Estimated 2021 Year-End Distributions

1 TAX INFORMATION | 2021 Estimated 2021 Year-End DistributionsBelow is the morgan stanley open-end funds Estimated Year-End Distributions table. The list indicates if the funds are expected to pay capital gains Distributions to shareholders of record. Capital gains Distributions are the same for all share note that all Distributions are based on estimates and are subject to revision until the ex-dividend date. Final amounts may differ significantly from their estimates. Final capital gains Distributions will be announced in December. Funds that do not have amounts listed are not expected to have a capital gain distribution in December stanley does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature.

2 It was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under federal tax laws. Federal and state tax laws are complex and constantly changing. You should always consult your own legal or tax advisor for information concerning your individual stanley ( MS ), morgan stanley Institutional Fund, Inc. ( MSIF ) and morgan stanley Institutional Fund Trust ( MSIFT ) Estimated Year-End Distributions ($ Per Share)RECORD DATEEX-DIV DATE/PAYABLE DATEESTIMATED CAPITAL GAINS ($ PER SHARE)TOTAL GAINS AS PERCENTAGE OF EQUITYMSIF Advantage Portfolio12/10/202112/13 Discovery Portfolio12/10/202112/13 Dynamic Value Portfolio12/10/202112/13 Growth Portfolio12/10/202112/13 Inception Portfolio12/10/202112/13 Insight Fund12/10/202112/13 Permanence Portfolio12/10/202112/13 US Core Portfolio12/10/202112/13/2021 AND GLOBAL EQUITYMSIF Active International Allocation Portfolio12/16/202112/17/2021 Counterpoint Global Portfolio12/16/202112/17 Europe Opportunity Fund12/22/202112/23 Global Concentrated Portfolio12/16/202112/17/2021 Global Core Portfolio12/16/202112/17/2021 Global Endurance Portfolio12/16/202112/17 Global Franchise

3 Portfolio12/16/202112/17/2021 Global Insight Portfolio112/16/202112/17 Global Opportunity Portfolio12/16/202112/17 Global Permanence Portfolio12/16/202112/17 Global Sustain Portfolio12/16/202112/17/2021 International Advantage Portfolio12/16/202112/17/2021 International Equity Portfolio12/16/202112/17 International Opportunity Portfolio12/16/202112/17/2021 On March 31, 2021, the MSIF Global Advantage Portfolio was renamed to MSIF Global Insight Portfolio. 2021 morgan stanley . morgan stanley Distribution, 3878442 Exp. 10/31/2022 10111798_CH_1021 There is no assurance that a mutual fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of fund shares may therefore be less than what you paid for them.

4 Accordingly, you can lose money investing in a consider the investment objectives, risks, charges and expenses of the funds carefully before investing . The prospectus contains this and other information about the funds. To obtain a prospectus, contact your investment professional or download one at Please read the prospectus carefully before FDIC INSURED | OFFER NO BANK GUARANTEE | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT A BANK DEPOSITRECORD DATEEX-DIV DATE/PAYABLE DATEESTIMATED CAPITAL GAINS ($ PER SHARE)TOTAL GAINS AS PERCENTAGE OF NAV5 SHORT-TERMLONG-TERMTOTALEMERGING MARKETS EQUITYMSIF Asia Opportunity Portfolio12/16/202112/17/2021 China Equity Portfolio12/16/202112/17/2021 Developing Opportunity Portfolio12/16/202112/17/2021 Emerging Markets Leaders Portfolio12/16/202112/17 Emerging Markets Portfolio12/16/202112/17/2021 Next Gen Emerging Markets Portfolio212/16/202112/17/2021 LISTED real ASSETSMSIF Global Focus real estate Portfolio12/10/202112/13/2021 Global Infrastructure Portfolio12/16/202112/17 Global real estate Portfolio12/16/202112/17 Focus real estate Portfolio12/10/202112/13/2021 real estate Portfolio12/10/202112/13/2021 FIXED

5 INCOMEMSIFT Core Plus Fixed Income Portfolio12/10/202112/13/2021 Corporate Bond Portfolio12/10/202112/13/2021 Emerging Markets Fixed Income Opportunities Portfolio12/16/202112/17/2021 Global Fixed Income Opportunities Fund312/22/202112/23/2021 High Yield Portfolio12/10/202112/13/2021 Mortgage Securities Trust12/22/202112/23/2021 Short Duration Income Portfolio12/10/202112/13/2021 Strategic Income Portfolio12/10/202112/13/2021 Government Securities Trust12/22/202112/23/2021 Ultra-Short Income Portfolio12/22/202112/23/2021 Ultra-Short Municipal Income Portfolio12/22/202112/23/2021 Global Strategist Portfolio12/10/202112/13 Multi-Asset real Return Portfolio412/10/202112/13 MORE INFORMATIONS hareholders: Please contact your tax advisor concerning your individual tax Professionals: Please contact our morgan stanley Investment Management Sales Desk at & Bank Trust: Please contact our morgan stanley Investment Management RIA & Bank Trust Sales Desk at Manager Research: Please contact your morgan stanley Investment Management relationship our site at 2021 Year-End DISTRIBUTIONS2 On June 30, 2021, the MSIF Frontier Markets Portfolio was renamed to MSIF Next Gen Emerging Markets Portfolio.

6 In addition, on August 13, 2021, the MSIF Emerging Markets Small Cap Portfolio merged into the MSIF Next Gen Emerging Markets Estimated total capital gain per share is less than $. On August 31, 2021, the MSIF real Assets Portfolio was renamed to MSIF Multi-Asset real Return Based on the NAV of the largest net asset share class as of October 18, 2021.