# EDGAR Filing Document

**Accession Number:** 0000741375
**File Stem:** 0001133228-26-000959
**Filing Date:** 2026-1
**Character Count:** 67031
**Document Hash:** afde32fdf34a6c323d1c3c9400621390
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000959.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001133228-26-000959

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260128

**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:** 26573689

**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

### Global Strategist Portfolio (Series ID: S000004124)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000011555 | Class A Shares | MBAAX           |
| C000011556 | Class I Shares | MPBAX           |
| C000113792 | Class L        | MSDLX           |
| C000155933 | Class C        | MSSOX           |
| C000156275 | Class R6       | MGPOX           |

![](sp17087img002.jpg)

Morgan Stanley Institutional Fund Trust

**Global Strategist Portfolio**

**Summary Prospectus** **\|** January 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class and Ticker Symbols** | **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 L** | **Class C** | **Class R6** |
| **MPBAX** | **MBAAX** | **MSDLX** | **MSSOX** | **MGPOX** |

---

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/MSIFTGlobalStrategist. 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 28, 2026 (as may be supplemented from time to time), are incorporated by reference into this Summary Prospectus.

**Investment Objective**

The Global Strategist Portfolio (the "Fund") seeks above-average total return over a market cycle of three to five years.

**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 shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled "Shareholder Information—Exchange Privilege") 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 authorized financial intermediary, on page 32 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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class A** | **Class L** | **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) |  | 1.00%<sup>1</sup> |  | 1.00%<sup>2</sup> |  |

---

![](sp17087img003.jpg)

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

Global Strategist Portfolio (Con't)

---

| | |
|:---|:---|
| 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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class A** | **Class L** | **Class C** | **Class R6** |
| Advisory Fee<sup>1</sup> | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Distribution and/or Shareholder Service (12b-1) Fee |  | 0.25% | 0.75% | 1.00% |  |
| Other Expenses<sup>2</sup> | 0.38% | 0.35% | 0.38% | 0.75% | 0.23% |
| Total Annual Fund Operating Expenses<sup>3</sup> | 0.83% | 1.05% | 1.58% | 2.20% | 0.68% |
| Fee Waiver and/or Expense Reimbursement<sup>3</sup> | 0.09% | 0.00% | 0.00% | 0.36% | 0.00% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>3</sup> | 0.74% | 1.05% | 1.58% | 1.84% | 0.68% |

---

---

| | |
|:---|:---|
| 1 | "Advisory Fee" includes the management fee of the Subsidiary (as defined below). The Fund's "Adviser" and "Administrator," Morgan Stanley Investment Management Inc., has agreed to waive or credit all or a portion of its advisory fee and/or reimburse the Fund in an amount equal to the management fee paid to the Adviser by the Subsidiary. |

---

2 "Other Expenses" include expenses of the Fund's and Subsidiary's most recent fiscal year.

---

| | |
|:---|:---|
| 3 | The Fund's Adviser 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 0.74% for Class I, 1.09% for Class A, 1.59% for Class L, 1.84% for Class C and 0.71% 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. |

---

**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 | $76 | $256 | $452 | $1017 |
| Class A | $626 | $842 | $1074 | $1740 |
| Class L | $161 | $499 | $860 | $1878 |
| Class C | $287 | $654 | $1147 | $2213 |
| Class R6 | $69 | $218 | $379 | $847 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $76 | $256 | $452 | $1017 |
| Class A | $626 | $842 | $1074 | $1740 |
| Class L | $161 | $499 | $860 | $1878 |
| Class C | $187 | $654 | $1147 | $2213 |
| Class R6 | $69 | $218 | $379 | $847 |

---

**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. During the most recent fiscal year, the Fund's portfolio turnover rate was 92% of the average value of its portfolio.

**2**

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

Global Strategist Portfolio (Con't)

**Principal Investment Strategies**

The Adviser and/or the Fund's "Sub-Adviser," Morgan Stanley Investment Management Limited, seek to achieve the Fund's investment objective by investing primarily in a blend of equity and fixed-income securities of U.S. and non-U.S. issuers. Equity securities may include common and preferred stocks, depositary receipts, convertible securities, equity-linked securities, real estate investment trusts ("REITs"), rights and warrants to purchase equity securities and limited partnership interests. Fixed-income securities may include mortgage-related or mortgage-backed securities, floating rate securities, inflation-linked fixed-income securities, securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, securities issued or guaranteed by non-U.S. governments, their agencies or instrumentalities, corporate bonds and notes issued by U.S. and non-U.S. entities.

The Adviser and/or Sub-Adviser will utilize a top-down investment approach that focuses on asset class, sector, region, country and currency and thematic allocations. The Fund's allocations will be based upon the Adviser's and/or Sub-Adviser's evaluations and analyses, taking into account results of its fundamental market research and recommendations generated by the Adviser's and/or Sub-Adviser's quantitative models. The Adviser's and/or Sub-Adviser's research process focuses on the following factors across asset classes: 1) valuation (both relative and absolute), 2) dynamics, including earnings revisions, interest rate policy and inflation expectations and 3) technicals, such as investor flows and sentiment. The Fund may invest in any country, including developing or emerging market countries. The Fund's investments may be U.S. and non-U.S. dollar denominated. In determining whether to sell a security, the Adviser and/or Sub-Adviser consider a number of factors, including changes in capital appreciation potential, or the overall assessment of asset class, sector, region, country, and currency and thematic allocation shifts.

The Fund may invest a portion of its assets in below investment grade fixed-income securities (commonly referred to as "junk bonds"). The Fund may also invest in restricted and illiquid securities. The mortgage-backed securities in which the Fund may invest include mortgage pass-through securities that represent a participation interest in a pool of mortgage loans originated by U.S. governmental or private lenders such as banks.

The Fund may also invest up to 10% of its total assets in other investment companies, including exchange-traded funds ("ETFs").

The Fund may, but it is not required to, use derivatives and similar instruments for a variety of purposes, including hedging, risk management, Fund management or to earn income. The Fund's use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and structured investments (including commodity-linked notes), and other similar instruments and techniques. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. Derivative instruments used by the Fund will be counted toward the Fund's exposure to the types of securities listed above to the extent they have economic characteristics similar to such securities.

The Fund may, consistent with its principal investment strategies, invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the "Subsidiary"). The Subsidiary may invest, directly or indirectly through the use of derivatives, in securities, commodities, commodity-related instruments and other investments, primarily futures, swaps and notes. The Subsidiary is advised by the Adviser.

Investments in the Subsidiary are intended to provide the Fund with exposure to commodities markets within the limitations of the federal tax requirements that apply to the Fund. The Subsidiary primarily obtains its commodity exposure by investing in commodity-linked derivative instruments, which may include, but are not limited to, total return swaps, commodity (U.S. or foreign) futures and commodity-linked notes. The Subsidiary may also invest in other instruments, including fixed-income securities, either as investments or to serve as margin or collateral for its swap positions and foreign currency transactions (including forward contracts).

**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:

• **Equity Securities.** In
 general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and foreign stock
 markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in the past and it is
 possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly or widely, 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 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 are subject to heightened risks.

**3**

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

Global Strategist Portfolio (Con't)

The value of equity securities and related instruments decline in response to perceived or actual adverse changes in the economy, economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; unexpected trading activity among retail investors; and other factors. Market conditions affect certain types of equity securities to a greater extent than other types of equity securities. If the stock market declines, the value of the Fund's equity securities will also likely decline, which will result in a decrease in the value of your investment in the Fund. Although prices can rebound, there is no assurance that prices of the Fund's equity securities will return to previous levels.

• **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. 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. Investing in emerging markets intensifies this risk, because lower quality fixed-income securities are more volatile in price.

• **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 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. 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 and increased redemptions.

• **Convertible Securities.** A
 convertible security is a bond, debenture, note, preferred stock, right, warrant or other security that may be
 converted into or exchanged for a prescribed amount of common stock or other security of the same or a different issuer or into cash
 within a particular period of time at a specified price or formula. To the extent that the Fund 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").** The Fund's investments in high yield securities expose it to increased risks, including a substantial
 degree of credit and default risks. High yield securities may be issued by companies that are restructuring, are smaller and
 less  creditworthy or are more highly leveraged or indebted than other companies or are financially distressed, and therefore they
 typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. High
 yield securities are subject to greater risk of loss (including substantial or total loss) of income and principal than higher rated
 securities and are considered speculative because of increased credit risk relative to higher rated fixed income investments. High
 yield securities are also subject to greater price volatility, including sudden and substantial decreases in price, and less liquidity
 than higher rated securities. High yield securities are particularly sensitive to adverse economic, market, industry or

**4**

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

Global Strategist Portfolio (Con't)

issuer-specific developments, which may result in an increased incidence of default. In the event of a default, the Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer.

• **Mortgage-Backed Securities.** Mortgage-backed
 securities entail prepayment risk, which generally increases during a period of falling interest
 rates. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of mortgage- backed
 securities will increase and market price will decrease. Rates of prepayment, faster or slower than expected by the Adviser, could
 reduce the Fund's yield, increase the volatility of the Fund and/or cause a decline in NAV
 per share. Mortgage-backed securities
 are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations underlying
 the securities to be prepaid more slowly than expected, thereby lengthening the duration of such securities, increasing their
 sensitivity to interest rate changes and causing their prices to decline. Certain mortgage-backed securities may be more volatile
 and less liquid than other traditional types of debt securities. In addition, mortgage-backed securities are subject to credit risk.
 The Fund may invest in non-agency mortgage-backed securities offered by non-governmental issuers, such as commercial banks,
 savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers. Non-agency
 mortgage-backed securities are not subject to the same underwriting requirements for the underlying mortgages that are
 applicable to those mortgage-backed securities that have a government or government-sponsored entity guarantee. As a result, the
 mortgage loans underlying non-agency mortgage-backed securities may, and frequently do, have less favorable collateral, credit risk
 or other underwriting characteristics than government or government-sponsored mortgage-backed securities and have wider variances
 in a number of terms including interest rate, term, size, purpose and borrower characteristics. To the extent the Fund invests
 in non-agency mortgage-backed securities offered by non-governmental issuers, the Fund will be exposed to additional risks
 because, among other things, there are no direct or indirect government or agency guarantees of payments in pools underlying
 the securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value
 of a mortgage-backed security and could result in losses to the Fund. The risk of such defaults is generally higher in the case of
 mortgage pools that include subprime mortgages. Furthermore, mortgage-backed securities may be subject to risks associated with
 the assets underlying those securities, such as a decline in value. Investments in mortgage-backed securities may give rise to a form
 of leverage (indebtedness) and may cause the Fund's portfolio turnover rate to appear higher. Leverage may cause the Fund to
 be more volatile than if the Fund had not been leveraged. The risks associated with mortgage-backed securities typically become elevated
 during periods of distressed economic, market, health and labor conditions. In particular, increased levels of unemployment,
 delays and delinquencies in payments of mortgage and rent obligations, and uncertainty regarding the effects and extent
 of government intervention with respect to mortgage payments and other economic matters may adversely affect the Fund's investments
 in mortgage-backed securities. In addition, commercial mortgage-backed securities are also subject to risks associated with
 reduced demand for commercial and office space, tightening lending standards and increased interest and lending rates, and other
 developments adverse to the commercial real estate market.

• **REITs.** Investing in REITs exposes investors to the risks of owning real estate directly and investing in companies in the real estate industry,
 as well as to risks that relate specifically to the way in which REITs are organized and operated. For example, the value of these
 securities may decline when interest rates rise and will also be affected by the real estate market and by the management or development
 of the underlying properties, which may also be subject to mortgage loans and the underlying mortgage loans may be subject
 to the risks of default. Operating REITs requires specialized management skills and the Fund indirectly bears management expenses
 along with the direct expenses of the Fund. REITs are also subject to certain provisions under federal tax law and the failure
 of a company to qualify as a REIT could have adverse consequences for the Fund.

• **Foreign and Emerging Market Securities.** Investments in foreign markets entail special risks, such as currency, political (including geopolitical),
 economic and market risks and heightened risks, that may result in losses to the Fund. There also may be greater market
 volatility, less reliable financial information, less stringent investor protections and disclosure standards, higher transaction and
 custody costs and risks, decreased market liquidity and less government and exchange regulation associated with investments in
 foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more
 volatile and subject to increased risk due to 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. Certain
 foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments
 (including regional and global, military or other conflicts), the imposition of economic sanctions against a particular country
 or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers (including
 tariffs) and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental
 interventions or other actions, such as the imposition of capital controls, nationalization of companies or industries, expropriation
 of assets or the imposition of punitive taxes. The governments of certain countries may prohibit or impose substantial
 restrictions on foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government
 may limit or cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar
 value and/or liquidity of investments denominated in that currency. Certain foreign investments may become less liquid and
 decline in value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the Fund,
 particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its portfolio
 may be harder to value. The risks of investing in emerging market countries are greater than the risks associated with

**5**

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

Global Strategist Portfolio (Con't)

investments in foreign developed countries. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. 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. Economic sanctions or other similar measures may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. In addition, foreign governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, the Fund is limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries. In addition, the Fund's investments in foreign issuers may be denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments will fluctuate with U.S. dollar exchange rates. Economic sanctions and other similar measures could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell securities (in the sanctioned country and other markets), negatively impact the value or liquidity of the Fund's investments, significantly delay or prevent the settlement of the Fund's securities transactions, force the Fund to sell or otherwise dispose of investments at inopportune times or prices, or impair the Fund's ability to meet its investment objective or invest in accordance with its investment strategies.

• **Foreign Currency Forward Exchange Contracts.** To the extent the Fund seeks to hedge its foreign currency exposure 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 may 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 Fund's securities are not denominated. The use of foreign currency forward
 exchange contracts involves the risks associated with derivatives and 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.

• **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.

• **Sovereign Debt Securities.** Investing in sovereign debt securities will expose the Fund to the direct or indirect consequences of political,
 social or economic changes in the countries that issue the securities. 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 it becomes due, due to factors
 such as debt service burden, political constraints, cash flow problems and other national economic factors. In addition, foreign
 governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling
 or additional lending to defaulting governments. Moreover, there is no bankruptcy proceeding by which defaulted sovereign
 debt may be collected in whole or in part.

• **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 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.

• **Commodity-Related Investments Risk.** The value of commodity-related investments will generally be affected by overall market movements
 and a variety of factors, including domestic and foreign political and economic events and policies, war, acts of terrorism,
 changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation
 rates, investment and trading activities of mutual funds, hedge funds and commodities funds and factors specific to a particular
 industry or commodity, which may include weather, embargoes, tariffs, supply and demand fluctuations and health, political,
 environmental, international and regulatory (including environmental) developments. Economic and other events (whether
 real or perceived) can impact the demand for commodities, which may impact market prices and cause the value of the

**6**

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

Global Strategist Portfolio (Con't)

Fund's commodity-related investments to experience volatility and decline. The frequency and magnitude of such changes are unpredictable. Commodity-related investments may involve substantial risks and subject the Fund to greater volatility than investments in traditional securities, and prices of such investments may fluctuate quickly and dramatically. No active trading market may exist for certain commodity-related investments, which may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need or decision to liquidate such investments. In addition, adverse market conditions may impair the liquidity of commodity-related investments and subject the Fund's commodity-related investments to liquidity risk. Commodity-linked notes may be structured such that their performance deviates significantly from the underlying index or instrument.

As noted above, the Fund expects to invest in the Subsidiary, which invests in commodity-related investments, as well as other permitted instruments. The Subsidiary is subject to the laws of the Cayman Islands and is not subject to U.S. laws, including securities laws and their protections and provisions of the Internal Revenue Code of 1986, as amended (the "Code"). The Subsidiary is not registered under U.S. federal securities laws and may not be able to negotiate terms with its counterparties that are equivalent to those of a registered fund. As a result, the Subsidiary may be subject to greater counterparty risk than a registered fund. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Subsidiary to operate as described, and could adversely affect the Fund's investment approach. In addition, commodity-related investments generally generate income that is not qualifying income for purposes of meeting source of income tests applicable to mutual funds under the Code. Applicable Treasury regulations would generally treat the Fund's income inclusion with respect to the Subsidiary as "qualifying income" either if (i) there is a current-year distribution out of the earnings and profits of the Subsidiary that are attributable to such income inclusion or (ii) such inclusion is derived with respect to the Fund's business of investing in stock, securities or currencies. The Fund intends to treat its income from the Subsidiary as qualifying income. The tax treatment of the Fund's income from the Subsidiary may be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS that could affect whether income derived from such investments is "qualifying income" under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or any gains and distributions made by the Fund.

• **Derivatives**.
 Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to those of the
 underlying asset or instrument, including market risk, and may be subject to 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 the
 derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment requirements,
 risks arising from mispricing or valuation complexity and operational and legal risks. Certain derivative transactions may
 give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Investments in currency derivatives
 may substantially change the Fund's exposure to currency exchange rates and could result in losses to the Fund if currencies
 do not perform as the Adviser expects. Foreign currency forward exchange contracts and currency futures and options contracts
 create exposure to currencies in which the Fund's securities are not denominated.

• **Inflation-Linked Securities Risk.** The values of inflation-linked securities change in response to actual or anticipated changes in specific
 inflation rates. Inflation-linked securities are also subject to the effects of changes in market interest rates caused by factors other
 than inflation (real interest rates). Real interest rates change over time as a result of many factors, such as currency exchange rates,
 central bank monetary policies and general economic conditions. Such changes may be unanticipated by the Adviser. In addition,
 inflation-linked securities are subject to the risks associated with fixed-income securities. When inflation is low, declining,
 or negative, the inflation-linked securities in which the Fund invests could underperform more conventional bonds. Interest
 payments on inflation-linked investments may vary widely and will fluctuate as the principal and interest are adjusted for inflation.

• **Investment Company Securities.** Subject to the limitations set forth in the Investment
 Company Act of 1940, as amended (the "1940
 Act"), or as otherwise permitted by the SEC, the Fund may acquire shares in other investment companies, including foreign
 investment companies, ETFs
 and money market funds, which may be managed by the Adviser or its affiliates. The market value
 of the shares of other investment companies may differ from the NAV of the Fund. The shares of closed-end investment companies
 frequently trade at a discount to their NAV. As
 a shareholder in an investment company, the Fund would bear its ratable
 share of that entity's expenses, including its investment advisory and administration fees, and be subject to the associated risks. At the same time, the Fund would continue to pay its own advisory and administration fees and other expenses. As a result, the
 Fund and its shareholders, in effect, will also be absorbing fees with respect to investments in other investment companies.

• **Subsidiary Risk.** The Subsidiary
 is not registered under the 1940
 Act and is not subject to all the investor protections of the 1940 Act.
 Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary
 to operate as described herein and could adversely affect the Fund. By investing in the Subsidiary, the Fund is indirectly
 exposed to the risks associated with the Subsidiary's investments.

• **Tax Risk.** The Fund
 may seek to gain exposure to the commodity markets through investments in the Subsidiary. Historically, the Internal
 Revenue Service ("IRS") has issued private letter rulings in which the IRS specifically concluded that income and gains

**7**

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

Global Strategist Portfolio (Con't)

from investments in commodity index-linked structured notes (the "Notes Rulings") or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are "qualifying income" for purposes of compliance with Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund has not received such a private letter ruling, and is not able to rely on private letter rulings issued to other taxpayers. The IRS issued a revenue procedure, which states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the 1940 Act. In connection with issuing such revenue procedure, the IRS has revoked the Notes Rulings. The IRS also issued final regulations that would generally treat the Fund's income inclusion with respect to the Subsidiary as qualifying income either if (A) there is a current distribution out of the earnings and profits of the Subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies. The Fund intends to treat its income from the Subsidiary as qualifying income. No assurances can be provided that the IRS would not be able to successfully assert that the Fund's income from such investments was not qualifying income, in which case the Fund would fail to qualify as a regulated investment company under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a regulated investment company, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders. The Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.

• **China Risk.** Investments
 in securities of Chinese issuers involve risks associated with investments in foreign markets as well as special
 considerations not typically associated with investments in the  U.S. markets or other foreign (including emerging) markets. For
 example, the Chinese government has historically exercised substantial control over virtually every sector of the Chinese economy
 through administrative regulation, state ownership and/or other involvement. Actions of the Chinese central and local government
 authorities continue to have a substantial effect on economic conditions in China and operations of particular Chinese
 companies. In addition, the Chinese government has actively intervened in Chinese companies' operations and structures and
 taken (and may continue to take) actions that influenced the prices at which certain goods may be sold, encouraged companies
 to invest or concentrate in particular industries, induced mergers between companies in certain industries and induced private
 companies to publicly offer their securities. Investments in China involve risk of a total loss due to government action or inaction
 or other adverse circumstances.

Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic conditions, trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and South Korea, would adversely impact the Chinese economy and the Fund's investments. Moreover, a slowdown in other significant economies of the world, such as the United States, the European Union and certain Asian countries, may adversely affect economic growth or the value of investments in China. An economic downturn in China would adversely impact the Fund's investments. In addition, certain securities are, or may in the future, become restricted and/or sanctioned by the U.S. government or other governments and the Fund may be forced to sell or unable to sell such securities and incur a loss as a result and the Fund may be unable to purchase securities of Chinese issuers from time to time.

U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and sanctions actions taken by the United States and China against each other, including the designation of China as a "foreign adversary" of the U.S., as well as countersanctions or countermeasures from the Chinese government that have been triggered or are expected to be triggered. Moreover, recent developments in relations between the U.S., other trading partners and China have heightened concerns (and the realization) of increased tariffs and restrictions on trade between the two countries, such as the potential for an escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions (and threats thereof) could lead to a significant reduction in international trade, which could have a negative impact on China's export industry, Chinese issuers, the liquidity or price of the Fund's direct or indirect investments in China and, therefore, the Fund's investments.

These and other developments, including government actions or inactions, would likely result in significant illiquidity risk or losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized by a relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater price volatility (caused by, among other things, military, diplomatic, or trade conflicts and government intervention in economic and securities markets), and potentially fewer investment opportunities for the Fund. The Fund's investments in Chinese securities are also subject to additional risks associated with differing regulatory and audit requirements in the Chinese securities market as compared to the U.S. securities market, including a lack of reliable audits and other financial information regarding many Chinese companies and heightened risk of market manipulation and fraud, which may be increased through actions taken by the Chinese government. In addition, the relationship between China and Taiwan is particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to invade and control Taiwan, present a significant risk to the Fund's investments in China. Ongoing political tension between the People's Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and these impacts remain uncertain.

**8**

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

Global Strategist Portfolio (Con't)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **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 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.

• **Portfolio Turnover.** Consistent
 with its investment policies, the Fund will purchase and sell securities without regard to the effect on
 portfolio turnover. Higher portfolio turnover will cause the Fund to incur additional transaction costs.

• **Active Management Risk.** In pursuing the Fund's investment objective, the Adviser and/or
 Sub-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 and/or Sub-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**

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 from year-to-year and by showing how the Fund's average annual returns for the past one, five and 10 year periods and since inception compare with those of a broad measure of market performance and one or more additional indexes. The additional index(es) in the table provide a means to compare the Fund's average annual returns to a benchmark that the Adviser believes is representative of the Fund's investment universe. 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**

![](sp17087img001.jpg)

During the periods shown in the bar chart above:

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| | | |
|:---|:---|:---|
| **High Quarter** | 06/30/20 | 13.92% |
| **Low Quarter** | 03/31/20 | -17.50% |

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**9**

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

Global Strategist Portfolio (Con't)

**Average Annual Total Returns**<br> (for the calendar periods ended December 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Past**<br>**One Year** | **Past**<br>**Five Years** | **Past**<br>**Ten Years** | **Since Inception** |
| **Class I** (commenced operations on 12/31/92) | **Class I** (commenced operations on 12/31/92) | **Class I** (commenced operations on 12/31/92) | **Class I** (commenced operations on 12/31/92) | **Class I** (commenced operations on 12/31/92) |
| Return Before Taxes | 17.65% | 5.52% | 7.11% | 7.14% |
| Return After Taxes on Distributions<sup>1</sup> | 14.75% | 4.20% | 5.81% | 5.46% |
| Return After Taxes on Distributions and Sale of Fund Shares | 10.60% | 3.77% | 5.26% | 5.21% |
| **Class A** (commenced operations on 11/1/96) | **Class A** (commenced operations on 11/1/96) | **Class A** (commenced operations on 11/1/96) | **Class A** (commenced operations on 11/1/96) | **Class A** (commenced operations on 11/1/96) |
| Return Before Taxes | 11.11% | 4.07% | 6.21% | 6.04% |
| **Class L** (commenced operations on 4/27/12) | **Class L** (commenced operations on 4/27/12) | **Class L** (commenced operations on 4/27/12) | **Class L** (commenced operations on 4/27/12) | **Class L** (commenced operations on 4/27/12) |
| Return Before Taxes | 16.60% | 4.65% | 6.24% | 5.69% |
| **Class C** (commenced operations on 4/30/15) | **Class C** (commenced operations on 4/30/15) | **Class C** (commenced operations on 4/30/15) | **Class C** (commenced operations on 4/30/15) | **Class C** (commenced operations on 4/30/15) |
| Return Before Taxes | 15.36% | 4.36% | 6.11% | 4.87%<sup>2</sup> |
| **Class R6** (commenced operations on 5/29/15) | **Class R6** (commenced operations on 5/29/15) | **Class R6** (commenced operations on 5/29/15) | **Class R6** (commenced operations on 5/29/15) | **Class R6** (commenced operations on 5/29/15) |
| Return Before Taxes | 17.70% | 5.56% | 7.15% | 6.03% |
| MSCI All Country World Index (reflects no deduction for fees, expenses or taxes)<sup>3</sup> | 22.34% | 11.19% | 11.72% | 8.58%<sup>4</sup> |
| Customized MSIM Global Allocation Index (reflects no deduction for fees, expenses or taxes)<sup>5</sup> | 16.60% | 5.79% | 7.57% | 6.72%<sup>4</sup> |

---

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

2 Class C shares will generally convert to Class A shares approximately eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion.

---

| | |
|:---|:---|
| 3 | The MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. The term "free float" represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Returns, including periods prior to January 1, 2001, are calculated using the return data of the MSCI All Country World Index (gross dividends) through December 31, 2000 and the return data of the MSCI All Country World Index (net dividends) after December 31, 2000. It is not possible to invest directly in an index. |

---

4 Since Inception reflects the inception date of Class I.

---

| | |
|:---|:---|
| 5 | The Customized MSIM Global Allocation Index is a performance linked benchmark comprised of 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate Index for periods after May 31, 2017. Prior to May 31, 2017, the Customized MSIM Global Allocation Index consisted of 60% MSCI All Country World Index (benchmark that measures the equity market performance of developed and emerging markets), 30% Bloomberg Global Aggregate Index (benchmark that provides a broad based measure of the global investment grade fixed-rate debt markets), 5% S&P GSCI Light Energy Index (benchmark for investment performance in the energy commodity market) and 5% ICE BofA U.S. Dollar 1-Month LIBID Average Index (benchmark that tracks the performance of a basket of synthetic assets paying LIBID to a stated maturity). The Customized MSIM Global Allocation Index was added as the Fund benchmark on October 2, 2013 and is provided for comparative purposes only. It is not possible to invest directly in an 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 an 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 ("IRAs"). 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.

**Sub-Adviser.** Morgan Stanley Investment Management Limited.

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

---

| | | |
|:---|:---|:---|
| **Name** | **Title with Adviser or Affiliate** | **Date Began**<br>**Managing Fund** |
| Rui De Figueiredo, Ph.D. | Managing Director | October 2025 |

---

**10**

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

Global Strategist Portfolio (Con't)

---

| | | |
|:---|:---|:---|
| Ryan Meredith | Managing Director | October 2025 |
| Jim Caron | Managing Director | October 2025 |
| Steven Turner | Managing Director | October 2025 |
| Damon Wu | Managing Director | October 2025 |
| Mark A. Bavoso | Managing Director | January 2011 |

---

In rendering investment advisory services to the Fund, the Adviser uses the portfolio management, research and other resources of Morgan Stanley Asia Limited, 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 Trust has suspended offering Class L shares of the Fund for sale to all investors. The Class L shareholders of the Fund do not have the option of purchasing additional Class L shares. However, the existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions.*

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 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., 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 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.

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