# EDGAR Filing Document

**Accession Number:** 0000741375
**File Stem:** 0001133228-26-008414
**Filing Date:** 2026-5
**Character Count:** 31487
**Document Hash:** 972493a28dfee82d6e8cb2f937516bd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008414.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001133228-26-008414

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**EFFECTIVENESS DATE**: 20260527

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY INSTITUTIONAL FUND TRUST
- **CENTRAL INDEX KEY:** 0000741375

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-89729
- **FILM NUMBER:** 261023911

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**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

## Series and Classes Contracts Data

### Ultra-Short Strategy Portfolio (Series ID: S000105250)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000275990 | Mercury Class | MCRYX           |

![](sp17579img001.jpg) <br>

**Morgan Stanley Institutional** **Fund Trust**

Ultra-Short Strategy Portfolio

**Summary Prospectus** **\|** May 27, 2026<br>

---

| | |
|:---|:---|
| **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** |
| Mercury Class | MCRYX |

---

Before you invest, you may want to review the Fund's statutory prospectus ("Prospectus"), which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund, including the Statement of Additional Information ("SAI") and the most recent Annual and Semi-Annual Reports to Shareholders ("Shareholder Reports"), online at www.morganstanley.com/im/MSIFTUltraShortStrategy. You can also get this information at no cost by calling toll-free 1-866-414-6349 or by sending an e-mail request to orders@mysummaryprospectus.com. The Fund's Prospectus and SAI, both dated May 27, 2026 (as may be supplemented from time to time), are incorporated by reference into this Summary Prospectus.

**Investment Objective**

The Ultra-Short Strategy Portfolio (the "Fund") seeks current income with capital preservation while maintaining liquidity.

**Fees and Expenses**

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay** **fees other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial** **intermediaries, which are not reflected in the tables and examples below. The Fund does not charge any sales loads or** **other fees when you purchase or redeem shares.**

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

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| | |
|:---|:---|
|  | **Mercury Class** |
| Advisory Fee | 0.20% |
| Shareholder Service or 12b-1 Fee |  |
| Other Expenses<sup>1</sup> | 0.10% |
| Total Annual Fund Operating Expenses<sup>2</sup> | 0.30% |
| Fee Waiver and/or Expense Reimbursement<sup>2</sup> | 0.05% |
| Total Annual Fund Operating Expenses After Fee Waiver and/ or Expense Reimbursement<sup>2</sup> | 0.25% |

---

1 Other Expenses have been estimated for the current fiscal year.

![](sp17579img002.jpg) <br>

IFTUSSUMPRO 5/26

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Morgan Stanley Institutional Fund Trust Prospectus \| **Fund Summary**

Ultra-Short Strategy Portfolio (Con't)

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| | |
|:---|:---|
| 2 | The Fund's "Adviser" and "Administrator," Morgan Stanley Investment Management Inc., has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.25% for Mercury Class. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Fund Trust (the "Trust") 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 Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and that the Fund's operating expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| **If You SOLD Your Shares** | **If You SOLD Your Shares** | **If You SOLD Your Shares** |
|  | **1 Year** | **3 Years** |
| Mercury Class | $26 | $91 |

---

---

| | | |
|:---|:---|:---|
| **If You HELD Your Shares** | **If You HELD Your Shares** | **If You HELD Your Shares** |
|  | **1 Year** | **3 Years** |
| Mercury Class | $26 | $91 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. Because the Fund had not commenced operations as of the most recent fiscal year end, no portfolio turnover rate is available for the Fund.

**Principal Investment Strategies**

The Fund invests primarily in liquid, high quality U.S. dollar-denominated money market instruments of U.S. and foreign financial issuers and non-financial issuers. The Fund also invests in obligations issued or guaranteed by the U.S. Government and its agencies and instrumentalities. The Fund's money market investments may include commercial paper, corporate debt obligations, debt obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches or subsidiaries of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings and loan organizations, asset-backed securities, repurchase agreements and municipal obligations.

Pursuant to a fundamental policy adopted by the Fund, the Fund invests, under normal circumstances, at least 25% of its total assets in securities issued by companies in the financial services industry, including banks, broker-dealers and insurance companies. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure.

Securities purchased by the Fund (or the issuers of such securities) will carry a rating in the highest two rating categories, A-2, P-2 or F2 or better by S&P Global Ratings Group, a division of S&P Global Inc. ("S&P"), Moody's Investors Service, Inc. ("Moody's"), or Fitch Ratings, Inc. ("Fitch"), respectively, or the equivalent by another nationally recognized statistical rating organization ("NRSRO"), or if unrated, considered by the Adviser to be of equivalent quality. The Fund may invest up to 5% of its assets, determined at the time of investment, in securities (or the issuers of such securities) rated A-2, P-2 or F2 by S&P, Moody's or Fitch, respectively, and no more than 1% of its assets will be invested in an individual security or issuer with such rating. In the case of a security that is rated differently by these three rating agencies, where two rating agencies rate the security in the highest rating category and the third rating agency rates the security in the second highest rating category, the security will be treated as rated in the highest rating category. In the case of a security that is differently rated by only two of these rating agencies, the security will be treated as rated in the lower rating category.

Under normal circumstances, the Fund intends to maintain a maximum weighted average maturity of 90 days and a maximum weighted average life of 180 days.

The Fund is not a money market fund and does not seek to maintain a stable net asset value per share ("NAV").

**2**

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Morgan Stanley Institutional Fund Trust Prospectus \| **Fund Summary**

Ultra-Short Strategy Portfolio (Con't)

The Adviser follows a multi-pronged investment process with respect to credit risk, interest rate risk and liquidity. Securities are reviewed on an ongoing basis to maintain or improve 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 Adviser manages the Fund's assets in an attempt to reduce credit and interest rate risks.

**Principal Risks**

There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund. Investments in the Fund involve risks and you should not rely on the Fund as a complete investment program. The relative significance of each risk factor summarized below may change over time and you should review each risk factor carefully because any one or more of these risks may result in losses to the Fund. The principal risks of investing in the Fund 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 (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity
 (i.e., market risk). For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations.
 In addition to interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related
 to the issuer, such as the credit rating of the corporation, the corporation's performance and perceptions of the corporation
 in the marketplace, and by factors not directly related to the issuer, such as general market liquidity, economic conditions
 and inflation. The Fund may face a heightened level of interest rate risk in times of monetary policy change and/ or
 uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes rates. A changing
 interest rate environment increases certain risks, including the potential for periods of volatility, increased redemptions,
 shortened durations (i.e., prepayment risk) and extended durations (i.e., extension risk). The Fund is not limited as
 to the maturities (when a debt security provides its final payment) or durations (measure of interest rate sensitivity) of the securities
 in which it may invest but, under normal circumstances, the Fund intends  to maintain a maximum weighted average
 maturity of 90 days and a maximum weighted average life of 180 days. 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. The
 Fund may be subject to certain liquidity risks that may result from the lack of an active market and the reduced number and
 capacity of traditional market participants to make a market in fixed-income securities.

• **Financial Services Industry Risk.** The Fund 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 invest significantly in the
 financial services industry. The profitability of many types of financial services companies may be adversely affected in certain
 market cycles, including periods of rising interest rates, which may restrict the availability and increase the cost of capital,
 and declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Financial
 services companies are also subject to extensive government regulation, including policy and legislative changes in
 the United States and other countries that are changing many aspects of financial regulation. Because the Fund's investments
 will be concentrated in the financial services industry, factors that have an adverse impact on this industry may have
 a disproportionate impact on the Fund's performance.

• **Credit and Interest Rate Risk.** Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to
 a transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the
 principal on its debt or otherwise honor its obligations, including the risk of default. In such instances, the value of the Fund
 could decline and the Fund could lose money. If an issuer's, guarantor's or counterparty's financial condition worsens, the credit quality
 of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment
 of financial condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk
 of an instrument, a change in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market's perception
 of the creditworthiness of an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the
 instrument's value and liquidity and make it more difficult for the Fund to sell at an advantageous price or time. Interest rate
 risk refers to the decline in the value of a fixed-income security resulting from changes in the general level of interest rates.
 A wide variety of market and economic factors can cause interest rates to rise or fall, including central bank monetary policy,
 rising inflation, disinflation or deflation, and changes in general economic conditions. When the general level of interest
 rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down,
 the prices of most fixed-income securities go up but the yield or income from new issuances of fixed-income securities
 generally decreases. Securities with longer durations will generally be more sensitive to changes in interest rates than
 securities with shorter durations. Fluctuations in interest rates may also affect the liquidity of and income generated by fixed-income
 instruments held by the Fund. The Fund may invest in variable and floating rate loans and other variable and floating
 rate securities. Although the value of these instruments are generally less sensitive to interest rate changes than fixed
 rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not
 rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk in times

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Morgan Stanley Institutional Fund Trust Prospectus \| **Fund Summary**

Ultra-Short Strategy Portfolio (Con't)

of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of market volatility, increased redemptions, shortened durations (i.e., prepayment risk) and extended durations (i.e., extension risk).

• **U.S. Government Securities.** Different types of U.S. government securities are subject to different levels of credit risk, including
 the risk of default, depending on the nature of the particular government support for that security. For example, a U.S.
 government-sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation,
 although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed
 by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. With respect to
 U.S. government securities that are not backed by the full faith and credit of the United States, there is the risk that the U.S.
 government will not provide financial support to such U.S. government agencies, instrumentalities or sponsored enterprises
 if it is not obligated to do so by law. U.S. government securities are also subject to interest rate risks and can exhibit
 price fluctuations resulting from increases or decreases in interest rates.

• **Corporate Debt Obligations.** Corporate debt obligations are fixed-income securities issued by corporations. The investment
 return of corporate debt obligations reflects interest earnings and changes in the market value of the security. The
 market value of a corporate debt obligation may be expected to rise and fall inversely with interest rates generally. There
 also exists the risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments
 at the time called for by an instrument. Debtholders, as creditors, have a prior legal claim over common and preferred
 stockholders of the corporation as to both income and assets for the principal and interest due to the bondholder.

• **Asset-Backed Securities.** Asset-backed
 securities are subject to credit (such as a borrower's default on its mortgage obligation
 and the default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional
 risks, including 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 and extension risk, which may vary depending on the type of asset. Due to these risks, asset-backed
 securities may become more volatile in certain interest rate environments.

• **Repurchase Agreements.** Repurchase
 agreements are subject to risks associated with the possibility of default by the seller
 at a time when the collateral has declined in value, or insolvency of the seller, which may affect the Fund's right to control
 the collateral and result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk
 than investments in U.S. government securities.

• **Money Market Instrument Risk.** Money market instruments may be adversely affected by market and economic events, such
 as a sharp rise in prevailing short-term interest rates; adverse developments in the banking industry, which issues or guarantees
 many money market instruments; adverse economic, political or other developments affecting issuers of money market
 instruments; changes in the credit quality of issuers; and default by a counterparty.

• **Foreign Money Market Securities.** Investing in money market securities of foreign issuers involves some additional risks, including
 the possibility of adverse political, economic or other developments affecting the issuers of these securities.

• **Foreign Securities.** The
 Fund may invest in U.S. dollar-denominated securities issued by foreign governmental or corporate issuers.
 Investing in securities of foreign issuers involves some additional risks than securities of U.S. issuers. While these securities
 are subject to the same type of risks that pertain to domestic issuers, namely credit risk and interest rate risk, they are
 also subject to other additional risks. Foreign issuers generally are subject to different accounting, auditing and financial reporting
 standards than U.S. issuers. There may be less information available to the public about foreign issuers. In some foreign
 countries, there is also the risk of government expropriation, excessive taxation, political or social instability, economic
 sanctions or other similar governmental activity or diplomatic developments that could affect an investment. There
 also can be difficulty obtaining and enforcing judgments against issuers in foreign countries. Governmental actions can
 have a significant effect on the economic conditions in foreign countries, which also may adversely affect the Fund's investments
 in foreign issuers.

• **Municipals.** Because the Fund may
 invest in municipal securities (also referred to as municipal obligations), the Fund may be susceptible
 to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal securities, such
 as state and local governments and their agencies. To the extent that the Fund invests in municipal securities of issuers in
 the same economic sector, it could be more sensitive to economic, business or political developments that affect such sector.
 Municipal securities and their issuers may be more susceptible to downgrade, loss of revenue, default and bankruptcy
 during recent periods of economic stress. Municipal securities also involve the risk that an issuer may call the securities
 for redemption, which could force the Fund to reinvest the proceeds at a lower rate of interest.

• **Liquidity.** The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid in
 response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than

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Morgan Stanley Institutional Fund Trust Prospectus \| **Fund Summary**

Ultra-Short Strategy Portfolio (Con't)

investments in other types of securities. These investments may be more difficult to value or sell, particularly in times of market turmoil, and there may be little trading in the secondary market available for particular securities. Liquidity risk may be magnified in a market where credit spread and interest rate volatility is rising and where investor redemptions from fixed-income mutual funds may be higher than normal. If the Fund is forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it may be forced to sell the security at a loss or for less than its fair value and may be unable to sell the security at all.

• **Commercial Paper.** Commercial
 paper is subject to interest rate risk and is susceptible to changes in the issuer's financial condition
 or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper.
 Thus, investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will
 be unable to issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial
 paper. Because commercial paper is typically unsecured, investments in commercial paper are subject to increased
 credit risk.

• **Non-Money Market Fund Risk.** The Fund is not a money market fund (or equivalent to a money market fund), does not attempt
 to maintain a stable net asset value, and is not subject to the rules that govern the quality, maturity, liquidity, and other
 features of securities that money market funds may purchase. Under normal conditions, the Fund's investments may be
 more susceptible than a money market fund's investments to interest rate risk, valuation risk, credit risk, and other risks relevant
 to the Fund's investments. Unlike certain money market funds, the Fund's net asset value per share will fluctuate and
 these fluctuations may be significant on certain days and for certain periods. There can be no guarantee that the Fund will
 generate higher returns than money market funds. Because the Fund is not a money market fund, it does not qualify for special
 tax treatment or tax accounting methods accorded to money market funds under federal tax law.

• **Market and Geopolitical Risk.** The value of your investment in the Fund is based on the values of the Fund's investments, which
 change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those
 that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset
 classes or governments. These types of events may be sudden and unexpected, and could adversely affect the value (or
 income generated by) and liquidity of the Fund's investments, which may in turn impact the Fund's ability to sell securities
 and/or its ability to meet redemptions. The risks associated with these developments may be magnified if certain social,
 political, economic and other conditions and events (such as war, natural disasters or events, epidemics and pandemics,
 terrorism, conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions and the threat
 and/or actual imposition of tariffs, trade barriers and other protectionist or retaliatory measures) adversely interrupt or
 otherwise affect the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global
 financial markets or economies may occur, the effects that such events may have and the duration of those effects (which
 may last for extended periods). These types of events may negatively impact broad segments of businesses and populations
 and have a significant and rapid negative impact on the performance or value of the Fund's investments, adversely
 affect and increase the volatility of the Fund's share price and exacerbate pre-existing risks to the Fund. The frequency
 and magnitude of resulting changes in the value of the Fund's investments cannot be predicted.

• **Large Transactions Risk.** The Fund may experience adverse effects when certain large shareholders, or a number of shareholders
 collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly.
 Such larger than normal shareholder redemptions may negatively impact the Fund's liquidity. In some circumstances,
 the Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions. These
 large redemptions may also force the Fund to sell portfolio securities or other assets when it might not otherwise do so,
 which may increase the Fund's transaction costs. In addition, large purchases of Fund shares may adversely affect the Fund's
 performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position
 than it ordinarily would. Large shareholder transactions may also result in taxable income and/or gains for the Fund, which
 may increase taxable distributions to shareholders, and may also increase transaction costs.

• **Active Management Risk.** In pursuing the Fund's investment objective, the Adviser has considerable leeway in deciding which
 investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in
 its discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such
 decisions will affect the Fund's performance.

Please see "Additional Information About Fund Investment Strategies and Related Risks" in the Fund's prospectus for a more detailed description of risks of investing in the Fund. Shares of the Fund are not bank deposits and are not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency.

**Performance Information**

As of the date hereof, the Fund has not yet completed a full calendar year of investment operations. Upon the completion of a full calendar year of investment operations by the Fund, this section will include a bar chart and a table that provide some indication of the risks of an investment in the Fund, by showing annual total returns for the Fund, highest and lowest quarterly

**5**

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Morgan Stanley Institutional Fund Trust Prospectus \| **Fund Summary**

Ultra-Short Strategy Portfolio (Con't)

returns and average annual total returns (before and after taxes) compared to the benchmark index selected for the Fund. Performance information for the Fund (once available) will be available online at www.morganstanley.com/im or by calling toll-free 1-800-869-6397.

**Fund Management**

**Adviser.** Morgan Stanley Investment Management Inc.

**Portfolio Managers.** The Fund is managed by members of the Global Liquidity team. Information about the members jointly and primarily responsible for the day-to-day management of the Fund is shown below:

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| | | |
|:---|:---|:---|
| **Name** | **Title with Adviser** | **Date Began** **Managing Fund** |
| Jonas Kolk | Managing Director | Since Inception |
| David Schoenfeld | Managing Director | Since Inception |
| Michael Cha | Executive Director | Since Inception |

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**Purchase and Sale of Fund Shares**

Shares of the Fund are only available to clients of Mercury Advisory, LLC ("Mercury" and, such clients, "Mercury Clients"). To purchase Mercury Class shares of the Fund, Mercury Clients must, in the aggregate, meet a minimum initial investment of $10 million, subject to the discretion of the Adviser. The minimum initial investment requirements may be waived for certain investments. For more information, please refer to the section of the Prospectus entitled "Shareholder Information—Minimum Investment Amount."

Shares of the Fund may be purchased or sold on any day the New York Stock Exchange ("NYSE") is open for business (except when the following federal holidays are observed: Columbus Day and Veterans Day) by contacting Mercury. For more information, please refer to the sections of the Prospectus entitled "Shareholder Information—How To Purchase Fund Shares" and "Shareholder Information—How To Redeem Fund Shares."

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.

**Payments to Mercury, Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through Mercury, the Adviser and/or the Fund's "Distributor," Morgan Stanley Distribution, Inc., may pay Mercury or a financial intermediary for the sale of Fund shares and related services. These payments, which may be significant in amount, may create a conflict of interest by influencing Mercury or the financial intermediary to recommend the Fund over another investment. Ask your salesperson for more information.

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IFTUSSUMPRO 5/26