
prospectus |
• |
Return
of excess contributions from an IRA
Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified
age based on applicable IRS regulations as described in the
prospectus |
• |
Shares
sold to pay OPCO fees but only if the transaction is initiated by
OPCO |
• |
Shares
acquired through a right of reinstatement |
Morgan
Stanley Prospectus | Appendix
Front-end
load Discounts Available at OPCO: Breakpoints, Rights of Accumulation &
Letters of Intent
• |
Breakpoints
as described in this prospectus |
• |
Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts
will be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at OPCO. Eligible fund family assets not
held at OPCO may be included in the ROA calculation only if the
shareholder notifies his or her financial advisor about such assets |
Janney
If you
purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage
account, you are eligible for the following
load waivers (front-end sales charge waivers and CDSC, or back-end sales charge
waivers) and discounts, which may differ from
those disclosed elsewhere in this Prospectus or SAI.
Front-end
Sales Charge Waivers on Class A shares available at Janney
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund (but not any other fund within the fund
family) |
• |
Shares
purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by Janney |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same account, and (3) redeemed shares were subject to
a front-end or deferred sales load (i.e., right of
reinstatement) |
• |
Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase
pension plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include
SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh
plans |
• |
Shares
acquired through a right of reinstatement |
• |
Class
C shares that are no longer subject to a contingent deferred sales charge
and are converted to Class A shares of the same fund pursuant
to Janney’s policies and procedures |
CDSC
Waivers on Class A and C shares available at Janney
• |
Shares
sold upon the death or disability of the
shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Shares
purchased in connection with a return of excess contributions from an IRA
account |
• |
Shares
sold as part of a required minimum distribution for IRA and other
retirement accounts due to the shareholder reaching age 70½
as described in the Fund’s Prospectus |
• |
Shares
sold to pay Janney fees but only if the transaction is initiated by
Janney |
• |
Shares
acquired through a right of reinstatement |
• |
Shares
exchanged into the same share class of a different
fund |
Front-end
Sales Charge* Discounts available at Janney: Breakpoints, Rights of Accumulation
and/or Letters of Intent
• |
Breakpoints
as described in this Prospectus |
• |
Rights
of Accumulation (ROA), which entitle shareholders to breakpoint discounts,
will be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at Janney. Eligible fund family assets not
held at Janney may be included in the ROA calculation only if the
shareholder notifies his or her financial advisor about such assets |
• |
Letters
of Intent which allow for breakpoint discounts based on anticipated
purchases within a fund family, over a 13-month time period.
Eligible fund family assets not held at Janney Montgomery Scott may be
included in the calculation of letters of intent only
if the shareholder notifies his or her financial advisor about such
assets |
*Also
referred to as an “initial sales charge.”
Morgan
Stanley Prospectus | Appendix
Stifel,
Nicolaus & Company, Incorporated (“Stifel”)
Shareholders
purchasing Fund shares through a Stifel platform or account or who own shares
for which Stifel or an affiliate is the broker-dealer
of record are eligible for the following additional sales charge
waiver.
Front-end
Sales Load Waiver on Class A Shares at Stifel
• |
Class
C (i.e., level-load) shares that are no longer subject to a contingent
deferred sales charge and are converted to Class A shares of
the same fund pursuant to Stifel’s policies and procedures. All other
sales charge waivers and reductions described elsewhere in the
Fund’s Prospectus or SAI still apply. |
Robert
W. Baird & Co. (“Baird”)
Shareholders
purchasing fund shares through a Baird platform or account will only be eligible
for the following sales charge waivers (front-end
sales charge waivers and CDSC waivers) and discounts, which may differ from
those disclosed elsewhere in this prospectus or
the SAI.
Front-End
Sales Charge Waivers on A-shares Available at Baird
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund |
• |
Shares
purchased by employees and registered representatives of Baird or its
affiliate and their family members as designated by Baird |
• |
Shares
purchased using the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same accounts, and (3) redeemed shares were subject
to a front-end or deferred sales charge (known as rights of
reinstatement) |
• |
A
shareholder in the Funds C Shares will have their share converted at net
asset value to A shares of the same fund if the shares are no
longer subject to CDSC and the conversion is in line with the policies and
procedures of Baird |
• |
Employer-sponsored
retirement plans or charitable accounts in a transactional brokerage
account at Baird, including 401(k) plans, 457
plans, employer-sponsored 403(b) plans, profit sharing and money purchase
pension plans and defined benefit plans. For purposes
of this provision, employer-sponsored retirement plans do not include SEP
IRAs, SIMPLE IRAs or SAR-SEPs |
CDSC
Waivers on A and C shares Available at Baird
• |
Shares
sold due to death or disability of the
shareholder |
• |
Shares
sold as part of a systematic withdrawal plan as described in the Fund’s
Prospectus |
• |
Shares
bought due to returns of excess contributions from an IRA
Account |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts due to the shareholder reaching the qualified
age based on applicable Internal Revenue Service regulations as described
in the Fund’s prospectus |
• |
Shares
sold to pay Baird fees but only if the transaction is initiated by
Baird |
• |
Shares
acquired through a right of reinstatement |
Front-End
Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of
Accumulations
• |
Breakpoints
as described in this prospectus |
• |
Rights
of accumulations which entitles shareholders to breakpoint discounts will
be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s
household at Baird. Eligible fund family assets not
held at Baird may be included in the rights of accumulations calculation
only if the shareholder notifies his or her financial advisor
about such assets |
• |
Letters
of Intent (LOI) allow for breakpoint discounts based on anticipated
purchases within a fund family, through Baird, over a 13-month
period of time |
Ameriprise
Financial
The
following information applies to Class A share purchases if you have an account
with or otherwise purchase Fund shares through Ameriprise
Financial: Shareholders purchasing Fund shares through an Ameriprise Financial
retail brokerage account are eligible for the
following front-end sales charge waivers, which may differ from those disclosed
elsewhere in this Prospectus or in the SAI.
Morgan
Stanley Prospectus | Appendix
• |
Employer-sponsored
retirement plans (e.g., 401(k) plans 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase
pension plans and defined benefit plans). For purposes of this provision,
employer-sponsored retirement plans do not include
SEP IRAs, Simple IRAs or SAR-SEPs. |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
Fund (but not any other fund within the same fund
family). |
• |
Shares
exchanged from Class C shares of the same fund in the month of or
following the 7-year anniversary of the purchase date. To
the extent that this Prospectus elsewhere provides for a waiver with
respect to exchanges of Class C shares or conversion of Class
C shares following a shorter holding period, that waiver will
apply. |
• |
Employees
and registered representatives of Ameriprise Financial or its affiliates
and their immediate family members. |
• |
Shares
purchased by or through qualified accounts (including IRAs, Coverdell
Education Savings Accounts, 401(k)s, 403(b) TSCAs
subject to ERISA and defined benefit plans) that are held by a covered
family member, defined as an Ameriprise financial advisor
and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father,
grandmother, grandfather, great grandmother, great grandfather),
advisor’s lineal descendant (son, step-son, daughter, step-daughter,
grandson, granddaughter, great grandson, great granddaughter)
or any spouse of a covered family member who is a lineal
descendant. |
• |
Shares
purchased from the proceeds of redemptions within the same fund family,
provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the
same account, and (3) redeemed shares were subject to
a front-end or deferred sales load (i.e. Rights of
Reinstatement). |
Edward
D. Jones & Co., L.P. (“Edward Jones”)
Policies
Regarding Transactions Through Edward Jones
The
following information has been provided by Edward Jones:
Effective
on or after January 1st, 2024, the following information supersedes prior
information with respect to transactions and positions
held in fund shares through an Edward Jones system. Clients of Edward Jones
(also referred to as “shareholders”) purchasing
fund shares on the Edward Jones commission and fee-based platforms are eligible
only for the following sales charge discounts
(also referred to as “breakpoints”) and waivers, which can differ from discounts
and waivers described elsewhere in the mutual
fund prospectus or statement of additional information (“SAI”) or through
another broker-dealer. In all instances, it is the shareholder’s
responsibility to inform Edward Jones at the time of purchase of any
relationship, holdings of Morgan Stanley Funds, or
other facts qualifying the purchaser for discounts or waivers. Edward Jones can
ask for documentation of such circumstance. Shareholders
should contact Edward Jones if they have questions regarding their eligibility
for these discounts and waivers.
Breakpoints
• |
Breakpoint
pricing, otherwise known as volume pricing, at dollar thresholds as
described in the prospectus. |
Rights
of Accumulation (“ROA”)
• |
The
applicable sales charge on a purchase of Class A shares is determined by
taking into account all share classes (except certain money
market funds and any assets held in group retirement plans) of Morgan
Stanley Funds held by the shareholder or in an account
grouped by Edward Jones with other accounts for the purpose of providing
certain pricing considerations (“pricing groups”).
If grouping assets as a shareholder, this includes all share classes held
on the Edward Jones platform and/or held on another
platform. The inclusion of eligible fund family assets in the ROA
calculation is dependent on the shareholder notifying Edward
Jones of such assets at the time of calculation. Money market funds are
included only if such shares were sold with a sales charge
at the time of purchase or acquired in exchange for shares purchased with
a sales charge. |
• |
The
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect
to establish or change ROA for the IRA accounts associated
with the plan to a plan-level grouping as opposed to including all share
classes at a shareholder or pricing group
level. |
• |
ROA
is determined by calculating the higher of cost minus redemptions or
market value (current shares x NAV). |
Letter
of Intent (“LOI”)
• |
Through
a LOI, shareholders can receive the sales charge and breakpoint
discounts for purchases shareholders intend to make over a
13-month period from the date Edward Jones receives the LOI. The LOI is
determined by calculating the higher of cost or market
value of qualifying holdings at LOI initiation in combination with the
value that the shareholder intends to buy over a 13-month
period to calculate the front-end sales charge and any breakpoint
discounts. Each purchase the shareholder makes during
that 13-month period will receive the sales charge and breakpoint discount
that applies to the total amount. The inclusion of
eligible fund family assets in the LOI calculation is dependent on the
shareholder notifying Edward Jones of such assets at the
|
Morgan
Stanley Prospectus | Appendix
|
time
of calculation. Purchases made before the LOI is received by Edward Jones
are not adjusted under the LOI and will not reduce
the sales charge previously paid. Sales charges will be adjusted if LOI is
not met. |
• |
If
the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected
to establish or change ROA for the IRA accounts
associated with the plan to a plan-level grouping, LOIs will also be at
the plan-level and may only be established by the employer. |
Sales
Charge Waivers
Sales
charges are waived for the following shareholders and in the following
situations:
• |
Associates
of Edward Jones and its affiliates and other accounts in the same pricing
group (as determined by Edward Jones under its
policies and procedures) as the associate. This waiver will continue for
the remainder of the associate’s life if the associate retires
from
Edward Jones in good-standing and remains in good standing pursuant to
Edward Jones’ policies and procedures. |
• |
Shares
purchased in an Edward Jones fee-based
program. |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment. |
• |
Shares
purchased from the proceeds of redeemed shares of the same fund family so
long as the following conditions are met: the proceeds
are from the sale of shares within 60 days of the purchase, the sale and
purchase are made from a share class that charges a
front load and one of the following: |
• |
The
redemption and repurchase occur in the same
account. |
• |
The
redemption proceeds are used to process an: IRA contribution, excess
contributions, conversion, recharacterizing of contributions,
or distribution, and the repurchase is done in an account within the same
Edward Jones grouping for ROA. |
• |
Shares
exchanged into Class A shares from another share class so long as the
exchange is into the same fund and was initiated at the
discretion of Edward Jones. Edward Jones is responsible for any
remaining CDSC due to the fund company, if applicable. Any
future purchases are subject to the applicable sales charge as disclosed
in the prospectus. |
• |
Exchanges
from Class C shares to Class A shares of the same fund, generally,
in the 84th month following the anniversary of the purchase
date or earlier at the discretion of Edward
Jones. |
• |
Purchases
of Class 529-A shares through a rollover from either another education
savings plan or a security used for qualified distributions. |
• |
Purchases
of Class 529 shares made for recontribution of refunded
amounts. |
Contingent
Deferred Sales Charge (“CDSC”) Waivers
If
the shareholder purchases shares that are subject to a CDSC and those
shares are redeemed before the CDSC is expired, the shareholder
is responsible to pay the CDSC except in the following conditions:
• |
The
death or disability of the shareholder. |
• |
Systematic
withdrawals with up to 10% per year of the account
value. |
• |
Return
of excess contributions from an Individual Retirement Account
(IRA). |
• |
Shares
redeemed as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after
the year the shareholder reaches qualified age based on applicable IRS
regulations. |
• |
Shares
redeemed to pay Edward Jones fees or costs in such cases where the
transaction is initiated by Edward Jones. |
• |
Shares
exchanged in an Edward Jones fee-based
program. |
• |
Shares
acquired through NAV reinstatement. |
• |
Shares
redeemed at the discretion of Edward Jones for Minimums Balances, as
described below. |
Other
Important Information Regarding Transactions Through Edward
Jones
Minimum
Purchase Amounts
• |
Initial
purchase minimum: $250 |
• |
Subsequent
purchase minimum: none |
Morgan
Stanley Prospectus | Appendix
Minimum
Balances
• |
Edward
Jones has the right to redeem at its discretion fund holdings with a
balance of $250 or less. The following are examples of accounts
that are not included in this policy: |
• |
A
fee-based account held on an Edward Jones
platform |
• |
A
529 account held on an Edward Jones
platform |
• |
An
account with an active systematic investment plan or
LOI |
Exchanging
Share Classes
• |
At
any time it deems necessary, Edward Jones has the authority to exchange
at NAV a shareholder’s holdings in a fund to Class A shares
of the same fund. |
J.P.
MORGAN SECURITIES LLC
Effective
September 29, 2023, if you purchase or hold fund shares through an applicable
J.P. Morgan Securities LLC brokerage account,
you will be eligible for the following sales charge waivers (front-end sales
charge waivers and contingent deferred sales charge (“CDSC”),
or back-end sales charge, waivers), share class conversion policy and discounts,
which may differ from those disclosed elsewhere
in this fund’s prospectus or Statement of Additional Information.
Front-end
sales charge waivers on Class A shares available at J.P. Morgan Securities
LLC
• |
Shares
exchanged from Class C (i.e. level-load) shares that are no longer subject
to a CDSC and are exchanged into Class A shares of
the same fund pursuant to J.P. Morgan Securities LLC’s share class
exchange policy. |
• |
Qualified
employer-sponsored defined contribution and defined benefit retirement
plans, nonqualified deferred compensation plans,
other employee benefit plans and trusts used to fund those plans. For
purposes of this provision, such plans do not include SEP
IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3)
accounts. |
• |
Shares
of funds purchased through J.P. Morgan Securities LLC Self-Directed
Investing accounts. |
• |
Shares
purchased through rights of
reinstatement. |
• |
Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same
fund (but not any other fund within the fund
family). |
• |
Shares
purchased by employees and registered representatives of J.P. Morgan
Securities LLC or its affiliates and their spouse or financial
dependent as defined by J.P. Morgan Securities
LLC. |
Class
C to Class A share conversion
• |
A
shareholder in the fund’s Class C shares will have their shares converted
at net asset value by J.P. Morgan Securities LLC to Class
A shares (or the appropriate share class) of the same fund if the shares
are no longer subject to a CDSC and the conversion is consistent
with J.P. Morgan Securities LLC’s policies and
procedures. |
CDSC
waivers on Class A and C shares available at J.P. Morgan Securities
LLC
• |
Shares
sold upon the death or disability of the
shareholder. |
• |
Shares
sold as part of a systematic withdrawal plan as described in the fund’s
prospectus. |
• |
Shares
purchased in connection with a return of excess contributions from an IRA
account. |
• |
Shares
sold as part of a required minimum distribution for IRA and retirement
accounts pursuant to the Internal Revenue
Code. |
• |
Shares
acquired through a right of
reinstatement. |
Front-end
load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of
accumulation & letters of intent
• |
Breakpoints
as described in the prospectus. |
• |
Rights
of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts
as described in the fund’s prospectus will be automatically
calculated based on the aggregated holding of fund family assets held by
accounts within the purchaser’s household at
J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P.
Morgan Securities LLC (including 529 program holdings,
where applicable) may be included in the ROA calculation only if the
shareholder notifies their financial advisor about such
assets. |
Morgan
Stanley Prospectus | Appendix
• |
Letters
of Intent (“LOI”) which allow for breakpoint discounts based on
anticipated purchases within a fund family, through J.P. Morgan
Securities LLC, over a 13-month period of time (if
applicable). |
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Where
to Find Additional Information
In
addition to this Prospectus, the
Fund has an SAI, dated January
28, 2024 (as may be supplemented from time to time), which contains
additional, more detailed information about the Trust and the Fund. The SAI is
incorporated by reference into this Prospectus
and, therefore, legally forms a part of this Prospectus.
The
Trust publishes Annual and Semi-Annual Reports (“Shareholder Reports”) that
contain additional information about the
Fund’s investments.
In the
Fund’s
Annual Report to Shareholders, you will find a discussion of the market
conditions and the investment
strategies that significantly affected the Fund’s performance during the last
fiscal year. For additional Trust information, including
information regarding the investments comprising the Fund, please call the
toll-free number below.
You
may obtain the SAI and Shareholder Reports without charge by contacting the
Trust at the toll-free number below or on its Internet
site at: www.morganstanley.com/im. If you purchased shares through a Financial
Intermediary, you may also obtain these documents,
without charge, by contacting your Financial Intermediary.
Shareholder
Reports and other information about the
Fund are available on the EDGAR Database on the SEC’s Internet site at
http://www.sec.gov,
and copies of this information may be obtained, after paying a duplicating fee,
by electronic request at the following
e-mail address: [email protected].
Morgan
Stanley Institutional Fund Trust
c/o SS&C
GIDS,
P.O.
Box 219804
Kansas
City, MO 64121-9804
For
Shareholder Inquiries,
call
toll-free 1-800-869-6397.
Prices
and Investment Results are available at www.morganstanley.com/im.
The
Trust’s
1940 Act registration number is 811-03980.