¹ As of 08/01/2024, the ratings reflect Fitch’s review of the fund’s investment and credit guidelines, the portfolio’s expected credit quality, maturities and diversification, and Morgan Stanley Investment Management Inc.’s capabilities as investment advisor. The ‘AAAf’ FCQR indicates the highest underlying credit quality (or lowest vulnerability to default). The ‘S1’ Market Risk Sensitivity Rating indicates a very low sensitivity to market risk. For more information, please visit: http://www.fitchratings.com/creditdesk/public/ratings_defintions/index.cfm. There is no standard method for assigning ratings and not all bond funds have market risk sensitivity ratings. The portfolio may have changed since the date of the rating; and there is no guarantee that the fund will continue to have the same rating or perform in the future as rated.

² Diversification does not eliminate the risk of loss.

Class C shares include deferred sales charge of 1.00% which declines to zero after first year.

The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Board of Trustees of Morgan Stanley Institutional Fund Trust (the "Fund") acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. In addition, the Distributor, Adviser and Administrator may make additional voluntary fee waivers and/or expense reimbursements. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund’s current prospectus.

Subject to change daily. Fund information, Portfolio Composition is provided for informational purposes only, and should not be deemed as a recommendation to buy or sell any security or securities in the region presented. 

Returns are net of fees and assume the reinvestment of all dividends and income. Returns for less than one year are cumulative (not annualized). Performance of other share classes will vary. Short-term returns may not be indicative of the fund’s long-term performance potential. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

Quality distribution refers to the rating given by S&P Global Ratings (S&P), a Nationally Recognized Statistical Rating Organization ("NRSRO") and is the rating firms’ subjective opinion concerning the ability and willingness of an issuer to meet its financial obligations in full and on time. Ratings apply only to portfolio holdings and do not remove the Fund’s market risk. A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. A short-term rated ‘A-2’ by S&P is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. ‘Cash’ includes investments in short term instruments, including investments in Morgan Stanley liquidity funds.

The 1-day and 7-day current yield is an annualized net yield which assumes  dividends are not reinvested in the fund. The 30-day effective yields are annualized net yields  that describe 1-year earnings assuming dividends are reinvested at the average rate of the  last 30 days. SEC yield is a measure of the income  generated by the portfolio’s underlying asset over the trailing 30 days, relative to the asset  base of the portfolio itself. The SEC 30-day yield subsidized reflects current fee waivers in  effect. Absent such fee waivers, the yield would have been lower. The SEC 30-day yield unsubsidized does not reflect the fee waivers currently in effect. Subsidized yield reflects  current fee waivers in effect. Absent such fee waivers, the yield would have been lower. Unsubsidized yield reflects what the yield would have been had a fee and/or expense waiver  not been in place during the period shown. Weighted average life measures the weighted  average of the maturities of the portfolio’s individual holdings. Weighted average maturity measures the weighted average of the maturities of the portfolio's individual holdings, taking into account reset dates for floating rate securities.

RISK CONSIDERATIONS 
There is no assurance that a portfolio will achieve its investment objective Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in these portfolios Please be aware that these portfolios may be subject to certain additional risks. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In a rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. In a declining interest-rate environment, the portfolio may generate less income. Longer-term securities may be more sensitive to interest rate changes. The Portfolio is more susceptible to any economic, business, political, regulatory or other developments that adversely affect issuers in the financial services industry than a fund that does not concentrate its investments in the financial services industry. Asset-backed securities are sensitive to early prepayment risk and a higher risk of default and may be hard to value and difficult to sell (liquidity risk). They are also subject to credit, market and interest rate risks. Asset-backed securities are sensitive to early prepayment risk and a higher risk of default and may be hard to value and difficult to sell (liquidity risk). They are also subject to credit, market and interest rate risks. Certain U.S. Government securities purchased by the Strategy, such as those issued by Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. It is possible that these issuers will not have the funds to meet their payment obligations in the future. Repurchase agreements are subject to default and credit risks. By investing in municipal obligations, the Fund may be susceptible to political, economic, regulatory or other factors affecting their issuers. Foreign securities are subject to currency, political, economic and market risks. Illiquid securities may be more difficult to sell and value than publicly traded securities (liquidity risk). 

Morningstar
Rankings: The percentile rankings are based on the average annual total returns for the periods stated and do not include any sales charges, but do include reinvestment of dividends and capital gains and Rule 12b-1 fees. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1.

Ratings: The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account sales loads.

© 2025 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

OTHER CONSIDERATIONS 

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.

The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index of short-term U.S. Government securities with a remaining term to final maturity of less than three months. The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index. Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor.

Please consider the investment objective, risks, charges and expenses of the fund carefully before investing. The prospectus contains this and other information about the fund. To obtain a prospectus, download one here or call 1-800-236-0992. Please read the prospectus carefully before investing. 

Morgan Stanley Investment Management (MSIM) is the asset management division of Morgan Stanley.