# EDGAR Filing Document

**Accession Number:** 0000741375
**File Stem:** 0001133228-23-000314
**Filing Date:** 2023-1
**Character Count:** 29290
**Document Hash:** b9e67f9524eb8f9293120b635864b7c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-23-000314.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001133228-23-000314

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230130

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-89729
- **FILM NUMBER:** 23564495

**BUSINESS ADDRESS:**
- **STREET 1:** 522 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 800-548-7786

**MAIL ADDRESS:**
- **STREET 1:** 522 FIFTH AVENUE
- **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

### Dynamic Value Portfolio (Series ID: S000071262)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000226177 | Class R6     | MAADX           |
| C000226178 | Class A      | MAAUX           |
| C000226179 | Class C      | MAAOX           |
| C000226180 | Class I      | MAAQX           |

![](sp15646img002.jpg)

Morgan Stanley Institutional Fund Trust

**Dynamic Value Portfolio**

**Summary Prospectus** **\|** January 27, 2023

---

| | | | |
|:---|:---|:---|:---|
| **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** | **Share Class and Ticker Symbols** |
| **Class I** | **Class A** | **Class C** | **Class R6** |
| **MAAQX** | **MAAUX** | **MAAOX** | **MAADX** |

---

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 https://www.morganstanley.com/im/MSIFTDynamicValuePortfolio. 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 January 27, 2023 (as may be supplemented from time to time), are incorporated by reference into this Summary Prospectus.

**Investment Objective**

The Dynamic Value Portfolio (the "Fund") seeks capital appreciation.

**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.**

For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share ("NAV") of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any Class A and Class C shares of the Fund already held in Related Accounts (as defined in the section of the Prospectus entitled "Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares") as of the date of the transaction as well as Class A, Class L and Class C shares of any other Morgan Stanley Multi-Class Fund excluding Morgan Stanley Institutional Fund Trust Short Duration Income, Ultra-Short Income and Ultra-Short Municipal Income Portfolios (as defined in the section of the Prospectus entitled "Shareholder Information—Exchange Privilege") and including shares of Morgan Stanley Money Market Funds (as defined in the section of the Prospectus entitled "Shareholder Information—Exchange Privilege") that you acquired in an exchange of Class A or Class C shares of the Fund or Class A, Class L or Class C shares of another Morgan Stanley Multi-Class Fund excluding Morgan Stanley Institutional Fund Trust Short Duration Income, Ultra-Short Income and Ultra-Short Municipal Income Portfolios already held in Related Accounts as of the date of the transaction, amounts to $50,000 or more. More information about this combined purchase discount and other discounts is available from your financial intermediary, on page 15 of the Prospectus in the section entitled "Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares" and in Appendix A attached to the Prospectus.

Class I shares may be available on brokerage platforms of firms that have agreements with the Fund's principal underwriter permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share classes that have different fees and expenses.

![](sp15646img003.jpg)

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

Dynamic Value Portfolio (Con't)

**Shareholder Fees** (fees paid directly from your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class A** | **Class C** | **Class R6** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |  | 5.25% |  |  |
| Maximum deferred sales charge (load) (as a percentage based on the lesser of the offering price or NAV at redemption) |  | None<sup>1</sup> | 1.00%<sup>2</sup> |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class A** | **Class C** | **Class R6** |
| Advisory Fee | 0.35% | 0.35% | 0.35% | 0.35% |
| Distribution and/or Shareholder Service (12b-1) Fee |  | 0.25% | 1.00% |  |
| Other Expenses | 1.16% | 1.58% | 1.42% | 1.14% |
| Total Annual Fund Operating Expenses<sup>3</sup> | 1.51% | 2.18% | 2.77% | 1.49% |
| Fee Waiver and/or Expense Reimbursement<sup>3</sup> | 0.96% | 1.28% | 1.12% | 0.99% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>3</sup> | 0.55% | 0.90% | 1.65% | 0.50% |

---

**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). After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section of the Prospectus entitled "Shareholder Information—Conversion Features" for more information. 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** | **If You SOLD Your Shares** | **If You SOLD Your Shares** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $56 | $383 | $732 | $1719 |
| Class A | $612 | $1054 | $1522 | $2811 |
| Class C | $268 | $753 | $1365 | $2876 |
| Class R6 | $51 | $374 | $719 | $1695 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **If You HELD Your Shares** | **If You HELD Your Shares** | **If You HELD Your Shares** | **If You HELD Your Shares** | **If You HELD Your Shares** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $56 | $383 | $732 | $1719 |
| Class A | $612 | $1054 | $1522 | $2811 |
| Class C | $168 | $753 | $1365 | $2876 |
| Class R6 | $51 | $374 | $719 | $1695 |

---

---

| | |
|:---|:---|
| 1 | Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge ("CDSC") of 1.00% that will be imposed if you sell your shares within 12 months after purchase, except for certain specific circumstances. See "Shareholder Information—How To Redeem Fund Shares" for further information about the CDSC waiver categories. |

---

2 The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See "Shareholder Information—How To Redeem Fund Shares" for a complete discussion of the CDSC.

---

| | |
|:---|:---|
| 3 | The Fund's "Adviser," Morgan Stanley Investment Management Inc., has agreed to reduce 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 0.55% for Class I, 0.90% for Class A, 1.65% for Class C and 0.50% for Class R6. 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. |

---

**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 Fund performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 125% of the average value of its portfolio.

**2**

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

Dynamic Value Portfolio (Con't)

**Principal Investment Strategies**

The Adviser seeks to achieve the Fund's investment objective by investing primarily in equity securities within the Russell 1000 Index universe. The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. Utilizing the Adviser's assessment of the macroeconomic environment to determine the attractiveness of "Value" stocks overall, the Adviser will construct a portfolio incorporating the most attractively valued Value stocks and the least attractively valued Value stocks ("Anti-Value" stocks) within the Russell 1000 Index universe. Value stocks are those believed by the Adviser to be undervalued in comparison to their peers due to economic, market, company-specific or other factors. Depending on the Adviser's conviction level related to the attractiveness of Value stocks at any point in time, the Fund's exposures may range from long exposures to both Value and Anti-Value stocks (when conviction to Value stocks is low) to a fully invested long position in Value stocks with an additional relative position creating long exposure to Value and short exposure to Anti-Value (when conviction to Value stocks is at its highest). The Fund's exposure to Value and Anti-Value stocks may be obtained through investments in equity securities (such as common stock), total return swaps and other derivative instruments. The Adviser's assessment of the attractiveness of Value is based primarily on the team's analysis of historic valuations, analysis of the macroeconomic backdrop that typically favors value historically, and a determination of investor sentiment and positioning as it relates to Value stocks. Underlying Value and Anti-Value stocks are screened using a multi-factor framework, are weighted to seek to neutralize industry exposures relative to the Russell 1000 Value Index, the Fund's benchmark, and are periodically rebalanced and refreshed based on screening outputs. The Fund's strategy is designed to comprehensively identify the most attractive Value stocks within the Russell 1000 Index universe, neutralized for industry exposures, as well as the periods in time when the Adviser believes these securities have the highest probability of outperforming (or underperforming) their benchmark index.

From time to time, certain amounts of the Fund's investments will be total return swap transactions, the underlying assets of which may be long positions in Value stocks and long or short positions in Anti-Value stocks. The Fund may also invest in futures for cash management purposes. Derivative instruments used by the Fund will be counted towards the Fund's exposure to equity securities within the Russell 1000 Index universe to the extent that they have economic characteristics similar to such securities.

**Principal Risks**

There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund. The principal risks of investing in the Fund include:

• **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, political conditions and public health conditions. During periods when equity securities experience heightened volatility, such as during periods of market, economic or financial uncertainty or distress, the Fund's investments in equity securities may be subject to heightened risks.

• **Value Investing.** Value investing is an investment style. Value stocks are those believed to be undervalued in comparison to their peers due to market, company-specific or other factors. Value stocks can perform differently from the market as a whole and other types of stocks and may fail to increase in price as anticipated or may decrease in price. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

• **Liquidity.** The Fund may make investments that are 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 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. 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.

• **Derivatives.** Derivatives and other similar instruments often have risks similar to those of the underlying asset or instrument, including market risk, 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, including total return swaps, magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin requirements and risks arising from mispricing or valuation complexity and operational and legal risks. Certain derivative transactions, including total return swaps, may give rise to a form of leverage. Total return swaps may effectively add leverage to the Fund's portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Leverage magnifies the potential for gain and the risk of loss. As a result of the structure of certain derivatives, adverse changes in, among other things, interest rates, volatility or the value of the underlying instrument can result in losses substantially greater than the amount invested in the derivative itself. Certain derivatives (such as total return swaps or other derivative instruments providing short exposure) have the potential for unlimited loss, regardless of the size of the initial investment. If the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. Changes in regulation relating to the Fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

• **LIBOR Discontinuance or Unavailability Risk.** The London InterBank Offered Rate ("LIBOR") is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The Financial Conduct Authority (the "FCA"), which is the regulatory authority that oversees financial services firms, financial markets in the U.K. and the administrator of LIBOR, announced that, after the end of 2021, one-week and two-month U.S. Dollar LIBOR and

**3**

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

Dynamic Value Portfolio (Con't)

all non-U.S. Dollar LIBOR settings have either ended or are no longer representative of the underlying market they seek to measure. The FCA also announced that the most commonly used U.S. dollar LIBOR settings may continue to be provided on a representative basis until mid-2023. However, in connection with supervisory guidance from regulators, some regulated entities may no longer enter into most new LIBOR-based contracts. As a result of the foregoing, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments held by the Fund.

• **Market and Geopolitical Risk.** The value of your investment in the Fund is based on the values of the Fund's investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. These events may be sudden and unexpected, and could adversely affect the liquidity of the Fund's investments, which may in turn impact valuation, 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, epidemics and pandemics, terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance 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.

• **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.

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**

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's Class I shares' performance for one year and by showing how the Fund'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 other classes, which is shown in the table below, will differ because the classes have different ongoing fees. The Fund's returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted). The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at www.morganstanley.com/im or by calling toll-free 1-800-869-6397.

**Annual Total Returns—Calendar Years**

![](sp15646img001.jpg)

---

| | | |
|:---|:---|:---|
| **High Quarter** | 12/31/22 | 15.30% |
| **Low Quarter** | 09/30/22 | -9.13% |

---

**Average Annual Total Returns**<br> (for the calendar periods ended December 31, 2022)

---

| | | |
|:---|:---|:---|
|  | **Past**<br>**One Year** | **Since Inception** |
| **Class I** (commenced operations on 3/19/2021) | **Class I** (commenced operations on 3/19/2021) | **Class I** (commenced operations on 3/19/2021) |
| Return Before Taxes | 0.82% | 6.36% |
| Return After Taxes on Distributions<sup>1</sup> | -0.18% | 4.78% |
| Return After Taxes on Distributions and Sale of Fund Shares | 0.68% | 4.30% |
| **Class A** (commenced operations on 3/19/2021) | **Class A** (commenced operations on 3/19/2021) | **Class A** (commenced operations on 3/19/2021) |

---

**4**

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

Dynamic Value Portfolio (Con't)

---

| | | |
|:---|:---|:---|
|  | **Past**<br>**One Year** | **Since Inception** |
| Return Before Taxes | -4.93% | 2.77% |
| **Class C** (commenced operations on 3/19/2021) | **Class C** (commenced operations on 3/19/2021) | **Class C** (commenced operations on 3/19/2021) |
| Return Before Taxes | -1.06% | 5.29% |
| **Class R6** (commenced operations on 3/19/2021) | **Class R6** (commenced operations on 3/19/2021) | **Class R6** (commenced operations on 3/19/2021) |
| Return Before Taxes | 0.73% | 6.31% |
| Russell 1000<sup>®</sup> Value Index (reflects no deduction for fees, expenses or taxes)<sup>2</sup> | -7.54% | 2.62%<sup>3</sup> |
| Lipper Mid-Cap Value Funds Index (reflects no deduction for taxes)<sup>4</sup> | -7.59% | 1.80%<sup>3</sup> |

---

1 These returns do not reflect any tax consequences from a sale of your shares at the end of each period.

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| | |
|:---|:---|
| 2 | The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected and historical growth rates. The Russell 1000<sup>®</sup> Index measures the performance of the largest 1000 U.S. companies representing approximately 98% of the investable U.S. equity market. It is not possible to invest directly in an index. |

---

3 Since Inception reflects the inception date of the Fund.

4 The Lipper Mid-Cap Value Funds Index is an equally weighted performance index of the largest qualifying funds (based on net assets) in the Lipper Mid-Cap Value 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 Fund's other classes will vary from Class I shares' returns. Actual after-tax returns depend on the investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund 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 Fund shares been sold at the end of the relevant periods, as applicable.

**Fund Management**

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

**Portfolio Managers.** The Fund is managed by members of the Global Multi-Asset 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 or Affiliate** | **Date Began**<br>**Managing Fund** |
| Cyril Moullé-Berteaux | Managing Director | Since Inception |
| Mark A. Bavoso | Managing Director | Since Inception |
| Sergei Parmenov | Managing Director of Morgan Stanley Investment Management (Australia) Pty Limited ("MSIM Australia") | Since Inception |
| Douglas Rentz | Executive Director | Since Inception |

---

In rendering investment advisory services to the Fund, the Adviser uses the portfolio management, research and other resources of MSIM Australia, a foreign (non-U.S.) affiliate of Morgan Stanley Investment Management Inc. that is not registered under the Investment Advisers Act of 1940, as amended, and may provide services to the Fund through this "participating affiliate" arrangement, as that term is used in relief granted by the staff of the SEC allowing U.S. registered investment advisers to use portfolio management or research resources of advisory affiliates subject to the regulatory supervision of the registered investment adviser.

**Purchase and Sale of Fund Shares**

The minimum initial investment generally is $1 million for Class I shares and $1,000 for each of Class A and Class C shares of the Fund. To purchase Class R6 shares, an investor must meet a minimum initial investment of $5 million or be a defined contribution, defined benefit or other employer sponsored employee benefit plan, in each case provided that the plan trades through an intermediary that combines its clients' assets in a single omnibus account, whether or not such plan is qualified under the Internal Revenue Code of 1986, as amended (the "Code"), and in each case subject to the discretion of the Adviser. The minimum initial investment may be waived for certain investments. For more information, please refer to the section of the Prospectus entitled "Shareholder Information—Minimum Investment Amounts."

Shares of the Fund may be purchased or sold on any day the New York Stock Exchange ("NYSE") is open for business directly from the Fund by mail (c/o SS&C Global Investor and Distribution Solutions, Inc. ("SS&C GIDS"), P.O. Box 219804, Kansas City, MO 64121-9804), by telephone (1-800-869-6397) or by contacting an authorized third-party, such as a broker-dealer or other financial intermediary that has entered into a selling agreement with the Fund's "Distributor," Morgan Stanley Distribution, Inc. (each, a "Financial Intermediary"). In addition, you can sell Fund shares at any time by enrolling in a systematic withdrawal plan. If

**5**

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

Dynamic Value Portfolio (Con't)

you sell Class A or Class C shares, your net sale proceeds are reduced by the amount of any applicable CDSC. For more information, please refer to the sections of the Prospectus entitled "Shareholder Information—How To Purchase Fund Shares" and "—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 Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a Financial Intermediary (such as a bank), the Adviser and/or the Distributor may pay the 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 the Financial Intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your Financial Intermediary's web site for more information.

**6**

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