0001104659-14-027710.txt : 20140415 0001104659-14-027710.hdr.sgml : 20140415 20140415103602 ACCESSION NUMBER: 0001104659-14-027710 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20140415 DATE AS OF CHANGE: 20140415 EFFECTIVENESS DATE: 20140415 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: 14764004 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: 14764005 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 S000035938 High Yield Portfolio C000138838 Class IS 485BPOS 1 a13-25088_8485bpos.htm 485BPOS

As filed with the Securities and Exchange Commission on April 15, 2014

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. 119  x

and/or

  REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY  

  ACT OF 1940  x

  Amendment No. 122  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) 296-6969

Joseph C. Benedetti, 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.

 

  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 15th day of April 2014.

 

 

 

MORGAN STANLEY INSTITUTIONAL FUND TRUST

 

 

 

/s/ John H. Gernon

 

John H. Gernon

 

President and Principal Executive Officer

 

 

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 119 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

 

April 15, 2014

 

 

 

 

 

 

 

 

 

 

By

/s/ John H. Gernon

 

 

 

 

 

John H. Gernon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Principal Financial Officer

 

Principal Financial Officer

 

April 15, 2014

 

 

 

 

 

 

 

 

 

 

By

/s/ Francis J. Smith

 

 

 

 

 

Francis J. Smith

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3) Majority of the Trustees

 

 

 

 

 

 

 

 

 

James F. Higgins

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By

/s/ Joseph C. Benedetti

 

 

 

April 15, 2014

 

Joseph C. Benedetti

 

 

 

 

 

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

 

 

 

April 15, 2014

 

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

 

EX-101.INS 2 ck0000741375-20140325.xml XBRL INSTANCE DOCUMENT 0000741375 2013-09-30 2013-09-30 0000741375 ck0000741375:S000035938Member 2013-09-30 2013-09-30 0000741375 ck0000741375:S000035938Member ck0000741375:C000138838Member 2013-09-30 2013-09-30 0000741375 ck0000741375:S000035938Member ck0000741375:C000110149Member 2013-09-30 2013-09-30 0000741375 ck0000741375:S000035938Member rr:AfterTaxesOnDistributionsMember ck0000741375:C000110149Member 2013-09-30 2013-09-30 0000741375 ck0000741375:S000035938Member rr:AfterTaxesOnDistributionsAndSalesMember ck0000741375:C000110149Member 2013-09-30 2013-09-30 0000741375 ck0000741375:S000035938Member ck0000741375:index_Barclays_Capital_US_Corporate_High_Yield_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2013-09-30 2013-09-30 0000741375 ck0000741375:S000035938Member ck0000741375:index_Lipper_High_Current_Yield_Bond_Funds_Index_reflects_no_deduction_for_taxesMember 2013-09-30 2013-09-30 xbrli:pure iso4217:USD Class I shares are not offered in this Prospectus. As of the date of this Prospectus, the Fund had not commenced offering Class IS shares of the Portfolio. Class IS shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. The returns for Class IS shares are expected to be higher than the returns for Class I shares of the Portfolio as expenses of Class IS are estimated to be lower. Return information for the Portfolio's Class IS shares will be shown in future prospectuses offering the Portfolio's Class IS shares after the Portfolio's Class IS shares have a full calendar year of return information to report. The Barclays Capital U.S. Corporate High Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below. The index excludes emerging market debt. It is not possible to invest directly in an index. Since Inception reflects the inception date of the Portfolio. The Lipper High Current Yield Bond Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper High Current Yield Bond Funds classification. There are currently 30 funds represented in this Index. Other expenses have been estimated for the current fiscal year. 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, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.72% for Class IS. The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Board of Trustees of Morgan Stanley Institutional Fund Trust (the "Fund") acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. MORGAN STANLEY INSTITUTIONAL FUND TRUST 485BPOS false 0000741375 2013-09-30 2014-03-25 2014-03-25 2014-03-25 High Yield Portfolio MSHYX Principal Risks <p align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:10pt; 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:10pt; 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). The historically low interest rate environment increases the risks associated with rising interest rates, including the potential for periods of volatility and increased redemptions. The Portfolio currently faces a heightened level of interest rate risk, especially since the Federal Reserve Board has begun tapering its quantitative easing program. The Portfolio is not limited as to the maturities of the securities in which it may invest. 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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:10pt; 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:10pt; 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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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</font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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. 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. An economic downturn affecting an issuer of high yield securities may result in an increased incidence of default. In the event of a default, the Portfolio may incur additional expenses to seek recovery.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 9pt 0pt;"> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><strong><em>Foreign and Emerging Market Securities.</em></strong></font> <font style="font-size: 10pt; 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. 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. 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. To the extent hedged by the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. There is additional risk that such <font style="font-size: 10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">transactions reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken and that foreign currency forward exchange contracts create exposure to currencies in which the 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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:10pt; 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:10pt; 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 net asset value ("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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:10pt; 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:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Asset-backed securities involve the risk that various federal and state consumer laws and other legal and economic 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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:10pt; 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:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In general, prices of equity securities are more volatile than those of fixed income securities. The prices of equity securities fluctuate, and sometimes widely fluctuate, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions.</font> </p> <br/><p align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:10pt; 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:10pt; 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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:10pt; 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:10pt; 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</font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">that the issuer will not be able to meet its obligations and that the mezzanine investments may lose value.</font> </p> <br/><p align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:10pt; 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:10pt; 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. The repayment of defaulted securities is also subject to significant uncertainties.</font> </p> <br/><p align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b><i>Liquidity.</i></b></font> <font style="font-size:10pt; 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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#8226;</font> <font style="font-size:10pt; 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:10pt; 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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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. Objective <p align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>The High Yield Portfolio (the "Portfolio") seeks total return.</i></font> </p> Principal Investment Strategies <p align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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"). This policy may be changed without shareholder approval; however, you would be notified in writing of any changes. 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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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 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> </p> <br/><p align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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</font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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. 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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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 the Portfolio's Class I shares' performance for one year and by showing how the Portfolio's average annual returns for the past one year period 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 Class IS shares will differ because the Class IS shares 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 (Class I)* 0.1322 ~ http://usbank.com/20140325/role/ScheduleAnnualTotalReturnsBarChart20003 column dei_LegalEntityAxis compact ck0000741375_S000035938Member column rr_ProspectusShareClassAxis compact ck0000741375_C000110149Member row primary compact * ~ High Quarter 0.0535 2013-03-31 Low Quarter -0.0023 2013-06-30 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%;"> <tr> <td align="left" colspan="3" style="padding: 0pt .7pt 0pt 0pt;" valign="bottom" width="65"> <p style="margin: 0pt 0pt 0pt 0pt;"> <font style="font-size: 8pt; font-family: Arial, Helvetica;"><strong>High Quarter</strong></font> </p> </td> <td colspan="1"> &#160; </td> <td align="left" colspan="3" style="padding: 0pt .7pt 0pt 0pt;" valign="bottom" width="49"> <p style="margin: 0pt 0pt 0pt 0pt;"> <font style="font-size: 8pt; font-family: Arial, Helvetica;">3/31/13</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" style="padding: 0pt .7pt 0pt 0pt;" valign="bottom" width="8"> &#160; </td> <td align="right" colspan="1" style="padding: 0pt .7pt 0pt 0pt;" valign="bottom" width="37"> <p style="margin: 0pt 0pt 0pt 0pt;"> <font style="font-size: 8pt; font-family: Arial, Helvetica;">5.35</font> </p> </td> <td align="left" colspan="1" style="padding: 0pt .7pt 0pt 0pt;" valign="bottom" width="22"> <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 align="left" colspan="3" style="padding: 0pt .7pt 0pt 0pt;" valign="bottom" width="65"> <p style="margin: 0pt 0pt 0pt 0pt;"> <font style="font-size: 8pt; font-family: Arial, Helvetica;"><strong>Low Quarter</strong></font> </p> </td> <td colspan="1"> &#160; </td> <td align="left" colspan="3" style="padding: 0pt .7pt 0pt 0pt;" valign="bottom" width="49"> <p style="margin: 0pt 0pt 0pt 0pt;"> <font style="font-size: 8pt; font-family: Arial, Helvetica;">6/30/13</font> </p> </td> <td colspan="1"> &#160; </td> <td colspan="1" style="padding: 0pt .7pt 0pt 0pt;" valign="bottom" width="8"> &#160; </td> <td align="right" colspan="1" style="padding: 0pt .7pt 0pt 0pt;" valign="bottom" width="37"> <p style="margin: 0pt 0pt 0pt 0pt;"> <font style="font-size: 8pt; font-family: Arial, Helvetica;">&#8211;0.23</font> </p> </td> <td align="left" colspan="1" style="padding: 0pt .7pt 0pt 0pt;" valign="bottom" width="22"> <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> <p> <font style="font-size: 8pt; font-family: Arial, Helvetica;">*&#160;&#160;Class I shares are not offered in this Prospectus. As of the date of this Prospectus, the Fund had not commenced offering Class IS shares of the Portfolio. Class IS shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. The returns for Class IS shares are expected to be higher than the returns for Class I shares of the Portfolio as expenses of Class IS are estimated to be lower. Return information for the Portfolio's Class IS shares will be shown in future prospectuses offering the Portfolio's Class IS shares after the Portfolio's Class IS shares have a full calendar year of return information to report.</font> </p> 0.1322 0.1547 0.0771 0.1064 0.0750 0.0987 0.0744 0.1001 0.0763 0.0971 2012-02-07 2012-02-07 2012-02-07 ~ http://usbank.com/20140325/role/ScheduleAverageAnnualReturnsTransposed20004 column dei_LegalEntityAxis compact ck0000741375_S000035938Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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 Class IS shares will vary from Class I shares' returns. Actual after-tax returns depend</font> <font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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> As of the date of this Prospectus, the Fund had not commenced offering Class IS shares of the Portfolio. www.morganstanley.com/im After-tax returns for the Portfolio's Class IS shares will vary from Class I shares' returns. Class I shares are not offered in this Prospectus. (reflects no deduction for fees, expenses or taxes) 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. Average Annual Total Returns (for periods ended December 31, 2013) The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing the Portfolio's Class I shares' performance for one year and by showing how the Portfolio's average annual returns for the past one year period 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 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. Example <p align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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 align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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.</font></p> 74 230 ~ http://usbank.com/20140325/role/ScheduleExpenseExampleTransposed20002 column dei_LegalEntityAxis compact ck0000741375_S000035938Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover <p align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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 227% of the average value of its portfolio.</font> </p> 2.27 Fees and Expenses <p align="left" style="margin:0pt 0pt 9pt 0pt;"> <font style="font-size:10pt; 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 Class IS shares of the Portfolio. The Portfolio does not charge any sales loads or other fees when you purchase or redeem Class IS shares.</font> </p> 0.0060 0.0000 0.0256 0.0316 -0.0244 0.0072 ~ http://usbank.com/20140325/role/ScheduleAnnualFundOperatingExpenses20001 column dei_LegalEntityAxis compact ck0000741375_S000035938Member row primary compact * ~ Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Other expenses have been estimated for the current fiscal year. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Mar. 25, 2014

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High Yield Portfolio
High Yield Portfolio
Objective

The High Yield Portfolio (the "Portfolio") seeks total return.

Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy and hold Class IS shares of the Portfolio. The Portfolio does not charge any sales loads or other fees when you purchase or redeem Class IS shares.

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
High Yield Portfolio
Class IS
Advisory Fee 0.60%
Distribution and/or Shareholder Service (12b-1) Fee none
Other Expenses [1] 2.56%
Total Annual Portfolio Operating Expenses [2] 3.16%
Fee Waiver and/or Expense Reimbursement [2] 2.44%
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement [2] 0.72%
[1] Other expenses have been estimated for the current fiscal year.
[2] 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, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.72% for Class IS. The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Board of Trustees of Morgan Stanley Institutional Fund Trust (the "Fund") acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate.
Example

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.


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:
Expense Example (USD $)
1 Year
3 Years
High Yield Portfolio Class IS
74 230
Portfolio Turnover

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 227% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, at least 80% of the Portfolio's assets will be invested in high yield securities (commonly referred to as "junk bonds"). This policy may be changed without shareholder approval; however, you would be notified in writing of any changes. 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 & Poor's Rating Group, a division of The McGraw-Hill Companies, Inc. ("S&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.


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 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.


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.


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. 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.

Principal Risks

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:


Fixed Income Securities. 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). The historically low interest rate environment increases the risks associated with rising interest rates, including the potential for periods of volatility and increased redemptions. The Portfolio currently faces a heightened level of interest rate risk, especially since the Federal Reserve Board has begun tapering its quantitative easing program. The Portfolio is not limited as to the maturities of the securities in which it may invest. 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.


High Yield Securities ("Junk Bonds"). 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.


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. 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. An economic downturn affecting an issuer of high yield securities may result in an increased incidence of default. In the event of a default, the Portfolio may incur additional expenses to seek recovery.


Foreign and Emerging Market Securities. 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. 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. 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. To the extent hedged by the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. There is additional risk that such transactions reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken and that foreign currency forward exchange contracts create exposure to currencies in which the 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.


Public Bank Loans. 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 net asset value ("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.


Asset-Backed Securities. Asset-backed securities involve the risk that various federal and state consumer laws and other legal and economic 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.


Equity Securities. In general, prices of equity securities are more volatile than those of fixed income securities. The prices of equity securities fluctuate, and sometimes widely fluctuate, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions.


Preferred Securities. 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.


Mezzanine Investments. 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.


Distressed and Defaulted Securities. 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. The repayment of defaulted securities is also subject to significant uncertainties.


Liquidity. 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.


Derivatives. 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.


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.

Performance Information

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing the Portfolio's Class I shares' performance for one year and by showing how the Portfolio's average annual returns for the past one year period 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 Class IS shares will differ because the Class IS shares 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.

Annual Total Returns-Calendar Years (Class I)*
Bar Chart

*  Class I shares are not offered in this Prospectus. As of the date of this Prospectus, the Fund had not commenced offering Class IS shares of the Portfolio. Class IS shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. The returns for Class IS shares are expected to be higher than the returns for Class I shares of the Portfolio as expenses of Class IS are estimated to be lower. Return information for the Portfolio's Class IS shares will be shown in future prospectuses offering the Portfolio's Class IS shares after the Portfolio's Class IS shares have a full calendar year of return information to report.

High Quarter

 

3/31/13

   

5.35

%

 

Low Quarter

 

6/30/13

   

–0.23

%

 
Average Annual Total Returns (for periods ended December 31, 2013)
Average Annual Returns High Yield Portfolio
Average Annual Returns, 1 Year
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Class I
[1] 13.22% 15.47% Feb. 07, 2012
Class IS
[1]        
After Taxes on Distributions Class I
[1] 7.71% 10.64%  
After Taxes on Distributions and Sale of Portfolio Shares Class I
[1] 7.50% 9.87%  
Barclays Capital U.S. Corporate High Yield Index (reflects no deduction for fees, expenses or taxes)
[2] 7.44% 10.01% [3] Feb. 07, 2012
Lipper High Current Yield Bond Funds Index (reflects no deduction for taxes)
[4] 7.63% 9.71% [3] Feb. 07, 2012
[1] Class I shares are not offered in this Prospectus. As of the date of this Prospectus, the Fund had not commenced offering Class IS shares of the Portfolio. Class IS shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. The returns for Class IS shares are expected to be higher than the returns for Class I shares of the Portfolio as expenses of Class IS are estimated to be lower. Return information for the Portfolio's Class IS shares will be shown in future prospectuses offering the Portfolio's Class IS shares after the Portfolio's Class IS shares have a full calendar year of return information to report.
[2] The Barclays Capital U.S. Corporate High Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below. The index excludes emerging market debt. It is not possible to invest directly in an index.
[3] Since Inception reflects the inception date of the Portfolio.
[4] The Lipper High Current Yield Bond Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper High Current Yield Bond Funds classification. There are currently 30 funds represented in this Index.

The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Portfolio's Class IS shares 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.

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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading High Yield Portfolio
Objective [Heading] rr_ObjectiveHeading Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The High Yield Portfolio (the "Portfolio") seeks total return.

Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold Class IS shares of the Portfolio. The Portfolio does not charge any sales loads or other fees when you purchase or redeem Class IS shares.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

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 227% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 227.00%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other expenses have been estimated for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

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.


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.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal circumstances, at least 80% of the Portfolio's assets will be invested in high yield securities (commonly referred to as "junk bonds"). This policy may be changed without shareholder approval; however, you would be notified in writing of any changes. 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 & Poor's Rating Group, a division of The McGraw-Hill Companies, Inc. ("S&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.


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 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.


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.


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. 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.

Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

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:


Fixed Income Securities. 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). The historically low interest rate environment increases the risks associated with rising interest rates, including the potential for periods of volatility and increased redemptions. The Portfolio currently faces a heightened level of interest rate risk, especially since the Federal Reserve Board has begun tapering its quantitative easing program. The Portfolio is not limited as to the maturities of the securities in which it may invest. 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.


High Yield Securities ("Junk Bonds"). 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.


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. 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. An economic downturn affecting an issuer of high yield securities may result in an increased incidence of default. In the event of a default, the Portfolio may incur additional expenses to seek recovery.


Foreign and Emerging Market Securities. 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. 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. 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. To the extent hedged by the use of foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date on which the contract is entered into and the date it matures. There is additional risk that such transactions reduce or preclude the opportunity for gain if the value of the currency should move in the direction opposite to the position taken and that foreign currency forward exchange contracts create exposure to currencies in which the 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.


Public Bank Loans. 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 net asset value ("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.


Asset-Backed Securities. Asset-backed securities involve the risk that various federal and state consumer laws and other legal and economic 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.


Equity Securities. In general, prices of equity securities are more volatile than those of fixed income securities. The prices of equity securities fluctuate, and sometimes widely fluctuate, in response to activities specific to the issuer of the security as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions.


Preferred Securities. 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.


Mezzanine Investments. 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.


Distressed and Defaulted Securities. 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. The repayment of defaulted securities is also subject to significant uncertainties.


Liquidity. 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.


Derivatives. 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.


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.

Risk Lose Money [Text] rr_RiskLoseMoney There is no assurance that the Portfolio will achieve its investment objective and you can lose money investing in this Portfolio.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing the Portfolio's Class I shares' performance for one year and by showing how the Portfolio's average annual returns for the past one year period 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 Class IS shares will differ because the Class IS shares 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.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below provide some indication of the risks of investing in the Portfolio by showing the Portfolio's Class I shares' performance for one year and by showing how the Portfolio's average annual returns for the past one year period 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.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.morganstanley.com/im
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns-Calendar Years (Class I)*
Bar Chart Footnotes [Text Block] rr_BarChartFootnotesTextBlock

*  Class I shares are not offered in this Prospectus. As of the date of this Prospectus, the Fund had not commenced offering Class IS shares of the Portfolio. Class IS shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. The returns for Class IS shares are expected to be higher than the returns for Class I shares of the Portfolio as expenses of Class IS are estimated to be lower. Return information for the Portfolio's Class IS shares will be shown in future prospectuses offering the Portfolio's Class IS shares after the Portfolio's Class IS shares have a full calendar year of return information to report.

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

High Quarter

 

3/31/13

   

5.35

%

 

Low Quarter

 

6/30/13

   

–0.23

%

 
Bar Chart, Returns for Class Not Offered in Prospectus [Text] rr_BarChartReturnsForClassNotOfferedInProspectus Class I shares are not offered in this Prospectus.
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel High Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2013
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.35%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Low Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (0.23%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns for the Portfolio's Class IS shares will vary from Class I shares' returns.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

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 Class IS shares 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.

Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (for periods ended December 31, 2013)
Barclays Capital U.S. Corporate High Yield Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 7.44% [1]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.01% [1],[2]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Feb. 07, 2012 [1]
Lipper High Current Yield Bond Funds Index (reflects no deduction for taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 7.63% [3]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.71% [2],[3]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Feb. 07, 2012 [3]
Class IS
 
Risk/Return: rr_RiskReturnAbstract  
Advisory Fee rr_ManagementFeesOverAssets 0.60%
Distribution and/or Shareholder Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 2.56% [4]
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.16% [5]
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (2.44%) [5]
Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.72% [5]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 74
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 230
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess As of the date of this Prospectus, the Fund had not commenced offering Class IS shares of the Portfolio.
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01    [6]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception    [6]
Class I
 
Risk/Return: rr_RiskReturnAbstract  
Annual Return 2013 rr_AnnualReturn2013 13.22%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 13.22% [6]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 15.47% [6]
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Feb. 07, 2012 [6]
Class I | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 7.71% [6]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 10.64% [6]
Class I | After Taxes on Distributions and Sale of Portfolio Shares
 
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 7.50% [6]
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 9.87% [6]
[1] The Barclays Capital U.S. Corporate High Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody's, Fitch, and S&P is Ba1/BB+/BB+ or below. The index excludes emerging market debt. It is not possible to invest directly in an index.
[2] Since Inception reflects the inception date of the Portfolio.
[3] The Lipper High Current Yield Bond Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper High Current Yield Bond Funds classification. There are currently 30 funds represented in this Index.
[4] Other expenses have been estimated for the current fiscal year.
[5] 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, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.72% for Class IS. The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Board of Trustees of Morgan Stanley Institutional Fund Trust (the "Fund") acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate.
[6] Class I shares are not offered in this Prospectus. As of the date of this Prospectus, the Fund had not commenced offering Class IS shares of the Portfolio. Class IS shares would have substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the Classes do not have the same expenses. The returns for Class IS shares are expected to be higher than the returns for Class I shares of the Portfolio as expenses of Class IS are estimated to be lower. Return information for the Portfolio's Class IS shares will be shown in future prospectuses offering the Portfolio's Class IS shares after the Portfolio's Class IS shares have a full calendar year of return information to report.