0001104659-13-007377.txt : 20130205 0001104659-13-007377.hdr.sgml : 20130205 20130205104423 ACCESSION NUMBER: 0001104659-13-007377 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130205 DATE AS OF CHANGE: 20130205 EFFECTIVENESS DATE: 20130205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY INSTITUTIONAL FUND TRUST CENTRAL INDEX KEY: 0000741375 IRS NUMBER: 000000000 STATE OF INCORPORATION: PA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-89729 FILM NUMBER: 13572611 BUSINESS ADDRESS: STREET 1: ONE TOWER BRIDGE STREET 2: 100 FRONT ST STE 1100 CITY: WEST CONSHOHOCKEN STATE: PA ZIP: 19428-0868 BUSINESS PHONE: 6109405065 MAIL ADDRESS: STREET 1: PO BOX 868 CITY: WEST CONSHOHOCKEN STATE: PA ZIP: 19428-0868 FORMER COMPANY: FORMER CONFORMED NAME: MAS FUNDS /MA/ DATE OF NAME CHANGE: 19960724 FORMER COMPANY: FORMER CONFORMED NAME: MAS FUNDS INC DATE OF NAME CHANGE: 19931227 FORMER COMPANY: FORMER CONFORMED NAME: MAS FUNDS DATE OF NAME CHANGE: 19930927 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORGAN STANLEY INSTITUTIONAL FUND TRUST CENTRAL INDEX KEY: 0000741375 IRS NUMBER: 000000000 STATE OF INCORPORATION: PA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03980 FILM NUMBER: 13572612 BUSINESS ADDRESS: STREET 1: ONE TOWER BRIDGE STREET 2: 100 FRONT ST STE 1100 CITY: WEST CONSHOHOCKEN STATE: PA ZIP: 19428-0868 BUSINESS PHONE: 6109405065 MAIL ADDRESS: STREET 1: PO BOX 868 CITY: WEST CONSHOHOCKEN STATE: PA ZIP: 19428-0868 FORMER COMPANY: FORMER CONFORMED NAME: MAS FUNDS /MA/ DATE OF NAME CHANGE: 19960724 FORMER COMPANY: FORMER CONFORMED NAME: MAS FUNDS INC DATE OF NAME CHANGE: 19931227 FORMER COMPANY: FORMER CONFORMED NAME: MAS FUNDS DATE OF NAME CHANGE: 19930927 0000741375 S000004114 Core Plus Fixed Income Portfolio C000011537 Class P Shares MFXAX C000011538 Class I Shares MPFIX C000113788 Class H C000113789 Class L 0000741375 S000004118 Corporate Bond Portfolio C000011548 Class P Shares C000011549 Class I Shares MPFDX C000057346 Class H Shares C000065127 Class L Shares 0000741375 S000004119 Limited Duration Portfolio C000011550 Class I Shares MPLDX C000052876 Class P Shares C000113790 Class H C000113791 Class L 0000741375 S000004124 Global Strategist Portfolio C000011555 Class P Shares MBAAX C000011556 Class I Shares MPBAX C000113792 Class L MSDLX C000113793 Class H MSBHX 0000741375 S000004127 Mid Cap Growth Portfolio C000011562 Class P Shares MACGX C000011563 Class I Shares MPEGX C000113794 Class H C000113795 Class L 0000741375 S000005590 Core Fixed Income Portfolio C000015254 Class I Shares C000015255 Class P Shares C000113796 Class H C000113797 Class L 0000741375 S000035938 High Yield Portfolio C000110149 Class I C000110150 Class P C000110151 Class H C000110152 Class L 485BPOS 1 a12-27405_7485bpos.htm 485BPOS

As filed with the Securities and Exchange Commission on February 5, 2013

1933 Act File No. 2-89729
1940 Act File No. 811-03980

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT
  UNDER THE SECURITIES ACT OF 1933  
x

  Pre-Effective Amendment No.  o

  Post-Effective Amendment No. 110  x

and/or

  REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY  

  ACT OF 1940  x

  Amendment No. 113  x

Morgan Stanley
Institutional Fund Trust

(Exact Name of Registrant as Specified in Charter)

522 Fifth Avenue
New York, New York 10036

(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: (212) 296-6970

Stefanie V. Chang Yu, Esq.
Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

(Name and Address of Agent for Service)

Copy to:

Carl Frischling, Esq.
Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, New York 10036
  Stuart M. Strauss, Esq.
Dechert LLP
1095 Avenue of the Americas
New York, New York 10036
 

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

         

X

   

Immediately upon filing pursuant to paragraph (b)

 
               

On (date) pursuant to paragraph (b)

 
               

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

 
               

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

 
               

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

 
               

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

 

Amending the Prospectus

If appropriate, check the following box:

               

This post-effective amendment designates a new effective date for a previously

 
               

filed post-effective amendment.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York on the 5th day of February 2013.

 

 

 

MORGAN STANLEY INSTITUTIONAL FUND TRUST

 

 

 

/s/ Arthur Lev

 

Arthur Lev

 

President and Principal Executive Officer

 

 

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 110 has been signed below by the following persons in the capacities and on the dates indicated.

 

 

SIGNATURE

 

TITLE

 

DATE

 

 

 

 

 

(1) Principal Executive Officer

 

President and Principal Executive Officer

 

February 5, 2013

 

 

 

 

 

 

 

 

 

 

By

/s/ Arthur Lev

 

 

 

 

 

Arthur Lev

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Principal Financial Officer

 

Principal Financial Officer

 

February 5, 2013

 

 

 

 

 

 

 

 

 

 

By

/s/ Francis J. Smith

 

 

 

 

 

Francis J. Smith

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3) Majority of the Trustees

 

 

 

 

 

 

 

 

 

James F. Higgins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By

/s/ Stefanie V. Chang Yu

 

 

 

February 5, 2013

 

Stefanie V. Chang Yu

 

 

 

 

 

Attorney-In-Fact

 

 

 

 

 

 

 

 

 

Frank L. Bowman

 

Michael F. Klein

 

 

Michael Bozic

 

Michael E. Nugent (Chairman)

 

 

Kathleen A. Dennis

 

W. Allen Reed

 

 

Manuel H. Johnson

 

Fergus Reid

 

 

Joseph J. Kearns

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By

/s/ Carl Frischling

 

 

 

February 5, 2013

 

Carl Frischling

 

 

 

 

 

Attorney-In-Fact

 

 

 

 

 



 

EXHIBIT INDEX

 

Index No.

 

Description of Exhibit

 

 

 

EX-101.INS

 

XBRL Instance Document

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 

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been estimated for the Portfolio's Class H and Class L shares for the current fiscal year. Class H and Class L shares of the Portfolio had not completed a full calendar year of operations as of December 31, 2012 and therefore Class H and Class L do not have annualized return information to report. The returns for Class H and Class L shares would be lower than the returns for Class I shares of the Portfolio as expenses of Class H and Class L are higher. Return information for the Portfolio's Class H and Class L shares will be shown in future prospectuses offering the Portfolio's Class H and Class L shares after the Portfolio's Class H and Class L shares have a full calendar year of return information to report. 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. 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. The Portfolio's "Adviser," Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Portfolio so that Total Annual Portfolio Operating Expenses, excluding certain investment related expenses, will not exceed 0.50% for Class I, 0.75% for Class P and Class H and 1.00% for Class L. The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Fund's Board of Trustees acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. The Barclays Capital U.S. Aggregate Index tracks the performance of U.S. government agency and Treasury securities, investment-grade corporate debt securities, agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. It is not possible to invest directly in an index. The Lipper Intermediate Investment Grade Debt Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Intermediate Investment Grade Debt Funds classification. There are currently 30 funds represented in this Index. The Portfolio's "Distributor," Morgan Stanley Distribution, Inc., is currently waiving the 12b-1 fee on Class P shares of the Portfolio to the extent it exceeds 0.15% of the average daily net assets of such shares on an annualized basis. This waiver will continue for at least one year or until such time as the Fund's Board of Trustees acts to discontinue all or a portion of such waiver when it deems such action is appropriate. The Barclays Capital U.S. Corporate Index is a broad-based benchmark that measures the investment grade, fixed-rate, taxable, corporate bond market. It is not possible to invest directly in an index. Since Inception reflects the inception date of Class I. The Lipper Corporate Debt Funds BBB-Rated Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Corporate Debt Funds BBB-Rated classification. There are currently 30 funds represented in this index. The Portfolio's "Adviser," Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Portfolio so that Total Annual Portfolio Operating Expenses, excluding certain investment related expenses, will not exceed 0.75% for Class I, 1.00% for Class H and Class P and 1.25% for Class L. The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Fund's Board of Trustees acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. The Barclays Capital 1-3 Year U.S. Government/Credit Index tracks the securities in the 1-3 year maturity range of the Barclays Capital U.S. Government/Credit Index which tracks investment-grade (BBB-/Baa3) or higher publicly traded fixed rate U.S. government, U.S. agency, and corporate issues. It is not possible to invest directly in an index. Since Inception reflects the inception date of Class I. The Lipper Short Investment Grade Debt Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Short Investment Grade Debt Funds classification. There are currently 30 funds represented in this Index. The Portfolio's "Adviser," Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Portfolio so that Total Annual Portfolio Operating Expenses, excluding certain investment related expenses, will not exceed 0.74% for Class I, 0.99% for Class P and Class H and 1.49% for Class L. The fee waivers and/or expense reimbursements will continue for at least two years from the date of the Reorganization (defined herein) or until such time as the Fund'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 Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. "Net dividends" reflects a reduction in dividends after taking into account withholding of taxes by any foreign countries represented in the Index. It is not possible to invest directly in an index. The Portfolio's primary benchmark was changed in July 2012 to the MSCI All Country World Index to more accurately reflect the Portfolio's investible universe. The Standard & Poor's 500 Index (S&P 500) measures the performance of the large-cap segment of the U.S. equities market, covering approximately 75% of the U.S. equities market. The Index includes 500 leading companies in leading industries of the U.S. economy. It is not possible to invest directly in an index. The Barclays Capital U.S. Aggregate Index tracks the performance of all U.S. government agency and Treasury securities, investment-grade corporate debt securities, agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. It is not possible to invest directly in an index. The 60/40 Blended Index is comprised of 60% S&P 500 Index and 40% Barclays Capital U.S. Aggregate Index. It is not possible to invest directly in an index. The Lipper Mixed-Asset Target Allocation Growth Funds Index is an equally-weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Mixed-Asset Target Allocation Growth Funds classification. There are currently 30 funds represented in this Index. MORGAN STANLEY INSTITUTIONAL FUND TRUST 485BPOS false 0000741375 2012-09-30 2013-01-28 2013-01-31 2013-01-31 Mid Cap Growth Portfolio MPEGX MACGX MSKHX MSKLX Fees and Expenses <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. For shareholders of Class H shares, you may qualify for sales charge discounts if the cumulative net asset value ("NAV") of Class H shares of the Portfolio purchased in a single transaction, together with the NAV of all Class H shares of a portfolio of Morgan Stanley Institutional Fund Trust (the "Fund") or of a portfolio of Morgan Stanley Institutional Fund, Inc. held in related accounts, amounts to $50,000 or more. 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Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, at least 80% of the Portfolio's assets will be invested in common stocks of mid cap companies. The Portfolio's "Adviser," Morgan Stanley Investment Management Inc., 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</font><font style="font-size:12pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#174;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Growth Index, which as of December 31, 2012 was between $400 million and $25 billion. The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. The Adviser seeks to invest in high quality companies it believes have sustainable competitive advantages and the ability to redeploy capital at high rates of return. The Adviser typically favors companies with rising returns on invested capital, above average business visibility, strong free cash flow generation and an attractive risk/reward. The Portfolio may also use derivative instruments as discussed herein. These derivative instruments will be counted towards the 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries. The securities in which the Portfolio may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. The Portfolio may invest in privately placed securities. In addition, the Portfolio may invest in convertible securities.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio may utilize foreign currency forward exchange contracts, which are derivatives, in connection with its investments in foreign securities.</font> </p> Performance Information <p style="margin: 0pt 0pt 9pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's Class I shares' performance from year-to-year and by showing how the Portfolio's average annual returns for the past one, five and 10 year periods compare with those of a broad measure of market performance, as well as an index that represents a group of similar <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">mutual funds, over time. The performance of the other Classes will differ because the Classes have different ongoing fees. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Updated performance information is available online at www.morganstanley.com/im.</font><br /> </font> </p> Annual Total Returns-Calendar Years 0.4247 0.2202 0.1838 0.1014 0.2287 -0.4722 0.6019 0.3294 -0.0689 0.0949 ~ http://www.morganstanley.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact mpbax_S000004127Member row primary compact * ~ High Quarter 0.2671 2009-06-30 Low Quarter -0.2668 2008-12-31 <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;"><b>High Quarter</b></font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="54" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">6/30/09</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">26.71</font> </p> </td> <td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:8pt; font-family: Arial, Helvetica;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> <tr> <td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Low Quarter</b></font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="54" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">12/31/08</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">&#8211;26.68</font> </p> </td> <td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:8pt; font-family: Arial, Helvetica;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> </table> Average Annual Total Returns For Periods Ended December 31, 2012 0.0949 0.0276 0.1230 0.0883 0.0245 0.1212 0.0688 0.0232 0.1106 0.0917 0.0249 0.1203 0.1581 0.0323 0.1032 0.1337 0.0149 0.0940 1997-01-31 1990-03-30 ~ http://www.morganstanley.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact mpbax_S000004127Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 Portfolio'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 Portfolio 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 Portfolio shares been sold at the end of the relevant periods, as applicable.</font> </p> 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. Class H and Class L shares of the Portfolio had not completed a full calendar year of operations as of December 31, 2012 and therefore Class H and Class L do not have annualized return information to report. Class H and Class L shares of the Portfolio had not completed a full calendar year of operations as of December 31, 2012 and therefore Class H and Class L do not have annualized return information to report. The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's Class I shares' performance from year-to-year and by showing how the Portfolio's average annual returns for the past one, five and 10 year periods 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 Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. After-tax returns for the Portfolio's other Classes will vary from Class I shares' returns. (reflects no deduction for fees, expenses or taxes) 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 Portfolio shares been sold at the end of the relevant periods, as applicable. www.morganstanley.com/im 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 Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Objective <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Mid Cap Growth Portfolio seeks long-term capital growth.</font> </p> Example <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example below is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example assumes that you invest $10,000 in the Portfolio, your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p> 73 227 395 883 98 306 531 1178 568 766 981 1597 149 462 797 1746 ~ http://www.morganstanley.com/20130128/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact mpbax_S000004127Member row primary compact * ~ Principal Risks <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. The principal risks of investing in the Portfolio include:</font> </p> <br/><p style="margin: 0pt 0pt 9pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font><font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong><em>Common Stock and Other Equity Securities.</em></strong></font> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In general, stock values fluctuate, and sometimes widely fluctuate, in response to activities specific to the company as well as factors unrelated to the fundamental economic condition of the issuer of the security, including general market, economic and political conditions. To the extent that the Portfolio invests in convertible securities, and the convertible security's investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Mid Capitalization Companies.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in mid cap companies may involve greater risk 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.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Foreign and Emerging Market Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in foreign markets entail special risks such as currency, political, economic and market risks. There also may be greater market volatility, less reliable financial information, 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, which have historically been considered stable, may become more volatile and subject to increased risk due to ongoing 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. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. In addition, the Portfolio's investments may be denominated in foreign currencies and therefore, to the extent unhedged, the value of the investment will fluctuate with the U.S. dollar exchange rates. 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 to the effect that foreign currency forward exchange contracts create exposure to currencies in which the Portfolio'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.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>&#8226; Privately Placed Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's investments may also include privately placed securities, which are subject to resale restrictions. These securities will have the effect of increasing the level of Portfolio illiquidity to the extent the Portfolio 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. 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 Portfolio to sell certain securities.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Portfolio Turnover <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 26% of the average value of its portfolio.</font> </p> 0.26 Core Fixed Income Portfolio MPSFX MDIAX MSXHX MSXLX Fees and Expenses <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. For shareholders of Class H shares, you may qualify for sales charge discounts if the cumulative net asset value ("NAV") of Class H shares of the Portfolio purchased in a single transaction, together with the NAV of all Class H shares of a portfolio of Morgan Stanley Institutional Fund Trust (the "Fund") or of a portfolio of Morgan Stanley Institutional Fund, Inc. held in related accounts, amounts to $50,000 or more. More information about these and other discounts is available from your financial adviser and in the "Purchasing Class H Shares" section on page 43 of this</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Prospectus</i></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">.</font> </p> 0.0000 0.0000 0.0350 0.0000 0.00375 0.00375 0.00375 0.00375 0.0000 0.0025 0.0025 0.0050 0.0059 0.0059 0.0059 0.0059 0.0097 0.0122 0.0122 0.0147 -0.0047 -0.0047 -0.0047 -0.0047 0.0050 0.0075 0.0075 0.0100 ~ http://www.morganstanley.com/20130128/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact mpbax_S000005590Member row primary compact * ~ ~ http://www.morganstanley.com/20130128/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact mpbax_S000005590Member row primary compact * ~ For shareholders of Class H shares, you may qualify for sales charge discounts if the cumulative net asset value ("NAV") of Class H shares of the Portfolio purchased in a single transaction, together with the NAV of all Class H shares of a portfolio of Morgan Stanley Institutional Fund Trust (the "Fund") or of a portfolio of Morgan Stanley Institutional Fund, Inc. held in related accounts, amounts to $50,000 or more. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, at least 80% of the Portfolio's assets will be invested in fixed income securities. The Portfolio invests primarily in a diversified mix of U.S. dollar-denominated fixed income securities, particularly U.S. government, corporate, municipal, mortgage- and asset-backed securities and will ordinarily seek to maintain an average weighted maturity between five and ten years. The Portfolio invests in securities that carry an investment grade rating or, if unrated, are determined to be of a comparable quality by the Adviser at the time of purchase.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Adviser employs a value approach toward fixed income investing and evaluates the relative attractiveness among corporate, mortgage and U.S. government securities. The Adviser relies upon value measures to guide its decisions regarding sector and security selection, such as the relative attractiveness of the extra yield offered by securities other than those issued by the U.S. Treasury. The Adviser also measures various types of risk by monitoring interest rates, inflation, the shape of the yield curve, credit risk and prepayment risk.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's mortgage securities may include collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities ("CMBS"), stripped mortgage-backed securities ("SMBS") and inverse floating rate obligations ("inverse floaters"). In addition, the Portfolio may invest in to-be-announced pass-through mortgage securities, which settle on a delayed delivery basis ("TBAs"). The Portfolio may also invest in U.S. dollar-denominated securities of foreign issuers, including issuers located in emerging market or developing countries. The Portfolio may also invest in restricted and illiquid securities.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The Portfolio's use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and other related instruments and techniques.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Derivative instruments used by the Portfolio will be counted towards the 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.</font> </p> Performance Information <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's Class I shares' performance from year-to-year and by showing how the Portfolio's average annual returns for the past one, five and 10 year periods compare with 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 will differ because the Classes have different ongoing fees. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Updated performance information is available online at www.morganstanley.com/im.</font> </p> Annual Total Returns-Calendar Years 0.0408 0.0459 0.0434 0.0350 0.0573 -0.1119 0.1033 0.0654 0.0688 0.0685 ~ http://www.morganstanley.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact mpbax_S000005590Member row primary compact * ~ High Quarter 0.0463 2009-09-30 Low Quarter -0.0521 2008-09-30 <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;"><b>High Quarter</b></font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="49" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">9/30/09</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">4.63</font> </p> </td> <td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:8pt; font-family: Arial, Helvetica;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> <tr> <td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Low Quarter</b></font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="49" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">9/30/08</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">&#8211;5.21</font> </p> </td> <td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:8pt; font-family: Arial, Helvetica;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> </table> Average Annual Total Returns For Periods Ended December 31, 2012 0.0685 0.0358 0.0401 0.0570 0.0211 0.0236 0.0444 0.0216 0.0244 0.0669 0.0334 0.0377 0.0421 0.0595 0.0518 0.0782 0.0628 0.0532 1999-03-01 1987-09-29 2012-04-27 2012-04-27 ~ http://www.morganstanley.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact mpbax_S000005590Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 5pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 Portfolio's other Classes will vary from Class I shares' returns. Actual after-tax returns depend on the investor's</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Portfolio 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 Portfolio shares been sold at the end of the relevant periods, as applicable.</font> </p> 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. Class H and Class L shares of the Portfolio had not completed a full calendar year of operations as of December 31, 2012 and therefore Class H and Class L do not have annualized return information to report. Class H and Class L shares of the Portfolio had not completed a full calendar year of operations as of December 31, 2012 and therefore Class H and Class L do not have annualized return information to report. The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's Class I shares' performance from year-to-year and by showing how the Portfolio's average annual returns for the past one, five and 10 year periods compare with a broad measure of market performance, as well as an index that represents a group of similar mutual funds, over time. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. After-tax returns for the Portfolio's other Classes will vary from Class I shares' returns. (reflects no deduction for fees, expenses or taxes) 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 Portfolio shares been sold at the end of the relevant periods, as applicable. www.morganstanley.com/im 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 Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Objective <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Core Fixed Income Portfolio seeks above-average total return over a market cycle of three to five years.</font> </p> Example <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example below is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</font> </p> <br/><p style="margin: 0pt 0pt 9pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example assumes that you invest $10,000 in the Portfolio, your investment has a 5% return each year and that the Portfolio's <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font><br /> </font> </p> 51 160 280 628 77 240 417 930 424 581 752 1248 102 318 552 1225 ~ http://www.morganstanley.com/20130128/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact mpbax_S000005590Member row primary compact * ~ Principal Risks <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. The principal risks of investing in the Portfolio include:</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Fixed Income Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). 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.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Municipal Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Municipal obligations may be general obligations or revenue bonds and may include Build America Bonds. General obligation bonds are secured by the issuer's full faith and credit as well as its taxing power for payment of principal or interest. Revenue bonds are payable solely from the revenues derived from a specified revenue source, and therefore involve the risk that the revenues so derived will not be sufficient to meet interest and or principal payment obligations. Municipal securities involve the risk that an issuer may call securities for redemption, which could force the Portfolio to reinvest the proceeds at a lower rate of interest.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Mortgage Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in mortgage securities are subject to the risk that if interest rates decline, borrowers may pay off their mortgages sooner than expected which may adversely affect the Portfolio's return. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of mortgage securities will increase and market price will decrease. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of debt securities. In addition, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Portfolio. Investments in TBAs may give rise to a form of leverage and may cause the Portfolio's turnover rate to appear higher. Leverage may cause the Portfolio to be more volatile than if the Portfolio had not been leveraged.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Asset-Backed Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Asset-backed securities are subject to the risk that consumer laws, legal factors or economic and market factors may result in the collateral backing the securities being insufficient to support payment on the securities. Some asset-backed securities also entail prepayment risk, which may vary depending on the type of asset.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>&#8226; Foreign and Emerging Market Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in foreign markets entail special risks such as currency, political, economic and market risks. There also may be greater market volatility, less reliable financial information, 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, which have historically been considered stable, may become more volatile and subject to increased risk due to ongoing 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. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>&#8226; Liquidity Risk.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's investments in restricted and illiquid securities may entail greater risk than investments in publicly traded securities. These securities may be more difficult to sell, particularly in times of market turmoil. Illiquid securities may be more difficult to value. If the Portfolio 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.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Derivatives.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A derivative instrument often has risks similar to its underlying asset and may have 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 they relate, and risks that the transactions may not be liquid. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Portfolio Turnover <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio pays transaction costs 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 216% of the average value of its portfolio.</font> </p> 2.16 Core Plus Fixed Income Portfolio MFXAX MPFIX MSDHX MSIOX Fees and Expenses <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The table below describes the fees and expenses that you may pay if you buy and hold the shares of the Portfolio. For shareholders of Class H shares, you may qualify for sales charge discounts if the cumulative net asset value ("NAV") of Class H shares of the Portfolio purchased in a single transaction, together with the NAV of all Class H shares of a portfolio of Morgan Stanley Institutional Fund Trust (the "Fund") or of a portfolio of Morgan Stanley Institutional Fund, Inc. held in related accounts, amounts to $50,000 or more. More information about these and other discounts is available from your financial adviser and in the "Purchasing Class H Shares" section on page 43 of this</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Prospectus</i></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">.</font> </p> 0.0000 0.0000 0.0350 0.0000 0.00375 0.00375 0.00375 0.00375 0.0000 0.0025 0.0025 0.0050 0.0025 0.0025 0.0025 0.0025 0.0063 0.0088 0.0088 0.0113 ~ http://www.morganstanley.com/20130128/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact mpbax_S000004114Member row primary compact * ~ ~ http://www.morganstanley.com/20130128/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact mpbax_S000004114Member row primary compact * ~ For shareholders of Class H shares, you may qualify for sales charge discounts if the cumulative net asset value ("NAV") of Class H shares of the Portfolio purchased in a single transaction, together with the NAV of all Class H shares of a portfolio of Morgan Stanley Institutional Fund Trust (the "Fund") or of a portfolio of Morgan Stanley Institutional Fund, Inc. held in related accounts, amounts to $50,000 or more. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <p style="margin:0pt 0pt 7pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, at least 80% of the Portfolio's assets will be invested in fixed income securities. The Portfolio invests primarily in a diversified mix of U.S. dollar-denominated investment grade fixed income securities, particularly U.S. government, corporate, municipal, mortgage- and asset-backed securities and will ordinarily seek to maintain an average weighted maturity between five and ten years.</font> </p> <br/><p style="margin:0pt 0pt 7pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's "Adviser," Morgan Stanley Investment Management Inc., employs a value approach toward fixed income investing and evaluates the relative attractiveness among corporate, mortgage and U.S. government securities, and also may consider the relative attractiveness of non-dollar-denominated issues. The Adviser relies upon value measures to guide its decisions regarding sector, security and country selection, such as the relative attractiveness of the extra yield offered by securities other than those issued by the U.S. Treasury. The Adviser also measures various types of risk by monitoring interest rates, inflation, the shape of the yield curve, credit risk, prepayment risk, country risk and currency valuations.</font> </p> <br/><p style="margin:0pt 0pt 7pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio may invest opportunistically in high yield securities (commonly referred to as "junk bonds"). The Portfolio may also invest in public bank loans made by banks or other financial institutions. Public bank loans are privately negotiated loans that are not publicly traded for which information about the issuer has been made publicly available. These public bank loans may be rated investment grade or below investment grade. In addition, the Portfolio may invest in convertible securities.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's mortgage securities may include collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities ("CMBS"), stripped mortgage-backed securities ("SMBS") and inverse floating rate obligations ("inverse floaters"). In addition, the Portfolio may invest in to-be-announced pass-through mortgage securities, which settle on a delayed delivery basis ("TBAs"). The Portfolio may also invest in securities of foreign issuers, including issuers located in emerging market or developing countries. The securities in which the Portfolio may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. The Portfolio may also invest in restricted and illiquid securities.</font> </p> <br/><p style="margin: 0pt 0pt 7pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The Portfolio's use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and other related instruments and <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">techniques. The Portfolio may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 7pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Derivative instruments used by the Portfolio will be counted towards the 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.</font> </p> Performance Information <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's Class I shares' performance from year-to-year and by showing how the Portfolio's average annual returns for the past one, five and 10 year periods 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 will differ because the Classes have different ongoing fees. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Updated performance information is available online at www.morganstanley.com/im.</font> </p> Annual Total Returns-Calendar Years 0.0565 0.0462 0.0481 0.0408 0.0513 -0.1642 0.1162 0.0778 0.0619 0.100 ~ http://www.morganstanley.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_LegalEntityAxis compact mpbax_S000004114Member row primary compact * ~ High Quarter 0.0479 2009-09-30 Low Quarter -0.0710 2008-09-30 <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;"><b>High Quarter</b></font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="49" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">9/30/09</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">4.79</font> </p> </td> <td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:8pt; font-family: Arial, Helvetica;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> <tr> <td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Low Quarter</b></font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="49" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">9/30/08</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">&#8211;7.10</font> </p> </td> <td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:8pt; font-family: Arial, Helvetica;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> </table> Average Annual Total Returns For Periods Ended December 31, 2012 0.1000 0.0327 0.0406 0.0804 0.0143 0.0222 0.0647 0.0166 0.0236 0.0981 0.0301 0.0380 0.0421 0.0595 0.0518 0.0782 0.0628 0.0532 2012-04-27 2012-04-27 1996-11-07 1984-11-14 ~ http://www.morganstanley.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact mpbax_S000004114Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 Portfolio'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 Portfolio 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 Portfolio shares been sold at the end of the relevant periods, as applicable.</font> </p> 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. Class H and Class L shares of the Portfolio had not completed a full calendar year of operations as of December 31, 2012 and therefore Class H and Class L do not have annualized return information to report. Class H and Class L shares of the Portfolio had not completed a full calendar year of operations as of December 31, 2012 and therefore Class H and Class L do not have annualized return information to report. The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's Class I shares' performance from year-to-year and by showing how the Portfolio's average annual returns for the past one, five and 10 year periods 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 Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. After-tax returns for the Portfolio's other Classes will vary from Class I shares' returns. (reflects no deduction for fees, expenses or taxes) 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 Portfolio shares been sold at the end of the relevant periods, as applicable. www.morganstanley.com/im 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 Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Principal Risks <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. The principal risks of investing in the Portfolio include:</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Fixed Income Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). 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. A portion of the Portfolio's fixed income securities may be rated below investment grade. To the extent that the Portfolio invests in convertible securities, and the convertible security's investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Municipal Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Municipal obligations may be general obligations or revenue bonds and may include Build America Bonds. General obligation bonds are secured by the issuer's full faith and credit as well as its taxing power for payment of principal or interest. Revenue bonds are payable solely from the revenues derived from a specified revenue source, and therefore involve the risk that the revenues so derived will not be sufficient to meet interest and/or principal payment obligations. Municipal securities involve the risk that an issuer may call securities for redemption, which could force the Portfolio to reinvest the proceeds at a lower rate of interest.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>High Yield Securities ("Junk Bonds").</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's investments in high yield securities expose it to a substantial degree of credit risk. High yield securities may be issued by companies that are restructuring, are smaller and less creditworthy or are more highly indebted than other companies, and therefore they may have more difficulty making scheduled payments of principal and interest. High yield securities may experience reduced liquidity, and sudden and substantial decreases in price.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Public Bank Loans.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Certain public bank loans are illiquid, meaning the Portfolio may not be able to sell them quickly at a fair price. The secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Bank loans are subject to the risk of default in the payment of interest or principal on a loan, which will result in a reduction of income to the Portfolio, and a potential decrease in the Portfolio's NAV. The risk of default will increase in the event of an economic downturn or a substantial increase in interest rates. Because public bank loans usually rank lower in priority of payment to senior loans, they present a greater degree of investment risk. These bank loans may exhibit greater price volatility as well.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Mortgage Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in mortgage securities are subject to the risk that if interest rates decline, borrowers may pay off their mortgages sooner than expected which may adversely affect the Portfolio's return. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of mortgage securities will increase and market price will decrease. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of debt securities. In addition, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Portfolio. Investments in TBAs may give rise to a form of leverage and may cause the Portfolio's turnover rate to appear higher. Leverage may cause the Portfolio to be more volatile than if the Portfolio had not been leveraged.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Asset-Backed Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Asset-backed securities are subject to the risk that consumer laws, legal factors or economic and market factors may result in the collateral backing the securities being insufficient to support payment on the securities. Some asset-backed securities also entail prepayment risk, which may vary depending on the type of asset.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Foreign and Emerging Market Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in foreign markets entail special risks such as currency, political, economic and market risks. There also may be greater market volatility, less reliable financial information, 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, which have historically been considered stable, may become more volatile and subject to increased risk due to ongoing 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. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. In addition, the Portfolio's investments may be denominated in foreign currencies and therefore, changes in the value of a country's currency compared to the U.S. dollar may affect the value of the Portfolio's investments. 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 to the effect that foreign currency forward exchange contracts create exposure to currencies in which the Portfolio'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.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Liquidity Risk.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's investments in restricted and illiquid securities may entail greater risk than investments in publicly traded securities. These securities may be more difficult to sell, particularly in times of market turmoil. Illiquid securities may be more difficult to value. If the Portfolio 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.</font> </p> <br/><p style="margin: 0pt 0pt 9pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong><em>Derivatives.</em></strong></font> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A derivative instrument often has risks similar to its underlying asset and may have 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 they <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">relate, and risks that the transactions may not be liquid. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Example <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example below is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example assumes that you invest $10,000 in the Portfolio, your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p> 64 202 351 786 90 281 488 1084 437 621 821 1396 115 359 622 1375 ~ http://www.morganstanley.com/20130128/role/ScheduleExpenseExampleTransposed20017 column dei_LegalEntityAxis compact mpbax_S000004114Member row primary compact * ~ Objective <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Core Plus Fixed Income Portfolio seeks above-average total return over a market cycle of three to five years.</font> </p> Portfolio Turnover <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio pays transaction costs 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 189% of the average value of its portfolio.</font> </p> 1.89 Corporate Bond Portfolio MIGAX MPFDX MSGHX MGILX Fees and Expenses <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. For shareholders of Class H shares, you may qualify for sales charge discounts if the cumulative net asset value ("NAV") of Class H shares of the Portfolio purchased in a single transaction, together with the NAV of all Class H shares of a portfolio of Morgan Stanley Institutional Fund Trust (the "Fund") or of a portfolio of Morgan Stanley Institutional Fund, Inc. held in related accounts, amounts to $50,000 or more. More information about these and other discounts is available from your financial adviser and in the "Purchasing Class H Shares" section on page 43 of this</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Prospectus</i></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">.</font> </p> 0.0000 0.0000 0.0350 0.0000 0.00375 0.00375 0.00375 0.00375 0.0000 0.0025 0.0025 0.0050 0.0062 0.0062 0.0062 0.0062 0.0100 0.0125 0.0125 0.0150 0.0000 -0.0010 0.0000 0.0000 0.0100 0.0115 0.0125 0.0150 ~ http://www.morganstanley.com/20130128/role/ScheduleShareholderFees20022 column dei_LegalEntityAxis compact mpbax_S000004118Member row primary compact * ~ ~ http://www.morganstanley.com/20130128/role/ScheduleAnnualFundOperatingExpenses20023 column dei_LegalEntityAxis compact mpbax_S000004118Member row primary compact * ~ held in related accounts, amounts to $50,000 or more. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, at least 80% of the Portfolio's assets will be invested in corporate bonds. The Portfolio invests primarily in a diversified mix of U.S. dollar-denominated corporate bonds and will ordinarily seek to maintain an average weighted maturity between five and ten years. The Portfolio invests primarily in U.S. corporate bonds that carry an investment grade rating (</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>i.e.</i></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">, generally rated Baa or higher by Moody's Investors Service, Inc. ("Moody's") or BBB- or higher by Standard &amp; Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc. ("S&amp;P")) or, if unrated, are determined to be of a comparable quality by the Portfolio's "Adviser," Morgan Stanley Investment Management Inc., at the time of purchase.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Adviser employs a value approach toward fixed income investing and evaluates the relative attractiveness of corporate bonds. The Adviser relies upon value measures to guide its decisions regarding sector and security selection, such as the relative attractiveness of the extra yield offered by securities other than those issued by the U.S. Treasury. The Adviser also measures various types of risk by monitoring interest rates, inflation, the shape of the yield curve, credit risk and prepayment risk.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio may also invest in restricted and illiquid securities.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The Portfolio's use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and other related instruments and techniques.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Derivative instruments used by the Portfolio will be counted towards the 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.</font> </p> Performance Information <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's Class I shares' performance from year-to-year and by showing how the Portfolio'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 will differ because the Classes have different ongoing fees. The Portfolio's returns include the maximum applicable sales charge for Class H and assume you sold your shares at the end of each period (unless otherwise noted). The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Updated performance information is available online at www.morganstanley.com/im.</font> </p> Annual Total Returns-Calendar Years 0.0450 0.0454 0.0440 0.0340 0.0593 -0.1131 0.0883 0.0624 0.0675 0.1135 ~ http://www.morganstanley.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20025 column dei_LegalEntityAxis compact mpbax_S000004118Member row primary compact * ~ High Quarter 0.0429 2012-09-30 Low Quarter -0.0437 2008-09-30 <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;"><b>High Quarter</b></font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="49" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">9/30/12</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">4.29</font> </p> </td> <td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:8pt; font-family: Arial, Helvetica;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> <tr> <td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Low Quarter</b></font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="49" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">9/30/08</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">&#8211;4.37</font> </p> </td> <td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:8pt; font-family: Arial, Helvetica;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> </table> Average Annual Total Returns For Periods Ended December 31, 2012 0.1135 0.0404 0.0429 0.0677 0.0997 0.0252 0.0265 0.0443 0.0734 0.0252 0.0267 0.0440 0.1110 0.0389 0.0414 0.0445 0.0707 0.0261 0.1067 0.0559 0.0982 0.0787 0.0633 0.0771 0.1021 0.0722 0.0638 0.0723 2002-05-20 1990-08-31 2008-01-02 2008-06-16 ~ http://www.morganstanley.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20026 column dei_LegalEntityAxis compact mpbax_S000004118Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 Portfolio'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 Portfolio 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 Portfolio shares been sold at the end of the relevant periods, as applicable.</font> </p> 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. The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's Class I shares' performance from year-to-year and by showing how the Portfolio'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 Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. After-tax returns for the Portfolio's other Classes will vary from Class I shares' returns. (reflects no deduction for fees, expenses or taxes) 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 Portfolio shares been sold at the end of the relevant periods, as applicable. www.morganstanley.com/im 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 Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Objective <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Corporate Bond Portfolio seeks above-average total return over a market cycle of three to five years.</font> </p> Example <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example below is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example assumes that you invest $10,000 in the Portfolio, your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower based on these assumptions, your costs would be:</font> </p> 102 318 552 1225 117 365 633 1398 473 733 1012 1808 153 474 818 1791 ~ http://www.morganstanley.com/20130128/role/ScheduleExpenseExampleTransposed20024 column dei_LegalEntityAxis compact mpbax_S000004118Member row primary compact * ~ Principal Risks <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. The principal risks of investing in the Portfolio include:</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Fixed Income Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). 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.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Liquidity Risk.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's investments in restricted and illiquid securities may entail greater risk than investments in publicly traded securities. These securities may be more difficult to sell, particularly in times of market turmoil. Illiquid securities may be more difficult to value. If the Portfolio 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.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>&#8226; Derivatives</i></b></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">. A derivative instrument often has risks similar to its underlying asset and may have 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 they relate, and risks that the transactions may not be liquid. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Portfolio Turnover <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio pays transaction costs 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 129% of the average value of its portfolio.</font> </p> 1.29 High Yield Portfolio MSYIX MSYPX MSYHX MSYLX Fees and Expenses <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. For shareholders of Class H shares, you may qualify for sales charge discounts if the cumulative net asset value ("NAV") of Class H shares of the Portfolio purchased in a single transaction, together with the NAV of all Class H shares of a portfolio of Morgan Stanley Institutional Fund Trust (the "Fund") or of a portfolio of Morgan Stanley Institutional Fund, Inc. held in related accounts, amounts to $50,000 or more. More information about these and other discounts is available from your financial adviser and in the "Purchasing Class H Shares" section on page 43 of the</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Prospectus</i></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">.</font> </p> 0.0000 0.0000 0.0350 0.0000 0.0060 0.0060 0.0060 0.0060 0.0000 0.0025 0.0025 0.0050 0.0257 0.0257 0.0257 0.0257 0.0317 0.0342 0.0342 0.0367 -0.0242 -0.0242 -0.0242 -0.0242 0.0075 0.0100 0.0100 0.0125 ~ http://www.morganstanley.com/20130128/role/ScheduleShareholderFees20029 column dei_LegalEntityAxis compact mpbax_S000035938Member row primary compact * ~ ~ http://www.morganstanley.com/20130128/role/ScheduleAnnualFundOperatingExpenses20030 column dei_LegalEntityAxis compact mpbax_S000035938Member row primary compact * ~ For shareholders of Class H shares, you may qualify for sales charge discounts if the cumulative net asset value ("NAV") of Class H shares of the Portfolio purchased in a single transaction, together with the NAV of all Class H shares of a portfolio of Morgan Stanley Institutional Fund Trust (the "Fund") or of a portfolio of Morgan Stanley Institutional Fund, Inc. held in related accounts, amounts to $50,000 or more. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, at least 80% of the Portfolio's assets will be invested in high yield securities (commonly referred to as "junk bonds"). The Portfolio seeks to achieve its investment objective by investing primarily in high yield securities which are fixed income securities rated below Baa3 by Moody's Investors Service, Inc. ("Moody's") or below BBB- by Standard &amp; Poor's Rating Group, a division of The McGraw-Hill Companies, Inc. ("S&amp;P") or Fitch, Inc. ("Fitch"), or, if unrated, considered by the Adviser to be of equivalent quality. The average maturity of the Portfolio's investments varies, and there is no limit on the maturity or on the credit quality of any security held by the Portfolio. The Portfolio's securities may include distressed and defaulted securities and mezzanine investments. The Portfolio also may invest in investment grade fixed income securities, including U.S. and foreign government securities, corporate bonds and collateralized bond obligations. The Portfolio may also invest in preferred securities, equity securities and convertible securities.</font> </p> <br/><p style="margin: 0pt 0pt 9pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's investment process starts with top-down macroeconomic analysis to assess the optimal positioning of the Portfolio. The team then applies a combination of quantitative and qualitative filters to identify securities that meet the team's investment criteria in terms of competitive position, franchise value <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">and management quality. The investment team's credit analysis focuses on financial risk, business risk, management ability and intentions. Valuation analysis is used to narrow the screened investment universe to a pool of investment candidates who are then assessed in order to determine relative valuation. Finally, the Portfolio is constructed with sector allocation driven primarily from bottom-up security selection. Integral to the Portfolio construction process is the measurement and monitoring of market risk, duration and volatility and credit risk through the use of proprietary risk measures and models.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio may invest in public bank loans made by banks or other financial institutions. Public bank loans are privately negotiated loans that are not publicly traded for which information about the issuer has been made publicly available. These public bank loans may be rated investment grade or below investment grade.The Portfolio may also invest in restricted and illiquid securities.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The Portfolio's use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and other related instruments and techniques. The Portfolio may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Derivative instruments used by the Portfolio will be counted towards the 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.</font> </p> Performance Information <p style="margin: 0pt 0pt 9pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As of the date hereof, the Portfolio has not yet completed a full calendar year of investment operations. Upon the completion of a full calendar year of investment operations by the Portfolio, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">and after taxes) compared to a benchmark index selected for the Portfolio. Performance information for the Portfolio will be available online at www.morganstanley.com/im.</font><br /> </font> </p> As of the date hereof, the Portfolio has not yet completed a full calendar year of investment operations. Upon the completion of a full calendar year of investment operations by the Portfolio, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark index selected for the Portfolio. www.morganstanley.com/im Objective <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The High Yield Portfolio seeks total return.</font> </p> Example <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example below is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</font> </p> <br/><p style="margin: 0pt 0pt 9pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example assumes that you invest $10,000 in the Portfolio, your investment has a 5% return each year and that the Portfolio's <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font><br /> </font> </p> 77 240 417 930 102 318 552 1225 448 657 883 1532 127 397 686 1511 ~ http://www.morganstanley.com/20130128/role/ScheduleExpenseExampleTransposed20031 column dei_LegalEntityAxis compact mpbax_S000035938Member row primary compact * ~ Principal Risks <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. The principal risks of investing in the Portfolio include:</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Fixed Income Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). 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. A portion of the Portfolio's fixed income securities may be rated below investment grade. To the extent that the Portfolio invests in convertible securities, and the convertible security's investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>High Yield Securities ("Junk Bonds").</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">High yield securities offer a higher yield than other, higher rated securities, but they carry a greater degree of risk and are considered speculative by the major credit rating agencies. 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.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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. Lower rated fixed income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. Prices of fixed income securities generally will move in correlation to changes in an issuer's credit rating and inversely to movements in interest rates. The Portfolio's investments in high yield securities expose it to a substantial degree of credit risk. These investments are considered speculative under traditional investment standards. Prices of high yield securities will rise and fall primarily in response to actual or perceived changes in the issuer's financial health, although changes in market interest rates also will affect prices. High yield securities may experience reduced liquidity and sudden and substantial decreases in price.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Foreign and Emerging Market Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in foreign markets entail special risks such as currency, political, economic and market risks. There also may be greater market volatility, less reliable financial information, 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, which have historically been considered stable, may become more volatile and subject to increased risk due to ongoing 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. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. In addition, the Portfolio's investments may be denominated in foreign currencies and therefore, to the extent unhedged, the value of the investment will fluctuate with the U.S. dollar exchange rates. Certain emerging market or developing countries are among the largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance with the terms of such obligations. 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 to the effect that foreign currency forward exchange contracts create exposure to currencies in which the Portfolio'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.</font> </p> <br/><p style="margin: 0pt 0pt 9pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong><em>Public Bank Loans.</em></strong></font> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Certain public bank loans are illiquid, meaning the Portfolio may not be able to sell them quickly at a fair price. To the extent a bank loan has been deemed illiquid, it will be subject to the Portfolio's restrictions on investment in illiquid securities. The secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Bank loans are subject to the risk of default in the payment of interest or principal on a loan, which will result in a reduction of income to the Portfolio, and a potential decrease in the Portfolio's NAV. The risk of default will increase in the event of an economic downturn or a substantial increase in interest rates. Because public bank loans usually rank lower in priority of payment <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">to senior loans, they present a greater degree of investment risk. These bank loans may exhibit greater price volatility as well.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Asset-Backed Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Asset-backed securities are subject to the risk that consumer laws, legal factors or economic and market factors may result in the collateral backing the securities being insufficient to support payment on the securities. Some asset-backed securities also entail prepayment risk, which may vary depending on the type of asset.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Equity Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In general, the values of equity securities fluctuate, and sometimes widely fluctuate, in response to activities specific to the company as well as factors unrelated to the fundamental economic condition of the issuer of the security, including general market, economic and political conditions.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Preferred Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Preferred stock is issued with a fixed par value and pays dividends based on a percentage of that par value at a fixed rate. As with fixed income securities, which also make fixed payments, the market value of preferred stock is sensitive to changes in interest rates. Preferred stock generally decreases in value if interest rates rise and increases in value if interest rates fall.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Mezzanine Investments.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Mezzanine investments are subordinated debt securities that receive payments of interest and principal after other more senior security holders are paid. Mezzanine investments carry the risk that the issuer will not be able to meet its obligations and that the mezzanine investments may lose value.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Distressed and Defaulted Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Distressed and defaulted securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Portfolio will generally not receive interest payments on the distressed securities and the principal may also be at risk. These securities may present a substantial risk of default or may be in default at the time of investment, requiring the Portfolio to incur additional costs.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Liquidity Risk.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's investments in restricted and illiquid securities may entail greater risk than investments in publicly traded securities. These securities may be more difficult to sell, particularly in times of market turmoil. Illiquid securities may be more difficult to value. If the Portfolio 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.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Derivatives.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A derivative instrument often has risks similar to its underlying asset and may have 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 they relate, and risks that the transactions may not be liquid. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Portfolio Turnover <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio pays transaction costs 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio's performance. During the period from February 7, 2012 (commencement of operations) to September 30, 2012, the Portfolio's portfolio turnover rate was 192% of the average value of its portfolio.</font> </p> 1.92 Limited Duration Portfolio MPLDX MLDAX MSOHX MSJLX Fees and Expenses <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. For shareholders of Class H shares, you may qualify for sales charge discounts if the cumulative net asset value ("NAV") of Class H shares of the Portfolio purchased in a single transaction, together with the NAV of all Class H shares of a portfolio of Morgan Stanley Institutional Fund Trust (the "Fund") or of a portfolio of Morgan Stanley Institutional Fund, Inc. held in related accounts, amounts to $50,000 or more. More information about these and other discounts is available from your financial adviser and in the "Purchasing Class H Shares" section on page 43 of this</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Prospectus</i></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">.</font> </p> 0.0000 0.0000 0.0350 0.0000 0.0030 0.0030 0.0030 0.0030 0.0000 0.0025 0.0025 0.0050 0.0034 0.0034 0.0034 0.0034 0.0064 0.0089 0.0089 0.0114 ~ http://www.morganstanley.com/20130128/role/ScheduleShareholderFees20034 column dei_LegalEntityAxis compact mpbax_S000004119Member row primary compact * ~ ~ http://www.morganstanley.com/20130128/role/ScheduleAnnualFundOperatingExpenses20035 column dei_LegalEntityAxis compact mpbax_S000004119Member row primary compact * ~ For shareholders of Class H shares, you may qualify for sales charge discounts if the cumulative net asset value ("NAV") of Class H shares of the Portfolio purchased in a single transaction, together with the NAV of all Class H shares of a portfolio of Morgan Stanley Institutional Fund Trust (the "Fund") or of a portfolio of Morgan Stanley Institutional Fund, Inc. held in related accounts, amounts to $50,000 or more. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal circumstances, at least 80% of the Portfolio's assets will be invested in fixed income securities. The Portfolio invests primarily in U.S. government securities, investment grade corporate bonds and mortgage- and asset-backed securities. The Portfolio will ordinarily seek to maintain an average duration similar to that of the Barclays Capital 1-3 Year U.S. Government/Credit Index, which generally ranges between zero and three years.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's "Adviser," Morgan Stanley Investment Management Inc., employs a value approach toward fixed income investing and makes securities and sector decisions based on the anticipated tradeoff between long-run expected return and risk. The Portfolio seeks value in the fixed income market with only a limited sensitivity to changes in interest rates. The Adviser relies upon value measures such as the level of real interest rates, yield curve slopes and credit-adjusted spreads to guide its decisions regarding interest rate, country, sector and security exposure. A team of portfolio managers implements strategies based on these types of value measures. Certain team members focus on specific bonds within each sector. Others seek to ensure that the aggregate risk exposures to changes in the level of interest rates and yield spreads match the Portfolio's objective.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's mortgage securities may include collateralized mortgage obligations ("CMOs"), stripped mortgage-backed securities ("SMBS") and inverse floating rate obligations ("inverse floaters"). In addition, the Portfolio may invest in to-be-announced pass-through mortgage securities, which settle on a delayed delivery basis ("TBAs"). The Portfolio may also invest in securities of foreign issuers, including issuers located in emerging market or developing countries. The securities in which the Portfolio may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. The Portfolio may also invest in restricted and illiquid securities.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The Portfolio's use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and other related instruments and techniques. The Portfolio may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Derivative instruments used by the Portfolio will be counted towards the 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.</font> </p> Performance Information <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's Class I shares' performance from year-to-year and by showing how the Portfolio'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 will differ because the Classes have different ongoing fees. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Updated performance information is available online at www.morganstanley.com/im.</font> </p> Annual Total Returns-Calendar Years 0.0217 0.0114 0.0197 0.0435 0.0337 -0.2105 0.0667 0.0263 0.0143 0.0333 ~ http://www.morganstanley.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20037 column dei_LegalEntityAxis compact mpbax_S000004119Member row primary compact * ~ High Quarter 0.0276 2009-06-30 Low Quarter -0.0887 2008-09-30 <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;"><b>High Quarter</b></font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="49" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">6/30/09</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">2.76</font> </p> </td> <td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:8pt; font-family: Arial, Helvetica;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> <tr> <td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Low Quarter</b></font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="49" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">9/30/08</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="37" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">&#8211;8.87</font> </p> </td> <td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:8pt; font-family: Arial, Helvetica;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> </table> Average Annual Total Returns For Periods Ended December 31, 2012 0.0333 -0.0196 0.0029 0.0325 0.0267 -0.0306 -0.0090 0.0157 0.0216 -0.0228 -0.0042 0.0176 0.0321 -0.0218 -0.0203 0.0126 0.0288 0.0313 0.0477 0.0394 0.0302 0.0303 0.0445 2012-04-27 2012-04-27 2007-09-28 1992-03-31 ~ http://www.morganstanley.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20038 column dei_LegalEntityAxis compact mpbax_S000004119Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 Portfolio'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 Portfolio 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 Portfolio shares been sold at the end of the relevant periods, as applicable.</font> </p> 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. Class H and Class L shares of the Portfolio had not completed a full calendar year of operations as of December 31, 2012 and therefore Class H and Class L do not have annualized return information to report. Class H and Class L shares of the Portfolio had not completed a full calendar year of operations as of December 31, 2012 and therefore Class H and Class L do not have annualized return information to report. The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's Class I shares' performance from year-to-year and by showing how the Portfolio'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 Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. After-tax returns for the Portfolio's other Classes will vary from Class I shares' returns. 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 Portfolio shares been sold at the end of the relevant periods, as applicable. www.morganstanley.com/im 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 Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Objective <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Limited Duration Portfolio seeks above-average total return over a market cycle of three to five years.</font> </p> Example <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example below is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example assumes that you invest $10,000 in the Portfolio, your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p> 65 205 357 798 91 284 493 1096 438 624 826 1408 116 362 628 1386 ~ http://www.morganstanley.com/20130128/role/ScheduleExpenseExampleTransposed20036 column dei_LegalEntityAxis compact mpbax_S000004119Member row primary compact * ~ Principal Risks <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. The principal risks of investing in the Portfolio include:</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>&#8226; Fixed Income Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). 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. A portion of the Portfolio's fixed income securities may be rated below investment grade.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>&#8226; Mortgage Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in mortgage securities are subject to the risk that if interest rates decline, borrowers may pay off their mortgages sooner than expected which may adversely affect the Portfolio's return. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of mortgage securities will increase and market price will decrease. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of debt securities. In addition, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Portfolio. Investments in TBAs may give rise to a form of leverage and may cause the Portfolio's turnover rate to appear higher. Leverage may cause the Portfolio to be more volatile than if the Portfolio had not been leveraged.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Asset-Backed Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Asset-backed securities are subject to the risk that consumer laws, legal factors or economic and market factors may result in the collateral backing the securities being insufficient to support payment on the securities. Some asset-backed securities also entail prepayment risk, which may vary depending on the type of asset.</font> </p> <br/><p style="margin: 0pt 0pt 9pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong><em>&#8226; Foreign and Emerging Market Securities.</em></strong></font> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in foreign markets entail special risks such as currency, political, economic and market risks. There also may be greater market volatility, less reliable financial information, 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, which have historically been considered stable, may become more volatile and subject to increased risk due to ongoing 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. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. In addition, the Portfolio's investments may be denominated in foreign currencies and therefore, to the extent unhedged, the value of the investment will fluctuate with the U.S. dollar exchange rates. 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 to the <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">extent that foreign currency forward exchange contracts create exposure to currencies in which the Portfolio'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.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>&#8226; Liquidity Risk.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's investments in restricted and illiquid securities may entail greater risk than investments in publicly traded securities. These securities may be more difficult to sell, particularly in times of market turmoil. Illiquid securities may be more difficult to value. If the Portfolio 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.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>&#8226; Derivatives.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A derivative instrument often has risks similar to its underlying asset and may have 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 they relate, and risks that the transactions may not be liquid. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Portfolio Turnover <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio pays transaction costs 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 51% of the average value of its portfolio.</font> </p> 0.51 Global Strategist Portfolio MBAAX MPBAX MSDLX MSBHX Fees and Expenses <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. For shareholders of Class H shares, you may qualify for sales charge discounts if the cumulative net asset value ("NAV") of Class H shares of the Portfolio purchased in a single transaction, together with the NAV of all Class H shares of a portfolio of Morgan Stanley Institutional Fund Trust (the "Fund") or of a portfolio of Morgan Stanley Institutional Fund, Inc. held in related accounts, amounts to $50,000 or more. More information about these and other discounts is available from your financial adviser and in the "Purchasing Class H Shares" section on page 14 of this</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Prospectus</i></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">.</font> </p> 0.0000 0.0000 0.0475 0.0000 0.0045 0.0045 0.0045 0.0045 0.0000 0.0025 0.0025 0.0075 0.0094 0.0094 0.0094 0.0094 0.0139 0.0164 0.0164 0.0214 -0.0065 -0.0065 -0.0065 -0.0065 0.0074 0.0099 0.0099 0.0149 ~ http://www.morganstanley.com/20130128/role/ScheduleShareholderFees20041 column dei_LegalEntityAxis compact mpbax_S000004124Member row primary compact * ~ ~ http://www.morganstanley.com/20130128/role/ScheduleAnnualFundOperatingExpenses20042 column dei_LegalEntityAxis compact mpbax_S000004124Member row primary compact * ~ For shareholders of Class H shares, you may qualify for sales charge discounts if the cumulative net asset value ("NAV") of Class H shares of the Portfolio purchased in a single transaction, together with the NAV of all Class H shares of a portfolio of Morgan Stanley Institutional Fund Trust (the "Fund") or of a portfolio of Morgan Stanley Institutional Fund, Inc. held in related accounts, amounts to $50,000 or more. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Adviser seeks to achieve the Portfolio's investment objective by investing primarily in a blend of equity and fixed income securities of U.S. and non-U.S. issuers. Equity securities may include common and preferred stocks, depositary receipts, convertible securities, equity-linked securities, real estate investment trusts ("REITs"), rights and warrants to purchase equity securities and limited partnership interests. Fixed income securities may include mortgage-related or mortgage-backed securities, floating rate securities, inflation-linked fixed income securities, securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, securities issued or guaranteed by non-U.S. governments, their agencies or instrumentalities, corporate bonds and notes issued by U.S. and non-U.S. entities.</font> </p> <br/><p style="margin: 0pt 0pt 9pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Adviser will utilize a top-down investment approach that focuses on asset class, sector, region, country and currency selection. The Portfolio's allocations will be based upon the Adviser's evaluations and analyses, taking into account results of its fundamental market research and recommendations generated by the Adviser's quantitative models. Investment decisions will be made without regard to any <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">particular allocation as to geographical location, sector, credit rating, maturity, currency denomination or market capitalization. The Portfolio may invest in any country, including developing or emerging market countries. The Portfolio's investments may be denominated in U.S. dollars or in currencies other than U.S. dollars.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio may invest a portion of its assets in below investment grade fixed income securities and repurchase agreements. The Portfolio may also invest in restricted and illiquid securities. The mortgage-backed securities in which the Portfolio may invest include mortgage pass-through securities which represent a participation interest in a pool of mortgage loans originated by U.S. governmental or private lenders such as banks.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The Portfolio's use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and structured investments (including commodity-linked notes), and other related instruments and techniques. The Portfolio may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Derivative instruments used by the Portfolio will be counted toward the Portfolio's exposure to the types of securities listed above to the extent they have economic characteristics similar to such securities.</font> </p> Performance Information <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's Class I shares' performance from year-to-year and by showing how the Portfolio's average annual returns for the past one, five and 10 year periods compare with those of broad measures of market performance, as well as an index that represents a group of similar mutual funds, over time. The performance of the other Classes will differ because the Classes have different ongoing fees. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Updated performance information is available online at www.morganstanley.com/im.</font> </p> Annual Total Returns-Calendar Years 0.2040 0.0855 0.0790 0.1141 0.1358 -0.2842 0.2352 0.1078 0.0384 0.1585 ~ http://www.morganstanley.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20044 column dei_LegalEntityAxis compact mpbax_S000004124Member row primary compact * ~ High Quarter 0.1223 2009-09-30 Low Quarter -0.1260 2008-12-31 <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;"><b>High Quarter</b></font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="54" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">9/30/09</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">12.23</font> </p> </td> <td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:8pt; font-family: Arial, Helvetica;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> <tr> <td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Low Quarter</b></font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="3" width="54" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">12/31/08</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> &#160; </td> <td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt"> <font style="font-size:8pt; font-family: Arial, Helvetica;">&#8211;12.60</font> </p> </td> <td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;"> <p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"> <font style="font-size:8pt; font-family: Arial, Helvetica;">%</font> </p> </td> <td colspan="1" width="8"> &#160; </td> </tr> </table> Average Annual Total Returns For Periods Ended December 31, 2012 0.1585 0.0334 0.0771 0.1544 0.0261 0.0700 0.1029 0.0242 0.0638 0.1560 0.0306 0.0744 0.1613 -0.0116 0.0811 0.1600 0.0166 0.0710 0.0421 0.0595 0.0518 0.1137 0.0402 0.0674 0.1367 0.0265 0.0696 1992-12-31 1996-11-01 2012-04-27 2012-04-27 ~ http://www.morganstanley.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20045 column dei_LegalEntityAxis compact mpbax_S000004124Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 Portfolio'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 Portfolio 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 Portfolio shares been sold at the end of the relevant periods, as applicable.</font> </p> 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. Class H and Class L shares of the Portfolio had not completed a full calendar year of operations as of December 31, 2012 and therefore Class H and Class L do not have annualized return information to report. Class H and Class L shares of the Portfolio had not completed a full calendar year of operations as of December 31, 2012 and therefore Class H and Class L do not have annualized return information to report. The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing changes in the Portfolio's Class I shares' performance from year-to-year and by showing how the Portfolio's average annual returns for the past one, five and 10 year periods compare with those of broad measures of market performance, as well as an index that represents a group of similar mutual funds, over time. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. After-tax returns for the Portfolio's other Classes will vary from Class I shares' returns. (reflects no deduction for fees, expenses or taxes) 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 Portfolio shares been sold at the end of the relevant periods, as applicable. www.morganstanley.com/im 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 Portfolio shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. Objective <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Global Strategist Portfolio seeks above-average total return over a market cycle of three to five years.</font> </p> Example <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example below is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</font> </p> <br/><p style="margin: 0pt 0pt 8pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The example assumes that you invest $10,000 in the Portfolio, your investment has a 5% return each year and that the Portfolio's <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font><br /> </font> </p> 76 237 411 918 101 315 547 1213 571 775 996 1630 152 471 813 1779 ~ http://www.morganstanley.com/20130128/role/ScheduleExpenseExampleTransposed20043 column dei_LegalEntityAxis compact mpbax_S000004124Member row primary compact * ~ Principal Risks <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. The principal risks of investing in the Portfolio include:</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Common Stock and Other Equity Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In general, stock and other equity security values fluctuate, and sometimes widely fluctuate, in response to activities specific to the company as well as factors unrelated to the fundamental economic condition of the issuer of the security, including general market, economic and political conditions. To the extent that the Portfolio invests in convertible securities, and the convertible security's investment value is greater than its conversion value, its price will be likely to increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying security.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Fixed Income Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Fixed income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>i.e.</i></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">, credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (</font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>i.e.</i></font><font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">, market risk). 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. A portion of the Portfolio's fixed income securities may be rated below investment grade.</font> </p> <br/><p style="margin: 0pt 0pt 9pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong><em>Lower Rated Fixed-Income Securities ("Junk Bonds").</em></strong></font> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The prices of these securities are likely to be more sensitive to adverse economic changes, resulting in increased volatility of market prices of these securities during periods of economic uncertainty, or adverse individual corporate developments, than higher rated securities. In addition, during an economic downturn or substantial period of <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">rising interest rates, junk bond issuers and, in particular, highly leveraged issuers may experience financial stress and an increased incidence of default. In the event of a default, the Portfolio may incur additional expenses to seek recovery.</font><br /> </font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Mortgage Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in mortgage securities are subject to the risk that if interest rates decline, borrowers may pay off their mortgages sooner than expected which may adversely affect the Portfolio's return. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of mortgage securities will increase and market price will decrease. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of debt securities. In addition, an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of a mortgage-backed security and could result in losses to the Portfolio. The risk of such defaults is generally higher in the case of mortgage pools that include subprime mortgages.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>REITs.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investing in REITs exposes investors to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. Operating REITs requires specialized management skills and the Portfolio indirectly bears management expenses along with the direct expenses of the Portfolio. REITs are also subject to certain provisions under federal tax law and the failure of a company to qualify as a REIT could have adverse consequences for the Portfolio.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Foreign and Emerging Market Securities.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in foreign markets entail special risks such as currency, political, economic and market risks. There also may be greater market volatility, less reliable financial information, 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, which have historically been considered stable, may become more volatile and subject to increased risk due to ongoing 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. The risks of investing in emerging market countries are greater than risks associated with investments in foreign developed countries. In addition, the Portfolio's investments may be denominated in foreign currencies and therefore, to the extent unhedged, the value of the investment will fluctuate with the U.S. dollar exchange rates. 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 to the effect that foreign currency forward exchange contracts create exposure to currencies in which the Portfolio'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.</font> </p> <br/><p style="margin: 0pt 0pt 9pt 0pt;" align="left"> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong><em>U.S. Government Securities.</em></strong></font> <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">With respect to U.S. government securities that are not backed by the full faith and credit of the U.S. Government, there is the risk that the U.S. Government will not provide financial support to such U.S. government agencies, <font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><font style="font-size: 9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">instrumentalities or sponsored enterprises if it is not obligated to do so by law.</font></font><br /> </font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Liquidity Risk.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio's investments in restricted and illiquid securities may entail greater risk than investments in publicly traded securities. These securities may be more difficult to sell, particularly in times of market turmoil. Illiquid securities may be more difficult to value. If the Portfolio 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.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Derivatives.</i></b></font> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">A derivative instrument often has risks similar to its underlying asset and may have 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 they relate, and risks that the transactions may not be liquid. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss.</font> </p> <br/><p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.</font> </p> There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. Portfolio Turnover <p style="margin:0pt 0pt 9pt 0pt;" align="left"> <font style="font-size:9pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Portfolio 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 Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio's performance. 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