Ultra-Short Income Portfolio
Share Class :
 
MULSX CUSIP: 617455696
Ultra-Short Income Portfolio
MULSX CUSIP: 617455696
Share Class :

Ultra-Short Income Portfolio

SHARE CLASS :
MULSX CUSIP: 617455696
 
 
 
 
Investment Approach

The Morgan Stanley Institutional Fund Trust (MSIFT) Ultra-Short Income Portfolio seeks current income with capital preservation while maintaining liquidity.

Investment Philosophy
We believe that a conservative ultra-short bond fund offers a compelling strategy that seeks to deliver current income while maintaining a focus on preserving capital and liquidity.
Investment Process
The management team follows a multi-pronged investment process with respect to credit risk, interest rate risk and liquidity. Securities are reviewed on an ongoing basis on their ability to maintain creditworthiness taking into consideration factors such as cash flow, asset quality, debt service coverage ratios and economic developments. Additionally, exposure to guarantors and liquidity providers is monitored separately as are the various diversification requirements. The team manages the Portfolio’s assets in an attempt to reduce credit or interest rate risks.
 
Fund Highlights
  • Diversified portfolio1
  • Managed by the same experienced and specialized portfolio management team that manages the Morgan Stanley Liquidity funds
 
 
Pricing & Performance

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please select the "month" timeframe or call 1-800-548-7786. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here

As of 07/31/2017

As of 08/16/2017


Performance of $10,000 invested
Performance of $10,000 invested
    

    
Past performance is not indicative of future results.
 
 
Average Annual Total Returns As of 07/31/2017 As of 06/30/2017
 
 TIMEFRAME:
 
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MULSX (%) 1.08 -- -- -- 0.97
Bank of America/Merrill Lynch 3-Month U.S. Treasury Bill Index (%) 0.54 -- -- -- 0.50
Lipper Category Average (%) 1.21 -- -- -- --
Morningstar Category Average (%) 1.45 -- -- -- --
1 YR 3 YRS 5 YRS 10 YRS Since Inception
MULSX (%) 1.02 -- -- -- 0.94
Bank of America/Merrill Lynch 3-Month U.S. Treasury Bill Index (%) 0.49 -- -- -- 0.46
Lipper Category Average (%) 1.21 -- -- -- --
Morningstar Category Average (%) 1.46 -- -- -- --
 
Average Annual Total Returns
TIMEFRAME MULSX Bank of America/Merrill Lynch 3-Month U.S. Treasury Bill Index Lipper Category Average Morningstar Category Average
1 Yr 1.08 0.54 1.21 1.45
3 Yrs -- 0.26 0.70 0.83
5 Yrs -- 0.19 0.68 0.85
10 Yrs -- 0.55 1.30 1.23
Since Inception 0.97 0.50 -- --
TIMEFRAME MULSX Bank of America/Merrill Lynch 3-Month U.S. Treasury Bill Index Lipper Category Average Morningstar Category Average
1 Yr 1.02 0.49 1.21 1.46
3 Yrs -- 0.23 0.67 0.79
5 Yrs -- 0.17 0.71 0.88
10 Yrs -- 0.58 1.32 1.25
Since Inception 0.94 0.46 -- --
TIMEFRAME MULSX Bank of America/Merrill Lynch 3-Month U.S. Treasury Bill Index Lipper Category Average Morningstar Category Average
2012 -- -- -- --
2013 -- -- -- --
2014 -- -- -- --
2015 -- 0.05 -- --
Past performance is not indicative of future results. The Portfolio's calendar year returns do not include the deduction of any applicable sales charges.
 
 

Monthly Yields
 
(Average annualized monthly net yield %)
 
    Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
MULSX 1.27 1.18 1.12 1.11 1.01 0.99 0.98 0.89 0.82 0.82 0.75 0.67
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Yields are subsidized and subject to change. For additional information, click here.
 
 
Distributions
 
Record Date Ex-Date Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)  
12/29/2016 12/30/2016 12/30/2016 0.001055 0.000000 0.000400 0.000400
Ex-Date /<br />Payable Date Net Investment Income ($ per share) Total Capital Gains ($ per share)
12/30/2016 /
12/30/2016
0.001055 0.000400
 
 
Composition As of 07/31/2017
  Fund
Commercial Paper 40.78
Certificates of Deposit 28.14
Repurchase Agreements 25.45
Corporate Notes 5.63
  Fund
A-1/P-1 95.05
A-2/P-2 4.95


Month-end figures
 
Month-end figures
 
Holdings As of 07/31/2017
Fund
UBS AG (Stamford Branch) 4.27
Scotia Capl USA:1.270 02aug201 Repo - 02aug17 4.13
Pershing Llc:1.280 02aug2017 Repo - 02aug17 4.04
Credit Suisse New York Ny 3.71
JP Morgan Securities Llc:0.000 Repo - 22jan18 3.44
Toronto Dominion Bank (New York Branch) 3.34
Anz National Intl Ltd/London 3.34
Merrill Lynch Pierce Fenner & Repo - 22nov17 3.03
Lloyds Tsb Bank Plc (New York Branch) 2.53
Westpac Banking Corp 2.49


 
 
Portfolio Managers
Chief Investment Officer of Global Liquidity
26 years industry experience
Executive Director
27 years industry experience
 
 

Diversification does not eliminate the risk of loss.

Class A shares include maximum front-end sales charge of 5.50% (Alternatives), 5.25% (Equity) and 4.25% (Fixed Income), with the exception of Class A shares of the MSIFT Short Duration Income Portfolio and MSIFT Ultra-Short Income Portfolio, which do not have any front-end sales charge. Class B shares include deferred sales charge of 5.00% which declines to zero after sixth year. Class C shares include deferred sales charge of 1.00% which declines to zero after first year. Class L shares, Class I shares and Class IS shares as well as the Class IR shares and Institutional Class shares of the MSIFT Ultra-Short Income Portfolio are not subject to a sales charge.

The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Board of Trustees of Morgan Stanley Institutional Fund Trust (the "Fund") acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. In addition, the Distributor, Adviser and Administrator may make additional voluntary fee waivers and/or expense reimbursements. Effective July 3, 2017, an additional voluntary fee waiver of 0.02% is in effect. The Distributor, Adviser and Administrator may discontinue these voluntary fee waivers and/or expense reimbursements at any time in the future. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund’s current prospectus.

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

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

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

Nonsubsidized yield reflects what the yield would have been had a fee and/ or expense waiver not been in place during the period shown. Subsidized yield current fee waivers in effect. Absent such fee waivers, the yield would have been lower. The 1-day and 7-day current yield is an annualized net yield which assumes dividends are not reinvested in the fund. The 30-day effective yields are annualized net yields that describe 1-year earnings assuming dividends are reinvested at the average rate of the last 30 days. SEC yield is a measure of the income generated by the portfolio’s underlying asset over the trailing 30 days, as of the most recent month-end, relative to the asset base of the portfolio itself.

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

OTHER CONSIDERATIONS 
The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index of short-term U.S. Government securities with a remaining term to final maturity of less than three months. The index is unmanaged and does not include any expenses, fees or sales charges. It is not possible to invest directly in an index.

Please consider the investment objective, risks, charges and expenses of the fund carefully before investing. The prospectus contains this and other information about the fund. To obtain a prospectus, download one at morganstanley.com/im

 

As of January 1, 2011, the SEC requires fund companies to file a new exhibit with risk/return summary information in interactive data (XBRL) format. Click here for XBRL files.

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

 

 

 
 

WAM is the weighted average maturity of the portfolio. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.

 

WAL is the weighted average life of the portfolio. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

Tracking error and information ratio are calculated using the Portfolio's Blended Index (added October 2, 2013), as this is a better representation of the Portfolio's global multi-asset strategy. The investment team manages the Portfolio relative to this Blended Index.

 

Excess return versus Custom Benchmark is calculated using the Portfolio's Blended Index based on the period since it was added as a benchmark on October 2, 2013.

 

NTM = Next Twelve Months

 

LTM = Last Twelve Months

 

Because the Portfolio had not commenced operations as of the most recent fiscal year end, no portfolio turnover rate is available for the Portfolio.

 

The Reorganization occurred on January 6, 2015. The inception date reflects the inception date of the Private Fund.

 

Global equities is represented by the MSCI All Country World Index.

 

Net exposure % calculated as [(MV of long cash security and derivative positions)-(absolute value of MV in short derivative positions)]/(portfolio MV)

 

Gross exposure % calculated as [(MV of long cash security and derivative positions)+(absolute value of MV in short derivative positions)]/(portfolio MV).

 

Fixed income net and gross exposure is duration adjusted (U.S. Treasury 10-Year equivalents)

 

Security ratings disclosed above have been obtained from Standard & Poor's Ratings Group ("S&P"). S&P's credit ratings express its opinion about the ability and willingness of an issuer to meet its financial obligations in full and on time.'AAA' is the highest rating. Any rating below 'BBB-' rating is considered non-investment grade. Ratings are relative and subjective and are not absolute standards of quality. Ratings apply only to the underlying holdings of the portfolio and does not remove market risk. "NR" or "Not Rated" indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy. Futures are not rated.

 

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Please be aware that liquidity instruments may be subject to certain additional risks. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In the current rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. Longer-term securities may be more sensitive to interest rate changes. In a declining interest-rate environment, the portfolio may generate less income.

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