UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03980

Morgan Stanley Institutional Fund Trust

(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York	10036
(Address of principal executive offices)	(Zip code)

John H. Gernon

522 Fifth Avenue, New York, New York 10036 

(Name and address of agent for service)

Registrant's telephone number, including area code: 212-296-0289

Date of fiscal year end: September 30,

Date of reporting period: March 31, 2023 

Item 1 - Report to Shareholders

Morgan Stanley Institutional Fund Trust

Core Plus Fixed Income Portfolio

Semi-Annual Report

March 31, 2023

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Table of Contents

Shareholders' Letter	2
Expense Example	3
Portfolio of Investments	4
Statement of Assets and Liabilities	14
Statement of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights	19
Notes to Financial Statements	24
Liquidity Risk Management Program	36
U.S. Customer Privacy Notice	37
Trustees and Officers Information	40

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of the Morgan Stanley Institutional Fund Trust. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.

Additionally, you can access fund information including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.

There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.

1

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this Semi-Annual Report, in which you will learn how your investment in Core Plus Fixed Income Portfolio (the "Fund") performed during the latest six-month period.

Morgan Stanley Investment Management is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2023

2

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Expense Example

Core Plus Fixed Income Portfolio

As a shareholder of the Fund, you may incur two types of costs: (1) transactional costs, including sales charge (loads) on purchase payments; and (2) ongoing costs, which may include advisory fees, administration fees, distribution and shareholder services fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2023 and held for the entire six-month period.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads, if applicable). Therefore, the information for each class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/22		Actual Ending Account Value 3/31/23		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Core Plus Fixed Income Portfolio Class I	$	1,000.00	$	1,053.70	$	1,022.94	$	2.05	$	2.02		0.40	%
Core Plus Fixed Income Portfolio Class A		1,000.00		1,051.80		1,021.29		3.73		3.68		0.73
Core Plus Fixed Income Portfolio Class L		1,000.00		1,050.40		1,019.95		5.11		5.04		1.00
Core Plus Fixed Income Portfolio Class C		1,000.00		1,047.20		1,017.65		7.45		7.34		1.46
Core Plus Fixed Income Portfolio Class R6		1,000.00		1,052.90		1,023.19		1.79		1.77		0.35

*  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 182/365 (to reflect the most recent one-half year period).

**  Annualized.

3

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (98.8%)
Agency Fixed Rate Mortgages (22.3%)
Federal Home Loan Mortgage Corporation, 2.00%, 10/1/51	$	407	$	320
Conventional Pools:
2.50%, 11/1/49 - 4/1/52		2,448		2,121
3.00%, 11/1/49 - 12/1/49		406		362
3.50%, 8/1/49		154		142
4.00%, 4/1/49 - 11/1/49		552		532
4.50%, 2/1/49		314		312
Gold Pools:
3.00%, 3/1/47 - 6/1/49		1,163		1,063
3.50%, 1/1/44 - 4/1/49		784		745
4.00%, 6/1/44 - 1/1/48		299		293
5.41%, 7/1/37 - 8/1/37		10		10
5.44%, 1/1/37 - 2/1/38		40		41
5.46%, 5/1/37 - 1/1/38		39		40
5.50%, 8/1/37 - 11/1/37		39		42
5.52%, 10/1/37		5		5
5.62%, 12/1/36 - 8/1/37		44		47
6.00%, 10/1/36 - 8/1/38		40		43
6.50%, 12/1/25 - 8/1/33		48		51
7.00%, 6/1/28 - 11/1/31		17		18
Federal National Mortgage Association,
April TBA:
3.50%, 4/1/53 (a)		24,675		22,928
4.00%, 4/1/53 (a)		7,350		7,031
4.50%, 4/1/53 (a)		24,850		24,349
5.00%, 4/1/53 (a)		6,225		6,209
5.50%, 4/1/53 (a)		32,700		33,042
Conventional Pools:
2.00%, 11/1/51		2,153		1,713
2.50%, 1/1/52 - 2/1/52		4,643		3,839
2.50%, 2/1/50 - 2/1/52		5,648		4,885
3.00%, 6/1/40 - 1/1/50		3,038		2,748
3.50%, 8/1/45 - 1/1/50		2,980		2,789
4.00%, 11/1/41 - 9/1/49		2,529		2,459
4.50%, 3/1/41 - 8/1/49		987		981
5.00%, 3/1/41		78		80
5.50%, 6/1/35 - 1/1/37		29		30
5.62%, 12/1/36		17		18
6.50%, 4/1/24 - 1/1/34		394		412
7.00%, 5/1/28 - 12/1/33		58		62
9.50%, 4/1/30		11		11
Government National Mortgage Association,
Various Pools:
3.50%, 11/20/40 - 7/20/49		787		751
4.00%, 8/20/41 - 11/20/49		2,085		2,031
4.50%, 4/20/49 - 7/20/49		221		217
5.00%, 12/20/48		23		23
6.50%, 5/15/40		205		217
				123,012

	Face Amount (000)		Value (000)
Asset-Backed Securities (12.3%)
AASET 2018-2 US Ltd.,
4.45%, 11/18/38 (b)	$	2,211	$	1,946
AIMCO CLO,
Series 2018-B
3 Month USD LIBOR + 1.10%, 5.89%, 1/15/32 (b)(c)		3,600		3,556
Allegro CLO XI Ltd.,
3 Month USD LIBOR + 1.39%, 6.19%, 1/19/33 (b)(c)		2,150		2,125
American Homes 4 Rent Trust,
6.07%, 10/17/52 (b)		1,001		999
Aqua Finance Trust,
3.47%, 7/16/40 (b)		854		796
BCMSC Trust,
7.51%, 1/15/29 (c)		1,294		1,185
Benefit Street Partners CLO XX Ltd.,
3 Month USD LIBOR + 1.17%, 5.96%, 7/15/34 (b)(c)		3,685		3,602
Blackbird Capital Aircraft,
2.44%, 7/15/46 (b)		1,298		1,127
Blackbird Capital Aircraft Lease Securitization Ltd.,
5.68%, 12/16/41 (b)		694		452
Cascade MH Asset Trust,
4.00%, 11/25/44 (b)(c)		1,101		1,040
Cologix Data Centers US Issuer LLC,
3.30%, 12/26/51 (b)	CAD	2,125		1,912
4.94%, 1/25/52 (b)	$	3,600		2,467
Conn's Receivables Funding LLC,
2.87%, 5/15/26 (b)		751		744
9.52%, 12/15/26 (b)		3,500		3,489
ContiMortgage Home Equity Loan Trust,
8.10%, 8/15/25		18		14
Diamond Resorts Owner Trust,
4.02%, 2/20/32 (b)		346		330
ELFI Graduate Loan Program LLC,
4.51%, 8/26/47 (b)		1,492		1,432
Falcon Aerospace Ltd.,
3.60%, 9/15/39 (b)		692		594
FCI Funding LLC,
3.63%, 2/18/31 (b)		11		11
GAIA Aviation Ltd.,
7.00%, 12/15/44 (b)		1,514		704
GCI Funding I LLC,
2.82%, 10/18/45 (b)		709		636
Golub Capital Partners ABS Funding Ltd.,
2.77%, 4/20/29 (b)		875		809
Class A2
3.21%, 1/22/29 (b)		3,290		3,102
Goodgreen Trust,
5.53%, 4/15/55 (b)		1,792		1,580
5.74%, 10/15/56 (b)		2,605		2,291

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
JOL Air Ltd.,
4.95%, 4/15/44 (b)	$	241	$	165
Lunar Aircraft Ltd.,
3.38%, 2/15/45 (b)		370		321
MACH 1 Cayman Ltd.,
3.47%, 10/15/39 (b)		811		691
MAPS Ltd.,
4.21%, 5/15/43 (b)		359		323
METAL LLC,
4.58%, 10/15/42 (b)		580		339
Mosaic Solar Loan Trust,
2.10%, 4/20/46 (b)		543		474
Newtek Small Business Loan Trust,
Daily U.S. Prime Rate - 0.55%, 7.45%, 2/25/44 (b)(c)		261		258
Octagon Investment Partners 51 Ltd.,
3 Month USD LIBOR + 1.15%, 5.96%, 7/20/34 (b)(c)		5,225		5,091
Oxford Finance Funding LLC,
5.44%, 2/15/27 (b)		193		189
PMT FMSR Issuer Trust,
1 Month USD LIBOR + 3.00%, 7.85%, 3/25/26 (b)(c)		3,900		3,878
SOFR30A + 4.19%, 8.76%, 6/25/27 (b)(c)		2,700		2,655
PRET 2021-NPL6 LLC,
2.49%, 7/25/51 (b)		1,345		1,272
Progress Residential Trust,
2.31%, 5/17/38 (b)		650		576
Raptor Aircraft Finance I LLC,
4.21%, 8/23/44 (b)		2,067		1,677
ReadyCap Lending Small Business Loan Trust,
Daily U.S. Prime Rate - 0.50%, 7.50%, 12/27/44 (b)(c)		330		315
Republic Finance Issuance Trust,
3.54%, 11/20/30 (b)		1,385		1,282
Sculptor CLO XXVI Ltd.,
3 Month USD LIBOR + 1.27%, 6.08%, 7/20/34 (b)(c)		4,900		4,777
Start II Ltd.,
4.09%, 3/15/44 (b)		261		231
Start Ltd.,
4.09%, 5/15/43 (b)		2,625		2,283
Sunbird Engine Finance LLC,
3.67%, 2/15/45 (b)		911		766
Tricon American Homes Trust,
5.10%, 1/17/36 (b)		3,500		3,430
				67,936
Collateralized Mortgage Obligations — Agency Collateral Series (0.4%)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,
4.33%, 11/25/55 (c)		7,625		2,175

	Face Amount (000)		Value (000)
Federal Home Loan Mortgage Corporation,
IO REMIC
6.00% - 1 Month USD LIBOR, 1.32%, 11/15/43 (c)(d)	$	410	$	36
IO STRIPS
7.50%, 12/15/29		11		2
Federal National Mortgage Association,
IO PAC REMIC
8.00%, 9/18/27		24		3
IO REMIC
6.00%, 7/25/33		29		5
IO STRIPS
6.50%, 9/25/29 - 12/25/29		118		13
8.50%, 10/25/25		5		—	@
9.00%, 11/25/26		5		—	@
REMIC
7.00%, 9/25/32		91		95
Government National Mortgage Association,
IO
5.00%, 2/16/41		84		18
				2,347
Commercial Mortgage-Backed Securities (15.3%)
BANK 2019-BNK21,
IO
0.84%, 10/17/52 (c)		13,116		531
BANK 2020-BNK30,
2.92%, 12/15/53 (c)		4,200		2,348
Benchmark Mortgage Trust,
3.76%, 7/15/53 (b)		2,000		1,796
IO
0.88%, 9/15/48 (b)(c)		31,000		826
BF Mortgage Trust,
1 Month USD LIBOR + 1.70%, 6.38%, 12/15/35 (b)(c)		2,500		2,259
BPR Trust,
1 Month Term SOFR + 3.00%, 7.83%, 5/15/39 (b)(c)		3,170		3,164
BXP Trust,
1 Month USD LIBOR + 3.00%, 7.68%, 11/15/34 (b)(c)		1,150		904
CG-CCRE Commercial Mortgage Trust,
1 Month USD LIBOR + 1.85%, 6.54%, 11/15/31 (b)(c)		537		513
Citigroup Commercial Mortgage Trust,
3.50%, 12/10/41 (b)(c)		1,100		704
IO
0.72%, 11/10/48 (c)		2,332		35
0.87%, 9/10/58 (c)		4,214		71
Commercial Mortgage Trust,
3.40%, 8/15/57 (b)(c)		1,400		1,218
IO
0.02%, 7/10/45 (c)		4,102		—	@
0.66%, 10/10/47 (c)		2,412		18
0.95%, 7/15/47 (c)		1,640		12

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (cont'd)
Credit Suisse Mortgage Trust,
Class A
1 Month USD LIBOR + 3.50%, 8.18%, 12/15/35 (b)(c)	$	5,275	$	5,267
1 Month USD LIBOR + 3.97%, 8.65%, 4/15/23 (b)(c)		2,844		2,747
CSWF Commercial Mortgage Trust,
1 Month USD LIBOR + 1.57%, 6.25%, 6/15/34 (b)(c)		2,680		2,530
DROP Mortgage Trust,
1 Month USD LIBOR + 1.15%, 5.83%, 10/15/43 (b)(c)		3,525		3,264
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,
2.88%, 1/25/49 (c)		7,514		1,350
2.98%, 1/25/32 (c)		5,775		1,085
3.21%, 5/25/32 (c)		11,220		2,328
3.56%, 6/25/54 (c)		6,549		1,515
4.15%, 8/25/54 (c)		5,300		1,427
IO
0.33%, 11/25/27 (c)		23,287		310
2.63%, 1/25/49 (c)		21,291		3,297
2.65%, 2/25/49 (c)		9,522		1,442
2.73%, 9/25/48 (c)		16,800		2,539
2.74%, 8/25/48 (c)		5,484		822
3.07%, 11/25/36 (c)		4,400		1,205
3.09%, 4/25/39 (c)		3,200		854
3.46%, 10/25/38 (c)		3,500		1,014
3.79%, 6/25/50 (c)		8,000		1,954
FREMF 2016-KF21 Mortgage Trust,
1 Month USD LIBOR + 5.25%, 9.92%, 7/25/26 (b)(c)		45		44
FREMF 2017-KF27 Mortgage Trust,
1 Month USD LIBOR + 4.35%, 9.02%, 12/25/26 (b)(c)		61		59
GS Mortgage Securities Trust,
4.67%, 8/10/46 (b)(c)		500		410
IO
0.70%, 9/10/47 (c)		4,430		33
1.20%, 10/10/48 (c)		4,576		112
Highways 2021 PLC,
3 Month GBP SONIA + 1.35%, 5.52%, 12/18/31 (b)(c)	GBP	2,775		3,310
Jackson Park Trust,
3.24%, 10/14/39 (b)(c)	$	1,700		1,259
JP Morgan Chase Commercial Mortgage Securities Trust,
1 Month USD LIBOR + 2.45%, 7.13%, 4/15/38 (b)(c)		2,400		2,240
IO
0.58%, 12/15/49 (c)		3,572		58
0.64%, 4/15/46 (c)		6,956		20
0.80%, 7/15/47 (c)		4,160		18

	Face Amount (000)		Value (000)
JPMBB Commercial Mortgage Securities Trust,
4.63%, 4/15/47 (b)(c)	$	775	$	716
IO
0.94%, 8/15/47 (c)		2,878		21
Last Mile Logistics Pan Euro Finance DAC,
3 Month EURIBOR + 1.90%, 4.58%, 8/17/33 (b)(c)	EUR	736		742
Manhattan West Mortgage Trust,
2.34%, 9/10/39 (b)(c)	$	1,500		1,154
MF1 2021-W10X,
1 Month Term SOFR + 2.82%, 7.65%, 12/15/34 (b)(c)		4,350		3,980
MFT Mortgage Trust,
3.28%, 8/10/40 (b)(c)		1,000		656
MFT Trust,
3.48%, 2/10/42 (b)(c)		800		496
MKT 2020-525M Mortgage Trust,
2.94%, 2/12/40 (b)(c)		1,000		542
Multifamily Connecticut Avenue Securities Trust,
1 Month USD LIBOR + 1.95%, 6.80%, 3/25/50 (b)(c)		207		205
Natixis Commercial Mortgage Securities Trust,
4.13%, 5/15/39 (b)(c)		2,300		1,707
4.32%, 1/15/43 (b)(c)		800		633
1 Month Term SOFR + 2.28%, 7.11%, 7/15/36 (b)(c)		2,300		2,125
Olympic Tower Mortgage Trust,
3.57%, 5/10/39 (b)		2,900		2,601
Real Estate Asset Liquidity Trust,
IO
1.10%, 2/12/31 (b)(c)	CAD	31,953		1,019
SG Commercial Mortgage Securities Trust,
3.73%, 3/15/37 (b)(c)	$	1,900		1,714
SLG Office Trust,
IO
0.26%, 7/15/41 (b)(c)		34,800		554
Taubman Centers Commercial Mortgage Trust,
1 Month Term SOFR + 2.19%, 7.01%, 5/15/37 (b)(c)		3,950		3,818
Vita Scientia 2022-1 DAC,
3 Month EURIBOR + 2.49%, 5.19%, 8/27/25 (b)(c)	EUR	2,125		2,022
VMC Finance 2021-HT1 LLC,
1 Month USD LIBOR + 1.65%, 6.41%, 1/18/37 (b)(c)	$	2,387		2,323
WFRBS Commercial Mortgage Trust,
4.22%, 5/15/45 (b)(c)		425		405
				84,345

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Corporate Bonds (26.0%)
Finance (9.2%)
American International Group, Inc.,
5.13%, 3/27/33	$	1,208	$	1,201
Australia & New Zealand Banking Group Ltd.,
2.57%, 11/25/35 (b)		875		676
Aviation Capital Group LLC,
6.25%, 4/15/28 (b)		950		951
Banco de Credito e Inversiones SA,
2.88%, 10/14/31 (b)		2,275		1,844
Banco Santander SA,
4.18%, 3/24/28		800		752
5.18%, 11/19/25		600		587
Bank Hapoalim BM,
3.26%, 1/21/32 (b)		2,075		1,734
Bank of America Corp.,
2.69%, 4/22/32		3,675		3,068
3.85%, 3/8/37		125		107
4.57%, 4/27/33		125		119
Bank of Ireland Group PLC,
2.03%, 9/30/27 (b)		1,425		1,235
Bank of Montreal,
3.09%, 1/10/37		1,725		1,388
Belrose Funding Trust,
2.33%, 8/15/30 (b)		1,225		953
BNP Paribas SA,
2.22%, 6/9/26 (b)		575		529
4.40%, 8/14/28 (b)		1,050		995
BPCE SA,
5.15%, 7/21/24 (b)		2,750		2,699
CaixaBank SA,
6.21%, 1/18/29 (b)		1,400		1,410
Capital One Financial Corp.,
5.82%, 2/1/34		775		750
Centene Corp.,
2.50%, 3/1/31		3,050		2,473
Citigroup, Inc.,
3.79%, 3/17/33		1,275		1,144
CNO Financial Group, Inc.,
5.25%, 5/30/29		885		857
Coinbase Global, Inc.,
3.38%, 10/1/28 (b)		1,350		835
Credit Suisse Group AG,
6.54%, 8/12/33 (b)		1,550		1,596
Global Atlantic Fin Co.,
4.70%, 10/15/51 (b)		1,320		1,061
Goldman Sachs Group, Inc.,
2.62%, 4/22/32		1,650		1,375
Grupo Aval Ltd.,
4.38%, 2/4/30 (b)		561		434
Intesa Sanpaolo SpA,
5.25%, 1/12/24		610		608

	Face Amount (000)		Value (000)
Jefferies Finance LLC/JFIN Co.-Issuer Corp.,
5.00%, 8/15/28 (b)	$	1,490	$	1,263
JPMorgan Chase & Co.,
1.95%, 2/4/32		1,025		825
Life Storage LP,
2.40%, 10/15/31		1,050		848
Macquarie Group Ltd.,
2.87%, 1/14/33 (b)		1,350		1,095
Marsh & McLennan Cos., Inc.,
5.88%, 8/1/33		1,029		1,116
Metropolitan Life Global Funding I,
5.15%, 3/28/33 (b)		1,050		1,060
Nationwide Building Society,
4.30%, 3/8/29 (b)		1,550		1,432
Nordea Bank Abp,
5.38%, 9/22/27 (b)		1,200		1,207
Oversea-Chinese Banking Corp. Ltd.,
1.83%, 9/10/30 (b)		970		890
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
3.88%, 3/1/31 (b)		1,475		1,224
Societe Generale SA,
2.63%, 1/22/25 (b)		1,625		1,524
Sun Communities Operating LP,
4.20%, 4/15/32		900		805
Toronto-Dominion Bank,
8.13%, 10/31/82		1,625		1,653
United Overseas Bank Ltd.,
3.86%, 10/7/32 (b)		2,950		2,787
UnitedHealth Group, Inc.,
5.20%, 4/15/63		1,500		1,521
				50,631
Industrials (14.5%)
Airbnb, Inc.,
0.00%, 3/15/26		1,015		890
Alibaba Group Holding Ltd.,
2.13%, 2/9/31 (e)		825		683
Anheuser-Busch InBev Worldwide, Inc.,
4.60%, 4/15/48		914		863
Ashtead Capital, Inc.,
5.55%, 5/30/33 (b)		1,900		1,879
AT&T, Inc.,
3.55%, 9/15/55		375		270
BAT Capital Corp.,
2.26%, 3/25/28		2,000		1,716
Boeing Co.,
3.25%, 2/1/35		775		634
BP Capital Markets PLC,
4.88%, 3/22/30 (f)		700		638
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		2,150		2,165

The accompanying notes are an integral part of the financial statements.
7

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Charter Communications Operating LLC/ Charter Communications Operating Capital,
2.80%, 4/1/31	$	1,275	$	1,027
3.50%, 3/1/42		2,575		1,742
Children's Health System of Texas,
2.51%, 8/15/50		800		508
Dell International LLC/EMC Corp.,
3.45%, 12/15/51 (b)		2,575		1,679
Delta Air Lines Pass Through Trust,
Series AA
3.20%, 10/25/25		1,050		1,029
Dick's Sporting Goods, Inc.,
4.10%, 1/15/52		2,225		1,585
Duke University,
Series 2020
2.83%, 10/1/55		1,600		1,118
Enterprise Products Operating LLC,
3.30%, 2/15/53		825		598
5.35%, 1/31/33		500		518
Ford Motor Co.,
3.25%, 2/12/32		525		413
Ford Motor Credit Co. LLC,
GMTN
4.39%, 1/8/26		800		760
Galaxy Pipeline Assets Bidco Ltd.,
1.75%, 9/30/27 (b)		2,225		2,074
Garda World Security Corp.,
9.50%, 11/1/27 (b)		925		879
General Motors Co.,
6.75%, 4/1/46		925		937
Global Partners LP/GLP Finance Corp.,
7.00%, 8/1/27		715		687
GLP Capital LP/GLP Financing II, Inc.,
5.38%, 4/15/26		1,250		1,214
Grifols SA,
2.25%, 11/15/27	EUR	630		582
HCA, Inc.,
3.50%, 7/15/51	$	1,725		1,193
Hyundai Capital America,
1.80%, 1/10/28 (b)		2,650		2,249
5.60%, 3/30/28 (b)		1,675		1,679
Imperial Brands Finance PLC,
3.13%, 7/26/24 (b)		1,000		969
Intel Corp.,
5.90%, 2/10/63		900		927
JBS USA LUX SA/JBS USA Food Co./ JBS USA Finance, Inc.,
2.50%, 1/15/27 (b)		1,575		1,401
Johns Hopkins University,
Series A
2.81%, 1/1/60		1,170		775

	Face Amount (000)		Value (000)
Level 3 Financing, Inc.,
3.40%, 3/1/27 (b)	$	1,275	$	1,010
Lions Gate Capital Holdings LLC,
5.50%, 4/15/29 (b)		1,570		1,034
Lowe's Cos., Inc.,
5.80%, 9/15/62		525		529
Macy's Retail Holdings LLC,
5.88%, 3/15/30 (b)		690		613
Marriott International, Inc.,
4.90%, 4/15/29		575		570
Matador Resources Co.,
5.88%, 9/15/26		1,435		1,418
McAfee Corp.,
7.38%, 2/15/30 (b)		1,075		902
McLaren Health Care Corp.,
Series A
4.39%, 5/15/48 (e)		1,175		1,054
Medline Borrower LP,
3.88%, 4/1/29 (b)		1,410		1,225
NBN Co. Ltd.,
2.63%, 5/5/31 (b)		2,400		2,014
Newcastle Coal Infrastructure Group Pty Ltd.,
4.40%, 9/29/27 (b)		2,550		2,302
Nissan Motor Co. Ltd.,
3.04%, 9/15/23 (b)		2,400		2,365
NOVA Chemicals Corp.,
4.25%, 5/15/29 (b)(e)		1,510		1,236
ONEOK, Inc.,
3.10%, 3/15/30		1,250		1,093
3.40%, 9/1/29		375		335
Ooredoo International Finance Ltd.,
2.63%, 4/8/31 (b)		1,268		1,102
Peloton Interactive, Inc.,
0.00%, 2/15/26		1,215		929
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 4/16/29 (b)		1,400		1,082
RingCentral, Inc.,
0.00%, 3/15/26		895		728
Rockies Express Pipeline LLC,
3.60%, 5/15/25 (b)		925		866
Rogers Communications, Inc.,
4.55%, 3/15/52 (b)		2,550		2,100
Seattle Children's Hospital,
Series 2021
2.72%, 10/1/50		2,750		1,853
Silgan Holdings, Inc.,
1.40%, 4/1/26 (b)		2,150		1,929
Sirius XM Radio, Inc.,
3.88%, 9/1/31 (b)		1,450		1,129
Splunk, Inc.,
1.13%, 6/15/27		1,075		924

The accompanying notes are an integral part of the financial statements.
8

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Spotify USA, Inc.,
0.00%, 3/15/26	$	1,190	$	1,002
Standard Industries, Inc.,
2.25%, 11/21/26 (b)	EUR	575		543
Syngenta Finance NV,
4.89%, 4/24/25 (b)	$	975		954
Uber Technologies, Inc.,
0.00%, 12/15/25 (e)		1,060		938
Var Energi ASA,
7.50%, 1/15/28 (b)		1,025		1,063
Verizon Communications, Inc.,
2.55%, 3/21/31		325		277
2.65%, 11/20/40		2,050		1,465
3.40%, 3/22/41		275		219
Vontier Corp.,
2.40%, 4/1/28		2,700		2,273
VTR Finance NV,
6.38%, 7/15/28 (b)		1,050		425
Warnermedia Holdings, Inc.,
4.28%, 3/15/32 (b)		1,750		1,564
5.05%, 3/15/42 (b)		925		775
5.14%, 3/15/52 (b)		1,475		1,197
Wayfair, Inc.,
0.63%, 10/1/25		1,290		952
				80,270
Utilities (2.3%)
Duke Energy Indiana LLC,
2.75%, 4/1/50		460		305
Enel Finance America LLC,
2.88%, 7/12/41 (b)		1,050		692
Fells Point Funding Trust,
3.05%, 1/31/27 (b)		2,275		2,113
Jersey Central Power & Light Co.,
2.75%, 3/1/32 (b)		1,400		1,172
Mississippi Power Co.,
3.95%, 3/30/28		2,325		2,239
NextEra Energy Capital Holdings, Inc.,
3.00%, 1/15/52		1,350		912
6.05%, 3/1/25		400		407
Northern States Power Co.,
2.90%, 3/1/50		1,400		991
Piedmont Natural Gas Co., Inc.,
2.50%, 3/15/31		975		815
Public Service Enterprise Group, Inc.,
2.45%, 11/15/31		1,350		1,119
Southern California Edison Co.,
5.70%, 3/1/53		1,100		1,147
Virginia Electric and Power Co.,
2.95%, 11/15/51		1,375		940
				12,852
				143,753

	Face Amount (000)		Value (000)
Mortgages — Other (16.7%)
510 Asset Backed 2021-NPL1 Trust,
2.24%, 6/25/61 (b)	$	1,690	$	1,570
Adjustable Rate Mortgage Trust,
5.03%, 6/25/35 (c)		33		32
Ajax Mortgage Loan Trust,
1.70%, 5/25/59 (b)		1,381		1,209
2.35%, 9/25/65 (b)(c)		725		558
Alternative Loan Trust,
1 Month USD LIBOR + 0.36%, 5.21%, 5/25/47 (c)		70		59
Banc of America Alternative Loan Trust,
1 Month USD LIBOR + 0.65%, 5.50%, 7/25/46 (c)		96		76
6.36%, 10/25/36		399		120
Banc of America Funding Trust,
5.25%, 7/25/37		12		12
BBCMS Mortgage Trust,
0.46%, 12/15/55 (c)		18,436		740
Bear Stearns ARM Trust,
3.88%, 2/25/34 (c)		430		396
BRAVO Residential Funding Trust,
2.00%, 5/25/59 (b)(c)		1,617		1,426
Brean Asset Backed Securities Trust,
1.40%, 10/25/63 (b)(c)		2,117		1,826
1.75%, 10/25/61 (b)(c)		2,189		1,928
Cascade Funding Mortgage Trust,
1.94%, 9/25/50 (b)(c)		3,016		2,768
2.72%, 12/26/30 (b)(c)		3,850		3,591
2.91%, 2/25/31 (b)(c)		3,800		3,544
3.73%, 6/25/36 (b)(c)		3,825		3,488
4.00%, 10/25/68 (b)(c)		2,016		1,919
CFMT 2022-HB8 LLC,
3.75%, 4/25/25 (b)(c)		2,650		2,343
CFMT LLC,
3.25%, 9/25/37 (b)(c)		1,840		1,449
ChaseFlex Trust,
6.00%, 2/25/37		591		245
COLT 2021-RPL1 Trust,
1.67%, 9/25/61 (b)(c)		1,341		1,175
E-MAC NL 2004-I BV,
3 Month EURIBOR + 0.18%, 4.71%, 7/25/36 (c)	EUR	298		293
Eurosail-NL 2007-2 BV,
3 Month EURIBOR + 1.80%, 4.13%, 10/17/40 (c)		700		740
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,
3.00%, 7/25/46 - 5/25/47	$	969		859
3.50%, 5/25/45 - 5/25/47		367		331
3.85%, 5/25/45 (b)(c)		1		1
4.00%, 5/25/45		8		7
FMC GMSR Issuer Trust,
7.90%, 7/25/27 (b)		2,675		2,677

The accompanying notes are an integral part of the financial statements.
9

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
GCAT 2022-NQM3 Trust,
4.35%, 4/25/67 (b)(c)	$	4,481	$	4,333
Headlands Residential 2021-RPL1 LLC,
2.49%, 9/25/26 (b)(c)		3,320		3,138
IM Pastor 3 FTH,
3 Month EURIBOR + 0.14%, 2.89%, 3/22/43 (c)	EUR	302		282
Imperial Fund Mortgage Trust,
2.49%, 2/25/67 (b)(c)	$	2,566		2,281
JP Morgan Mortgage Trust,
3.78%, 6/25/37 (c)		55		43
6.00%, 6/25/37		8		11
Legacy Mortgage Asset Trust,
3.25%, 2/25/60 (b)		1,995		1,978
Lehman Mortgage Trust,
6.50%, 9/25/37		623		225
NYMT Loan Trust,
2.94%, 10/25/60 (b)(c)		2,415		2,370
OBX Trust,
3.50%, 2/25/60 (b)(c)		381		342
Pepper Residential Securities Trust,
1 Month USD LIBOR + 0.93%, 5.73%, 3/12/61 (b)(c)		201		201
PMC PLS ESR Issuer LLC,
5.11%, 2/25/27 (b)		2,163		2,064
Preston Ridge Partners LLC,
1.74%, 9/25/26 (b)(c)		1,930		1,752
2.36%, 10/25/26 (b)		2,129		1,992
5.56%, 6/25/27 (b)		2,275		2,178
Sage AR Funding PLC (SGSHR) No. 1,
5.93%, 11/17/51 (b)(c)	GBP	3,625		4,056
Seasoned Credit Risk Transfer Trust,
3.00%, 9/25/55 - 2/25/59	$	9,321		8,388
4.00%, 7/25/56 (c)		216		213
4.00%, 8/25/56 (b)(c)		1,000		899
4.00%, 8/25/58 - 2/25/59		1,243		1,170
4.25%, 8/25/59 - 11/25/60 (b)(c)		6,550		5,602
4.50%, 6/25/57		1,130		1,114
4.75%, 7/25/56 - 6/25/57 (b)(c)		1,408		1,294
4.75%, 10/25/58 (c)		1,300		1,165
Stanwich Mortgage Loan Co. LLC,
2.74%, 10/16/26 (b)		2,177		1,952
Structured Asset Securities Corp. Reverse Mortgage Loan Trust,
1 Month USD LIBOR + 1.85%, 6.70%, 5/25/47 (b)(c)		1,582		1,461
TDA 27 FTA,
3 Month EURIBOR + 0.19%, 3.22%, 12/28/50 (c)	EUR	1,220		1,096
TVC Mortgage Trust,
3.47%, 9/25/24 (b)	$	143		143

	Face Amount (000)		Value (000)
VOLT CV LLC,
2.49%, 11/27/51 (b)	$	1,600	$	1,438
VOLT XCIII LLC,
1.89%, 2/27/51 (b)		1,891		1,710
VOLT XCIV LLC,
2.24%, 2/27/51 (b)		2,338		2,199
				92,472
Municipal Bonds (0.8%)
Chicago O'Hare International Airport, IL,
O'Hare International Airport Revenue Series 2010B
6.40%, 1/1/40		255		303
City of New York, NY,
Series G-1
5.97%, 3/1/36		270		298
Illinois State Toll Highway Authority,
Highway Revenue, Build America Bonds Series A
6.18%, 1/1/34		477		533
Onondaga Civic Development Corp., NY,
3.07%, 12/1/55		2,925		1,945
University of Michigan, MI,
Series A
4.45%, 4/1/22		1,645		1,491
				4,570
Sovereign (4.8%)
Dominican Republic International Bond,
5.88%, 1/30/60 (b)		1,450		1,114
13.63%, 2/3/33 (b)	DOP	117,700		2,444
Egypt Government International Bond,
6.38%, 4/11/31 (b)	EUR	2,025		1,317
7.50%, 2/16/61 (b)	$	290		158
8.15%, 11/20/59 (b)		210		118
Export-Import Bank of India,
3.25%, 1/15/30 (b)		670		590
3.88%, 2/1/28 (b)		505		477
Hellenic Republic Government Bond,
2.00%, 4/22/27 (b)	EUR	1,208		1,232
4.25%, 6/15/33 (b)		1,378		1,499
Indonesia Treasury Bond,
8.38%, 3/15/34	IDR	39,816,000		2,946
Ivory Coast Government International Bond,
4.88%, 1/30/32 (b)	EUR	1,360		1,128
Mexican Bonos,
Series M
7.75%, 5/29/31	MXN	82,500		4,298
Mexico Government International Bond,
3.25%, 4/16/30 (e)	$	750		673
3.75%, 4/19/71		850		567

The accompanying notes are an integral part of the financial statements.
10

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

	Face Amount (000)		Value (000)
Sovereign (cont'd)
Petroleos Mexicanos,
6.70%, 2/16/32	$	2,727	$	2,173
Philippine Government International Bond,
4.20%, 3/29/47		420		364
Republic of South Africa Government Bond,
8.00%, 1/31/30	ZAR	22,750		1,164
8.25%, 3/31/32		92,280		4,525
				26,787
Supranational (0.2%)
Banque Ouest Africaine de Developpement,
2.75%, 1/22/33 (b)	EUR	270		218
4.70%, 10/22/31 (b)	$	1,240		1,018
				1,236
Total Fixed Income Securities (Cost $597,645)				546,458
	Shares
Short-Term Investments (16.9%)
Investment Company (12.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $68,553)		68,553,360		68,553
Securities held as Collateral on Loaned Securities (0.4%)
Investment Company (0.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $2,432)		2,431,538		2,432
	Face Amount (000)
U.S. Treasury Securities (4.1%)
U.S. Treasury Bill
5.01%, 11/30/23 (g)	$	2,300		2,232
U.S. Treasury Note
0.25%, 11/15/23		20,850		20,278
Total U.S. Treasury Securities (Cost $22,517)				22,510
Total Short-Term Investments (Cost $93,502)				93,495
Total Investments (115.7%) (Cost $691,147) Including $4,612 of Securities Loaned (h)(i)				639,953
Liabilities in Excess of Other Assets (–15.7%)				(86,982	)
Net Assets (100.0%)			$	552,971

(a)  Security is subject to delayed delivery.

(b)  144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(c)  Floating or variable rate securities: The rates disclosed are as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

  Amount is less than 0.05%.

(d)  Inverse Floating Rate Security — Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at March 31, 2023.

(e)  All or a portion of this security was on loan at March 31, 2023.

(f)  Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2023.

(g)  Rate shown is the yield to maturity at March 31, 2023.

(h)  Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency exchange contracts, futures contracts and swap agreements.

(i)  At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $7,514,000 and the aggregate gross unrealized depreciation is approximately $55,763,000, resulting in net unrealized depreciation of approximately $48,249,000.

@  Value is less than $500.

CLO  Collateralized Loan Obligation.

EURIBOR  Euro Interbank Offered Rate.

GMTN  Global Medium Term Note

IO  Interest Only.

LIBOR  London Interbank Offered Rate.

PAC  Planned Amortization Class.

PRIME  Daily US Prime Rate.

REMIC  Real Estate Mortgage Investment Conduit.

SOFR  Secured Overnight Financing Rate.

SONIA  Sterling Overnight Index Average

STRIPS  Separate Trading of Registered Interest and Principal of Securities.

TBA  To Be Announced.

USD  United States Dollar.

The accompanying notes are an integral part of the financial statements.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Bank of America NA	IDR	29,953,242	$	1,982	5/11/23	$	(13	)
Bank of America NA	JPY	378,249	$	2,883	5/11/23		19
Bank of America NA	$	1,541	THB	50,745	5/11/23		(51	)
Barclays Bank PLC	EUR	9,977	$	10,905	5/11/23		63
Barclays Bank PLC	EUR	1,147	$	1,217	5/11/23		(29	)
Barclays Bank PLC	MXN	15,792	$	873	5/11/23		3
Barclays Bank PLC	SEK	14,648	$	1,412	5/11/23		(2	)
Barclays Bank PLC	$	31	EUR	28	5/11/23		(—	@)
Barclays Bank PLC	$	865	MXN	15,792	5/11/23		6
BNP Paribas SA	THB	50,745	$	1,456	5/11/23		(34	)
BNP Paribas SA	ZAR	96,228	$	5,505	5/11/23		119
Citibank NA	DOP	31,600	$	550	5/11/23		(18	)
Citibank NA	$	31	EUR	28	5/11/23		(—	@)
Credit Agricole CIB	MXN	33,018	$	1,772	5/11/23		(47	)
Goldman Sachs International	$	1,777	BRL	9,071	5/11/23		1
Goldman Sachs International	$	21	CAD	29	5/11/23		—	@
HSBC Bank PLC	$	11	CAD	15	5/11/23		—	@
HSBC Bank PLC	$	1,398	JPY	181,996	5/11/23		(20	)
HSBC Bank PLC	ZAR	9,490	$	515	5/11/23		(16	)
JPMorgan Chase Bank NA	AUD	20	$	14	5/11/23		1
JPMorgan Chase Bank NA	BRL	9,071	$	1,768	5/11/23		(10	)
JPMorgan Chase Bank NA	GBP	6,081	$	7,394	5/11/23		(114	)
JPMorgan Chase Bank NA	$	1,408	NOK	14,762	5/11/23		5
Standard Chartered Bank	MXN	16,609	$	866	5/11/23		(49	)
UBS AG	CAD	4,761	$	3,575	5/11/23		50
UBS AG	IDR	16,520,195	$	1,109	5/11/23		9
UBS AG	MXN	13,801	$	721	5/11/23		(40	)
UBS AG	$	34	CAD	46	5/11/23		—	@
UBS AG	$	1,290	EUR	1,204	5/11/23		18
UBS AG	$	1,471	EUR	1,360	5/11/23		7
UBS AG	$	64	GBP	54	5/11/23		2
UBS AG	$	2,941	JPY	378,455	5/11/23		(75	)
						$	(215	)

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2023:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 10 yr. Note		133	Jun-23	$	13,300		$	15,285		$	84
U.S. Treasury 10 yr. Ultra Note		88	Jun-23		8,800			10,660			209
U.S. Treasury 2 yr. Note		159	Jun-23		31,800			32,826			278
U.S. Treasury 5 yr. Note		232	Jun-23		23,200			25,406			340
U.S. Treasury Long Bond		345	Jun-23		34,500			45,249			1,543
U.S. Treasury Ultra Bond		196	Jun-23		19,600			27,660			980
Short:
Euro-Buxl 30 yr. Bond		3	Jun-23	EUR	(300	)		(458	)		(18	)
German Euro-OAT Index		11	Jun-23		(1,100	)		(1,554	)		(33	)
										$	3,383

The accompanying notes are an integral part of the financial statements.
12

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Core Plus Fixed Income Portfolio

Credit Default Swap Agreements:

The Fund had the following credit default swap agreements open at March 31, 2023:

Swap Counterparty and Reference Obligation	Credit Rating of Reference Obligation†	Buy/Sell Protection	Pay/Receive Fixed Rate			Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Depreciation (000)
Morgan Stanley & Co. LLC* CDX.NA.HY.39	NR	Buy		5.00	%	Quarterly	6/20/28	$	11,900	$	(197	)	$	26	$	(223	)

@  Value is less than $500.

*  Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.

†  Credit rating as issued by Standard & Poor's.

OAT  Obligations Assimilables du Trésor (French Treasury Obligation).

AUD  —  Australian Dollar

BRL  —  Brazilian Real

CAD  —  Canadian Dollar

DOP  —  Dominican Peso

EUR  —  Euro

GBP  —  British Pound

IDR  —  Indonesian Rupiah

JPY  —  Japanese Yen

MXN  —  Mexican Peso

NOK  —  Norwegian Krone

SEK  —  Swedish Krona

THB  —  Thai Baht

USD  —  United States Dollar

ZAR  —  South African Rand

Portfolio Composition*

Classification	Percentage of Total Investments
Agency Fixed Rate Mortgages		19.3	%
Mortgages — Other		14.5
Short-Term Investments		14.3
Commercial Mortgage-Backed Securities		13.2
Industrials		12.6
Asset-Backed Securities		10.7
Finance		7.9
Other**		7.5
Total Investments		100.0	%***

*  Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.

**  Industries and/or investment types representing less than 5% of total investments.

***  Does not include open long/short futures contracts with a value of approximately $159,098,000 and net unrealized appreciation of approximately $3,383,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $215,000. Does not include open swap agreements with total unrealized depreciation of approximately $223,000.

The accompanying notes are an integral part of the financial statements.
13

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities	March 31, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value(1) (Cost $620,162)	$	568,968
Investment in Security of Affiliated Issuer, at Value (Cost $70,985)		70,985
Total Investments in Securities, at Value (Cost $691,147)		639,953
Foreign Currency, at Value (Cost $483)		487
Cash		250
Receivable for Investments Sold		12,520
Receivable for Variation Margin on Futures Contracts		5,084
Interest Receivable		3,132
Receivable for Fund Shares Sold		527
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		303
Receivable from Affiliate		243
Tax Reclaim Receivable		10
Receivable from Securities Lending Income		10
Other Assets		90
Total Assets		662,609
Liabilities:
Payable for Investments Purchased		103,578
Collateral on Securities Loaned, at Value		2,432
Due to Broker		1,810
Payable for Fund Shares Redeemed		623
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		518
Payable for Advisory Fees		215
Payable for Sub Transfer Agency Fees — Class I		105
Payable for Sub Transfer Agency Fees — Class A		15
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		4
Payable for Variation Margin on Swap Agreements		62
Payable for Professional Fees		41
Payable for Administration Fees		37
Deferred Capital Gain Country Tax		25
Payable for Shareholder Services Fees — Class A		13
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		11
Payable for Custodian Fees		20
Payable for Transfer Agency Fees — Class I		4
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		—	@
Payable for Transfer Agency Fees — Class C		1
Payable for Transfer Agency Fees — Class R6		—	@
Payable for Trustees' Fees and Expenses		—	@
Other Liabilities		123
Total Liabilities		109,638
Net Assets	$	552,971
Net Assets Consist of:
Paid-in-Capital	$	684,223
Total Accumulated Loss		(131,252	)
Net Assets	$	552,971

The accompanying notes are an integral part of the financial statements.
14

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2023 (000)
CLASS I:
Net Assets	$	414,298
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		42,765,175
Net Asset Value, Offering and Redemption Price Per Share	$	9.69
CLASS A:
Net Assets	$	60,341
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		6,217,459
Net Asset Value, Redemption Price Per Share	$	9.71
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.33
Maximum Offering Price Per Share	$	10.04
CLASS L:
Net Assets	$	951
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		97,915
Net Asset Value, Offering and Redemption Price Per Share	$	9.72
CLASS C:
Net Assets	$	12,988
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,348,808
Net Asset Value, Offering and Redemption Price Per Share	$	9.63
CLASS R6:
Net Assets	$	64,393
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		6,650,025
Net Asset Value, Offering and Redemption Price Per Share	$	9.68
(1) Including: Securities on Loan, at Value:	$	4,612

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
15

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Core Plus Fixed Income Portfolio

Statement of Operations	Six Months Ended March 31, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $4 of Foreign Taxes Withheld)	$	13,019
Dividends from Security of Affiliated Issuer (Note G)		1,367
Income from Securities Loaned — Net		51
Total Investment Income		14,437
Expenses:
Advisory Fees (Note B)		1,123
Sub Transfer Agency Fees — Class I		211
Sub Transfer Agency Fees — Class A		37
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		5
Administration Fees (Note C)		240
Shareholder Services Fees — Class A (Note D)		75
Distribution and Shareholder Services Fees — Class L (Note D)		2
Distribution and Shareholder Services Fees — Class C (Note D)		69
Professional Fees		85
Pricing Fees		39
Custodian Fees (Note F)		38
Registration Fees		34
Transfer Agency Fees — Class I (Note E)		11
Transfer Agency Fees — Class A (Note E)		3
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class C (Note E)		2
Transfer Agency Fees — Class R6 (Note E)		2
Shareholder Reporting Fees		18
Trustees' Fees and Expenses		7
Other Expenses		19
Total Expenses		2,021
Waiver of Advisory Fees (Note B)		(493	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(112	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class R6 (Note B)		(2	)
Rebate from Morgan Stanley Affiliate (Note G)		(59	)
Net Expenses		1,354
Net Investment Income		13,083
Realized Gain (Loss):
Investments Sold		(22,698	)
Foreign Currency Forward Exchange Contracts		701
Foreign Currency Translation		(5	)
Futures Contracts		(7,942	)
Swap Agreements		(974	)
Net Realized Loss		(30,918	)
Change in Unrealized Appreciation (Depreciation):
Investments		40,889
Foreign Currency Forward Exchange Contracts		(2,754	)
Foreign Currency Translation		35
Futures Contracts		10,619
Swap Agreements		(128	)
Net Change in Unrealized Appreciation (Depreciation)		48,661
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		17,743
Net Increase in Net Assets Resulting from Operations	$	30,826

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
16

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Core Plus Fixed Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	13,083		$	22,264
Net Realized Loss		(30,918	)		(52,539	)
Net Change in Unrealized Appreciation (Depreciation)		48,661			(103,962	)
Net Increase (Decrease) in Net Assets Resulting from Operations		30,826			(134,237	)
Dividends and Distributions to Shareholders:
Class I		(12,125	)		(18,106	)
Class A		(1,540	)		(2,149	)
Class L		(22	)		(23	)
Class C		(308	)		(407	)
Class R6*		(2,302	)		(3,666	)
Total Dividends and Distributions to Shareholders		(16,297	)		(24,351	)
Capital Share Transactions:(1)
Class I:
Subscribed		66,983			196,934
Distributions Reinvested		11,963			17,880
Redeemed		(146,186	)		(356,596	)
Class A:
Subscribed		4,305			11,728
Distributions Reinvested		1,540			2,149
Redeemed		(8,377	)		(35,681	)
Class L:
Exchanged		100			41
Distributions Reinvested		22			23
Redeemed		(52	)		(99	)
Class C:
Subscribed		1,494			1,327
Distributions Reinvested		305			404
Redeemed		(4,075	)		(8,945	)
Class R6:*
Subscribed		3,731			16,068
Distributions Reinvested		2,048			3,243
Redeemed		(46,653	)		(18,923	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(112,852	)		(170,447	)
Total Decrease in Net Assets		(98,323	)		(329,035	)
Net Assets:
Beginning of Period		651,294			980,329
End of Period	$	552,971		$	651,294

The accompanying notes are an integral part of the financial statements.
17

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Core Plus Fixed Income Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
(1)   Capital Share Transactions:
Class I:
Shares Subscribed		7,028			18,315
Shares Issued on Distributions Reinvested		1,255			1,657
Shares Redeemed		(15,317	)		(33,337	)
Net Decrease in Class I Shares Outstanding		(7,034	)		(13,365	)
Class A:
Shares Subscribed		450			1,069
Shares Issued on Distributions Reinvested		161			198
Shares Redeemed		(881	)		(3,299	)
Net Decrease in Class A Shares Outstanding		(270	)		(2,032	)
Class L:
Shares Exchanged		11			4
Shares Issued on Distributions Reinvested		2			2
Shares Redeemed		(6	)		(9	)
Net Increase (Decrease) in Class L Shares Outstanding		7			(3	)
Class C:
Shares Subscribed		157			120
Shares Issued on Distributions Reinvested		32			38
Shares Redeemed		(431	)		(842	)
Net Decrease in Class C Shares Outstanding		(242	)		(684	)
Class R6:*
Shares Subscribed		397			1,486
Shares Issued on Distributions Reinvested		215			302
Shares Redeemed		(4,900	)		(1,863	)
Net Decrease in Class R6 Shares Outstanding		(4,288	)		(75	)

*  Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the financial statements.
18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Core Plus Fixed Income Portfolio

	Class I
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.45		$	11.53		$	11.91		$	11.58		$	10.84		$	11.17
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.21			0.29			0.26			0.31			0.37			0.34
Net Realized and Unrealized Gain (Loss)		0.29			(2.06	)		(0.07	)		0.40			0.78			(0.38	)
Total from Investment Operations		0.50			(1.77	)		0.19			0.71			1.15			(0.04	)
Distributions from and/or in Excess of:
Net Investment Income		(0.26	)		(0.28	)		(0.26	)		(0.30	)		(0.41	)		(0.29	)
Net Realized Gain		—			(0.03	)		(0.31	)		(0.08	)		—			—
Total Distributions		(0.26	)		(0.31	)		(0.57	)		(0.38	)		(0.41	)		(0.29	)
Net Asset Value, End of Period	$	9.69		$	9.45		$	11.53		$	11.91		$	11.58		$	10.84
Total Return(2)		5.37	%(5)		(15.58	)%		1.61	%		6.27	%		10.83	%(3)		(0.36	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	414,298		$	470,728		$	727,989		$	662,724		$	457,610		$	257,605
Ratio of Expenses Before Expense Limitation		0.64	%(6)		0.63	%		0.62	%		0.64	%		0.67	%		0.70	%
Ratio of Expenses After Expense Limitation		0.40	%(4)(6)		0.41	%(4)		0.41	%(4)		0.40	%(4)		0.41	%(4)		0.40	%(4)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.40	%(4)		N/A			N/A
Ratio of Net Investment Income		4.43	%(4)(6)		2.74	%(4)		2.26	%(4)		2.63	%(4)		3.29	%(4)		3.09	%(4)
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%(6)		0.01	%		0.01	%		0.02	%		0.01	%		0.02	%
Portfolio Turnover Rate		215	%(5)		266	%		434	%		287	%		217	%		248	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value as of the last business day of the period.

(3)  Performance was positively impacted by approximately 0.20% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class I shares would have been approximately 10.63%.

(4)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5)  Not annualized.

(6)  Annualized.

The accompanying notes are an integral part of the financial statements.
19

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Core Plus Fixed Income Portfolio

	Class A
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.47		$	11.54		$	11.93		$	11.60		$	10.85		$	11.18
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.19			0.26			0.22			0.27			0.33			0.30
Net Realized and Unrealized Gain (Loss)		0.29			(2.05	)		(0.09	)		0.40			0.79			(0.38	)
Total from Investment Operations		0.48			(1.79	)		0.13			0.67			1.12			(0.08	)
Distributions from and/or in Excess of:
Net Investment Income		(0.24	)		(0.25	)		(0.21	)		(0.26	)		(0.37	)		(0.25	)
Net Realized Gain		—			(0.03	)		(0.31	)		(0.08	)		—			—
Total Distributions		(0.24	)		(0.28	)		(0.52	)		(0.34	)		(0.37	)		(0.25	)
Net Asset Value, End of Period	$	9.71		$	9.47		$	11.54		$	11.93		$	11.60		$	10.85
Total Return(2)		5.18	%(5)		(15.75	)%		1.17	%		5.91	%		10.49	%(3)		(0.70	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	60,341		$	61,429		$	98,339		$	114,387		$	92,191		$	65,647
Ratio of Expenses Before Expense Limitation		0.92	%(6)		0.89	%		0.90	%		0.92	%		0.97	%		1.00	%
Ratio of Expenses After Expense Limitation		0.73	%(4)(6)		0.73	%(4)		0.75	%(4)		0.74	%(4)		0.75	%(4)		0.75	%(4)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.74	%(4)		N/A			N/A
Ratio of Net Investment Income		4.10	%(4)(6)		2.41	%(4)		1.92	%(4)		2.29	%(4)		2.96	%(4)		2.73	%(4)
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%(6)		0.01	%		0.01	%		0.02	%		0.01	%		0.02	%
Portfolio Turnover Rate		215	%(5)		266	%		434	%		287	%		217	%		248	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3)  Performance was positively impacted by approximately 0.20% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class A shares would have been approximately 10.29%.

(4)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5)  Not annualized.

(6)  Annualized.

The accompanying notes are an integral part of the financial statements.
20

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Core Plus Fixed Income Portfolio

	Class L
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.48		$	11.56		$	11.94		$	11.61		$	10.86		$	11.17
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.18			0.23			0.19			0.24			0.30			0.27
Net Realized and Unrealized Gain (Loss)		0.29			(2.06	)		(0.07	)		0.40			0.78			(0.37	)
Total from Investment Operations		0.47			(1.83	)		0.12			0.64			1.08			(0.10	)
Distributions from and/or in Excess of:
Net Investment Income		(0.23	)		(0.22	)		(0.19	)		(0.23	)		(0.33	)		(0.21	)
Net Realized Gain		—			(0.03	)		(0.31	)		(0.08	)		—			—
Total Distributions		(0.23	)		(0.25	)		(0.50	)		(0.31	)		(0.33	)		(0.21	)
Net Asset Value, End of Period	$	9.72		$	9.48		$	11.56		$	11.94		$	11.61		$	10.86
Total Return(2)		5.04	%(5)		(16.05	)%		1.00	%		5.63	%		10.12	%(3)		(0.95	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	951		$	859		$	1,082		$	812		$	720		$	464
Ratio of Expenses Before Expense Limitation		1.31	%(6)		1.31	%		1.27	%		1.37	%		1.45	%		1.41	%
Ratio of Expenses After Expense Limitation		1.00	%(4)(6)		1.01	%(4)		1.01	%(4)		1.00	%(4)		1.01	%(4)		1.00	%(4)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.00	%(4)		N/A			N/A
Ratio of Net Investment Income		3.83	%(4)(6)		2.17	%(4)		1.67	%(4)		2.04	%(4)		2.70	%(4)		2.46	%(4)
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%(6)		0.01	%		0.01	%		0.02	%		0.01	%		0.02	%
Portfolio Turnover Rate		215	%(5)		266	%		434	%		287	%		217	%		248	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value as of the last business day of the period.

(3)  Performance was positively impacted by approximately 0.20% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class L shares would have been approximately 9.92%.

(4)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5)  Not annualized.

(6)  Annualized.

The accompanying notes are an integral part of the financial statements.
21

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Core Plus Fixed Income Portfolio

	Class C
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.40		$	11.45		$	11.84		$	11.52		$	10.77		$	11.10
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.16			0.18			0.14			0.18			0.25			0.22
Net Realized and Unrealized Gain (Loss)		0.28			(2.03	)		(0.08	)		0.41			0.78			(0.37	)
Total from Investment Operations		0.44			(1.85	)		0.06			0.59			1.03			(0.15	)
Distributions from and/or in Excess of:
Net Investment Income		(0.21	)		(0.17	)		(0.14	)		(0.19	)		(0.28	)		(0.18	)
Net Realized Gain		—			(0.03	)		(0.31	)		(0.08	)		—			—
Total Distributions		(0.21	)		(0.20	)		(0.45	)		(0.27	)		(0.28	)		(0.18	)
Net Asset Value, End of Period	$	9.63		$	9.40		$	11.45		$	11.84		$	11.52		$	10.77
Total Return(2)		4.72	%(5)		(16.32	)%		0.49	%		5.16	%		9.70	%(3)		(1.39	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	12,988		$	14,947		$	26,063		$	25,989		$	14,684		$	6,873
Ratio of Expenses Before Expense Limitation		1.65	%(6)		1.62	%		1.60	%		1.62	%		1.68	%		1.73	%
Ratio of Expenses After Expense Limitation		1.46	%(4)(6)		1.45	%(4)		1.44	%(4)		1.43	%(4)		1.46	%(4)		1.50	%(4)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			1.43	%(4)		N/A			N/A
Ratio of Net Investment Income		3.36	%(4)(6)		1.69	%(4)		1.23	%(4)		1.60	%(4)		2.23	%(4)		2.01	%(4)
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%(6)		0.01	%		0.01	%		0.02	%		0.01	%		0.02	%
Portfolio Turnover Rate		215	%(5)		266	%		434	%		287	%		217	%		248	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3)  Performance was positively impacted by approximately 0.20% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class C shares would have been approximately 9.50%.

(4)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5)  Not annualized.

(6)  Annualized.

The accompanying notes are an integral part of the financial statements.
22

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Core Plus Fixed Income Portfolio

	Class R6(1)
	Six Months Ended March 31, 2023			Year Ended September 30,												Period from June 15, 2018(2) to
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			September 30, 2018
Net Asset Value, Beginning of Period	$	9.45		$	11.52		$	11.91		$	11.58		$	10.84		$	10.85
Income (Loss) from Investment Operations:
Net Investment Income(3)		0.21			0.30			0.27			0.31			0.37			0.10
Net Realized and Unrealized Gain (Loss)		0.28			(2.05	)		(0.09	)		0.41			0.78			(0.04	)
Total from Investment Operations		0.49			(1.75	)		0.18			0.72			1.15			0.06
Distributions from and/or in Excess of:
Net Investment Income		(0.26	)		(0.29	)		(0.26	)		(0.31	)		(0.41	)		(0.07	)
Net Realized Gain		—			(0.03	)		(0.31	)		(0.08	)		—			—
Total Distributions		(0.26	)		(0.32	)		(0.57	)		(0.39	)		(0.41	)		(0.07	)
Net Asset Value, End of Period	$	9.68		$	9.45		$	11.52		$	11.91		$	11.58		$	10.84
Total Return(4)		5.29	%(7)		(15.46	)%		1.66	%		6.24	%		10.89	%(5)		0.56	%(7)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	64,393		$	103,331		$	126,856		$	96,251		$	11		$	10
Ratio of Expenses Before Expense Limitation		0.54	%(8)		0.53	%		0.52	%		0.54	%		18.96	%		18.71	%(8)
Ratio of Expenses After Expense Limitation		0.35	%(6)(8)		0.36	%(6)		0.36	%(6)		0.35	%(6)		0.35	%(6)		0.35	%(6)(8)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.35	%(6)		N/A			N/A
Ratio of Net Investment Income		4.46	%(6)(8)		2.83	%(6)		2.32	%(6)		2.67	%(6)		3.33	%(6)		3.17	%(6)(8)
Ratio of Rebate from Morgan Stanley Affiliates		0.02	%(8)		0.01	%		0.01	%		0.02	%		0.01	%		0.02	%(8)
Portfolio Turnover Rate		215	%(7)		266	%		434	%		287	%		217	%		248	%(7)

(1)  Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2)  Commencement of Offering.

(3)  Per share amount is based on average shares outstanding.

(4)  Calculated based on the net asset value as of the last business day of the period.

(5)  Performance was positively impacted by approximately 0.20% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class R6 shares would have been approximately 10.69%.

(6)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7)  Not annualized.

(8)  Annualized.

The accompanying notes are an integral part of the financial statements.
23

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements

Morgan Stanley Institutional Fund Trust ("Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is comprised of nine separate, active funds (individually referred to as a "Fund," collectively as the "Funds"). The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. All Funds are considered diversified for purposes of the Act.

The accompanying financial statements relate to the Core Plus Fixed Income Portfolio. The Fund seeks above-average total return over a market cycle of three to five years. The Fund offers five classes of shares — Class I, Class A, Class L, Class C and Class R6. Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The Fund has suspended offering Class L shares for sale to all investors. Class L shareholders of the Fund do not have the option of purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Trust in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1.  Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) futures are valued at the settlement price on the exchange on which they trade or, if a

settlement price is unavailable, at the last sale price on the exchange; (3) over-the-counter ("OTC") swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (4) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (5) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial

24

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

instrument dealers and other market sources to determine fair value.

2.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

•  Level 1 – unadjusted quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Fixed Rate Mortgages	$	—		$	123,012		$	—	$	123,012
Asset-Backed Securities		—			67,936			—		67,936
Collateralized Mortgage Obligations — Agency Collateral Series		—			2,347			—		2,347
Commercial Mortgage-Backed Securities		—			84,345			—		84,345
Corporate Bonds		—			143,753			—		143,753
Mortgages — Other		—			92,472			—		92,472
Municipal Bonds		—			4,570			—		4,570
Sovereign		—			26,787			—		26,787
Supranational		—			1,236			—		1,236
Total Fixed Income Securities		—			546,458			—		546,458
Short-Term Investments
Investment Company		70,985			—			—		70,985
U.S. Treasury Securities		—			22,510			—		22,510
Total Short-Term Investments		70,985			22,510			—		93,495
Foreign Currency Forward Exchange Contract		—			303			—		303
Futures Contracts		3,434			—			—		3,434
Total Assets		74,419			569,271			—		643,690
Liabilities:
Foreign Currency Forward Exchange Contract		—			(518	)		—		(518	)
Futures Contracts		(51	)		—			—		(51	)
Credit Default Swap Agreement		—			(223	)		—		(223	)
Total Liabilities		(51	)		(741	)		—		(792	)
Total	$	74,368		$	568,530		$	—	$	642,898

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

3.  Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

–  investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

–  investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

25

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual

companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

4.  Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivative instruments used by the Fund will be counted towards the Fund's exposure in the types of securities listed herein to the extent they have economic characteristics similar to such securities. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset 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, 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. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more

26

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

Futures: A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time.

Swaps: The Fund may enter into OTC swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received

under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the counterparty or clearing-house based on changes in the value of the contract or variation margin, respectively. The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis based on the type of market participant and U.S. Commodities Futures Trading Commission ("CFTC") approval of contracts for central clearing and exchange trading.

The Fund's use of swaps during the period included those based on the credit of an underlying security commonly referred to as "credit default swaps." The Fund may be either the buyer or seller in a credit default swap. Where the Fund is the buyer of a credit default swap contract, it would typically be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract only in the event of a default or similar event by the issuer of the debt obligation. If no default occurs, the Fund would have paid to the counterparty a periodic stream of payments over the term of the contract and received no benefit from the contract. When the Fund is the seller of a credit default swap contract, it typically receives the stream of payments but is obligated to pay an amount equal to the par (or other agreed-upon) value of a referenced debt obligation upon the default or similar event by the issuer of the referenced debt obligation. The use of credit default swaps could result in losses to the Fund

27

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

if the Adviser fails to correctly evaluate the creditworthiness of the issuer of the referenced debt obligation.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap agreement and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap agreement and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The Fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the swap agreement.

The current credit rating of each individual issuer is listed in the table following the Portfolio of Investments and serves as an indicator of the current status of the payment/performance risk of the credit derivative. Alternatively, for credit default swaps on an index of credits, the quoted market prices and current values serve as an indicator of the current status of the payment/performance risk of the credit derivative. Generally, lower credit ratings and increasing market values, in absolute terms,

represent a deterioration of the credit and a greater likelihood of an adverse credit event of the issuer.

When the Fund has an unrealized loss on a swap agreement, the Fund has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. If applicable, cash collateral is included with "Due from (to) Broker" in the Statement of Assets and Liabilities.

Upfront payments paid or received by the Fund will be reflected as an asset or liability, respectively, in the Statement of Assets and Liabilities.

Foreign Currency Forward Exchange Contracts: In connection with its investments in foreign securities, the Fund also entered into contracts with banks, brokers/dealers to purchase or sell foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, the Fund may use cross currency hedging or proxy hedging with respect to currencies in which the Fund has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. To the extent hedged by the use of currency contracts, the precise matching of the currency 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. Furthermore, 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.

28

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency contracts involves 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. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2023:

	Asset Derivatives Statement of Assets and Liabilities Location	Primary Risk Exposure	Value (000)
Foreign Currency Forward Exchange Contracts	Unrealized Appreciation on Foreign Currency Forward Exchange Contracts	Currency Risk	$	303
Futures Contracts	Variation Margin on Futures Contracts	Interest Rate Risk		3,434	(a)
Total			$	3,737
	Liability Derivatives Statement of Assets and Liabilities Location	Primary Risk Exposure	Value (000)
Foreign Currency Forward Exchange Contracts	Unrealized Depreciation on Foreign Currency Forward Exchange Contracts	Currency Risk	$	(518	)
Futures Contracts	Variation Margin on Futures Contracts	Interest Rate Risk		(51	)(a)
Swap Agreement	Variation Margin on Swap Agreement	Credit Risk		(223	)(a)
Total			$	(792	)

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Portfolio of Investments. The Statement of Assets and Liabilities only reflects the current day's net variation margin.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended March 31, 2023 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	701
Interest Rate Risk	Futures Contracts		(7,942	)
Credit Risk	Swap Agreements		(974	)
Total		$	(8,215	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(2,754	)
Interest Rate Risk	Futures Contracts		10,619
Credit Risk	Swap Agreements		(128	)
Total		$	7,737

At March 31, 2023, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	303	$	(518	)

(b) Excludes exchange-traded derivatives.

(c) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit

29

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2023:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Received(d) (000)			Net Amount (not less than $0) (000)
Bank of America NA	$	19		$	(19	)	$	—		$	0
Barclays Bank PLC		72			(31	)		—			41
BNP Paribas SA		119			(34	)		—			85
Goldman Sachs International		1			—			(1	)		0
HSBC Bank PLC		—	@		(—	@)		—			0
JPMorgan Chase Bank NA		6			(6	)		—			0
UBS AG		86			(86	)		—			0
Total	$	303		$	(176	)	$	(1	)	$	126
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Pledged (000)			Net Amount (not less than $0) (000)
Bank of America NA	$	64		$	(19	)	$	—		$	45
Barclays Bank PLC		31			(31	)		—			0
BNP Paribas SA		34			(34	)		—			0
Citibank NA		18			—			—			18
Credit Agricole CIB		47			—			—			47
HSBC Bank PLC		36			(—	@)		—			36
JPMorgan Chase Bank NA		124			(6	)		—			118
Standard Chartered Bank		49			—			—			49
UBS AG		115			(86	)		—			29
Total	$	518		$	(176	)	$	—		$	342

@ Value is less than $500.

(d) In some instances, the actual collateral received may be more than the amount shown here due to overcollateralization.

For the six months ended March 31, 2023, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	59,361,000
Futures Contracts:
Average monthly notional value	$	244,117,000
Swap Agreements:
Average monthly notional amount	$	12,417,000

5.  Securities Lending: The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

30

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2023:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	4,612	(e)	$	—	$	(4,612	)(f)(g)	$	0

(e) Represents market value of loaned securities at period end.

(f) The Fund received cash collateral of approximately $2,432,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $2,251,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

(g) The actual collateral received is greater than the amount shown here due to overcollateralization.

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of March 31, 2023:

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Corporate Bonds	$	1,740	$	—	$	—	$	—	$	1,740
Sovereign		692		—		—		—		692
Total	$	2,432	$	—	$	—	$	—	$	2,432
Total Borrowings	$	2,432	$	—	$	—	$	—	$	2,432
Gross amount of recognized liabilities for securities lending transactions									$	2,432

6.  When-Issued/Delayed Delivery Securities: The Fund purchases and sells when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery

securities can take place a month or more after the date of the transaction. When the Fund enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to the Fund's commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.

7.  Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

8.  Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed at least annually.

9.  Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency and sub transfer agency fees) and realized and

31

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at the annual rate based on the average daily net assets as follows:

First $1 billion			Over $1 billion
	0.375	%		0.300	%

For the six months ended March 31, 2023, the advisory fee rate (net of waivers/rebate) was equivalent to an annual effective rate of 0.19% of the Fund's average daily net assets.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.42% for Class I shares, 0.77% for Class A shares, 1.02% for Class L shares, 1.52% for Class C shares and 0.37% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2023, approximately $493,000 of advisory fees were waived and approximately $115,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid

monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.25% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

E. Dividend Disbursing and Transfer/Co-Transfer Agent: The Trust's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS, Inc."). Pursuant to a Transfer Agency Agreement, the Trust pays SS&C GIDS, Inc. a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended March 31, 2023, EVM earned $0 for providing such services.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

32

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $51,771,000 and $147,946,000, respectively. For the six months ended March 31, 2023, purchases and sales of long-term U.S. Government securities were approximately $1,224,216,000 and $1,243,621,000, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2023, advisory fees paid were reduced by approximately $59,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2023 is as follows:

Affiliated Investment Company	Value September 30, 2022 (000)		Purchases at Cost (000)		Proceeds from Sales (000)		Dividend Income (000)
Liquidity Funds	$	87,634	$	188,464	$	205,113	$	1,367

Affiliated Investment Company (cont'd)	Realized Gain (Loss) (000)		Change in Unrealized Appreciation (Depreciation) (000)		Value March 31, 2023 (000)
Liquidity Funds	$	—	$	—	$	70,985

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of

the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

H. Federal Income Taxes: It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2022 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2022 and 2021 was as follows:

2022 Distributions Paid From:				2021 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	21,875	$	2,476	$	45,834	$	2,687

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

33

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gain (000)
$	9,835	$	—

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended September 30, 2022, the Fund intends to defer to October 1, 2022 for U.S. federal income tax purposes the following losses:

Qualified Late Year Ordinary Losses (000)		Post-October Capital Losses (000)
$	—	$	62,897

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $300,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended March 31, 2023, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2023, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 47.8%.

K. Market Risk: An 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. Social, political, economic and

other conditions and events, such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets and global economy. 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 be sudden and significant and may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of and/or income or yield from the Fund's investments and exacerbate pre-existing risks to the Fund. For example, the extent of the impact of a public health emergency depends on future developments, including (i) the duration and spread of the public health emergency, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments.

L. LIBOR Discontinuance or Unavailability Risk: 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 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 the end of June 2023. However,

34

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

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 derivatives and other instruments or investments held by the Fund. In light of this eventuality, public and private sector industry initiatives are currently underway to establish new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund's investments and result in costs incurred in connection with closing out positions and entering into new trades.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Some of the Fund's investments may be so-called "tough legacy" LIBOR instruments which may not have effective alternative rate-setting provisions or may involve counterparties who are unwilling to add or exercise rights under alternative rate-setting provisions in such instruments. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace U.S. Dollar LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on the Secured Overnight Financing Rate ("SOFR") for tough legacy contracts. On February 27, 2023, the final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts governed by U.S. law. In addition, the FCA has announced that it will require the publication of the one-month, three-month and six-month U.S. Dollar LIBOR settings on the basis of a changed methodology (known as "synthetic LIBOR"), after

June 30, 2023 through at least September 30, 2024, addressing non-U.S. law governed U.S. Dollar LIBOR instruments, but this synthetic LIBOR will be designated by the FCA as unrepresentative of the underlying market that it seeks to measure and will be solely available for use in legacy transactions. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements, the application of synthetic LIBOR or otherwise may also result in a reduction in the value of certain instruments held by the Fund or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR is still developing. There may also be challenges for the Fund to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions more fully develops. All of the aforementioned may adversely affect the Fund's investments (including their volatility, value and liquidity) and, as a result, the performance or NAV.

35

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), the Fund has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund (i.e., liquidity risk). The Fund's Board of Trustees (the "Board") previously approved the designation of the Liquidity Risk Subcommittee (the "LRS") as Program administrator. The LRS is comprised of representatives from various divisions within Morgan Stanley Investment Management.

At a meeting held on March 1-2, 2023, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2022, through December 31, 2022, as required under the Liquidity Rule. The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

In accordance with the Program, the LRS assessed each Fund's liquidity risk no less frequently than annually taking into consideration certain factors, as applicable, such as (i) investment strategy and liquidity of portfolio investments, (ii) short-term and long-term cash flow projections and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories, which classification is assessed at least monthly by the LRS. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading and investment-specific considerations, as well as market depth, and in some cases utilize third-party vendor data.

The Liquidity Rule limits a fund's investments in illiquid investments to 15% of its net assets and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or "HLIM"). The LRS believes that the Program includes provisions reasonably designed to review, monitor and comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement, as applicable.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

36

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice  April 2021

FACTS	WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◼ Social Security number and income ◼ investment experience and risk tolerance ◼ checking account number and wire transfer instructions
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

37

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

To limit our sharing	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice? Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (see Investment Management Affiliates definition below)

What we do

How does MSIM protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?	We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.

38

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

Definitions

Investment Management Affiliates	MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other Important Information

Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.

California: Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

39

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Trustee and Officer Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the Annual Reports within 60 days of the end of the fund's second and fourth fiscal quarters. The Semi-Annual and Annual Reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im/shareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may obtain the Form N-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov).

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 869-6397 or by visiting our website at www.morganstanley.com/im/shareholderreports. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 869-6397.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling 1(800) 869-6397, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

40

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

© 2023 Morgan Stanley. Morgan Stanley Distribution, Inc.

IFTCPFISAN
5647251 EXP 05.31.24

Morgan Stanley Institutional Fund Trust

Corporate Bond Portfolio

Semi-Annual Report

March 31, 2023

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Table of Contents

Shareholders' Letter	2
Expense Example	3
Portfolio of Investments	4
Statement of Assets and Liabilities	10
Statement of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	14
Notes to Financial Statements	18
Liquidity Risk Management Program	28
U.S. Customer Privacy Notice	29
Trustees and Officers Information	32

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of the Morgan Stanley Institutional Fund Trust. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.

Additionally, you can access fund information including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.

There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.

1

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this Semi-Annual Report, in which you will learn how your investment in Corporate Bond Portfolio (the "Fund") performed during the latest six-month period.

Morgan Stanley Investment Management is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2023

2

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Expense Example

Corporate Bond Portfolio

As a shareholder of the Fund, you may incur two types of costs: (1) transactional costs, including sales charge (loads) on purchase payments; and (2) ongoing costs, which may include advisory fees, administration fees, distribution and shareholder services fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2023 and held for the entire six-month period.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads, if applicable). Therefore, the information for each class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/22		Actual Ending Account Value 3/31/23		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Corporate Bond Portfolio Class I	$	1,000.00	$	1,075.10	$	1,021.44	$	3.62	$	3.53		0.70	%
Corporate Bond Portfolio Class A		1,000.00		1,073.40		1,020.00		5.12		4.99		0.99
Corporate Bond Portfolio Class L		1,000.00		1,070.90		1,017.60		7.59		7.39		1.47
Corporate Bond Portfolio Class C		1,000.00		1,068.80		1,015.96		9.28		9.05		1.80

*  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 182/365 (to reflect the most recent one-half year period).

**  Annualized.

3

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (96.8%)
Commercial Mortgage-Backed Securities (2.4%)
Credit Suisse Mortgage Trust, Class A
1 Month Term SOFR + 3.14%, 7.97%, 9/9/24 (a)(b)	$	1,100	$	1,091
J.P. Morgan Chase Commercial Mortgage Securities Trust
1 Month Term SOFR + 2.18%, 7.01%, 9/15/39 (a)(b)		1,300		1,297
Taurus 2018-2 UK DAC
3 Month GBP SONIA + 1.22%, 5.31%, 5/22/28 (b)	GBP	588		720
				3,108
Corporate Bonds (94.1%)
Finance (36.0%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
1.65%, 10/29/24	$	625		585
2.88%, 8/14/24		175		167
Air Lease Corp.
4.63%, 10/1/28		325		309
Alexandria Real Estate Equities, Inc.
4.75%, 4/15/35		550		516
Ally Financial, Inc.
5.75%, 11/20/25		1,350		1,271
American International Group, Inc.
5.13%, 3/27/33		580		577
American National Group, Inc.
6.14%, 6/13/32 (a)		550		535
Aon Corp./Aon Global Holdings PLC
2.60%, 12/2/31		625		525
Assurant, Inc.
6.10%, 2/27/26		300		306
Australia & New Zealand Banking Group Ltd.,
2.57%, 11/25/35 (a)		300		232
4.83%, 2/3/25 (a)		400		401
Aviation Capital Group LLC
6.25%, 4/15/28 (a)		375		376
Banco de Credito e Inversiones SA
2.88%, 10/14/31 (a)		200		162
Banco Santander SA,
1.72%, 9/14/27		1,000		874
4.18%, 3/24/28		600		564
Bank Hapoalim BM
3.26%, 1/21/32 (a)		725		606
Bank of America Corp.,
2.69%, 4/22/32		900		752
3.85%, 3/8/37		800		683
4.57%, 4/27/33		2,275		2,167
Bank of Ireland Group PLC
2.03%, 9/30/27 (a)		1,725		1,494
Bank of New York Mellon Corp.
4.71%, 2/1/34		800		793

	Face Amount (000)		Value (000)
Belrose Funding Trust
2.33%, 8/15/30 (a)	$	475	$	370
BPCE SA,
3.12%, 10/19/32 (a)		375		281
3.65%, 1/14/37 (a)(c)		500		393
5.15%, 7/21/24 (a)		1,025		1,006
CaixaBank SA
6.21%, 1/18/29 (a)		1,325		1,334
Capital One Financial Corp.
5.82%, 2/1/34		925		895
Carlyle Finance Subsidiary LLC
3.50%, 9/19/29 (a)		425		389
Centene Corp.
2.50%, 3/1/31		1,350		1,094
Charles Schwab Corp.,
Series G
5.38%, 6/1/25 (c)(d)		650		619
CI Financial Corp.
4.10%, 6/15/51		1,025		622
Citigroup, Inc.,
3.06%, 1/25/33		1,175		995
3.67%, 7/24/28		875		830
3.79%, 3/17/33		475		426
Coinbase Global, Inc.
3.38%, 10/1/28 (a)		275		170
Corporate Office Properties LP
2.75%, 4/15/31		850		631
Credit Suisse Group AG
9.02%, 11/15/33 (a)		1,250		1,484
Deutsche Bank AG
2.22%, 9/18/24		450		438
Extra Space Storage LP Co.
3.90%, 4/1/29		750		692
5.70%, 4/1/28		325		327
F&G Annuities & Life, Inc.
7.40%, 1/13/28 (a)		1,000		1,007
First-Citizens Bank & Trust Co.
2.97%, 9/27/25		775		705
Global Atlantic Fin Co.
4.40%, 10/15/29 (a)		1,375		1,220
Goldman Sachs Group, Inc.
2.62%, 4/22/32		1,400		1,167
Grupo Aval Ltd.
4.38%, 2/4/30 (a)		375		290
High Street Funding Trust I
4.11%, 2/15/28 (a)(c)		850		812
HSBC Holdings PLC,
1.59%, 5/24/27		375		331
6.16%, 3/9/29		575		592
Humana, Inc.
5.50%, 3/15/53		300		306
Intact Financial Corp.
5.46%, 9/22/32 (a)		1,300		1,316

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Intesa Sanpaolo SpA
7.00%, 11/21/25 (a)	$	625	$	636
Jefferies Group LLC/Jefferies Group Capital Finance, Inc.
2.63%, 10/15/31		450		344
JPMorgan Chase & Co.,
1.95%, 2/4/32		1,475		1,188
3.54%, 5/1/28		450		426
4.57%, 6/14/30		450		438
KKR Group Finance Co. XII LLC
4.85%, 5/17/32 (a)		175		169
Macquarie Group Ltd.
2.87%, 1/14/33 (a)		575		466
Marsh & McLennan Cos., Inc.
5.88%, 8/1/33		350		380
National Australia Bank Ltd.
2.33%, 8/21/30 (a)		375		293
Nordea Bank Abp
5.38%, 9/22/27 (a)		625		628
Radian Group, Inc.
4.88%, 3/15/27		1,050		988
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.
3.88%, 3/1/31 (a)		345		286
Sabra Health Care LP
3.20%, 12/1/31		825		606
Santander U.K. Group Holdings PLC
6.83%, 11/21/26		625		634
Shinhan Bank Co., Ltd.
4.00%, 4/23/29 (a)		875		803
Stewart Information Services Corp.
3.60%, 11/15/31		500		394
Sun Communities Operating LP
5.70%, 1/15/33		650		651
Swedbank AB
3.36%, 4/4/25 (a)		350		338
Synchrony Bank
5.63%, 8/23/27		400		368
Synchrony Financial
4.88%, 6/13/25		175		162
Synovus Financial Corp.
5.20%, 8/11/25		475		418
Toronto-Dominion Bank
8.13%, 10/31/82		1,000		1,018
UnitedHealth Group, Inc.,
5.20%, 4/15/63		625		634
5.88%, 2/15/53		225		253
Wells Fargo & Co.,
MTN
2.88%, 10/30/30		375		326
Westpac Banking Corp.
2.67%, 11/15/35		225		175
				47,659

	Face Amount (000)		Value (000)
Industrials (48.2%)
AbbVie, Inc.,
4.05%, 11/21/39	$	300	$	268
4.40%, 11/6/42		175		160
Adventist Health System
5.43%, 3/1/32		700		703
Airbnb, Inc.
0.00%, 3/15/26		265		232
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 2/15/29 (a)		1,025		997
Alibaba Group Holding Ltd.
2.70%, 2/9/41		240		161
Amazon.com, Inc.
3.10%, 5/12/51		425		322
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.75%, 4/20/29 (a)		220		211
Anheuser-Busch InBev Worldwide, Inc.
4.35%, 6/1/40		750		697
Apple, Inc.,
2.38%, 2/8/41		425		319
2.95%, 9/11/49		825		624
Arches Buyer, Inc.
4.25%, 6/1/28 (a)		325		272
Arrow Electronics, Inc.
6.13%, 3/1/26		675		677
Ashtead Capital, Inc.
5.55%, 5/30/33 (a)		1,025		1,014
AT&T, Inc.,
3.55%, 9/15/55		1,227		882
4.50%, 5/15/35		700		654
Baidu, Inc.
1.72%, 4/9/26		450		407
BAT Capital Corp.,
2.26%, 3/25/28		1,050		901
3.73%, 9/25/40		250		179
4.74%, 3/16/32		350		325
Berry Global, Inc.
5.50%, 4/15/28 (a)		375		374
Boeing Co.,
2.95%, 2/1/30		675		596
3.25%, 2/1/35		600		491
BP Capital Markets America, Inc.
4.81%, 2/13/33		325		330
BP Capital Markets PLC
4.88%, 3/22/30 (d)		550		502
Broadcom, Inc.
3.19%, 11/15/36 (a)		550		417
Brunswick Corp.
5.10%, 4/1/52		425		314
Cedars-Sinai Health System,
Series 2021
2.29%, 8/15/31		620		524

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Celanese U.S. Holdings LLC
6.17%, 7/15/27	$	1,350	$	1,360
Cemex SAB de CV
9.13%, 3/14/28 (a)		400		401
Charter Communications Operating LLC/ Charter Communications Operating Capital,
2.80%, 4/1/31		275		222
3.50%, 3/1/42		975		660
5.13%, 7/1/49		500		396
Ciena Corp.
4.00%, 1/31/30 (a)		300		261
Colgate Energy Partners III LLC
5.88%, 7/1/29 (a)		300		284
Comcast Corp.,
2.94%, 11/1/56		675		450
3.75%, 4/1/40		575		494
CommonSpirit Health
6.07%, 11/1/27		575		591
Consorcio Transmantaro SA
4.70%, 4/16/34 (a)		400		366
Continental Resources, Inc.,
2.27%, 11/15/26 (a)		275		245
2.88%, 4/1/32 (a)		875		680
Coterra Energy, Inc.
3.90%, 5/15/27		950		907
CVS Health Corp.,
1.75%, 8/21/30		375		305
3.75%, 4/1/30		225		211
Dell International LLC/EMC Corp.
3.45%, 12/15/51 (a)		725		473
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.75%, 10/20/28 (a)		875		845
Diamondback Energy, Inc.
3.13%, 3/24/31		600		521
Dick's Sporting Goods, Inc.
4.10%, 1/15/52		450		321
DuPont de Nemours, Inc.
5.32%, 11/15/38		225		227
Enbridge, Inc.,
2.50%, 8/1/33		500		403
5.70%, 3/8/33		375		390
Enterprise Products Operating LLC,
3.30%, 2/15/53		625		453
5.35%, 1/31/33		175		181
EQT Corp.
5.70%, 4/1/28		575		575
Ferrellgas LP/Ferrellgas Finance Corp.
5.88%, 4/1/29 (a)		325		278
Ford Motor Credit Co. LLC,
GMTN
4.39%, 1/8/26		315		299
General Mills, Inc.
4.95%, 3/29/33		175		178

	Face Amount (000)		Value (000)
General Motors Co.,
6.60%, 4/1/36	$	325	$	335
6.75%, 4/1/46		125		127
Glencore Funding LLC
2.50%, 9/1/30 (a)(c)		600		503
Global Partners LP/GLP Finance Corp.
7.00%, 8/1/27		275		264
Global Payments, Inc.,
2.90%, 11/15/31		125		103
5.40%, 8/15/32		375		368
Grifols SA
2.25%, 11/15/27 (a)	EUR	310		287
Hanesbrands, Inc.
9.00%, 2/15/31 (a)(c)	$	250		256
HCA, Inc.
3.50%, 7/15/51		925		640
HF Sinclair Corp.
5.88%, 4/1/26		500		506
Hudbay Minerals, Inc.
4.50%, 4/1/26 (a)		300		277
Hyundai Capital America
3.00%, 2/10/27 (a)		1,200		1,102
Imperial Brands Finance PLC
6.13%, 7/27/27 (a)		400		411
Intel Corp.,
2.80%, 8/12/41		150		109
3.25%, 11/15/49		300		214
5.90%, 2/10/63		300		309
International Business Machines Corp.
2.85%, 5/15/40		375		277
Jacobs Engineering Group, Inc.
5.90%, 3/1/33		1,525		1,528
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
2.50%, 1/15/27 (a)		550		489
JDE Peet's NV
1.38%, 1/15/27 (a)		875		760
JetBlue Pass Through Trust,
Series AA
2.75%, 11/15/33		433		367
Kinder Morgan, Inc.
3.60%, 2/15/51		225		160
Kohl's Corp.
3.63%, 5/1/31		375		253
Kyndryl Holdings, Inc.,
2.70%, 10/15/28		825		692
3.15%, 10/15/31		450		344
Level 3 Financing, Inc.
3.40%, 3/1/27 (a)		625		495
Lithia Motors, Inc.
3.88%, 6/1/29 (a)		325		282
Lowe's Cos., Inc.
5.80%, 9/15/62		575		580

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Macy's Retail Holdings LLC
5.88%, 3/15/30 (a)	$	405	$	360
Marriott International, Inc.,
Series HH
2.85%, 4/15/31		1,075		916
McDonald's Corp.
4.45%, 9/1/48		175		163
MDGH GMTN (RSC) Ltd.
4.50%, 11/7/28 (a)		425		424
Micron Technology, Inc.
2.70%, 4/15/32		1,275		1,022
Midwest Connector Capital Co. LLC
4.63%, 4/1/29 (a)		600		563
Minsur SA
4.50%, 10/28/31 (a)		200		171
National Fuel Gas Co.
2.95%, 3/1/31		1,036		833
NBN Co. Ltd.
2.63%, 5/5/31 (a)		1,225		1,028
Newcastle Coal Infrastructure Group Pty Ltd.
4.40%, 9/29/27 (a)		1,125		1,016
Nissan Motor Acceptance Co. LLC
1.85%, 9/16/26 (a)		1,125		974
NOVA Chemicals Corp.
4.88%, 6/1/24 (a)		300		296
NXP BV/NXP Funding LLC/NXP USA, Inc.
2.65%, 2/15/32		650		533
ONEOK, Inc.,
3.10%, 3/15/30		1,125		984
3.40%, 9/1/29		275		245
Oracle Corp.,
3.60%, 4/1/50		525		373
3.85%, 7/15/36		225		193
5.55%, 2/6/53		175		167
Peloton Interactive, Inc.
0.00%, 2/15/26		415		317
Philip Morris International, Inc.
5.38%, 2/15/33		300		307
Q-Park Holding I BV
1.50%, 3/1/25 (a)	EUR	150		150
Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.63%, 4/16/29 (a)	$	300		232
RingCentral, Inc.
0.00%, 3/15/26		175		142
Rockies Express Pipeline LLC
3.60%, 5/15/25 (a)		400		375
Rogers Communications, Inc.
4.55%, 3/15/52 (a)		775		638
Sabine Pass Liquefaction LLC
4.50%, 5/15/30		950		917

	Face Amount (000)		Value (000)
Sigma Alimentos SA de CV
4.13%, 5/2/26	$	450	$	429
Silgan Holdings, Inc.
1.40%, 4/1/26 (a)		500		449
Sirius XM Radio, Inc.
3.88%, 9/1/31 (a)		600		467
Smithfield Foods, Inc.
3.00%, 10/15/30 (a)		850		679
Sodexo, Inc.
2.72%, 4/16/31 (a)		675		567
Spotify USA, Inc.
0.00%, 3/15/26		165		139
Standard Industries, Inc.
2.25%, 11/21/26 (a)	EUR	100		94
Starbucks Corp.
4.80%, 2/15/33	$	100		101
Syngenta Finance NV
4.89%, 4/24/25 (a)		300		294
T-Mobile USA, Inc.,
2.25%, 11/15/31		725		594
3.30%, 2/15/51		250		178
Tencent Holdings Ltd.,
2.39%, 6/3/30 (a)		200		170
3.60%, 1/19/28 (a)		500		472
3.98%, 4/11/29 (a)		300		285
Transportadora de Gas Internacional SA ESP
5.55%, 11/1/28 (a)		400		381
Transurban Finance Co. Pty Ltd.
2.45%, 3/16/31 (a)		500		408
Uber Technologies, Inc.
0.00%, 12/15/25 (c)		150		133
Var Energi ASA
7.50%, 1/15/28 (a)		600		622
Verizon Communications, Inc.,
2.55%, 3/21/31		275		234
2.65%, 11/20/40		850		608
3.40%, 3/22/41		300		239
VICI Properties LP/VICI Note Co., Inc.,
3.88%, 2/15/29 (a)		1,100		979
5.75%, 2/1/27 (a)		375		369
Vontier Corp.
2.95%, 4/1/31		1,050		841
Warnermedia Holdings, Inc.,
4.28%, 3/15/32 (a)		475		424
5.05%, 3/15/42 (a)		325		272
5.14%, 3/15/52 (a)		725		588
Western Digital Corp.
1.50%, 2/1/24		215		208
Williams Cos., Inc.
5.30%, 8/15/52		600		567
Ziff Davis, Inc.
1.75%, 11/1/26 (a)		200		197
				63,895

The accompanying notes are an integral part of the financial statements.
7

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

	Face Amount (000)		Value (000)
Utilities (9.9%)
AEP Transmission Co. LLC
5.40%, 3/15/53	$	475	$	496
APA Infrastructure Ltd.
4.20%, 3/23/25 (a)		300		294
Berkshire Hathaway Energy Co.,
2.85%, 5/15/51		350		241
4.60%, 5/1/53		150		137
Calpine Corp.
5.13%, 3/15/28 (a)		300		275
Cleveland Electric Illuminating Co.
4.55%, 11/15/30 (a)		250		243
Consumers Energy Co.
2.50%, 5/1/60		325		191
Dominion Energy, Inc.
5.38%, 11/15/32		400		410
DTE Electric Co.
3.95%, 3/1/49		450		380
Duke Energy Corp.
5.00%, 8/15/52		525		489
Duke Energy Indiana LLC
2.75%, 4/1/50		580		384
EDP Finance BV
6.30%, 10/11/27 (a)		700		727
Enel Finance America LLC
2.88%, 7/12/41 (a)		500		330
Entergy Texas, Inc.
3.55%, 9/30/49		200		153
Fells Point Funding Trust
3.05%, 1/31/27 (a)		1,275		1,184
Interstate Power and Light Co.,
2.30%, 6/1/30		300		251
3.50%, 9/30/49		175		132
Jersey Central Power & Light Co.
2.75%, 3/1/32 (a)		375		314
Metropolitan Edison Co.
5.20%, 4/1/28 (a)		325		328
New England Power Co.
5.94%, 11/25/52 (a)		300		330
NextEra Energy Capital Holdings, Inc.,
3.00%, 1/15/52		475		321
5.05%, 2/28/33		375		376
Northern States Power Co.
2.90%, 3/1/50		350		248
Pacific Gas and Electric Co.
3.30%, 8/1/40		375		267
PECO Energy Co.
3.05%, 3/15/51		425		303
Pennsylvania Electric Co.
5.15%, 3/30/26 (a)		300		302
Piedmont Natural Gas Co., Inc.
2.50%, 3/15/31		475		397

	Face Amount (000)		Value (000)
Public Service Co. of Colorado,
Series 34
3.20%, 3/1/50	$	275	$	204
Public Service Enterprise Group, Inc.
2.45%, 11/15/31		525		435
Southern California Edison Co.,
4.00%, 4/1/47		250		206
5.70%, 3/1/53		525		547
Southern Co.
4.40%, 7/1/46		525		458
Union Electric Co.
3.90%, 4/1/52		250		210
Virginia Electric and Power Co.,
2.45%, 12/15/50		275		170
Series A
2.95%, 11/15/51		375		256
Series C
4.63%, 5/15/52		225		205
Vistra Operations Co. LLC
4.88%, 5/13/24 (a)		900		888
				13,082
Sovereign (0.3%)
Petroleos Mexicanos
10.00%, 2/7/33 (a)(c)		473		454
Total Fixed Income Securities (Cost $136,396)				128,198
	Shares
Short-Term Investments (3.3%)
Investment Company (0.7%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $963)		963,081		963
Securities held as Collateral on Loaned Securities (1.2%)
Investment Company (1.2%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $1,643)		1,643,345		1,643
	Face Amount (000)
U.S. Treasury Security (1.4%)
U.S. Treasury Bill 5.01%, 11/30/23 (e)(f) (Cost $1,805)	$	1,865		1,810
Total Short-Term Investments (Cost $4,411)				4,416
Total Investments (100.1%) (Cost $140,807) Including $1,769 of Securities Loaned (g)(h)				132,614
Liabilities in Excess of Other Assets (–0.1%)				(104	)
Net Assets (100.0%)			$	132,510

(a)  144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

The accompanying notes are an integral part of the financial statements.
8

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Corporate Bond Portfolio

(b)  Floating or variable rate securities: The rates disclosed are as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(c)  All or a portion of this security was on loan at March 31, 2023.

(d)  Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2023.

(e)  Rate shown is the yield to maturity at March 31, 2023.

(f)  All or a portion of the security was pledged to cover margin requirements for futures contracts.

(g)  Securities are available for collateral in connection with, purchase of open foreign currency forward exchange contract and open futures contracts.

(h)  At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $2,003,000 and the aggregate gross unrealized depreciation is approximately $10,048,000, resulting in net unrealized depreciation of approximately $8,045,000.

GMTN  Global Medium Term Note.

MTN  Medium Term Note.

SOFR  Secured Overnight Financing Rate.

SONIA  Sterling Overnight Index Average

USD  United States Dollar.

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Bank of America NA	EUR	524	$	573	5/11/23	$	3
JPMorgan Chase Bank NA	GBP	580	$	705	5/11/23		(11	)
						$	(8	)

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2023:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note (United States)		63	Jun-23	$	12,600		$	13,007		$	132
U.S. Treasury Long Bond (United States)		85	Jun-23		8,500			11,148			387
U.S. Treasury Ultra Bond (United States)		40	Jun-23		4,000			5,645			193
Short:
German Euro-Bobl Index (Germany)		1	Jun-23	EUR	(100	)		(128	)		(3	)
German Euro-Bund Index (Germany)		1	Jun-23		(100	)		(147	)		(5	)
U.S. Treasury 10 yr. Note (United States)		64	Jun-23	$	(6,400	)		(7,355	)		(171	)
U.S. Treasury 10 yr. Ultra Note (United States)		98	Jun-23		(9,800	)		(11,872	)		(332	)
U.S. Treasury 5 yr. Note (United States)		33	Jun-23		(3,300	)		(3,614	)		(45	)
										$	156

EUR  —  Euro

GBP  —  British Pound

Portfolio Composition*

Classification	Percentage of Total Investments
Industrials		48.8	%
Finance		36.4
Utilities		10.0
Other**		4.8
Total Investments		100.0	%***

*  Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.

**  Industries and/or investment types representing less than 5% of total investments.

***  Does not include open long/short futures contracts with a value of approximately $52,916,000 and net unrealized appreciation of approximately $156,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $8,000.

The accompanying notes are an integral part of the financial statements.
9

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Corporate Bond Portfolio

Statement of Assets and Liabilities	March 31, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value(1) (Cost $138,201)	$	130,008
Investment in Security of Affiliated Issuer, at Value (Cost $2,606)		2,606
Total Investments in Securities, at Value (Cost $140,807)		132,614
Foreign Currency, at Value (Cost $12)		13
Receivable for Investments Sold		1,372
Interest Receivable		1,333
Receivable for Variation Margin on Futures Contracts		50
Receivable for Fund Shares Sold		43
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		3
Receivable from Affiliate		2
Receivable from Securities Lending Income		—	@
Other Assets		71
Total Assets		135,501
Liabilities:
Collateral on Securities Loaned, at Value		1,643
Payable for Investments Purchased		1,038
Payable for Fund Shares Redeemed		58
Payable for Advisory Fees		51
Payable for Professional Fees		40
Payable for Trustees' Fees and Expenses		39
Payable for Sub Transfer Agency Fees — Class I		18
Payable for Sub Transfer Agency Fees — Class A		3
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class I		12
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		—	@
Payable for Transfer Agency Fees — Class C		—	@
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		11
Payable for Custodian Fees		10
Payable for Administration Fees		9
Deferred Capital Gain Country Tax		8
Payable for Shareholder Services Fees — Class A		2
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		1
Bank Overdraft		1
Other Liabilities		46
Total Liabilities		2,991
Net Assets	$	132,510
Net Assets Consist of:
Paid-in-Capital	$	159,647
Total Accumulated Loss		(27,137	)
Net Assets	$	132,510

The accompanying notes are an integral part of the financial statements.
10

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Corporate Bond Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2023 (000)
CLASS I:
Net Assets	$	116,035
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		11,065,047
Net Asset Value, Offering and Redemption Price Per Share	$	10.49
CLASS A:
Net Assets	$	14,044
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,337,251
Net Asset Value, Redemption Price Per Share	$	10.50
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.37
Maximum Offering Price Per Share	$	10.85
CLASS L:
Net Assets	$	1,035
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		98,617
Net Asset Value, Offering and Redemption Price Per Share	$	10.49
CLASS C:
Net Assets	$	1,396
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		134,006
Net Asset Value, Offering and Redemption Price Per Share	$	10.42
(1) Including: Securities on Loan, at Value:	$	1,769

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Corporate Bond Portfolio

Statement of Operations	Six Months Ended March 31, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	3,107
Dividends from Security of Affiliated Issuer (Note G)		37
Income from Securities Loaned — Net		3
Total Investment Income		3,147
Expenses:
Advisory Fees (Note B)		245
Professional Fees		82
Transfer Agency Fees — Class I (Note E)		64
Transfer Agency Fees — Class A (Note E)		2
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class C (Note E)		1
Sub Transfer Agency Fees — Class I		43
Sub Transfer Agency Fees — Class A		8
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		1
Administration Fees (Note C)		52
Registration Fees		46
Shareholder Services Fees — Class A (Note D)		17
Distribution and Shareholder Services Fees — Class L (Note D)		3
Distribution and Shareholder Services Fees — Class C (Note D)		7
Custodian Fees (Note F)		15
Pricing Fees		15
Shareholder Reporting Fees		14
Trustees' Fees and Expenses		5
Other Expenses		11
Total Expenses		632
Reimbursement of Class Specific Expenses — Class I (Note B)		(107	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Waiver of Advisory Fees (Note B)		(27	)
Waiver of Shareholder Services Fees — Class A (Note D)		(7	)
Rebate from Morgan Stanley Affiliate (Note G)		(2	)
Net Expenses		488
Net Investment Income		2,659
Realized Loss:
Investments Sold		(7,450	)
Foreign Currency Forward Exchange Contracts		(59	)
Foreign Currency Translation		(1	)
Futures Contracts		(25	)
Net Realized Loss		(7,535	)
Change in Unrealized Appreciation (Depreciation):
Investments		13,931
Foreign Currency Forward Exchange Contracts		(31	)
Foreign Currency Translation		7
Futures Contracts		120
Net Change in Unrealized Appreciation (Depreciation)		14,027
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		6,492
Net Increase in Net Assets Resulting from Operations	$	9,151

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
12

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Corporate Bond Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	2,659		$	3,880
Net Realized Loss		(7,535	)		(10,855	)
Net Change in Unrealized Appreciation (Depreciation)		14,027			(25,001	)
Net Increase (Decrease) in Net Assets Resulting from Operations		9,151			(31,976	)
Dividends and Distributions to Shareholders:
Class I		(2,257	)		(7,373	)
Class A		(250	)		(866	)
Class L		(16	)		(56	)
Class C		(21	)		(91	)
Total Dividends and Distributions to Shareholders		(2,544	)		(8,386	)
Capital Share Transactions:(1)
Class I:
Subscribed		16,330			56,097
Distributions Reinvested		2,169			7,055
Redeemed		(23,023	)		(74,705	)
Class A:
Subscribed		1,903			5,672
Distributions Reinvested		250			866
Redeemed		(2,989	)		(7,599	)
Class L:
Exchanged		12			—
Distributions Reinvested		16			56
Redeemed		(96	)		(132	)
Class C:
Subscribed		187			121
Distributions Reinvested		21			90
Redeemed		(379	)		(1,310	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(5,599	)		(13,789	)
Total Increase (Decrease) in Net Assets		1,008			(54,151	)
Net Assets:
Beginning of Period		131,502			185,653
End of Period	$	132,510		$	131,502
(1) Capital Share Transactions:
Class I:
Shares Subscribed		1,583			5,109
Shares Issued on Distributions Reinvested		212			583
Shares Redeemed		(2,267	)		(6,614	)
Net Decrease in Class I Shares Outstanding		(472	)		(922	)
Class A:
Shares Subscribed		184			485
Shares Issued on Distributions Reinvested		24			71
Shares Redeemed		(292	)		(653	)
Net Decrease in Class A Shares Outstanding		(84	)		(97	)
Class L:
Shares Exchanged		1			—
Shares Issued on Distributions Reinvested		2			5
Shares Redeemed		(10	)		(11	)
Net Decrease in Class L Shares Outstanding		(7	)		(6	)
Class C:
Shares Subscribed		18			11
Shares Issued on Distributions Reinvested		2			7
Shares Redeemed		(37	)		(109	)
Net Decrease in Class C Shares Outstanding		(17	)		(91	)

The accompanying notes are an integral part of the financial statements.
13

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Corporate Bond Portfolio

	Class I
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.95		$	12.96		$	13.49		$	12.78		$	11.80		$	12.32
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.21			0.30			0.25			0.32			0.40			0.39
Net Realized and Unrealized Gain (Loss)		0.53			(2.69	)		(0.05	)		0.72			1.04			(0.58	)
Total from Investment Operations		0.74			(2.39	)		0.20			1.04			1.44			(0.19	)
Distributions from and/or in Excess of:
Net Investment Income		(0.20	)		(0.27	)		(0.25	)		(0.33	)		(0.46	)		(0.33	)
Net Realized Gain		—			(0.35	)		(0.48	)		—			—			—
Total Distributions		(0.20	)		(0.62	)		(0.73	)		(0.33	)		(0.46	)		(0.33	)
Net Asset Value, End of Period	$	10.49		$	9.95		$	12.96		$	13.49		$	12.78		$	11.80
Total Return(2)		7.51	%(5)		(19.23	)%		1.44	%		8.19	%		12.64	%		(1.60	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	116,035		$	114,804		$	161,409		$	182,070		$	122,450		$	108,809
Ratio of Expenses Before Expense Limitation		0.93	%		0.86	%		0.79	%		0.86	%		1.01	%		0.97	%
Ratio of Expenses After Expense Limitation		0.70	%(3)(6)		0.70	%(3)		0.70	%(3)		0.70	%(3)		0.70	%(3)		0.70	%(3)
Ratio of Net Investment Income		4.13	%(3)(6)		2.55	%(3)		1.90	%(3)		2.49	%(3)		3.34	%(3)		3.29	%(3)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(4)(6)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)
Portfolio Turnover Rate		66	%(5)		110	%		125	%		133	%		64	%		37	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value as of the last business day of the period.

(3)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4)  Amount is less than 0.005%.

(5)  Not annualized.

(6)  Annualized.

The accompanying notes are an integral part of the financial statements.
14

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Corporate Bond Portfolio

	Class A
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.96		$	12.97		$	13.50		$	12.80		$	11.81		$	12.32
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.20			0.26			0.22			0.29			0.37			0.33
Net Realized and Unrealized Gain (Loss)		0.52			(2.68	)		(0.05	)		0.70			1.04			(0.56	)
Total from Investment Operations		0.72			(2.42	)		0.17			0.99			1.41			(0.23	)
Distributions from and/or in Excess of:
Net Investment Income		(0.18	)		(0.24	)		(0.22	)		(0.29	)		(0.42	)		(0.28	)
Net Realized Gain		—			(0.35	)		(0.48	)		—			—			—
Total Distributions		(0.18	)		(0.59	)		(0.70	)		(0.29	)		(0.42	)		(0.28	)
Net Asset Value, End of Period	$	10.50		$	9.96		$	12.97		$	13.50		$	12.80		$	11.81
Total Return(2)		7.34	%(5)		(19.45	)%		1.22	%		7.88	%		12.25	%		(1.87	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	14,044		$	14,158		$	19,689		$	10,807		$	6,400		$	4,496
Ratio of Expenses Before Expense Limitation		1.14	%		1.09	%		1.02	%		1.10	%		1.21	%		1.29	%
Ratio of Expenses After Expense Limitation		0.99	%(3)(6)		0.99	%(3)		0.92	%(3)		0.99	%(3)		0.99	%(3)		1.01	%(3)
Ratio of Net Investment Income		3.83	%(3)(6)		2.28	%(3)		1.68	%(3)		2.20	%(3)		3.04	%(3)		2.78	%(3)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(4)(6)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)
Portfolio Turnover Rate		66	%(5)		110	%		125	%		133	%		64	%		37	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4)  Amount is less than 0.005%.

(5)  Not annualized.

(6)  Annualized.

The accompanying notes are an integral part of the financial statements.
15

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Corporate Bond Portfolio

	Class L
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.95		$	12.96		$	13.49		$	12.79		$	11.79		$	12.30
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.17			0.21			0.17			0.24			0.32			0.29
Net Realized and Unrealized Gain (Loss)		0.53			(2.69	)		(0.05	)		0.70			1.04			(0.56	)
Total from Investment Operations		0.70			(2.48	)		0.12			0.94			1.36			(0.27	)
Distributions from and/or in Excess of:
Net Investment Income		(0.16	)		(0.18	)		(0.17	)		(0.24	)		(0.36	)		(0.24	)
Net Realized Gain		—			(0.35	)		(0.48	)		—			—			—
Total Distributions		(0.16	)		(0.53	)		(0.65	)		(0.24	)		(0.36	)		(0.24	)
Net Asset Value, End of Period	$	10.49		$	9.95		$	12.96		$	13.49		$	12.79		$	11.79
Total Return(2)		7.09	%(5)		(19.83	)%		0.79	%		7.47	%		11.82	%		(2.19	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,035		$	1,049		$	1,444		$	1,727		$	1,671		$	1,499
Ratio of Expenses Before Expense Limitation		1.51	%		1.43	%		N/A			1.39	%		1.49	%		1.56	%
Ratio of Expenses After Expense Limitation		1.47	%(3)(6)		1.43	%(3)		1.33	%(3)		1.38	%(3)		1.38	%(3)		1.38	%(3)
Ratio of Net Investment Income		3.35	%(3)(6)		1.84	%(3)		1.27	%(3)		1.84	%(3)		2.67	%(3)		2.45	%(3)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(4)(6)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)
Portfolio Turnover Rate		66	%(5)		110	%		125	%		133	%		64	%		37	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value as of the last business day of the period.

(3)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4)  Amount is less than 0.005%.

(5)  Not annualized.

(6)  Annualized.

The accompanying notes are an integral part of the financial statements.
16

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Corporate Bond Portfolio

	Class C
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.89		$	12.87		$	13.41		$	12.71		$	11.72		$	12.25
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.15			0.16			0.10			0.18			0.27			0.25
Net Realized and Unrealized Gain (Loss)		0.53			(2.65	)		(0.05	)		0.71			1.03			(0.57	)
Total from Investment Operations		0.68			(2.49	)		0.05			0.89			1.30			(0.32	)
Distributions from and/or in Excess of:
Net Investment Income		(0.15	)		(0.14	)		(0.11	)		(0.19	)		(0.31	)		(0.21	)
Net Realized Gain		—			(0.35	)		(0.48	)		—			—			—
Total Distributions		(0.15	)		(0.49	)		(0.59	)		(0.19	)		(0.31	)		(0.21	)
Net Asset Value, End of Period	$	10.42		$	9.89		$	12.87		$	13.41		$	12.71		$	11.72
Total Return(2)		6.88	%(5)		(20.05	)%		0.28	%		7.09	%		11.34	%		(2.64	)%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,396		$	1,491		$	3,111		$	3,222		$	2,801		$	2,074
Ratio of Expenses Before Expense Limitation		2.01	%		1.92	%		1.81	%		1.90	%		2.01	%		2.15	%
Ratio of Expenses After Expense Limitation		1.80	%(3)(6)		1.80	%(3)		1.80	%(3)		1.80	%(3)		1.80	%(3)		1.80	%(3)
Ratio of Net Investment Income		3.02	%(3)(6)		1.40	%(3)		0.80	%(3)		1.42	%(3)		2.24	%(3)		2.10	%(3)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(4)(6)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)
Portfolio Turnover Rate		66	%(5)		110	%		125	%		133	%		64	%		37	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4)  Amount is less than 0.005%.

(5)  Not annualized.

(6)  Annualized.

The accompanying notes are an integral part of the financial statements.
17

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements

Morgan Stanley Institutional Fund Trust ("Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is comprised of nine separate, active funds (individually referred to as a "Fund," collectively as the "Funds"). The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. All Funds are considered diversified for purposes of the Act.

The accompanying financial statements relate to the Corporate Bond Portfolio. The Fund seeks above-average total return over a market cycle of three to five years. The Fund offers four classes of shares — Class I, Class A, Class L and Class C.

The Fund has suspended offering Class L shares for sale to all investors. Class L shareholders of the Fund do not have the option to purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Trust in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1.  Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) futures are valued at the settlement price on the exchange on which they trade or, if a

settlement price is unavailable, at the last sale price on the exchange; (3) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (4) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

2.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

•  Level 1 – unadjusted quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Commercial Mortgage-Backed Securities	$	—		$	3,108		$	—	$	3,108
Corporate Bonds		—			124,636			—		124,636
Sovereign		—			454			—		454
Total Fixed Income Securities		—			128,198			—		128,198
Short-Term Investments
Investment Company		2,606			—			—		2,606
U.S. Treasury Securities		—			1,810			—		1,810
Total Short-Term Investments		2,606			1,810			—		4,416
Foreign Currency Forward Exchange Contract		—			3			—		3
Futures Contracts		712			—			—		712
Total Assets		3,318			130,011			—		133,329
Liabilities:
Foreign Currency Forward Exchange Contract		—			(11	)		—		(11	)
Futures Contracts		(556	)		—			—		(556	)
Total Liabilities		(556	)		(11	)		—		(567	)
Total	$	2,762		$	130,000		$	—	$	132,762

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

3.  Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

–  investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

–  investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at

19

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances.

However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currency, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market

values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

4.  Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivative instruments used by the Fund will be counted towards the Fund's exposure in the types of securities listed herein to the extent they have economic characteristics similar to such securities. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset 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, 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. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

20

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

Foreign Currency Forward Exchange Contracts: In connection with its investments in foreign securities, the Fund also entered into contracts with banks, brokers/dealers to purchase or sell foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, the Fund may use cross currency hedging or proxy hedging with respect to currencies in which the Fund has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. To the extent hedged by the use of currency contracts, the precise matching of the currency 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. Furthermore, 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. There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency contracts involves 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. A currency contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

Futures: A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

21

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2023:

	Asset Derivatives Statement of Assets and Liabilities Location	Primary Risk Exposure	Value (000)
Foreign Currency Forward Exchange Contract	Unrealized Appreciation on Foreign Currency Forward Exchange Contract	Currency Risk	$	3
Futures Contracts	Variation Margin on Futures Contracts	Interest Rate Risk		712	(a)
Total			$	715
	Liability Derivatives Statement of Assets and Liabilities Location	Primary Risk Exposure	Value (000)
Foreign Currency Forward Exchange Contract	Unrealized Depreciation on Foreign Currency Forward Exchange Contract	Currency Risk	$	(11	)
Futures Contracts	Variation Margin on Futures Contracts	Interest Rate Risk		(556	)(a)
Total			$	(567	)

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Portfolio of Investments. The Statement of Assets and Liabilities only reflects the current day's net variation margin.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended March 31, 2023 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(59	)
Interest Rate Risk	Futures Contracts		(25	)
Total		$	(84	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(31	)
Interest Rate Risk	Futures Contracts		120
Total		$	89

At March 31, 2023, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	3	$	(11	)

(b) Excludes exchange-traded derivatives.

(c) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA

Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2023:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Statement of Assets and Liabilities (000)		Financial Instrument (000)		Collateral Received (000)		Net Amount (not less than $0) (000)
Bank of America NA	$	3	$	—	$	—	$	3
Counterparty	Gross Liability Derivatives Presented in the Statement of Assets and Liabilities (000)		Financial Instrument (000)		Collateral Pledged (000)		Net Amount (not less than $0) (000)
JP Morgan Chase Bank NA	$	11	$	—	$	—	$	11

22

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

For the six months ended March 31, 2023, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	1,349,000
Futures Contracts:
Average monthly notional value	$	67,674,000

5.  Securities Lending: The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Statement of Operations. Risks in securities lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2023:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	1,769	(d)	$	—	$	(1,769	)(e)(f)	$	0

(d) Represents market value of loaned securities at period end.

(e) The Fund received cash collateral of approximately $1,643,000, which was subsequently invested in Morgan Stanley Institutional Liquidity Funds as reported in the Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $149,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Portfolio of Investments.

(f) The actual collateral received is greater than the amount shown here due to overcollateralization.

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of March 31, 2023:

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Corporate Bonds	$	1,181	$	—	$	—	$	—	$	1,181
Sovereign		462		—		—		—		462
Total	$	1,643	$	—	$	—	$	—	$	1,643
Total Borrowings	$	1,643	$	—	$	—	$	—	$	1,643
Gross amount of recognized liabilities for securities lending transactions									$	1,643

6.  Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

23

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

7.  Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed at least annually.

8.  Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.375% of the average daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.70% for Class I shares, 1.05% for Class A shares, 1.52% for Class L shares and 1.80% for Class C shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2023, approximately $27,000 of advisory fees were waived and

approximately $108,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares. The Distributor has agreed to waive the 12b-1 fees on Class A shares of the Fund to the extent it exceeds 0.15% of the average daily net assets of such shares on an annualized basis. For the six months ended March 31, 2023, this waiver amounted to approximately $7,000.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.25% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining

24

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

E. Dividend Disbursing and Transfer/Co-Transfer Agent: The Trust's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS, Inc."). Pursuant to a Transfer Agency Agreement, the Trust pays SS&C GIDS, Inc. a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended March 31, 2023, EVM earned $0 for providing such services.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $83,467,000 and $90,429,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2023.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2023, advisory fees paid were reduced by approximately $2,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2023 is as follows:

Affiliated Investment Company	Value September 30, 2022 (000)		Purchases at Cost (000)		Proceeds from Sales (000)		Dividend Income (000)
Liquidity Funds	$	2,799	$	29,425	$	29,618	$	37

Affiliated Investment Company (cont'd)	Realized Gain (Loss) (000)		Change in Unrealized Appreciation (Depreciation) (000)		Value March 31, 2023 (000)
Liquidity Funds	$	—	$	—	$	2,606

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.

The Fund has an unfunded noncontributory defined benefit pension plan covering certain independent Trustees of the Fund who will have served as independent Trustees for at least five years at the time of retirement. Benefits under this plan are based on factors which include years of service and compensation. The Trustees voted to close the plan to new participants and eliminate the future benefits growth due to increases to compensation after July 31, 2003. Aggregate pension costs for the six months ended March 31, 2023, included in "Trustees' Fees and Expenses" in the Statement of Operations amounted to approximately $2,000. At March 31, 2023, the Fund had an accrued pension liability of approximately $39,000, which is reflected as "Payable for Trustees' Fees and Expenses" in the Statement of Assets and Liabilities.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

25

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

H. Federal Income Taxes: It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2022 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2022 and 2021 was as follows:

2022 Distributions Paid From:				2021 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	3,558	$	4,828	$	6,696	$	4,402

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gain (000)
$	391	$	—

At September 30, 2022, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $6,287,000 and $5,167,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $300,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended March 31, 2023, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2023, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 58.1%.

K. Market Risk: An 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. Social, political, economic and other conditions and events, such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets and global economy.

26

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

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 be sudden and significant and may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of and/or income or yield from the Fund's investments and exacerbate pre-existing risks to the Fund. For example, the extent of the impact of a public health emergency depends on future developments, including (i) the duration and spread of the public health emergency, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments.

27

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), the Fund has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund (i.e., liquidity risk). The Fund's Board of Trustees (the "Board") previously approved the designation of the Liquidity Risk Subcommittee (the "LRS") as Program administrator. The LRS is comprised of representatives from various divisions within Morgan Stanley Investment Management.

At a meeting held on March 1-2, 2023, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2022, through December 31, 2022, as required under the Liquidity Rule. The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

In accordance with the Program, the LRS assessed each Fund's liquidity risk no less frequently than annually taking into consideration certain factors, as applicable, such as (i) investment strategy and liquidity of portfolio investments, (ii) short-term and long-term cash flow projections and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories, which classification is assessed at least monthly by the LRS. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading and investment-specific considerations, as well as market depth, and in some cases utilize third-party vendor data.

The Liquidity Rule limits a fund's investments in illiquid investments to 15% of its net assets and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or "HLIM"). The LRS believes that the Program includes provisions reasonably designed to review, monitor and comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement, as applicable.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

28

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice   April 2021

FACTS	WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◼ Social Security number and income ◼ investment experience and risk tolerance ◼ checking account number and wire transfer instructions
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

29

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

To limit our sharing	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice? Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (see Investment Management Affiliates definition below)

What we do

How does MSIM protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?	We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.

30

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

Definitions

Investment Management Affiliates	MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other important information

Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.

California: Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

31

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Trustee and Officer Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the Annual Reports within 60 days of the end of the fund's second and fourth fiscal quarters. The Semi-Annual and Annual Reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im/shareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may obtain the Form N-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov).

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 869-6397 or by visiting our website at www.morganstanley.com/im/shareholderreports. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 869-6397.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling 1(800) 869-6397, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

32

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

© 2023 Morgan Stanley. Morgan Stanley Distribution, Inc.

IFTCBSAN
5647260 EXP 05.31.24

Morgan Stanley Institutional Fund Trust

Discovery Portfolio

Semi-Annual Report

March 31, 2023

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Table of Contents

Shareholders' Letter	2
Consolidated Expense Example	3
Consolidated Portfolio of Investments	4
Consolidated Statement of Assets and Liabilities	6
Consolidated Statement of Operations	8
Consolidated Statements of Changes in Net Assets	9
Consolidated Financial Highlights	11
Notes to Consolidated Financial Statements	16
Liquidity Risk Management Program	28
U.S. Customer Privacy Notice	29
Trustees and Officers Information	32

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of the Morgan Stanley Institutional Fund Trust. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.

Additionally, you can access fund information including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.

There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.

1

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this Semi-Annual Report, in which you will learn how your investment in Discovery Portfolio (the "Fund") performed during the latest six-month period.

Morgan Stanley Investment Management is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2023

2

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Expense Example

Discovery Portfolio

As a shareholder of the Fund, you may incur two types of costs: (1) transactional costs, including sales charge (loads) on purchase payments; and (2) ongoing costs, which may include advisory fees, administration fees, distribution and shareholder services fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2023 and held for the entire six-month period.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads, if applicable). Therefore, the information for each class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/22		Actual Ending Account Value 3/31/23		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Discovery Portfolio Class I	$	1,000.00	$	1,000.00	$	1,021.14	$	3.79	$	3.83		0.76	%
Discovery Portfolio Class A		1,000.00		998.80		1,019.95		4.98		5.04		1.00
Discovery Portfolio Class L		1,000.00		995.20		1,017.20		7.71		7.80		1.55
Discovery Portfolio Class C		1,000.00		994.70		1,015.81		9.10		9.20		1.83
Discovery Portfolio Class R6		1,000.00		1,000.00		1,021.74		3.19		3.23		0.64

*  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 182/365 (to reflect the most recent one-half year period).

**  Annualized.

3

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments

Discovery Portfolio

	Shares		Value (000)
Common Stocks (93.5%)
Biotechnology (1.1%)
Intellia Therapeutics, Inc. (a)		115,462	$	4,303
ProKidney Corp. (a)(b)		555,667		6,290
				10,593
Broadline Retail (7.2%)
Coupang, Inc. (a)		1,032,176		16,515
Global-e Online Ltd. (Israel) (a)		1,754,814		56,558
				73,073
Chemicals (0.3%)
Ginkgo Bioworks Holdings, Inc. (a)(b)		2,160,783		2,874
Commercial Services & Supplies (0.2%)
Aurora Innovation, Inc. (a)		1,429,699		1,987
Entertainment (6.2%)
ROBLOX Corp., Class A (a)		1,397,130		62,843
Financial Services (9.3%)
Adyen NV (Netherlands) (a)		39,083		62,276
Affirm Holdings, Inc. (a)(b)		2,847,005		32,086
				94,362
Ground Transportation (1.7%)
Grab Holdings Ltd., Class A (Singapore) (a)		5,687,233		17,119
Health Care Providers & Services (5.4%)
Agilon Health, Inc. (a)		2,092,000		49,685
Guardant Health, Inc. (a)		220,749		5,174
				54,859
Health Care Technology (4.8%)
Doximity, Inc., Class A (a)		1,484,127		48,056
Hotels, Restaurants & Leisure (5.6%)
DoorDash, Inc., Class A (a)		892,622		56,735
Information Technology Services (12.8%)
Cloudflare, Inc., Class A (a)		1,247,206		76,902
Snowflake, Inc., Class A (a)		343,747		53,037
				129,939
Interactive Media & Services (1.5%)
ZoomInfo Technologies, Inc., Class A (a)		589,627		14,570
Leisure Products (2.3%)
Peloton Interactive, Inc., Class A (a)		2,073,840		23,517
Life Sciences Tools & Services (2.4%)
10X Genomics, Inc., Class A (a)		423,945		23,652
Illumina, Inc. (a)		3,464		805
				24,457
Media (7.2%)
Trade Desk, Inc., Class A (a)		1,202,885		73,268
Pharmaceuticals (5.7%)
Royalty Pharma PLC, Class A (United Kingdom)		1,605,781		57,856

	Shares		Value (000)
Software (11.9%)
Bill.Com Holdings, Inc. (a)		433,089	$	35,141
Gitlab, Inc., Class A (a)		588,538		20,181
MicroStrategy, Inc., Class A (a)(b)		23,338		6,822
Procore Technologies, Inc. (a)		426,235		26,695
Samsara, Inc., Class A (a)		1,589,833		31,352
				120,191
Specialty Retail (7.9%)
Carvana Co. (a)(b)		667,693		6,537
Chewy, Inc., Class A (a)		1,297,531		48,502
Floor & Decor Holdings, Inc., Class A (a)		162,792		15,989
Wayfair, Inc., Class A (a)		266,130		9,139
				80,167
Total Common Stocks (Cost $1,393,702)				946,466
Preferred Stock (2.3%)
Software (2.3%)
Databricks, Inc. (a)(c)(d) (acquisition cost — $31,810 ; acquired 8/31/21) (Cost $31,810)		432,882		23,813
Investment Company (1.4%)
Grayscale Bitcoin Trust (a) (Cost $30,035)		843,214		13,795
	No. of Warrants
Warrant (0.0%) (e)
Chemicals (0.0%) (e)
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a) (Cost $656)		196,782		35
	Shares
Short-Term Investments (4.1%)
Securities held as Collateral on Loaned Securities (1.8%)
Investment Company (1.5%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note G)		15,124,518		15,125
	Face Amount (000)
Repurchase Agreements (0.3%)
HSBC Securities USA, Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $1,713; fully collateralized by a U.S. Government obligation; 0.38% due 1/31/26; valued at $1,753)	$	1,718		1,718
Merrill Lynch & Co., Inc., (4.80%, dated 3/31/23, due 4/3/23; proceeds $1,713; fully collateralized by a U.S. Government obligation; 0.38% due 1/15/27; valued at $1,753)		1,719		1,719
				3,437
Total Securities held as Collateral on Loaned Securities (Cost $18,562)				18,562

The accompanying notes are an integral part of the consolidated financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Discovery Portfolio

	Shares		Value (000)
Investment Company (2.3%)
Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio — Institutional Class (See Note G) (Cost $22,967)		22,966,588	$	22,967
Total Short-Term Investments (Cost $41,529)				41,529
Total Investments Excluding Purchased Options (101.3%) (Cost $1,497,732)				1,025,638
Total Purchased Options Outstanding (0.1%) (Cost $3,734)				1,193
Total Investments (101.4%) (Cost $1,501,466) Including $22,258 of Securities Loaned (f)(g)(h)				1,026,831
Liabilities in Excess of Other Assets (–1.4%)				(14,102	)
Net Assets (100.0%)			$	1,012,729

(a)  Non-income producing security.

(b)  All or a portion of this security was on loan at March 31, 2023.

(c)  Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has

registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at March 31, 2023 amounts to approximately $23,813,000 and represents 2.4% of net assets.

(d)  At March 31, 2023, the Fund held a fair valued security at approximately $23,813,000, representing 2.4% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.

(e)  Amount is less than 0.05%.

(f)  The approximate fair value and percentage of net assets, $62,276,000 and 6.1%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in the Notes to the Consolidated Portfolio of Investments.

(g)  Securities are available for collateral in connection with purchased options.

(h)  At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $64,290,000 and the aggregate gross unrealized depreciation is approximately $538,925,000, resulting in net unrealized depreciation of approximately $474,635,000.

Call Options Purchased:

The Fund had the following call options purchased open at March 31, 2023:

Counterparty	Description	Strike Price		Expiration Date	Number of Contracts		Notional Amount (000)		Value (000)		Premiums Paid (000)		Unrealized Depreciation (000)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.53	Jul-23		279,968,319		279,968	$	180	$	1,390	$	(1,210	)
Standard Chartered Bank	USD/CNH	CNH	7.57	Aug-23		309,556,026		309,556		273		1,382		(1,109	)
Goldman Sachs International	USD/CNH	CNH	7.87	Oct-23		2,378,602		2,379		1		11		(10	)
JP Morgan Chase Bank NA	USD/CNH	CNH	7.43	Jan-24		202,038,446		202,038		739		951		(212	)
									$	1,193	$	3,734	$	(2,541	)

CNH  —  Chinese Yuan Renminbi Offshore

USD  —  United States Dollar

Portfolio Composition*

Classification	Percentage of Total Investments
Other**		17.9	%
Software		14.3
Information Technology Services		12.9
Financial Services		9.4
Specialty Retail		8.0
Media		7.3
Broadline Retail		7.3
Entertainment		6.2
Pharmaceuticals		5.7
Hotels, Restaurants & Leisure		5.6
Health Care Providers & Services		5.4
Total Investments		100.0	%

*  Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of March 31, 2023.

**  Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the consolidated financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Discovery Portfolio

Consolidated Statement of Assets and Liabilities	March 31, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value(1) (Cost $1,463,374)	$	988,739
Investment in Security of Affiliated Issuer, at Value (Cost $38,092)		38,092
Total Investments in Securities, at Value (Cost $1,501,466)		1,026,831
Foreign Currency, at Value (Cost $2)		2
Receivable for Investments Sold		9,225
Receivable for Fund Shares Sold		422
Receivable from Securities Lending Income		320
Receivable from Affiliate		68
Other Assets		279
Total Assets		1,037,147
Liabilities:
Collateral on Securities Loaned, at Value		18,562
Payable for Fund Shares Redeemed		1,659
Due to Broker		1,353
Payable for Advisory Fees		1,236
Payable for Investments Purchased		800
Payable for Sub Transfer Agency Fees — Class I		182
Payable for Sub Transfer Agency Fees — Class A		124
Payable for Sub Transfer Agency Fees — Class L		2
Payable for Sub Transfer Agency Fees — Class C		7
Payable for Shareholder Services Fees — Class A		97
Payable for Distribution and Shareholder Services Fees — Class L		3
Payable for Distribution and Shareholder Services Fees — Class C		12
Payable for Administration Fees		67
Payable for Professional Fees		38
Payable for Trustees' Fees and Expenses		38
Payable for Transfer Agency Fees — Class I		11
Payable for Transfer Agency Fees — Class A		7
Payable for Transfer Agency Fees — Class L		1
Payable for Transfer Agency Fees — Class C		2
Payable for Transfer Agency Fees — Class R6		7
Payable for Custodian Fees		18
Bank Overdraft		4
Other Liabilities		188
Total Liabilities		24,418
Net Assets	$	1,012,729
Net Assets Consist of:
Paid-in-Capital	$	2,927,873
Total Accumulated Loss		(1,915,144	)
Net Assets	$	1,012,729

The accompanying notes are an integral part of the consolidated financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Discovery Portfolio

Consolidated Statement of Assets and Liabilities (cont'd)	March 31, 2023 (000)
CLASS I:
Net Assets	$	337,146
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		27,956,630
Net Asset Value, Offering and Redemption Price Per Share	$	12.06
CLASS A:
Net Assets	$	470,339
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		57,377,817
Net Asset Value, Redemption Price Per Share	$	8.20
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.45
Maximum Offering Price Per Share	$	8.65
CLASS L:
Net Assets	$	4,311
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		698,740
Net Asset Value, Offering and Redemption Price Per Share	$	6.17
CLASS C:
Net Assets	$	14,188
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,896,709
Net Asset Value, Offering and Redemption Price Per Share	$	7.48
CLASS R6:
Net Assets	$	186,745
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		15,130,586
Net Asset Value, Offering and Redemption Price Per Share	$	12.34
(1) Including: Securities on Loan, at Value:	$	22,258

The accompanying notes are an integral part of the consolidated financial statements.
7

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Discovery Portfolio

Consolidated Statement of Operations	Six Months Ended March 31, 2023 (000)
Investment Income:
Income from Securities Loaned — Net	$	2,081
Dividends from Securities of Unaffiliated Issuers		572
Dividends from Security of Affiliated Issuer (Note G)		547
Total Investment Income		3,200
Expenses:
Advisory Fees (Note B)		2,625
Shareholder Services Fees — Class A (Note D)		591
Distribution and Shareholder Services Fees — Class L (Note D)		16
Distribution and Shareholder Services Fees — Class C (Note D)		71
Sub Transfer Agency Fees — Class I		206
Sub Transfer Agency Fees — Class A		250
Sub Transfer Agency Fees — Class L		2
Sub Transfer Agency Fees — Class C		12
Administration Fees (Note C)		420
Registration Fees		86
Professional Fees		80
Shareholder Reporting Fees		77
Transfer Agency Fees — Class I (Note E)		28
Transfer Agency Fees — Class A (Note E)		26
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		2
Transfer Agency Fees — Class R6 (Note E)		5
Custodian Fees (Note F)		25
Trustees' Fees and Expenses		12
Pricing Fees		2
Other Expenses		30
Total Expenses		4,568
Rebate from Morgan Stanley Affiliate (Note G)		(28	)
Net Expenses		4,540
Net Investment Loss		(1,340	)
Realized Gain (Loss):
Investments Sold		(281,417	)
Foreign Currency Translation		37
Net Realized Loss		(281,380	)
Change in Unrealized Appreciation (Depreciation):
Investments		262,218
Foreign Currency Translation		—	@
Net Change in Unrealized Appreciation (Depreciation)		262,218
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		(19,162	)
Net Decrease in Net Assets Resulting from Operations	$	(20,502	)

@  Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.
8

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Discovery Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Loss	$	(1,340	)	$	(16,791	)
Net Realized Loss		(281,380	)		(1,135,087	)
Net Change in Unrealized Appreciation (Depreciation)		262,218			(1,012,312	)
Net Decrease in Net Assets Resulting from Operations		(20,502	)		(2,164,190	)
Dividends and Distributions to Shareholders:
Class I		—			(386,320	)
Class A		—			(575,714	)
Class L		—			(5,061	)
Class C		—			(19,087	)
Class R6*		—			(129,368	)
Total Dividends and Distributions to Shareholders		—			(1,115,550	)
Capital Share Transactions:(1)
Class I:
Subscribed		111,910			400,574
Distributions Reinvested		—			377,934
Redeemed		(175,310	)		(865,913	)
Class A:
Subscribed		28,772			203,921
Distributions Reinvested		—			568,915
Redeemed		(81,996	)		(639,762	)
Class L:
Exchanged		169			59
Distributions Reinvested		—			4,989
Redeemed		(512	)		(1,076	)
Class C:
Subscribed		1,286			5,755
Distributions Reinvested		—			17,813
Redeemed		(2,286	)		(18,434	)
Class R6:*
Subscribed		25,880			126,508
Distributions Reinvested		—			117,594
Redeemed		(33,523	)		(145,532	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(125,610	)		153,345
Total Decrease in Net Assets		(146,112	)		(3,126,395	)
Net Assets:
Beginning of Period		1,158,841			4,285,236
End of Period	$	1,012,729		$	1,158,841

The accompanying notes are an integral part of the consolidated financial statements.
9

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Discovery Portfolio

Consolidated Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
(1)   Capital Share Transactions:
Class I:
Shares Subscribed		9,719			19,793
Shares Issued on Distributions Reinvested		—			13,059
Shares Redeemed		(16,277	)		(39,274	)
Net Decrease in Class I Shares Outstanding		(6,558	)		(6,422	)
Class A:
Shares Subscribed		3,668			12,433
Shares Issued on Distributions Reinvested		—			28,820
Shares Redeemed		(10,577	)		(37,499	)
Net Increase (Decrease) in Class A Shares Outstanding		(6,909	)		3,754
Class L:
Shares Exchanged		27			5
Shares Issued on Distributions Reinvested		—			333
Shares Redeemed		(88	)		(88	)
Net Increase (Decrease) in Class L Shares Outstanding		(61	)		250
Class C:
Shares Subscribed		181			362
Shares Issued on Distributions Reinvested		—			979
Shares Redeemed		(327	)		(1,263	)
Net Increase (Decrease) in Class C Shares Outstanding		(146	)		78
Class R6:*
Shares Subscribed		2,200			5,864
Shares Issued on Distributions Reinvested		—			3,977
Shares Redeemed		(2,860	)		(6,884	)
Net Increase (Decrease) in Class R6 Shares Outstanding		(660	)		2,957

*  Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The accompanying notes are an integral part of the consolidated financial statements.
10

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Consolidated Financial Highlights

Discovery Portfolio

	Class I
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020(1)			2019(1)			2018(1)
Net Asset Value, Beginning of Period	$	12.06		$	42.00		$	38.19		$	19.92		$	23.30		$	22.30
Income (Loss) from Investment Operations:
Net Investment Loss(2)		(0.01	)		(0.14	)		(0.24	)		(0.15	)		(0.05	)		(0.07	)
Net Realized and Unrealized Gain (Loss)		0.01			(19.69	)		7.35			20.73			0.35			7.99
Total from Investment Operations		0.00	(3)		(19.83	)		7.11			20.58			0.30			7.92
Distributions from and/or in Excess of:
Net Realized Gain		—			(10.11	)		(3.30	)		(2.31	)		(3.68	)		(6.92	)
Net Asset Value, End of Period	$	12.06		$	12.06		$	42.00		$	38.19		$	19.92		$	23.30
Total Return(4)		0.00	%(7)		(61.26	)%		18.36	%		115.34	%		4.71	%		47.85	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	337,146		$	416,283		$	1,719,520		$	1,282,828		$	374,736		$	304,179
Ratio of Expenses Before Expense Limitation		0.76	%(8)		0.77	%		N/A			0.74	%		0.74	%		0.72	%
Ratio of Expenses After Expense Limitation		0.76	%(5)(8)		0.77	%(5)		0.72	%(5)		0.73	%(5)		0.73	%(5)		0.71	%(5)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.72	%(5)		0.73	%(5)		0.73	%(5)		0.71	%(5)
Ratio of Net Investment Loss		(0.14	)%(5)(8)		(0.58	)%(5)		(0.54	)%(5)		(0.57	)%(5)		(0.27	)%(5)		(0.35	)%(5)
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%(8)		0.00	%(6)		0.00	%(6)		0.01	%		0.01	%		0.01	%
Portfolio Turnover Rate		21	%(7)		67	%		115	%		65	%		116	%		86	%

(1)  Not consolidated.

(2)  Per share amount is based on average shares outstanding.

(3)  Amount is less than $0.005 per share.

(4)  Calculated based on the net asset value as of the last business day of the period.

(5)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6)  Amount is less than 0.005%.

(7)  Not annualized.

(8)  Annualized.

The accompanying notes are an integral part of the consolidated financial statements.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Consolidated Financial Highlights

Discovery Portfolio

	Class A
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020(1)			2019(1)			2018(1)
Net Asset Value, Beginning of Period	$	8.21		$	32.12		$	29.92		$	16.12		$	19.71		$	19.92
Income (Loss) from Investment Operations:
Net Investment Loss(2)		(0.02	)		(0.14	)		(0.27	)		(0.17	)		(0.09	)		(0.11	)
Net Realized and Unrealized Gain (Loss)		0.01			(13.66	)		5.77			16.28			0.18			6.82
Total from Investment Operations		(0.01	)		(13.80	)		5.50			16.11			0.09			6.71
Distributions from and/or in Excess of:
Net Realized Gain		—			(10.11	)		(3.30	)		(2.31	)		(3.68	)		(6.92	)
Net Asset Value, End of Period	$	8.20		$	8.21		$	32.12		$	29.92		$	16.12		$	19.71
Total Return(3)		(0.12	)%(6)		(61.35	)%		18.02	%		114.87	%		4.40	%		47.36	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	470,339		$	527,685		$	1,944,335		$	1,403,660		$	403,285		$	304,921
Ratio of Expenses Before Expense Limitation		1.01	%(7)		1.03	%		N/A			1.01	%		1.00	%		1.02	%
Ratio of Expenses After Expense Limitation		1.00	%(4)(7)		1.03	%(4)		1.00	%(4)		1.00	%(4)		0.99	%(4)		1.01	%(4)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.00	%(4)		1.00	%(4)		0.99	%(4)		1.01	%(4)
Ratio of Net Investment Loss		(0.41	)%(4)(7)		(0.85	)%(4)		(0.81	)%(4)		(0.82	)%(4)		(0.52	)%(4)		(0.65	)%(4)
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%(7)		0.00	%(5)		0.00	%(5)		0.01	%		0.01	%		0.01	%
Portfolio Turnover Rate		21	%(6)		67	%		115	%		65	%		116	%		86	%

(1)  Not consolidated.

(2)  Per share amount is based on average shares outstanding.

(3)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5)  Amount is less than 0.005%.

(6)  Not annualized.

(7)  Annualized.

The accompanying notes are an integral part of the consolidated financial statements.
12

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Consolidated Financial Highlights

Discovery Portfolio

	Class L
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020(1)			2019(1)			2018(1)
Net Asset Value, Beginning of Period	$	6.20		$	27.00		$	25.69		$	14.21		$	17.96		$	18.79
Income (Loss) from Investment Operations:
Net Investment Loss(2)		(0.03	)		(0.16	)		(0.36	)		(0.21	)		(0.15	)		(0.18	)
Net Realized and Unrealized Gain (Loss)		(0.00	)(3)		(10.53	)		4.97			14.00			0.08			6.27
Total from Investment Operations		(0.03	)		(10.69	)		4.61			13.79			(0.07	)		6.09
Distributions from and/or in Excess of:
Net Realized Gain		—			(10.11	)		(3.30	)		(2.31	)		(3.68	)		(6.92	)
Net Asset Value, End of Period	$	6.17		$	6.20		$	27.00		$	25.69		$	14.21		$	17.96
Total Return(4)		(0.48	)%(7)		(61.52	)%		17.48	%		113.70	%		3.90	%		46.73	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,311		$	4,704		$	13,762		$	14,173		$	8,124		$	9,572
Ratio of Expenses Before Expense Limitation		1.55	%(8)		1.51	%		N/A			1.50	%		1.51	%		1.51	%
Ratio of Expenses After Expense Limitation		1.55	%(5)(8)		1.51	%(5)		1.44	%(5)		1.49	%(5)		1.50	%(5)		1.50	%(5)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.44	%(5)		1.49	%(5)		1.50	%(5)		1.50	%(5)
Ratio of Net Investment Loss		(0.94	)%(5)(8)		(1.33	)%(5)		(1.26	)%(5)		(1.27	)%(5)		(1.06	)%(5)		(1.15	)%(5)
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%(8)		0.00	%(6)		0.00	%(6)		0.01	%		0.01	%		0.01	%
Portfolio Turnover Rate		21	%(7)		67	%		115	%		65	%		116	%		86	%

(1)  Not consolidated.

(2)  Per share amount is based on average shares outstanding.

(3)  Amount is less than $0.005 per share.

(4)  Calculated based on the net asset value as of the last business day of the period.

(5)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6)  Amount is less than 0.005%.

(7)  Not annualized.

(8)  Annualized.

The accompanying notes are an integral part of the consolidated financial statements.
13

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Consolidated Financial Highlights

Discovery Portfolio

	Class C
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020(1)			2019(1)			2018(1)
Net Asset Value, Beginning of Period	$	7.52		$	30.51		$	28.74		$	15.67		$	19.42		$	19.85
Income (Loss) from Investment Operations:
Net Investment Loss(2)		(0.04	)		(0.24	)		(0.49	)		(0.32	)		(0.22	)		(0.29	)
Net Realized and Unrealized Gain (Loss)		0.00	(3)		(12.64	)		5.56			15.70			0.15			6.78
Total from Investment Operations		(0.04	)		(12.88	)		5.07			15.38			(0.07	)		6.49
Distributions from and/or in Excess of:
Net Realized Gain		—			(10.11	)		(3.30	)		(2.31	)		(3.68	)		(6.92	)
Net Asset Value, End of Period	$	7.48		$	7.52		$	30.51		$	28.74		$	15.67		$	19.42
Total Return(4)		(0.53	)%(7)		(61.66	)%		17.21	%		113.21	%		3.55	%		46.08	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	14,188		$	15,363		$	59,936		$	33,781		$	6,518		$	536
Ratio of Expenses Before Expense Limitation		1.84	%(8)		1.77	%		N/A			1.75	%		1.84	%		3.69	%
Ratio of Expenses After Expense Limitation		1.83	%(5)(8)		1.77	%(5)		1.71	%(5)		1.74	%(5)		1.83	%(5)		1.89	%(5)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.71	%(5)		1.74	%(5)		1.83	%(5)		1.89	%(5)
Ratio of Net Investment Loss		(1.22	)%(5)(8)		(1.59	)%(5)		(1.52	)%(5)		(1.59	)%(5)		(1.32	)%(5)		(1.58	)%(5)
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%(8)		0.00	%(6)		0.00	%(6)		0.01	%		0.01	%		0.01	%
Portfolio Turnover Rate		21	%(7)		67	%		115	%		65	%		116	%		86	%

(1)  Not consolidated.

(2)  Per share amount is based on average shares outstanding.

(3)  Amount is less than $0.005 per share.

(4)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(5)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6)  Amount is less than 0.005%.

(7)  Not annualized.

(8)  Annualized.

The accompanying notes are an integral part of the consolidated financial statements.
14

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Consolidated Financial Highlights

Discovery Portfolio

	Class R6(1)
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020(2)			2019(2)			2018(2)
Net Asset Value, Beginning of Period	$	12.34		$	42.67		$	38.72		$	20.15		$	23.50		$	22.43
Income (Loss) from Investment Operations:
Net Investment Loss(3)		(0.00	)(4)		(0.10	)		(0.19	)		(0.12	)		(0.04	)		(0.06	)
Net Realized and Unrealized Gain (Loss)		0.00	(4)		(20.12	)		7.44			21.00			0.37			8.05
Total from Investment Operations		0.00	(4)		(20.22	)		7.25			20.88			0.33			7.99
Distributions from and/or in Excess of:
Net Realized Gain		—			(10.11	)		(3.30	)		(2.31	)		(3.68	)		(6.92	)
Net Asset Value, End of Period	$	12.34		$	12.34		$	42.67		$	38.72		$	20.15		$	23.50
Total Return(5)		0.00	%(8)		(61.20	)%		18.47	%		115.65	%		4.77	%		47.89	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	186,745		$	194,806		$	547,683		$	354,067		$	130,653		$	93,005
Ratio of Expenses Before Expense Limitation		0.65	%(9)		0.64	%		N/A			0.64	%		0.64	%		0.66	%
Ratio of Expenses After Expense Limitation		0.64	%(6)(9)		0.64	%(6)		0.61	%(6)		0.63	%(6)		0.63	%(6)		0.65	%(6)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.61	%(6)		0.63	%(6)		0.63	%(6)		0.65	%(6)
Ratio of Net Investment Loss		(0.03	)%(6)(9)		(0.45	)%(6)		(0.42	)%(6)		(0.44	)%(6)		(0.18	)%(6)		(0.30	)%(6)
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%(9)		0.00	%(7)		0.00	%(7)		0.01	%		0.01	%		0.01	%
Portfolio Turnover Rate		21	%(8)		67	%		115	%		65	%		116	%		86	%

(1)  Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2)  Not consolidated.

(3)  Per share amount is based on average shares outstanding.

(4)  Amount is less than $0.005 per share.

(5)  Calculated based on the net asset value as of the last business day of the period.

(6)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Loss reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7)  Amount is less than 0.005%.

(8)  Not annualized.

(9)  Annualized.

The accompanying notes are an integral part of the consolidated financial statements.
15

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund Trust ("Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is comprised of nine separate, active funds (individually referred to as a "Fund," collectively as the "Funds"). The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. All Funds are considered diversified for purposes of the Act.

The accompanying consolidated financial statements relate to the Discovery Portfolio. The Fund seeks long-term capital growth. The Fund offers five classes of shares — Class I, Class A, Class L, Class C and Class R6. Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The Fund has suspended offering of Class L shares for sale to all investors. Class L shareholders of the Fund do not have the option of purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Trust in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may 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, Discovery Cayman Portfolio, Ltd. (the "Subsidiary"). The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in Grayscale Bitcoin Trust (BTC) ("GBTC"), a privately offered investment vehicle that invests in bitcoin. The Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all ac-

counting policies of the Subsidiary are consistent with those of the Fund. As of March 31, 2023, the Subsidiary represented approximately $16,705,000 or approximately 1.65% of the total net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to bitcoin within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (ASU) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"), which clarifies the guidance in ASC Topic No. 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction and introduces new disclosures related to such equity security. ASU 2022-03 clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security's unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security's fair value (i.e., the entity should not apply a discount related to the contractual sale restriction, as stated in ASC 820-10-35-36B as amended by ASU 2022-03). In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. The new guidance is effective for public companies with annual reporting periods in fiscal years beginning after December 15, 2023, and interim periods in the following year, with early adoption permitted. At this time, management is currently evaluating the impact of ASU 2022-03.

16

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

1.  Security Valuation: (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (4) fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of

Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (6) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (7) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing

17

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

2.  Fair Value Measurement: FASB ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

•  Level 1 – unadjusted quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks
Biotechnology	$	10,593	$	—	$	—	$	10,593
Broadline Retail		73,073		—		—		73,073
Chemicals		2,874		—		—		2,874
Commercial Services & Supplies		1,987		—		—		1,987
Entertainment		62,843		—		—		62,843
Financial Services		32,086		62,276		—		94,362
Ground Transportation		17,119		—		—		17,119
Health Care Providers & Services		54,859		—		—		54,859
Health Care Technology		48,056		—		—		48,056
Hotels, Restaurants & Leisure		56,735		—		—		56,735
Information Technology Services		129,939		—		—		129,939
Interactive Media & Services		14,570		—		—		14,570
Leisure Products		23,517		—		—		23,517
Life Sciences Tools & Services		24,457		—		—		24,457
Media		73,268		—		—		73,268
Pharmaceuticals		57,856		—		—		57,856
Software		120,191		—		—		120,191
Specialty Retail		80,167		—		—		80,167
Total Common Stocks		884,190		62,276		—		946,466

18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Preferred Stock
Software	$	—	$	—	$	23,813	$	23,813
Investment Company		13,795		—		—		13,795
Warrant		35		—		—		35
Call Options Purchased		—		1,193		—		1,193
Short-Term Investments
Investment Company		38,092		—		—		38,092
Repurchase Agreements		—		3,437		—		3,437
Total Short-Term Investments		38,092		3,437		—		41,529
Total Assets	$	936,112	$	66,906	$	23,813	$	1,026,831

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Preferred Stock (000)
Beginning Balance	$	25,782
Purchases		—
Sales		—
Amortization of discount		—
Transfers in		—
Transfers out		—
Corporate actions		—
Change in unrealized appreciation (depreciation)		(1,969	)
Realized gains (losses)		—
Ending Balance	$	23,813
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023	$	(1,969	)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2023:

	Fair Value at March 31, 2023 (000)		Valuation Technique	Unobservable Input	Amount*			Impact to Valuation from an Increase in Input**
Preferred Stock	$	23,813	Market Transaction Method	Precedent Transaction	$	60.00		Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		14.5	%	Decrease
				Perpetual Growth Rate		3.5	%	Increase
			Market Comparable Companies	Enterprise Value/ Revenue		12.0	x	Increase
				Discount for Lack of Marketability		15.0	%	Decrease

*  Amount is indicative of the weighted average.

**  Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

3.  Repurchase Agreements: The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price

plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization of the collateral proceeds may be subject to cost and delays. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

19

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

4.  Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

–  investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

–  investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange

rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

5.  Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivative instruments used by the Fund will be counted towards the Fund's exposure in the types of securities listed herein to the extent they have economic characteristics similar to such securities. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset 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, 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. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other

20

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

Options: With respect to options, the Fund is subject to equity risk, interest rate risk and foreign currency exchange risk in the normal course of pursuing its investment objectives. If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or foreign currency, or futures contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium paid by the Fund. The Fund may purchase and/or sell put and call options. Purchasing call options tends to increase the Fund's exposure to the underlying (or similar) instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying (or similar) instrument. When entering into purchased option contracts, the Fund bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the purchased option contracts; however the risk of loss is limited to the premium paid. Purchased options are reported as part of "Total Investments in Securities" in the Consolidated Statement of Assets and Liabilities. Premiums paid for purchasing options which expired are treated as realized losses. If the Fund writes an option, it sells to another party the right to buy from or sell to the Fund a specific amount of the underlying instrument or foreign currency, or futures

contract on the underlying instrument or foreign currency, at an agreed-upon price during a period of time or on a specified date typically in exchange for a premium received by the Fund. When options are purchased OTC, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and the Fund may have difficulty closing out its position. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following table sets forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2023:

	Asset Derivatives Consolidated Statement of Assets and Liabilities Location	Primary Risk Exposure	Value (000)
Purchased Options	Investments, at Value (Purchased Options)	Currency Risk	$	1,193	(a)

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended March 31, 2023 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	(2,231	)(b)

(b) Amounts are included in Realized Loss on Investments Sold in the Consolidated Statement of Operations.

21

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Investments (Purchased Options)	$	(5,524	)(c)

(c) Amounts are included in Change in Unrealized Appreciation (Depreciation) on Investments in the Consolidated Statement of Operations.

At March 31, 2023, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities
Derivatives	Assets(d) (000)			Liabilities(d) (000)
Purchased Options	$	1,193	(a)	$	—

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(d) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the

Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2023:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities(a) (000)		Financial Instrument (000)		Collateral Received(e) (000)			Net Amount (not less than $0) (000)
Goldman Sachs International	$	1	$	—	$	(1	)	$	0
JP Morgan Chase Bank NA		919		—		(850	)		69
Standard Chartered Bank		273				(273	)		0
Total	$	1,193	$	—	$	(1,124	)	$	69

(a) Amounts are included in Investments in Securities in the Consolidated Statement of Assets and Liabilities.

(e) In some instances, the actual collateral received may be more than the amount shown here due to overcollateralization.

For the six months ended March 31, 2023, the approximate average monthly amount outstanding for each derivative type is as follows:

Purchased Options:
Average monthly notional amount	789,967,000

6.  Securities Lending: The Fund lends securities to qualified financial institutions, such as broker/dealers, to earn additional income. Any increase or decrease in the fair value of the securities loaned that might occur and any interest earned or dividends declared on those securities during the term of the loan would remain in the Fund. The Fund would receive cash or securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities. The collateral is marked-to-market daily by State Street Bank and Trust Company ("State Street"), the securities lending agent, to ensure that a minimum of 100% collateral coverage is maintained.

Based on pre-established guidelines, the securities lending agent invests any cash collateral that is received in an affiliated money market portfolio and repurchase agreements. Securities lending income is generated from the earnings on the invested collateral and borrowing fees, less any rebates owed to the borrowers and compensation to the lending agent, and is recorded as "Income from Securities Loaned — Net" in the Fund's Consolidated Statement of Operations. Risks in securities

22

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

lending transactions are that a borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral plus any rebate that is required to be returned to the borrower.

The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.

The following table presents financial instruments that are subject to enforceable netting arrangements as of March 31, 2023:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Gross Asset Amounts Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)		Collateral Received (000)			Net Amount (not less than $0) (000)
$	22,258	(f)	$	—	$	(21,903	)(g)	$	355

(f) Represents market value of loaned securities at period end.

(g) The Fund received cash collateral of approximately $18,562,000, which was subsequently invested in Repurchase Agreements and Morgan Stanley Institutional Liquidity Funds as reported in the Consolidated Portfolio of Investments. In addition, the Fund received non-cash collateral of approximately $3,341,000 in the form of U.S. Government obligations, which the Fund cannot sell or repledge, and accordingly are not reflected in the Consolidated Portfolio of Investments.

FASB ASC 860, "Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures", is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged and the remaining contractual maturity of those transactions as of March 31, 2023:

Remaining Contractual Maturity of the Agreements
	Overnight and Continuous (000)		<30 days (000)		Between 30 & 90 days (000)		>90 days (000)		Total (000)
Securities Lending Transactions
Common Stocks	$	18,562	$	—	$	—	$	—	$	18,562
Total Borrowings	$	18,562	$	—	$	—	$	—	$	18,562
Gross amount of recognized liabilities for securities lending transactions									$	18,562

7.  Restricted Securities: The Fund invests in unregistered or otherwise restricted securities. The term "restricted securities" refers to securities that are unregistered or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale. As a result, restricted securities may be more difficult to value and the Fund may have difficulty disposing of such assets either in a timely manner or for a reasonable price. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered so that the Fund can sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and the acquirer of the securities. The Fund would, in either case, bear market risks during that period. Restricted securities are identified in the Consolidated Portfolio of Investments.

8.  Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

9.  Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

10.  Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be

23

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.50% of the average daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.80% for Class I shares, 1.15% for Class A shares, 1.65% for Class L shares, 1.90% for Class C shares and 0.73% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street, State Street provides certain administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Trust's

Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

E. Dividend Disbursing and Transfer/Co-Transfer Agent: The Trust's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS, Inc."). Pursuant to a Transfer Agency Agreement, the Trust pays SS&C GIDS, Inc. a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended March 31, 2023, EVM earned $0 for providing such services.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees

24

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $220,131,000 and $366,963,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2023.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Treasury Securities Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2023, advisory fees paid were reduced by approximately $28,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2023 is as follows:

Affiliated Investment Company	Value September 30, 2022 (000)		Purchases at Cost (000)		Proceeds from Sales (000)		Dividend Income (000)
Liquidity Funds	$	55,890	$	262,252	$	280,050	$	547

Affiliated Investment Company (cont'd)	Realized Gain (Loss) (000)		Change in Unrealized Appreciation (Depreciation) (000)		Value March 31, 2023 (000)
Liquidity Funds	$	—	$	—	$	38,092

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.

The Fund has an unfunded noncontributory defined benefit pension plan covering certain independent Trustees of the Fund who will have served as independent Trustees for at least

five years at the time of retirement. Benefits under this plan are based on factors which include years of service and compensation. The Trustees voted to close the plan to new participants and eliminate the future benefits growth due to increases to compensation after July 31, 2003. Aggregate pension costs for the six months ended March 31, 2023, included in "Trustees' Fees and Expenses" in the Consolidated Statement of Operations amounted to approximately $2,000. At March 31, 2023, the Fund had an accrued pension liability of approximately $38,000, which is reflected as "Payable for Trustees' Fees and Expenses" in the Consolidated Statement of Assets and Liabilities.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

H. Federal Income Taxes: It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service,

25

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2022 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2022 and 2021 was as follows:

2022 Distributions Paid From:				2021 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	354,635	$	760,915	$	64,858	$	300,505

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

Permanent differences, due to a net operating loss, resulted in the following reclassifications among the components of net assets at September 30, 2022:

Total Accumulated Loss (000)		Paid-in- Capital (000)
$	7,447	$	(7,447	)

At September 30, 2022, the Fund had no distributable earnings on a tax basis.

At September 30, 2022, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $537,518,000 and $498,111,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended September 30, 2022, the Fund intends to

defer to October 1, 2022 for U.S. federal income tax purposes the following losses:

Qualified Late Year Ordinary Losses (000)		Post-October Capital Losses (000)
$	32,037	$	—

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $300,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended March 31, 2023, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2023, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 59.4%.

K. Market Risk and Risks Relating to Certain Financial Instruments:

Bitcoin: The Fund may have exposure to cryptocurrency indirectly through investments in GBTC, a privately offered investment vehicle that invests in bitcoin. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to-peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. For example, the bitcoin held by GBTC (and the Fund's indirect exposure to such bitcoin) is also susceptible to these risks. The value of the GBTC investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which

26

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The GBTC exposure to cryptocurrency could result in substantial losses to the Fund.

Market: An 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. Social, political, economic and other conditions and events, such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets and global economy. 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 be sudden and significant and may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of and/or income or yield from the Fund's investments and exacerbate pre-existing risks to the Fund. For example, the extent of the impact of a public health emergency depends on future developments, including (i) the duration and spread of the public health emergency, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments.

27

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), the Fund has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund (i.e., liquidity risk). The Fund's Board of Trustees (the "Board") previously approved the designation of the Liquidity Risk Subcommittee (the "LRS") as Program administrator. The LRS is comprised of representatives from various divisions within Morgan Stanley Investment Management.

At a meeting held on March 1-2, 2023, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2022, through December 31, 2022, as required under the Liquidity Rule. The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

In accordance with the Program, the LRS assessed each Fund's liquidity risk no less frequently than annually taking into consideration certain factors, as applicable, such as (i) investment strategy and liquidity of portfolio investments, (ii) short-term and long-term cash flow projections and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories, which classification is assessed at least monthly by the LRS. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading and investment-specific considerations, as well as market depth, and in some cases utilize third-party vendor data.

The Liquidity Rule limits a fund's investments in illiquid investments to 15% of its net assets and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or "HLIM"). The LRS believes that the Program includes provisions reasonably designed to review, monitor and comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement, as applicable.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

28

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice  April 2021

FACTS	WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◼ Social Security number and income ◼ investment experience and risk tolerance ◼ checking account number and wire transfer instructions
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

29

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

To limit our sharing	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice? Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (see Investment Management Affiliates definition below)

What we do

How does MSIM protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?	We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.

30

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

Definitions

Investment Management Affiliates	MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other Important Information

Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.

California: Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

31

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Trustee and Officer Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the Annual Reports within 60 days of the end of the fund's second and fourth fiscal quarters. The Semi-Annual and Annual Reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im/shareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may obtain the Form N-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov).

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 869-6397 or by visiting our website at www.morganstanley.com/im/shareholderreports. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 869-6397.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling 1(800) 869-6397, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

32

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

© 2023 Morgan Stanley. Morgan Stanley Distribution, Inc.

IFTMCGSAN
5647219 EXP 05.31.24

Morgan Stanley Institutional Fund Trust

Dynamic Value Portfolio

Semi-Annual Report

March 31, 2023

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Table of Contents

Shareholders' Letter	2
Expense Example	3
Portfolio of Investments	4
Statement of Assets and Liabilities	9
Statement of Operations	10
Statements of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	16
Liquidity Risk Management Program	24
U.S. Customer Privacy Notice	25
Trustees and Officers Information	28

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of the Morgan Stanley Institutional Fund Trust. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.

Additionally, you can access fund information including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.

There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.

1

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this Semi-Annual Report, in which you will learn how your investment in Dynamic Value Portfolio (the "Fund") performed during the latest six-month period.

Morgan Stanley Investment Management is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2023

2

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Expense Example

Dynamic Value Portfolio

As a shareholder of the Fund, you may incur two types of costs: (1) transactional costs, including sales charge (loads) on purchase payments; and (2) ongoing costs, which may include advisory fees, administration fees, distribution and shareholder services fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2023 and held for the entire six-month period.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads, if applicable). Therefore, the information for each class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/22		Actual Ending Account Value 3/31/23		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Dynamic Value Portfolio Class I	$	1,000.00	$	1,119.70	$	1,022.39	$	2.70	$	2.57		0.51	%
Dynamic Value Portfolio Class A		1,000.00		1,118.30		1,020.59		4.59		4.38		0.87
Dynamic Value Portfolio Class C		1,000.00		1,116.20		1,016.80		8.60		8.20		1.63
Dynamic Value Portfolio Class R6		1,000.00		1,121.00		1,022.49		2.59		2.47		0.49

*  Expenses are calculated using each fundcode not found Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 182/365 (to reflect the most recent one-half year period).

**  Annualized.

3

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments

Dynamic Value Portfolio

	Shares		Value (000)
Common Stocks (95.4%)
Aerospace & Defense (0.8%)
Huntington Ingalls Industries, Inc.		2,181	$	452
Textron, Inc.		6,474		457
				909
Automobiles (0.9%)
General Motors Co.		13,606		499
Thor Industries, Inc.		6,238		497
				996
Banks (4.9%)
Comerica, Inc.		19,314		839
First Republic Bank		28,291		396
KeyCorp		68,156		853
PacWest Bancorp		87,580		852
Popular, Inc.		15,565		893
Synovus Financial Corp.		27,955		862
Zions Bancorp NA		27,820		833
				5,528
Beverages (0.6%)
Molson Coors Beverage Co., Class B		13,888		718
Biotechnology (1.6%)
Gilead Sciences, Inc.		10,983		911
United Therapeutics Corp. (a)		4,110		921
				1,832
Broadline Retail (0.5%)
Macy's, Inc.		16,495		289
Nordstrom, Inc.		18,280		297
				586
Building Products (2.5%)
Builders FirstSource, Inc. (a)		5,268		468
Carlisle Cos., Inc.		2,044		462
Fortune Brands Innovations, Inc.		7,897		464
Hayward Holdings, Inc. (a)		40,308		473
Masterbrand, Inc. (a)		59,000		474
Owens Corning		4,952		474
				2,815
Capital Markets (2.0%)
Affiliated Managers Group, Inc.		5,398		769
Jefferies Financial Group, Inc.		23,925		759
Virtu Financial, Inc., Class A		39,969		756
				2,284
Chemicals (2.6%)
Celanese Corp.		3,924		427
CF Industries Holdings, Inc.		5,749		417
Chemours Co.		13,958		418
LyondellBasell Industries NV, Class A		4,540		426
Mosaic Co.		9,199		422
Olin Corp.		7,636		424
Westlake Chemical Corp.		3,658		424
				2,958

	Shares		Value (000)
Commercial Banks (0.7%)
Western Alliance Bancorp		23,940	$	851
Consumer Finance (4.0%)
Ally Financial, Inc.		29,873		761
Capital One Financial Corp.		7,915		761
Discover Financial Services		7,627		754
OneMain Holdings, Inc.		20,406		757
SLM Corp.		62,555		775
Synchrony Financial		26,004		756
				4,564
Consumer Staples Distribution & Retail (1.8%)
Kroger Co.		13,398		662
US Foods Holding Corp. (a)		18,105		669
Walgreens Boots Alliance, Inc.		19,240		665
				1,996
Containers & Packaging (1.1%)
Berry Global Group, Inc.		7,220		425
International Paper Co.		11,853		427
WestRock Co.		13,973		426
				1,278
Diversified Consumer Services (0.6%)
ADT, Inc.		45,999		332
H&R Block, Inc.		9,612		339
				671
Diversified REITs (0.7%)
Starwood Property Trust, Inc. REIT		42,671		755
Diversified Telecommunication Services (1.8%)
AT&T, Inc.		106,016		2,041
Electric Utilities (2.6%)
Edison International		10,216		721
Hawaiian Electric Industries, Inc.		18,746		720
NRG Energy, Inc.		21,491		737
PG&E Corp. (a)		45,018		728
				2,906
Electrical Equipment (0.4%)
Regal Rexnord Corp.		3,243		456
Electronic Equipment, Instruments & Components (1.5%)
Arrow Electronics, Inc. (a)		3,388		423
Avnet, Inc.		9,271		419
Jabil, Inc.		4,832		426
TD SYNNEX Corp.		4,377		424
				1,692
Financial Services (2.6%)
Annaly Capital Management, Inc. REIT		38,622		738
Corebridge Financial, Inc.		47,424		760
MGIC Investment Corp.		56,314		756
New Residential Investment Corp. REIT		93,129		745
				2,999

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Food Products (3.2%)
Archer-Daniels-Midland Co.		9,133	$	728
Bunge Ltd.		7,437		710
Pilgrim's Pride Corp. (a)		32,107		744
Seaboard Corp.		188		709
Tyson Foods, Inc., Class A		12,385		735
				3,626
Gas Utilities (1.3%)
National Fuel Gas Co.		12,480		720
UGI Corp.		21,166		736
				1,456
Ground Transportation (1.4%)
Knight-Swift Transportation Holdings, Inc.		5,758		326
Ryder System, Inc.		3,655		326
Schneider National, Inc., Class B		12,187		326
U-Haul Holding Co.		11,628		645
				1,623
Health Care Equipment & Supplies (0.5%)
QuidelOrtho Corp. (a)		6,370		567
Health Care Providers & Services (5.5%)
Centene Corp. (a)		8,792		556
Cigna Corp.		2,204		563
CVS Health Corp.		7,554		561
DaVita, Inc. (a)		7,132		579
ENHABIT, Inc. (a)		41,734		581
Henry Schein, Inc. (a)		7,017		572
Laboratory Corp. of America Holdings		2,523		579
Molina Healthcare, Inc. (a)		2,108		564
Premier, Inc., Class A		17,402		563
Tenet Healthcare Corp. (a)		9,983		593
Universal Health Services, Inc., Class B		4,509		573
				6,284
Health Care REITs (0.4%)
Medical Properties Trust, Inc. REIT		50,265		413
Hotel & Resort REITs (0.4%)
Host Hotels & Resorts, Inc. REIT		24,526		404
Hotels, Restaurants & Leisure (1.8%)
Boyd Gaming Corp.		5,300		340
Expedia Group, Inc. (a)		3,476		337
Marriott Vacations Worldwide Corp.		2,513		339
Penn National Gaming, Inc. (a)		11,460		340
Six Flags Entertainment Corp. (a)		13,275		355
Travel & Leisure Co.		8,759		343
				2,054
Household Durables (1.1%)
Lennar Corp., Class A		1,972		208
Lennar Corp., Class B		2,309		206
Mohawk Industries, Inc. (a)		2,088		209
Newell Brands, Inc.		16,703		208
Pulte Group, Inc.		3,536		206
Toll Brothers, Inc.		3,401		204
				1,241

	Shares		Value (000)
Household Products (0.7%)
Reynolds Consumer Products, Inc.		26,920	$	740
Independent Power Producers & Energy Traders (1.3%)
AES Corp.		30,396		732
Vistra Corp.		30,331		728
				1,460
Industrial Conglomerates (0.4%)
3M Co.		4,414		464
Information Technology Services (1.6%)
Accenture PLC, Class A		806		231
Akamai Technologies, Inc. (a)		2,941		230
Amdocs Ltd.		2,388		229
Cognizant Technology Solutions Corp., Class A		3,792		231
DXC Technology Co. (a)		9,089		232
International Business Machines Corp.		1,739		228
Kyndryl Holdings, Inc. (a)		15,792		233
Thoughtworks Holding, Inc. (a)		32,423		239
				1,853
Insurance (3.3%)
American International Group, Inc.		9,374		472
F&G Annuities & Life, Inc.		25,764		467
Fidelity National Financial, Inc.		13,400		468
Hartford Financial Services Group, Inc.		6,561		457
Loews Corp.		8,024		466
Old Republic International Corp.		18,588		464
Principal Financial Group, Inc.		6,225		463
Unum Group		11,614		459
				3,716
Life Sciences Tools & Services (1.6%)
Avantor, Inc. (a)		42,497		898
Syneos Health, Inc. (a)		25,569		911
				1,809
Machinery (2.1%)
AGCO Corp.		3,496		472
Allison Transmission Holdings, Inc.		10,215		462
Gates Industrial Corp. PLC (a)		33,540		466
PACCAR, Inc.		6,295		461
Timken Co.		5,690		465
				2,326
Media (5.9%)
Altice USA, Inc., Class A (a)		227,867		779
Charter Communications, Inc., Class A (a)		2,059		736
Comcast Corp., Class A		19,487		739
DISH Network Corp., Class A (a)		79,127		738
Fox Corp., Class A		21,708		739
Fox Corp., Class B		23,593		739
Liberty Media Corp-Liberty SiriusXM, Class A (a)		26,858		755
Liberty Media Corp-Liberty SiriusXM, Class C (a)		26,959		755
Nexstar Media Group, Inc., Class A		4,224		729
				6,709

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Metals & Mining (0.7%)
Cleveland-Cliffs, Inc. (a)		23,158	$	424
United States Steel Corp.		15,921		416
				840
Office REITs (1.7%)
Boston Properties, Inc. REIT		7,273		393
Cousins Properties, Inc. REIT		18,611		398
Douglas Emmett, Inc. REIT		31,528		389
Highwoods Properties, Inc. REIT		17,141		397
Kilroy Realty Corp. REIT		12,306		399
				1,976
Oil, Gas & Consumable Fuels (7.0%)
Antero Resources Corp. (a)		43,272		999
Chesapeake Energy Corp.		13,003		989
HF Sinclair Corp.		19,875		962
Ovintiv, Inc.		27,801		1,003
PDC Energy, Inc.		15,358		986
Phillips 66		9,739		987
Valero Energy Corp.		7,132		996
Vitesse Energy, Inc.		50,735		965
				7,887
Passenger Airlines (0.3%)
Delta Air Lines, Inc. (a)		9,509		332
Personal Care Products (0.7%)
Olaplex Holdings, Inc. (a)		182,910		781
Pharmaceuticals (5.6%)
Bristol-Myers Squibb Co.		13,096		908
Elanco Animal Health, Inc. (a)		97,902		920
Jazz Pharmaceuticals PLC (a)		6,226		911
Organon & Co.		39,368		926
Perrigo Co. PLC		25,438		913
Pfizer, Inc.		22,183		905
Viatris, Inc.		93,690		901
				6,384
Professional Services (1.4%)
CACI International, Inc., Class A (a)		791		234
Concentrix Corp.		1,906		232
Dun & Bradstreet Holdings, Inc.		20,397		239
Leidos Holdings, Inc.		2,538		234
ManpowerGroup, Inc.		2,858		236
Science Applications International Corp.		2,177		234
SS&C Technologies Holdings, Inc.		4,089		231
				1,640
Real Estate Management & Development (0.7%)
CBRE Group, Inc., Class A (a)		5,569		405
Jones Lang LaSalle, Inc. (a)		2,748		400
				805
Residential REITs (0.4%)
Apartment Income Corp. REIT		11,282		404

	Shares		Value (000)
Semiconductors & Semiconductor Equipment (2.5%)
Intel Corp.		14,980	$	489
Micron Technology, Inc.		7,430		448
MKS Instruments, Inc.		5,460		484
Qorvo, Inc. (a)		4,713		479
QUALCOMM, Inc.		3,774		482
Skyworks Solutions, Inc.		4,053		478
				2,860
Software (1.6%)
AppLovin Corp., Class A (a)		15,064		237
Dropbox, Inc., Class A (a)		10,659		230
Gen Digital, Inc.		13,562		233
Informatica, Inc., Class A (a)		13,929		228
NCR Corp. (a)		10,034		237
RingCentral, Inc., Class A (a)		7,694		236
Teradata Corp. (a)		5,749		232
Zoom Video Communications, Inc., Class A (a)		3,196		236
				1,869
Specialized REITs (1.1%)
EPR Properties REIT		10,396		396
VICI Properties, Inc. REIT		12,194		398
Weyerhaeuser Co. REIT		13,296		400
				1,194
Specialty Retail (1.6%)
AutoNation, Inc. (a)		2,189		294
Lithia Motors, Inc., Class A		1,301		298
Penske Automotive Group, Inc.		2,087		296
Petco Health & Wellness Co., Inc. (a)		31,903		287
Victoria's Secret & Co. (a)		8,619		294
Williams-Sonoma, Inc.		2,417		294
				1,763
Tech Hardware, Storage & Peripherals (1.1%)
Dell Technologies, Inc., Class C		10,451		420
Hewlett Packard Enterprise Co.		26,345		420
HP, Inc.		14,442		424
				1,264
Textiles, Apparel & Luxury Goods (0.2%)
PVH Corp.		2,373		212
Trading Companies & Distributors (2.1%)
Air Lease Corp.		12,072		475
Core & Main, Inc., Class A (a)		20,244		468
United Rentals, Inc.		1,186		469
Univar Solutions, Inc. (a)		13,040		457
WESCO International, Inc.		3,065		474
				2,343
Total Common Stocks (Cost $114,007)				108,134

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

	Shares		Value (000)
Short-Term Investment (17.5%)
Investment Company (17.5%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $19,864)		19,864,065	$	19,864
Total Investments (112.9%) (Cost $133,871) (b)(c)				127,998
Liabilities in Excess of Other Assets (–12.9%)				(14,627	)
Net Assets (100.0%)			$	113,371

(a)  Non-income producing security.

(b)  Securities are available for collateral in connection with purchase of swap agreements.

(c)  At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,158,000 and the aggregate gross unrealized depreciation is approximately $9,030,000, resulting in net unrealized depreciation of approximately $5,872,000.

REIT  Real Estate Investment Trust.

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at March 31, 2023:

Swap Counterparty	Index	Pay/Receive Total Return of Referenced Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
JPMorgan Chase Bank NA	JPM Russell 1000 Anti-Value Index††	Pay	SOFR +0.15%	Quarterly	4/2/24	$	16,671	$	(332	)	$	—	$	(332	)
JPMorgan Chase Bank NA	JPM Russell 1000 Value Index††	Receive	SOFR +0.15%	Quarterly	4/2/24		22,214		333			—		333
								$	1		$	—	$	1

††  See tables below for details of the equity basket holdings underlying the swap.

The following table represents the equity basket holdings underlying the total return swap with JPM Russell 1000 Anti-Value Index as of March 31, 2023:

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Anti-Value Index
10X Genomics, Inc.		732	$	41		0.52	%
Air Products And Chemicals, Inc.		136		39		0.50
Alteryx, Inc.		668		39		0.50
Arista Networks, Inc.		234		39		0.50
Atlassian Corp.		237		41		0.52
Axon Enterprise, Inc.		175		39		0.50
Burlington Stores, Inc.		193		39		0.50
Cloudflare, Inc.		646		40		0.51
Confluent, Inc.		1,673		40		0.51
Crowdstrike Holdings, Inc.		288		40		0.51
Datadog, Inc.		558		41		0.52
Doordash, Inc.		616		39		0.50
Doximity, Inc.		1,211		39		0.50
Draftkings, Inc.		2,019		39		0.50
Elastic NV		675		39		0.50
Enviva, Inc.		1,394		40		0.51
Equinix, Inc.		54		39		0.50
First Citizens Bancshares, Inc.		40		39		0.50
Floor & Decor Holdings, Inc.		400		39		0.50
Hanesbrands, Inc.		7,566		40		0.51
Hubspot, Inc.		91		39		0.50
Illumina, Inc.		170		39		0.50
Mongodb, Inc.		174		41		0.52
Monster Beverage Corp.		725		39		0.50

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Anti-Value Index (cont'd)
New Fortress Energy, Inc.		1,332	$	39		0.50	%
New Relic, Inc.		523		39		0.50
Novocure Ltd.		653		39		0.50
Nutanix, Inc.		1,510		39		0.50
Opendoor Technologies, Inc.		23,350		41		0.53
Peloton Interactive, Inc.		3,610		41		0.52
Pinterest, Inc.		1,437		39		0.50
Plug Power, Inc.		3,348		39		0.50
Procore Technologies, Inc.		624		39		0.50
Pure Storage, Inc.		1,538		39		0.50
Rivian Automotive, Inc.		2,621		41		0.52
Robinhood Markets, Inc.		4,050		39		0.50
Roblox Corp.		877		39		0.50
Roku, Inc.		616		41		0.52
Sherwin-Williams Co.		176		39		0.50
Snowflake, Inc.		267		41		0.53
Sofi Technologies, Inc.		6,634		40		0.51
Tesla, Inc.		194		40		0.51
Trex Co., Inc.		811		39		0.50
UDR, Inc.		951		39		0.50
Ultragenyx Pharmaceutical, Inc.		989		40		0.51
Wayfair, Inc.		1,176		40		0.52
Wix.Com Ltd.		395		39		0.50
Zillow Group, Inc. Class A		902		39		0.50
Zillow Group, Inc. Class C		887		39		0.50
Zscaler, Inc.		339		40		0.51

The accompanying notes are an integral part of the financial statements.
7

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Dynamic Value Portfolio

The following table represents the equity basket holdings underlying the total return swap with JPM Russell 1000 Value Index as of March 31, 2023:

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Value Index
Affiliated Managers Group, Inc.		504	$	72		0.75	%
Ally Financial, Inc.		2,788		71		0.74
Altice USA, Inc.		21,215		73		0.76
Annaly Capital Management, Inc.		3,751		72		0.75
Antero Resources Corp.		4,212		97		1.01
AT&T, Inc.		10,728		207		2.15
Avantor, Inc.		4,029		85		0.89
Bristol-Myers Squibb Co.		1,257		87		0.91
Capital One Financial Corp.		742		71		0.74
Charter Communications, Inc.		193		69		0.72
Chesapeake Energy Corp.		1,263		96		1.00
Comcast Corp.		1,816		69		0.72
Comerica, Inc.		1,848		80		0.84
Corebridge Financial, Inc.		4,405		71		0.73
Discover Financial Services		714		71		0.73
Dish Network Corp.		7,422		69		0.72
Elanco Animal Health, Inc.		9,391		88		0.92
Gilead Sciences, Inc.		1,053		87		0.91
HF Sinclair Corp.		1,926		93		0.97
Jazz Pharmaceuticals PLC		592		87		0.90
Jefferies Financial Group, Inc.		2,260		72		0.75
Keycorp.		6,585		82		0.86
Liberty Media Corp-Liberty Siriusxm — Series A		2,467		69		0.72
Liberty Media Corp-Liberty Siriusxm — Series C		2,478		69		0.72

Security Description	Shares		Value (000)		Index Weight
JPM Russell 1000 Value Index (cont'd)
Mgic Investment Corp.		5,290	$	71		0.74	%
Olaplex Holdings, Inc.		16,925		72		0.75
Onemain Holdings, Inc.		1,931		72		0.75
Organon & Co.		3,716		87		0.91
Ovintiv, Inc.		2,690		97		1.01
Pacwest Bancorp.		8,626		84		0.87
PDC Energy, Inc.		1,506		97		1.01
Perrigo Co. PLC		2,421		87		0.90
Pfizer, Inc.		2,126		87		0.90
Phillips 66		945		96		1.00
Pilgrim'S Pride Corp.		2,987		69		0.72
Popular, Inc.		1,490		86		0.89
Reynolds Consumer Products, Inc.		2,553		70		0.73
Rithm Capital Corp.		8,960		72		0.75
SLM Corp.		5,771		71		0.74
Starwood Property Trust, Inc.		4,098		73		0.75
Synchrony Financial		2,456		71		0.74
Syneos Health, Inc.		2,418		86		0.90
Synovus Financial Corp.		2,691		83		0.86
United Therapeutics Corp.		395		88		0.92
Valero Energy Corp.		694		97		1.01
Viatris, Inc.		8,979		86		0.90
Virtu Financial, Inc.		3,758		71		0.74
Vitesse Energy, Inc.		4,927		94		0.98
Western Alliance Bancorp		2,293		81		0.85
Zions Bancorp NA		2,680		80		0.84

SOFR  Secured Overnight Financing Rate.

Portfolio Composition

Classification	Percentage of Total Investments
Other*		68.1	%
Short-Term Investment		15.5
Oil, Gas & Consumable Fuels		6.2
Media		5.2
Pharmaceuticals		5.0
Total Investments		100.0	%**

*  Industries and/or investment types representing less than 5% of total investments.

**  Does not include open swap agreements with net unrealized appreciation of approximately $1,000.

The accompanying notes are an integral part of the financial statements.
8

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Dynamic Value Portfolio

Statement of Assets and Liabilities	March 31, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $114,007)	$	108,134
Investment in Security of Affiliated Issuer, at Value (Cost $19,864)		19,864
Total Investments in Securities, at Value (Cost $133,871)		127,998
Receivable for Investments Sold		17,978
Due from Broker		4,390
Unrealized Appreciation on Swap Agreements		333
Dividends Receivable		131
Receivable from Affiliate		52
Other Assets		107
Total Assets		150,989
Liabilities:
Payable for Investments Purchased		32,644
Payable for Swap Agreements Termination		4,540
Unrealized Depreciation on Swap Agreements		332
Payable for Advisory Fees		34
Payable for Professional Fees		26
Payable for Fund Shares Redeemed		19
Payable for Administration Fees		8
Payable for Custodian Fees		2
Payable for Shareholder Services Fees — Class A		1
Payable for Distribution and Shareholder Services Fees — Class C		1
Payable for Transfer Agency Fees — Class I		—	@
Payable for Transfer Agency Fees — Class A		—	@
Payable for Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class R6		—	@
Bank Overdraft		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
Other Liabilities		11
Total Liabilities		37,618
Net Assets	$	113,371
Net Assets Consist of:
Paid-in-Capital	$	122,391
Total Accumulated Loss		(9,020	)
Net Assets	$	113,371
CLASS I:
Net Assets	$	9,694
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		962,286
Net Asset Value, Offering and Redemption Price Per Share	$	10.07
CLASS A:
Net Assets	$	3,298
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		329,032
Net Asset Value, Redemption Price Per Share	$	10.02
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.56
Maximum Offering Price Per Share	$	10.58
CLASS C:
Net Assets	$	720
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		72,559
Net Asset Value, Offering and Redemption Price Per Share	$	9.92
CLASS R6:
Net Assets	$	99,659
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		9,893,777
Net Asset Value, Offering and Redemption Price Per Share	$	10.07

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
9

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Dynamic Value Portfolio

Statement of Operations	Six Months Ended March 31, 2023 (000)
Investment Income:
Dividends from Securities of Unaffiliated Issuers (Net of $1 of Foreign Taxes Withheld)	$	1,694
Dividends from Security of Affiliated Issuer (Note G)		180
Total Investment Income		1,874
Expenses:
Advisory Fees (Note B)		208
Professional Fees		73
Administration Fees (Note C)		48
Registration Fees		24
Custodian Fees (Note F)		20
Shareholder Services Fees — Class A (Note D)		4
Distribution and Shareholder Services Fees — Class C (Note D)		10
Transfer Agency Fees — Class I (Note E)		1
Transfer Agency Fees — Class A (Note E)		1
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class R6 (Note E)		1
Shareholder Reporting Fees		4
Pricing Fees		4
Trustees' Fees and Expenses		3
Sub Transfer Agency Fees — Class I		—	@
Sub Transfer Agency Fees — Class A		1
Sub Transfer Agency Fees — Class C		—	@
Other Expenses		11
Total Expenses		414
Waiver of Advisory Fees (Note B)		(97	)
Rebate from Morgan Stanley Affiliate (Note G)		(8	)
Reimbursement of Class Specific Expenses — Class R6 (Note B)		(1	)
Net Expenses		308
Net Investment Income		1,566
Realized Loss:
Investments Sold		(873	)
Swap Agreements		(1,736	)
Net Realized Loss		(2,609	)
Change in Unrealized Appreciation (Depreciation):
Investments		11,447
Swap Agreements		1,740
Net Change in Unrealized Appreciation (Depreciation)		13,187
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		10,578
Net Increase in Net Assets Resulting from Operations	$	12,144

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
10

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Dynamic Value Portfolio

Statement of Changes in Net Assets	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	1,566		$	731
Net Realized Gain (Loss)		(2,609	)		851
Net Change in Unrealized Appreciation (Depreciation)		13,187			(19,110	)
Net Increase (Decrease) in Net Assets Resulting from Operations		12,144			(17,528	)
Dividends and Distributions to Shareholders:
Class I		(269	)		(457	)
Class A		(89	)		(1	)
Class C		(76	)		(2	)
Class R6(1)		(3,015	)		(—	@)
Total Dividends and Distributions to Shareholders		(3,449	)		(460	)
Capital Share Transactions:(1)
Class I:
Subscribed		2,121			292
Distributions Reinvested		269			457
Redeemed		(3,319	)		(28	)
Class A:
Subscribed		2,878			1,928
Distributions Reinvested		89			1
Redeemed		(1,013	)		(338	)
Class C:
Subscribed		932			3,417
Distributions Reinvested		76			2
Redeemed		(2,161	)		(1,332	)
Class R6:(1)
Subscribed		10			105,023
Distributions Reinvested		3,015			—	@
Redeemed		(20	)		(1	)
Net Increase in Net Assets Resulting from Capital Share Transactions		2,877			109,421
Total Increase in Net Assets		11,572			91,433
Net Assets:
Beginning of Period		101,799			10,366
End of Period	$	113,371		$	101,799
(1)   Capital Share Transactions:
Class I:
Shares Subscribed		194			27
Shares Issued on Distributions Reinvested		25			45
Shares Redeemed		(312	)		(3	)
Net Increase (Decrease) in Class I Shares Outstanding		(93	)		69
Class A:
Shares Subscribed		270			180
Shares Issued on Distributions Reinvested		8			—	@@
Shares Redeemed		(99	)		(33	)
Net Increase in Class A Shares Outstanding		179			147
Class C:
Shares Subscribed		92			318
Shares Issued on Distributions Reinvested		7			—	@@
Shares Redeemed		(216	)		(131	)
Net Increase (Decrease) in Class C Shares Outstanding		(117	)		187
Class R6:(1)
Shares Subscribed		1			9,609
Shares Issued on Distributions Reinvested		285			—	@@
Shares Redeemed		(2	)		(—	@@)
Net Increase in Class IS Shares Outstanding		284			9,609

(1)  Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@  Amount is less than $500.

@@  Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Dynamic Value Portfolio

	Class I
Selected Per Share Data and Ratios	Six Months Ended March 31, 2023 (unaudited)			Year Ended September 30, 2022			Period from March 19, 2021(1) to September 30, 2021
Net Asset Value, Beginning of Period	$	9.26		$	10.44		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income(2)		0.14			0.22			0.11
Net Realized and Unrealized Gain (Loss)		0.98			(0.94	)		0.33
Total from Investment Operations		1.12			(0.72	)		0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.30	)		(0.17	)		—
Net Realized Gain		(0.01	)		(0.29	)		—
Total Distributions		(0.31	)		(0.46	)		—
Net Asset Value, End of Period	$	10.07		$	9.26		$	10.44
Total Return(3)		11.97	%(6)		(7.26	)%		4.40	%(6)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	9,694		$	9,763		$	10,295
Ratio of Expenses Before Expense Limitation		0.69	%(7)		1.51	%		6.44	%(7)
Ratio of Expenses After Expense Limitation		0.51	%(7)		0.51	%(4)		0.53	%(4)(7)
Ratio of Net Investment Income		2.68	%(7)		2.00	%(4)		1.95	%(4)(7)
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%(7)		0.01	%		0.00	%(5)(7)
Portfolio Turnover Rate		105	%(6)		125	%		82	%(6)

(1)  Commencement of Operations.

(2)  Per share amount is based on average shares outstanding.

(3)  Calculated based on the net asset value as of the last business day of the period.

(4)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5)  Amount is less than 0.005%.

(6)  Not annualized.

(7)  Annualized.

The accompanying notes are an integral part of the financial statements.
12

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Dynamic Value Portfolio

	Class A
Selected Per Share Data and Ratios	Six Months Ended March 31, 2023 (unaudited)			Year Ended September 30, 2022			Period from March 19, 2021(1) to September 30, 2021
Net Asset Value, Beginning of Period	$	9.22		$	10.42		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income(2)		0.12			0.19			0.10
Net Realized and Unrealized Gain (Loss)		0.99			(0.95	)		0.32
Total from Investment Operations		1.11			(0.76	)		0.42
Distributions from and/or in Excess of:
Net Investment Income		(0.30	)		(0.15	)		—
Net Realized Gain		(0.01	)		(0.29	)		—
Total Distributions		(0.31	)		(0.44	)		—
Net Asset Value, End of Period	$	10.02		$	9.22		$	10.42
Total Return(3)		11.83	%(6)		(7.70	)%		4.20	%(6)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	3,298		$	1,379		$	27
Ratio of Expenses Before Expense Limitation		1.05	%(7)		2.18	%		13.65	%(7)
Ratio of Expenses After Expense Limitation		0.87	%(7)		0.89	%(4)		0.90	%(4)(7)
Ratio of Net Investment Income		2.18	%(4)(7)		1.81	%(4)		1.84	%(4)(7)
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%(7)		0.01	%		0.00	%(5)(7)
Portfolio Turnover Rate		105	%(6)		125	%		82	%(6)

(1)  Commencement of Operations.

(2)  Per share amount is based on average shares outstanding.

(3)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5)  Amount is less than 0.005%.

(6)  Not annualized.

(7)  Annualized.

The accompanying notes are an integral part of the financial statements.
13

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Dynamic Value Portfolio

	Class C
Selected Per Share Data and Ratios	Six Months Ended March 31, 2023 (unaudited)			Year Ended September 30, 2022			Period from March 19, 2021(1) to September 30, 2021
Net Asset Value, Beginning of Period	$	9.14		$	10.38		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income(2)		0.08			0.11			0.06
Net Realized and Unrealized Gain (Loss)		0.99			(0.93	)		0.32
Total from Investment Operations		1.07			(0.82	)		0.38
Distributions from and/or in Excess of:
Net Investment Income		(0.28	)		(0.13	)		—
Net Realized Gain		(0.01	)		(0.29	)		—
Total Distributions		(0.29	)		(0.42	)		—
Net Asset Value, End of Period	$	9.92		$	9.14		$	10.38
Total Return(3)		11.62	%(6)		(8.32	)%		3.80	%(6)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	720		$	1,736		$	34
Ratio of Expenses Before Expense Limitation		1.81	%(7)		2.77	%		15.35	%(7)
Ratio of Expenses After Expense Limitation		1.63	%(7)		1.64	%(4)		1.65	%(4)(7)
Ratio of Net Investment Income		1.55	%(7)		1.06	%(4)		1.04	%(4)(7)
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%(7)		0.01	%		0.00	%(5)(7)
Portfolio Turnover Rate		105	%(6)		125	%		82	%(6)

(1)  Commencement of Operations.

(2)  Per share amount is based on average shares outstanding.

(3)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(4)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5)  Amount is less than 0.005%.

(6)  Not annualized.

(7)  Annualized.

The accompanying notes are an integral part of the financial statements.
14

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Dynamic Value Portfolio

	Class R6(1)
Selected Per Share Data and Ratios	Six Months Ended March 31, 2023 (unaudited)			Year Ended September 30, 2022			Period from March 19, 2021(2) to September 30, 2021
Net Asset Value, Beginning of Period	$	9.25		$	10.44		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income(3)		0.14			0.29			0.11
Net Realized and Unrealized Gain (Loss)		1.00			(1.02	)		0.33
Total from Investment Operations		1.14			(0.73	)		0.44
Distributions from and/or in Excess of:
Net Investment Income		(0.31	)		(0.17	)		—
Net Realized Gain		(0.01	)		(0.29	)		—
Total Distributions		(0.32	)		(0.46	)		—
Net Asset Value, End of Period	$	10.07		$	9.25		$	10.44
Total Return(4)		12.10	%(7)		(7.35	)%		4.40	%(7)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	99,659		$	88,921		$	10
Ratio of Expenses Before Expense Limitation		0.67	%(8)		1.49	%		25.05	%(8)
Ratio of Expenses After Expense Limitation		0.49	%(8)		0.49	%(5)		0.50	%(5)(8)
Ratio of Net Investment Income		2.66	%(8)		2.85	%(5)		1.98	%(5)(8)
Ratio of Rebate from Morgan Stanley Affiliates		0.01	%(8)		0.01	%		0.00	%(6)(8)
Portfolio Turnover Rate		105	%(7)		125	%		82	%(7)

(1)  Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2)  Commencement of Operations.

(3)  Per share amount is based on average shares outstanding.

(4)  Calculated based on the net asset value as of the last business day of the period.

(5)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6)  Amount is less than 0.005%.

(7)  Not annualized.

(8)  Annualized.

The accompanying notes are an integral part of the financial statements.
15

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements

Morgan Stanley Institutional Fund Trust ("Trust") is registered under the Investment Company Act of 1940, as amended (the "Act''), as an open-end management investment company. The Trust is comprised of nine separate, active funds (individually referred to as a "Fund," collectively as the "Funds"). The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. All Funds are considered diversified for purposes of the Act.

The accompanying financial statements relate to the Dynamic Value Portfolio. The Fund seeks capital appreciation. The Fund offers four classes of shares — Class I, Class A, Class C and Class R6. Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Trust in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1.  Security Valuation: (1) An equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (2) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant

markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (3) fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (4) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange. Total return swaps may also be fair valued using direct accrual/return calculations if prices on the reference asset on the total return leg of the swap are available from a pricing service/vendor for such instrument. In the event that the reference asset on the total return leg of the swap is a benchmark index, then price of such reference asset may be obtained from a pricing service provider or from the benchmark index sponsor; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures

16

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

approved by the Trustees; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

2.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

•  Level 1 – unadjusted quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Common Stocks
Aerospace & Defense	$	909	$	—	$	—	$	909
Automobiles		996		—		—		996
Banks		5,528		—		—		5,528
Beverages		718		—		—		718
Biotechnology		1,832		—		—		1,832
Broadline Retail		586		—		—		586
Building Products		2,815		—		—		2,815
Capital Markets		2,284		—		—		2,284
Chemicals		2,958		—		—		2,958
Commercial Banks		851		—		—		851
Consumer Finance		4,564		—		—		4,564
Consumer Staples Distribution & Retail		1,996		—		—		1,996
Containers & Packaging		1,278		—		—		1,278
Diversified Consumer Services		671		—		—		671
Diversified REITs		755		—		—		755
Diversified Telecommunication Services		2,041		—		—		2,041
Electric Utilities		2,906		—		—		2,906
Electrical Equipment		456		—		—		456
Electronic Equipment, Instruments & Components		1,692		—		—		1,692
Financial Services		2,999		—		—		2,999
Food Products		3,626		—		—		3,626
Gas Utilities		1,456		—		—		1,456
Ground Transportation		1,623		—		—		1,623

17

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Common Stocks (cont'd)
Health Care Equipment & Supplies	$	567	$	—		$	—	$	567
Health Care Providers & Services		6,284		—			—		6,284
Health Care REITs		413		—			—		413
Hotel & Resort REITs		404		—			—		404
Hotels, Restaurants & Leisure		2,054		—			—		2,054
Household Durables		1,241		—			—		1,241
Household Products		740		—			—		740
Independent Power Producers & Energy Traders		1,460		—			—		1,460
Industrial Conglomerates		464		—			—		464
Information Technology Services		1,853		—			—		1,853
Insurance		3,716		—			—		3,716
Life Sciences Tools & Services		1,809		—			—		1,809
Machinery		2,326		—			—		2,326
Media		6,709		—			—		6,709
Metals & Mining		840		—			—		840
Office REITs		1,976		—			—		1,976
Oil, Gas & Consumable Fuels		7,887		—			—		7,887
Passenger Airlines		332		—			—		332
Personal Care Products		781		—			—		781
Pharmaceuticals		6,384		—			—		6,384
Professional Services		1,640		—			—		1,640
Real Estate Management & Development		805		—			—		805
Residential REITs		404		—			—		404
Semiconductors & Semiconductor Equipment		2,860		—			—		2,860
Software		1,869		—			—		1,869
Specialized REITs		1,194		—			—		1,194
Specialty Retail		1,763		—			—		1,763
Tech Hardware, Storage & Peripherals		1,264		—			—		1,264
Textiles, Apparel & Luxury Goods		212		—			—		212
Trading Companies & Distributors		2,343		—			—		2,343
Total Common Stocks		108,134		—			—		108,134
Short-Term Investment
Investment Company		19,864		—			—		19,864
Total Return Swap Agreement		—		333			—		333
Total Assets		127,998		333			—		128,331
Liabilities:
Total Return Swap Agreement		—		(332	)		—		(332	)
Total	$	127,998	$	1		$	—	$	127,999

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

3.  Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivative instruments used by the Fund will be counted towards the Fund's exposure in the types of securities listed herein to the extent they have economic characteristics similar to such securities. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset 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, 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. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

Swaps: The Fund may enter into OTC swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open, payments are received from or made to the counterparty or clearing-house based on changes in the value of the contract or variation margin, respectively. The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis based on the type of market participant and U.S. Commodities Futures Trading Commission ("CFTC") approval of contracts for central clearing and exchange trading.

The Fund may enter into total return swaps in which one party agrees to make periodic payments to another party based on the change in market value of the assets

underlying the contract, which may include, but not be limited to, a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swaps may be used to obtain long or short exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. 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. Total return swaps are subject to the risk that a counterparty will default on its payment obligations to the Fund thereunder, and conversely, that the Fund will not be able to meet its obligation to the counterparty.

When the Fund has an unrealized loss on a swap agreement, the Fund has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. If applicable, cash collateral is included with "Due from (to) Broker" in the Statement of Assets and Liabilities.

Upfront payments paid or received by the Fund will be reflected as an asset or liability, respectively, in the Statement of Assets and Liabilities.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2023:

	Asset Derivatives Statement of Assets and Liabilities Location	Primary Risk Exposure	Value (000)
Swap Agreement	Unrealized Appreciation on Swap Agreement	Equity Risk	$	333
	Liability Derivatives Statement of Assets and Liabilities Location	Primary Risk Exposure	Value (000)
Swap Agreement	Unrealized Depreciation on Swap Agreement	Equity Risk	$	(332	)

19

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended March 31, 2023 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Equity Risk	Swap Agreements	$	(1,736	)
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Equity Risk	Swap Agreements	$	1,740

At March 31, 2023, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Statement of Assets and Liabilities
Derivatives(a)	Assets(b) (000)		Liabilities(b) (000)
Swap Agreements	$	333	$	(332	)

(a) Excludes exchange-traded derivatives.

(b) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place

with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2023:

Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Statement of Assets and Liabilities (000)		Financial Instrument (000)			Collateral Received (000)		Net Amount (not less than $0) (000)
JPMorgan Chase Bank NA	$	333	$	(332	)	$	—	$	1
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Statement of Assets and Liabilities (000)		Financial Instrument (000)			Collateral Pledged (000)		Net Amount (not less than $0) (000)
JPMorgan Chase Bank NA	$	332	$	(332	)	$	—	$	0

For the six months ended March 31, 2023, the approximate average monthly amount outstanding for each derivative type is as follows:

Swap Agreements:
Average monthly notional amount	$	33,851,000

4.  Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

5.  Dividends and Distributions to Shareholders: Dividend income and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

6.  Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are

20

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.35% of the daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.55% for Class I shares, 0.90% for Class A shares, 1.65% for Class C shares and 0.50% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2023, approximately $97,000 of advisory fees were waived and approximately $1,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets.

Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State

Street"), State Street provides certain administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A and Class C shares.

E. Dividend Disbursing and Transfer/Co-Transfer Agent: The Trust's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS, Inc."). Pursuant to a Transfer Agency Agreement, the Trust pays SS&C GIDS, Inc. a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended March 31, 2023, EVM earned $0 for providing such services.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody,

21

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $118,498,000 and $116,441,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2023.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2023, advisory fees paid were reduced by approximately $8,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2023 is as follows:

Affiliated Investment Company	Value September 30, 2022 (000)		Purchases at Cost (000)		Proceeds from Sales (000)		Dividend Income (000)
Liquidity Funds	$	5,171	$	117,054	$	102,361	$	180

Affiliated Investment Company (cont'd)	Realized Gain (Loss) (000)		Change in Unrealized Appreciation (Depreciation) (000)		Value March 31, 2023 (000)
Liquidity Funds	$	—	$	—	$	19,864

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or

she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

H. Federal Income Taxes: It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Each of the tax years in the two-year period ended September 30, 2022, remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2022 and 2021 was as follows:

2022 Distributions Paid From:				2021 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	456	$	4	$	—	$	—

22

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gain (000)
$	48	$	44

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $300,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended March 31, 2023, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2023, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 87.9%.

K. Market Risk: An 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. Social, political, economic and other conditions and events, such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets and global economy. 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 be sudden and significant and may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of and/or income or yield from the Fund's investments and exacerbate pre-existing risks to the Fund. For example, the extent of the impact of a public health emergency depends on future developments, including (i) the duration and spread of the public health emergency, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments.

23

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), the Fund has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund (i.e., liquidity risk). The Fund's Board of Trustees (the "Board") previously approved the designation of the Liquidity Risk Subcommittee (the "LRS") as Program administrator. The LRS is comprised of representatives from various divisions within Morgan Stanley Investment Management.

At a meeting held on March 1-2, 2023, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2022, through December 31, 2022, as required under the Liquidity Rule. The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

In accordance with the Program, the LRS assessed each Fund's liquidity risk no less frequently than annually taking into consideration certain factors, as applicable, such as (i) investment strategy and liquidity of portfolio investments, (ii) short-term and long-term cash flow projections and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories, which classification is assessed at least monthly by the LRS. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading and investment-specific considerations, as well as market depth, and in some cases utilize third-party vendor data.

The Liquidity Rule limits a fund's investments in illiquid investments to 15% of its net assets and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or "HLIM"). The LRS believes that the Program includes provisions reasonably designed to review, monitor and comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement, as applicable.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

24

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice   April 2021

FACTS	WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◼ Social Security number and income ◼ investment experience and risk tolerance ◼ checking account number and wire transfer instructions
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

25

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

To limit our sharing	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice? Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (see Investment Management Affiliates definition below)

What we do

How does MSIM protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?	We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.

26

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

Definitions

Investment Management Affiliates	MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other important information

Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.

California: Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

27

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Trustee and Officer Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the Annual Reports within 60 days of the end of the fund's second and fourth fiscal quarters. The Semi-Annual and Annual Reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im/shareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may obtain the Form N-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov).

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 869-6397 or by visiting our website at www.morganstanley.com/im/shareholderreports. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 869-6397.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling 1(800) 869-6397, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

28

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

© 2023 Morgan Stanley. Morgan Stanley Distribution, Inc.

IFTDYVSAN
5647563 EXP 05.31.24

Morgan Stanley Institutional Fund Trust

Global Strategist Portfolio

Semi-Annual Report

March 31, 2023

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Table of Contents

Shareholders' Letter	2
Consolidated Expense Example	3
Consolidated Portfolio of Investments	4
Consolidated Statement of Assets and Liabilities	33
Consolidated Statement of Operations	35
Consolidated Statements of Changes in Net Assets	36
Consolidated Financial Highlights	38
Notes to Consolidated Financial Statements	43
Liquidity Risk Management Program	57
U.S. Customer Privacy Notice	58
Trustees and Officers Information	61

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of the Morgan Stanley Institutional Fund Trust. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.

Additionally, you can access fund information including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.

There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.

1

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this Semi-Annual Report, in which you will learn how your investment in Global Strategist Portfolio (the "Fund") performed during the latest six-month period.

Morgan Stanley Investment Management is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2023

2

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Expense Example

Global Strategist Portfolio

As a shareholder of the Fund, you may incur two types of costs: (1) transactional costs, including sales charge (loads) on purchase payments; and (2) ongoing costs, which may include advisory fees, administration fees, distribution and shareholder services fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2023 and held for the entire six-month period.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads, if applicable). Therefore, the information for each class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/22		Actual Ending Account Value 3/31/23		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Global Strategist Portfolio Class I	$	1,000.00	$	1,148.30	$	1,021.39	$	3.80	$	3.58		0.71	%
Global Strategist Portfolio Class A		1,000.00		1,146.30		1,019.90		5.40		5.09		1.01
Global Strategist Portfolio Class L		1,000.00		1,142.90		1,017.30		8.17		7.70		1.53
Global Strategist Portfolio Class C		1,000.00		1,142.30		1,015.91		9.67		9.10		1.81
Global Strategist Portfolio Class R6		1,000.00		1,148.30		1,021.54		3.64		3.43		0.68

*  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 182/365 (to reflect the most recent one-half year period).

**  Annualized.

3

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (48.4%)
Agency Fixed Rate Mortgages (3.8%)
United States (3.8%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
2.50%, 4/1/52	$	2,507	$	2,092
4.50%, 1/1/49		59		59
Gold Pools:
3.50%, 1/1/44 - 6/1/45		486		462
4.50%, 1/1/49		16		15
6.50%, 5/1/32 - 7/1/32		22		23
7.50%, 5/1/35		2		2
Federal National Mortgage Association,
April TBA:
4.00%, 4/1/53 (a)		300		287
5.00%, 4/1/53 (a)		2,850		2,843
6.00%, 4/1/53 (a)		2,200		2,246
Conventional Pools:
2.00%, 3/1/52		1,888		1,562
2.50%, 9/1/52		2,982		2,573
3.00%, 7/1/49 - 6/1/52		5,323		4,783
3.50%, 3/1/47 - 1/1/51		1,049		984
4.00%, 4/1/45 - 9/1/45		511		500
4.50%, 3/1/41 - 11/1/44		83		84
5.00%, 1/1/41 - 3/1/41		213		218
6.00%, 1/1/38		2		2
6.50%, 12/1/29		4		5
7.50%, 8/1/37		3		3
Government National Mortgage Association,
Various Pools:
4.00%, 8/20/41 - 11/20/42		128		126
4.50%, 6/20/49		25		24
5.00%, 2/20/49 - 6/20/49		59		59
5.50%, 8/15/39		15		16
				18,968
Asset-Backed Securities (0.2%)
United States (0.2%)
Harbor Group International LLC,
1 Month USD LIBOR + 1.00%, 5.73%, 9/17/36 (b)(c)		455		439
Renaissance Home Equity Loan Trust,
1 Month USD LIBOR + 0.76%, 5.61%, 12/25/32 (c)		181		165
SASCO Mortgage Loan Trust,
1 Month USD LIBOR + 2.18%, 5.05%, 5/25/34 (c)		117		114
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%, 3.00%, 7/25/39 (c)	EUR	308		315
				1,033
Commercial Mortgage-Backed Securities (0.4%)
United Kingdom (0.0%) (d)
Taurus 2018-2 UK DAC,
3 Month GBP SONIA + 1.22%, 5.31%, 5/22/28 (c)	GBP	147		180

	Face Amount (000)		Value (000)
United States (0.4%)
Ashford Hospitality Trust,
1 Month USD LIBOR + 1.85%, 6.54%, 6/15/35 (b)(c)	$	250	$	241
Commercial Mortgage Trust,
4.76%, 7/15/47 (b)(c)		152		138
Life Mortgage Trust,
1 Month Term SOFR + 1.30%, 6.12%, 5/15/39 (b)(c)		500		489
Taubman Centers Commercial Mortgage Trust,
1 Month Term SOFR + 2.19%, 7.01%, 5/15/37 (b)(c)		500		483
WFRBS Commercial Mortgage Trust,
4.00%, 10/15/57 (b)(c)		200		162
4.99%, 9/15/46 (b)(c)		375		330
				1,843
				2,023
Corporate Bonds (9.6%)
Australia (0.5%)
Australia & New Zealand Banking Group Ltd.,
2.57%, 11/25/35 (b)		600		463
Commonwealth Bank of Australia,
1.94%, 10/3/29	EUR	400		415
NBN Co. Ltd.,
2.63%, 5/5/31 (b)	$	575		483
Transurban Finance Co. Pty Ltd.,
2.00%, 8/28/25	EUR	350		364
Westpac Banking Corp.,
2.67%, 11/15/35	$	650		507
				2,232
Canada (0.6%)
Province of Ontario Canada,
2.30%, 6/15/26		970		919
Province of Quebec Canada,
0.00%, 10/29/30	EUR	1,390		926
Rogers Communications, Inc.,
3.80%, 3/15/32 (b)	$	1,025		921
				2,766
China (0.1%)
Alibaba Group Holding Ltd.,
2.13%, 2/9/31		400		331
France (0.9%)
AXA SA,
3.25%, 5/28/49	EUR	500		485
Banque Federative du Credit Mutuel SA,
0.75%, 7/17/25		400		405
3.75%, 2/1/33		600		648
BNP Paribas SA,
1.13%, 6/11/26		485		485
1.25%, 7/13/31	GBP	200		176
4.38%, 1/13/29	EUR	400		437

The accompanying notes are an integral part of the consolidated financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
France (cont'd)
BPCE SA,
4.00%, 11/29/32	EUR	200	$	217
5.15%, 7/21/24 (b)	$	925		908
Credit Agricole SA,
3.88%, 11/28/34	EUR	300		328
Orange SA,
5.00%, 10/1/26 (e)		250		270
TotalEnergies SE,
2.71%, 5/5/23 (e)		100		108
				4,467
Germany (0.4%)
Deutsche Bank AG,
2.22%, 9/18/24	$	250		243
Series E
0.96%, 11/8/23		375		358
Kreditanstalt fuer Wiederaufbau,
1.13%, 9/15/32	EUR	920		856
Volkswagen International Finance NV,
Series 10Y
1.88%, 3/30/27		500		499
				1,956
India (0.3%)
Indian Railway Finance Corp. Ltd.,
3.57%, 1/21/32 (b)	$	400		347
ONGC Videsh Vankorneft Pte Ltd.,
3.75%, 7/27/26		1,050		998
				1,345
Ireland (0.1%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
2.45%, 10/29/26		425		382
Italy (0.1%)
Assicurazioni Generali SpA,
5.50%, 10/27/47	EUR	400		434
Japan (0.1%)
NTT Finance Corp.,
1.59%, 4/3/28 (b)	$	800		691
Korea, Republic of (0.4%)
Korea Electric Power Corp.,
2.50%, 6/24/24 (b)		810		788
Korea Hydro & Nuclear Power Co. Ltd.,
3.75%, 7/25/23 (b)		510		508
Korea Southern Power Co. Ltd.,
0.75%, 1/27/26 (b)		730		653
				1,949
Luxembourg (0.1%)
Blackstone Property Partners Europe Holdings Sarl,
1.25%, 4/26/27	EUR	400		346
Logicor Financing Sarl,
1.50%, 7/13/26		300		270
				616

	Face Amount (000)		Value (000)
Netherlands (0.1%)
ASR Nederland NV,
5.00%, 9/30/24 (e)	EUR	425	$	456
Qatar (0.0%) (d)
Ooredoo International Finance Ltd.,
2.63%, 4/8/31 (b)	$	200		174
Spain (0.3%)
Banco Santander SA,
3.13%, 1/19/27	EUR	400		416
5.18%, 11/19/25	$	800		783
CaixaBank SA,
0.75%, 4/18/23	EUR	400		434
				1,633
Sweden (0.1%)
Akelius Residential Property Financing BV,
1.13%, 1/11/29		400		336
Switzerland (0.0%) (d)
Syngenta Finance NV,
4.44%, 4/24/23 (b)	$	200		200
United Arab Emirates (0.1%)
Galaxy Pipeline Assets Bidco Ltd.,
2.63%, 3/31/36 (b)		650		535
United Kingdom (0.7%)
BAT Capital Corp.,
3.56%, 8/15/27		675		628
HSBC Holdings PLC,
2.26%, 11/13/26	GBP	300		337
2.63%, 11/7/25	$	525		497
6.16%, 3/9/29		525		540
Lloyds Banking Group PLC,
1.75%, 9/7/28	EUR	330		352
2.25%, 10/16/24	GBP	400		470
National Grid Electricity Distribution West Midlands PLC,
5.75%, 4/16/32		200		255
Nationwide Building Society,
4.36%, 8/1/24 (b)	$	200		199
NGG Finance PLC,
5.63%, 6/18/73	GBP	350		420
				3,698
United States (4.7%)
Amazon.com, Inc.,
3.10%, 5/12/51	$	250		190
Aon Corp.,
2.80%, 5/15/30		575		509
AT&T, Inc.,
1.80%, 9/5/26	EUR	400		409
2.90%, 12/4/26	GBP	350		401
Bank of America Corp.,
2.69%, 4/22/32	$	325		271
3.85%, 3/8/37		100		85
4.38%, 4/27/28		575		557
4.57%, 4/27/33		625		595

The accompanying notes are an integral part of the consolidated financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
United States (cont'd)
CDW LLC/CDW Finance Corp.,
2.67%, 12/1/26	$	100	$	90
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		750		755
Centene Corp.,
2.50%, 3/1/31		1,050		851
Charter Communications Operating LLC/ Charter Communications Operating Capital,
2.80%, 4/1/31		275		222
3.50%, 3/1/42		125		85
4.40%, 4/1/33		175		155
5.13%, 7/1/49		250		198
Chubb INA Holdings, Inc.,
0.88%, 6/15/27	EUR	400		389
Citigroup, Inc.,
3.06%, 1/25/33	$	300		254
3.79%, 3/17/33		975		875
Comcast Corp.,
1.95%, 1/15/31		675		562
Deere & Co.,
3.10%, 4/15/30		450		415
Dell International LLC/EMC Corp.,
5.75%, 2/1/33		700		705
Enterprise Products Operating LLC,
3.95%, 1/31/60		275		216
5.35%, 1/31/33		200		207
Georgia-Pacific LLC,
2.30%, 4/30/30 (b)		950		820
Global Payments, Inc.,
4.95%, 8/15/27		725		717
Goldman Sachs Group, Inc.,
2.62%, 4/22/32		775		646
HCA, Inc.,
5.25%, 6/15/49		400		361
Humana, Inc.,
5.50%, 3/15/53		175		178
Intel Corp.,
5.70%, 2/10/53		375		383
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
2.50%, 1/15/27 (b)		350		311
Jersey Central Power & Light Co.,
2.75%, 3/1/32 (b)		500		419
JPMorgan Chase & Co.,
1.95%, 2/4/32		1,300		1,047
Level 3 Financing, Inc.,
3.40%, 3/1/27 (b)		550		436
Lowe's Cos., Inc.,
1.30%, 4/15/28		425		365
1.70%, 10/15/30		475		384
Marriott International, Inc.,
4.90%, 4/15/29		200		198

	Face Amount (000)		Value (000)
Medtronic Global Holdings SCA,
1.00%, 7/2/31	EUR	250	$	224
Metropolitan Life Global Funding I,
2.95%, 4/9/30 (b)	$	575		507
5.15%, 3/28/33 (b)		300		303
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29		1,225		1,089
NVIDIA Corp.,
2.85%, 4/1/30		900		820
ONEOK, Inc.,
6.10%, 11/15/32		475		492
PepsiCo, Inc.,
2.63%, 4/28/26	EUR	400		424
Prologis Euro Finance LLC,
1.88%, 1/5/29		300		284
Republic Services, Inc.,
5.00%, 4/1/34	$	275		280
Thermo Fisher Scientific Finance I BV,
2.00%, 10/18/51	EUR	100		71
Thermo Fisher Scientific, Inc.,
0.88%, 10/1/31		650		567
1.88%, 10/1/49		100		70
UnitedHealth Group, Inc.,
5.20%, 4/15/63	$	375		380
Upjohn Finance BV,
1.91%, 6/23/32	EUR	550		461
Verizon Communications, Inc.,
1.13%, 11/3/28	GBP	300		302
3.40%, 3/22/41	$	375		299
Vontier Corp.,
2.40%, 4/1/28		250		211
Walt Disney Co.,
2.65%, 1/13/31		300		265
Warnermedia Holdings, Inc.,
4.28%, 3/15/32 (b)		775		693
5.05%, 3/15/42 (b)		125		105
Wells Fargo & Co.,
MTN
2.88%, 10/30/30		375		326
				23,434
				47,635
Mortgages — Other (1.2%)
Germany (0.0%) (d)
Berg Finance,
3.44%, 4/22/33	EUR	83		86
Ireland (0.1%)
Glenbeigh 2 Issuer 2021-2 DAC,
3 Month EURIBOR + 0.75%, 3.75%, 6/24/50 (b)(c)		358		384

The accompanying notes are an integral part of the consolidated financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Netherlands (0.0%) (d)
E-MAC NL 2006-II BV,
3 Month EURIBOR + 0.13%, 3.67%, 1/25/39 (c)	EUR	133	$	132
United Kingdom (0.1%)
Great Hall Mortgages No. 1 PLC,
2.90%, 6/18/38 (c)		200		207
Landmark Mortgage Securities No. 3 PLC,
3 Month GBP LIBOR + 2.10%, 6.09%, 4/17/44 (c)	GBP	180		209
				416
United States (1.0%)
Banc of America Alternative Loan Trust,
6.36%, 10/25/36	$	22		7
Bayview MSR Opportunity Master Fund Trust,
3.00%, 1/25/52 (b)(c)		655		553
ChaseFlex Trust,
6.00%, 2/25/37		20		8
Federal Home Loan Mortgage Corp. Whole Loan Securities Trust,
3.00%, 9/25/45 - 5/25/47		242		215
3.50%, 5/25/45 - 7/25/46		86		76
4.00%, 5/25/45		5		4
GS Mortgage-Backed Securities Trust,
2.50%, 1/25/52 (b)(c)		523		426
GSR Mortgage Loan Trust,
5.75%, 1/25/37		7		5
Hundred Acre Wood Trust,
2.50%, 12/25/51 (b)(c)		459		373
JP Morgan Mortgage Trust,
3.00%, 4/25/52 - 9/25/52 (b)(c)		1,054		895
3.25%, 7/25/52 (b)(c)		638		557
Lehman Mortgage Trust,
6.50%, 9/25/37		17		6
Mello Mortgage Capital Acceptance,
2.50%, 8/25/51 (b)(c)		524		426
PRKCM 2023-AFC1 TrustSeries 2023-AFC1 Class A1,
6.60%, 2/25/58 (b)		397		406
PRMI Securitization Trust,
2.50%, 4/25/51 (b)(c)		606		491
Seasoned Credit Risk Transfer Trust,
3.00%, 7/25/58 - 10/25/58		260		236
4.00%, 10/25/58		26		25
				4,709
				5,727
Municipal Bonds (0.1%)
United States (0.1%)
University of Michigan, MI,
Series A
4.45%, 4/1/22		300		272
				272

	Face Amount (000)		Value (000)
Sovereign (26.3%)
Australia (0.5%)
Australia Government Bond,
1.25%, 5/21/32	AUD	4,030	$	2,265
Austria (0.1%)
Republic of Austria Government Bond,
0.00%, 2/20/30 (b)	EUR	360		322
Belgium (0.3%)
Kingdom of Belgium Government Bond,
0.90%, 6/22/29 (b)		170		166
1.70%, 6/22/50 (b)		480		372
1.90%, 6/22/38 (b)		880		804
				1,342
Brazil (4.5%)
Brazil Notas do Tesouro Nacional,
10.00%, 1/1/27	BRL	117,679		22,380
Canada (0.9%)
Canadian Government Bond,
1.25%, 6/1/30	CAD	1,410		936
2.00%, 12/1/51		100		59
2.25%, 6/1/29		5,220		3,729
				4,724
China (6.0%)
Agricultural Development Bank of China,
2.25%, 4/22/25	CNY	3,600		520
3.79%, 10/26/30		3,430		525
China Development Bank,
3.07%, 3/10/30		7,380		1,078
3.34%, 7/14/25		3,430		507
China Government Bond,
2.37%, 1/20/27		16,900		2,437
2.76%, 5/15/32		113,390		16,362
3.13%, 11/21/29		20,150		2,996
3.27%, 11/19/30		17,160		2,589
3.52%, 4/25/46		1,430		217
3.53%, 10/18/51		1,300		199
3.81%, 9/14/50		4,070		654
3.86%, 7/22/49		6,000		963
Export-Import Bank of China,
2.93%, 3/2/25		3,470		508
				29,555
Colombia (0.0%) (d)
Colombian TES Series B,
7.75%, 9/18/30	COP	618,000		109
Czech Republic (0.0%) (d)
Czech Republic Government Bond,
1.20%, 3/13/31	CZK	6,000		214
Denmark (0.1%)
Denmark Government Bond,
0.50%, 11/15/27	DKK	3,000		398

The accompanying notes are an integral part of the consolidated financial statements.
7

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Finland (0.1%)
Finland Government Bond,
1.13%, 4/15/34 (b)	EUR	370	$	332
France (1.7%)
Agence Francaise de Developpement EPIC,
1.50%, 10/31/34		500		451
Banque Federative du Credit Mutuel SA,
1.25%, 12/5/25	GBP	400		446
French Republic Government Bond OAT,
0.00%, 11/25/29	EUR	7,130		6,494
2.00%, 5/25/48 (b)		930		801
SNCF Reseau,
1.88%, 3/30/34		400		376
				8,568
Germany (1.2%)
Bundesrepublik Deutschland Bundesanleihe,
0.00%, 8/15/31 - 5/15/36		1,800		1,610
0.25%, 2/15/29		1,630		1,573
4.25%, 7/4/39		1,230		1,655
State of North Rhine-Westphalia Germany,
1.65%, 2/22/38		1,500		1,332
				6,170
Greece (2.5%)
Hellenic Republic Government Bond,
4.25%, 6/15/33 (b)		11,431		12,435
Hong Kong (0.0%) (d)
Hong Kong Government International Bond,
2.50%, 5/28/24 (b)	$	250		245
Indonesia (0.3%)
Indonesia Treasury Bond,
6.50%, 2/15/31	IDR	4,104,000		272
8.25%, 5/15/29		1,408,000		103
8.38%, 3/15/34		7,072,000		523
Series FR65
6.63%, 5/15/33		7,500,000		492
				1,390
Ireland (0.1%)
Ireland Government Bond,
0.20%, 10/18/30	EUR	410		371
Italy (0.6%)
Italy Buoni Poliennali Del Tesoro,
0.45%, 2/15/29		160		145
2.50%, 12/1/32		1,070		1,022
4.45%, 9/1/43 (b)		1,052		1,142
Republic of Italy Government International Bond,
0.88%, 5/6/24	$	745		709
				3,018
Japan (4.1%)
Japan Government Five Year Bond,
0.10%, 6/20/24	JPY	605,000		4,568
Japan Government Ten Year Bond,
0.10%, 6/20/26 - 6/20/31		683,500		5,102

	Face Amount (000)		Value (000)
Japan Government Thirty Year Bond,
0.30%, 6/20/46	JPY	224,000	$	1,404
0.40%, 9/20/49		131,000		801
0.60%, 6/20/50		165,300		1,058
1.70%, 6/20/33		484,800		4,109
Japan Government Twenty Year Bond,
0.40%, 6/20/41		466,000		3,173
				20,215
Korea, Republic of (0.4%)
Export-Import Bank of Korea,
0.63%, 2/9/26	$	640		572
2.38%, 6/25/24		510		495
Korea Development Bank,
0.80%, 7/19/26		590		521
Korea International Bond,
2.00%, 6/19/24		350		340
				1,928
Malaysia (0.3%)
Malaysia Government Bond,
3.89%, 8/15/29	MYR	2,330		529
Petronas Capital Ltd.,
3.50%, 3/18/25 (b)	$	875		856
				1,385
Mexico (0.4%)
Mexican Bonos,
Series M
7.50%, 6/3/27	MXN	6,000		316
7.75%, 5/29/31		18,000		938
8.50%, 5/31/29		5,900		323
Mexico Government International Bond,
4.50%, 4/22/29	$	530		518
				2,095
Netherlands (0.3%)
Nederlandse Waterschapsbank NV,
1.00%, 5/28/30 (b)	EUR	376		308
Netherlands Government Bond,
0.00%, 7/15/30 (b)		970		875
2.75%, 1/15/47 (b)		90		99
				1,282
New Zealand (0.2%)
New Zealand Government Bond Series 0530,
4.50%, 5/15/30	NZD	1,300		825
Nigeria (0.0%) (d)
Africa Finance Corp.,
4.38%, 4/17/26 (b)	$	200		186
Norway (0.0%) (d)
Norway Government Bond,
2.13%, 5/18/32 (b)	NOK	790		70

The accompanying notes are an integral part of the consolidated financial statements.
8

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Face Amount (000)		Value (000)
Spain (0.5%)
Spain Government Bond,
0.00%, 1/31/28	EUR	540	$	509
0.70%, 4/30/32 (b)		399		348
1.25%, 10/31/30 (b)		955		909
2.70%, 10/31/48 (b)		410		369
3.45%, 7/30/66 (b)		120		119
				2,254
				5,787
United Kingdom (1.2%)
United Kingdom Gilt,
0.38%, 10/22/30	GBP	1,530		1,511
0.63%, 10/22/50		930		526
0.88%, 7/31/33		1,240		1,179
1.25%, 10/22/41		1,150		936
1.63%, 10/22/28		650		732
3.50%, 1/22/45		840		977
				5,861
				129,939
Supranational (1.2%)
Asian Development Bank,
2.13%, 5/19/31	NZD	300		154
European Investment Bank,
0.20%, 7/15/24	EUR	970		1,014
Series EARN
0.00%, 1/14/31		1,135		981
International Bank for Reconstruction & Development,
2.20%, 2/27/24	AUD	3,040		2,006
SOFR + 0.43%, 5.16%, 8/19/27 (c)	$	1,630		1,632
				5,787
U.S. Treasury Securities (5.6%)
United States (5.6%)
U.S. Treasury Bonds,
1.13%, 5/15/40		5,330		3,551
1.25%, 5/15/50		180		105
1.75%, 8/15/41		600		435
2.50%, 2/15/45		2,160		1,725
2.75%, 8/15/47		2,940		2,446
U.S. Treasury Inflation Indexed Bonds,
1.13%, 1/15/33		6,345		6,334
U.S. Treasury Notes,
0.50%, 4/30/27		530		467
1.13%, 10/31/26		2,210		2,016
1.38%, 11/15/31		4,710		3,977
1.88%, 6/30/26		1,950		1,838
2.13%, 5/15/25		1,390		1,337
2.50%, 5/15/24		2,480		2,426
4.13%, 9/30/27		760		774
				27,431
Total Fixed Income Securities (Cost $259,903)				238,815

	Shares		Value (000)
Common Stocks (35.4%)
Australia (1.4%)
Ampol Ltd.		1,185	$	24
ANZ Group Holdings Ltd.		14,629		225
APA Group		5,786		39
Aristocrat Leisure Ltd.		2,975		74
ASX Ltd.		967		42
Aurizon Holdings Ltd.		9,179		21
BHP Group Ltd.		50,086		1,583
BlueScope Steel Ltd.		2,329		32
Brambles Ltd.		6,943		63
Cochlear Ltd.		328		52
Coles Group Ltd.		6,650		80
Commonwealth Bank of Australia		8,389		554
Computershare Ltd.		2,691		39
CSL Ltd.		2,394		464
Dexus REIT		5,402		27
Endeavour Group Ltd. (Australia)		6,723		31
Fortescue Metals Group Ltd.		23,514		353
Goodman Group REIT		8,461		107
GPT Group REIT		9,455		27
IDP Education Ltd.		1,009		19
IGO Ltd.		3,313		28
Insurance Australia Group Ltd.		12,242		39
James Hardie Industries PLC CDI		2,241		48
Lendlease Corp. Ltd. REIT		3,367		16
Lottery Corp. Ltd.		10,960		38
Macquarie Group Ltd.		1,816		215
Medibank Pvt Ltd.		13,578		31
Mineral Resources Ltd.		831		45
Mirvac Group REIT		19,653		28
National Australia Bank Ltd.		16,033		299
Newcrest Mining Ltd.		4,402		79
Northern Star Resources Ltd.		5,537		45
OneMarket Ltd. (f)		390		—
Orica Ltd.		2,208		23
Origin Energy Ltd.		8,632		48
Pilbara Minerals Ltd.		12,682		34
Qantas Airways Ltd. (f)		4,471		20
QBE Insurance Group Ltd.		7,355		72
Ramsay Health Care Ltd.		899		40
REA Group Ltd.		258		24
Reece Ltd.		1,141		13
Rio Tinto Ltd.		1,822		146
Santos Ltd.		15,661		72
Scentre Group REIT		25,678		48
SEEK Ltd.		1,646		27
Sonic Healthcare Ltd.		2,216		52
South32 Ltd.		22,577		66
Stockland REIT		11,851		32
Suncorp Group Ltd.		6,223		51
Telstra Group Ltd.		19,872		56
Transurban Group (Units)		15,261		146

The accompanying notes are an integral part of the consolidated financial statements.
9

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Australia (cont'd)
Treasury Wine Estates Ltd.		3,444	$	30
Vicinity Centres REIT		18,847		25
Washington H Soul Pattinson & Co. Ltd.		1,055		21
Wesfarmers Ltd.		5,575		188
Westpac Banking Corp.		17,239		251
WiseTech Global Ltd.		717		32
Woodside Energy Group Ltd.		9,291		208
Woolworths Group Ltd.		5,948		151
Xero Ltd. (f)		666		40
				6,683
Austria (0.1%)
Erste Group Bank AG		5,956		197
OMV AG		719		33
Verbund AG		339		30
voestalpine AG		570		19
				279
Belgium (0.2%)
Ageas SA		782		34
Anheuser-Busch InBev SA		4,206		280
Argenx SE		268		100
D'ieteren Group		119		23
Elia Group SA		160		21
Groupe Bruxelles Lambert NV		482		41
KBC Group NV		4,358		299
Sofina SA		76		17
Solvay SA		359		41
UCB SA		614		55
Umicore SA		1,017		35
Warehouses De Pauw CVA REIT		787		23
				969
Brazil (0.1%)
Vale SA		22,253		353
Canada (1.8%)
Agnico Eagle Mines Ltd.		2,121		108
Air Canada (f)		861		12
Algonquin Power & Utilities Corp.		3,304		28
Alimentation Couche-Tard, Inc.		3,933		198
AltaGas Ltd.		1,415		24
ARC Resources Ltd.		3,297		37
Bank of Montreal		3,351		298
Bank of Nova Scotia		5,845		294
Barrick Gold Corp. (LSE)		6,392		119
Barrick Gold Corp. (NYSE)		1,893		36
BCE, Inc.		368		16
Brookfield Asset Management Ltd., Class A		1,730		57
Brookfield Corp.		6,992		228
Brookfield Renewable Corp., Class A		657		23
BRP, Inc.		183		14
CAE, Inc. (f)		1,615		37
Cameco Corp.		2,057		54
Canadian Apartment Properties REIT		429		15

	Shares		Value (000)
Canadian Imperial Bank of Commerce		4,312	$	183
Canadian National Railway Co.		2,980		352
Canadian Natural Resources Ltd.		5,522		306
Canadian Pacific Railway Ltd.		4,650		358
Canadian Tire Corp. Ltd., Class A		280		37
Canadian Utilities Ltd., Class A		648		18
CCL Industries, Inc., Class B		755		38
Cenovus Energy, Inc.		6,953		121
CGI, Inc. (f)		1,067		103
Constellation Software, Inc.		102		192
Descartes Systems Group, Inc. (f)		425		34
Dollarama, Inc.		1,400		84
Element Fleet Management Corp.		1,962		26
Emera, Inc.		1,342		55
Empire Co. Ltd., Class A		819		22
Enbridge, Inc.		9,615		367
Fairfax Financial Holdings Ltd.		115		76
First Quantum Minerals Ltd.		3,075		71
FirstService Corp.		203		29
Fortis, Inc.		2,311		98
Franco-Nevada Corp.		956		139
George Weston Ltd.		363		48
GFL Environmental, Inc.		920		32
Gildan Activewear, Inc.		919		31
Great-West Lifeco, Inc.		1,401		37
Hydro One Ltd.		1,659		47
IA Financial Corp., Inc.		532		34
IGM Financial, Inc.		417		12
Imperial Oil Ltd.		1,128		57
Intact Financial Corp.		885		127
Ivanhoe Mines Ltd., Class A (f)		3,230		29
Keyera Corp.		1,112		24
Kinross Gold Corp.		6,296		30
Loblaw Cos., Ltd.		826		75
Lumine Group, Inc. (f)		285		3
Lundin Mining Corp.		3,293		22
Magna International, Inc.		1,420		76
Manulife Financial Corp.		9,123		167
Metro, Inc.		1,209		66
National Bank of Canada		1,679		120
Northland Power, Inc.		1,199		30
Nutrien Ltd.		2,726		201
Nuvei Corp. (f)		329		14
Onex Corp.		368		17
Open Text Corp.		1,351		52
Pan American Silver Corp.		990		18
Parkland Corp.		797		19
Pembina Pipeline Corp.		2,675		87
Power Corp. of Canada		2,789		71
Quebecor, Inc., Class B		791		20
Restaurant Brands International, Inc.		1,477		99
RioCan Real Estate Investment Trust REIT		754		11
Ritchie Bros Auctioneers, Inc.		564		32

The accompanying notes are an integral part of the consolidated financial statements.
10

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Canada (cont'd)
Rogers Communications, Inc., Class B		1,766	$	82
Royal Bank of Canada		6,773		648
Saputo, Inc.		1,268		33
Shaw Communications, Inc., Class B		2,290		69
Shopify, Inc., Class A (f)		5,757		276
Sun Life Financial, Inc.		2,835		132
Suncor Energy, Inc.		6,793		211
TC Energy Corp.		4,936		192
Teck Resources Ltd., Class B		2,380		87
TELUS Corp.		2,354		47
TFI International, Inc.		409		49
Thomson Reuters Corp.		855		111
TMX Group Ltd.		279		28
Toromont Industries Ltd.		417		34
Toronto-Dominion Bank		8,581		514
Tourmaline Oil Corp.		1,626		68
West Fraser Timber Co. Ltd.		301		21
Wheaton Precious Metals Corp.		2,190		105
WSP Global, Inc.		634		83
				8,805
China (0.0%) (d)
China Common Rich Renewable Energy Investments Ltd. (f)		42,000		—
Chow Tai Fook Jewellery Group Ltd. (g)		8,796		17
				17
Denmark (0.5%)
AP Moller — Maersk AS Series A		14		25
AP Moller — Maersk AS Series B		24		44
Carlsberg AS Series B		477		74
Chr Hansen Holding AS		526		40
Coloplast AS Series B		586		77
Danske Bank AS (f)		3,342		67
Demant AS (f)		456		16
DSV AS		919		178
Genmab AS (f)		323		122
Novo Nordisk AS Series B		7,998		1,270
Novozymes AS Series B		1,019		52
Orsted AS		941		80
Pandora AS		443		43
ROCKWOOL AS, Class B		45		11
Tryg AS		1,758		38
Vestas Wind Systems AS		5,062		148
				2,285
Finland (0.2%)
Elisa Oyj		725		44
Fortum Oyj (f)		2,223		34
Kesko Oyj, Class B		1,406		30
Kone Oyj, Class B		1,746		91
Neste Oyj		2,137		106
Nokia Oyj		27,771		136
Orion Oyj, Class B		536		24

	Shares		Value (000)
Sampo Oyj, Class A		2,457	$	116
Stora Enso Oyj, Class R		2,825		37
UPM-Kymmene Oyj (f)		2,719		91
Wartsila Oyj Abp		2,452		23
				732
France (2.2%)
Accor SA (f)		854		28
Aeroports de Paris (f)		150		21
Air Liquide SA		2,581		432
Airbus SE		2,920		390
Alstom SA		1,596		43
Amundi SA		302		19
ArcelorMittal SA		2,587		78
Arkema SA		297		29
AXA SA		9,203		281
BioMerieux		209		22
BNP Paribas SA		19,441		1,161
Bollore SA		4,377		27
Bouygues SA		1,143		38
Bureau Veritas SA		1,465		42
Capgemini SE		808		150
Carrefour SA		2,919		59
Cie de Saint-Gobain		2,433		138
Cie Generale des Etablissements Michelin SCA		3,361		103
Covivio REIT		238		14
Credit Agricole SA		21,107		238
Danone SA		3,179		198
Dassault Aviation SA		123		24
Dassault Systemes SE		3,320		137
Edenred		1,232		73
Eiffage SA		412		45
Electricite de France SA		2,624		34
Engie SA		9,522		151
EssilorLuxottica SA		1,444		260
Eurazeo SE		216		15
Eurofins Scientific SE		661		44
Euronext NV		423		32
Gecina SA REIT		232		24
Getlink SE		2,193		36
Hermes International		156		316
Ipsen SA		183		20
Kering SA		381		249
Klepierre SA REIT		1,084		25
L'Oreal SA		1,193		533
La Francaise des Jeux SAEM		518		22
Legrand SA		1,323		121
LVMH Moet Hennessy Louis Vuitton SE		1,379		1,266
Orange SA		9,946		118
Pernod Ricard SA		1,015		230
Publicis Groupe SA		1,136		89
Remy Cointreau SA		115		21
Renault SA (f)		977		40
Safran SA		1,679		248

The accompanying notes are an integral part of the consolidated financial statements.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
France (cont'd)
Sanofi		5,650	$	613
Sartorius Stedim Biotech		138		42
Schneider Electric SE		2,691		450
SEB SA		124		14
Societe Generale SA		13,920		314
Sodexo SA		437		43
STMicroelectronics NV		3,387		180
Teleperformance		294		71
Thales SA		529		78
TotalEnergies SE		12,122		715
Ubisoft Entertainment SA (f)		466		12
Unibail-Rodamco-Westfield REIT (f)		607		33
Valeo SA		1,052		22
Veolia Environnement SA		3,368		104
Vinci SA		2,651		304
Vivendi SE		3,554		36
Wendel SE		132		14
Worldline SA (f)		1,193		51
				10,780
Germany (1.4%)
Adidas AG		872		155
Allianz SE (Registered)		2,002		462
Aroundtown SA		5,304		8
BASF SE		4,578		240
Bayer AG (Registered)		4,867		311
Bayerische Motoren Werke AG		1,642		180
Bayerische Motoren Werke AG (Preference)		295		30
Bechtle AG		407		19
Beiersdorf AG		497		65
Brenntag SE		761		57
Carl Zeiss Meditec AG		199		28
Commerzbank AG (f)		18,375		193
Continental AG		547		41
Covestro AG		961		40
Daimler Truck Holding AG (f)		2,241		76
Delivery Hero SE (f)		844		29
Deutsche Bank AG (Registered)		9,809		100
Deutsche Boerse AG		936		182
Deutsche Lufthansa AG (Registered) (f)		2,960		33
Deutsche Post AG (Registered)		4,931		231
Deutsche Telekom AG (Registered)		15,981		387
Dr Ing hc F Porsche AG (Preference) (f)		574		74
E.ON SE		11,213		140
Evonik Industries AG		1,049		22
Fresenius Medical Care AG & Co. KGaA		1,030		44
Fresenius SE & Co. KGaA		2,100		57
GEA Group AG		748		34
Hannover Rueck SE (Registered)		297		58
HeidelbergCement AG		719		52
HelloFresh SE (f)		832		20
Henkel AG & Co. KGaA		514		37
Henkel AG & Co. KGaA (Preference)		879		69

	Shares		Value (000)
Infineon Technologies AG		6,412	$	263
Knorr-Bremse AG		358		24
LEG Immobilien SE		378		21
Mercedes-Benz Group AG (Registered)		3,998		307
Merck KGaA		642		120
MTU Aero Engines AG		264		66
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		688		240
Nemetschek SE		285		20
Porsche Automobil Holding SE (Preference)		765		44
Puma SE		531		33
QIAGEN NV (f)		1,136		52
Rational AG		25		17
Rheinmetall AG		227		67
RWE AG		3,203		138
SAP SE		5,182		654
Sartorius AG (Preference)		122		51
Scout24 SE		402		24
Siemens AG (Registered)		3,797		615
Siemens Energy AG (f)		2,160		48
Siemens Healthineers AG		1,436		83
Symrise AG		663		72
Telefonica Deutschland Holding AG		5,131		16
United Internet AG (Registered)		476		8
Volkswagen AG		147		25
Volkswagen AG (Preference)		922		126
Vonovia SE		3,628		68
Zalando SE (f)		1,130		47
				6,723
Hong Kong (0.4%)
AIA Group Ltd.		57,633		605
BOC Hong Kong Holdings Ltd.		17,779		55
Budweiser Brewing Co., APAC Ltd.		8,149		25
CK Asset Holdings Ltd.		9,045		55
CK Hutchison Holdings Ltd.		12,698		79
CK Infrastructure Holdings Ltd.		3,177		17
CLP Holdings Ltd.		8,163		59
ESR Group Ltd.		9,722		18
Futu Holdings Ltd. ADR (f)		313		16
Galaxy Entertainment Group Ltd. (f)		11,633		78
Hang Lung Properties Ltd.		10,178		19
Hang Seng Bank Ltd.		3,750		53
Henderson Land Development Co. Ltd.		7,482		26
HK Electric Investments & HK Electric Investments Ltd.		12,052		8
HKT Trust & HKT Ltd.		18,510		25
Hong Kong & China Gas Co. Ltd.		53,747		47
Hong Kong Exchanges & Clearing Ltd.		5,781		256
Hongkong Land Holdings Ltd.		5,170		23
Jardine Matheson Holdings Ltd.		808		39
Link REIT		10,436		67
MTR Corp. Ltd.		7,924		38
New World Development Co. Ltd.		7,727		21

The accompanying notes are an integral part of the consolidated financial statements.
12

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Hong Kong (cont'd)
Power Assets Holdings Ltd.		7,024	$	38
Sands China Ltd. (f)		12,036		42
Sino Land Co., Ltd.		17,656		24
SITC International Holdings Co. Ltd.		8,062		17
Sun Hung Kai Properties Ltd.		7,381		103
Swire Pacific Ltd., Class A		2,548		20
Swire Properties Ltd.		5,490		14
Techtronic Industries Co. Ltd.		7,237		78
WH Group Ltd.		40,700		24
Wharf Real Estate Investment Co. Ltd.		8,582		49
Xinyi Glass Holdings Ltd.		9,483		17
				2,055
Ireland (0.1%)
AIB Group PLC		5,357		22
Bank of Ireland Group PLC		5,397		55
CRH PLC		3,919		198
Flutter Entertainment PLC (f)		876		159
Kerry Group PLC, Class A		828		82
Kingspan Group PLC		804		55
Smurfit Kappa Group PLC		1,291		47
				618
Israel (0.1%)
Azrieli Group Ltd.		219		13
Bank Hapoalim BM		6,545		54
Bank Leumi Le-Israel BM		7,957		60
Bezeq The Israeli Telecommunication Corp. Ltd.		10,690		15
Check Point Software Technologies Ltd. (f)		516		67
CyberArk Software Ltd. (f)		209		31
Elbit Systems Ltd.		137		23
ICL Group Ltd.		3,648		25
Israel Discount Bank Ltd., Class A		6,375		31
Mizrahi Tefahot Bank Ltd.		795		25
Nice Ltd. (f)		328		75
Teva Pharmaceutical Industries Ltd. ADR (f)		5,718		51
Tower Semiconductor Ltd. (f)		563		24
Wix.com Ltd. (f)		295		29
ZIM Integrated Shipping Services Ltd.		433		10
				533
Italy (0.6%)
Amplifon SpA		606		21
Assicurazioni Generali SpA		5,359		107
CNH Industrial NV		4,909		75
Davide Campari-Milano NV		2,583		32
DiaSorin SpA		123		13
Enel SpA		39,586		241
Eni SpA		11,942		167
EXOR NV		1050		87
Ferrari NV		616		167
FinecoBank Banca Fineco SpA		10,457		160
Infrastrutture Wireless Italiane SpA		1,640		22
Intesa Sanpaolo SpA		286,574		735

	Shares		Value (000)
Mediobanca Banca di Credito Finanziario SpA		10,525	$	106
Moncler SpA		999		69
Nexi SpA (f)		2,888		23
Poste Italiane SpA		2,497		25
Prysmian SpA		1,240		52
Recordati Industria Chimica e Farmaceutica SpA		511		22
Snam SpA		9,845		52
Stellantis NV		10,781		196
Telecom Italia SpA (Milano) (f)		48,502		16
Tenaris SA		2,259		32
Terna — Rete Elettrica Nazionale		6,872		56
UniCredit SpA		35,052		661
				3,137
Netherlands (0.8%)
ABN AMRO Bank NV CVA		7,296		116
Adyen NV (f)		109		174
Aegon NV		8,875		38
AerCap Holdings NV (f)		674		38
Akzo Nobel NV		912		71
ASM International NV		234		95
ASML Holding NV		2,020		1,377
BNP Paribas Emissions- und Handelsgesellschaft mbH		67,231		798
Coca-Cola Europacific Partners PLC		1,025		61
Heineken Holding NV		500		46
Heineken NV		1,285		138
IMCD NV		284		46
JDE Peet's NV		504		15
Just Eat Takeaway.com NV (f)		927		18
Koninklijke Ahold Delhaize NV		5,170		177
Koninklijke DSM NV		862		102
Koninklijke KPN NV		16,356		58
Koninklijke Philips NV		4,577		84
NN Group NV		1,385		50
OCI NV		528		18
Prosus NV (f)		4,154		325
Randstad NV		595		35
Universal Music Group NV		3,612		91
Wolters Kluwer NV		1,305		165
				4,136
New Zealand (0.0%) (d)
Auckland International Airport Ltd. (f)		6,302		34
Fisher & Paykel Healthcare Corp. Ltd.		2,915		49
Mercury NZ Ltd.		3,528		14
Meridian Energy Ltd.		6,319		21
Spark New Zealand Ltd.		9,453		30
				148
Norway (0.1%)
Adevinta ASA (f)		1,517		11
Aker BP ASA		1,591		39
DNB Bank ASA		4,668		84
Equinor ASA		4,796		136
Gjensidige Forsikring ASA		1,011		17

The accompanying notes are an integral part of the consolidated financial statements.
13

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Norway (cont'd)
Kongsberg Gruppen ASA		445	$	18
Mowi ASA		2,078		38
Norsk Hydro ASA		6,689		50
Orkla ASA		3,783		27
Salmar ASA		327		14
Telenor ASA		3,581		42
Yara International ASA		840		36
				512
Portugal (0.0%) (d)
EDP — Energias de Portugal SA		12,763		70
EDP Renovaveis SA		1,353		31
Galp Energia SGPS SA		2,281		26
Jeronimo Martins SGPS SA		1,285		30
				157
Singapore (0.2%)
CapitaLand Ascendas REIT REIT		16,500		36
CapitaLand Integrated Commercial Trust REIT		26,102		39
Capitaland Investment Ltd.		12,600		35
City Developments Ltd.		2,000		11
DBS Group Holdings Ltd.		8,800		219
Genting Singapore Ltd.		29,300		25
Grab Holdings Ltd., Class A (f)		6,600		20
Jardine Cycle & Carriage Ltd.		600		14
Keppel Corp. Ltd.		7,200		30
Mapletree Logistics Trust REIT		16,500		21
Mapletree Pan Asia Commercial Trust REIT		11,800		16
Oversea-Chinese Banking Corp. Ltd.		16,500		154
Sea Ltd. ADR (f)		1,800		156
Sembcorp Marine Ltd. (f)		142,869		13
Singapore Airlines Ltd.		6,500		28
Singapore Exchange Ltd.		4,200		30
Singapore Technologies Engineering Ltd.		7,600		21
Singapore Telecommunications Ltd.		39,300		73
United Overseas Bank Ltd.		5,700		128
UOL Group Ltd.		2,200		11
Venture Corp. Ltd.		1,200		16
Wilmar International Ltd.		9,300		29
				1,125
South Africa (0.1%)
Anglo American PLC		6,224		207
Spain (0.7%)
Acciona SA		123		25
ACS Actividades de Construccion y Servicios SA		1,070		34
Aena SME SA (f)		376		61
Amadeus IT Group SA (f)		2,240		150
Banco Bilbao Vizcaya Argentaria SA		113,411		811
Banco Santander SA		299,232		1,115
CaixaBank SA		78,485		306
Cellnex Telecom SA (f)		2,699		105
Corp. ACCIONA Energias Renovables SA		329		13
Enagas SA		1,231		23

	Shares		Value (000)
Endesa SA		1,569	$	34
Ferrovial SA		2,432		71
Grifols SA (f)		1,490		15
Iberdrola SA		29,836		372
Industria de Diseno Textil SA		5,351		180
Naturgy Energy Group SA		724		22
Red Electrica Corp. SA		2,010		35
Repsol SA		6,679		103
Siemens Gamesa Renewable Energy SA (f)		1,133		22
Telefonica SA		25,502		110
Telepizza Group SA (f)		156		1
				3,608
Sweden (0.5%)
Alfa Laval AB		1,411		50
Assa Abloy AB, Class B		4,915		118
Atlas Copco AB, Class A		13,098		166
Atlas Copco AB, Class B		7,622		88
Boliden AB		1,324		52
Electrolux AB, Class B		1,087		13
Embracer Group AB (f)		3,135		15
Epiroc AB, Class A		3,222		64
Epiroc AB, Class B		1,904		32
EQT AB		1,486		30
Essity AB, Class B		2,955		84
Evolution AB		889		119
Fastighets AB Balder, Class B (f)		3,114		13
Getinge AB, Class B		1,134		28
Hennes & Mauritz AB, Class B		3,615		52
Hexagon AB, Class B		9,557		110
Holmen AB, Class B		453		17
Husqvarna AB, Class B		2,075		18
Industrivarden AB, Class A		638		17
Industrivarden AB, Class C		755		20
Indutrade AB		1,345		29
Investment AB Latour, Class B		730		15
Investor AB, Class A		2,475		51
Investor AB, Class B		9,044		180
Kinnevik AB, Class B (f)		1,192		18
L E Lundbergforetagen AB, Class B		371		17
Lifco AB, Class B		1,150		25
Nibe Industrier AB, Class B		7,494		85
Nordea Bank Abp		16,079		172
Sagax AB, Class B		935		22
Sandvik AB		5,212		111
Securitas AB, Class B		2,389		21
Skandinaviska Enskilda Banken AB, Class A (f)		7,809		86
Skanska AB, Class B		1,661		25
SKF AB, Class B		1,870		37
Svenska Cellulosa AB SCA, Class B		2,936		39
Svenska Handelsbanken AB, Class A		7,069		61
Swedbank AB, Class A		4,377		72
Swedish Orphan Biovitrum AB (f)		816		19
Tele2 AB, Class B		2,795		28

The accompanying notes are an integral part of the consolidated financial statements.
14

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
Sweden (cont'd)
Telefonaktiebolaget LM Ericsson, Class B		14,206	$	83
Telia Co. AB		12,925		33
Volvo AB, Class A		978		21
Volvo AB, Class B		7,377		152
Volvo Car AB, Class B (f)		2,956		13
				2,521
Switzerland (1.5%)
ABB Ltd. (Registered)		7,684		264
Adecco Group AG (Registered)		793		29
Alcon, Inc.		2,478		176
Bachem Holding AG		170		17
Baloise Holding AG (Registered)		222		35
Banque Cantonale Vaudoise (Registered)		149		14
Barry Callebaut AG (Registered)		18		38
BKW AG		105		17
Chocoladefabriken Lindt & Spruengli AG (Registered)		1		118
Chocoladefabriken Lindt & Sprungli AG		5		59
Cie Financiere Richemont SA (Registered)		2,557		410
Clariant AG (Registered) (f)		1,072		18
Credit Suisse Group AG (Registered)		18,020		16
EMS-Chemie Holding AG (Registered)		35		29
Geberit AG (Registered)		177		99
Givaudan SA (Registered)		46		150
Holcim AG (Registered) (f)		2,717		175
Julius Baer Group Ltd.		1,043		71
Kuehne & Nagel International AG (Registered)		265		79
Logitech International SA (Registered)		847		50
Lonza Group AG (Registered)		366		220
Nestle SA (Registered)		13,363		1,629
Novartis AG (Registered)		10,572		971
Partners Group Holding AG		111		105
Roche Holding AG		131		39
Roche Holding AG (Genusschein)		3,442		984
Schindler Holding AG		200		44
Schindler Holding AG (Registered)		114		24
SGS SA (Registered)		31		68
SIG Group AG (f)		1,533		40
Sika AG (Registered)		720		202
Sonova Holding AG (Registered)		265		78
Straumann Holding AG (Registered)		549		82
Swatch Group AG		140		48
Swatch Group AG (Registered)		258		16
Swiss Life Holding AG (Registered)		150		93
Swiss Prime Site AG (Registered)		378		31
Swiss Re AG		1,468		151
Swisscom AG (Registered)		124		79
Temenos AG (Registered)		315		22
UBS Group AG (Registered)		16,367		346
VAT Group AG		133		48
Zurich Insurance Group AG		734		352
				7,536

	Shares		Value (000)
United Kingdom (2.3%)
3i Group PLC		4,776	$	100
abrdn PLC		10,694		27
Admiral Group PLC		899		23
Antofagasta PLC		1,907		37
Ashtead Group PLC		2,166		133
Associated British Foods PLC		1,776		43
AstraZeneca PLC		7,575		1,050
Auto Trader Group PLC		4,723		36
Aviva PLC		13,715		69
BAE Systems PLC		15,361		186
Barclays PLC		78,654		142
Barratt Developments PLC		5,089		29
Berkeley Group Holdings PLC		543		28
BP PLC		91,497		578
British American Tobacco PLC		10,548		370
British Land Co. PLC REIT		4,409		21
BT Group PLC		34,196		62
Bunzl PLC		1,664		63
Burberry Group PLC		1,926		62
Coca-Cola HBC AG (f)		1,001		27
Compass Group PLC		8,647		217
Croda International PLC		688		55
DCC PLC		492		29
Diageo PLC		11,127		497
Entain PLC		2,914		45
Evraz PLC (f)		2,495		—
Experian PLC		4,525		149
G4S PLC (f)		6,437		19
Glencore PLC		47,096		271
GSK PLC		19,945		352
Haleon PLC		24,750		98
Halma PLC		1,885		52
Hargreaves Lansdown PLC		1,797		18
Hikma Pharmaceuticals PLC		822		17
HSBC Holdings PLC		97,035		660
Imperial Brands PLC		4,420		102
Informa PLC		7,124		61
InterContinental Hotels Group PLC		908		59
Intertek Group PLC		806		40
J Sainsbury PLC		8,669		30
JD Sports Fashion PLC		12,989		29
Johnson Matthey PLC		892		22
Kingfisher PLC		9,648		31
Land Securities Group PLC REIT		3,520		27
Legal & General Group PLC		29,372		87
Lloyds Banking Group PLC		332,503		196
London Stock Exchange Group PLC		1,610		156
M&G PLC		12,431		30
Melrose Industries PLC		20,128		41
Mondi PLC		2,416		38
National Grid PLC		18,069		244
NatWest Group PLC		25,867		84

The accompanying notes are an integral part of the consolidated financial statements.
15

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United Kingdom (cont'd)
Next PLC		642	$	52
Ocado Group PLC (f)		2,956		20
Paragon Offshore PLC (f)(h)		303		—
Pearson PLC		3,271		34
Persimmon PLC		1,599		25
Phoenix Group Holdings PLC		3,708		25
Prudential PLC		13,502		185
Reckitt Benckiser Group PLC		3,503		267
RELX PLC (LSE)		9,435		306
Rentokil Initial PLC		12,345		90
Rio Tinto PLC		14,011		951
Rolls-Royce Holdings PLC (f)		41,373		76
Sage Group PLC		5,132		49
Schroders PLC		3,694		21
Segro PLC REIT		5,968		57
Severn Trent PLC		1,241		44
Shell PLC		35,336		1,007
Smith & Nephew PLC		4,305		60
Smiths Group PLC		1,786		38
Spirax-Sarco Engineering PLC		362		53
SSE PLC		5,258		117
St. James's Place PLC		2,694		40
Standard Chartered PLC		12,218		93
Taylor Wimpey PLC		17,650		26
Tesco PLC		36,666		120
Unilever PLC CVA		12,453		645
United Utilities Group PLC		3,376		44
Vodafone Group PLC		129,652		143
Whitbread PLC		999		37
WPP PLC		5,377		64
				11,531
United States (20.1%)
3M Co.		1,529		161
Abbott Laboratories		4,799		486
AbbVie, Inc.		4,865		775
Accenture PLC, Class A		1,707		488
Activision Blizzard, Inc.		2,145		184
Adobe, Inc. (f)		1,243		479
Advance Auto Parts, Inc.		167		20
Advanced Micro Devices, Inc. (f)		4,385		430
AES Corp.		1,814		44
Affirm Holdings, Inc. (f)		538		6
Aflac, Inc.		1,616		104
Agilent Technologies, Inc.		805		111
Air Products & Chemicals, Inc.		610		175
Airbnb, Inc., Class A (f)		1,009		126
Akamai Technologies, Inc. (f)		434		34
Albemarle Corp.		321		71
Alcoa Corp.		480		20
Alexandria Real Estate Equities, Inc. REIT		423		53
Align Technology, Inc. (f)		201		67
Allegion PLC		240		26

	Shares		Value (000)
Alliant Energy Corp.		690	$	37
Allstate Corp.		724		80
Ally Financial, Inc.		844		22
Alnylam Pharmaceuticals, Inc. (f)		324		65
Alphabet, Inc., Class A (f)		16,411		1,702
Alphabet, Inc., Class C (f)		15,207		1,582
Altria Group, Inc.		4,963		221
Amazon.com, Inc. (f)		24,987		2,581
Amcor PLC		4,090		47
Ameren Corp.		710		61
American Electric Power Co., Inc.		1,414		129
American Express Co.		1,739		287
American Financial Group, Inc.		195		24
American Homes 4 Rent, Class A REIT		858		27
American International Group, Inc.		2,041		103
American Tower Corp. REIT		1,276		261
American Water Works Co., Inc.		500		73
Ameriprise Financial, Inc.		294		90
AmerisourceBergen Corp.		424		68
AMETEK, Inc.		626		91
Amgen, Inc.		1,471		356
Amphenol Corp., Class A		1,627		133
Analog Devices, Inc.		1,412		278
Annaly Capital Management, Inc. REIT		1,278		24
ANSYS, Inc. (f)		237		79
AO Smith Corp.		352		24
Aon PLC, Class A		576		182
APA Corp.		897		32
Apollo Global Management, Inc.		1,090		69
Apple, Inc.		44,089		7,270
Applied Materials, Inc.		2,361		290
Aptiv PLC (f)		738		83
Aramark		639		23
Arch Capital Group Ltd. (f)		989		67
Archer-Daniels-Midland Co.		1,530		122
Ares Management Corp., Class A		421		35
Arista Networks, Inc. (f)		670		112
Arrow Electronics, Inc. (f)		175		22
Arthur J Gallagher & Co.		570		109
Aspen Technology, Inc. (f)		78		18
Assurant, Inc.		147		18
AT&T, Inc.		19,421		374
Atmos Energy Corp.		385		43
Autodesk, Inc. (f)		594		124
Automatic Data Processing, Inc.		1,147		255
AutoZone, Inc. (f)		53		130
AvalonBay Communities, Inc. REIT		386		65
Avantor, Inc. (f)		1,841		39
Avery Dennison Corp.		221		40
Baker Hughes Co.		2,721		79
Ball Corp.		855		47
Bank of America Corp.		19,574		560
Bank of New York Mellon Corp.		2,094		95

The accompanying notes are an integral part of the consolidated financial statements.
16

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Bath & Body Works, Inc.		629	$	23
Baxter International, Inc.		1,377		56
Becton Dickinson & Co.		776		192
Bentley Systems, Inc., Class B		531		23
Berkshire Hathaway, Inc., Class B (f)		3,551		1,096
Best Buy Co., Inc.		560		44
Bill.Com Holdings, Inc. (f)		253		21
Bio-Rad Laboratories, Inc., Class A (f)		61		29
Bio-Techne Corp.		430		32
Biogen, Inc. (f)		393		109
BioMarin Pharmaceutical, Inc. (f)		509		50
Black Knight, Inc. (f)		430		25
BlackRock, Inc.		414		277
Blackstone Group, Inc.		1,913		168
Block, Inc., Class A (f)		1,418		97
Boeing Co. (f)		1,528		325
Booking Holdings, Inc. (f)		108		286
Booz Allen Hamilton Holding Corp.		361		33
BorgWarner, Inc.		647		32
Boston Properties, Inc. REIT		403		22
Boston Scientific Corp. (f)		3,915		196
Bristol-Myers Squibb Co.		5,900		409
Broadcom, Inc.		1,121		719
Broadridge Financial Solutions, Inc.		321		47
Brown & Brown, Inc.		653		38
Brown-Forman Corp., Class B		853		55
Bunge Ltd.		416		40
Burlington Stores, Inc. (f)		179		36
Cadence Design Systems, Inc. (f)		745		157
Caesars Entertainment, Inc. (f)		587		29
Camden Property Trust REIT		278		29
Campbell Soup Co.		586		32
Capital One Financial Corp.		1,045		101
Cardinal Health, Inc.		740		56
Carlisle Cos., Inc.		141		32
Carlyle Group, Inc.		544		17
CarMax, Inc. (f)		441		28
Carnival Corp. (f)		2,717		28
Carrier Global Corp.		2,312		106
Catalent, Inc. (f)		466		31
Caterpillar, Inc.		1,436		329
Cboe Global Markets, Inc.		292		39
CBRE Group, Inc., Class A (f)		878		64
CDW Corp.		371		72
Celanese Corp.		299		33
Centene Corp. (f)		1,570		99
CenterPoint Energy, Inc.		1,729		51
Ceridian HCM Holding, Inc. (f)		377		28
CF Industries Holdings, Inc.		543		39
CH Robinson Worldwide, Inc.		345		34
Charles River Laboratories International, Inc. (f)		140		28
Charles Schwab Corp.		3,914		205

	Shares		Value (000)
Charter Communications, Inc., Class A (f)		307	$	110
Cheniere Energy, Inc.		618		97
Chesapeake Energy Corp.		282		21
Chevron Corp.		5,032		821
Chewy, Inc., Class A (f)		254		10
Chipotle Mexican Grill, Inc. (f)		75		128
Chubb Ltd.		1,130		219
Church & Dwight Co., Inc.		670		59
Cigna Corp.		837		214
Cincinnati Financial Corp.		410		46
Cintas Corp.		251		116
Cisco Systems, Inc.		11,371		594
Citigroup, Inc.		5,291		248
Citizens Financial Group, Inc.		1,358		41
Clarivate PLC (f)		825		8
Cleveland-Cliffs, Inc. (f)		1,409		26
Clorox Co.		345		55
Cloudflare, Inc., Class A (f)		683		42
CME Group, Inc.		991		190
CMS Energy Corp.		795		49
Coca-Cola Co.		11,254		698
Cognex Corp.		474		24
Cognizant Technology Solutions Corp., Class A		1,409		86
Coinbase Global, Inc., Class A (f)		337		23
Colgate-Palmolive Co.		2,187		164
Comcast Corp., Class A		11,920		452
Conagra Brands, Inc.		1,316		49
ConocoPhillips		3,423		340
Consolidated Edison, Inc.		977		93
Constellation Brands, Inc., Class A		439		99
Constellation Energy Corp.		897		70
Contra Abiomed, Inc. (f)		90		—	@
Cooper Cos., Inc.		134		50
Copart, Inc. (f)		1,178		89
Corning, Inc.		2,206		78
Corteva, Inc.		1,946		117
CoStar Group, Inc. (f)		1,090		75
Costco Wholesale Corp.		1,215		604
Coterra Energy, Inc.		2,185		54
Crowdstrike Holdings, Inc., Class A (f)		549		75
Crown Castle, Inc. REIT		1,181		158
Crown Holdings, Inc.		330		27
CSX Corp.		5,974		179
Cummins, Inc.		386		92
CVS Health Corp.		3,608		268
Danaher Corp.		1,913		482
Darden Restaurants, Inc.		333		52
Darling Ingredients, Inc. (f)		433		25
Datadog, Inc., Class A (f)		671		49
DaVita, Inc. (f)		152		12
Deere & Co.		793		327
Dell Technologies, Inc., Class C		731		29
Delta Air Lines, Inc. (f)		438		15

The accompanying notes are an integral part of the consolidated financial statements.
17

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Dentsply Sirona, Inc.		585	$	23
Devon Energy Corp.		1,710		87
Dexcom, Inc. (f)		1,056		123
Diamondback Energy, Inc.		461		62
Digital Realty Trust, Inc. REIT		783		77
Discover Financial Services		739		73
DISH Network Corp., Class A (f)		678		6
DocuSign, Inc. (f)		549		32
Dollar General Corp.		623		131
Dollar Tree, Inc. (f)		614		88
Dominion Energy, Inc.		2,284		128
Domino's Pizza, Inc.		99		33
DoorDash, Inc., Class A (f)		632		40
Dover Corp.		392		60
Dow, Inc.		1,961		108
DR Horton, Inc.		905		88
Dropbox, Inc., Class A (f)		749		16
DTE Energy Co.		532		58
Duke Energy Corp.		2,118		204
DuPont de Nemours, Inc.		1,362		98
Dynatrace, Inc. (f)		543		23
Eastman Chemical Co.		338		29
Eaton Corp. PLC		1,090		187
eBay, Inc.		1,520		67
Ecolab, Inc.		703		116
Edison International		1,053		74
Edwards Lifesciences Corp. (f)		1,686		140
Elanco Animal Health, Inc. (f)		1,155		11
Electronic Arts, Inc.		760		92
Elevance Health, Inc.		659		303
Eli Lilly & Co.		2,205		757
Emerson Electric Co.		1,609		140
Enphase Energy, Inc. (f)		370		78
Entegris, Inc.		407		33
Entergy Corp.		560		60
EOG Resources, Inc.		1,595		183
EPAM Systems, Inc. (f)		155		46
EQT Corp.		924		30
Equifax, Inc.		339		69
Equinix, Inc. REIT		251		181
Equitable Holdings, Inc.		1,029		26
Equity Lifestyle Properties, Inc. REIT		483		32
Equity Residential REIT		989		59
Erie Indemnity Co., Class A		69		16
Essential Utilities, Inc.		680		30
Essex Property Trust, Inc. REIT		179		37
Estee Lauder Cos., Inc., Class A		638		157
Etsy, Inc. (f)		347		39
Everest Re Group Ltd.		107		38
Evergy, Inc.		630		39
Eversource Energy		953		75
Exact Sciences Corp. (f)		468		32

	Shares		Value (000)
Exelon Corp.		2,706	$	113
Expedia Group, Inc. (f)		418		41
Expeditors International of Washington, Inc.		454		50
Extra Space Storage, Inc. REIT		367		60
Exxon Mobil Corp.		11,266		1,235
F5, Inc. (f)		162		24
Factset Research Systems, Inc.		107		44
Fair Isaac Corp. (f)		68		48
Fastenal Co.		1,581		85
FedEx Corp.		686		157
Ferguson PLC		579		77
Fidelity National Financial, Inc.		717		25
Fidelity National Information Services, Inc.		1,655		90
Fifth Third Bancorp		1,879		50
First Citizens BancShares, Inc., Class A		33		32
First Horizon Corp.		1,467		26
First Republic Bank		501		7
First Solar, Inc. (f)		261		57
FirstEnergy Corp.		1,484		59
Fiserv, Inc. (f)		1,647		186
FleetCor Technologies, Inc. (f)		194		41
FMC Corp.		344		42
Ford Motor Co.		11,052		139
Fortinet, Inc. (f)		1,821		121
Fortive Corp.		926		63
Fortune Brands Innovations, Inc.		353		21
Fox Corp., Class A		836		28
Fox Corp., Class B		397		12
Franklin Resources, Inc.		815		22
Freeport-McMoRan, Inc.		3,867		158
Gaming and Leisure Properties, Inc. REIT		700		36
Garmin Ltd.		425		43
Gartner, Inc. (f)		220		72
GE Healthcare, Inc. (f)		978		80
Gen Digital, Inc.		1,651		28
Generac Holdings, Inc. (f)		177		19
General Dynamics Corp.		630		144
General Electric Co.		2,936		281
General Mills, Inc.		1,709		146
General Motors Co.		3,822		140
Genuine Parts Co.		387		65
Gilead Sciences, Inc.		3,519		292
Global Payments, Inc.		752		79
Globe Life, Inc.		254		28
GoDaddy, Inc., Class A (f)		424		33
Goldman Sachs Group, Inc.		935		306
Halliburton Co.		2,435		77
Hartford Financial Services Group, Inc.		872		61
Hasbro, Inc.		366		20
HCA Healthcare, Inc.		629		166
Healthcare Realty Trust, Inc. REIT		1,049		20
Healthpeak Properties, Inc. REIT		1,484		33
HEICO Corp.		118		20

The accompanying notes are an integral part of the consolidated financial statements.
18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
HEICO Corp., Class A		195	$	27
Henry Schein, Inc. (f)		374		31
Hershey Co.		405		103
Hess Corp.		756		100
Hewlett Packard Enterprise Co.		3,542		56
HF Sinclair Corp.		441		21
Hilton Worldwide Holdings, Inc.		759		107
Hologic, Inc. (f)		680		55
Home Depot, Inc.		2,824		833
Honeywell International, Inc.		1,829		350
Horizon Therapeutics PLC (f)		599		65
Hormel Foods Corp.		832		33
Host Hotels & Resorts, Inc. REIT		1,947		32
Howmet Aerospace, Inc.		1,010		43
HP, Inc.		2,847		84
Hubbell, Inc.		147		36
HubSpot, Inc. (f)		124		53
Humana, Inc.		347		168
Huntington Bancshares, Inc.		3,925		44
Huntington Ingalls Industries, Inc.		110		23
IDEX Corp.		206		48
IDEXX Laboratories, Inc. (f)		226		113
Illinois Tool Works, Inc.		846		206
Illumina, Inc. (f)		428		100
Incyte Corp. (f)		518		37
Ingersoll Rand, Inc.		1,091		63
Insulet Corp. (f)		187		60
Intel Corp.		11,351		371
Intercontinental Exchange, Inc.		1,523		159
International Business Machines Corp.		2,452		321
International Flavors & Fragrances, Inc.		697		64
International Paper Co.		946		34
Interpublic Group of Cos., Inc.		1,068		40
Intuit, Inc.		724		323
Intuitive Surgical, Inc. (f)		977		250
Invesco Ltd.		936		15
Invitation Homes, Inc. REIT		1,672		52
IQVIA Holdings, Inc. (f)		507		101
Iron Mountain, Inc. REIT		799		42
Jack Henry & Associates, Inc.		199		30
Jacobs Solutions, Inc.		348		41
Jazz Pharmaceuticals PLC (f)		172		25
JB Hunt Transport Services, Inc.		233		41
JM Smucker Co.		294		46
Johnson & Johnson		7,191		1,115
Johnson Controls International PLC		1,886		114
JPMorgan Chase & Co.		7,967		1,038
Juniper Networks, Inc.		883		30
Kellogg Co.		709		47
Keurig Dr Pepper, Inc.		2,138		75
KeyCorp		2,553		32
Keysight Technologies, Inc. (f)		490		79

	Shares		Value (000)
Kimberly-Clark Corp.		936	$	126
Kimco Realty Corp. REIT		1,701		33
Kinder Morgan, Inc.		5,577		98
KKR & Co., Inc.		1,531		80
KLA Corp.		386		154
Knight-Swift Transportation Holdings, Inc.		428		24
Kraft Heinz Co.		2,040		79
Kroger Co.		1,861		92
L3Harris Technologies, Inc.		525		103
Laboratory Corp. of America Holdings		247		57
Lam Research Corp.		377		200
Lamb Weston Holdings, Inc.		393		41
Las Vegas Sands Corp. (f)		941		54
Lear Corp.		161		22
Leidos Holdings, Inc.		354		33
Lennar Corp., Class A		705		74
Lennox International, Inc.		87		22
Liberty Broadband Corp., Class C (f)		345		28
Liberty Global PLC, Class A (f)		452		9
Liberty Global PLC Series C (f)		777		16
Liberty Media Corp-Liberty SiriusXM, Class A (f)		201		6
Liberty Media Corp-Liberty SiriusXM, Class C (f)		451		13
Liberty Media Corp.-Liberty Formula One, Class C (f)		537		40
Lincoln National Corp.		439		10
Linde PLC		1,363		484
Live Nation Entertainment, Inc. (f)		470		33
LKQ Corp.		714		41
Lockheed Martin Corp.		645		305
Loews Corp.		549		32
Lowe's Cos., Inc.		1,716		343
LPL Financial Holdings, Inc.		217		44
Lucid Group, Inc. (f)		1,110		9
Lululemon Athletica, Inc. (f)		325		118
Lumen Technologies, Inc.		2,583		7
LyondellBasell Industries NV, Class A		712		67
M&T Bank Corp.		480		57
Marathon Oil Corp.		1,844		44
Marathon Petroleum Corp.		1,343		181
Markel Corp. (f)		36		46
MarketAxess Holdings, Inc.		105		41
Marriott International, Inc., Class A		759		126
Marsh & McLennan Cos., Inc.		1,349		225
Martin Marietta Materials, Inc.		172		61
Marvell Technology, Inc.		2,382		103
Masco Corp.		625		31
Masimo Corp. (f)		131		24
Mastercard, Inc., Class A		2,354		855
Match Group, Inc. (f)		770		30
McCormick & Co., Inc.		690		57
McDonald's Corp.		2,013		563
McKesson Corp.		391		139
Medical Properties Trust, Inc. REIT		1,639		13

The accompanying notes are an integral part of the consolidated financial statements.
19

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Medtronic PLC		3,663	$	295
MercadoLibre, Inc. (f)		124		163
Merck & Co., Inc.		6,911		735
Meta Platforms, Inc., Class A (f)		6,161		1,306
MetLife, Inc.		1,840		107
Mettler-Toledo International, Inc. (f)		61		93
MGM Resorts International		856		38
Microchip Technology, Inc.		1,513		127
Micron Technology, Inc.		3,083		186
Microsoft Corp.		19,309		5,567
Mid-America Apartment Communities, Inc. REIT		318		48
Moderna, Inc. (f)		862		132
Mohawk Industries, Inc. (f)		141		14
Molina Healthcare, Inc. (f)		160		43
Molson Coors Beverage Co., Class B		530		27
Mondelez International, Inc., Class A		3,746		261
MongoDB, Inc. (f)		179		42
Monolithic Power Systems, Inc.		121		61
Monster Beverage Corp. (f)		2,154		116
Moody's Corp.		453		139
Mosaic Co.		936		43
Motorola Solutions, Inc.		457		131
MSCI, Inc.		221		124
Nasdaq, Inc.		948		52
NetApp, Inc.		599		38
Netflix, Inc. (f)		1,218		421
Neurocrine Biosciences, Inc. (f)		259		26
Newell Brands, Inc.		1,092		14
Newmont Corp.		2,076		102
News Corp., Class A		1,058		18
NextEra Energy, Inc.		5,375		414
NIKE, Inc., Class B		3,487		428
NiSource, Inc.		1,113		31
Nordson Corp.		141		31
Norfolk Southern Corp.		652		138
Northern Trust Corp.		540		48
Northrop Grumman Corp.		403		186
Novocure Ltd. (f)		253		15
NRG Energy, Inc.		646		22
Nucor Corp.		702		108
NVIDIA Corp.		6,893		1,915
NVR, Inc. (f)		8		45
NXP Semiconductors NV		720		134
O'Reilly Automotive, Inc. (f)		171		145
Occidental Petroleum Corp.		2,552		159
Okta, Inc. (f)		405		35
Old Dominion Freight Line, Inc.		267		91
Omnicom Group, Inc.		561		53
ON Semiconductor Corp. (f)		1,184		97
ONEOK, Inc.		1,228		78
Oracle Corp.		4,358		405
Otis Worldwide Corp.		1,151		97

	Shares		Value (000)
Ovintiv, Inc.		700	$	25
Owens Corning		267		26
PACCAR, Inc.		1,426		104
Packaging Corp. of America		259		36
Palantir Technologies, Inc., Class A (f)		4,552		38
Palo Alto Networks, Inc. (f)		825		165
Paramount Global, Class B		1,677		37
Parker Hannifin Corp.		348		117
Paychex, Inc.		895		103
Paycom Software, Inc. (f)		139		42
Paylocity Holding Corp. (f)		113		22
PayPal Holdings, Inc. (f)		2,997		228
Pentair PLC		453		25
PepsiCo, Inc.		3,784		690
PerkinElmer, Inc.		346		46
Pfizer, Inc.		15,466		631
PG&E Corp. (f)		4,061		66
Philip Morris International, Inc.		4,242		413
Phillips 66		1,300		132
Pinterest, Inc., Class A (f)		1,584		43
Pioneer Natural Resources Co.		620		127
Plug Power, Inc. (f)		1,418		17
PNC Financial Services Group, Inc.		1,109		141
Pool Corp.		110		38
PPG Industries, Inc.		652		87
PPL Corp.		2,012		56
Principal Financial Group, Inc.		678		50
Procter & Gamble Co.		6,559		975
Progressive Corp.		1,590		227
ProLogis, Inc. REIT		2,514		314
Prudential Financial, Inc.		1,010		84
PTC, Inc. (f)		305		39
Public Service Enterprise Group, Inc.		1,370		86
Public Storage REIT		431		130
Pulte Group, Inc.		639		37
Qorvo, Inc. (f)		286		29
QUALCOMM, Inc.		3,089		394
Quanta Services, Inc.		386		64
Quest Diagnostics, Inc.		321		45
Raymond James Financial, Inc.		528		49
Raytheon Technologies Corp.		4,019		394
Realty Income Corp. REIT		1,697		107
Regency Centers Corp. REIT		424		26
Regeneron Pharmaceuticals, Inc. (f)		289		237
Regions Financial Corp.		2,541		47
Repligen Corp. (f)		144		24
Republic Services, Inc.		606		82
ResMed, Inc.		401		88
Rivian Automotive, Inc., Class A (f)		891		14
Robert Half International, Inc.		305		25
ROBLOX Corp., Class A (f)		952		43
Rockwell Automation, Inc.		313		92
Roku, Inc. (f)		341		22

The accompanying notes are an integral part of the consolidated financial statements.
20

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
Rollins, Inc.		605	$	23
Roper Technologies, Inc.		291		128
Ross Stores, Inc.		959		102
Royal Caribbean Cruises Ltd. (f)		633		41
Royalty Pharma PLC, Class A		955		34
RPM International, Inc.		354		31
S&P Global, Inc.		938		323
Salesforce, Inc. (f)		2,732		546
SBA Communications Corp. REIT		293		77
Schlumberger NV		3,770		185
Seagate Technology Holdings PLC		546		36
Seagen, Inc. (f)		372		75
Sealed Air Corp.		401		18
SEI Investments Co.		317		18
Sempra Energy		867		131
Sensata Technologies Holding PLC		426		21
ServiceNow, Inc. (f)		551		256
Sherwin-Williams Co.		677		152
Simon Property Group, Inc. REIT		897		100
Sirius XM Holdings, Inc.		2,145		9
Skyworks Solutions, Inc.		446		53
Snap, Inc., Class A (f)		3,022		34
Snap-On, Inc.		146		36
Snowflake, Inc., Class A (f)		597		92
SolarEdge Technologies, Inc. (f)		151		46
Southern Co.		2,952		205
Southwest Airlines Co.		406		13
Splunk, Inc. (f)		438		42
SS&C Technologies Holdings, Inc.		623		35
Stanley Black & Decker, Inc.		406		33
Starbucks Corp.		3,158		329
State Street Corp.		1,002		76
Steel Dynamics, Inc.		487		55
Steris PLC		272		52
Stryker Corp.		936		267
Sun Communities, Inc. REIT		340		48
Synchrony Financial		1,312		38
Synopsys, Inc. (f)		417		161
Sysco Corp.		1,383		107
T Rowe Price Group, Inc.		620		70
T-Mobile US, Inc. (f)		1,730		251
Take-Two Interactive Software, Inc. (f)		456		54
Targa Resources Corp.		587		43
Target Corp.		1,275		211
TE Connectivity Ltd.		882		116
Teledyne Technologies, Inc. (f)		128		57
Teleflex, Inc.		129		33
Teradyne, Inc.		428		46
Tesla, Inc. (f)		7,705		1,599
Texas Instruments, Inc.		2,512		467
Texas Pacific Land Corp.		17		29
Textron, Inc.		577		41

	Shares		Value (000)
Thermo Fisher Scientific, Inc.		1,082	$	624
TJX Cos., Inc.		3,184		250
Toast, Inc., Class A (f)		670		12
Tractor Supply Co.		307		72
Trade Desk, Inc., Class A (f)		1,159		71
Tradeweb Markets, Inc., Class A		297		23
Trane Technologies PLC		637		117
TransDigm Group, Inc.		140		103
TransUnion		533		33
Travelers Cos., Inc.		643		110
Trimble, Inc. (f)		684		36
Truist Financial Corp.		3,609		123
Twilio, Inc., Class A (f)		467		31
Tyler Technologies, Inc. (f)		114		40
Tyson Foods, Inc., Class A		784		47
U-Haul Holding Co.		232		12
Uber Technologies, Inc. (f)		4,101		130
UDR, Inc. REIT		899		37
UGI Corp.		579		20
Ulta Beauty, Inc. (f)		140		76
Union Pacific Corp.		1,728		348
United Parcel Service, Inc., Class B		2,052		398
United Rentals, Inc.		192		76
UnitedHealth Group, Inc.		2,571		1,215
Unity Software, Inc. (f)		683		22
Universal Health Services, Inc., Class B		179		23
US Bancorp		3,863		139
Vail Resorts, Inc.		111		26
Valero Energy Corp.		1,064		149
Veeva Systems, Inc., Class A (f)		390		72
Ventas, Inc. REIT		1,091		47
VeriSign, Inc. (f)		263		56
Verisk Analytics, Inc.		432		83
Verizon Communications, Inc.		11,548		449
Vertex Pharmaceuticals, Inc. (f)		700		221
VF Corp.		932		21
Viatris, Inc.		3,338		32
VICI Properties, Inc. REIT		2,643		86
Visa, Inc., Class A		4,471		1,008
Vistra Corp.		1,025		25
VMware, Inc., Class A (f)		580		72
Vulcan Materials Co.		363		62
Walgreens Boots Alliance, Inc.		1,995		69
Walmart, Inc.		4,096		604
Walt Disney Co. (f)		4,952		496
Warner Bros Discovery, Inc. (f)		6,426		97
Waste Connections, Inc.		706		98
Waste Management, Inc.		1,135		185
Waters Corp. (f)		162		50
Webster Financial Corp.		478		19
WEC Energy Group, Inc.		864		82
Wells Fargo & Co.		10,528		394
Welltower, Inc. REIT		1,277		92

The accompanying notes are an integral part of the consolidated financial statements.
21

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

	Shares		Value (000)
United States (cont'd)
West Pharmaceutical Services, Inc.		203	$	70
Western Digital Corp. (f)		845		32
Western Union Co.		1,052		12
Westinghouse Air Brake Technologies Corp.		474		48
Westlake Chemical Corp.		106		12
WestRock Co.		699		21
Weyerhaeuser Co. REIT		2,021		61
Whirlpool Corp.		152		20
Williams Cos., Inc.		3,339		100
Willis Towers Watson PLC		299		70
Wolfspeed, Inc. (f)		337		22
Workday, Inc., Class A (f)		543		112
WP Carey, Inc. REIT		533		41
WR Berkley Corp.		572		36
WW Grainger, Inc.		125		86
Wynn Resorts Ltd. (f)		297		33
Xcel Energy, Inc.		1,498		101
Xylem, Inc.		493		52
Yum! Brands, Inc.		783		103
Zebra Technologies Corp., Class A (f)		140		45
Zillow Group, Inc., Class C (f)		441		20
Zimmer Biomet Holdings, Inc.		577		75
Zoetis, Inc.		1,294		215
Zoom Video Communications, Inc., Class A (f)		620		46
ZoomInfo Technologies, Inc., Class A (f)		697		17
Zscaler, Inc. (f)		231		27
				99,337
Total Common Stocks (Cost $121,220)				174,787
Short-Term Investments (14.8%)
Investment Company (14.4%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $71,277)		71,276,716		71,277
	Face Amount (000)
U.S. Treasury Security (0.4%)
U.S. Treasury Bill,
5.01%, 11/30/23 (i) (Cost $2,217)	$	2,291		2,223
Total Short-Term Investments (Cost $73,494)				73,500
Total Investments (98.6%) (Cost $454,617) (j)(k)(l)				487,102
Other Assets in Excess of Liabilities (1.4%)				6,870
Net Assets (100.0%)			$	493,972

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

(a)  Security is subject to delayed delivery.

(b)  144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(c)  Floating or variable rate securities: The rates disclosed are as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Consolidated Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Consolidated Portfolio of Investments.

(d)  Amount is less than 0.05%.

(e)  Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2023.

(f)  Non-income producing security.

(g)  Security trades on the Hong Kong exchange.

(h)  At March 31, 2023, the Fund held a fair valued security valued at $0, representing 0.0% of net assets. This security has been fair valued as determined in good faith under procedures established by and under the general supervision of the Trust's (as defined herein) Trustees.

(i)  Rate shown is the yield to maturity at March 31, 2023.

(j)  Securities are available for collateral in connection with securities purchased on a forward commitment basis, foreign currency forward exchange contracts, futures contracts and swap agreements.

(k)  The approximate fair value and percentage of net assets, $65,807,000 and 13.3%, respectively, represent the securities that have been fair valued under the fair valuation policy for international investments as described in Note A-1 within the Notes to the Consolidated Financial Statements.

(l)  At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $67,164,000 and the aggregate gross unrealized depreciation is approximately $38,014,000, resulting in net unrealized appreciation of approximately $29,150,000.

@  Value is less than $500.

ADR  American Depositary Receipt.

CDI  CHESS Depositary Interest.

CVA  Certificaten Van Aandelen.

EURIBOR  Euro Interbank Offered Rate.

LIBOR  London Interbank Offered Rate.

LSE  London Stock Exchange.

MTN  Medium Term Note.

NYSE  New York Stock Exchange.

OAT  Obligations Assimilables du Trésor (French Treasury Obligation).

REIT  Real Estate Investment Trust.

SOFR  Secured Overnight Financing Rate.

SONIA  Sterling Overnight Index Average

TBA  To Be Announced.

USD  United States Dollar.

The accompanying notes are an integral part of the consolidated financial statements.
22

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts:

The Fund had the following foreign currency forward exchange contracts open at March 31, 2023:

Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Delivery Date	Unrealized Appreciation (Depreciation) (000)
Australia & New Zealand Banking Group Ltd	CAD	574	$	424		5/11/23	$	(1	)
Bank of America NA	CNH	3,538	$	518		6/15/23		—	@
Bank of America NA	EUR	896	$	950		5/11/23		(24	)
Bank of America NA	PLN	252	$	57		6/15/23		(1	)
Bank of America NA	$	475	CAD	643		5/11/23		1
Bank of America NA	$	909	CHF	832		5/11/23		3
Bank of America NA	$	137	ILS	496		6/15/23		1
Bank of America NA	$	3,050	JPY	404,147		6/15/23		26
Bank of America NA	$	58	SEK	607		6/15/23		—	@
Bank of America NA	$	629	THB	20,723		5/11/23		(21	)
Barclays Bank PLC	EUR	2,961	$	3,193		6/15/23		(32	)
Barclays Bank PLC	EUR	2,581	$	2,748		6/15/23		(63	)
Barclays Bank PLC	HKD	25	$	3		6/15/23		—	@
Barclays Bank PLC	MXN	11,238	$	614		6/15/23		(1	)
Barclays Bank PLC	$	1,640	EUR	1,501		5/11/23		(9	)
Barclays Bank PLC	$	22	GBP	18		6/15/23		—	@
Barclays Bank PLC	$	825	JPY	109,257		6/15/23		7
Barclays Bank PLC	$	6,801	JPY	893,960		6/15/23		3
Barclays Bank PLC	$	896	MXN	17,069		6/15/23		38
Barclays Bank PLC	$	195	NZD	314		5/11/23		1
BNP Paribas SA	CAD	695	$	514		6/15/23		(1	)
BNP Paribas SA	CNH	1,336	$	195		6/15/23		—	@
BNP Paribas SA	GBP	153	$	189		6/15/23		1
BNP Paribas SA	HKD	8	$	1		6/15/23		—	@
BNP Paribas SA	HKD	1,688	$	216		6/15/23		—	@
BNP Paribas SA	INR	6,880	$	83		6/15/23		(—	@)
BNP Paribas SA	JPY	67,540	$	514		6/15/23		(—	@)
BNP Paribas SA	$	3,039	CNY	20,322		5/11/23		(73	)
BNP Paribas SA	$	1,305	CNY	8,980		5/11/23		5
BNP Paribas SA	$	50	COP	242,881		6/15/23		1
BNP Paribas SA	$	1,750	JPY	231,912		6/15/23		15
BNP Paribas SA	$	2,632	MXN	50,138		6/15/23		112
BNP Paribas SA	$	433	SGD	569		5/11/23		(5	)
Citibank NA	$	10	CZK	229		6/15/23		—	@
Citibank NA	$	63	ILS	228		6/15/23		—	@
Goldman Sachs International	BRL	5,243	$	1,021		6/15/23		(—	@)
Goldman Sachs International	BRL	95,515	$	18,361		6/15/23		(239	)
Goldman Sachs International	CNY	4,406	$	644		5/11/23		1
Goldman Sachs International	DKK	62	$	9		6/15/23		(—	@)
Goldman Sachs International	HKD	1	$	—	@	6/15/23		—	@
Goldman Sachs International	IDR	3,021,555	$	198		5/11/23		(3	)
Goldman Sachs International	JPY	58,265	$	449		6/15/23		5
Goldman Sachs International	JPY	37,155	$	281		5/11/23		(1	)
Goldman Sachs International	NOK	583	$	55		6/15/23		(—	@)
Goldman Sachs International	NZD	253	$	159		6/15/23		—	@
Goldman Sachs International	SGD	83	$	62		6/15/23		(1	)
Goldman Sachs International	$	183	AUD	274		6/15/23		—	@
Goldman Sachs International	$	3,128	CHF	2,828		6/15/23		(13	)
Goldman Sachs International	$	91	CLP	74,031		6/15/23		2
Goldman Sachs International	$	12	CZK	278		6/15/23		—	@
Goldman Sachs International	$	580	EUR	531		6/15/23		(1	)
Goldman Sachs International	$	3,755	EUR	3,473		6/15/23		27
Goldman Sachs International	$	12,355	JPY	1,637,079		6/15/23		105
Goldman Sachs International	$	2,062	KRW	2,515,849		5/11/23		(125	)
Goldman Sachs International	$	590	MXN	11,239		6/15/23		25
Goldman Sachs International	$	140	NZD	219		5/11/23		(3	)
Goldman Sachs International	$	107	PEN	411		5/11/23		2
Goldman Sachs International	$	139	RON	632		5/11/23		(1	)

The accompanying notes are an integral part of the consolidated financial statements.
23

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Goldman Sachs International	$	493	SEK	5,139	6/15/23	$	4
HSBC Bank PLC	CNY	10,600	$	1,535	5/11/23		(12	)
HSBC Bank PLC	EUR	1,759	$	1,864	5/11/23		(47	)
HSBC Bank PLC	JPY	146,820	$	1,089	5/11/23		(23	)
HSBC Bank PLC	$	74	CHF	69	5/11/23		1
HSBC Bank PLC	$	415	GBP	345	5/11/23		11
JPMorgan Chase Bank NA	AUD	447	$	300	6/15/23		1
JPMorgan Chase Bank NA	AUD	3,527	$	2,467	5/11/23		107
JPMorgan Chase Bank NA	EUR	423	$	460	5/11/23		1
JPMorgan Chase Bank NA	EUR	201	$	217	5/11/23		(2	)
JPMorgan Chase Bank NA	EUR	99	$	107	5/11/23		(1	)
JPMorgan Chase Bank NA	EUR	99	$	107	5/11/23		(1	)
JPMorgan Chase Bank NA	GBP	368	$	448	5/11/23		(7	)
JPMorgan Chase Bank NA	GBP	771	$	931	5/11/23		(21	)
JPMorgan Chase Bank NA	NOK	449	$	43	6/15/23		(—	@)
JPMorgan Chase Bank NA	NZD	4,028	$	2,506	6/15/23		(13	)
JPMorgan Chase Bank NA	SGD	131	$	98	6/15/23		(1	)
JPMorgan Chase Bank NA	$	721	CAD	987	5/11/23		11
JPMorgan Chase Bank NA	$	712	CHF	644	6/15/23		(3	)
JPMorgan Chase Bank NA	$	1,378	CNY	9,440	5/11/23		—	@
JPMorgan Chase Bank NA	$	318	CNY	2,180	5/11/23		(—	@)
JPMorgan Chase Bank NA	$	511	EUR	474	5/11/23		4
JPMorgan Chase Bank NA	$	756	EUR	695	6/15/23		—	@
JPMorgan Chase Bank NA	$	631	EUR	579	6/15/23		(1	)
JPMorgan Chase Bank NA	$	500	EUR	459	5/11/23		(1	)
JPMorgan Chase Bank NA	$	459	EUR	423	4/5/23		(1	)
JPMorgan Chase Bank NA	$	1,646	GBP	1,352	6/15/23		24
JPMorgan Chase Bank NA	$	1,245	JPY	165,014	6/15/23		11
JPMorgan Chase Bank NA	$	1,498	JPY	196,329	6/15/23		(4	)
JPMorgan Chase Bank NA	$	1,695	JPY	225,987	5/11/23		16
JPMorgan Chase Bank NA	$	627	MXN	11,948	6/15/23		27
JPMorgan Chase Bank NA	$	93	NOK	943	5/11/23		(3	)
JPMorgan Chase Bank NA	$	343	PLN	1,497	5/11/23		3
Royal Bank of Canada	$	3,147	EUR	2,957	5/11/23		67
Standard Chartered Bank	NZD	320	$	199	6/15/23		(1	)
Standard Chartered Bank	$	264	AUD	386	5/11/23		(5	)
Standard Chartered Bank	$	174	GBP	143	6/15/23		3
UBS AG	AUD	200	$	135	5/11/23		1
UBS AG	AUD	264	$	178	5/11/23		2
UBS AG	CAD	1,061	$	797	5/11/23		11
UBS AG	CAD	192	$	140	6/15/23		(2	)
UBS AG	CNY	92,385	$	13,368	6/15/23		(158	)
UBS AG	DKK	370	$	54	6/15/23		(—	@)
UBS AG	DKK	493	$	72	5/11/23		—	@
UBS AG	EUR	77	$	83	5/11/23		—	@
UBS AG	EUR	102	$	109	5/11/23		(1	)
UBS AG	GBP	292	$	350	5/11/23		(11	)
UBS AG	HKD	25	$	3	6/15/23		—	@
UBS AG	IDR	6,532,917	$	422	6/15/23		(13	)
UBS AG	KRW	38,468	$	29	6/15/23		(—	@)
UBS AG	MXN	18,781	$	981	5/11/23		(54	)
UBS AG	NZD	196	$	122	5/11/23		(1	)
UBS AG	NZD	664	$	412	5/11/23		(3	)
UBS AG	NZD	490	$	306	5/11/23		(1	)
UBS AG	THB	549	$	16	6/15/23		(—	@)
UBS AG	TRY	458	$	23	6/15/23		2
UBS AG	$	211	AUD	316	6/15/23		—	@
UBS AG	$	287	AUD	431	5/11/23		2
UBS AG	$	80	AUD	120	5/11/23		—	@

The accompanying notes are an integral part of the consolidated financial statements.
24

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Foreign Currency Forward Exchange Contracts: (cont'd)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
UBS AG	$	215	AUD	322	5/11/23	$	(—	@)
UBS AG	$	421	AUD	617	5/11/23		(9	)
UBS AG	$	721	CAD	989	5/11/23		11
UBS AG	$	2,379	EUR	2,234	5/11/23		49
UBS AG	$	1,160	GBP	953	6/15/23		17
UBS AG	$	13	HUF	4,751	6/15/23		1
UBS AG	$	130	HUF	47,799	5/11/23		5
UBS AG	$	107	IDR	1,589,201	5/11/23		(1	)
UBS AG	$	2	JPY	262	5/11/23		(—	@)
UBS AG	$	3,210	JPY	413,074	5/11/23		(82	)
UBS AG	$	1,265	MXN	24,090	6/15/23		54
UBS AG	$	190	SEK	1,985	6/15/23		2
UBS AG	$	329	SEK	3,430	5/11/23		2
UBS AG	$	55	TWD	1,669	6/15/23		1
UBS AG	ZAR	1,082	$	59	6/15/23		(1	)
Westpac Banking Corp.	$	343	SEK	3,569	5/11/23		1
						$	(269	)

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2023:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
100 OZ Gold Index (United States)		13	Jun-23	$	1		$	2,582		$	(20	)
Euro Stoxx 50 Index (Germany)		224	Jun-23	EUR	2			10,351			351
German Euro-BTP Index (Germany)		18	Jun-23		1,800			2,252			37
Hang Seng China Enterprise Index (Hong Kong)		80	Apr-23	HKD	4			3,573			163
ICE Brent Crude Oil Index (United Kingdom)		25	Oct-23	GBP	25			1,948			(75	)
KFE 10 yr. Treasury Bond Index (Korea, Republic of)		24	Jun-23	KRW	2,400,000			2,099			(13	)
MSCI Emerging Market Index (United States)		64	Jun-23	$	3			3,186			121
Nikkei 225 Index (Japan)		23	Jun-23		12			2,443			65
S&P 500 E Mini Index (United States)		15	Jun-23		1			3,103			70
SGX MSCI Singapore Index Index (Singapore)		2	Apr-23	SGD	—	@		46			1
TSE TOPIX Index (Japan)		27	Jun-23	JPY	270			4,074			13
U.S. Treasury 10 yr. Note (United States)		10	Jun-23	$	1,000			1,149			7
U.S. Treasury 5 yr. Note (United States)		2	Jun-23		200			219			4
U.S. Treasury Long Bond (United States)		15	Jun-23		1,500			1,967			74
Short:
German Euro-BTP Index (Germany)		110	Jun-23	EUR	(11,000	)		(13,761	)		(471	)
German Euro-Bund Index (Germany)		12	Jun-23		(1,200	)		(1,768	)		(67	)
German Short Euro-BTP Index (Germany)		42	Jun-23		(4,200	)		(4,800	)		(49	)
S&P 500 E Mini Index (United States)		138	Jun-23	$	(7	)		(28,550	)		(1,655	)
TSE Japanese 10 Yr. Bond index (Japan)		14	Jun-23	JPY	(1,400,000	)		(15,618	)		(320	)
TSE TOPIX Index (Japan)		1	Jun-23		(10	)		(151	)		—	@
U.S. Treasury 10 yr. Note (United States)		30	Jun-23	$	(3,000	)		(3,448	)		4
U.S. Treasury 10 yr. Ultra Note (United States)		17	Jun-23		(1,700	)		(2,059	)		(66	)

The accompanying notes are an integral part of the consolidated financial statements.
25

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Futures Contracts: (cont'd)

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
U.S. Treasury 2 yr. Note (United States)		60	Jun-23	$	(12,000	)	$	(12,387	)	$	(127	)
U.S. Treasury 5 yr. Note (United States)		230	Jun-23		(23,000	)		(25,187	)		(564	)
U.S. Treasury Ultra Bond (United States)		3	Jun-23		(300	)		(423	)		2
										$	(2,515	)

Interest Rate Swap Agreements:

The Fund had the following interest rate swap agreements open at March 31, 2023:

Swap Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Fixed Rate			Payment Frequency Paid/ Received	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (Received) 000			Unrealized Appreciation (Depreciation) (000)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		10.02	%	Quarterly/ Quarterly	2/26/26	MXN	107,315	$	119		$	—		$	119
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		10.75		Quarterly/ Quarterly	2/24/25		37,400		22			—			22
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.68		Quarterly/ Quarterly	6/29/26		32,653		(124	)		—			(124	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		6.68		Quarterly/ Quarterly	6/29/26		32,653		(122	)		(1	)		(123	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		7.36		Quarterly/ Quarterly	12/22/26		57,377		(152	)		—			(152	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		7.38		Quarterly/ Quarterly	12/22/26		57,378		(151	)		—			(151	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		9.75		Quarterly/ Quarterly	3/6/26		97,791		66			—			66
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		9.75		Quarterly/ Quarterly	3/6/26		97,791		68			—			68
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		9.80		Quarterly/ Quarterly	11/15/24		228,858		(143	)		—			(143	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		9.80		Quarterly/ Quarterly	3/6/26		96,331		74			—			74
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		9.81		Quarterly/ Quarterly	11/15/24		336,223		(207	)		—			(207	)
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		9.94		Quarterly/ Quarterly	2/26/26		108,941		110			—			110
Morgan Stanley & Co. LLC*	1 Month TIIE	Pay		9.96		Quarterly/ Quarterly	2/26/26		108,941		110			—			110
										$	(	330)	$	(1	)	$	(	331)

Total Return Swap Agreements:

The Fund had the following total return swap agreements open at March 31, 2023:

Swap Counterparty

Index

Pay/Receive Total Return of Referenced Index

Floating Rate

Payment Frequency

Maturity Date

Notional Amount (000)

Value (000)

Upfront Payment Paid (000)

Unrealized Appreciation (Depreciation) (000)

BNP Paribas SA

BNP European Index††

Growth Custom Pay

SOFR + 0.04%

Quarterly

9/28/23

EUR

11,266

$

(266

)

$

—

$

(266

)

BNP Paribas SA

BNP European Growth Custom Index††

Pay

SOFR + 0.04%

Quarterly

9/28/23

934

(22

)

—

(22

)

The accompanying notes are an integral part of the consolidated financial statements.
26

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Total Return Swap Agreements: (cont'd)

Swap Counterparty	Index	Pay/Receive Total Return of Referenced Index	Floating Rate	Payment Frequency	Maturity Date	Notional Amount (000)		Value (000)			Upfront Payment Paid (000)		Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	BNP European Index††	Value Custom Receive	ESTR + 0.42%	Quarterly	9/28/23	EUR	11,042	$	438		$	—	$	438
BNP Paribas SA	BNP European Value Custom Index††	Receive	ESTR + 0.42%	Quarterly	9/28/23		835		33			—		33
BNP Paribas SA MSCI Japan Net	Total Return Index	Receive	SOFR + 0.01%	Quarterly	2/12/24	$	15,075		53			—		53
BNP Paribas SA	MSCI USA Index	Receive	SOFR + 0.35%	Quarterly	7/14/23		40,782		1,112			—		1,112
Goldman Sachs International	MSCI Emerging Markets Net Total Return Index	Receive	SOFR + 0.21%	Quarterly	1/26/24		31,811		(1,649	)		—		(1,649	)
Goldman Sachs International	MSCI USA Index	Receive	SOFR + 0.30%	Quarterly	9/22/23		39,036		1,306			—		1,306
JPMorgan Chase Bank NA	Japan Growth Index††	Pay	SOFR + 0.19%	Quarterly	3/29/24		7,574		(2	)		—		(2	)
JPMorgan Chase Bank NA	Japan Value Index††	Receive	SOFR + 0.01%	Quarterly	3/29/24		7,589		136			—		136
JPMorgan Chase Bank NA	Korea Growth Index	Pay	SOFR + 0.30%	Quarterly	3/29/24		1,882		(57	)		—		(57	)
JPMorgan Chase Bank NA	Korea Value Index	Receive	SOFR + 0.16%	Quarterly	3/29/24		1,871		66			—		66
JPMorgan Chase Bank NA	SPX 1500 Growth Index††	Pay	SOFR + 0.05%	Quarterly	2/13/24		2,944		128			—		128
JPMorgan Chase Bank NA	SPX 1500 Growth Index††	Pay	SOFR + 0.05%	Quarterly	2/13/24		5,772		332			—		332
JPMorgan Chase Bank NA	SPX 1500 Growth Index††	Pay	SOFR + 0.05%	Quarterly	2/13/24		1,049		34			—		34
JPMorgan Chase Bank NA	SPX 1500 Value Index††	Receive	SOFR + 0.05%	Quarterly	2/13/24		5,696		(662	)		—		(662	)
JPMorgan Chase Bank NA	SPX 1500 Value Index††	Receive	SOFR + 0.05%	Quarterly	2/13/24		1,045		(103	)		—		(103	)
JPMorgan Chase Bank NA	SPX 1500 Value Index††	Receive	SOFR + 0.05%	Quarterly	2/13/24		3,437		(376	)		—		(376	)
JPMorgan Chase Bank NA	U.S. Broad Growth Index††	Pay	SOFR + 0.05%	Quarterly	2/13/24		2,370		70			—		70
JPMorgan Chase Bank NA	U.S. Broad Growth Index††	Pay	SOFR + 0.05%	Quarterly	2/13/24		5,426		239			—		239
JPMorgan Chase Bank NA	U.S. Broad Growth Index††	Pay	SOFR + 0.42%	Quarterly	2/13/24		892		22			—		22
JPMorgan Chase Bank NA	U.S. Broad Value Index††	Receive	SOFR + 0.05%	Quarterly	2/13/24		5,291		(617	)		—		(617	)
JPMorgan Chase Bank NA	U.S. Broad Value Index††	Receive	SOFR + 0.05%	Quarterly	2/13/24		1,038		(99	)		—		(99	)
JPMorgan Chase Bank NA	U.S. Broad Value Index††	Receive	SOFR + 0.05%	Quarterly	2/13/24		3,087		(336	)		—		(336	)
								$	(220	)	$	—	$	(220	)

††  See tables below for details of the equity basket holdings underlying the swaps.

The accompanying notes are an integral part of the consolidated financial statements.
27

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

The following table represents the equity basket holdings underlying the total return swap with BNP European Growth Custom Index as of March 31, 2023:

Security Description	Shares		Value (000)		Index Weight
BNP European Growth Custom Index
ADP		183	$	26		2.17	%
Adyen NV		17		27		2.23
Air Liquide SA		166		28		2.30
Akzo Nobel NV		355		28		2.29
Argenx SE		72		27		2.20
ASML Holding NV		41		28		2.28
Beiersdorf AG		219		28		2.36
Carl Zeiss Meditec AG		186		26		2.14
Cellnex Telecom SA		654		25		2.10
Corporacion Acciona Energias Renovables SA		651		25		2.09
Credit Agricole SA		2,116		24		1.98
Dassault Systemes SE		662		27		2.25
Davide Campari-Milano NV		2,364		29		2.39
Delivery Hero SE		616		21		1.74
Deutsche Boerse AG		145		28		2.33
EDP Renovaveis SA		1,249		29		2.37
Elia Group SA		192		25		2.09
Euronext NV		321		25		2.04
Ferrari NV		100		27		2.23
Ferrovial SA		938		28		2.28
Finecobank SpA		1,484		23		1.88
Getlink SE		1,506		25		2.05
Groupe Bruxelles Lambert NV		311		26		2.19
Hermes International		14		29		2.38
Kone Oyj-B		511		27		2.20
Koninklijke Dsm NV		201		24		1.96
L'Oreal		64		29		2.38
LVMH Moet Hennessy Louis Vuitton SE		30		28		2.30
MTU Aero Engines AG		106		27		2.20
Neste Oyj		551		27		2.25
Prosus NV		339		26		2.19
Rational AG		40		27		2.22
Remy Cointreau		148		27		2.23
Safran SA		182		27		2.23
Sampo Oyj-A Shares		546		26		2.13
Sartorius AG		58		24		2.02
Sartorius Stedim Biotech		75		23		1.90
Scout24 SE		478		28		2.35
Sofina		106		24		1.96
Symrise AG		258		28		2.32
Terna-Rete Elettrica Nazionale SpA		3,359		28		2.28
Universal Music Group NV		1,101		28		2.30
Vonovia SE		974		18		1.52
Warehouses De Pauw SCA		830		25		2.04
Wolters Kluwer		240		30		2.50
Zalando SE		625		26		2.16

The following table represents the equity basket holdings underlying the total return swap with BNP European Value Custom Index as of March 31, 2023:

Security Description	Shares		Value (000)		Index Weight
BNP European Value Custom Index
Arcelormittal		1,003	$	30		2.20	%
Arkema		304		30		2.17

Security Description	Shares		Value (000)		Index Weight
BNP European Value Custom Index (cont'd)
Banco Bilbao Vizcaya Argentaria SA		4,076	$	29		2.11	%
Banco Santander SA		8,065		30		2.18
Bayer AG-Reg		480		31		2.22
Bayerische Motoren Werke AG		285		31		2.27
Bayerische Motoren Werke-Prf		310		32		2.31
Bechtle AG		699		33		2.42
Bouygues SA		895		30		2.19
Brenntag SE		390		29		2.13
Cnh Industrial NV		1,830		28		2.03
Compagnie De Saint Gobain		522		30		2.15
Continental AG		409		31		2.22
Daimler Truck Holding AG		908		31		2.23
Deutsche Bank AG-Reg		2,399		24		1.77
Deutsche Post AG-Reg		701		33		2.38
Deutsche Telekom AG-Reg		1,372		33		2.42
E.ON SE		2,803		35		2.54
Eiffage		276		30		2.17
Enel SpA		5,311		32		2.36
Engie		2,108		33		2.42
Erste Group Bank AG		784		26		1.89
Fortum Oyj		1,969		30		2.19
Fresenius Medical Care AG & Co. KGaA		759		32		2.34
Fresenius Se & Co. KGaA		982		26		1.92
Heineken Holding NV		363		33		2.42
JDE Peet's NV		1,026		30		2.17
Kesko Oyj-B Shares		1,395		30		2.18
Klepierre		1,192		27		1.96
Koninklijke Ahold Delhaize NV		957		33		2.38
Koninklijke Philips NV		1,800		33		2.39
Leg Immobilien SE		403		22		1.60
Mercedes-Benz Group AG		381		29		2.12
Michelin (CGDE)		938		29		2.08
Nexi SpA		3,617		29		2.13
NN Group NV		700		25		1.85
Nokia Oyj		6,387		31		2.27
OCI NV		943		32		2.32
Orange		2,654		32		2.29
Randstad NV		481		28		2.07
Repsol SA		1,893		29		2.12
Societe Generale SA		1,017		23		1.67
Stellantis NV		1,785		32		2.35
Telefonica SA		7,454		32		2.33
Unicredit SpA		1,458		28		2.00
Voestalpine AG		829		28		2.04

The following table represents the equity basket holdings underlying the total return swap with Japan Growth Index as of March 31, 2023:

Security Description	Shares		Value (000)		Index Weight
Japan Growth Index
Asahi Intecc Co. Ltd.		12,702	$	1.67		2.25	%
Baycurrent Consulting, Inc.		5,219		1.61		2.17
Capcom Co. Ltd.		5,938		1.60		2.14
Daiichi Sankyo Co. Ltd.		6,011		1.64		2.21

The accompanying notes are an integral part of the consolidated financial statements.
28

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
Japan Growth Index (cont'd)
Daikin Industries Ltd.		1,230	$	1.65		2.22	%
Daiwa House Reit Investment		105		1.61		2.16
Fanuc Corp.		6,158		1.66		2.23
Fast Retailing Co. Ltd.		1,033		1.69		2.27
GLP J-REIT		195		1.58		2.12
Gmo Payment Gateway, Inc.		2,434		1.57		2.11
Hamamatsu Photonics KK		4,054		1.64		2.19
Hoshizaki Corp.		5,930		1.64		2.21
Japan Exchange Group, Inc.		13,730		1.57		2.11
JSR Corp.		9,053		1.60		2.15
Keio Corp.		6,048		1.59		2.14
Keyence Corp.		459		1.68		2.25
Kobe Bussan Co. Ltd.		7,501		1.57		2.10
Koei Tecmo Holdings Co. Ltd.		11,467		1.55		2.09
Kose Corp.		1,841		1.64		2.20
Kurita Water Industries Ltd.		4,773		1.64		2.20
Lasertec Corp.		1,277		1.69		2.26
M3, Inc.		8,257		1.55		2.08
Mcdonald'S Holdings Co. Japan		5,188		1.62		2.18
Misumi Group, Inc.		8,912		1.67		2.24
Monotaro Co. Ltd.		16,740		1.57		2.11
Nexon Co. Ltd.		9,367		1.68		2.25
Nidec Corp.		4,087		1.59		2.13
Nihon M&A Center Holdings, Inc.		28,081		1.57		2.10
Nippon Paint Holdings Co. Ltd.		23,469		1.65		2.21
Nippon Prologis REIT, Inc.		99		1.57		2.10
Nissan Chemical Corp.		4,760		1.62		2.17
Nitori Holdings Co. Ltd.		1,728		1.56		2.10
Obic Co. Ltd.		1,361		1.61		2.17
Oracle Corp.		3,089		1.67		2.24
Oriental Land Co. Ltd.		6,375		1.64		2.20
Rakuten Group, Inc.		44,265		1.54		2.07
Shiseido Co. Ltd.		4,679		1.64		2.20
SMC Corp.		416		1.65		2.21
Sompo Holdings, Inc.		5,286		1.57		2.11
T&D Holdings, Inc.		18,286		1.70		2.29
Tokio Marine Holdings, Inc.		11,033		1.59		2.14
Tokyo Electric Power Company		61,929		1.66		2.23
Trend Micro, Inc.		4,412		1.62		2.17
Unicharm Corp.		5,283		1.63		2.19
Yaskawa Electric Corp.		5,024		1.64		2.21
Zozo, Inc.		9,219		1.58		2.12

The following table represents the equity basket holdings underlying the total return swap with Japan Value Index as of March 31, 2023:

Security Description	Shares		Value (000)		Index Weight
Japan Value Index
Aisin Corp.		7,994	$	1.65		2.17	%
Asahi Group Holdings Ltd.		5,961		1.67		2.18
Brother Industries Ltd.		14,612		1.65		2.16
Canon, Inc.		9,931		1.67		2.18
Daiwa House Industry Co. Ltd.		9,242		1.63		2.14
Dentsu Group, Inc.		6,339		1.67		2.19
Hitachi Construction Machine		9,707		1.69		2.22
Honda Motor Co. Ltd.		8,459		1.68		2.21
Isuzu Motors Ltd.		18,044		1.62		2.12

Security Description	Shares		Value (000)		Index Weight
Japan Value Index (cont'd)
Itochu Corp.		6,909	$	1.69		2.21	%
Japan Post Insurance Co. Ltd.		13,847		1.62		2.13
JFE Holdings, Inc.		17,794		1.69		2.22
Kajima Corp.		18,179		1.65		2.16
Kddi Corp.		7,092		1.65		2.16
Kirin Holdings Co. Ltd.		13,879		1.65		2.16
Marubeni Corp.		16,571		1.69		2.21
Mazda Motor Corp.		24,956		1.73		2.27
Meiji Holdings Co. Ltd.		8,897		1.59		2.09
Mitsubishi Corp.		6,219		1.68		2.20
Mitsubishi Heavy Industries		6,194		1.71		2.25
Mitsui & Co. Ltd.		7,632		1.78		2.34
Mitsui OSK Lines Ltd.		8,129		1.53		2.00
Mizuho Financial Group, Inc.		15,446		1.65		2.16
NEC Corp.		5,796		1.68		2.20
NGK Insulators Ltd.		16,610		1.65		2.16
Nippon Steel Corp.		9,490		1.68		2.20
Nippon Telegraph & Telephone		7,187		1.62		2.12
Nippon Yusen KK		8,621		1.51		1.98
Nissan Motor Co. Ltd.		59,271		1.69		2.21
Nomura Real Estate Holdings		10,039		1.67		2.19
Orix Corp.		13,305		1.64		2.15
Otsuka Holdings Co Ltd.		7,173		1.71		2.24
Renesas Electronics Corp.		15,884		1.72		2.26
Ricoh Co. Ltd.		29,228		1.64		2.15
Seiko Epson Corp.		15,236		1.63		2.13
Seven & I Holdings Co. Ltd.		4,907		1.66		2.18
Shionogi & Co. Ltd.		4,847		1.64		2.15
Subaru Corp.		13,809		1.66		2.17
Sumitomo Chemical Co. Ltd.		65,334		1.65		2.16
Sumitomo Corp.		12,562		1.67		2.19
Sumitomo Mitsui Financial Group, Inc.		5,483		1.65		2.16
Sumitomo Realty & Development		9,882		1.67		2.19
Takeda Pharmaceutical Co. Ltd.		6,689		1.65		2.16
TDK Corp.		6,107		1.64		2.15
Tokyo Gas Co. Ltd.		11,404		1.61		2.12
Toyota Tsusho Corp.		5,404		1.72		2.26

The following table represents the equity basket holdings underlying the total return swap with SPX 1500 Growth Index as of March 31, 2023:

Security Description	Shares		Value (000)		Index Weight
SPX 1500 Growth Index
AAON, Inc.		630	$	61		0.64	%
Apple, Inc.		320		53		0.56
Aptargroup, Inc.		439		52		0.55
Arista Networks, Inc.		356		60		0.63
Arlo Technologies, Inc.		11,263		68		0.72
Axon Enterprise, Inc.		262		59		0.62
Calix, Inc.		959		51		0.54
Chemed Corp.		98		53		0.55
Chesapeake Utilities Corp.		398		51		0.54
Chipotle Mexican Grill, Inc.		30		51		0.53
Cintas Corp.		110		51		0.54
Copart, Inc.		706		53		0.56
Corvel Corp.		267		51		0.54

The accompanying notes are an integral part of the consolidated financial statements.
29

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
SPX 1500 Growth Index (cont'd)
Deckers Outdoor Corp.		117	$	53		0.56	%
Dexcom, Inc.		442		51		0.54
Ecolab, Inc.		321		53		0.56
ELF Beauty, Inc.		678		56		0.59
Five Below		244		50		0.53
Garmin Ltd.		501		51		0.53
Graco, Inc.		692		51		0.53
HCI Group, Inc.		1,005		54		0.57
Hershey Co.		207		53		0.56
Illumina, Inc.		245		57		0.60
Inari Medical, Inc.		876		54		0.57
Installed Building Products		440		50		0.53
Lamb Weston Holdings, Inc.		490		51		0.54
Lancaster Colony Corp.		260		53		0.56
Lattice Semiconductor Corp.		596		57		0.60
Linde PLC		145		52		0.55
Manhattan Associates, Inc.		336		52		0.55
Marketaxess Holdings, Inc.		137		54		0.56
Mcdonald's Corp.		185		52		0.55
Monolithic Power Systems, Inc.		105		52		0.55
Motorola Solutions, Inc.		188		54		0.57
Nvidia Corp.		219		61		0.64
Option Care Health, Inc.		1,693		54		0.57
O'Reilly Automotive, Inc.		62		52		0.55
Payoneer Global, Inc.		8,298		52		0.55
PDF Solutions, Inc.		1,428		61		0.64
Penumbra, Inc.		182		51		0.53
Public Service Enterprise Group, Inc.		807		50		0.53
Quanta Services, Inc.		319		53		0.56
Quinstreet, Inc.		3,325		53		0.56
Rollins, Inc.		1,366		51		0.54
Sonos, Inc.		2,718		53		0.56
Ulta Beauty, Inc.		93		51		0.53
Verisk Analytics, Inc.		273		52		0.55
Wingstop, Inc.		305		56		0.59
Ww Grainger, Inc.		73		50		0.53
Wynn Resorts Ltd.		468		52		0.55

The following table represents the equity basket holdings underlying the total return swap with SPX 1500 Value Index Index as of March 31, 2023:

Security Description	Shares		Value (000)		Index Weight
SPX 1500 Value Index
Agco Corp.		362	$	49		0.55	%
Allete, Inc.		796		51		0.58
Andersons, Inc.		1,279		53		0.60
Avista Corp.		1,196		51		0.57
Avnet, Inc.		1,054		48		0.54
Bloomin' Brands, Inc.		1,967		50		0.57
Boyd Gaming Corp.		744		48		0.54
Cal-Maine Foods, Inc.		909		55		0.62
Century Communities, Inc.		775		50		0.56
Coca-Cola Consolidated, Inc.		96		51		0.58
Embecta Corp.		1,694		48		0.54
Encore Wire Corp.		291		54		0.61
Energizer Holdings, Inc.		1,390		48		0.54

Security Description	Shares		Value (000)		Index Weight
SPX 1500 Value Index (cont'd)
GE Healthcare Technology		692	$	57		0.64	%
G-III Apparel Group Ltd.		3,251		51		0.57
Golden Entertainment, Inc.		1,202		52		0.59
Goodyear Tire & Rubber Co.		4,369		48		0.54
Greenbrier Companies, Inc.		1,574		51		0.57
Hewlett Packard Enterprise		3,032		48		0.54
Hillenbrand, Inc.		1,009		48		0.54
Interdigital, Inc.		667		49		0.55
Juniper Networks, Inc.		1,563		54		0.61
KB Home		1,288		52		0.58
Keurig Dr Pepper, Inc.		1,392		49		0.55
Koppers Holdings, Inc.		1,422		50		0.56
M/I Homes, Inc.		811		51		0.58
Mdu Resources Group, Inc.		1,599		49		0.55
Moog, Inc. — Class A		489		49		0.56
Mueller Industries, Inc.		656		48		0.54
NRG Energy, Inc.		1,395		48		0.54
PG&E Corp.		3,142		51		0.57
Pbf Energy, Inc. — Class A		1,213		53		0.59
Pediatrix Medical Group, Inc.		3,200		48		0.54
Phillips 66		472		48		0.54
Pilgrim'S Pride Corp.		2,065		48		0.54
Progress Software Corp.		849		49		0.55
PVH Corp.		605		54		0.61
Quidelortho Corp.		555		49		0.56
Scansource, Inc.		1,587		48		0.54
Skywest, Inc.		2,532		56		0.63
Skyworks Solutions, Inc.		406		48		0.54
Sotera Health Co.		2,720		49		0.55
Taylor Morrison Home Corp.		1,364		52		0.59
Tenet Healthcare Corp.		893		53		0.60
Tyson Foods, Inc. — Class A		809		48		0.54
Unitil Corp.		940		54		0.60
US Silica Holdings, Inc.		3,992		48		0.54
Vishay Intertechnology, Inc.		2,302		52		0.59
Vista Outdoor, Inc.		1,819		50		0.57
Warner Bros Discovery, Inc.		3,334		50		0.57

The following table represents the equity basket holdings underlying the total return swap with U.S. Broad Growth Index as of March 31, 2023:

Security Description	Shares		Value (000)		Index Weight
U.S. Broad Growth Index
10X Genomics, Inc. — Class A		901	$	50		0.53	%
AAON, Inc.		536		52		0.54
Agilon Health, Inc.		1,858		44		0.46
Apple, Inc.		272		45		0.47
Aptargroup, Inc.		374		44		0.46
Arista Networks, Inc.		303		51		0.53
Arlo Technologies, Inc.		9,587		58		0.61
Axon Enterprise, Inc.		223		50		0.53
Chemed Corp.		83		45		0.47
Cheniere Energy, Inc.		278		44		0.46
Cloudflare, Inc. — Class A		712		44		0.46
Copart, Inc.		601		45		0.47
Deckers Outdoor Corp.		100		45		0.47
Draftkings, Inc. — Class A		2,339		45		0.47

The accompanying notes are an integral part of the consolidated financial statements.
30

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

Security Description	Shares		Value (000)		Index Weight
U.S. Broad Growth Index (cont'd)
Ecolab, Inc.		273	$	45		0.47	%
ELF Beauty, Inc.		577		48		0.50
HCI Group, Inc.		855		46		0.48
Hershey Co.		176		45		0.47
Hubspot, Inc.		114		49		0.51
Illumina, Inc.		208		48		0.51
Inari Medical, Inc.		746		46		0.48
Insulet Corp.		143		46		0.48
Lancaster Colony Corp.		221		45		0.47
Lattice Semiconductor Corp.		508		48		0.51
Linde PLC		124		44		0.46
Lululemon Athletica, Inc.		134		49		0.51
Marketaxess Holdings, Inc.		116		46		0.48
Mcdonald's Corp.		157		44		0.46
Monolithic Power Systems, Inc.		89		45		0.47
Natera, Inc.		942		52		0.55
Nvidia Corp.		186		52		0.54
Oak Street Health, Inc.		1,173		45		0.48
Okta, Inc.		544		47		0.49
O'Reilly Automotive, Inc.		52		45		0.47
Palomar Holdings, Inc.		811		45		0.47
PDF Solutions, Inc.		1,215		52		0.54
Procore Technologies, Inc.		705		44		0.46
Quanta Services, Inc.		271		45		0.47
Roblox Corp. — Class A		1,102		50		0.52
Roku, Inc.		699		46		0.48
Sarepta Therapeutics, Inc.		340		47		0.49
Simulations Plus, Inc.		1,022		45		0.47
Sitime Corp.		331		47		0.49
Smartsheet, Inc. — Class A		916		44		0.46
Sonos, Inc.		2,314		45		0.48
Trade Desk, Inc. — Class A		798		49		0.51
Verisk Analytics, Inc.		233		45		0.47
Wingstop, Inc.		260		48		0.50
Wix.Com Ltd.		467		47		0.49
Wynn Resorts Ltd.		399		45		0.47

The following table represents the equity basket holdings underlying the total return swap with U.S. Broad Value Index as of March 31, 2023:

Security Description	Shares		Value (000)		Index Weight
U.S. Broad Value Index
Agco Corp.		308	$	42		0.47	%
Allete, Inc.		678		44		0.49
Allison Transmission Holding		908		41		0.46
Applovin Corp. — Class A		3,259		51		0.58
Avista Corp.		1,018		43		0.49
Bloomin' Brands, Inc.		1,674		43		0.48
Cal-Maine Foods, Inc.		774		47		0.53
Cars.com, Inc.		2,386		46		0.52
Century Communities, Inc.		660		42		0.47
Coca-Cola Consolidated, Inc.		81		44		0.49
Computer Programs & Systems		1,409		43		0.48
Copa Holdings SA — Class A		443		41		0.46
Diodes, Inc.		441		41		0.46
Encore Wire Corp.		247		46		0.52
Energizer Holdings, Inc.		1,183		41		0.46

Security Description	Shares		Value (000)		Index Weight
U.S. Broad Value Index (cont'd)
EQT Corp.		1,386	$	44		0.50	%
First Citizens Bancshars, Inc.		53		51		0.58
Gates Industrial Corp. PLC		3,147		44		0.49
GE Healthcare Technology		589		48		0.54
G-III Apparel Group Ltd.		2,768		43		0.48
Golden Entertainment, Inc.		1,024		45		0.50
Goodyear Tire & Rubber Co.		3,719		41		0.46
Hewlett Packard Enterprise		2,581		41		0.46
Interdigital, Inc.		567		41		0.46
Juniper Networks, Inc.		1,330		46		0.51
KB Home		1,096		44		0.50
Keurig Dr Pepper, Inc.		1,185		42		0.47
Koppers Holdings, Inc.		1,210		42		0.48
M/I Homes, Inc.		690		44		0.49
Marcus Corporation		2,663		43		0.48
Mdu Resources Group, Inc.		1,362		41		0.47
Moog, Inc. — Class A		416		42		0.47
Mueller Industries, Inc.		559		41		0.46
PG&E Corp.		2,675		43		0.49
PBF Energy, Inc. — Class A		1,033		45		0.50
Playtika Holding Corp.		4,035		45		0.51
Progress Software Corp.		723		42		0.47
PVH Corp.		515		46		0.52
Quidelortho Corp.		472		42		0.47
Scansource, Inc.		1,351		41		0.46
Skywest, Inc		2,156		48		0.54
Stonex Group, Inc.		414		43		0.48
Taylor Morrison Home Corp.		1,161		44		0.50
Tenet Healthcare Corp.		760		45		0.51
Teradata Corp.		1,178		47		0.53
Tyson Foods, Inc. — Class A		689		41		0.46
Unitil Corp.		800		46		0.51
Vishay Intertechnology, Inc.		1,959		44		0.50
Vista Outdoor, Inc.		1,548		43		0.48
Warner Bros Discovery, Inc.		2,838		43		0.48

@  Value/Notional amount is less than $500.

*    Cleared swap agreement, the broker is Morgan Stanley & Co. LLC.

BTP    Buoni del Tesoro Poliennali.

ESTR    Euro short-Term Rate.

ICE    Intercontinental Exchange

MSCI    Morgan Stanley Capital International.

SGX    Singapore Exchange Ltd.

TIIE    Interbank Equilibrium Interest Rate.

TOPIX  Tokyo Price Index

AUD  —  Australian Dollar

BRL  —  Brazilian Real

CAD  —  Canadian Dollar

CHF  —  Swiss Franc

CLP  —  Chilean Peso

CNH  —  Chinese Yuan Renminbi Offshore

CNY  —  Chinese Yuan Renminbi

COP  —  Colombian Peso

CZK  —  Czech Koruna

DKK  —  Danish Krone

EUR  —  Euro

GBP  —  British Pound

HKD  —  Hong Kong Dollar

HUF  —  Hungarian Forint

The accompanying notes are an integral part of the consolidated financial statements.
31

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Consolidated Portfolio of Investments (cont'd)

Global Strategist Portfolio

IDR  —  Indonesian Rupiah

ILS  —  Israeli Shekel

INR  —  Indian Rupee

JPY  —  Japanese Yen

KRW  —  South Korean Won

MXN  —  Mexican Peso

MYR  —  Malaysian Ringgit

NOK  —  Norwegian Krone

NZD  —  New Zealand Dollar

PEN  —  Peruvian Nuevo Sol

PLN  —  Polish Zloty

RON  —  Romanian New Leu

SEK  —  Swedish Krona

SGD  —  Singapore Dollar

THB  —  Thai Baht

TRY  —  Turkish Lira

TWD  —  Taiwan Dollar

USD  —  United States Dollar

ZAR  —  South African Rand

Portfolio Composition

Classification	Percentage of Total Investments
Fixed Income Securities		49.0	%
Common Stocks		35.9
Short-Term Investments		15.1
Total Investments		100.0	%**

**  Does not include open long/short futures contracts with a value of approximately $147,144,000 and net unrealized depreciation of approximately $2,515,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $269,000. Also does not include open swap agreements with net unrealized depreciation of approximately $551,000.

The accompanying notes are an integral part of the consolidated financial statements.
32

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities	March 31, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $383,340)	$	415,825
Investment in Security of Affiliated Issuer, at Value (Cost $71,277)		71,277
Total Investments in Securities, at Value (Cost $454,617)		487,102
Foreign Currency, at Value (Cost $2,390)		2,138
Due from Broker		5,252
Receivable for Variation Margin on Futures Contracts		4,381
Unrealized Appreciation on Swap Agreements		3,969
Interest Receivable		1,685
Unrealized Appreciation on Foreign Currency Forward Exchange Contracts		833
Receivable for Variation Margin on Swap Agreements		558
Receivable for Investments Sold		401
Receivable from Affiliate		264
Dividends Receivable		249
Tax Reclaim Receivable		211
Receivable for Fund Shares Sold		4
Other Assets		82
Total Assets		507,129
Liabilities:
Payable for Investments Purchased		5,746
Unrealized Depreciation on Swap Agreements		4,189
Unrealized Depreciation on Foreign Currency Forward Exchange Contracts		1,102
Bank Overdraft		862
Payable for Advisory Fees		483
Due to Broker		230
Payable for Professional Fees		112
Payable for Custodian Fees		58
Payable for Fund Shares Redeemed		58
Payable for Sub Transfer Agency Fees — Class I		4
Payable for Sub Transfer Agency Fees — Class A		35
Payable for Sub Transfer Agency Fees — Class L		2
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Shareholder Services Fees — Class A		30
Payable for Distribution and Shareholder Services Fees — Class L		6
Payable for Distribution and Shareholder Services Fees — Class C		2
Payable for Trustees' Fees and Expenses		38
Payable for Administration Fees		33
Payable for Transfer Agency Fees — Class I		1
Payable for Transfer Agency Fees — Class A		3
Payable for Transfer Agency Fees — Class L		—	@
Payable for Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class R6		—	@
Deferred Capital Gain Country Tax		1
Other Liabilities		162
Total Liabilities		13,157
Net Assets	$	493,972
Net Assets Consist of:
Paid-in-Capital	$	490,422
Total Distributable Earnings		3,550
Net Assets	$	493,972

The accompanying notes are an integral part of the consolidated financial statements.
33

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Assets and Liabilities (cont'd)	March 31, 2023 (000)
CLASS I:
Net Assets	$	17,924
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,156,441
Net Asset Value, Offering and Redemption Price Per Share	$	15.50
CLASS A:
Net Assets	$	145,231
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		9,497,884
Net Asset Value, Redemption Price Per Share	$	15.29
Maximum Sales Load		5.25	%
Maximum Sales Charge	$	0.85
Maximum Offering Price Per Share	$	16.14
CLASS L:
Net Assets	$	10,312
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		687,389
Net Asset Value, Offering and Redemption Price Per Share	$	15.00
CLASS C:
Net Assets	$	1,822
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		123,518
Net Asset Value, Offering and Redemption Price Per Share	$	14.75
CLASS R6:
Net Assets	$	318,683
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		20,552,225
Net Asset Value, Offering and Redemption Price Per Share	$	15.51

@  Amount is less than $500.

The accompanying notes are an integral part of the consolidated financial statements.
34

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Global Strategist Portfolio

Consolidated Statement of Operations	Six Months Ended March 31, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers (Net of $14 of Foreign Taxes Withheld)	$	3,313
Dividends from Securities of Unaffiliated Issuers (Net of $95 of Foreign Taxes Withheld)		1,582
Dividends from Security of Affiliated Issuer (Note G)		1,334
Total Investment Income		6,229
Expenses:
Advisory Fees (Note B)		1,013
Shareholder Services Fees — Class A (Note D)		178
Distribution and Shareholder Services Fees — Class L (Note D)		38
Distribution and Shareholder Services Fees — Class C (Note D)		9
Administration Fees (Note C)		180
Custodian Fees (Note F)		157
Professional Fees		104
Pricing Fees		68
Sub Transfer Agency Fees — Class I		6
Sub Transfer Agency Fees — Class A		51
Sub Transfer Agency Fees — Class L		3
Sub Transfer Agency Fees — Class C		1
Registration Fees		30
Transfer Agency Fees — Class I (Note E)		6
Transfer Agency Fees — Class A (Note E)		12
Transfer Agency Fees — Class L (Note E)		2
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class R6 (Note E)		1
Shareholder Reporting Fees		13
Trustees' Fees and Expenses		8
Other Expenses		15
Total Expenses		1,896
Rebate from Morgan Stanley Affiliate (Note G)		(62	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(9	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Net Expenses		1,824
Net Investment Income		4,405
Realized Gain (Loss):
Investments Sold		(11,916	)
Foreign Currency Forward Exchange Contracts		552
Foreign Currency Translation		88
Futures Contracts		4,025
Swap Agreements		4,668
Net Realized Loss		(2,583	)
Change in Unrealized Appreciation (Depreciation):
Investments (Net of Increase in Deferred Capital Gain Country Tax of $1)		52,537
Foreign Currency Forward Exchange Contracts		(1,055	)
Foreign Currency Translation		(100	)
Futures Contracts		(4,029	)
Swap Agreements		11,491
Net Change in Unrealized Appreciation (Depreciation)		58,844
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		56,261
Net Increase in Net Assets Resulting from Operations	$	60,666

The accompanying notes are an integral part of the consolidated financial statements.
35

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	4,405		$	5,349
Net Realized Loss		(2,583	)		(16,648	)
Net Change in Unrealized Appreciation (Depreciation)		58,844			(104,098	)
Net Increase (Decrease) in Net Assets Resulting from Operations		60,666			(115,397	)
Dividends and Distributions to Shareholders:
Class I		(112	)		(2,005	)
Class A		(771	)		(13,571	)
Class L		(44	)		(926	)
Class C		(7	)		(150	)
Class R6*		(1,669	)		(23,348	)
Total Dividends and Distributions to Shareholders		(2,603	)		(40,000	)
Capital Share Transactions:(1)
Class I:
Subscribed		1,115			7,959
Distributions Reinvested		111			1,989
Redeemed		(3,608	)		(11,328	)
Class A:
Subscribed		1,517			6,232
Distributions Reinvested		760			13,341
Redeemed		(10,386	)		(20,802	)
Class L:
Exchanged		92			155
Distributions Reinvested		43			906
Redeemed		(811	)		(1,016	)
Class C:
Subscribed		122			668
Distributions Reinvested		7			150
Redeemed		(308	)		(608	)
Class R6:*
Subscribed		35,022			7,154
Distributions Reinvested		1,669			23,348
Redeemed		(500	)		(127	)
Net Increase in Net Assets Resulting from Capital Share Transactions		24,845			28,021
Total Increase (Decrease) in Net Assets		82,908			(127,376	)
Net Assets:
Beginning of Period		411,064			538,440
End of Period	$	493,972		$	411,064

The accompanying notes are an integral part of the consolidated financial statements.
36

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Global Strategist Portfolio

Consolidated Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
(1)   Capital Share Transactions:
Class I:
Shares Subscribed		76			461
Shares Issued on Distributions Reinvested		7			113
Shares Redeemed		(243	)		(684	)
Net Decrease in Class I Shares Outstanding		(160	)		(110	)
Class A:
Shares Subscribed		103			379
Shares Issued on Distributions Reinvested		51			764
Shares Redeemed		(709	)		(1,256	)
Net Decrease in Class A Shares Outstanding		(555	)		(113	)
Class L:
Shares Exchanged		6			10
Shares Issued on Distributions Reinvested		3			53
Shares Redeemed		(56	)		(61	)
Net Increase (Decrease) in Class L Shares Outstanding		(47	)		2
Class C:
Shares Subscribed		9			41
Shares Issued on Distributions Reinvested		—	@@		9
Shares Redeemed		(22	)		(37	)
Net Increase (Decrease) in Class C Shares Outstanding		(13	)		13
Class R6:*
Shares Subscribed		2,303			445
Shares Issued on Distributions Reinvested		111			1,324
Shares Redeemed		(34	)		(8	)
Net Increase in Class R6 Shares Outstanding		2,380			1,761

*  Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@@  Amount is less than 500 shares.

The accompanying notes are an integral part of the consolidated financial statements.
37

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Consolidated Financial Highlights

Global Strategist Portfolio

	Class I
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.58		$	18.74		$	16.08		$	15.45		$	17.05		$	17.48
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.15			0.19			0.16			0.17			0.27			0.33
Net Realized and Unrealized Gain (Loss)		1.86			(3.94	)		2.73			0.74			0.17			0.35
Total from Investment Operations		2.01			(3.75	)		2.89			0.91			0.44			0.68
Distributions from and/or in Excess of:
Net Investment Income		(0.09	)		(0.12	)		(0.22	)		(0.03	)		(0.58	)		(0.21	)
Net Realized Gain		—			(1.29	)		(0.01	)		(0.25	)		(1.46	)		(0.90	)
Total Distributions		(0.09	)		(1.41	)		(0.23	)		(0.28	)		(2.04	)		(1.11	)
Net Asset Value, End of Period	$	15.50		$	13.58		$	18.74		$	16.08		$	15.45		$	17.05
Total Return(2)		14.83	%(4)		(21.73	)%		18.10	%		5.93	%		3.74	%		3.94	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	17,924		$	17,886		$	26,745		$	34,031		$	57,532		$	62,998
Ratio of Expenses Before Expense Limitation		0.84	%(5)		0.83	%		0.76	%		0.84	%		0.84	%		0.85	%
Ratio of Expenses After Expense Limitation		0.71	%(3)(5)		0.72	%(3)		0.73	%(3)		0.72	%(3)		0.72	%(3)		0.73	%(3)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.73	%(3)		N/A			N/A			N/A
Ratio of Net Investment Income		2.06	%(3)(5)		1.13	%(3)		0.90	%(3)		1.14	%(3)		1.80	%(3)		1.95	%(3)
Ratio of Rebate from Morgan Stanley Affiliates		0.03	%(5)		0.02	%		0.01	%		0.02	%		0.02	%		0.01	%
Portfolio Turnover Rate		47	%(4)		93	%		115	%		109	%		117	%		132	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value as of the last business day of the period.

(3)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4)  Not annualized.

(5)  Annualized.

The accompanying notes are an integral part of the consolidated financial statements.
38

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Consolidated Financial Highlights

Global Strategist Portfolio

	Class A
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.41		$	18.53		$	15.91		$	15.30		$	16.90		$	17.32
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.13			0.14			0.12			0.13			0.23			0.28
Net Realized and Unrealized Gain (Loss)		1.83			(3.90	)		2.68			0.73			0.15			0.35
Total from Investment Operations		1.96			(3.76	)		2.80			0.86			0.38			0.63
Distributions from and/or in Excess of:
Net Investment Income		(0.08	)		(0.07	)		(0.17	)		—			(0.52	)		(0.15	)
Net Realized Gain		—			(1.29	)		(0.01	)		(0.25	)		(1.46	)		(0.90	)
Total Distributions		(0.08	)		(1.36	)		(0.18	)		(0.25	)		(1.98	)		(1.05	)
Net Asset Value, End of Period	$	15.29		$	13.41		$	18.53		$	15.91		$	15.30		$	16.90
Total Return(2)		14.63	%(4)		(21.99	)%		17.72	%		5.65	%		3.38	%		3.68	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	145,231		$	134,814		$	188,317		$	170,643		$	197,271		$	221,707
Ratio of Expenses Before Expense Limitation		1.04	%(5)		1.05	%		1.02	%		1.08	%		1.09	%		1.09	%
Ratio of Expenses After Expense Limitation		1.01	%(3)(5)		1.04	%(3)		1.01	%(3)		1.02	%(3)		1.03	%(3)		1.03	%(3)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.01	%(3)		N/A			N/A			N/A
Ratio of Net Investment Income		1.75	%(3)(5)		0.84	%(3)		0.67	%(3)		0.87	%(3)		1.49	%(3)		1.66	%(3)
Ratio of Rebate from Morgan Stanley Affiliates		0.03	%(5)		0.02	%		0.01	%		0.02	%		0.02	%		0.01	%
Portfolio Turnover Rate		47	%(4)		93	%		115	%		109	%		117	%		132	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4)  Not annualized.

(5)  Annualized.

The accompanying notes are an integral part of the consolidated financial statements.
39

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Consolidated Financial Highlights

Global Strategist Portfolio

	Class L
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.17		$	18.24		$	15.67		$	15.15		$	16.73		$	17.15
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.09			0.05			0.03			0.05			0.15			0.19
Net Realized and Unrealized Gain (Loss)		1.80			(3.83	)		2.64			0.72			0.16			0.34
Total from Investment Operations		1.89			(3.78	)		2.67			0.77			0.31			0.53
Distributions from and/or in Excess of:
Net Investment Income		(0.06	)		—			(0.09	)		—			(0.43	)		(0.05	)
Net Realized Gain		—			(1.29	)		(0.01	)		(0.25	)		(1.46	)		(0.90	)
Total Distributions		(0.06	)		(1.29	)		(0.10	)		(0.25	)		(1.89	)		(0.95	)
Net Asset Value, End of Period	$	15.00		$	13.17		$	18.24		$	15.67		$	15.15		$	16.73
Total Return(2)		14.29	%(4)		(22.33	)%		17.09	%		5.10	%		2.87	%		3.13	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	10,312		$	9,674		$	13,359		$	12,773		$	13,356		$	17,665
Ratio of Expenses Before Expense Limitation		1.56	%(5)		1.56	%		1.53	%		1.60	%		1.58	%		1.58	%
Ratio of Expenses After Expense Limitation		1.53	%(3)(5)		1.55	%(3)		1.52	%(3)		1.54	%(3)		1.53	%(3)		1.52	%(3)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.52	%(3)		N/A			N/A			N/A
Ratio of Net Investment Income		1.24	%(3)(5)		0.34	%(3)		0.16	%(3)		0.36	%(3)		0.97	%(3)		1.12	%(3)
Ratio of Rebate from Morgan Stanley Affiliates		0.03	%(5)		0.02	%		0.01	%		0.02	%		0.02	%		0.01	%
Portfolio Turnover Rate		47	%(4)		93	%		115	%		109	%		117	%		132	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value as of the last business day of the period.

(3)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4)  Not annualized.

(5)  Annualized.

The accompanying notes are an integral part of the consolidated financial statements.
40

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Consolidated Financial Highlights

Global Strategist Portfolio

	Class C
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	12.96		$	18.02		$	15.49		$	15.02		$	16.65		$	17.08
Income (Loss) from Investment Operations:
Net Investment Income (Loss)(1)		0.07			0.02			(0.02	)		0.01			0.11			0.21
Net Realized and Unrealized Gain (Loss)		1.77			(3.79	)		2.61			0.71			0.15			0.27
Total from Investment Operations		1.84			(3.77	)		2.59			0.72			0.26			0.48
Distributions from and/or in Excess of:
Net Investment Income		(0.05	)		—			(0.05	)		—			(0.43	)		(0.01	)
Net Realized Gain		—			(1.29	)		(0.01	)		(0.25	)		(1.46	)		(0.90	)
Total Distributions		(0.05	)		(1.29	)		(0.06	)		(0.25	)		(1.89	)		(0.91	)
Net Asset Value, End of Period	$	14.75		$	12.96		$	18.02		$	15.49		$	15.02		$	16.65
Total Return(2)		14.23	%(4)		(22.62	)%		16.79	%		4.81	%		2.55	%		2.83	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,822		$	1,771		$	2,236		$	1,435		$	1,906		$	1,885
Ratio of Expenses Before Expense Limitation		1.94	%(5)		1.92	%		1.90	%		1.98	%		1.93	%		1.99	%
Ratio of Expenses After Expense Limitation		1.81	%(3)(5)		1.82	%(3)		1.83	%(3)		1.82	%(3)		1.82	%(3)		1.83	%(3)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.83	%(3)		N/A			N/A			N/A
Ratio of Net Investment Income (Loss)		0.95	%(3)(5)		0.11	%(3)		(0.11	)%(3)		0.07	%(3)		0.73	%(3)		1.28	%(3)
Ratio of Rebate from Morgan Stanley Affiliates		0.03	%(5)		0.02	%		0.01	%		0.02	%		0.02	%		0.01	%
Portfolio Turnover Rate		47	%(4)		93	%		115	%		109	%		117	%		132	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income (Loss) reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4)  Not annualized.

(5)  Annualized.

The accompanying notes are an integral part of the consolidated financial statements.
41

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Consolidated Financial Highlights

Global Strategist Portfolio

	Class R6(1)
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	13.59		$	18.75		$	16.10		$	15.46		$	17.06		$	17.49
Income (Loss) from Investment Operations:
Net Investment Income(2)		0.16			0.20			0.20			0.19			0.27			0.37
Net Realized and Unrealized Gain (Loss)		1.85			(3.94	)		2.69			0.74			0.17			0.31
Total from Investment Operations		2.01			(3.74	)		2.89			0.93			0.44			0.68
Distributions from and/or in Excess of:
Net Investment Income		(0.09	)		(0.13	)		(0.23	)		(0.04	)		(0.58	)		(0.21	)
Net Realized Gain		—			(1.29	)		(0.01	)		(0.25	)		(1.46	)		(0.90	)
Total Distributions		(0.09	)		(1.42	)		(0.24	)		(0.29	)		(2.04	)		(1.11	)
Net Asset Value, End of Period	$	15.51		$	13.59		$	18.75		$	16.10		$	15.46		$	17.06
Total Return(3)		14.83	%(5)		(21.67	)%		18.07	%		6.02	%		3.77	%		3.98	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	318,683		$	246,919		$	307,783		$	159,238		$	151,242		$	166
Ratio of Expenses Before Expense Limitation		0.71	%(6)		0.71	%		N/A			0.75	%		0.75	%		1.95	%
Ratio of Expenses After Expense Limitation		0.68	%(4)(6)		0.69	%(4)		0.68	%(4)		0.69	%(4)		0.69	%(4)		0.70	%(4)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.68	%(4)		N/A			N/A			N/A
Ratio of Net Investment Income		2.09	%(4)(6)		1.22	%(4)		1.06	%(4)		1.21	%(4)		1.76	%(4)		2.13	%(4)
Ratio of Rebate from Morgan Stanley Affiliates		0.03	%(6)		0.02	%		0.01	%		0.02	%		0.02	%		0.01	%
Portfolio Turnover Rate		47	%(5)		93	%		115	%		109	%		117	%		132	%

(1)  Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2)  Per share amount is based on average shares outstanding.

(3)  Calculated based on the net asset value as of the last business day of the period.

(4)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5)  Not annualized.

(6)  Annualized.

The accompanying notes are an integral part of the consolidated financial statements.
42

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements

Morgan Stanley Institutional Fund Trust ("Trust") is registered under the Investment Company Act of 1940, as amended (the "Act''), as an open-end management investment company. The Trust is comprised of nine separate, active funds (individually referred to as a "Fund," collectively as the "Funds"). The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. All Funds are considered diversified for purposes of the Act.

The accompanying consolidated financial statements relate to the Global Strategist Portfolio. The Fund seeks above-average total return over a market cycle of three to five years. The Fund offers five classes of shares — Class I, Class A, Class L, Class C and Class R6. Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The Fund has suspended offering Class L shares for sale to all investors. Class L shareholders of the Fund do not have the option to purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Trust in the preparation of its consolidated financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results may differ from those estimates.

The Fund may 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, Global Strategist Cayman Portfolio, Ltd. (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 Fund is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. The consolidated portfolio of investments and consolidated financial statements include the positions and accounts of the Fund and the Subsidiary. All intercompany accounts and transactions of the Fund and the Subsidiary have been eliminated in consolidation and all accounting policies of the Subsidiary are consistent with those of the Fund. As of March 31, 2023, the Subsidiary represented approximately

$52,737,000 or approximately 10.68% of the total net assets of the Fund.

Investments in the Subsidiary are expected to provide the Fund with exposure to the commodity markets within the limitations of Subchapter M of the Code and recent Internal Revenue Service ("IRS") revenue rulings, which require that a mutual fund receive no more than ten percent of its gross income from such investments in order to receive favorable tax treatment as a regulated investment company ("RIC"). Tax treatment of the income received from the Subsidiary may potentially be affected by changes in legislation, regulations or other legally binding authority, which could affect the character, timing and amount of the Fund's taxable income and distributions. If such changes occur, the Fund may need to significantly change its investment strategy and recognize unrealized gains in order to remain qualified for taxation as a RIC, which could adversely affect the Fund.

1.  Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited ("MSIM Limited") (the "Sub-Adviser"), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all

43

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (5) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker/dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange. Total return swaps may also be fair valued using direct accrual/return calculations if prices on the reference asset on the total return leg of the swap are available from a pricing service/vendor for such instrument. In the event that the reference asset on the total return leg of the swap is a benchmark index, then price of such reference asset may be obtained from a pricing service provider or from the benchmark index sponsor; (6) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (7) foreign exchange transactions ("spot

contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (8) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

2.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

•  Level 1 – unadjusted quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

44

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Fixed Rate Mortgages	$	—	$	18,968	$	—	$	18,968
Asset-Backed Securities		—		1,033		—		1,033
Commercial Mortgage-Backed Securities		—		2,023		—		2,023
Corporate Bonds		—		47,635		—		47,635
Mortgages — Other		—		5,727		—		5,727
Municipal Bonds		—		272		—		272
Sovereign		—		129,939		—		129,939
Supranational		—		5,787		—		5,787
U.S. Treasury Securities		—		27,431		—		27,431
Total Fixed Income Securities		—		238,815		—		238,815
Common Stocks
Aerospace & Defense		1,751		1,197		—		2,948
Air Freight & Logistics		639		409		—		1,048
Automobile Components		213		166		—		379
Automobiles		1,901		1,202		—		3,103
Banks		5,004		11,042		—		16,046
Beverages		1,821		1,400		—		3,221
Biotechnology		2,472		720		—		3,192
Broadline Retail		2,971		565		—		3,536
Building Products		519		523		—		1,042
Capital Markets		3,130		1,806		—		4,936
Chemicals		1,969		1,754		—		3,723
Commercial Banks		51		84		—		135
Commercial Services & Supplies		657		193		—		850

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)			Total (000)
Common Stocks (cont'd)
Communications Equipment	$	891	$	219	$	—		$	1,110
Construction & Engineering		147		517		—			664
Construction Materials		123		473		—			596
Consumer Finance		521		—		—			521
Consumer Staples Distribution & Retail		2,315		748		—			3,063
Containers & Packaging		308		87		—			395
Distributors		144		23		—			167
Diversified Consumer Services		—		53		—			53
Diversified REITs		41		135		—			176
Diversified Telecommunication Services		918		1,299		—			2,217
Electric Utilities		1,924		1,350		—			3,274
Electrical Equipment		603		1,105		—			1,708
Electronic Equipment, Instruments & Components		662		178		—			840
Energy Equipment & Services		341		32		—	†		373	†
Entertainment		1,638		145		—			1,783
Financial Services		3,899		828		—			4,727
Food Products		1,161		2,314		—			3,475
Gas Utilities		87		183		—			270
Ground Transportation		1,742		59		—			1,801
Health Care Equipment & Supplies		2,740		1,108		—			3,848
Health Care Providers & Services		2,907		214		—			3,121
Health Care REITs		205		—		—			205
Health Care Technology		72		—		—			72
Hotel & Resort REITs		32		—		—			32
Hotels, Restaurants & Leisure		2,305		1,184		—			3,489
Household Durables		335		135		—			470
Household Products		1,379		457		—			1,836
Independent Power Producers & Energy Traders		122		203		—			325
Industrial Conglomerates		792		925		—			1,717
Industrial REITs		314		244		—			558
Information Technology Services		1,786		169		—			1,955
Insurance		2,799		3,284		—			6,083
Interactive Media & Services		4,714		122		—			4,836
Leisure Products		34		—		—			34
Life Sciences Tools & Services		1,829		426		—			2,255
Machinery		1,731		1,411		—			3,142
Marine Transportation		10		165		—			175
Media		972		250		—			1,222
Metals & Mining		1,197		4,465		—			5,662
Multi-Utilities		816		639		—			1,455
Office REITs		75		65		—			140
Oil, Gas & Consumable Fuels		5,791		3,235		—			9,026
Paper & Forest Products		21		222		—			243

45

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)			Total (000)
Common Stocks (cont'd)
Passenger Airlines	$	40		$	81		$	—		$	121
Personal Care Products		157			1,341			—			1,498
Pharmaceuticals		4,046			5,848			—			9,894
Professional Services		951			944			—			1,895
Real Estate Management & Development		113			621			—			734
Residential REITs		449			—			—			449
Retail REITs		277			253			—			530
Semiconductors & Semiconductor Equipment		6,290			1,939			—			8,229
Software		9,831			1,029			—			10,860
Specialized REITs		1,169			—			—			1,169
Specialty Retail		2,112			356			—			2,468
Tech Hardware, Storage & Peripherals		7,545			50			—			7,595
Textiles, Apparel & Luxury Goods		598			2,667			—			3,265
Tobacco		634			472			—			1,106
Trading Companies & Distributors		396			312			—			708
Transportation Infrastructure		—			298			—			298
Water Utilities		103			88			—			191
Wireless Telecommunication Services		333			171			—			504
Total Common Stocks		108,585			66,202			—	†		174,787	†
Short-Term Investments
Investment Company		71,277			—			—			71,277
U.S. Treasury Securities		—			2,223			—			2,223
Total Short-Term Investments		71,277			2,223			—			73,500
Foreign Currency Forward Exchange Contracts		—			833			—			833
Futures Contracts		912			—			—			912
Interest Rate Swap Agreements		—			569			—			569
Total Return Swap Agreements		—			3,969			—			3,969
Total Assets		180,774			312,611			—	†		493,385	†
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(1,102	)		—			(1,102	)
Futures Contracts		(3,427	)		—			—			(3,427	)
Interest Rate Swap Agreements		—			(900	)		—			(900	)
Total Return Swap Agreements		—			(4,189	)		—			(4,189	)
Total Liabilities		(3,427	)		(6,191	)		—			(9,618	)
Total	$	177,347		$	306,420		$	—	†	$	483,767	†

†  Includes one or more securities valued at zero.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Fixed Income (000)			Common Stock (000)
Beginning Balance	$	59		$	—
Purchases		—			—
Sales		—			—
Amortization of discount		—			—
Transfers in		—			—
Transfers out		(59	)		—	†
Corporate actions		—			—
Change in unrealized appreciation (depreciation)		—			—
Realized gains (losses)		—			—
Ending Balance	$	—		$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023	$	—		$	—

†  Includes a security valued at zero.

3.  Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

–  investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

–  investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax

46

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from foreign currency forward exchange contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions for the period is reflected in the Consolidated Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in the Consolidated Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

4.  Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivative instruments used by the Fund will be counted towards the Fund's exposure in the types of

securities listed herein to the extent they have economic characteristics similar to such securities. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset 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, 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. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

Futures: A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on

47

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time.

Swaps: The Fund may enter into OTC swap contracts or cleared swap transactions. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indices, reference rates, currencies or other instruments. Typically swap agreements provide that when the period payment dates for both parties are the same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one party to the other). The Fund's obligations or rights under a swap contract entered into on a net basis will generally be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by each party. Cleared swap transactions may help reduce counterparty credit risk. In a cleared swap, the Fund's ultimate counterparty is a clearinghouse rather than a swap dealer, bank or other financial institution. OTC swap agreements are not entered into or traded on exchanges and often there is no central clearing or guaranty function for OTC swaps. These OTC swaps are often subject to credit risk or the risk of default or non-performance by the counterparty. Both OTC and cleared swaps could result in losses if interest rates, foreign currency exchange rates or other factors are not correctly anticipated by the Fund or if the reference index, security or investments do not perform as expected. During the period swap agreements are open,

payments are received from or made to the counterparty or clearing-house based on changes in the value of the contract or variation margin, respectively. The Dodd-Frank Wall Street Reform and Consumer Protection Act and related regulatory developments require the clearing and exchange-trading of certain standardized swap transactions. Mandatory exchange-trading and clearing is occurring on a phased-in basis based on the type of market participant and U.S. Commodities Futures Trading Commission ("CFTC") approval of contracts for central clearing and exchange trading.

The Fund may enter into total return swaps in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include, but not be limited to, a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swaps may be used to obtain long or short exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. 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. Total return swaps are subject to the risk that a counterparty will default on its payment obligations to the Fund thereunder, and conversely, that the Fund will not be able to meet its obligation to the counterparty.

The Fund may enter into interest rate swaps which is an agreement between two parties to exchange their respective commitments to pay or receive interest. Interest rate swaps are generally entered into on a net basis. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of market loss with respect to interest rate swaps is typically limited to the net amount of interest payments that the Fund is contractually obligated to make.

When the Fund has an unrealized loss on a swap agreement, the Fund has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. If applicable,

48

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

cash collateral is included with "Due from (to) Broker" in the Consolidated Statement of Assets and Liabilities.

Upfront payments paid or received by the Fund will be reflected as an asset or liability, respectively, in the Consolidated Statement of Assets and Liabilities.

Foreign Currency Forward Exchange Contracts: In connection with its investments in foreign securities, the Fund also entered into contracts with banks, brokers/dealers to purchase or sell foreign currencies at a future date. A foreign currency forward exchange contract ("currency contract") is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Currency contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, the Fund may use cross currency hedging or proxy hedging with respect to currencies in which the Fund has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. To the extent hedged by the use of currency contracts, the precise matching of the currency 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. Furthermore, 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. There is additional risk to the extent that currency contracts create exposure to currencies in which the Fund's securities are not denominated. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of currency contracts involves 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. A currency contract is marked-to-market daily and

the change in market value is recorded by the Fund as unrealized gain or loss. The Fund records realized gains (losses) when the currency contract is closed equal to the difference between the value of the currency contract at the time it was opened and the value at the time it was closed.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2023:

	Asset Derivatives Consolidated Statement of Assets and Liabilities Location	Primary Risk Exposure	Value (000)
Foreign Currency Forward Exchange Contracts	Unrealized Appreciation on Foreign Currency Forward Exchange Contracts	Currency Risk	$	833
Futures Contracts	Variation Margin on Futures Contracts	Equity Risk		784	(a)
Futures Contracts	Variation Margin on Futures Contracts	Interest Rate Risk		128	(a)
Swap Agreements	Variation Margin on Swap Agreements	Interest Rate Risk		569	(a)
Swap Agreements	Unrealized Appreciation on Swap Agreements	Equity Risk		3,969
Total			$	6,283
	Liability Derivatives Consolidated Statement of Assets and Liabilities Location	Primary Risk Exposure	Value (000)
Foreign Currency Forward Exchange Contracts	Unrealized Depreciation on Foreign Currency Forward Exchange Contracts	Currency Risk	$	(1,102	)
Futures Contracts	Variation Margin on Futures Contracts	Commodity Risk		(95	)(a)
Futures Contracts	Variation Margin on Futures Contracts	Equity Risk		(1,655	)(a)
Futures Contracts	Variation Margin on Futures Contracts	Interest Rate Risk		(1,677	)(a)
Swap Agreements	Variation Margin on Swap Agreements	Interest Rate Risk		(900	)(a)
Swap Agreements	Unrealized Depreciation on Swap Agreements	Equity Risk		(4,189	)
Total			$	(9,618	)

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Consolidated Portfolio of Investments. The Consolidated Statement of Assets and Liabilities only reflects the current day's net variation margin.

49

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended March 31, 2023 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	552
Commodity Risk	Futures Contracts		135
Currency Risk	Futures Contracts		(150	)
Equity Risk	Futures Contracts		2,704
Interest Rate Risk	Futures Contracts		1,336
Equity Risk	Swap Agreements		7,060
Interest Rate Risk	Swap Agreements		(2,392	)
Total		$	9,245
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Currency Risk	Foreign Currency Forward Exchange Contracts	$	(1,055	)
Commodity Risk	Futures Contracts		(95	)
Currency Risk	Futures Contracts		24
Equity Risk	Futures Contracts		(1,491	)
Interest Rate Risk	Futures Contracts		(2,467	)
Equity Risk	Swap Agreements		9,785
Interest Rate Risk	Swap Agreements		1,706
Total		$	6,407

At March 31, 2023, the Fund's derivative assets and liabilities are as follows:

Gross Amounts of Assets and Liabilities Presented in the Consolidated Statement of Assets and Liabilities
Derivatives(b)	Assets(c) (000)		Liabilities(c) (000)
Foreign Currency Forward Exchange Contracts	$	833	$	(1,102	)
Swap Agreements		3,969		(4,189	)
Total	$	4,802	$	(5,291	)

(b) Excludes exchange-traded derivatives.

(c) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Consolidated Statement of Assets and Liabilities.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments' payables and/or receivables with collateral held and/or

posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty. Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as swap, forward, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of March 31, 2023:

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)			Financial Instrument (000)			Collateral Received (000)		Net Amount (not less than $0) (000)
Bank of America NA	$	31		$	(31	)	$	—	$	0
Barclays Bank PLC		49			(49	)		—		0
BNP Paribas SA		1,770			(367	)		—		1,403
Citibank NA		—	@		—			—		—	@
Goldman Sachs International		1,477			(1,477	)		—		0
HSBC Bank PLC		12			(12	)		—		0
JPMorgan Chase Bank NA		1,232			(1,086	)		—		146
Royal Bank of Canada		67			—			—		67
Standard Chartered Bank		3			(3	)		—		0
UBS AG		160			(160	)		—		0
Westpac Banking Corp.		1			—			—		1
Total	$	4,802		$	(3,185	)	$	—	$	1,617

50

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in the Consolidated Statement of Assets and Liabilities (000)		Financial Instrument (000)			Collateral Pledged(d) (000)			Net Amount (not less than $0) (000)
Australia & New Zealand Banking Group Ltd	$	1	$	—		$	—		$	1
Bank of America NA		46		(31	)		—			15
Barclays Bank PLC		105		(49	)		—			56
BNP Paribas SA		367		(367	)		—			0
Goldman Sachs International		2,036		(1,477	)		—			559
HSBC Bank PLC		82		(12	)		—			70
JPMorgan Chase Bank NA		2,311		(1,086	)		(1,225	)		0
Standard Chartered Bank		6		(3	)		—			3
UBS AG		337		(160	)		(143	)		34
Total	$	5,291	$	(3,185	)	$	(1,368	)	$	738

@ Value is less than $500.

(d) In some instances, the actual collateral pledged may be more than the amount shown here due to overcollateralization.

For the six months ended March 31, 2023, the approximate average monthly amount outstanding for each derivative type is as follows:

Foreign Currency Forward Exchange Contracts:
Average monthly principal amount	$	211,313,000
Futures Contracts:
Average monthly notional value	$	172,256,000
Swap Agreements:
Average monthly notional amount	$	129,759,000

5.  When-Issued/Delayed Delivery Securities: The Fund purchases and sells when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price and yield, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When the Fund enters into a purchase transaction on a when-issued or delayed delivery basis, securities are available for collateral in an amount at least equal in value to the Fund's commitments to purchase such securities. Purchasing securities on a when-issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there

could be an unrealized loss at the time of delivery. Purchasing investments on a when-issued or delayed delivery basis may be considered a form of leverage which may increase the impact that gains (losses) may have on the Fund.

6.  Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

7.  Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed at least annually.

8.  Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

The Fund owns shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually in the following calendar

51

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

year. A portion of distributions received from REITs during the year is estimated to be a return of capital and is recorded as a reduction of their cost.

B. Advisory/Sub-Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.45% of the average daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.74% for Class I shares, 1.09% for Class A shares, 1.59% for Class L shares, 1.84% for Class C shares and 0.71% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2023, approximately $10,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

The Adviser has entered into a Sub-Advisory Agreement with the Sub-Adviser, a wholly-owned subsidiary of Morgan Stanley. The Sub-Adviser provides the Fund with advisory services subject to the overall supervision of the Adviser and the Fund's Officers and Trustees. The Adviser pays the Sub-Adviser on a monthly basis a portion of the net advisory fees the Adviser receives from the Fund.

The Adviser provides investment advisory services to the Subsidiary pursuant to the Subsidiary Investment Management Agreement (the "Agreement"). Under the Agreement, the Subsidiary will pay the Adviser at the end of each fiscal quarter, calculated by applying a quarterly rate, based on the annual rate of 0.05%, to the average daily net assets of the Subsidiary.

The Adviser has agreed to waive its advisory fees by the amount of advisory fees it receives from the Subsidiary.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain

administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.50% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

E. Dividend Disbursing and Transfer/Co-Transfer Agent: The Trust's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS, Inc."). Pursuant to a Transfer Agency Agreement, the Trust pays SS&C GIDS, Inc. a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust.

52

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended March 31, 2023, EVM earned $0 for providing such services.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $116,785,000 and $91,061,000, respectively. For the six months ended March 31, 2023, purchases and sales of long-term U.S. Government securities were approximately $117,549,000 and $108,550,000, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2023, advisory fees paid were reduced by approximately $62,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2023 is as follows:

Affiliated Investment Company	Value September 30, 2022 (000)		Purchases at Cost (000)		Proceeds from Sales (000)		Dividend Income (000)
Liquidity Funds	$	75,502	$	151,446	$	155,671	$	1,334

Affiliated Investment Company (cont'd)	Realized Gain (Loss) (000)		Change in Unrealized Appreciation (Depreciation) (000)		Value March 31, 2023 (000)
Liquidity Funds	$	—	$	—	$	71,277

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an

affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.

The Fund has an unfunded noncontributory defined benefit pension plan covering certain independent Trustees of the Fund who will have served as independent Trustees for at least five years at the time of retirement. Benefits under this plan are based on factors which include years of service and compensation. The Trustees voted to close the plan to new participants and eliminate the future benefits growth due to increases to compensation after July 31, 2003. Aggregate pension costs for the six months ended March 31, 2023, included in "Trustees' Fees and Expenses" in the Consolidated Statement of Operations amounted to approximately $2,000. At March 31, 2023, the Fund had an accrued pension liability of approximately $38,000, which is reflected as "Payable for Trustees' Fees and Expenses" in the Consolidated Statement of Assets and Liabilities.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

H. Federal Income Taxes: It is the Fund's intention to continue to qualify as a RIC and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the consolidated financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

53

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for consolidated financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded that there are no significant uncertain tax positions that would require recognition in the consolidated financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Consolidated Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2022 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2022 and 2021 was as follows:

2022 Distributions Paid From:				2021 Distributions Paid From:
Ordinary Income (000)		Long-Term Capital Gain (000)		Ordinary Income (000)		Long-Term Capital Gain (000)
$	35,063	$	4,937	$	4,952	$	—

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, the Fund had no distributable earnings on a tax basis.

At September 30, 2022, the Fund had available for federal income tax purposes unused short-term capital losses of approximately $15,815,000, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended September 30, 2022, the Fund intends to defer to October 1, 2022 for U.S. federal income tax purposes the following losses:

Qualified Late Year Ordinary Losses (000)		Post-October Capital Losses (000)
$	1,799	$	—

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $300,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended March 31, 2023, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2023, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 88.3%.

K. Market Risk and Risks Relating to Certain Financial Instruments:

Market: An 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. Social, political, economic and other conditions and events, such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets and global economy. 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 be sudden and significant and may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the

54

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

performance of and/or income or yield from the Fund's investments and exacerbate pre-existing risks to the Fund. For example, the extent of the impact of a public health emergency depends on future developments, including (i) the duration and spread of the public health emergency, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments.

Bitcoin: The Fund may gain exposure to cryptocurrencies by investing in the Subsidiary. cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency facilitates decentralized, peer-to peer financial exchange and value storage that is used like money, without the oversight of a central authority or banks. The value of cryptocurrency is not backed by any government, corporation, or other identified body. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. The value of Fund's investments in cryptocurrency is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of bitcoin could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in the bitcoin network or a change in user preference to competing cryptocurrencies. The Fund's exposure to cryptocurrency could result in substantial losses to the Fund.

LIBOR Discontinuance or Unavailability Risk: 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 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 the end of June 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 derivatives and other instruments or investments held by the Fund. In light of this eventuality, public and private sector industry initiatives are currently underway to establish new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund's investments and result in costs incurred in connection with closing out positions and entering into new trades.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Some of the Fund's investments may be so-called "tough legacy" LIBOR instruments which may not have effective alternative rate-setting provisions or may involve counterparties who are unwilling to add or exercise rights under alternative rate-setting provisions in such instruments. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback

55

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (cont'd)

mechanism on a nationwide basis to replace U.S. Dollar LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on the Secured Overnight Financing Rate ("SOFR") for tough legacy contracts. On February 27, 2023, the final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts governed by U.S. law. In addition, the FCA has announced that it will require the publication of the one-month, three-month and six-month U.S. Dollar LIBOR settings on the basis of a changed methodology (known as "synthetic LIBOR"), after June 30, 2023 through at least September 30, 2024, addressing non-U.S. law governed U.S. Dollar LIBOR instruments, but this synthetic LIBOR will be designated by the FCA as unrepresentative of the underlying market that it seeks to measure and will be solely available for use in legacy transactions. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements, the application of synthetic LIBOR or otherwise may also result in a reduction in the value of certain instruments held by the Fund or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR is still developing. There may also be challenges for the Fund to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions more fully develops. All of the aforementioned may adversely affect the Fund's investments (including their volatility, value and liquidity) and, as a result, the performance or NAV.

56

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), the Fund has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund (i.e., liquidity risk). The Fund's Board of Trustees (the "Board") previously approved the designation of the Liquidity Risk Subcommittee (the "LRS") as Program administrator. The LRS is comprised of representatives from various divisions within Morgan Stanley Investment Management.

At a meeting held on March 1-2, 2023, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2022, through December 31, 2022, as required under the Liquidity Rule. The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

In accordance with the Program, the LRS assessed each Fund's liquidity risk no less frequently than annually taking into consideration certain factors, as applicable, such as (i) investment strategy and liquidity of portfolio investments, (ii) short-term and long-term cash flow projections and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories, which classification is assessed at least monthly by the LRS. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading and investment-specific considerations, as well as market depth, and in some cases utilize third-party vendor data.

The Liquidity Rule limits a fund's investments in illiquid investments to 15% of its net assets and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or "HLIM"). The LRS believes that the Program includes provisions reasonably designed to review, monitor and comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement, as applicable.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

57

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice   April 2021

FACTS	WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◼ Social Security number and income ◼ investment experience and risk tolerance ◼ checking account number and wire transfer instructions
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

58

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

To limit our sharing	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice? Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (see Investment Management Affiliates definition below)

What we do

How does MSIM protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?	We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.

59

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

Definitions

Investment Management Affiliates	MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other Important Information

Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.

California: Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

60

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Trustee and Officer Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Sub-Adviser

Morgan Stanley Investment Management Limited
25 Cabot Square, Canary Wharf
London, E14 4QA, England

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the Annual Reports within 60 days of the end of the fund's second and fourth fiscal quarters. The Semi-Annual and Annual Reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im/shareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may obtain the Form N-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov).

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 869-6397 or by visiting our website at www.morganstanley.com/im/shareholderreports. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 869-6397.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling 1 (800) 869-6397, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

61

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

© 2023 Morgan Stanley. Morgan Stanley Distribution, Inc.

IFTGSSAN
5647572 EXP 05.31.24

Morgan Stanley Institutional Fund Trust

High Yield Portfolio

Semi-Annual Report

March 31, 2023

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Table of Contents

Shareholders' Letter	2
Expense Example	3
Portfolio of Investments	4
Statement of Assets and Liabilities	11
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	23
Liquidity Risk Management Program	30
U.S. Customer Privacy Notice	31
Trustees and Officers Information	34

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of the Morgan Stanley Institutional Fund Trust. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.

Additionally, you can access fund information including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.

There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.

1

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this Semi-Annual Report, in which you will learn how your investment in High Yield Portfolio (the "Fund") performed during the latest six-month period.

Morgan Stanley Investment Management is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2023

2

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Expense Example

High Yield Portfolio

As a shareholder of the Fund, you may incur two types of costs: (1) transactional costs, including sales charge (loads) on purchase payments; and (2) ongoing costs, which may include advisory fees, administration fees, distribution and shareholder services fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2023 and held for the entire six-month period.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads, if applicable). Therefore, the information for each class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/22		Actual Ending Account Value 3/31/23		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
High Yield Portfolio Class I	$	1,000.00	$	1,077.40	$	1,021.69	$	3.37	$	3.28		0.65	%
High Yield Portfolio Class A		1,000.00		1,077.10		1,019.95		5.18		5.04		1.00
High Yield Portfolio Class L		1,000.00		1,076.30		1,018.70		6.47		6.29		1.25
High Yield Portfolio Class C		1,000.00		1,071.80		1,016.21		9.04		8.80		1.75
High Yield Portfolio Class R6		1,000.00		1,078.80		1,021.84		3.21		3.13		0.62
High Yield Portfolio Class IR		1,000.00		1,077.50		1,021.84		3.21		3.13		0.62
High Yield Portfolio Class W		1,000.00		1,081.00		1,024.93		0.00		0.00		0.00

*  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 182/365 (to reflect the most recent one-half year period).

**  Annualized.

3

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments

High Yield Portfolio

	Face Amount (000)		Value (000)
Fixed Income Securities (94.9%)
Corporate Bonds (94.6%)
Basic Materials (7.1%)
ASP Unifrax Holdings, Inc.
5.25%, 9/30/28 (a)	$	651	$	521
Diamond BC BV
4.63%, 10/1/29 (a)		1,042		1,016
Eldorado Gold Corp.
6.25%, 9/1/29 (a)		500		465
HB Fuller Co.
4.25%, 10/15/28		675		600
Herens Holdco Sarl
4.75%, 5/15/28 (a)		600		484
Hudbay Minerals, Inc.
6.13%, 4/1/29 (a)		250		236
IAMGOLD Corp.
5.75%, 10/15/28 (a)		574		444
Innophos Holdings, Inc.
9.38%, 2/15/28 (a)		700		716
Iris Holding, Inc.
10.00%, 12/15/28 (a)		600		444
Kaiser Aluminum Corp.,
4.50%, 6/1/31 (a)		250		206
4.63%, 3/1/28 (a)		300		267
Minerals Technologies, Inc.
5.00%, 7/1/28 (a)		500		458
NOVA Chemicals Corp.
4.25%, 5/15/29 (a)		300		246
Novelis Corp.
4.75%, 1/30/30 (a)		500		460
Nufarm Australia Ltd./Nufarm Americas, Inc.
5.00%, 1/27/30 (a)		500		441
Tacora Resources, Inc.
8.25%, 5/15/26 (a)		500		379
TMS International Corp.
6.25%, 4/15/29 (a)		625		483
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.
5.13%, 4/1/29 (a)		525		323
				8,189
Communications (8.3%)
Altice France SA
5.13%, 7/15/29 (a)		600		452
Arches Buyer, Inc.,
4.25%, 6/1/28 (a)		175		146
6.13%, 12/1/28 (a)		200		165
Audacy Capital Corp.
6.50%, 5/1/27 (a)		900		66
Banijay Entertainment SASU
5.38%, 3/1/25 (a)		425		416
Block Communications, Inc.
4.88%, 3/1/28 (a)		693		599

	Face Amount (000)		Value (000)
C&W Senior Financing DAC
6.88%, 9/15/27 (a)	$	250	$	224
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 2/1/28 (a)		450		416
Ciena Corp.
4.00%, 1/31/30 (a)		785		684
Clear Channel Outdoor Holdings, Inc.
7.75%, 4/15/28 (a)		585		439
CSC Holdings LLC,
5.75%, 1/15/30 (a)		300		158
7.50%, 4/1/28 (a)		500		319
GCI LLC
4.75%, 10/15/28 (a)		300		259
Gray Escrow II, Inc.
5.38%, 11/15/31 (a)		500		333
iHeartCommunications, Inc.
5.25%, 8/15/27 (a)		250		205
Iliad Holding SASU
7.00%, 10/15/28 (a)		200		190
Lamar Media Corp.
4.00%, 2/15/30		300		266
LCPR Senior Secured Financing DAC
6.75%, 10/15/27 (a)		520		492
Midcontinent Communications/Midcontinent Finance Corp.
5.38%, 8/15/27 (a)		376		341
National CineMedia LLC
5.75%, 8/15/26		600		14
Nexstar Media, Inc.
5.63%, 7/15/27 (a)		135		125
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.63%, 3/15/30 (a)		350		292
Radiate Holdco LLC/Radiate Finance, Inc.
6.50%, 9/15/28 (a)		525		216
Sable International Finance Ltd.
5.75%, 9/7/27 (a)		249		232
Sirius XM Radio, Inc.
4.00%, 7/15/28 (a)		325		279
Spotify USA, Inc.
0.00%, 3/15/26		500		421
TEGNA, Inc.
5.00%, 9/15/29		300		260
Townsquare Media, Inc.
6.88%, 2/1/26 (a)		100		95
Urban One, Inc.
7.38%, 2/1/28 (a)		400		364
Viavi Solutions, Inc.
3.75%, 10/1/29 (a)		600		514
Virgin Media Finance PLC
5.00%, 7/15/30 (a)		400		331
Ziggo BV
4.88%, 1/15/30 (a)		350		299
				9,612

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (24.7%)
Air Canada
3.88%, 8/15/26 (a)	$	300	$	273
American Airlines, Inc.
7.25%, 2/15/28 (a)		117		114
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.75%, 4/20/29 (a)		750		720
Arko Corp.
5.13%, 11/15/29 (a)		675		560
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 4/1/30 (a)		500		412
At Home Group, Inc.
4.88%, 7/15/28 (a)		175		119
7.13%, 7/15/29 (a)		375		215
Bloomin' Brands, Inc./OSI Restaurant Partners LLC
5.13%, 4/15/29 (a)		400		359
Boyne USA, Inc.
4.75%, 5/15/29 (a)		750		670
Caesars Entertainment, Inc.
4.63%, 10/15/29 (a)		500		438
Carrols Restaurant Group, Inc.
5.88%, 7/1/29 (a)		1,605		1,294
Cars.com, Inc.
6.38%, 11/1/28 (a)		570		539
CCM Merger, Inc.
6.38%, 5/1/26 (a)		750		733
CD&R Smokey Buyer, Inc.
6.75%, 7/15/25 (a)		760		656
CDI Escrow Issuer, Inc.
5.75%, 4/1/30 (a)		425		411
Cushman & Wakefield US Borrower LLC
6.75%, 5/15/28 (a)		250		224
Dana, Inc.
4.25%, 9/1/30		300		241
Dealer Tire LLC/DT Issuer LLC
8.00%, 2/1/28 (a)		750		674
DraftKings Holdings, Inc.
0.00%, 3/15/28		350		246
Evergreen Acqco 1 LP/TVI, Inc.
9.75%, 4/26/28 (a)		490		466
Everi Holdings, Inc.
5.00%, 7/15/29 (a)		300		267
Ferrellgas LP/Ferrellgas Finance Corp.
5.88%, 4/1/29 (a)		1,075		920
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
6.75%, 1/15/30 (a)		325		268
Ford Motor Co.
3.25%, 2/12/32		1,480		1,165
GYP Holdings III Corp.
4.63%, 5/1/29 (a)		250		214

	Face Amount (000)		Value (000)
Hanesbrands, Inc.,
4.88%, 5/15/26 (a)	$	320	$	304
9.00%, 2/15/31 (a)		165		169
Hilton Domestic Operating Co., Inc.
3.63%, 2/15/32 (a)		250		211
International Game Technology PLC
5.25%, 1/15/29 (a)		375		359
Jacobs Entertainment, Inc.,
6.75%, 2/15/29 (a)		620		542
JB Poindexter & Co., Inc.
7.13%, 4/15/26 (a)		750		704
Ken Garff Automotive LLC
4.88%, 9/15/28 (a)		275		234
Kohl's Corp.
3.63%, 5/1/31		600		406
LCM Investments Holdings II LLC
4.88%, 5/1/29 (a)		275		230
LGI Homes, Inc.
4.00%, 7/15/29 (a)		500		407
Lindblad Expeditions LLC
6.75%, 2/15/27 (a)		395		383
Lions Gate Capital Holdings LLC
5.50%, 4/15/29 (a)		500		329
Lithia Motors, Inc.
3.88%, 6/1/29 (a)		400		347
Macy's Retail Holdings LLC
5.88%, 3/15/30 (a)		500		444
Marriott Ownership Resorts, Inc.
4.50%, 6/15/29 (a)		250		213
Mattamy Group Corp.
5.25%, 12/15/27 (a)		250		236
Mclaren Finance PLC
7.50%, 8/1/26 (a)		450		375
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.88%, 5/1/29 (a)		500		435
New Home Co., Inc.
7.25%, 10/15/25 (a)		755		699
Peloton Interactive, Inc.
0.00%, 2/15/26		595		455
Penn National Gaming, Inc.
4.13%, 7/1/29 (a)		300		250
PetSmart, Inc./PetSmart Finance Corp.,
4.75%, 2/15/28 (a)		275		258
7.75%, 2/15/29 (a)		250		246
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.88%, 9/1/31 (a)		850		612
Raptor Acquisition Corp./Raptor Co-Issuer LLC
4.88%, 11/1/26 (a)		395		368
Real Hero Merger Sub 2, Inc.
6.25%, 2/1/29 (a)		675		500

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Cyclical (cont'd)
Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.63%, 4/16/29	$	600	$	464
Rite Aid Corp.,
7.50%, 7/1/25 (a)		576		341
8.00%, 11/15/26 (a)		380		182
Scientific Games Holdings LP/Scientific Games US FinCo. Inc.
6.63%, 3/1/30 (a)		500		442
Scientific Games International, Inc.
7.00%, 5/15/28 (a)		225		223
Speedway Motorsports LLC/Speedway Funding II, Inc.
4.88%, 11/1/27 (a)		725		666
Station Casinos LLC
4.50%, 2/15/28 (a)		300		271
Sugarhouse HSP Gaming Prop Mezz LP/ Sugarhouse HSP Gaming Finance Corp.
5.88%, 5/15/25 (a)		660		631
Superior Plus LP/Superior General Partner, Inc.
4.50%, 3/15/29 (a)		400		358
Tempur Sealy International, Inc.,
3.88%, 10/15/31 (a)		250		209
4.00%, 4/15/29 (a)		200		176
Thor Industries, Inc.
4.00%, 10/15/29 (a)		275		228
Titan International, Inc.
7.00%, 4/30/28		475		428
United Airlines, Inc.
4.63%, 4/15/29 (a)		475		430
Victoria's Secret & Co.
4.63%, 7/15/29 (a)		500		406
Viking Cruises Ltd.
5.88%, 9/15/27 (a)		630		543
Wheel Pros, Inc.
6.50%, 5/15/29 (a)		600		273
White Cap Buyer LLC
6.88%, 10/15/28 (a)		400		347
				28,532
Consumer, Non-Cyclical (13.2%)
AHP Health Partners, Inc.
5.75%, 7/15/29 (a)		985		830
Air Methods Corp.
8.00%, 5/15/25 (a)		800		52
Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC
3.50%, 3/15/29 (a)		195		170
Alta Equipment Group, Inc.
5.63%, 4/15/26 (a)		610		570
AMN Healthcare, Inc.
4.00%, 4/15/29 (a)		450		399
APi Escrow Corp.
4.75%, 10/15/29 (a)		200		176

	Face Amount (000)		Value (000)
APi Group DE, Inc.
4.13%, 7/15/29 (a)	$	350	$	301
Cano Health LLC
6.25%, 10/1/28 (a)		970		536
Carriage Services, Inc.
4.25%, 5/15/29 (a)		250		206
Chobani LLC/Chobani Finance Corp., Inc.,
4.63%, 11/15/28 (a)		425		388
7.50%, 4/15/25 (a)		625		610
CoreLogic, Inc.
4.50%, 5/1/28 (a)		250		190
CPI CG, Inc.
8.63%, 3/15/26 (a)		448		444
Darling Ingredients, Inc.
6.00%, 6/15/30 (a)		200		200
Edgewell Personal Care Co.
5.50%, 6/1/28 (a)		250		240
Garda World Security Corp.
9.50%, 11/1/27 (a)		450		427
Grifols Escrow Issuer SA
4.75%, 10/15/28 (a)		325		267
H-Food Holdings LLC/Hearthside Finance Co., Inc.
8.50%, 6/1/26 (a)		400		248
Hadrian Merger Sub, Inc.
8.50%, 5/1/26 (a)		491		403
Ingles Markets, Inc.
4.00%, 6/15/31 (a)		500		435
Lannett Co., Inc.
7.75%, 4/15/26 (a)		500		83
Medline Borrower LP
5.25%, 10/1/29 (a)		900		782
Metis Merger Sub LLC
6.50%, 5/15/29 (a)		400		334
ModivCare Escrow Issuer, Inc.
5.00%, 10/1/29 (a)		600		510
Nathan's Famous, Inc.
6.63%, 11/1/25 (a)		909		907
Option Care Health, Inc.
4.38%, 10/31/29 (a)		380		336
P&L Development LLC/PLD Finance Corp.
7.75%, 11/15/25 (a)		825		646
Performance Food Group, Inc.
4.25%, 8/1/29 (a)		300		270
PROG Holdings, Inc.
6.00%, 11/15/29 (a)		325		277
RegionalCare Hospital Partners Holdings, Inc./ LifePoint Health, Inc.
9.75%, 12/1/26 (a)		275		223
Signal Parent, Inc.
6.13%, 4/1/29 (a)		400		162
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
4.63%, 3/1/29 (a)		395		321

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Consumer, Non-Cyclical (cont'd)
Sotheby's
7.38%, 10/15/27 (a)	$	450	$	426
Surgery Center Holdings, Inc.,
6.75%, 7/1/25 (a)		150		149
10.00%, 4/15/27 (a)		455		464
Tenet Healthcare Corp.
6.13%, 10/1/28		275		264
US Acute Care Solutions LLC
6.38%, 3/1/26 (a)		825		735
US Foods, Inc.
4.63%, 6/1/30 (a)		250		226
WASH Multifamily Acquisition, Inc.
5.75%, 4/15/26 (a)		500		474
ZipRecruiter, Inc.
5.00%, 1/15/30 (a)		595		509
				15,190
Energy (10.2%)
Archrock Partners LP/Archrock Partners Finance Corp.,
6.25%, 4/1/28 (a)		200		192
6.88%, 4/1/27 (a)		300		295
Baytex Energy Corp.
8.75%, 4/1/27 (a)		650		666
Blue Racer Midstream LLC/Blue Racer Finance Corp.
6.63%, 7/15/26 (a)		525		510
CITGO Petroleum Corp.
6.38%, 6/15/26 (a)		610		595
CNX Midstream Partners LP
4.75%, 4/15/30 (a)		450		388
Colgate Energy Partners III LLC
5.88%, 7/1/29 (a)		900		853
Continental Resources, Inc.
2.88%, 4/1/32 (a)		825		641
CrownRock LP/CrownRock Finance, Inc.
5.00%, 5/1/29 (a)		650		606
EQM Midstream Partners LP,
4.00%, 8/1/24		128		123
6.00%, 7/1/25 (a)		94		93
Global Partners LP/GLP Finance Corp.
7.00%, 8/1/27		690		663
ITT Holdings LLC
6.50%, 8/1/29 (a)		410		347
Kinetik Holdings LP
5.88%, 6/15/30 (a)		549		529
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
6.00%, 8/1/26 (a)		550		535
Martin Midstream Partners LP/Martin Midstream Finance Corp.
11.50%, 2/15/28 (a)		370		355

	Face Amount (000)		Value (000)
Matador Resources Co.
5.88%, 9/15/26	$	500	$	494
Murphy Oil Corp.
5.88%, 12/1/27		240		234
NuStar Logistics LP
6.38%, 10/1/30		125		120
Occidental Petroleum Corp.
6.13%, 1/1/31		250		260
Oceaneering International, Inc.
6.00%, 2/1/28		875		823
Plains All American Pipeline LP, Series B
3 Month USD LIBOR + 4.11%, 8.97%, 5/1/23 (b)(c)		360		322
Rockies Express Pipeline LLC
3.60%, 5/15/25 (a)		300		281
Southwestern Energy Co.
4.75%, 2/1/32		300		265
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.00%, 12/31/30 (a)		500		448
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 1/15/32		600		524
Vermilion Energy, Inc.
5.63%, 3/15/25 (a)		575		566
				11,728
Finance (6.7%)
AG TTMT Escrow Issuer LLC
8.63%, 9/30/27 (a)		200		201
BroadStreet Partners, Inc.
5.88%, 4/15/29 (a)		275		233
Coinbase Global, Inc.
3.38%, 10/1/28 (a)		425		263
Compass Group Diversified Holdings LLC
5.25%, 4/15/29 (a)		685		604
CTR Partnership LP/CareTrust Capital Corp.
3.88%, 6/30/28 (a)		900		770
Global Net Lease, Inc./Global Net Lease Operating Partnership LP
3.75%, 12/15/27 (a)		300		238
Howard Hughes Corp.
4.13%, 2/1/29 (a)		400		339
Iron Mountain, Inc.
5.25%, 7/15/30 (a)		300		271
Jane Street Group/JSG Finance, Inc.
4.50%, 11/15/29 (a)		700		627
Jefferies Finance LLC/JFIN Co.-Issuer Corp.
5.00%, 8/15/28 (a)		500		424
Jefferson Capital Holdings LLC
6.00%, 8/15/26 (a)		731		621
LPL Holdings, Inc.
4.00%, 3/15/29 (a)		430		387

The accompanying notes are an integral part of the financial statements.
7

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
MGIC Investment Corp.
5.25%, 8/15/28	$	275	$	262
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc.
6.38%, 2/1/27 (a)		750		702
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27		250		235
RLJ Lodging Trust LP
3.75%, 7/1/26 (a)		250		229
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.
3.88%, 3/1/31 (a)		85		71
StoneX Group, Inc.
8.63%, 6/15/25 (a)		274		276
VistaJet Malta Finance PLC/XO Management Holding, Inc.
6.38%, 2/1/30 (a)		1,075		959
				7,712
Industrials (19.3%)
Ball Corp.
3.13%, 9/15/31		190		157
Bombardier, Inc.
6.00%, 2/15/28 (a)		625		609
Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 2/1/26 (a)		400		376
Builders FirstSource, Inc.
5.00%, 3/1/30 (a)		250		232
Cargo Aircraft Management, Inc.
4.75%, 2/1/28 (a)		500		448
Carriage Purchaser, Inc.
7.88%, 10/15/29 (a)		1,330		986
Clean Harbors, Inc.
4.88%, 7/15/27 (a)		300		290
Coherent Corp.
5.00%, 12/15/29 (a)		450		409
Covanta Holding Corp.
4.88%, 12/1/29 (a)		450		401
CP Atlas Buyer, Inc.
7.00%, 12/1/28 (a)		425		316
CryoPort, Inc.
0.75%, 12/1/26 (a)		680		532
Dycom Industries, Inc.
4.50%, 4/15/29 (a)		860		777
EnerSys
4.38%, 12/15/27 (a)		350		326
EnPro Industries, Inc.
5.75%, 10/15/26		500		487
Fly Leasing Ltd.
7.00%, 10/15/24 (a)		1,545		1,359
GFL Environmental, Inc.
4.75%, 6/15/29 (a)		300		281

	Face Amount (000)		Value (000)
Great Lakes Dredge & Dock Corp.
5.25%, 6/1/29 (a)	$	880	$	666
Harsco Corp.
5.75%, 7/31/27 (a)		875		688
Hillenbrand, Inc.
3.75%, 3/1/31		250		209
Ritchie Bros Holdings, Inc.
6.75%, 3/15/28 (a)		90		93
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC
6.00%, 9/15/28 (a)		500		431
JPW Industries Holding Corp.
9.00%, 10/1/24 (a)		950		828
Madison IAQ LLC
5.88%, 6/30/29 (a)		750		580
Manitowoc Co., Inc.
9.00%, 4/1/26 (a)		750		752
MIWD Holdco II LLC/MIWD Finance Corp.
5.50%, 2/1/30 (a)		600		508
Moog, Inc.
4.25%, 12/15/27 (a)		500		463
Mueller Water Products, Inc.
4.00%, 6/15/29 (a)		450		402
New Enterprise Stone & Lime Co., Inc.,
5.25%, 7/15/28 (a)		450		398
9.75%, 7/15/28 (a)		400		382
OI European Group BV
4.75%, 2/15/30 (a)		250		229
Owens-Brockway Glass Container, Inc.
6.63%, 5/13/27 (a)		188		189
Patrick Industries, Inc.
4.75%, 5/1/29 (a)		150		130
PGT Innovations, Inc.
4.38%, 10/1/29 (a)		635		575
Roller Bearing Co. of America, Inc.
4.38%, 10/15/29 (a)		250		224
Seaspan Corp.
5.50%, 8/1/29 (a)		300		234
SRM Escrow Issuer LLC
6.00%, 11/1/28 (a)		400		376
Summit Materials LLC/Summit Materials Finance Corp.
5.25%, 1/15/29 (a)		150		142
TK Elevator US Newco, Inc.
5.25%, 7/15/27 (a)		325		307
TopBuild Corp.
3.63%, 3/15/29 (a)		250		214
TransDigm, Inc.,
5.50%, 11/15/27		300		283
6.75%, 8/15/28 (a)		430		435
Trident TPI Holdings, Inc.
6.63%, 11/1/25 (a)		625		579

The accompanying notes are an integral part of the financial statements.
8

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
TriMas Corp.
4.13%, 4/15/29 (a)	$	400	$	353
Triumph Group, Inc.
9.00%, 3/15/28 (a)		560		561
Trivium Packaging Finance BV
8.50%, 8/15/27 (a)		300		273
TTM Technologies, Inc.
4.00%, 3/1/29 (a)		250		218
Victors Merger Corp.
6.38%, 5/15/29 (a)		625		370
VM Consolidated, Inc.
5.50%, 4/15/29 (a)		325		288
Vontier Corp.
2.95%, 4/1/31		675		541
Waste Pro USA, Inc.
5.50%, 2/15/26 (a)		475		437
Watco Cos. LLC/Watco Finance Corp.
6.50%, 6/15/27 (a)		425		399
XPO Escrow Sub LLC
7.50%, 11/15/27 (a)		490		510
				22,253
Technology (3.9%)
Booz Allen Hamilton, Inc.
4.00%, 7/1/29 (a)		250		226
Clarivate Science Holdings Corp.
4.88%, 7/1/29 (a)		450		407
Crowdstrike Holdings, Inc.
3.00%, 2/15/29		570		498
Dun & Bradstreet Corp.
5.00%, 12/15/29 (a)		300		260
KBR, Inc.
4.75%, 9/30/28 (a)		330		295
Kyndryl Holdings, Inc.
2.70%, 10/15/28		250		210
McAfee Corp.
7.38%, 2/15/30 (a)		400		336
Minerva Merger Sub, Inc.
6.50%, 2/15/30 (a)		400		325
NCR Corp.
5.13%, 4/15/29 (a)		100		87
ON Semiconductor Corp.
3.88%, 9/1/28 (a)		400		360
Playtika Holding Corp.
4.25%, 3/15/29 (a)		200		167
Rackspace Technology Global, Inc.
5.38%, 12/1/28 (a)		625		240
Rocket Software, Inc.
6.50%, 2/15/29 (a)		745		587
Unisys Corp.
6.88%, 11/1/27 (a)		375		239

	Face Amount (000)		Value (000)
Ziff Davis, Inc.
4.63%, 10/15/30 (a)	$	302	$	261
				4,498
Utilities (1.2%)
Leeward Renewable Energy Operations LLC
4.25%, 7/1/29 (a)		444		387
Pike Corp.
5.50%, 9/1/28 (a)		545		478
TransAlta Corp.
7.75%, 11/15/29		525		552
				1,417
				109,131
Variable Rate Senior Loan Interests (0.3%)
Consumer, Cyclical (0.3%)
Peloton Interactive, Inc.,
Term Loan 1 Month USD SOFR + 6.50%, 11.76%, 5/25/27 (c)		397		397
Total Fixed Income Securities (Cost $123,037)				109,528
	Shares
Common Stocks (0.1%)
Automobile Components (0.0%)
Exide Technologies (d)		592		—
Diversified REITs (0.0%) (e)
American Gilsonite Co. (d)		500		4
Machinery (0.0%) (e)
Iracore International Holdings, Inc., Class A (d)		470		25
Semiconductors & Semiconductor Equipment (0.1%)
UC Holdings, Inc.		2,826		31
Total Common Stocks (Cost $151)				60
Short-Term Investment (2.2%)
Investment Company (2.2%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $2,561)		2,561,151		2,561
Total Investments (97.2%) (Cost $125,749) (f)				112,149
Other Assets in Excess of Liabilities (2.8%)				3,237
Net Assets (100.0%)			$	115,386

(a)  144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(b)  Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2023.

(c)  Floating or variable rate securities: The rates disclosed are as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

The accompanying notes are an integral part of the financial statements.
9

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

High Yield Portfolio

(d)  Non-income producing security.

(e)  Amount is less than 0.05%.

(f)  At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $572,000 and the aggregate gross unrealized depreciation is approximately $14,172,000, resulting in net unrealized depreciation of approximately $13,600,000.

CDI  CHESS Depositary Interest.

LIBOR  London Interbank Offered Rate.

REITs  Real Estate Investment Trusts.

SOFR  Secured Overnight Financing Rate.

USD  United States Dollar.

Portfolio Composition

Classification	Percentage of Total Investments
Consumer, Cyclical		25.4	%
Industrials		19.9
Consumer, Non-Cyclical		13.5
Energy		10.5
Communications		8.6
Other*		7.9
Basic Materials		7.3
Finance		6.9
Total Investments		100.0	%

*  Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.
10

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

High Yield Portfolio

Statement of Assets and Liabilities	March 31, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $123,188)	$	109,588
Investment in Security of Affiliated Issuer, at Value (Cost $2,561)		2,561
Total Investments in Securities, at Value (Cost $125,749)		112,149
Cash		13
Interest Receivable		2,329
Receivable for Fund Shares Sold		745
Receivable for Investments Sold		584
Receivable from Affiliate		4
Other Assets		100
Total Assets		115,924
Liabilities:
Payable for Investments Purchased		292
Payable for Fund Shares Redeemed		82
Payable for Professional Fees		39
Payable for Sub Transfer Agency Fees — Class I		28
Payable for Sub Transfer Agency Fees — Class A		3
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		1
Payable for Advisory Fees		31
Payable for Administration Fees		8
Payable for Shareholder Services Fees — Class A		2
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		3
Payable for Transfer Agency Fees — Class I		1
Payable for Transfer Agency Fees — Class A		—	@
Payable for Transfer Agency Fees — Class L		—	@
Payable for Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class R6		—	@
Payable for Transfer Agency Fees — Class IR		—	@
Payable for Transfer Agency Fees — Class W		—	@
Payable for Custodian Fees		3
Other Liabilities		45
Total Liabilities		538
Net Assets	$	115,386
Net Assets Consist of:
Paid-in-Capital	$	152,076
Total Accumulated Loss		(36,690	)
Net Assets	$	115,386

The accompanying notes are an integral part of the financial statements.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

High Yield Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2023 (000)
CLASS I:
Net Assets	$	93,437
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		11,433,360
Net Asset Value, Offering and Redemption Price Per Share	$	8.17
CLASS A:
Net Assets	$	12,371
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,516,707
Net Asset Value, Redemption Price Per Share	$	8.16
Maximum Sales Load		3.25	%
Maximum Sales Charge	$	0.28
Maximum Offering Price Per Share	$	8.43
CLASS L:
Net Assets	$	169
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		20,697
Net Asset Value, Offering and Redemption Price Per Share	$	8.17
CLASS C:
Net Assets	$	3,632
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		445,995
Net Asset Value, Offering and Redemption Price Per Share	$	8.14
CLASS R6:
Net Assets	$	5,757
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		704,033
Net Asset Value, Offering and Redemption Price Per Share	$	8.18
CLASS IR:
Net Assets	$	10
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,283
Net Asset Value, Offering and Redemption Price Per Share	$	8.17
CLASS W:
Net Assets	$	10
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,236
Net Asset Value, Redemption Price Per Share	$	8.17

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
12

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

High Yield Portfolio

Statement of Operations	Six Months Ended March 31, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	4,909
Dividends from Security of Affiliated Issuer (Note G)		11
Total Investment Income		4,920
Expenses:
Advisory Fees (Note B)		401
Sub Transfer Agency Fees — Class I		83
Sub Transfer Agency Fees — Class A		6
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		2
Professional Fees		89
Administration Fees (Note C)		54
Registration Fees		41
Shareholder Services Fees — Class A (Note D)		14
Distribution and Shareholder Services Fees — Class L (Note D)		—	@
Distribution and Shareholder Services Fees — Class C (Note D)		20
Pricing Fees		21
Transfer Agency Fees — Class I (Note E)		5
Transfer Agency Fees — Class A (Note E)		2
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class R6 (Note E)		1
Transfer Agency Fees — Class IR (Note E)		1
Transfer Agency Fees — Class W (Note E)		1
Shareholder Reporting Fees		12
Custodian Fees (Note F)		7
Trustees' Fees and Expenses		3
Other Expenses		12
Total Expenses		777
Waiver of Advisory Fees (Note B)		(225	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(71	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(—	@)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class R6 (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class W (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(—	@)
Net Expenses		476
Net Investment Income		4,444
Realized Loss:
Investments Sold		(7,280	)
Change in Unrealized Appreciation (Depreciation):
Investments		13,263
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		5,983
Net Increase in Net Assets Resulting from Operations	$	10,427

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
13

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

High Yield Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	4,444		$	9,621
Net Realized Loss		(7,280	)		(5,151	)
Net Change in Unrealized Appreciation (Depreciation)		13,263			(30,555	)
Net Increase (Decrease) in Net Assets Resulting from Operations		10,427			(26,085	)
Dividends and Distributions to Shareholders:
Class I		(3,827	)		(8,231	)
Class A		(367	)		(784	)
Class L		(5	)		(17	)
Class C		(113	)		(258	)
Class R6*		(217	)		(455	)
Class IR		(—	@)		(1	)
Class W		(—	@)		(1	)
Total Dividends and Distributions to Shareholders		(4,529	)		(9,747	)
Capital Share Transactions:(1)
Class I:
Subscribed		9,954			43,321
Distributions Reinvested		3,698			8,101
Redeemed		(43,049	)		(64,717	)
Class A:
Subscribed		2,982			12,087
Distributions Reinvested		367			784
Redeemed		(3,033	)		(15,535	)
Class L:
Exchanged		37			—
Distributions Reinvested		5			17
Redeemed		(103	)		(110	)
Class C:
Subscribed		59			608
Distributions Reinvested		113			258
Redeemed		(829	)		(2,039	)
Class R6:*
Subscribed		4			9,619
Distributions Reinvested		217			455
Redeemed		(2,916	)		(3,540	)
Class IR:
Distributions Reinvested		—	@		1
Class W:
Distributions Reinvested		—	@		1
Net Decrease in Net Assets Resulting from Capital Share Transactions		(32,494	)		(10,689	)
Total Decrease in Net Assets		(26,596	)		(46,521	)
Net Assets:
Beginning of Period		141,982			188,503
End of Period	$	115,386		$	141,982

The accompanying notes are an integral part of the financial statements.
14

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

High Yield Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
(1)   Capital Share Transactions:
Class I:
Shares Subscribed		1,234			4,876
Shares Issued on Distributions Reinvested		458			906
Shares Redeemed		(5,304	)		(7,365	)
Net Decrease in Class I Shares Outstanding		(3,612	)		(1,583	)
Class A:
Shares Subscribed		369			1,381
Shares Issued on Distributions Reinvested		46			88
Shares Redeemed		(378	)		(1,760	)
Net Increase (Decrease) in Class A Shares Outstanding		37			(291	)
Class L:
Shares Exchanged		4			—
Shares Issued on Distributions Reinvested		1			2
Shares Redeemed		(13	)		(13	)
Net Decrease in Class L Shares Outstanding		(8	)		(11	)
Class C:
Shares Subscribed		7			65
Shares Issued on Distributions Reinvested		14			29
Shares Redeemed		(103	)		(231	)
Net Decrease in Class C Shares Outstanding		(82	)		(137	)
Class R6:*
Shares Subscribed		1			1,056
Shares Issued on Distributions Reinvested		27			52
Shares Redeemed		(363	)		(432	)
Net Increase (Decrease) in Class R6 Shares Outstanding		(335	)		676
Class IR:
Shares Issued on Distributions Reinvested		—	@@		—	@@
Class W
Shares issued on Distributions Reinvested		—	@@		—	@@

*  Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@  Amount is less than $500.

@@  Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.
15

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

High Yield Portfolio

	Class I
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.84		$	9.68		$	9.19		$	9.78		$	9.96		$	10.15
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.27			0.50			0.53			0.57			0.63			0.65
Net Realized and Unrealized Gain (Loss)		0.33			(1.83	)		0.49			(0.57	)		(0.19	)		(0.16	)
Total from Investment Operations		0.60			(1.33	)		1.02			0.00			0.44			0.49
Distributions from and/or in Excess of:
Net Investment Income		(0.27	)		(0.51	)		(0.53	)		(0.59	)		(0.62	)		(0.68	)
Net Asset Value, End of Period	$	8.17		$	7.84		$	9.68		$	9.19		$	9.78		$	9.96
Total Return(2)		7.74	%(5)		(14.27	)%		11.38	%		0.15	%		4.68	%		5.01	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	93,437		$	117,898		$	161,038		$	155,539		$	176,483		$	149,683
Ratio of Expenses Before Expense Limitation		1.11	%(6)		1.04	%		1.03	%		1.02	%		0.98	%		1.00	%
Ratio of Expenses After Expense Limitation		0.65	%(3)(6)		0.65	%(3)		0.65	%(3)		0.65	%(3)		0.65	%(3)		0.65	%(3)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.65	%(3)		0.65	%(3)		0.65	%(3)		0.65	%(3)
Ratio of Net Investment Income		6.70	%(3)(6)		5.64	%(3)		5.50	%(3)		6.20	%(3)		6.51	%(3)		6.49	%(3)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(4)(6)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)
Portfolio Turnover Rate		28	%(5)		28	%		54	%		69	%		42	%		39	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value as of the last business day of the period.

(3)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4)  Amount is less than 0.005%.

(5)  Not annualized.

(6)  Annualized.

The accompanying notes are an integral part of the financial statements.
16

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

High Yield Portfolio

	Class A
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.82		$	9.67		$	9.17		$	9.76		$	9.94		$	10.13
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.26			0.47			0.49			0.55			0.60			0.61
Net Realized and Unrealized Gain (Loss)		0.34			(1.84	)		0.51			(0.58	)		(0.20	)		(0.16	)
Total from Investment Operations		0.60			(1.37	)		1.00			(0.03	)		0.40			0.45
Distributions from and/or in Excess of:
Net Investment Income		(0.26	)		(0.48	)		(0.50	)		(0.56	)		(0.58	)		(0.64	)
Net Asset Value, End of Period	$	8.16		$	7.82		$	9.67		$	9.17		$	9.76		$	9.94
Total Return(2)		7.71	%(5)		(14.69	)%		11.14	%		(0.22	)%		4.28	%		4.64	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	12,371		$	11,573		$	17,116		$	14,595		$	24,401		$	30,242
Ratio of Expenses Before Expense Limitation		1.34	%(6)		1.29	%		1.27	%		1.31	%		1.23	%		1.29	%
Ratio of Expenses After Expense Limitation		1.00	%(3)(6)		1.00	%(3)		0.99	%(3)		1.00	%(3)		0.99	%(3)		1.00	%(3)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.99	%(3)		1.00	%(3)		0.99	%(3)		1.00	%(3)
Ratio of Net Investment Income		6.37	%(3)(6)		5.27	%(3)		5.16	%(3)		5.87	%(3)		6.17	%(3)		6.14	%(3)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(4)(6)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)
Portfolio Turnover Rate		28	%(5)		28	%		54	%		69	%		42	%		39	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4)  Amount is less than 0.005%.

(5)  Not annualized.

(6)  Annualized.

The accompanying notes are an integral part of the financial statements.
17

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

High Yield Portfolio

	Class L
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.83		$	9.67		$	9.17		$	9.76		$	9.94		$	10.13
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.24			0.45			0.47			0.52			0.57			0.59
Net Realized and Unrealized Gain (Loss)		0.34			(1.84	)		0.51			(0.58	)		(0.19	)		(0.16	)
Total from Investment Operations		0.58			(1.39	)		0.98			(0.06	)		0.38			0.43
Distributions from and/or in Excess of:
Net Investment Income		(0.24	)		(0.45	)		(0.48	)		(0.53	)		(0.56	)		(0.62	)
Net Asset Value, End of Period	$	8.17		$	7.83		$	9.67		$	9.17		$	9.76		$	9.94
Total Return(2)		7.63	%(5)		(14.92	)%		10.84	%		(0.46	)%		4.06	%		4.37	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	169		$	222		$	383		$	425		$	468		$	504
Ratio of Expenses Before Expense Limitation		2.82	%(6)		2.16	%		1.98	%		1.91	%		1.86	%		1.91	%
Ratio of Expenses After Expense Limitation		1.25	%(3)(6)		1.25	%(3)		1.25	%(3)		1.25	%(3)		1.25	%(3)		1.25	%(3)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.25	%(3)		1.25	%(3)		1.25	%(3)		1.25	%(3)
Ratio of Net Investment Income		6.10	%(3)(6)		5.02	%(3)		4.90	%(3)		5.60	%(3)		5.93	%(3)		5.90	%(3)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(4)(6)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)
Portfolio Turnover Rate		28	%(5)		28	%		54	%		69	%		42	%		39	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value as of the last business day of the period.

(3)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4)  Amount is less than 0.005%.

(5)  Not Annualized.

(6)  Annualized.

The accompanying notes are an integral part of the financial statements.
18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

High Yield Portfolio

	Class C
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.81		$	9.65		$	9.16		$	9.75		$	9.93		$	10.12
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.22			0.40			0.42			0.46			0.52			0.54
Net Realized and Unrealized Gain (Loss)		0.34			(1.83	)		0.50			(0.56	)		(0.19	)		(0.16	)
Total from Investment Operations		0.56			(1.43	)		0.92			(0.10	)		0.33			0.38
Distributions from and/or in Excess of:
Net Investment Income		(0.23	)		(0.41	)		(0.43	)		(0.49	)		(0.51	)		(0.57	)
Net Asset Value, End of Period	$	8.14		$	7.81		$	9.65		$	9.16		$	9.75		$	9.93
Total Return(2)		7.18	%(5)		(15.27	)%		10.20	%		(0.93	)%		3.55	%		3.91	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	3,632		$	4,121		$	6,418		$	7,633		$	5,226		$	5,811
Ratio of Expenses Before Expense Limitation		2.12	%(6)		2.05	%		2.01	%		2.02	%		1.98	%		2.01	%
Ratio of Expenses After Expense Limitation		1.75	%(3)(6)		1.75	%(3)		1.74	%(3)		1.74	%(3)		1.74	%(3)		1.73	%(3)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			1.74	%(3)		1.74	%(3)		1.74	%(3)		1.73	%(3)
Ratio of Net Investment Income		5.61	%(3)(6)		4.51	%(3)		4.41	%(3)		5.06	%(3)		5.43	%(3)		5.41	%(3)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(4)(6)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)
Portfolio Turnover Rate		28	%(5)		28	%		54	%		69	%		42	%		39	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(4)  Amount is less than 0.005%.

(5)  Not annualized.

(6)  Annualized.

The accompanying notes are an integral part of the financial statements.
19

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

High Yield Portfolio

	Class R6(1)
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.84		$	9.69		$	9.19		$	9.78		$	9.96		$	10.15
Income (Loss) from Investment Operations:
Net Investment Income(2)		0.27			0.51			0.53			0.55			0.64			0.65
Net Realized and Unrealized Gain (Loss)		0.34			(1.84	)		0.50			(0.55	)		(0.20	)		(0.16	)
Total from Investment Operations		0.61			(1.33	)		1.03			0.00			0.44			0.49
Distributions from and/or in Excess of:
Net Investment Income		(0.27	)		(0.52	)		(0.53	)		(0.59	)		(0.62	)		(0.68	)
Net Asset Value, End of Period	$	8.18		$	7.84		$	9.69		$	9.19		$	9.78		$	9.96
Total Return(3)		7.88	%(6)		(14.30	)%		11.49	%		0.18	%		4.71	%		5.04	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	5,757		$	8,149		$	3,526		$	5,471		$	301		$	865
Ratio of Expenses Before Expense Limitation		1.00	%(7)		0.94	%		0.94	%		0.94	%		1.11	%		1.15	%
Ratio of Expenses After Expense Limitation		0.62	%(4)(7)		0.62	%(4)		0.62	%(4)		0.62	%(4)		0.62	%(4)		0.62	%(4)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.62	%(4)		0.62	%(4)		0.62	%(4)		0.62	%(4)
Ratio of Net Investment Income		6.75	%(4)(7)		5.82	%(4)		5.54	%(4)		6.20	%(4)		6.55	%(4)		6.52	%(4)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(5)(7)		0.00	%(5)		0.00	%(5)		0.00	%(5)		0.00	%(5)		0.00	%(5)
Portfolio Turnover Rate		28	%(6)		28	%		54	%		69	%		42	%		39	%

(1)  Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2)  Per share amount is based on average shares outstanding.

(3)  Calculated based on the net asset value as of the last business day of the period.

(4)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5)  Amount is less than 0.005%.

(6)  Not annualized.

(7)  Annualized.

The accompanying notes are an integral part of the financial statements.
20

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

High Yield Portfolio

	Class IR
	Six Months Ended March 31, 2023			Year Ended September 30,												Period from June 15, 2018(1) to
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			September 30, 2018
Net Asset Value, Beginning of Period	$	7.84		$	9.69		$	9.19		$	9.78		$	9.96		$	9.93
Income (Loss) from Investment Operations:
Net Investment Income(2)		0.24			0.48			0.50			0.52			0.56			0.16
Net Realized and Unrealized Gain (Loss)		0.36			(1.81	)		0.53			(0.52	)		(0.12	)		0.03
Total from Investment Operations		0.60			(1.33	)		1.03			0.00			0.44			0.19
Distributions from and/or in Excess of:
Net Investment Income		(0.27	)		(0.52	)		(0.53	)		(0.59	)		(0.62	)		(0.16	)
Net Asset Value, End of Period	$	8.17		$	7.84		$	9.69		$	9.19		$	9.78		$	9.96
Total Return(3)		7.75	%(6)		(14.30	)%		11.49	%		0.18	%		4.71	%		1.92	%(6)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period, (Thousands)	$	10		$	10		$	11		$	10		$	10		$	10
Ratio of Expenses Before Expense Limitation		19.35	%(7)		19.61	%		18.97	%		20.43	%		20.17	%		18.62	%(7)
Ratio of Expenses After Expense Limitation		0.62	%(4)(7)		0.62	%(4)		0.62	%(4)		0.62	%(4)		0.62	%(4)		0.62	%(4)(7)
Ratios of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.62	%(4)		0.62	%(4)		0.62	%(4)		0.62	%(4)(7)
Ratio of Net Investment Income		5.99	%(4)(7)		5.38	%(4)		5.26	%(4)		5.70	%(4)		5.80	%(4)		5.75	%(4)(7)
Ratio of Rebate from Morgan Stanley Affiliates		N/A%(5)(7)			0.00	%(5)		0.00	%(5)		0.00	%(5)		0.00	%(5)		0.00	%(5)(7)
Portfolio Turnover Rate		28	%(6)		28	%		54	%		69	%		42	%		39	%(6)

(1)  Commencement of Offering.

(2)  Per share amount is based on average shares outstanding.

(3)  Calculated based on the net asset value as of the last business day of the period.

(4)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5)  Amount is less than 0.005%.

(6)  Not annualized.

(7)  Annualized.

The accompanying notes are an integral part of the financial statements.
21

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

High Yield Portfolio

	Class W
Selected Per Share Data and Ratios	Six Months Ended March 31, 2023 (unaudited)			Year Ended September 30, 2022			Period from November 16, 2020(1) to September 30, 2021
Net Asset Value, Beginning of Period	$	7.84		$	9.69		$	9.42
Income (Loss) from Investment Operations:
Net Investment Income(2)		0.30			0.56			0.51
Net Realized and Unrealized Gain (Loss)		0.33			(1.84	)		0.26
Total from Investment Operations		0.63			(1.28	)		0.77
Distributions from and/or in Excess of:
Net Investment Income		(0.30	)		(0.57	)		(0.50	)
Net Asset Value, End of Period	$	8.17		$	7.84		$	9.69
Total Return(3)		8.10	%(6)		(13.80	)%		8.39	%(6)
Ratios and Supplemental Data:
Net Assets, End of Period (Thousands)	$	10		$	9		$	11
Ratio of Expenses Before Expense Limitation		20.07	%(7)		20.44	%		20.81	%(7)
Ratio of Expenses After Expense Limitation		0.00	%(4)(7)		0.00	%(4)		0.00	%(4)(7)
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			0.00	%(4)(7)
Ratio of Net Investment Income		7.36	%(7)(4)		6.27	%(4)		6.09	%(4)(7)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(5)		0.00	%(5)		0.00	%(5)(7)
Portfolio Turnover Rate		28	%(6)		28	%		54	%(6)

(1)  Commencement of Offering.

(2)  Per share amount is based on average shares outstanding.

(3)  Calculated based on the net asset value as of the last business day of the period.

(4)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(5)  Amount is less than 0.005%.

(6)  Not annualized.

(7)  Annualized.

The accompanying notes are an integral part of the financial statements.
22

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements

Morgan Stanley Institutional Fund Trust ("Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is comprised of nine separate, active funds (individually referred to as a "Fund," collectively as the "Funds"). The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. All Funds are considered diversified for purposes of the Act.

The accompanying financial statements relate to the High Yield Portfolio. The Fund seeks total return. The Fund offers seven classes of shares — Class I, Class A, Class L, Class C, Class R6, Class IR and Class W. Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The Fund has suspended offering Class L shares for sale to all investors. Class L shareholders of the Fund do not have the option to purchasing additional Class L shares. However, existing Class L shareholders may invest in additional Class L shares through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Trust in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1.  Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such

exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter ("OTC") market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers/dealers; (4) certain senior collateralized loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (5) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or

23

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

by the Adviser using a pricing service and/or procedures approved by the Trustees; and (6) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

2.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

•  Level 1 – unadjusted quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Corporate Bonds	$	—	$	109,131		$	—	$	109,131
Variable Rate Senior Loan Interests		—		397			—		397
Total Fixed Income Securities		—		109,528			—		109,528
Common Stocks
Automobile Components		—		—	†		—		—	†
Diversified REITs		—		4			—		4
Machinery		—		25			—		25
Semiconductors & Semiconductor Equipment		—		31			—		31
Total Common Stocks		—		60	†		—		60	†
Short-Term Investment
Investment Company		2,561		—			—		2,561
Total Assets	$	2,561	$	109,588	†	$	—	$	112,149	†

†  Includes a security valued at zero.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

24

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Common Stock (000)
Beginning Balance	$	11	†
Purchases		—
Sales		—
Amortization of discount		—
Transfers in		—
Transfers out		(25	)
Corporate actions		—
Change in unrealized appreciation (depreciation)		14
Realized gains (losses)		—
Ending Balance	$	—	†
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023	$	14

†  Includes a security valued at zero.

3.  Senior Loans: Senior Loans are typically structured by a syndicate of lenders ("Lenders"), one or more of which administers the Senior Loan on behalf of the Lenders ("Agent"). Lenders may sell interests in Senior Loans to third parties ("Participations") or may assign all or a portion of their interest in a Senior Loan to third parties ("Assignments"). Senior Loans are exempt from registration under the Securities Act of 1933. Presently, Senior Loans are not readily marketable and are often subject to restrictions on resale.

4.  Structured Investments: The Fund invested a portion of its assets in structured investments. A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. The Fund will typically use structured investments to gain exposure to a permitted underlying security, currency, commodity or market when direct access to a market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because the Fund is relying on the creditworthiness of such issuer or

counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing the Fund's illiquidity to the extent that the Fund, at a particular time, may be unable to find qualified buyers for these securities.

5.  Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

6.  Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed at least annually.

7.  Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. When the Fund buys an interest in a Senior Loan, it may receive a commitment fee which is paid to lenders on an ongoing basis based upon the undrawn portion committed by the lenders of the underlying Senior Loan. The Fund accrues the commitment fee over the expected term of the loan. When the Fund sells an interest in a Senior Loan, it may be required to pay fees or commissions to the purchaser of the interest. Fees received in connection with loan amendments are accrued as earned. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Fund can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution

25

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

and shareholder services, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

The Fund owns shares of real estate investment trusts ("REITs") which report information on the source of their distributions annually in the following calendar year. A portion of distributions received from REITs during the year is estimated to be a return of capital and is recorded as a reduction of their cost.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.60% of the average daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.65% for Class I shares, 1.00% for Class A shares, 1.25% for Class L shares, 1.75% for Class C shares, 0.62% for Class R6 shares and 0.62% for Class IR shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. The Adviser, is contractually obligated to waive its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation) will not exceed 0.00% for Class W. The Adviser expects this obligation to remain in effect indefinitely, unless changed or terminated by the Trustees of the Trust. For the six months ended March 31, 2023, approximately $225,000 of advisory fees were waived and approximately $76,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Trust. For such services, the

Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.25% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

E. Dividend Disbursing and Transfer/Co-Transfer Agent: The Trust's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS, Inc."). Pursuant to a Transfer Agency Agreement, the Trust pays SS&C GIDS, Inc. a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the

26

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended March 31, 2023, EVM earned $0 for providing such services.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $37,109,000 and $71,760,000, respectively. There were no purchases and sales of long-term U.S. Government securities for the six months ended March 31, 2023.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2023, advisory fees paid were reduced by less than $500 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2023 is as follows:

Affiliated Investment Company	Value September 30, 2022 (000)		Purchases at Cost (000)		Proceeds from Sales (000)		Dividend Income (000)
Liquidity Funds	$	740	$	19,759	$	17,938	$	11

Affiliated Investment Company (cont'd)	Realized Gain (Loss) (000)		Change in Unrealized Appreciation (Depreciation) (000)		Value March 31, 2023 (000)
Liquidity Funds	$	—	$	—	$	2,561

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to

procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

H. Federal Income Taxes: It is the Fund's intention to continue to qualify as a regulated investment company ("RIC") and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2022 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for

27

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

tax purposes. The tax character of distributions paid during fiscal years 2022 and 2021 was as follows:

2022 Distributions Paid From: Ordinary Income (000)		2021 Distributions Paid From: Ordinary Income (000)
$	9,747	$	10,436

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gain (000)
$	892	$	—

At September 30, 2022, the Fund had available for federal income tax purposes unused short-term and long-term capital losses of approximately $2,049,000 and $15,381,000, respectively, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $300,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended March 31, 2023, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2023, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 69.3%.

K. Market Risk: An 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. Social, political, economic and other conditions and events, such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets and global economy. 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 be sudden and significant and may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of and/or income or yield from the Fund's investments and exacerbate pre-existing risks to the Fund. For example, the extent of the impact of a public health emergency depends on future developments, including (i) the duration and spread of the public health emergency, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments.

L. LIBOR Discontinuance or Unavailability Risk: 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

28

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

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 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 the end of June 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 derivatives and other instruments or investments held by the Fund. In light of this eventuality, public and private sector industry initiatives are currently underway to establish new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund's investments and result in costs incurred in connection with closing out positions and entering into new trades.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Some of the Fund's investments may be so-called "tough legacy" LIBOR instruments which may not have effective alternative rate-setting provisions or may involve counterparties who are unwilling to add or exercise rights under alternative rate-setting provisions in such instruments. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace U.S. Dollar LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on the Secured Overnight Financing Rate ("SOFR") for tough legacy contracts.

On February 27, 2023, the final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts governed by U.S. law. In addition, the FCA has announced that it will require the publication of the one-month, three-month and six-month U.S. Dollar LIBOR settings on the basis of a changed methodology (known as "synthetic LIBOR"), after June 30, 2023 through at least September 30, 2024, addressing non-U.S. law governed U.S. Dollar LIBOR instruments, but this synthetic LIBOR will be designated by the FCA as unrepresentative of the underlying market that it seeks to measure and will be solely available for use in legacy transactions. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements, the application of synthetic LIBOR or otherwise may also result in a reduction in the value of certain instruments held by the Fund or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR is still developing. There may also be challenges for the Fund to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions more fully develops. All of the aforementioned may adversely affect the Fund's investments (including their volatility, value and liquidity) and, as a result, the performance or NAV.

29

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), the Fund has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund (i.e., liquidity risk). The Fund's Board of Trustees (the "Board") previously approved the designation of the Liquidity Risk Subcommittee (the "LRS") as Program administrator. The LRS is comprised of representatives from various divisions within Morgan Stanley Investment Management.

At a meeting held on March 1-2, 2023, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2022, through December 31, 2022, as required under the Liquidity Rule. The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

In accordance with the Program, the LRS assessed each Fund's liquidity risk no less frequently than annually taking into consideration certain factors, as applicable, such as (i) investment strategy and liquidity of portfolio investments, (ii) short-term and long-term cash flow projections and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories, which classification is assessed at least monthly by the LRS. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading and investment-specific considerations, as well as market depth, and in some cases utilize third-party vendor data.

The Liquidity Rule limits a fund's investments in illiquid investments to 15% of its net assets and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or "HLIM"). The LRS believes that the Program includes provisions reasonably designed to review, monitor and comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement, as applicable.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

30

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice   April 2021

FACTS	WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◼ Social Security number and income ◼ investment experience and risk tolerance ◼ checking account number and wire transfer instructions
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

31

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

To limit our sharing	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice? Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (see Investment Management Affiliates definition below)

What we do

How does MSIM protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?	We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.

32

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

Definitions

Investment Management Affiliates	MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other Important Information

Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.

California: Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

33

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Trustee and Officer Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the Annual Reports within 60 days of the end of the fund's second and fourth fiscal quarters. The Semi-Annual and Annual Reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to fund shareholders and makes these reports available on its public website, ww.morganstanley.com/im/shareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may obtain the Form N-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov).

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 869-6397 or by visiting our website at www.morganstanley.com/im/shareholderreports. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 869-6397.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling 1(800) 869-6397, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

34

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

© 2023 Morgan Stanley. Morgan Stanley Distribution, Inc.

IFTHYSAN
5647270 EXP 05.31.24

Morgan Stanley Institutional Fund Trust

Short Duration Income Portfolio

Semi-Annual Report

March 31, 2023

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Table of Contents

Shareholders' Letter	2
Expense Example	3
Portfolio of Investments	4
Statement of Assets and Liabilities	11
Statement of Operations	13
Statements of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	21
Liquidity Risk Management Program	29
U.S. Customer Privacy Notice	30
Trustees and Officers Information	33

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of the Morgan Stanley Institutional Fund Trust. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.

Additionally, you can access fund information including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.

There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.

1

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this Semi-Annual Report, in which you will learn how your investment in Short Duration Income Portfolio (the "Fund") performed during the latest six-month period.

Morgan Stanley Investment Management is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2023

2

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Expense Example

Short Duration Income Portfolio

As a shareholder of the Fund, you may incur two types of costs: (1) transactional costs, including sales charge (loads) on purchase payments; and (2) ongoing costs, which may include advisory fees, administration fees, distribution and shareholder services fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2023 and held for the entire six-month period.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads, if applicable). Therefore, the information for each class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/22		Actual Ending Account Value 3/31/23		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Short Duration Income Portfolio Class I	$	1,000.00	$	1,028.10	$	1,023.44	$	1.52	$	1.51		0.30	%
Short Duration Income Portfolio Class A		1,000.00		1,028.00		1,022.19		2.78		2.77		0.55
Short Duration Income Portfolio Class L		1,000.00		1,026.90		1,020.94		4.04		4.03		0.80
Short Duration Income Portfolio Class C		1,000.00		1,023.10		1,018.45		6.56		6.54		1.30
Short Duration Income Portfolio Class R6		1,000.00		1,029.60		1,023.68		1.27		1.26		0.25

*  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 182/365 (to reflect the most recent one-half year period).

**  Annualized.

3

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments

Short Duration Income Portfolio

	Face Amount (000)			Value (000)
Fixed Income Securities (98.1%)
Agency Adjustable Rate Mortgages (0.1%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
1 Year CMT + 2.18%, 3.37%, 6/1/38 (a)	$	61		$	62
1 Year CMT + 2.34%, 3.88%, 1/1/36 (a)		130			133
1 Year CMT + 2.31%, 4.17%, 3/1/37 (a)		147			150
1 Year CMT + 2.33%, 4.18%, 7/1/38 (a)		125			128
					473
Agency Bond — Consumer Discretionary (U.S. Government Guaranteed) (0.0%) (b)
Safina Ltd.
2.00%, 12/30/23		80			79
Agency Fixed Rate Mortgages (0.1%)
Federal Home Loan Mortgage Corporation,
Gold Pools:
4.50%, 12/1/24		28			28
6.50%, 4/1/24		—	@		—	@
7.50%, 5/1/35		9			10
8.00%, 8/1/32		5			6
8.50%, 8/1/31		7			7
Federal National Mortgage Association,
Conventional Pools:
4.50%, 6/1/24 - 7/1/24		49			47
5.00%, 12/1/24		25			26
6.00%, 9/1/37		25			26
6.50%, 2/1/28 - 10/1/32		86			92
7.00%, 7/1/29 - 3/1/37		99			105
7.50%, 8/1/37		12			13
8.00%, 4/1/33		22			24
8.50%, 10/1/32		11			12
Government National Mortgage Association,
Various Pools:
6.00%, 11/15/38		45			47
8.50%, 7/15/30		4			4
					447
Asset-Backed Securities (16.5%)
Affirm Asset Securitization Trust
4.55%, 6/15/27 (c)		767			756
AIMCO CLO,
Series 2018-B
3 Month USD LIBOR + 1.10%, 5.89%, 1/15/32 (a)(c)		1,725			1,704
AMSR Trust
2.11%, 9/17/37 (c)		975			900
Aqua Finance Trust
1.54%, 7/17/46 (c)		546			490
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd.
1 Month USD LIBOR + 1.07%, 5.75%, 8/15/34 (a)(c)		1,200			1,177

	Face Amount (000)		Value (000)
BHG Securitization Trust,
Series 2023-A Class A
5.55%, 4/17/36 (c)	$	1,525	$	1,514
Blackbird Capital Aircraft
2.44%, 7/15/46 (c)		686		596
Carlyle U.S. CLO Ltd.
3 Month USD LIBOR + 1.05%, 5.86%, 7/20/31 (a)(c)		2,225		2,206
Cartiga Asset Finance Trust LLC,
Series 2023-1 Class A
7.00%, 3/15/35 (c)		1,306		1,304
Cologix Data Centers US Issuer LLC
3.30%, 12/26/51 (c)		1,225		1,102
Commonbond Student Loan Trust
1.20%, 3/25/52 (c)		1,003		844
Dryden 58 CLO Ltd.
3 Month USD LIBOR + 1.00%, 5.79%, 7/17/31 (a)(c)		750		741
ECMC Group Student Loan Trust,
Class A1B
1 Month USD LIBOR + 1.00%, 5.85%, 1/27/70 (a)(c)		646		629
ELFI Graduate Loan Program 2021-A LLC
1.53%, 12/26/46 (c)		1,438		1,255
Elmwood CLO IV Ltd.
3 Month USD LIBOR + 1.24%, 6.03%, 4/15/33 (a)(c)		2,200		2,172
Falcon Aerospace Ltd.
3.60%, 9/15/39 (c)		288		247
FCI Funding 2021-1 LLC
1.13%, 4/15/33 (c)		180		175
FCI Funding 2019-1 LLC
3.63%, 2/18/31 (c)		7		7
FHF Trust
1.27%, 3/15/27 (c)		219		211
GAIA Aviation Ltd.
3.97%, 12/15/44 (c)		448		411
GCI Funding I LLC
2.82%, 10/18/45 (c)		992		890
Golub Capital Partners ABS Funding Ltd.,
2.77%, 4/20/29 (c)		1,725		1,595
Class A2
3.21%, 1/22/29 (c)		1,360		1,282
Kubota Credit Owner Trust
0.59%, 10/15/24 (c)		296		291
LCM 38 Ltd.
3 Month Term SOFR + 2.10%, 6.76%, 7/15/34 (a)(c)		2,000		1,995
Loanpal Solar Loan Ltd.,
2.22%, 3/20/48 (c)		1,311		1,033
2.29%, 1/20/48 (c)		1,010		799
Lunar 2021-1 Structured Aircraft Portfolio Notes
2.64%, 10/15/46 (c)		1,609		1,404

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Asset-Backed Securities (cont'd)
MACH 1 Cayman Ltd.
3.47%, 10/15/39 (c)	$	372	$	317
Madison Park Funding XXIV Ltd.
SOFR + 1.42%, 6.06%, 10/20/29 (a)(c)		2,198		2,181
MAPS Trust
2.52%, 6/15/46 (c)		724		636
Marlette Funding Trust,
Series 2023-1A Class A
6.07%, 4/15/33 (c)		2,300		2,299
Mercedes-Benz Auto Receivables Trust
0.55%, 2/18/25		78		77
MFA 2021-NPL1 LLC
2.36%, 3/25/60 (c)		784		744
Monroe Capital ABS Funding 2021-1 Ltd.
2.82%, 4/22/31 (c)		1,625		1,534
Mosaic Solar Loan Trust,
2.05%, 12/20/46 (c)		916		742
2.10%, 4/20/46 (c)		198		172
Navient Private Education Refi Loan Trust
0.94%, 7/15/69 (c)		983		860
Nelnet Student Loan Trust
1.32%, 4/20/62 (c)		893		803
Neuberger Berman Loan Advisers CLO 31 Ltd.
3 Month USD LIBOR + 1.04%, 5.85%, 4/20/31 (a)(c)		2,475		2,436
New Residential Advance Receivables Trust Advance Receivables Backed
1.43%, 8/15/53 (c)		1,170		1,145
Newday Funding Master Issuer PLC,
SOFR + 0.95%, 5.66%, 7/15/29 (a)(c)		1,175		1,161
SOFR + 1.10%, 5.81%, 3/15/29 (a)(c)		1,760		1,746
NRZ Advance Receivables Trust
1.48%, 9/15/53 (c)		1,380		1,347
NRZ Excess Spread-Collateralized Notes,
2.98%, 3/25/26 (c)		1,016		923
Class A
3.10%, 7/25/26 (c)		844		760
3.23%, 5/25/26 (c)		1,271		1,152
3.47%, 11/25/26 (c)		1,154		1,055
NRZ FHT Excess LLC,
Class A
4.21%, 11/25/25 (c)		377		351
Octane Receivables Trust,
1.21%, 9/20/28 (c)		272		261
Series 2023-1A Class A
5.87%, 5/21/29 (c)		891		893
Option One Mortgage Loan Trust Asset-Backed Certificates
1 Month USD LIBOR + 0.50%, 5.26%, 8/20/30 (a)		36		35
Oxford Finance Funding LLC
3.10%, 2/15/28 (c)		135		134

	Face Amount (000)			Value (000)
Palmer Square CLO 2018-2 Ltd.
3 Month USD LIBOR + 1.10%, 5.89%, 7/16/31 (a)(c)	$	1,225		$	1,215
PFS Financing Corp.,
0.77%, 8/15/26 (c)		1,310			1,225
0.97%, 2/15/26 (c)		960			923
4.27%, 8/15/27 (c)		2,225			2,187
PNMAC GMSR Issuer Trust
1 Month USD LIBOR + 2.35%, 6.97%, 4/25/23 (a)(c)		1,000			994
PRET 2021-NPL6 LLC
2.49%, 7/25/51 (c)		782			740
ReadyCap Lending Small Business Loan Trust
Daily U.S. Prime Rate – 0.50%, 7.50%, 12/27/44 (a)(c)		99			95
Republic Finance Issuance Trust
2.47%, 11/20/30 (c)		500			478
SMB Private Education Loan Trust,
1.34%, 3/17/53 (c)		610			546
1.68%, 2/15/51 (c)		701			638
Southwick Park CLO LLC
3 Month USD LIBOR + 1.06%, 5.87%, 7/20/32 (a)(c)		2,000			1,967
SPS Servicer Advance Receivables Trust
1.83%, 11/15/55 (c)		2,100			1,941
Start II Ltd.
4.09%, 3/15/44 (c)		617			547
Start Ltd.
4.09%, 5/15/43 (c)		1,260			1,096
Theorem Funding Trust
7.60%, 4/15/29 (c)		398			401
VCP RRL ABS I Ltd.,
Class A
2.15%, 10/20/31 (c)		372			343
					66,830
Collateralized Mortgage Obligations — Agency Collateral Series (0.2%)
Federal Home Loan Mortgage Corporation,
REMIC
7.50%, 9/15/29		147			151
Government National Mortgage Association,
1 Month USD LIBOR + 0.28%, 4.85%, 5/20/63 (a)		3			3
1 Month USD LIBOR + 0.45%, 5.02%, 5/20/62 (a)		—	@		—	@
1 Month USD LIBOR + 0.60%, 5.17%, 1/20/64 (a)		51			51
REMIC
1 Month USD LIBOR + 0.50%, 5.07%, 3/20/61 (a)		68			68
1 Month USD LIBOR + 0.56%, 5.13%, 9/20/62 (a)		137			137
Seasoned Credit Risk Transfer Trust
3.00%, 2/25/59		556			524
					934

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Commercial Mortgage-Backed Securities (5.5%)
Alen 2021-ACEN Mortgage Trust
1 Month USD LIBOR + 1.15%, 5.83%, 4/15/34 (a)(c)	$	1,200	$	1,103
Angel Oak SB Commercial Mortgage Trust
2.07%, 5/25/50 (a)(c)		688		630
BX Commercial Mortgage Trust,
Class A
1 Month USD LIBOR + 0.70%, 5.38%, 4/15/34 (a)(c)		2,100		1,967
BX Trust BX 2022 VAMF
1 Month Term SOFR + 1.58%, 6.41%, 1/15/39 (a)(c)		820		777
Credit Suisse Mortgage Capital Certificates
3.53%, 8/15/37 (c)		575		505
CSMC 2020-TMIC,
Class A
1 Month USD LIBOR + 3.50%, 8.18%, 12/15/35 (a)(c)		2,125		2,122
CSMC 2022-MARK
1 Month Term SOFR + 2.70%, 7.52%, 6/15/39 (a)(c)		1,570		1,554
CSWF Commercial Mortgage Trust
1 Month USD LIBOR + 0.97%, 5.65%, 6/15/34 (a)(c)		1,787		1,731
DROP Mortgage Trust
1 Month USD LIBOR + 1.15%, 5.83%, 10/15/43 (a)(c)		1,700		1,574
HPLY Trust
1 Month USD LIBOR + 2.35%, 7.03%, 11/15/36 (a)(c)		383		363
J.P. Morgan Chase Commercial Mortgage Securities Trust,
4.13%, 7/5/31 (c)		1,100		1,024
Class A
1 Month USD LIBOR + 1.12%, 5.80%, 11/15/38 (a)(c)		2,450		2,362
Natixis Commercial Mortgage Securities Trust,
1 Month USD LIBOR + 0.95%, 5.63%, 8/15/38 (a)(c)		2,080		1,965
1 Month Term SOFR + 2.28%, 7.11%, 7/15/36 (a)(c)		850		785
Silver Hill Trust
3.10%, 11/25/49 (a)(c)		384		372
TPGI Trust,
Class A
1 Month USD LIBOR + 0.70%, 5.38%, 6/15/26 (a)(c)		1,175		1,134
TTAN 2021-MHC,
Class A
1 Month USD LIBOR + 0.85%, 5.54%, 3/15/38 (a)(c)		838		814
VMC Finance 2021-HT1 LLC
1 Month USD LIBOR + 1.65%, 6.41%, 1/18/37 (a)(c)		1,380		1,343
				22,125

	Face Amount (000)		Value (000)
Corporate Bonds (60.2%)
Finance (31.3%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
1.65%, 10/29/24	$	2,000	$	1,872
2.45%, 10/29/26		850		764
Air Lease Corp.
0.80%, 8/18/24		2,895		2,702
Assurant, Inc.
6.10%, 2/27/26		925		944
Athene Global Funding
2.75%, 6/25/24 (c)		2,280		2,199
Australia & New Zealand Banking Group Ltd.
4.40%, 5/19/26 (c)		2,500		2,417
Banco Bilbao Vizcaya Argentaria SA
0.88%, 9/18/23		1,600		1,564
Banco Santander Chile
2.70%, 1/10/25 (c)		800		766
Bank of America Corp.,
3.38%, 4/2/26		2,310		2,216
5.08%, 1/20/27		2,000		1,995
Bank of Nova Scotia
1.05%, 3/2/26		5,050		4,534
Banque Federative du Credit Mutuel SA,
2.38%, 11/21/24 (c)		3,480		3,315
4.52%, 7/13/25 (c)		3,210		3,138
Barclays PLC
5.30%, 8/9/26		2,000		1,961
BNP Paribas SA
2.22%, 6/9/26 (c)		3,150		2,895
BPCE SA
2.38%, 1/14/25 (c)		2,635		2,477
Canadian Imperial Bank of Commerce,
2.25%, 1/28/25		1,130		1,075
3.30%, 4/7/25		2,270		2,199
Citigroup, Inc.,
3.11%, 4/8/26		2,000		1,913
3.35%, 4/24/25		4,770		4,651
Corebridge Financial, Inc.
3.50%, 4/4/25 (c)		2,280		2,192
Deutsche Bank AG,
Series E
0.96%, 11/8/23		3,950		3,772
Elevance Health, Inc.
1.50%, 3/15/26		2,830		2,584
Equitable Financial Life Global Funding
1.40%, 7/7/25 (c)		3,300		3,054
F&G Annuities & Life, Inc.
7.40%, 1/13/28 (c)		1,650		1,661
GA Global Funding Trust
1.63%, 1/15/26 (c)		4,070		3,701
Goldman Sachs Group, Inc.
3.50%, 1/23/25		1,750		1,701

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Finance (cont'd)
Guardian Life Global Funding
0.88%, 12/10/25 (c)	$	2,450	$	2,211
HSBC Holdings PLC,
2.63%, 11/7/25		1,850		1,752
3.80%, 3/11/25		3,350		3,277
JPMorgan Chase & Co.,
2.01%, 3/13/26		2,000		1,886
2.08%, 4/22/26		4,500		4,213
5.55%, 12/15/25		2,120		2,136
LeasePlan Corp. NV
2.88%, 10/24/24 (c)		1,275		1,212
Lloyds Banking Group PLC
0.70%, 5/11/24		2,105		2,092
Macquarie Bank Ltd.
2.30%, 1/22/25 (c)		3,475		3,318
Macquarie Group Ltd.
1.34%, 1/12/27 (c)		3,060		2,733
NatWest Group PLC
7.47%, 11/10/26		2,000		2,069
Nordea Bank Abp
1.50%, 9/30/26 (c)		5,075		4,461
Royal Bank of Canada
1.20%, 4/27/26		7,020		6,301
Santander UK Group Holdings PLC
4.80%, 11/15/24		5,510		5,435
Societe Generale SA
2.63%, 1/22/25 (c)		1,175		1,102
Standard Chartered PLC
0.99%, 1/12/25 (c)		4,795		4,613
Sumitomo Mitsui Financial Group, Inc.
2.35%, 1/15/25		6,480		6,148
Suncorp-Metway Ltd.
3.30%, 4/15/24 (c)		1,980		1,939
Synchrony Bank
5.40%, 8/22/25		1,480		1,389
Wells Fargo & Co.
3.91%, 4/25/26		1,975		1,918
Woori Bank
4.88%, 1/26/28 (c)		2,165		2,172
				126,639
Industrials (26.4%)
Altria Group, Inc.
2.35%, 5/6/25		1,500		1,425
American Tower Corp.
1.60%, 4/15/26		450		407
Arrow Electronics, Inc.
6.13%, 3/1/26		1,525		1,529
AT&T, Inc.
1.70%, 3/25/26		2,840		2,614
Baxter International, Inc.
1.92%, 2/1/27		4,230		3,788

	Face Amount (000)		Value (000)
Bayer US Finance LLC
3.38%, 10/8/24 (c)	$	1,740	$	1,693
Boeing Co.
5.04%, 5/1/27		1,475		1,487
CDW LLC/CDW Finance Corp.
2.67%, 12/1/26		250		225
Celanese U.S. Holdings LLC
6.17%, 7/15/27		1,110		1,118
Charter Communications Operating LLC/Charter Communications Operating Capital
4.91%, 7/23/25		850		842
Cigna Corp.
4.50%, 2/25/26		3,025		3,013
Continental Resources, Inc.
2.27%, 11/15/26 (c)		1,000		889
Dell International LLC/EMC Corp.
5.45%, 6/15/23		523		523
DuPont de Nemours, Inc.
4.49%, 11/15/25		875		874
Eastern Energy Gas Holdings LLC
3.55%, 11/1/23		2,050		2,030
Energy Transfer LP,
2.90%, 5/15/25		4,130		3,938
4.75%, 1/15/26		325		321
Enterprise Products Operating LLC
3.90%, 2/15/24		1,200		1,186
Fox Corp.
4.03%, 1/25/24		1,200		1,187
General Motors Financial Co., Inc.,
1.50%, 6/10/26		2,890		2,574
3.95%, 4/13/24		1,250		1,232
Genuine Parts Co.
1.75%, 2/1/25		740		699
Georgia-Pacific LLC
1.75%, 9/30/25 (c)		4,080		3,781
Glencore Funding LLC
4.13%, 3/12/24 (c)		1,225		1,212
Global Payments, Inc.
4.95%, 8/15/27		1,250		1,236
Haleon US Capital LLC
3.02%, 3/24/24		750		729
HCA, Inc.
5.00%, 3/15/24		1,600		1,591
Hyundai Capital America,
1.30%, 1/8/26 (c)		2,780		2,498
5.50%, 3/30/26 (c)		675		676
Hyundai Capital Services, Inc.
2.13%, 4/24/25 (c)		1,000		938
Imperial Brands Finance PLC
3.13%, 7/26/24 (c)		2,015		1,953
JDE Peet's NV
0.80%, 9/24/24 (c)		3,025		2,820

The accompanying notes are an integral part of the financial statements.
7

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Industrials (cont'd)
Kinder Morgan, Inc.
1.75%, 11/15/26	$	2,640	$	2,381
Mercedes-Benz Finance North America LLC,
1.13%, 12/14/23 (c)		575		558
2.00%, 12/14/26 (c)		2,025		1,825
Mitsubishi Corp.
1.13%, 7/15/26 (c)		2,610		2,306
Mondelez International Holdings Netherlands BV,
1.25%, 9/24/26 (c)		2,910		2,593
2.25%, 9/19/24 (c)		950		914
NBN Co. Ltd.
1.45%, 5/5/26 (c)		2,770		2,505
Nissan Motor Co. Ltd.
3.04%, 9/15/23 (c)		2,640		2,601
NongHyup Bank
1.25%, 7/20/25 (c)		690		635
NTT Finance Corp.
1.16%, 4/3/26 (c)		6,790		6,138
Nucor Corp.
2.00%, 6/1/25		975		918
NXP BV/NXP Funding LLC/NXP USA, Inc.
2.70%, 5/1/25		1,540		1,462
PerkinElmer, Inc.
0.85%, 9/15/24		3,440		3,231
Pioneer Natural Resources Co.
1.13%, 1/15/26		4,490		4,083
Royalty Pharma PLC
1.20%, 9/2/25		1,475		1,338
Siemens Financieringsmaatschappij NV
3.25%, 5/27/25 (c)		1,000		972
Silgan Holdings, Inc.
1.40%, 4/1/26 (c)		1,875		1,683
Skyworks Solutions, Inc.
0.90%, 6/1/23		1,750		1,735
Sonoco Products Co.
1.80%, 2/1/25		1,460		1,375
TD SYNNEX Corp.
1.25%, 8/9/24		5,815		5,444
TSMC Global Ltd.
0.75%, 9/28/25 (c)		1,575		1,435
VICI Properties LP
4.38%, 5/15/25		1,880		1,822
Vontier Corp.
1.80%, 4/1/26		2,375		2,105
Warnermedia Holdings, Inc.
3.43%, 3/15/24 (c)		2,110		2,062
Williams Cos., Inc.
4.30%, 3/4/24		1,330		1,317
Zimmer Biomet Holdings, Inc.
1.45%, 11/22/24		2,400		2,269
				106,735

	Face Amount (000)		Value (000)
Utilities (2.5%)
Ameren Corp.
2.50%, 9/15/24	$	2,510	$	2,412
American Electric Power Co., Inc.,
Series N
1.00%, 11/1/25		1,500		1,363
Dominion Energy, Inc.,
Series A
1.45%, 4/15/26		2,355		2,123
NextEra Energy Capital Holdings, Inc.,
1.88%, 1/15/27		2,825		2,556
6.05%, 3/1/25		360		366
Southern Co.
4.48%, 8/1/24 (d)		1,175		1,162
				9,982
				243,356
Mortgages — Other (12.1%)
Ajax Mortgage Loan Trust,
1.07%, 9/25/65 (a)(c)		712		616
1.70%, 5/25/59 (c)		526		461
BRAVO Residential Funding Trust
2.00%, 5/25/59 (a)(c)		675		595
Brean Asset Backed Securities Trust,
1.40%, 10/25/63 (a)(c)		1,754		1,513
1.75%, 10/25/61 (a)(c)		1,805		1,590
Series 2023-RM6 Class A1
5.25%, 1/25/63 (c)		1,867		1,769
Bunker Hill Loan Depositary Trust
1.72%, 2/25/55 (a)(c)		217		204
Cascade Funding Mortgage Trust,
0.90%, 6/25/36 (a)(c)		1,187		1,131
1.37%, 2/25/31 (a)(c)		1,600		1,514
1.94%, 9/25/50 (a)(c)		1,203		1,104
2.72%, 12/26/30 (a)(c)		1,625		1,516
2.80%, 6/25/69 (a)(c)		218		212
4.00%, 10/25/68 (a)(c)		260		252
Cascade MH Asset Trust
4.25%, 8/25/54 (c)		1,553		1,382
CHL Mortgage Pass-Through Trust
5.50%, 5/25/34		37		36
CIM Trust 2021-NR2,
2.57%, 7/25/59 (c)		939		894
Credit Suisse Mortgage Capital Certificates,
0.94%, 5/25/66 (a)(c)		898		718
1.18%, 2/25/66 (a)(c)		786		664
Finance of America HECM Buyout
4.00%, 8/1/32 (a)(c)		2,367		2,297

The accompanying notes are an integral part of the financial statements.
8

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
Mortgages — Other (cont'd)
FMC GMSR Issuer Trust,
3.85%, 10/25/26 (a)(c)	$	1,700	$	1,462
4.45%, 1/25/26 (a)(c)		1,500		1,379
7.90%, 7/25/27 (c)		1,600		1,601
Class A
3.62%, 7/25/26 (a)(c)		1,550		1,333
Headlands Residential 2021-RPL1 LLC
2.49%, 9/25/26 (a)(c)		1,940		1,834
Homeward Opportunities Fund Trust
3.23%, 8/25/25 (c)		438		432
Imperial Fund Mortgage Trust,
1.38%, 10/25/55 (a)(c)		429		384
1.60%, 11/25/56 (a)(c)		894		745
2.49%, 2/25/67 (a)(c)		1,345		1,196
Legacy Mortgage Asset Trust
3.25%, 2/25/60 (c)		848		841
LHOME Mortgage Trust
2.09%, 2/25/26 (a)(c)		700		675
New Residential Mortgage Loan Trust,
3.75%, 5/28/52 - 8/25/55 (a)(c)		114		106
3.92%, 9/25/57 (a)(c)		214		198
NewRez Warehouse Securitization Trust
1 Month USD LIBOR + 0.75%, 5.60%, 5/25/55 (a)(c)		1,105		1,095
NYMT Loan Trust
2.94%, 10/25/60 (a)(c)		1,510		1,482
Oceanview Mortgage Loan Trust
1.73%, 5/28/50 (a)(c)		270		243
Pepper Residential Securities Trust,
1 Month USD LIBOR + 0.88%, 5.61%, 1/16/60 (a)(c)		9		9
1 Month USD LIBOR + 0.95%, 5.71%, 8/18/60 (a)(c)		42		42
1 Month USD LIBOR + 0.93%, 5.73%, 3/12/61 (a)(c)		78		78
1 Month USD LIBOR + 1.00%, 5.76%, 6/20/60 (a)(c)		34		34
Preston Ridge Partners LLC,
1.74%, 9/25/26 (a)(c)		1,006		914
2.12%, 1/25/26 - 3/25/26 (a)(c)		1,127		1,077
2.36%, 10/25/26 (c)		1,278		1,195
Pretium Mortgage Credit Partners I LLC
2.24%, 9/27/60 (c)		530		505
Residential Mortgage Loan Trust
1.65%, 5/25/60 (a)(c)		226		218
RESIMAC Bastille Trust,
1 Month USD LIBOR + 0.85%, 5.55%, 12/5/59 (a)(c)		6		6
1 Month USD LIBOR + 0.93%, 5.63%, 9/5/57 (a)(c)		65		65
RESIMAC Premier Trust
1 Month USD LIBOR + 0.95%, 5.71%, 2/10/51 (a)(c)		50		50

	Face Amount (000)		Value (000)
RMF Buyout Issuance Trust
1.72%, 10/25/50 (a)(c)	$	1,502	$	1,400
RMF Proprietary Issuance Trust,
2.13%, 9/25/61 (a)(c)		1,587		1,062
4.00%, 8/25/62 (a)(c)		2,225		1,722
Sequoia Mortgage Trust
1 Month USD LIBOR + 0.62%, 5.38%, 8/20/34 (a)		80		74
Stanwich Mortgage Loan Co. LLC
2.74%, 10/16/26 (c)		1,396		1,252
Towd Point HE Trust
0.92%, 2/25/63 (a)(c)		903		845
Towd Point Mortgage Trust,
1.75%, 10/25/60 (c)		539		463
2.75%, 4/25/57 (a)(c)		10		10
1 Month USD LIBOR + 0.60%, 4.21%, 2/25/57 (a)(c)		63		63
TVC Mortgage Trust
3.47%, 9/25/24 (c)		51		50
Verus Securitization Trust
1.03%, 2/25/66 (a)(c)		628		532
VOLT XCIII LLC
1.89%, 2/27/51 (c)		831		752
VOLT XCIV LLC
2.24%, 2/27/51 (c)		974		916
VOLT XCIX LLC
2.12%, 4/25/51 (c)		1,269		1,163
VOLT XCVI LLC
2.12%, 3/27/51 (c)		898		847
				48,818
Municipal Bond (0.0%) (b)
Golden State Tobacco Securitization Corp., CA
1.85%, 6/1/31		190		189
Sovereign (0.4%)
Korea National Oil Corp.
0.88%, 10/5/25 (c)		1,680		1,518
Supranational (0.4%)
Corp. Andina de Fomento
1.63%, 9/23/25		1,750		1,624
U.S. Treasury Security (2.6%)
U.S. Treasury Notes 4.50%, 11/30/24		10,350		10,392
Total Fixed Income Securities (Cost $420,783)				396,785
	Shares
Short-Term Investments (1.4%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds — Government Portfolio — Institutional Class (See Note G) (Cost $4,018)		4,017,892		4,018

The accompanying notes are an integral part of the financial statements.
9

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Short Duration Income Portfolio

	Face Amount (000)		Value (000)
U.S. Treasury Security (0.4%)
U.S. Treasury Bill 5.01%, 11/30/23 (e) (Cost $1,481)	$	1,530	$	1,485
Total Short-Term Investments (Cost $5,499)				5,503
Total Investments (99.5%) (Cost $426,282) (f)(g)				402,288
Other Assets in Excess of Liabilities (0.5%)				1,842
Net Assets (100.0%)			$	404,130

(a)  Floating or variable rate securities: The rates disclosed are as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(b)  Amount is less than 0.05%.

(c)  144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(d)  Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of March 31, 2023. Maturity date disclosed is the ultimate maturity date.

(e)  Rate shown is the yield to maturity at March 31, 2023.

(f)  Securities are available for collateral in connection with futures contracts.

(g)  At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $1,487,000 and the aggregate gross unrealized depreciation is approximately $25,245,000 resulting in net unrealized depreciation of approximately $23,758,000.

@  Value is less than $500.

CLO  Collateralized Loan Obligation.

CMT  Constant Maturity Treasury Note Rate.

LIBOR  London Interbank Offered Rate.

REMIC  Real Estate Mortgage Investment Conduit.

SOFR  Secured Overnight Financing Rate.

USD  United States Dollar.

Futures Contracts:

The Fund had the following futures contracts open at March 31, 2023:

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)
Long:
U.S. Treasury 2 yr. Note (United States)		547	Jun-23	$	109,400		$	112,930		$	1,248
Short:
U.S. Treasury 5 yr. Note (United States)		348	Jun-23		(34,800	)		(38,109	)		(747	)
U.S. Treasury 10 yr. Note (United States)		79	Jun-23		(7,900	)		(9,079	)		(265	)
										$	236

Portfolio Composition

Classification	Percentage of Total Investments
Finance		31.5	%
Industrials		26.5
Asset-Backed Securities		16.6
Mortgages — Other		12.1
Other*		7.8
Commercial Mortgage-Backed Securities		5.5
Total Investments		100.0	%**

*  Industries and/or investment types representing less than 5% of total investments.

**  Does not include open long/short futures contracts with a value of approximately $160,118,000 and net unrealized appreciation of approximately $236,000.

The accompanying notes are an integral part of the financial statements.
10

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Short Duration Income Portfolio

Statement of Assets and Liabilities	March 31, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $422,264)	$	398,270
Investment in Security of Affiliated Issuer, at Value (Cost $4,018)		4,018
Total Investments in Securities, at Value (Cost $426,282)		402,288
Cash		2
Interest and Paydown Receivable		2,242
Receivable for Fund Shares Sold		142
Receivable from Affiliate		11
Other Assets		117
Total Assets		404,802
Liabilities:
Payable for Fund Shares Redeemed		307
Payable for Sub Transfer Agency Fees — Class I		27
Payable for Sub Transfer Agency Fees — Class A		31
Payable for Sub Transfer Agency Fees — Class L		—	@
Payable for Sub Transfer Agency Fees — Class C		—	@
Payable for Professional Fees		56
Payable for Shareholder Services Fees — Class A		47
Payable for Distribution and Shareholder Services Fees — Class L		—	@
Payable for Distribution and Shareholder Services Fees — Class C		3
Payable for Advisory Fees		40
Payable for Trustees' Fees and Expenses		38
Payable for Variation Margin on Futures Contracts		29
Payable for Administration Fees		28
Payable for Custodian Fees		6
Payable for Transfer Agency Fees — Class I		—	@
Payable for Transfer Agency Fees — Class A		1
Payable for Transfer Agency Fees — Class L		—	@
Payable for Transfer Agency Fees — Class C		—	@
Payable for Transfer Agency Fees — Class R6		—	@
Other Liabilities		59
Total Liabilities		672
Net Assets	$	404,130
Net Assets Consist of:
Paid-in-Capital	$	430,011
Total Accumulated Loss		(25,881	)
Net Assets	$	404,130

The accompanying notes are an integral part of the financial statements.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Short Duration Income Portfolio

Statement of Assets and Liabilities (cont'd)	March 31, 2023 (000)
CLASS I:
Net Assets	$	180,468
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		22,947,277
Net Asset Value, Offering and Redemption Price Per Share	$	7.86
CLASS A:
Net Assets	$	218,915
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		27,759,549
Net Asset Value, Redemption Price Per Share	$	7.89
Maximum Sales Load		2.25	%
Maximum Sales Charge	$	0.18
Maximum Offering Price Per Share	$	8.07
CLASS L:
Net Assets	$	973
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		123,716
Net Asset Value, Offering and Redemption Price Per Share	$	7.86
CLASS C:
Net Assets	$	3,763
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		480,475
Net Asset Value, Offering and Redemption Price Per Share	$	7.83
CLASS R6:
Net Assets	$	11
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,414
Net Asset Value, Offering and Redemption Price Per Share	$	7.87

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
12

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Short Duration Income Portfolio

Statement of Operations	Six Months Ended March 31, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	5,674
Dividends from Security of Affiliated Issuer (Note G)		106
Total Investment Income		5,780
Expenses:
Advisory Fees (Note B)		404
Shareholder Services Fees — Class A (Note D)		280
Distribution and Shareholder Services Fees — Class L (Note D)		2
Distribution and Shareholder Services Fees — Class C (Note D)		19
Administration Fees (Note C)		162
Sub Transfer Agency Fees — Class I		68
Sub Transfer Agency Fees — Class A		75
Sub Transfer Agency Fees — Class L		—	@
Sub Transfer Agency Fees — Class C		1
Professional Fees		82
Registration Fees		46
Pricing Fees		19
Custodian Fees (Note F)		14
Shareholder Reporting Fees		10
Transfer Agency Fees — Class I (Note E)		3
Transfer Agency Fees — Class A (Note E)		3
Transfer Agency Fees — Class L (Note E)		1
Transfer Agency Fees — Class C (Note E)		1
Transfer Agency Fees — Class R6 (Note E)		1
Trustees' Fees and Expenses		7
Other Expenses		15
Total Expenses		1,213
Waiver of Advisory Fees (Note B)		(253	)
Reimbursement of Class Specific Expenses — Class I (Note B)		(27	)
Reimbursement of Class Specific Expenses — Class A (Note B)		(22	)
Reimbursement of Class Specific Expenses — Class L (Note B)		(1	)
Reimbursement of Class Specific Expenses — Class C (Note B)		(2	)
Reimbursement of Class Specific Expenses — Class R6 (Note B)		(1	)
Rebate from Morgan Stanley Affiliate (Note G)		(5	)
Net Expenses		902
Net Investment Income		4,878
Realized Gain (Loss):
Investments Sold		(2,405	)
Futures Contracts		654
Net Realized Loss		(1,751	)
Change in Unrealized Appreciation (Depreciation):
Investments		9,372
Foreign Currency Translation		—	@
Futures Contracts		(1,420	)
Net Change in Unrealized Appreciation (Depreciation)		7,952
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		6,201
Net Increase in Net Assets Resulting from Operations	$	11,079

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
13

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Short Duration Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	4,878		$	6,204
Net Realized Gain (Loss)		(1,751	)		524
Net Change in Unrealized Appreciation (Depreciation)		7,952			(33,697	)
Net Increase (Decrease) in Net Assets Resulting from Operations		11,079			(26,969	)
Dividends and Distributions to Shareholders:
Class I		(2,377	)		(2,861	)
Class A		(2,792	)		(3,120	)
Class L		(11	)		(9	)
Class C		(32	)		(16	)
Class R6*		(—	@)		(—	@)
Total Dividends and Distributions to Shareholders		(5,212	)		(6,006	)
Capital Share Transactions:(1)
Class I:
Subscribed		45,924			103,422
Distributions Reinvested		2,376			2,861
Redeemed		(48,520	)		(169,590	)
Class A:
Subscribed		25,565			138,289
Distributions Reinvested		2,776			3,110
Redeemed		(42,489	)		(213,622	)
Class L:
Exchanged		29			343
Distributions Reinvested		11			9
Redeemed		(55	)		(117	)
Class C:
Subscribed		853			6,127
Distributions Reinvested		32			16
Redeemed		(819	)		(4,918	)
Class R6:*
Distributions Reinvested		—	@		—	@
Net Decrease in Net Assets Resulting from Capital Share Transactions		(14,317	)		(134,070	)
Total Decrease in Net Assets		(8,450	)		(167,045	)
Net Assets:
Beginning of Period		412,580			579,625
End of Period	$	404,130		$	412,580

The accompanying notes are an integral part of the financial statements.
14

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Short Duration Income Portfolio

Statements of Changes in Net Assets (cont'd)	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
(1)   Capital Share Transactions:
Class I:
Shares Subscribed		5,900			12,879
Shares Issued on Distributions Reinvested		306			355
Shares Redeemed		(6,258	)		(20,928	)
Net Decrease in Class I Shares Outstanding		(52	)		(7,694	)
Class A:
Shares Subscribed		3,283			17,097
Shares Issued on Distributions Reinvested		357			385
Shares Redeemed		(5,460	)		(26,278	)
Net Decrease in Class A Shares Outstanding		(1,820	)		(8,796	)
Class L:
Shares Exchanged		4			42
Shares Issued on Distributions Reinvested		1			1
Shares Redeemed		(7	)		(14	)
Net Increase (Decrease) in Class L Shares Outstanding		(2	)		29
Class C:
Shares Subscribed		111			753
Shares Issued on Distributions Reinvested		4			2
Shares Redeemed		(106	)		(605	)
Net Increase in Class C Shares Outstanding		9			150
Class R6:*
Shares Issued on Distributions Reinvested		—	@@		—	@@

*  Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

@  Amount is less than $500.

@@  Amount is less than 500 shares.

The accompanying notes are an integral part of the financial statements.
15

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Short Duration Income Portfolio

	Class I
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.75		$	8.33		$	8.31		$	8.24		$	8.13		$	8.15
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.10			0.12			0.10			0.17			0.21			0.17
Net Realized and Unrealized Gain (Loss)		0.12			(0.58	)		0.03			0.09			0.10			(0.03	)
Total from Investment Operations		0.22			(0.46	)		0.13			0.26			0.31			0.14
Distributions from and/or in Excess of:
Net Investment Income		(0.10	)		(0.12	)		(0.11	)		(0.19	)		(0.20	)		(0.16	)
Net Realized Gain		(0.01	)		—			—			—			—			—
Total Distributions		(0.11	)		(0.12	)		(0.11	)		(0.19	)		(0.20	)		(0.16	)
Net Asset Value, End of Period	$	7.86		$	7.75		$	8.33		$	8.31		$	8.24		$	8.13
Total Return(2)		2.81	%(7)		(5.62	)%		1.57	%		3.20	%		3.93	%(3)		1.79	%(4)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	180,468		$	178,175		$	255,659		$	233,816		$	174,909		$	118,810
Ratio of Expenses Before Expense Limitation		0.46	%(8)		0.44	%		0.45	%		0.53	%		0.49	%		0.50	%
Ratio of Expenses After Expense Limitation		0.30	%(5)(8)		0.30	%(5)		0.30	%(5)		0.29	%(5)		0.30	%(5)		0.28	%(5)
Ratio of Net Investment Income		2.57	%(5)(8)		1.48	%(5)		1.25	%(5)		2.12	%(5)		2.55	%(5)		2.13	%(5)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(6)(8)		0.00	%(6)		0.00	%(6)		0.01	%		0.00	%(6)		0.00	%(6)
Portfolio Turnover Rate		11	%(7)		53	%		53	%		74	%		64	%		40	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value as of the last business day of the period.

(3)  Performance was positively impacted by approximately 0.13% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. This was a one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class I shares would have been approximately 3.80%.

(4)  Performance was positively impacted by approximately 0.25% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class I shares would have been approximately 1.54%.

(5)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6)  Amount is less than 0.005%.

(7)  Not annualized.

(8)  Annualized.

The accompanying notes are an integral part of the financial statements.
16

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Short Duration Income Portfolio

	Class A
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.77		$	8.35		$	8.34		$	8.26		$	8.15		$	8.17
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.09			0.10			0.08			0.15			0.19			0.15
Net Realized and Unrealized Gain (Loss)		0.13			(0.59	)		0.02			0.10			0.10			(0.03	)
Total from Investment Operations		0.22			(0.49	)		0.10			0.25			0.29			0.12
Distributions from and/or in Excess of:
Net Investment Income		(0.09	)		(0.09	)		(0.09	)		(0.17	)		(0.18	)		(0.14	)
Net Realized Gain		(0.01	)		—			—			—			—			—
Total Distributions		(0.10	)		(0.09	)		(0.09	)		(0.17	)		(0.18	)		(0.14	)
Net Asset Value, End of Period	$	7.89		$	7.77		$	8.35		$	8.34		$	8.26		$	8.15
Total Return(2)		2.80	%(7)		(5.85	)%		1.20	%		3.06	%		3.66	%(3)		1.51	%(4)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	218,915		$	229,782		$	320,477		$	148,771		$	83,111		$	68,517
Ratio of Expenses Before Expense Limitation		0.69	%(8)		0.68	%		0.69	%		0.77	%		0.76	%		0.80	%
Ratio of Expenses After Expense Limitation		0.55	%(5)(8)		0.55	%(5)		0.55	%(5)		0.54	%(5)		0.55	%(5)		0.55	%(5)
Ratio of Net Investment Income		2.31	%(5)(8)		1.22	%(5)		0.98	%(5)		1.84	%(5)		2.30	%(5)		1.85	%(5)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(6)(8)		0.00	%(6)		0.00	%(6)		0.01	%		0.00	%(6)		0.00	%(6)
Portfolio Turnover Rate		11	%(7)		53	%		53	%		74	%		64	%		40	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3)  Performance was positively impacted by approximately 0.13% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was a one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class A shares would have been approximately 3.53%.

(4)  Performance was positively impacted by approximately 0.25% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class A shares would have been approximately 1.26%.

(5)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6)  Amount is less than 0.005%.

(7)  Not annualized.

(8)  Annualized.

The accompanying notes are an integral part of the financial statements.
17

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Short Duration Income Portfolio

	Class L
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.74		$	8.33		$	8.31		$	8.24		$	8.12		$	8.15
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.08			0.08			0.06			0.13			0.17			0.13
Net Realized and Unrealized Gain (Loss)		0.13			(0.59	)		0.03			0.09			0.11			(0.04	)
Total from Investment Operations		0.21			(0.51	)		0.09			0.22			0.28			0.09
Distributions from and/or in Excess of:
Net Investment Income		(0.08	)		(0.08	)		(0.07	)		(0.15	)		(0.16	)		(0.12	)
Net Realized Gain		(0.01	)		—			—			—			—			—
Total Distributions		(0.09	)		(0.08	)		(0.07	)		(0.15	)		(0.16	)		(0.12	)
Net Asset Value, End of Period	$	7.86		$	7.74		$	8.33		$	8.31		$	8.24		$	8.12
Total Return(2)		2.69	%(7)		(6.21	)%		1.06	%		2.69	%		3.52	%(3)		1.14	%(4)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	973		$	973		$	808		$	829		$	795		$	382
Ratio of Expenses Before Expense Limitation		1.16	%(8)		1.15	%		1.17	%		1.26	%		1.25	%		1.52	%
Ratio of Expenses After Expense Limitation		0.80	%(5)(8)		0.80	%(5)		0.80	%(5)		0.79	%(5)		0.80	%(5)		0.80	%(5)
Ratio of Net Investment Income		2.06	%(5)(8)		1.00	%(5)		0.76	%(5)		1.64	%(5)		2.07	%(5)		1.61	%(5)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(6)(8)		0.00	%(6)		0.00	%(6)		0.01	%		0.00	%(6)		0.00	%(6)
Portfolio Turnover Rate		11	%(7)		53	%		53	%		74	%		64	%		40	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value as of the last business day of the period.

(3)  Performance was positively impacted by approximately 0.13% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was a one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class L shares would have been approximately 3.39%.

(4)  Performance was positively impacted by approximately 0.25% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class L shares would have been approximately 0.89%.

(5)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6)  Amount is less than 0.005%.

(7)  Not annualized.

(8)  Annualized.

The accompanying notes are an integral part of the financial statements.
18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Short Duration Income Portfolio

	Class C
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.72		$	8.29		$	8.29		$	8.22		$	8.10		$	8.13
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.06			0.04			0.01			0.09			0.13			0.09
Net Realized and Unrealized Gain (Loss)		0.12			(0.57	)		0.02			0.09			0.11			(0.04	)
Total from Investment Operations		0.18			(0.53	)		0.03			0.18			0.24			0.05
Distributions from and/or in Excess of:
Net Investment Income		(0.06	)		(0.04	)		(0.03	)		(0.11	)		(0.12	)		(0.08	)
Net Realized Gain		(0.01	)		—			—			—			—			—
Total Distributions		(0.07	)		(0.04	)		(0.03	)		(0.11	)		(0.12	)		(0.08	)
Net Asset Value, End of Period	$	7.83		$	7.72		$	8.29		$	8.29		$	8.22		$	8.10
Total Return(2)		2.31	%(7)		(6.46	)%		0.41	%		2.16	%		3.01	%(3)		0.64	%(4)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	3,763		$	3,639		$	2,670		$	37		$	36		$	52
Ratio of Expenses Before Expense Limitation		1.52	%(8)		1.52	%		1.72	%		7.65	%		6.34	%		5.69	%
Ratio of Expenses After Expense Limitation		1.30	%(5)(8)		1.30	%(5)		1.30	%(5)		1.29	%(5)		1.30	%(5)		1.30	%(5)
Ratio of Net Investment Income		1.56	%(5)(8)		0.53	%(5)		0.17	%(5)		1.14	%(5)		1.55	%(5)		1.11	%(5)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(6)(8)		0.00	%(6)		0.00	%(6)		0.01	%		0.00	%(6)		0.00	%(6)
Portfolio Turnover Rate		11	%(7)		53	%		53	%		74	%		64	%		40	%

(1)  Per share amount is based on average shares outstanding.

(2)  Calculated based on the net asset value which does not reflect sales charges, if applicable, as of the last business day of the period.

(3)  Performance was positively impacted by approximately 0.13% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was a one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class C shares would have been approximately 2.88%.

(4)  Performance was positively impacted by approximately 0.25% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class C shares would have been approximately 0.39%.

(5)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(6)  Amount is less than 0.005%.

(7)  Not annualized.

(8)  Annualized.

The accompanying notes are an integral part of the financial statements.
19

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Short Duration Income Portfolio

	Class R6(1)
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	7.75		$	8.34		$	8.32		$	8.24		$	8.13		$	8.15
Income (Loss) from Investment Operations:
Net Investment Income(2)		0.10			0.12			0.11			0.18			0.21			0.18
Net Realized and Unrealized Gain (Loss)		0.13			(0.59	)		0.02			0.09			0.11			(0.03	)
Total from Investment Operations		0.23			(0.47	)		0.13			0.27			0.32			0.15
Distributions from and/or in Excess of:
Net Investment Income		(0.10	)		(0.12	)		(0.11	)		(0.19	)		(0.21	)		(0.17	)
Net Realized Gain		(0.01	)		—			—			—			—			—
Total Distributions		(0.11	)		(0.12	)		(0.11	)		(0.19	)		(0.21	)		(0.17	)
Net Asset Value, End of Period	$	7.87		$	7.75		$	8.34		$	8.32		$	8.24		$	8.13
Total Return(3)		2.96	%(8)		(5.69	)%		1.62	%		3.37	%		3.98	%(4)		1.83	%(5)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	11		$	11		$	11		$	14		$	16		$	11
Ratio of Expenses Before Expense Limitation		19.42	%(9)		19.49	%		19.98	%		12.15	%		17.44	%		18.54	%
Ratio of Expenses After Expense Limitation		0.25	%(6)(9)		0.25	%(6)		0.24	%(6)		0.24	%(6)		0.24	%(6)		0.25	%(6)
Ratio of Net Investment Income		2.61	%(6)(9)		1.54	%(6)		1.32	%(6)		2.21	%(6)		2.61	%(6)		2.16	%(6)
Ratio of Rebate from Morgan Stanley Affiliates		0.00	%(7)(9)		0.00	%(7)		0.00	%(7)		0.01	%		0.00	%(7)		0.00	%(7)
Portfolio Turnover Rate		11	%(8)		53	%		53	%		74	%		64	%		40	%

(1)  Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

(2)  Per share amount is based on average shares outstanding.

(3)  Calculated based on the net asset value as of the last business day of the period.

(4)  Performance was positively impacted by approximately 0.13% due to the receipt of proceeds from the settlement of a class action suit involving the Fund's past holdings. This was a one-time settlement, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had this settlement not occurred, the total return for Class R6 shares would have been approximately 3.85%.

(5)  Performance was positively impacted by approximately 0.25% due to the receipt of proceeds from the settlement of class action suits involving the Fund's past holdings. These were one-time settlements, and as a result, the impact on the NAV and consequently the performance will not likely be repeated in the future. Had these settlements not occurred, the total return for Class R6 shares would have been approximately 1.58%.

(6)  The Ratio of Expenses After Expense Limitation and Ratio of Net Investment Income reflect the rebate of certain Fund expenses in connection with the investments in Morgan Stanley affiliates during the period. The effect of the rebate on the ratios is disclosed in the above table as "Ratio of Rebate from Morgan Stanley Affiliates."

(7)  Amount is less than 0.005%.

(8)  Not annualized.

(9)  Annualized.

The accompanying notes are an integral part of the financial statements.
20

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements

Morgan Stanley Institutional Fund Trust ("Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is comprised of nine separate, active funds (individually referred to as a "Fund," collectively as the "Funds"). The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. All Funds are considered diversified for purposes of the Act.

The accompanying financial statements relate to the Short Duration Income Portfolio. The Fund seeks above-average total return over a market cycle of three to five years. The Fund offers five classes of shares — Class I, Class A, Class L, Class C and Class R6. Effective April 29, 2022, Class IS shares were renamed Class R6 shares.

The Fund has suspended offering Class L and Class C shares to all investors. Class L and Class C shareholders of the Fund do not have the option of purchasing additional Class L and Class C shares, respectively. However, existing Class L and Class C shareholders may invest in additional Class L and Class C shares through reinvestment of dividends and distributions. In addition, Class L shares of the Fund may be exchanged for Class L shares of any Morgan Stanley Multi-Class Fund, even though Class L shares are closed to investors.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Trust in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1.  Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; (2) futures are valued at the

settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (3) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (4) foreign exchange transactions ("spot contracts") and foreign exchange forward contracts ("forward contracts") are valued daily using an independent pricing vendor at the spot and forward rates, respectively, as of the close of the NYSE; and (5) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value ("NAV") as of the close of each business day.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

21

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

2.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

•  Level 1 – unadjusted quoted prices in active markets for identical investments

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgages	$	—		$	473	$	—	$	473
Agency Bond — Consumer Discretionary (U.S. Government Guaranteed)		—			79		—		79
Agency Fixed Rate Mortgages		—			447		—		447
Asset-Backed Securities		—			66,830		—		66,830
Collateralized Mortgage Obligations — Agency Collateral Series		—			934		—		934
Commercial Mortgage-Backed Securities		—			22,125		—		22,125
Corporate Bonds		—			243,356		—		243,356
Mortgages — Other		—			48,818		—		48,818
Municipal Bond		—			189		—		189
Sovereign		—			1,518		—		1,518
Supranational		—			1,624		—		1,624
U.S. Treasury Security		—			10,392		—		10,392
Total Fixed Income Securities		—			396,785		—		396,785
Short-Term Investments
Investment Company		4,018			—		—		4,018
U.S. Treasury Security		—			1,485		—		1,485
Total Short-Term Investments		4,018			1,485		—		5,503
Futures Contract		1,248			—		—		1,248
Total Assets		5,266			398,270		—		403,536
Liabilities:
Futures Contracts		(1,012	)		—		—		(1,012	)
Total	$	4,254		$	398,270	$	—	$	402,524

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

3.  Foreign Currency Translation and Foreign Investments: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars as follows:

–  investments, other assets and liabilities at the prevailing rate of exchange on the valuation date;

–  investment transactions and investment income at the prevailing rates of exchange on the dates of such transactions.

22

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held at period end. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of securities sold during the period. Accordingly, realized and unrealized foreign currency gains (losses) on investments in securities are included in the reported net realized and unrealized gains (losses) on investment transactions and balances. However, pursuant to U.S. federal income tax regulations, gains and losses from certain foreign currency transactions and the foreign currency portion of gains and losses realized on sales and maturities of foreign denominated debt securities are treated as ordinary income for U.S. federal income tax purposes.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. The change in unrealized currency gains (losses) on foreign currency transactions for the period is reflected in the Statement of Operations.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, fluctuations of exchange rates in relation to the U.S. dollar, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

Governmental approval for foreign investments may be required in advance of making an investment under certain circumstances in some countries, and the extent of foreign investments in U.S. companies may be subject to limitation in other countries. Foreign ownership limitations also may be imposed by the charters of individual companies to prevent, among other concerns, violations of foreign investment limitations. As a result, an additional class of shares (identified as "Foreign" in

the Portfolio of Investments) may be created and offered for investment. The "local" and "foreign shares" market values may differ. In the absence of trading of the foreign shares in such markets, the Fund values the foreign shares at the closing exchange price of the local shares.

4.  Derivatives: The Fund may, but is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. Derivative instruments used by the Fund will be counted towards the Fund's exposure in the types of securities listed herein to the extent they have economic characteristics similar to such securities. Derivatives are financial instruments whose value is based, in part, on the value of an underlying asset, interest rate, index or financial instrument. Prevailing interest rates and volatility levels, among other things, also affect the value of derivative instruments. A derivative instrument often has risks similar to its underlying asset 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, 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. The use of derivatives involves risks that are different from, and possibly greater than, the risks associated with other portfolio investments. Derivatives may involve the use of highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. All of the Fund's holdings, including derivative instruments, are marked-to-market each day with the change in value reflected in unrealized appreciation (depreciation). Upon disposition, a realized gain or loss is recognized.

Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leverage associated with derivative transactions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or may cause the Fund to be more volatile than if the Fund had not been leveraged. Although the Adviser seeks to use derivatives to further the Fund's investment objectives, there is no assurance that the use of derivatives will achieve this result.

23

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

Following is a description of the derivative instruments and techniques that the Fund used during the period and their associated risks:

Futures: A futures contract is a standardized, exchange-traded agreement to buy or sell a specific quantity of an underlying asset, reference rate or index at a specific price at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). A decision as to whether, when and how to use futures contracts involves the exercise of skill and judgment and even a well-conceived futures transaction may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the prices of futures contracts can be highly volatile, using futures contracts can lower total return and the potential loss from futures contracts can exceed the Fund's initial investment in such contracts. No assurance can be given that a liquid market will exist for any particular futures contract at any particular time.

FASB ASC 815, "Derivatives and Hedging" ("ASC 815"), is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The following tables set forth the fair value of the Fund's derivative contracts by primary risk exposure as of March 31, 2023:

	Asset Derivatives Statement of Assets and Liabilities Location	Primary Risk Exposure	Value (000)
Futures Contract	Variation Margin on Futures Contract	Interest Rate Risk	$	1,248	(a)
	Liability Derivatives Statement of Assets and Liabilities Location	Primary Risk Exposure	Value (000)
Futures Contracts	Variation Margin on Futures Contracts	Interest Rate Risk	$	(1,012	)(a)

(a) This amount represents the cumulative appreciation (depreciation) as reported in the Portfolio of Investments. The Statement of Assets and Liabilities only reflects the current day's net variation margin.

The following tables set forth by primary risk exposure the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended March 31, 2023 in accordance with ASC 815:

Realized Gain (Loss)
Primary Risk Exposure	Derivative Value	Type (000)
Interest Rate Risk	Futures Contracts	$	654
Change in Unrealized Appreciation (Depreciation)
Primary Risk Exposure	Derivative Type	Value (000)
Interest Rate Risk	Futures Contracts	$	(1,420	)

For the six months ended March 31, 2023, the approximate average monthly amount outstanding for each derivative type is as follows:

Futures Contracts:
Average monthly notional value	$	131,288,000

5.  Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

6.  Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed at least annually.

7.  Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the

24

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services, transfer agency and sub transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.20% of the average daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.30% for Class I shares, 0.55% for Class A shares, 0.80% for Class L shares, 1.30% for Class C shares and 0.25% for Class R6 shares. The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. For the six months ended March 31, 2023, approximately $253,000 of advisory fees were waived and approximately $53,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. Distribution and Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid

monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class A shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class L shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.25% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class L shares.

The Trust has adopted a Distribution and Shareholder Services Plan with respect to Class C shares pursuant to Rule 12b-1 under the Act. Under the Distribution and Shareholder Services Plan, the Fund pays the Distributor a distribution fee, accrued daily and paid monthly, at an annual rate of 0.75% and a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to Class C shares.

The distribution and shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Class A, Class L and Class C shares.

E. Dividend Disbursing and Transfer/Co-Transfer Agent: The Trust's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS, Inc."). Pursuant to a Transfer Agency Agreement, the Trust pays SS&C GIDS, Inc. a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust.

Eaton Vance Management ("EVM"), an affiliate of Morgan Stanley, provides co-transfer agency and related services to the Fund pursuant to a Co-Transfer Agency Services Agreement. For the six months ended March 31, 2023, EVM earned $0 for providing such services.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

25

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

G. Security Transactions and Transactions with Affiliates: For the six months ended March 31, 2023, purchases and sales of investment securities for the Fund, other than long-term U.S. Government securities and short-term investments were approximately $28,122,000 and $50,486,000, respectively. For the six months ended March 31, 2023, purchases and sales of long-term U.S. Government securities were approximately $17,142,000 and $7,750,000, respectively.

The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds — Government Portfolio (the "Liquidity Funds"), an open-end management investment company managed by the Adviser. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the six months ended March 31, 2023, advisory fees paid were reduced by approximately $5,000 relating to the Fund's investment in the Liquidity Funds.

A summary of the Fund's transactions in shares of affiliated investments during the six months ended March 31, 2023 is as follows:

Affiliated Investment Company	Value September 30, 2022 (000)		Purchases at Cost (000)		Proceeds from Sales (000)		Dividend Income (000)
Liquidity Funds	$	9,373	$	70,876	$	76,231	$	106

Affiliated Investment Company (cont'd)	Realized Gain (Loss) (000)		Change in Unrealized Appreciation (Depreciation) (000)		Value March 31, 2023 (000)
Liquidity Funds	$	—	$	—	$	4,018

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.

The Fund has an unfunded noncontributory defined benefit pension plan covering certain independent Trustees of the Fund who will have served as independent Trustees for at least five years at the time of retirement. Benefits under this plan are based on factors which include years of service and compensation. The Trustees voted to close the plan to new participants and eliminate the future benefits growth due to increases to

compensation after July 31, 2003. Aggregate pension costs for the six months ended March 31, 2023, included in "Trustees' Fees and Expenses" in the Statement of Operations amounted to approximately $2,000. At March 31, 2023, the Fund had an accrued pension liability of approximately $38,000, which is reflected as "Payable for Trustees' Fees and Expenses" in the Statement of Assets and Liabilities.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

H. Federal Income Taxes: It is the Fund's intention to continue to qualify as a regulated investment company ("RIC") and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2022 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for

26

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

tax purposes. The tax character of distributions paid during fiscal years 2022 and 2021 was as follows:

2022 Distributions Paid From: Ordinary Income (000)		2021 Distributions Paid From: Ordinary Income (000)
$	6,006	$	5,705

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gain (000)
$	1,192	$	449

During the year ended September 30, 2022, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $739,000.

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $300,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended March 31, 2023, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2023, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 77.5%.

K. Market Risk: An 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. Social, political, economic and other conditions and events, such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets and global economy. 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 be sudden and significant and may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of and/or income or yield from the Fund's investments and exacerbate pre-existing risks to the Fund. For example, the extent of the impact of a public health emergency depends on future developments, including (i) the duration and spread of the public health emergency, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments.

L. LIBOR Discontinuance or Unavailability Risk: 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 all non-U.S. Dollar LIBOR settings have either ended or are no longer representative of the underlying market they seek to

27

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

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 the end of June 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 derivatives and other instruments or investments held by the Fund. In light of this eventuality, public and private sector industry initiatives are currently underway to establish new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund's investments and result in costs incurred in connection with closing out positions and entering into new trades.

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of hedges placed against, instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Some of the Fund's investments may be so-called "tough legacy" LIBOR instruments which may not have effective alternative rate-setting provisions or may involve counterparties who are unwilling to add or exercise rights under alternative rate-setting provisions in such instruments. On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act was signed into law. This law provides a statutory fallback mechanism on a nationwide basis to replace U.S. Dollar LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System based on the Secured Overnight Financing Rate ("SOFR") for tough legacy contracts. On February 27, 2023, the final rule in connection with this law became effective, establishing benchmark replacements based on SOFR and Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets) for applicable tough legacy contracts governed by U.S. law. In addition, the FCA has announced that it

will require the publication of the one-month, three-month and six-month U.S. Dollar LIBOR settings on the basis of a changed methodology (known as "synthetic LIBOR"), after June 30, 2023 through at least September 30, 2024, addressing non-U.S. law governed U.S. Dollar LIBOR instruments, but this synthetic LIBOR will be designated by the FCA as unrepresentative of the underlying market that it seeks to measure and will be solely available for use in legacy transactions. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements, the application of synthetic LIBOR or otherwise may also result in a reduction in the value of certain instruments held by the Fund or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR is still developing. There may also be challenges for the Fund to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions more fully develops. All of the aforementioned may adversely affect the Fund's investments (including their volatility, value and liquidity) and, as a result, the performance or NAV.

28

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity rule"), the Fund has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund (i.e., liquidity risk). The Fund's Board of Trustees (the "Board") previously approved the designation of the Liquidity Risk Subcommittee (the "LRS") as Program administrator. The LRS is comprised of representatives from various divisions within Morgan Stanley Investment Management.

At a meeting held on March 1-2, 2023, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2022, through December 31, 2022, as required under the Liquidity Rule. The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

In accordance with the Program, the LRS assessed each Fund's liquidity risk no less frequently than annually taking into consideration certain factors, as applicable, such as (i) investment strategy and liquidity of portfolio investments, (ii) short-term and long-term cash flow projections and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories, which classification is assessed at least monthly by the LRS. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading and investment-specific considerations, as well as market depth, and in some cases utilize third-party vendor data.

The Liquidity Rule limits a fund's investments in illiquid investments to 15% of its net assets and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or "HLIM"). The LRS believes that the Program includes provisions reasonably designed to review, monitor and comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement, as applicable.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

29

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice   April 2021

FACTS	WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◼ Social Security number and income ◼ investment experience and risk tolerance ◼ checking account number and wire transfer instructions
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

30

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

To limit our sharing	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice? Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (see Investment Management Affiliates definition below)

What we do

How does MSIM protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?	We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.

31

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

Definitions

Investment Management Affiliates	MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other important information

Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.

California: Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

32

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Trustee and Officer Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Eaton Vance Management
Two International Place
Boston, Massachusetts 02110

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the Annual Reports within 60 days of the end of the fund's second and fourth fiscal quarters. The Semi-Annual and Annual Reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im/shareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may obtain the Form N-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov).

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 869-6397 or by visiting our website at www.morganstanley.com/im/shareholderreports. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 869-6397.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling 1 (800) 869-6397, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

33

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

© 2023 Morgan Stanley. Morgan Stanley Distribution, Inc.

IFTLDSAN
5647277 EXP 05.31.24

Morgan Stanley Institutional Fund Trust

Ultra-Short Income Portfolio

Semi-Annual Report

March 31, 2023

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Table of Contents

Shareholders' Letter	2
Expense Example	3
Portfolio of Investments	4
Statement of Assets and Liabilities	8
Statement of Operations	9
Statements of Changes in Net Assets	10
Financial Highlights	11
Notes to Financial Statements	14
Liquidity Risk Management Program	19
U.S. Customer Privacy Notice	20
Trustees and Officers Information	23

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of the Morgan Stanley Institutional Fund Trust. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.

Additionally, you can access fund information including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.

There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.

1

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this Semi-Annual Report, in which you will learn how your investment in Ultra-Short Income Portfolio (the "Fund") performed during the latest six-month period.

Morgan Stanley Investment Management is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2023

2

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Expense Example

Ultra-Short Income Portfolio

As a shareholder of the Fund, you may incur two types of costs: (1) transactional costs; and (2) ongoing costs, which may include advisory fees, administration fees, shareholder services fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2023 and held for the entire six-month period.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information for each class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/22		Actual Ending Account Value 3/31/23		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Ultra-Short Income Portfolio Class IR	$	1,000.00	$	1,021.50	$	1,023.68	$	1.26	$	1.26		0.25	%
Ultra-Short Income Portfolio Institutional Class		1,000.00		1,022.30		1,023.44		1.51		1.51		0.30
Ultra-Short Income Portfolio Class A		1,000.00		1,021.00		1,023.19		1.76		1.77		0.35

*  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 182***/365 (to reflect the most recent one-half year period).

**  Annualized.

***  Adjusted to reflect non-business days accruals.

3

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Certificates of Deposit (8.3%)
Domestic Banks (2.3%)
Bank of America NA
4.85%, 4/3/23	$	100,000	$	100,000
Citibank NA
3.85%, 7/28/23		150,000		149,173
				249,173
International Banks (6.0%)
National Bank of Kuwait Sakp,
5.75%, 1/19/24		150,000		150,116
5.95%, 12/14/23		200,000		200,360
Natixis SA
5.29%, 12/13/23		10,000		9,992
Sumitomo Mitsui Banking Corp.
2.70%, 4/26/23		125,000		124,798
Svenska Handelsbanken AB
3.91%, 7/19/23		71,000		70,700
Toronto-Dominion Bank
2.61%, 5/22/23		90,000		89,686
Westpac Banking Corp.
5.58%, 3/8/24		4,310		4,321
				649,973
Total Certificates of Deposit (Cost $900,317)				899,146
Commercial Paper (a) (44.0%)
Asset-Backed Diversified Financial Services (5.0%)
Atlantic Asset Securitization LLC
5.44%, 6/12/23		40,000		39,558
Barton Capital SA
5.15%, 5/2/23		50,000		49,779
Collateralized Commercial Paper FLEX Co. LLC
5.25%, 10/23/23 (b)		60,000		59,904
LMA-Americas LLC,
5.27%, 6/22/23		35,000		34,559
5.37%, 5/23/23		50,000		49,605
5.44%, 7/6/23		75,000		73,890
5.49%, 7/25/23		40,000		39,289
5.60%, 6/20/23 - 6/23/23		75,000		74,067
5.61%, 6/26/23		25,000		24,669
5.68%, 7/21/23		15,663		15,394
5.79%, 9/18/23		85,000		82,737
Pacific Life Short Term Funding LLC
5.22%, 7/17/23		100		98
Starbird Funding Corp.
5.18%, 6/20/23		2,000		1,977
				545,526
Automobile (3.6%)
American Honda Finance Corp.,
5.11%, 5/5/23		3,000		2,984
6.05%, 6/21/23 - 6/22/23		97,000		95,766
Mercedes-Benz Finance North America LLC,
5.30%, 5/1/23		72,550		72,235
5.51%, 5/2/23 (b)		200,000		199,101

	Face Amount (000)		Value (000)
Toyota Credit de Puerto Rico Corp.
5.48%, 10/5/23	$	22,000	$	21,398
				391,484
Chemicals (2.0%)
BASF SE,
5.65%, 11/20/23 - 11/21/23		187,000		180,440
5.85%, 12/6/23		25,000		24,063
EIDP, Inc.
6.01%, 12/4/23 (c)		15,000		14,418
				218,921
Communications (1.9%)
AT&T, Inc.,
5.76%, 12/19/23		82,000		78,610
5.88%, 2/23/24		21,625		20,505
6.02%, 3/19/24		15,000		14,163
Walt Disney Co.
5.79%, 3/26/24		95,000		90,004
				203,282
Diversified Financial Services (2.2%)
PSP Capital, Inc.,
4.06%, 8/16/23		150,000		147,010
4.09%, 8/17/23		96,000		94,070
				241,080
Domestic Banks (5.1%)
HSBC USA, Inc.,
3.41%, 6/9/23		152,500		151,011
4.23%, 8/4/23		110,000		108,003
4.26%, 7/6/23		22,500		22,189
4.41%, 8/11/23		18,000		17,654
5.75%, 7/14/23		31,160		30,692
5.93%, 1/12/24		50,000		47,889
6.07%, 12/15/23		75,000		72,146
6.09%, 12/8/23		74,000		71,258
6.10%, 11/14/23		25,000		24,160
6.16%, 3/1/24		14,500		13,780
				558,782
Finance (5.3%)
Barclays Capital, Inc.,
4.23%, 7/19/23		67,500		66,400
5.76%, 12/19/23		100,000		96,151
5.81%, 12/28/23		100,000		96,023
5.83%, 12/18/23		32,000		30,773
5.95%, 11/22/23		75,000		72,401
CDP Financial, Inc.,
3.92%, 6/22/23		90,000		88,936
3.93%, 6/21/23		65,000		64,241
4.13%, 8/21/23		50,000		48,955
Citigroup Global Markets, Inc.,
4.06%, 5/17/23		1,000		993
5.55%, 12/14/23		9,350		8,995
				573,868

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
Health Care Services (5.8%)
Catholic Health Initiatives
5.52%, 6/15/23	$	50,000	$	49,437
Catholic Health Initiatives,
5.52%, 7/6/23		25,000		24,638
5.79%, 9/18/23		20,000		19,475
UnitedHealth Group, Inc.,
5.08%, 4/3/23		344,500		344,359
5.54%, 6/15/23		200,000		197,743
				635,652
Industrials (1.8%)
Procter & Gamble Co.,
5.31%, 9/18/23 (b)		100,000		97,460
5.31%, 9/21/23		100,000		97,413
				194,873
Insurance (0.8%)
Marsh & McLennan Cos., Inc.
5.58%, 9/5/23		79,000		77,041
Pricoa Short Term Funding LLC
4.17%, 7/13/23		5,000		4,924
				81,965
International Banks (10.5%)
Barclays Bank PLC,
2.60%, 4/20/23 (b)		100,000		99,882
5.25%, 8/10/23 (b)		7,250		7,108
5.55%, 6/23/23 (b)		20,000		19,754
BPCE SA
5.53%, 9/8/23		45,000		43,962
Landesbank Baden-Wuerttemberg
4.89%, 4/4/23		450,000		449,760
Lloyds Bank PLC
5.44%, 10/3/23		75,000		72,953
Macquarie Bank Ltd.
5.49%, 10/4/23 (b)		85,000		82,689
NRW Bank
4.84%, 4/4/23		171,000		170,909
Societe Generale SA,
5.69%, 2/26/24 (b)		15,000		14,272
5.90%, 11/10/23 (b)		160,000		154,608
Sumitomo Mitsui Banking Corp.
5.60%, 1/5/24		16,000		15,356
Toronto-Dominion Bank
5.61%, 9/29/23		10,000		9,738
				1,140,991
Total Commercial Paper (Cost $4,791,334)				4,786,424
Corporate Bonds (1.3%)
Automobile (0.1%)
Mercedes-Benz Finance North America LLC
3.70%, 5/4/23 (b)		7,000		6,992
				6,992

	Face Amount (000)		Value (000)
Insurance (0.7%)
Marsh & McLennan Cos., Inc.
3.88%, 3/15/24 (c)	$	78,250	$	77,169
				77,169
International Banks (0.5%)
Banque Federative du Credit Mutuel SA
3.75%, 7/20/23 (b)		3,000		2,978
Credit Industriel ET Commercial
0.00%, 2/1/24		60,000		57,413
UBS AG
0.38%, 6/1/23 (b)		1,275		1,265
				61,656
Total Corporate Bonds (Cost $145,829)				145,817
Floating Rate Notes (d) (36.8%)
Asset-Backed Diversified Financial Services (0.5%)
Fairway Finance Co. LLC, SOFR + 0.73%
5.55%, 6/15/23 (b)		50,000		50,056
				50,056
Automobile (2.3%)
Toyota Motor Credit Corp.,
MTN
SOFR + 0.38%, 5.18%, 2/22/24		125,000		124,722
SOFR + 0.75%, 5.57%, 12/11/23		123,360		123,383
				248,105
Diversified Financial Services (0.5%)
Mizuho Markets Cayman LP, MTN, SOFR + 0.52%
5.16%, 12/22/23 (b)		50,000		50,074
Domestic Banks (2.4%)
Bank of America NA
5.57%, 8/4/23		95,000		95,158
Bank of America Securities, Inc.
5.65%, 10/20/23		125,000		125,275
Citibank NA, SOFR + 0.63%
5.45%, 9/26/23		36,000		36,047
				256,480
Finance (0.8%)
American Express Co., SOFR + 0.23%
4.92%, 11/3/23		15,999		15,914
CDP Financial, Inc., SOFR + 0.80%
5.63%, 11/1/23 (b)		50,000		50,096
Thunder Bay Funding LLC, SOFR + 0.42%
5.25%, 9/27/23 (b)		27,000		26,999
				93,009
Industrials (0.4%)
Siemens Financieringsmaatschappij NV, SOFR + 0.43%
5.24%, 3/11/24 (b)		45,700		45,618
				45,618

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

	Face Amount (000)		Value (000)
International Banks (29.9%)
Bank of Montreal,
SOFR + 0.35%, 5.15%, 12/8/23	$	52,177	$	51,961
MTN
SOFR + 0.71%, 5.51%, 3/8/24		23,600		23,549
SOFR + 0.75%, 5.57%, 12/1/23		200,000		200,364
SOFR + 0.80%, 5.62%, 11/7/23		75,500		75,642
Bank of Nova Scotia,
SOFR + 0.75%, 5.57%, 12/4/23		94,000		94,177
MTN
SOFR + 0.96%, 5.77%, 3/11/24		15,882		15,919
Barclays Bank PLC,
5.57%, 10/4/23 - 10/5/23 (b)		75,000		75,105
BNZ International Funding Ltd., SOFR + 0.72%
5.27%, 7/12/23 (b)		75,000		75,098
BPCE SA,
SOFR + 0.65%, 5.47%, 9/13/23 (b)		246,000		246,269
5.50%, 9/1/23 (b)		115,000		115,149
Canadian Imperial Bank of Commerce,
SOFR + 0.40%, 5.21%, 12/14/23		29,056		28,980
SOFR + 0.74%, 5.56%, 8/3/23		19,000		19,032
DNB Bank ASA, SOFR + 0.70%
5.52%, 7/27/23 (b)		25,000		25,041
Macquarie Bank Ltd.,
SOFR + 0.65%, 5.48%, 6/21/23 (b)		75,000		75,078
SOFR + 0.77%, 5.60%, 8/2/23 (b)		148,000		148,253
SOFR + 0.78%, 5.61%, 8/4/23 (b)		195,000		195,341
Royal Bank of Canada,
Series G
SOFR + 0.30%, 4.91%, 1/19/24		1,045		1,038
MTN
SOFR + 0.45%, 5.10%, 10/26/23		33,889		33,839
SOFR + 0.72%, 5.54%, 12/7/23 (b)		50,000		50,094
SOFR + 0.75%, 5.57%, 11/29/23 (b)		100,000		100,206
Skandinaviska Enskilda Banken AB,
SOFR + 0.69%, 5.51%, 8/16/23		150,000		150,198
SOFR + 0.70%, 5.53%, 8/11/23 (b)		250,000		250,335
Societe Generale SA,
SOFR + 0.82%, 5.64%, 12/11/23 (b)		22,000		22,044
SOFR + 0.90%, 5.72%, 11/20/23 (b)		90,000		90,216
Sumitomo Mitsui Banking Corp.,
SOFR + 0.59%, 5.42%, 9/22/23		18,000		18,008
SOFR + 0.60%, 5.43%, 12/5/23		125,000		125,039
SOFR + 0.80%, 5.63%, 8/1/23		20,000		20,029
SOFR + 0.92%, 5.75%, 11/30/23		150,000		150,367
SOFR + 0.95%, 5.78%, 10/25/23		101,000		101,236
Svenska Handelsbanken,
SOFR + 0.72%, 5.54%, 12/5/23		180,000		180,270
SOFR + 0.75%, 5.57%, 8/2/23		40,000		40,072
Swedbank AB, SOFR + 0.70%
5.52%, 7/14/23		27,500		27,535
Toronto-Dominion Bank,
SOFR + 0.36%, 5.14%, 3/4/24		89,500		89,003

	Face Amount (000)		Value (000)
MTN
SOFR + 0.45%, 5.30%, 9/28/23	$	3,225	$	3,223
SOFR + 0.91%, 5.71%, 3/8/24		2,750		2,752
UBS AG,
SOFR + 0.82%, 5.41%, 10/17/23 (b)		96,000		96,112
SOFR + 0.64%, 5.47%, 6/21/23 (b)		190,000		190,003
Westpac Banking Corp., SOFR + 0.72%
5.54%, 8/4/23 (b)		48,500		48,575
				3,255,152
Total Floating Rate Notes (Cost $3,994,445)				3,998,494
Repurchase Agreements (10.0%)
Bank of America Securities, Inc. (5.27% (d), dated 1/27/23, due 6/29/23; proceeds $224,927; fully collateralized by various Common Stocks and Preferred Stocks; valued at $231,000) (Demand 4/3/23) (e)		220,000		220,000
BMO Capital Markets Corp (4.92%, dated 3/31/23, due 4/3/23; proceeds $1,000; fully collateralized by various U.S. Government agency security, 2.50% - 4.50% due 8/1/48 - 6/1/51 and Corporate Bonds, 1.50% - 4.30% due 2/11/25 - 3/15/28 valued at $2,086)		1,000		1,000
BNP Paribas (5.03% (d), dated 6/9/22, due 4/10/23; proceeds $239,159; fully collateralized by various Corporate Bonds, 1.15% - 11.50% due 4/15/24 - 12/15/86; valued at $243,501) (Demand 04/3/23) (e)		230,000		230,000
Citigroup Global Markets (5.45% (d), dated 11/14/22, due 7/5/23; proceeds $207,055; fully collateralized by various Corporate Bonds, 3.00% - 13.38% due 5/22/23 - 10/1/46; valued at $212,008) (Demand 4/3/23) (e)		200,000		200,000
JP Morgan Securities LLC (5.07% (d), dated 11/17/21, due 4/10/23; proceeds $75,018; fully collateralized by Various Common Stocks and Preferred Stocks and Convertables Bonds, 3.38% due 08/15/26; valued at $74,328) (Demand 04/3/23) (e)		70,000		70,000
JP Morgan Securities LLC (5.27% (d), dated 1/5/23, due 6/29/23; proceeds $297,429; fully collateralized by various Corporate Bonds, 0.30% - 13.50% due 4/29/23 - 1/15/83; valued at $308,674) (Demand 4/3/23) (e)		290,000		290,000
Pershing LLC (5.13%, dated 3/31/23, due 4/3/23; proceeds $25,011; fully collateralized by various Corporate Bonds; 0.63% - 7.83% due 4/28/23 - 11/1/66; valued at $26,348) (e)		25,000		25,000
Societe Generale (4.97%, dated 3/31/23, due 4/3/23; proceeds $1,169; fully collateralized by various Corporate Bonds, 5.75% - 8.50% due 3/1/27 - 2/15/30; valued at $1,060)		1,000		1,000
Wells Fargo Securities LLC (5.47%, dated 3/10/23, due 6/7/23; proceeds $59,527; fully collateralized by various Common Stocks and Preferred Stocks valued at $52,500) (e)		50,000		50,000
Total Repurchase Agreements (Cost $1,087,000)				1,087,000
Total Investments (100.4%) (Cost $10,918,925) (f)(g)				10,916,881
Liabilities in Excess of Other Assets (–0.4%)				(48,757	)
Net Assets (100.0%)			$	10,868,124

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Income Portfolio

(a)  The rates shown are the effective yields at the date of purchase.

(b)  144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(c)  All or a portion of the security is subject to delayed delivery.

(d)  Floating or variable rate securities: The rates disclosed are as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(e)  Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of March 31, 2023.

(f)  Securities are available for collateral in connection with securities purchased on a forward commitment basis.

(g)  At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $6,481,000 and the aggregate gross unrealized depreciation is approximately $8,525,000, resulting in net unrealized depreciation of approximately $2,044,000.

MTN  Medium Term Note.

SOFR  Secured Overnight Financing Rate.

Portfolio Composition

Classification	Percentage of Total Investments
Commercial Paper		43.9	%
Floating Rate Notes		36.6
Repurchase Agreements		10.0
Certificates of Deposit		8.2
Other*		1.3
Total Investments		100.0	%

*  Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.
7

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Ultra-Short Income Portfolio

Statement of Assets and Liabilities	March 31, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $10,918,925, including value of repurchases agreements of $1,087,000)	$	10,916,881
Cash		2,770
Receivable for Fund Shares Sold		47,833
Interest Receivable		39,055
Other Assets		1,399
Total Assets		11,007,938
Liabilities:
Payable for Investments Purchased		91,730
Payable for Fund Shares Redeemed		35,385
Dividends Payable		6,510
Payable for Advisory Fees		4,307
Payable for Administration Fees		824
Payable for Shareholder Services Fees — Institutional Class		68
Payable for Shareholder Services Fees — Class A		439
Payable for Custodian Fees		65
Payable for Professional Fees		27
Payable for Transfer Agency Fees — Class IR		4
Payable for Transfer Agency Fees — Institutional Class		2
Payable for Transfer Agency Fees — Class A		2
Other Liabilities		451
Total Liabilities		139,814
Net Assets	$	10,868,124
Net Assets Consist of:
Paid-in-Capital	$	10,933,156
Total Accumulated Loss		(65,032	)
Net Assets	$	10,868,124
CLASS IR:
Net Assets	$	4,684,659
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		469,648,520
Net Asset Value, Offering and Redemption Price Per Share	$	9.97
INSTITUTIONAL CLASS:
Net Assets	$	1,419,921
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		142,333,715
Net Asset Value, Offering and Redemption Price Per Share	$	9.98
CLASS A:
Net Assets	$	4,763,544
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		477,630,517
Net Asset Value, Offering and Redemption Price Per Share	$	9.97

The accompanying notes are an integral part of the financial statements.
8

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Ultra-Short Income Portfolio

Statement of Operations	Six Months Ended March 31, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	259,340
Expenses:
Advisory Fees (Note B)		11,418
Shareholder Services Fees — Institutional Class (Note D)		437
Shareholder Services Fees — Class A (Note D)		5,738
Administration Fees (Note C)		4,567
Registration Fees		474
Custodian Fees (Note F)		99
Trustees' Fees and Expenses		82
Professional Fees		61
Transfer Agency Fees — Class IR (Note E)		16
Transfer Agency Fees — Institutional Class (Note E)		7
Transfer Agency Fees — Class A (Note E)		6
Shareholder Reporting Fees		24
Pricing Fees		13
Other Expenses		156
Total Expenses		23,098
Waiver of Advisory Fees (Note B)		(2,622	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(16	)
Reimbursement of Class Specific Expenses — Institutional Class (Note B)		(7	)
Waiver of Shareholder Services Fees — Class A (Note D)		(3,443	)
Net Expenses		17,010
Net Investment Income		242,330
Realized Loss:
Investments Sold		(445	)
Change in Unrealized Appreciation (Depreciation):
Investments		9,603
Net Realized Loss and Change in Unrealized Appreciation (Depreciation)		9,158
Net Increase in Net Assets Resulting from Operations	$	251,488

The accompanying notes are an integral part of the financial statements.
9

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Ultra-Short Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	242,330		$	90,977
Net Realized Gain (Loss)		(445	)		235
Net Change in Unrealized Appreciation (Depreciation)		9,603			(14,783	)
Net Increase in Net Assets Resulting from Operations		251,488			76,429
Dividends and Distributions to Shareholders:
Class IR		(109,169	)		(40,463	)
Institutional Class		(36,576	)		(15,723	)
Class A		(96,585	)		(34,791	)
Total Dividends and Distributions to Shareholders		(242,330	)		(90,977	)
Capital Share Transactions:(1)
Class IR:
Subscribed		3,544,776			7,214,321
Distributions Reinvested		84,143			30,579
Redeemed		(3,894,546	)		(7,307,703	)
Institutional Class:
Subscribed		590,873			2,043,532
Distributions Reinvested		36,531			15,376
Redeemed		(1,215,496	)		(1,884,107	)
Class A:
Subscribed		2,396,819			2,260,850
Distributions Reinvested		96,036			34,037
Redeemed		(2,184,052	)		(3,810,471	)
Net Decrease in Net Assets Resulting from Capital Share Transactions		(544,916	)		(1,403,586	)
Total Decrease in Net Assets		(535,758	)		(1,418,134	)
Net Assets:
Beginning of Period		11,403,882			12,822,016
End of Period	$	10,868,124		$	11,403,882
(1) Capital Share Transactions:
Class IR:
Shares Subscribed		355,431			723,399
Shares Issued on Distributions Reinvested		8,439			3,067
Shares Redeemed		(390,444	)		(732,632	)
Net Decrease in Class IR Shares Outstanding		(26,574	)		(6,166	)
Institutional Class:
Shares Subscribed		59,201			204,843
Shares Issued on Distributions Reinvested		3,662			1,542
Shares Redeemed		(121,834	)		(188,909	)
Net Increase (Decrease) in Institutional Class Shares Outstanding		(58,971	)		17,476
Class A:
Shares Subscribed		240,338			226,710
Shares Issued on Distributions Reinvested		9,632			3,414
Shares Redeemed		(218,994	)		(382,083	)
Net Increase (Decrease) in Class A Shares Outstanding		30,976			(151,959	)

The accompanying notes are an integral part of the financial statements.
10

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Ultra-Short Income Portfolio

	Class IR
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.97		$	9.98		$	9.99		$	10.02		$	10.01		$	10.01
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.21			0.10			0.02			0.13			0.25			0.19
Net Realized and Unrealized Gain (Loss)		0.00	(2)		(0.02	)		(0.01	)		(0.03	)		0.01			(0.01	)
Total from Investment Operations		0.21			0.08			0.01			0.10			0.26			0.18
Distributions from and/or in Excess of:
Net Investment Income		(0.21	)		(0.09	)		(0.02	)		(0.13	)		(0.25	)		(0.18	)
Net Realized Gain		—			—			—			—			—			(0.00	)(2)
Total Distributions		(0.21	)		(0.09	)		(0.02	)		(0.13	)		(0.25	)		(0.18	)
Net Asset Value, End of Period	$	9.97		$	9.97		$	9.98		$	9.99		$	10.02		$	10.01
Total Return(3)		2.15	%(4)		0.79	%		0.10	%		1.03	%		2.68	%		1.87	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,684,659		$	4,945,966		$	5,014,307		$	5,388,750		$	4,765,201		$	1,840,647
Ratio of Expenses Before Expense Limitation		0.30	%(5)		0.29	%		0.30	%		0.31	%		0.30	%		0.30	%
Ratio of Expenses After Expense Limitation		0.25	%(5)		0.20	%		0.18	%		0.24	%		0.24	%		0.23	%
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.24	%		0.24	%		N/A
Ratio of Net Investment Income		4.30	%(5)		0.96	%		0.21	%		1.34	%		2.53	%		1.86	%
Portfolio Turnover Rate		N/A(6)			N/A(6)			N/A(6)			N/A(6)			N/A(6)			N/A(6)

(1)  Per share amount is based on average shares outstanding.

(2)  Amount is less than $0.005 per share.

(3)  Calculated based on the net asset value as of the last business day of the period.

(4)  Not annualized.

(5)  Annualized.

(6)  During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

The accompanying notes are an integral part of the financial statements.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Ultra-Short Income Portfolio

	Institutional Class
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.97		$	9.98		$	9.99		$	10.02		$	10.01		$	10.01
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.21			0.08			0.02			0.14			0.25			0.18
Net Realized and Unrealized Gain (Loss)		0.01			(0.01	)		(0.01	)		(0.04	)		0.01			0.00	(2)
Total from Investment Operations		0.22			0.07			0.01			0.10			0.26			0.18
Distributions from and/or in Excess of:
Net Investment Income		(0.21	)		(0.08	)		(0.02	)		(0.13	)		(0.25	)		(0.18	)
Net Realized Gain		—			—			—			—			—			(0.00	)(2)
Total Distributions		(0.21	)		(0.08	)		(0.02	)		(0.13	)		(0.25	)		(0.18	)
Net Asset Value, End of Period	$	9.98		$	9.97		$	9.98		$	9.99		$	10.02		$	10.01
Total Return(3)		2.23	%(4)		0.74	%		0.05	%		0.98	%		2.62	%		1.82	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	1,419,921		$	2,006,592		$	1,834,410		$	2,544,657		$	3,085,210		$	2,722,775
Ratio of Expenses Before Expense Limitation		0.35	%(5)		0.34	%		0.35	%		0.36	%		0.34	%		0.35	%
Ratio of Expenses After Expense Limitation		0.30	%(5)		0.25	%		0.23	%		0.29	%		0.29	%		0.28	%
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.29	%		0.29	%		N/A
Ratio of Net Investment Income		4.18	%(5)		0.79	%		0.16	%		1.39	%		2.48	%		1.84	%
Portfolio Turnover Rate		N/A(6)			N/A(6)			N/A(6)			N/A(6)			N/A(6)			N/A(6)

(1)  Per share amount is based on average shares outstanding.

(2)  Amount is less than $0.005 per share.

(3)  Calculated based on the net asset value as of the last business day of the period.

(4)  Not annualized.

(5)  Annualized.

(6)  During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

The accompanying notes are an integral part of the financial statements.
12

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Ultra-Short Income Portfolio

	Class A
	Six Months Ended March 31, 2023			Year Ended September 30,
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Period	$	9.97		$	9.98		$	9.99		$	10.02		$	10.01		$	10.01
Income (Loss) from Investment Operations:
Net Investment Income(1)		0.21			0.07			0.01			0.12			0.23			0.17
Net Realized and Unrealized Gain (Loss)		(0.00	)(2)		0.00	(2)		(0.01	)		(0.04	)		0.01			(0.01	)
Total from Investment Operations		0.21			0.07			(0.00	)(2)		0.08			0.24			0.16
Distributions from and/or in Excess of:
Net Investment Income		(0.21	)		(0.08	)		(0.01	)		(0.11	)		(0.23	)		(0.16	)
Net Realized Gain		—			—			—			—			—			(0.00	)(2)
Total Distributions		(0.21	)		(0.08	)		(0.01	)		(0.11	)		(0.23	)		(0.16	)
Net Asset Value, End of Period	$	9.97		$	9.97		$	9.98		$	9.99		$	10.02		$	10.01
Total Return(3)		2.10	%(4)		0.67	%		(0.03	)%		0.80	%		2.42	%		1.61	%
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	4,763,544		$	4,451,324		$	5,973,299		$	9,923,736		$	10,784,226		$	6,266,177
Ratio of Expenses Before Expense Limitation		0.55	%(5)		0.54	%		0.55	%		0.56	%		0.55	%		0.55	%
Ratio of Expenses After Expense Limitation		0.35	%(5)		0.31	%		0.32	%		0.46	%		0.49	%		0.48	%
Ratio of Expenses After Expense Limitation Excluding Interest Expenses		N/A			N/A			N/A			0.46	%		0.49	%		N/A
Ratio of Net Investment Income		4.21	%(5)		0.70	%		0.08	%		1.16	%		2.29	%		1.68	%
Portfolio Turnover Rate		N/A(6)			N/A(6)			N/A(6)			N/A(6)			N/A(6)			N/A(6)

(1)  Per share amount is based on average shares outstanding.

(2)  Amount is less than $0.005 per share.

(3)  Calculated based on the net asset value as of the last business day of the period.

(4)  Not annualized.

(5)  Annualized.

(6)  During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

The accompanying notes are an integral part of the financial statements.
13

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements

Morgan Stanley Institutional Fund Trust ("Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is comprised of nine separate, active funds (individually referred to as a "Fund," collectively as the "Funds"). The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. All Funds are considered diversified for purposes of the Act.

The accompanying financial statements relate to the Ultra-Short Income Portfolio. The Fund seeks current income with capital preservation while maintaining liquidity. The Fund offers three classes of shares — Class IR, Institutional Class and Class A.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Trust in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1.  Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; and (2) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such

securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

2.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

•  Level 1 – unadjusted quoted prices in active markets for identical investments

14

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Short-Term Investments
Certificates of Deposit	$	—	$	899,146	$	—	$	899,146
Commercial Paper		—		4,786,424		—		4,786,424
Corporate Bonds		—		145,817		—		145,817
Floating Rate Notes		—		3,998,494		—		3,998,494
Repurchase Agreements		—		1,087,000		—		1,087,000
Total Short-Term Investments		—		10,916,881		—		10,916,881
Total Assets	$	—	$	10,916,881	$	—	$	10,916,881

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

3.  Repurchase Agreements: The Fund may enter into repurchase agreements under which the Fund lends cash and takes possession of securities with an agreement that the counterparty will repurchase such securities. In connection with transactions in repurchase agreements, a

bank as custodian for the Fund takes possession of the underlying securities which are held as collateral, with a market value at least equal to the amount of the repurchase transaction, including principal and accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to determine that the value of the collateral does not decrease below the repurchase price plus accrued interest as earned. If such a decrease occurs, additional collateral will be requested and, when received, will be added to the account to maintain full collateralization. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into repurchase agreements.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian for investment companies advised by the Fund's Adviser. The Fund will participate on a pro rata basis with the other investment companies in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Repurchase Agreements which are agreements between the Fund and its counterparties that typically include provisions which provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated on the Portfolio of Investments, the cash or securities to be repurchased exceeds the repurchase price to be paid under the repurchase agreement reducing the net settlement amount to zero.

4.  Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses

15

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

pursuant to these contracts and expects the risk of loss to be remote.

5.  Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the close of each business day. Dividends from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually.

6.  Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Dividend income and other distributions are recorded on the ex-dividend date (except for certain foreign dividends which may be recorded as soon as the Fund is informed of such dividends) net of applicable withholding taxes. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses — distribution and shareholder services and transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.20% of the average daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.25% for Class IR shares, 0.30% for Institutional Class shares and 0.40% for Class A shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time

as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. In addition, the Adviser may make additional voluntary fee waivers and/or expense reimbursements. The ratios of expenses to average net assets disclosed in the Fund's Financial Highlights may be lower than the maximum expense ratios due to these additional fee waivers and/or expense reimbursements. The Adviser may also waive additional advisory fees and/or reimburse expenses to enable the Fund to maintain a minimum level of daily net investment income. For the six months ended March 31, 2023, approximately $2,622,000 of advisory fees were waived and approximately $23,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

D. Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to the Institutional Class shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.05% of the Fund's average daily net assets attributable to the Institutional Class shares.

The Trust has adopted a Shareholder Services Plan with respect to the Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.25% of the Fund's average daily net assets attributable to the Class A shares. The Distributor has agreed to waive the 12b-1 fees on Class A shares of the Fund to the extent it exceeds 0.10% of the average daily net assets of such shares on an annualized basis. This waiver will continue for at least one year or until such time as the Trustees act to discontinue all or a portion of such waiver when it

16

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

deems such action is appropriate. For the six months ended March 31, 2023, this waiver amounted to approximately $3,443,000.

The Distributor has agreed to reduce its shareholder services fees to enable the Fund to maintain a minimum level of daily net investment income. This arrangement had no effect for the six months ended March 31, 2023.

The shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Institutional Class and Class A shares.

E. Dividend Disbursing and Transfer/Co-Transfer Agent: The Trust's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS, Inc."). Pursuant to a Transfer Agency Agreement, the Trust pays SS&C GIDS, Inc. a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust.

Morgan Stanley Services Company Inc. serves as Co-Transfer Agent and provides certain transfer agency services to the Fund with respect to certain direct transactions with the Fund.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

G. Security Transactions and Transactions with Affiliates: The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible

Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

H. Federal Income Taxes: It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2022 remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2022 and 2021 was as follows:

2022 Distributions Paid From: Ordinary Income (000)		2021 Distributions Paid From: Ordinary Income (000)
$	90,977	$	22,531

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

17

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains (losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gain (000)
$	6,499	$	—

At September 30, 2022, the Fund had available for federal income tax purposes unused short-term capital losses of approximately $63,983,000 that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Fund for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders. During the year ended September 30, 2022, the Fund utilized capital loss carryforwards for U.S. federal income tax purposes of approximately $235,000.

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $300,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended March 31, 2023, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2023, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 77.4%.

K. Market Risk: An 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. Social, political, economic and other conditions and events, such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets and global economy. 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 be sudden and significant and may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of and/or income or yield from the Fund's investments and exacerbate pre-existing risks to the Fund. For example, the extent of the impact of a public health emergency depends on future developments, including (i) the duration and spread of the public health emergency, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments.

18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), the Fund has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund (i.e., liquidity risk). The Fund's Board of Trustees (the "Board") previously approved the designation of the Liquidity Risk Subcommittee (the "LRS") as Program administrator. The LRS is comprised of representatives from various divisions within Morgan Stanley Investment Management.

At a meeting held on March 1-2, 2023, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2022, through December 31, 2022, as required under the Liquidity Rule. The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

In accordance with the Program, the LRS assessed each Fund's liquidity risk no less frequently than annually taking into consideration certain factors, as applicable, such as (i) investment strategy and liquidity of portfolio investments, (ii) short-term and long-term cash flow projections and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories, which classification is assessed at least monthly by the LRS. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading and investment-specific considerations, as well as market depth, and in some cases utilize third-party vendor data.

The Liquidity Rule limits a fund's investments in illiquid investments to 15% of its net assets and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or "HLIM"). The LRS believes that the Program includes provisions reasonably designed to review, monitor and comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement, as applicable.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

19

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice   April 2021

FACTS	WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◼ Social Security number and income ◼ investment experience and risk tolerance ◼ checking account number and wire transfer instructions
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

20

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

To limit our sharing	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice? Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (see Investment Management Affiliates definition below)

What we do

How does MSIM protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?	We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.

21

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

Definitions

Investment Management Affiliates	MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other Important Information

Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.

California: Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

22

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Trustee and Officer Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Morgan Stanley Services Company, Inc.
522 Fifth Avenue
New York, New York 10036

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the Annual Reports within 60 days of the end of the fund's second and fourth fiscal quarters. The Semi-Annual and Annual Reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im/shareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may obtain the Form N-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov).

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 869-6397 or by visiting our website at www.morganstanley.com/im/shareholderreports. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 869-6397.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling 1 (800) 869-6397, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

23

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

© 2023 Morgan Stanley. Morgan Stanley Distribution, Inc.

IFTUSISAN
5647583 EXP 05.31.24

Morgan Stanley Institutional Fund Trust

Ultra-Short Municipal Income

Portfolio

Semi-Annual Report

March 31, 2023

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Table of Contents

Shareholders' Letter	2
Expense Example	3
Portfolio of Investments	4
Statement of Assets and Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes to Financial Statements	12
Liquidity Risk Management Program	17
U.S. Customer Privacy Notice	18
Trustees and Officers Information	21

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable Fund of the Morgan Stanley Institutional Fund Trust. To receive a prospectus and/or statement of additional information ("SAI"), which contains more complete information such as investment objectives, charges, expenses, policies for voting proxies, risk considerations and describes in detail each of the Fund's investment policies to the prospective investor, please call toll free 1 (800) 869-6397. Please read the prospectuses carefully before you invest or send money.

Additionally, you can access fund information including performance, characteristics and investment team commentary through Morgan Stanley Investment Management's website: www.morganstanley.com/im/shareholderreports.

There is no assurance that a fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that market values of securities owned by the Fund will decline and, therefore, the value of the Fund's shares may be less than what you paid for them. Accordingly, you can lose money investing in this Fund. Please see the prospectus for more complete information on investment risks.

1

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Shareholders' Letter

Dear Shareholders,

We are pleased to provide this Semi-Annual Report, in which you will learn how your investment in Ultra-Short Municipal Income Portfolio (the "Fund") performed during the latest six-month period.

Morgan Stanley Investment Management is a client-centric, investor-led organization. Our global presence, intellectual capital, and breadth of products and services enable us to partner with investors to meet the evolving challenges of today's financial markets. We aim to deliver superior investment service and to empower our clients to make the informed decisions that help them reach their investment goals.

As always, we thank you for selecting Morgan Stanley Investment Management, and look forward to working with you in the months and years ahead.

Sincerely,

John H. Gernon
President and Principal Executive Officer

April 2023

2

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Expense Example

Ultra-Short Municipal Income Portfolio

As a shareholder of the Fund, you may incur two types of costs: (1) transactional costs; and (2) ongoing costs, which may include advisory fees, administration fees, shareholder services fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period ended March 31, 2023 and held for the entire six-month period.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information for each class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 10/1/22		Actual Ending Account Value 3/31/23		Hypothetical Ending Account Value		Actual Expenses Paid During Period*		Hypothetical Expenses Paid During Period*		Net Expense Ratio During Period**
Ultra-Short Municipal Income Portfolio Class IR	$	1,000.00	$	1,013.80	$	1,024.28	$	0.65	$	0.66		0.13	%
Ultra-Short Municipal Income Portfolio Institutional Class		1,000.00		1,013.30		1,023.78		1.15		1.16		0.23
Ultra-Short Municipal Income Portfolio Class A		1,000.00		1,013.30		1,023.78		1.15		1.16		0.23

*  Expenses are calculated using each Fund Class' annualized net expense ratio (as disclosed), multiplied by the average account value over the period and multiplied by 182***/365 (to reflect the most recent one-half year period).

**  Annualized.

***  Adjusted to reflect non-business days accruals.

3

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments

Ultra-Short Municipal Income Portfolio

	Face Amount (000)		Value (000)
Weekly Variable Rate Bonds (a) (51.0%)
County of Clark, NV, Nevada Industrial Development Revenue Bonds 3.85%, 12/1/39	$	1,100	$	1,100
4.05%, 3/1/38		6,500		6,500
County of Liberty, FL, Industrial Development Revenue Bonds Georgia Pacific Corp. Ser 2004 4.15%, 10/1/28		4,500		4,500
County of Perry, MS, Mississippi Pollution Control Refunding Revenue Bonds Leaf River Cellulose, LLC Project Ser 2021 4.02%, 10/1/41		4,000		4,000
Daviess County, KY, Solid Waste Disposal Facilities Revenue Ser 1993-A (AMT) 4.00%, 12/1/23		5,000		5,000
Iowa State Finance Authority, LA, Midwestern Disaster Area Revenue Bonds Archer-Daniels-Midland Company Project Ser 2012 3.91%, 12/1/45		3,500		3,500
Solid Waste Facilities Revenue Bonds Mid America Energy Company Project Ser 2016 B (AMT) 4.28%, 12/1/46		3,500		3,500
Ser 2017 (AMT) 4.30%, 12/1/47		3,000		3,000
Kentucky Economic Development Finance Authority, KY, Catholic Health Initiatives Ser 2004 C 4.20%, 5/1/34		5,000		5,000
Metropolitan Washington Airports Authority, DC, Airport System Subser 2011 A-1 3.96%, 10/1/39		6,100		6,100
New York State Energy Research & Development Authority Facilities, NY, Consolidated Edison Co Ser 2004 Subser C-3 (AMT) 4.00%, 11/1/39		6,000		6,000
Parish of St. James, LA, State of Louisiana Revenue Bonds Nucor Steel Louisiana LLC Project, Gulf Opportunity Zone Bonds Ser 2010B-1 4.40%, 11/1/40		6,000		6,000
RBC Municipal Products Inc Trust, CO, City and County of Denver Airport System — Subordinate Bonds Floater Certificates Ser 2019-G114 4.22%, 12/1/26 (b)		800		800
RBC Municipal Products Inc Trust, MO, Health And Educational Facilities Authority of The State of Missouri SSM Health Ser 2019 A Floater Certificates Ser 2019-C17 4.01%, 12/1/39 (b)		3,000		3,000
RBC Municipal Products Inc Trust, NY, New York City Variable Ser 2006 Subser I-5 Floater Certificates Ser 2019-E133 1.93%, 5/1/23 (b)		4,000		4,000

	Face Amount (000)		Value (000)
RBC Municipal Products Inc Trust, TX, Various States Certificates E-150 4.00%, 5/1/27 (b)	$	4,000	$	4,000
E-154 4.07%, 6/1/28 (b)		7,800		7,800
G-121, 4.17%, 6/1/46 (b)		1,400		1,400
G-124, 4.17%, 9/1/43 (b)		1,700		1,700
Utah Water Finance Agency, UT, Ser 2008 B 4.10%, 10/1/37		5,840		5,840
Washington County, NE, Nebraska Industrial Development Revenue Bonds Ser 2010 B 4.00%, 12/1/40		1,500		1,500
Total Weekly Variable Rate Bonds (Cost $84,240)				84,240
Daily Variable Rate Bonds (a) (16.1%)
County of Bay, FL, Florida Industrial Development Revenue Bonds Gulf Power Company Project, Ser 2020 (AMT) 4.10%, 6/1/50		7,400		7,400
County of Meade, KY, Kentucky Industrial Building Revenue Bonds (Nucor Steel Brandenburg Project) (Green Bonds) Ser 2021B-1 4.80%, 8/1/61		900		900
Louisville & Jefferson County, KY Regional Airport UPS Worldwide Forwarding Ser 1999 A (AMT) 3.90%, 1/1/29		6,900		6,900
Lower Neches Valley Authority, TX Industrial Development Corp. Ser M008, Class A 3.75%, 12/1/39		4,500		4,500
RBC Municipal Products Inc Trust, SC, Transportation Infrastructure Bank Ser 2017 A, Floater Certificates Ser 2019-G109 4.17%, 10/1/25 (b)		525		525
West Jefferson, AL, Industrial Development Board Solid Waste Disposal Revenue Alabama Power- Miller Plant Ser 2008 (AMT) 4.05%, 12/1/38		6,400		6,400
Total Daily Variable Rate Bonds (Cost $26,625)				26,625
Floating Rate Notes (a) (10.6%)
Indiana Finance Authority, IN, Economic Development Refunding Revenue Bonds Ser 2010A (AMT) 4.00%, 5/1/34		2,000		2,002
Michigan Finance Authority, MI, Hospital Revenue Bonds Trinity Health Credit Group Ser 2015, 4.82%, 12/1/39		2,000		2,003
Mission Economic Development Corporation, TX, Solid Waste Disposal Revenue Refunding Bonds Republic Services Inc. Ser 2012 3.50%, 1/1/26 (b)		1,000		1,000

The accompanying notes are an integral part of the financial statements.
4

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Portfolio of Investments (cont'd)

Ultra-Short Municipal Income Portfolio

	Face Amount (000)		Value (000)
Floating Rate Notes (a) (cont'd)
New York City Cultural Resources Trust, NY, American Museum of Natural History Ser 2014 B-1, 4.17%, 4/1/44	$	3,000	$	3,000
New York State Environmental Facilities Corp., NY, Solid Waste Disposal Refunding Revenue Bonds Waste Management Inc. Project 2012, (AMT) 3.50%, 5/1/30		5,000		4,999
Pennsylvania Economic Development Financing Authority, PA, Solid Waste Disposal Refunding Revenue Bonds Ser 2019A, (AMT) 3.45%, 4/1/34		1,500		1,500
The Industrial Development Authority of The City of Phoenix, AZ, Solid Waste Disposal Revenue Refunding Bonds Ser 2013 (AMT) 3.50%, 12/1/35		3,000		2,999
Total Floating Rate Notes (Cost $17,503)				17,503
Closed-End Investment Companies (a) (9.1%)
Nuveen AMT-Free Municipal Income Fund, NEA 1, Ser 4-4895 4.02%, 9/11/26 (b)		5,000		5,000
Nuveen AMT-Free Municipal Credit Income Fund, OT, MFP Share Ser B 4.42%, 3/1/29 (b)		5,000		5,000
Nuveen New York AMT-Free Quality Municipal Income Fund, 800 Ser E (AMT) 4.42%, 5/1/47 (b)		5,000		5,000
Total Closed-End Investment Companies (Cost $15,000)				15,000
Commercial Paper (c) (6.5%)
Lincoln Nebraska, NE, Electric System Revenue IAM Commercial Paper 3/A2 Ser 1995 2.65%, 4/20/23		3,000		2,998
Omaha Public Power District 3.15%, 4/5/23		1,800		1,800
York Country, SC, National Rural Utilities Financial Corporate Pollution Control Revenue IAM 3/A2 Series 2000 3.00%, 4/3/23		6,000		5,999
Total Commercial Paper (Cost $10,800)				10,797
U.S. Agency Security (4.6%)
Federal Home Loan Bank 4.41%, 4/3/23 (Cost $7,500)		7,500		7,500
Municipal Bonds & Notes (1.5%)
County of Clark, NV, Airport System Junior Subordinate Lien Revenue Notes Ser 2021B 5.00%, 7/1/23 (Cost $2,409)		2,400		2,410
Total Investments (99.4%) (Cost $164,077) (d)				164,075
Other Assets in Excess of Liabilities (0.6%)				974
Net Assets (100.0%)			$	165,049

(a)  Floating or variable rate securities: The rates disclosed are as of March 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.

(b)  144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

(c)  The rates shown are the effective yields at the date of purchase.

(d)  At March 31, 2023, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $3,000 and the aggregate gross unrealized depreciation is approximately $5,000, resulting in net unrealized depreciation of approximately $2,000.

AMT  Alternative Minimum Tax.

MFP  Municipal Fund Preferred.

Portfolio Composition

Classification	Percentage of Total Investments
Weekly Variable Rate Bonds		51.3	%
Daily Variable Rate Bonds		16.2
Floating Rate Notes		10.7
Closed-End Investment Companies		9.1
Commercial Paper		6.6
Other*		6.1
Total Investments		100.0	%

*  Industries and/or investment types representing less than 5% of total investments.

The accompanying notes are an integral part of the financial statements.
5

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Ultra-Short Municipal Income Portfolio

Statement of Assets and Liabilities	March 31, 2023 (000)
Assets:
Investments in Securities of Unaffiliated Issuers, at Value (Cost $164,077)	$	164,075
Cash		47
Receivable for Fund Shares Sold		610
Interest Receivable		583
Due from Adviser		42
Other Assets		51
Total Assets		165,408
Liabilities:
Payable for Fund Shares Redeemed		253
Dividends Payable		35
Payable for Professional Fees		29
Payable for Administration Fees		12
Payable for Shareholder Services Fees — Institutional Class		1
Payable for Shareholder Services Fees — Class A		7
Payable for Custodian Fees		2
Payable for Transfer Agency Fees — Class IR		—	@
Payable for Transfer Agency Fees — Institutional Class		—	@
Payable for Transfer Agency Fees — Class A		1
Other Liabilities		19
Total Liabilities		359
Net Assets	$	165,049
Net Assets Consist of:
Paid-in-Capital	$	165,188
Total Accumulated Loss		(139	)
Net Assets	$	165,049
CLASS IR:
Net Assets	$	79,173
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		7,918,678
Net Asset Value, Offering and Redemption Price Per Share	$	10.00
INSTITUTIONAL CLASS:
Net Assets	$	11,158
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		1,115,591
Net Asset Value, Offering and Redemption Price Per Share	$	10.00
CLASS A:
Net Assets	$	74,718
Shares Outstanding (unlimited number of shares authorized, no par value) (not in 000's)		7,472,485
Net Asset Value, Offering and Redemption Price Per Share	$	10.00

@  Amount is less than $500.

The accompanying notes are an integral part of the financial statements.
6

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Ultra-Short Municipal Income Portfolio

Statement of Operations	Six Months Ended March 31, 2023 (000)
Investment Income:
Interest from Securities of Unaffiliated Issuers	$	2,277
Expenses:
Advisory Fees (Note B)		157
Shareholder Services Fees — Institutional Class (Note D)		6
Shareholder Services Fees — Class A (Note D)		66
Administration Fees (Note C)		63
Professional Fees		62
Registration Fees		21
Pricing Fees		7
Shareholder Reporting Fees		6
Custodian Fees (Note F)		4
Transfer Agency Fees — Class IR (Note E)		1
Transfer Agency Fees — Institutional Class (Note E)		1
Transfer Agency Fees — Class A (Note E)		1
Trustees' Fees and Expenses		3
Other Expenses		11
Total Expenses		409
Waiver of Advisory Fees (Note B)		(157	)
Expenses Reimbursed by Adviser (Note B)		(74	)
Reimbursement of Class Specific Expenses — Class IR (Note B)		(1	)
Reimbursement of Class Specific Expenses — Institutional Class (Note B)		(1	)
Waiver of Shareholder Services Fees — Class A (Note D)		(33	)
Net Expenses		143
Net Investment Income		2,134
Change in Unrealized Appreciation (Depreciation):
Investments		14
Net Change in Unrealized Appreciation (Depreciation)		14
Net Increase in Net Assets Resulting from Operations	$	2,148

The accompanying notes are an integral part of the financial statements.
7

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Ultra-Short Municipal Income Portfolio

Statements of Changes in Net Assets	Six Months Ended March 31, 2023 (unaudited) (000)			Year Ended September 30, 2022 (000)
Increase (Decrease) in Net Assets:
Operations:
Net Investment Income	$	2,134		$	751
Net Change in Unrealized Appreciation (Depreciation)		14			(18	)
Net Increase in Net Assets Resulting from Operations		2,148			733
Dividends and Distributions to Shareholders:
Class IR		(1,086	)		(400	)
Institutional Class		(164	)		(48	)
Class A		(884	)		(377	)
Total Dividends and Distributions to Shareholders		(2,134	)		(825	)
Capital Share Transactions:(1)
Class IR:
Subscribed		34,860			53,684
Distributions Reinvested		1,079			390
Redeemed		(28,058	)		(49,112	)
Institutional Class:
Subscribed		10,000			10,000
Distributions Reinvested		164			47
Redeemed		(9,484	)		(4,860	)
Class A:
Subscribed		28,897			22,904
Distributions Reinvested		877			369
Redeemed		(21,065	)		(47,416	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		17,270			(13,994	)
Total Increase (Decrease) in Net Assets		17,284			(14,086	)
Net Assets:
Beginning of Period		147,765			161,851
End of Period	$	165,049		$	147,765
(1) Capital Share Transactions:
Class IR:
Shares Subscribed		3,486			5,368
Shares Issued on Distributions Reinvested		108			39
Shares Redeemed		(2,806	)		(4,911	)
Net Increase in Class IR Shares Outstanding		788			496
Institutional Class:
Shares Subscribed		1,000			1,000
Shares Issued on Distributions Reinvested		16			5
Shares Redeemed		(948	)		(485	)
Net Increase in Institutional Class Shares Outstanding		68			520
Class A:
Shares Subscribed		2,890			2,290
Shares Issued on Distributions Reinvested		88			37
Shares Redeemed		(2,107	)		(4,742	)
Net Increase (Decrease) in Class A Shares Outstanding		871			(2,415	)

The accompanying notes are an integral part of the financial statements.
8

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Ultra-Short Municipal Income Portfolio

	Class IR
	Six Months Ended March 31, 2023			Year Ended September 30,									Period from December 19, 2018(1) to
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			September 30, 2019
Net Asset Value, Beginning of Period	$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Income from Investment Operations:
Net Investment Income(2)		0.14			0.06			0.01			0.09			0.12
Net Realized and Unrealized Gain (Loss)		(0.00	)(3)		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)
Total from Investment Operations		0.14			0.06			0.01			0.09			0.12
Distributions from and/or in Excess of:
Net Investment Income		(0.14	)		(0.06	)		(0.01	)		(0.09	)		(0.12	)
Net Realized Gain		—			(0.00	)(3)		—			—			—
Total Distributions		(0.14	)		(0.06	)		(0.01	)		(0.09	)		(0.12	)
Net Asset Value, End of Period	$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Total Return(4)		1.38	%(5)		0.61	%		0.06	%		0.91	%		1.19	%(5)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	79,173		$	71,284		$	66,358		$	118,335		$	67,174
Ratio of Expenses Before Expense Limitation		0.43	%(6)		0.46	%		0.40	%		0.40	%		0.52	%(6)
Ratio of Expenses After Expense Limitation		0.13	%(6)		0.13	%		0.13	%		0.13	%		0.13	%(6)
Ratio of Net Investment Income		2.78	%(6)		0.59	%		0.07	%		0.78	%		1.49	%(6)
Portfolio Turnover Rate		N/A(7)			N/A(7)			N/A(7)			N/A(7)			N/A(7)

(1)  Commencement of Operations.

(2)  Per share amount is based on average shares outstanding.

(3)  Amount is less than $0.005 per share.

(4)  Calculated based on the net asset value as of the last business day of the period.

(5)  Not annualized.

(6)  Annualized.

(7)  During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

The accompanying notes are an integral part of the financial statements.
9

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Ultra-Short Municipal Income Portfolio

	Institutional Class
	Six Months Ended March 31, 2023			Year Ended September 30,									Period from December 19, 2018(1) to
Selected Per Share Data and Ratios	(unaudited)			2022			2021(1)			2020			September 30, 2019
Net Asset Value, Beginning of Period	$	10.00		$	10.01		$	10.02		$	10.00		$	10.00
Income (Loss) from Investment Operations:
Net Investment Income(2)		0.13			0.07			0.00	(3)		0.10			0.11
Net Realized and Unrealized Gain (Loss)		0.00	(3)		(0.03	)		(0.01	)		0.00	(3)		0.00	(3)
Total from Investment Operations		0.13			0.04			(0.01	)		0.10			0.11
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		(0.05	)		(0.00	)(3)		(0.08	)		(0.11	)
Net Realized Gain		—			(0.00	)(3)		—			—			—
Total Distributions		(0.13	)		(0.05	)		(0.00	)(3)		(0.08	)		(0.11	)
Net Asset Value, End of Period	$	10.00		$	10.00		$	10.01		$	10.02		$	10.00
Total Return(4)		1.33	%(5)		0.44	%		(0.09	)%		1.01	%		1.11	%(5)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	11,158		$	10,477		$	5,292		$	9,997		$	40,250
Ratio of Expenses Before Expense Limitation		0.54	%(6)		0.60	%		0.53	%		0.49	%		0.62	%(6)
Ratio of Expenses After Expense Limitation		0.23	%(6)		0.21	%		0.18	%		0.23	%		0.23	%(6)
Ratio of Net Investment Income (Loss)		2.66	%(6)		0.74	%		(0.01	)%		1.03	%		1.39	%(6)
Portfolio Turnover Rate		N/A(7)			N/A(7)			N/A(7)			N/A(7)			N/A(7)

(1)  Commencement of Operations.

(2)  Per share amount is based on average shares outstanding.

(3)  Amount is less than $0.005 per share.

(4)  Calculated based on the net asset value as of the last business day of the period.

(5)  Not annualized.

(6)  Annualized.

(7)  During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

The accompanying notes are an integral part of the financial statements.
10

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023

Financial Highlights

Ultra-Short Municipal Income Portfolio

	Class A
	Six Months Ended March 31, 2023			Year Ended September 30,									Period from December 19, 2018(1) to
Selected Per Share Data and Ratios	(unaudited)			2022			2021			2020			September 30, 2019
Net Asset Value, Beginning of Period	$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Income from Investment Operations:
Net Investment Income(2)		0.13			0.04			0.00	(3)		0.07			0.10
Net Realized and Unrealized Gain (Loss)		(0.00	)(3)		0.01			0.00	(3)		0.00	(3)		0.00	(3)
Total from Investment Operations		0.13			0.05			0.00	(3)		0.07			0.10
Distributions from and/or in Excess of:
Net Investment Income		(0.13	)		(0.05	)		(0.00	)(3)		(0.07	)		(0.10	)
Net Realized Gain		—			(0.00	)(3)		—			—			—
Total Distributions		(0.13	)		(0.05	)		(0.00	)(3)		(0.07	)		(0.10	)
Net Asset Value, End of Period	$	10.00		$	10.00		$	10.00		$	10.00		$	10.00
Total Return(4)		1.33	%(5)		0.53	%		0.01	%		0.73	%		1.04	%(5)
Ratios to Average Net Assets and Supplemental Data:
Net Assets, End of Period (Thousands)	$	74,718		$	66,004		$	90,201		$	185,866		$	132,882
Ratio of Expenses Before Expense Limitation		0.63	%(6)		0.66	%		0.60	%		0.59	%		0.72	%(6)
Ratio of Expenses After Expense Limitation		0.23	%(6)		0.21	%		0.19	%		0.32	%		0.33	%(6)
Ratio of Net Investment Income (Loss)		2.68	%(6)		0.44	%		(0.02	)%		0.68	%		1.30	%(6)
Portfolio Turnover Rate		N/A(7)			N/A(7)			N/A(7)			N/A(7)			N/A(7)

(1)  Commencement of Operations.

(2)  Per share amount is based on average shares outstanding.

(3)  Amount is less than $0.005 per share.

(4)  Calculated based on the net asset value as of the last business day of the period.

(5)  Not annualized.

(6)  Annualized.

(7)  During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is not applicable.

The accompanying notes are an integral part of the financial statements.
11

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements

Morgan Stanley Institutional Fund Trust ("Trust'') is registered under the Investment Company Act of 1940, as amended (the "Act''), as an open-end management investment company. The Trust is comprised of nine separate, active funds (individually referred to as a "Fund," collectively as the "Funds"). The Trust applies investment company accounting and reporting guidance Accounting Standards Codification ("ASC") Topic 946. All Funds are considered diversified for purposes of the Act.

The accompanying financial statements relate to the Ultra-Short Municipal Income Portfolio. The Fund seeks current income exempt from federal income tax and capital preservation while maintaining liquidity. The Fund offers three classes of shares — Class IR, Institutional Class and Class A.

A. Significant Accounting Policies: The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). Such policies are consistently followed by the Trust in the preparation of its financial statements. GAAP may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

1.  Security Valuation: (1) Fixed income securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. If Morgan Stanley Investment Management Inc. (the "Adviser"), a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor does not reflect the security's fair value or is unable to provide a price, prices from brokers/dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers/dealers; and (2) when market quotations are not readily available, as defined by Rule 2a-5 under the Act, including circumstances under which the Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security's market value, portfolio securities are valued at their fair value as determined in good faith under procedures approved by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are

determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange ("NYSE"). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees.

In connection with Rule 2a-5 of the Act, the Trustees have designated the Trust's Adviser as its valuation designee. The valuation designee has responsibility for determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser, as valuation designee, has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust's valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

2.  Fair Value Measurement: Financial Accounting Standards Board ("FASB") ASC 820, "Fair Value Measurement" ("ASC 820"), defines fair value as the price that would be received to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

•  Level 1 – unadjusted quoted prices in active markets for identical investments

12

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs including the Fund's own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of March 31, 2023:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Assets:
Short-Term Investments
Weekly Variable Rate Bonds	$	—	$	84,240	$	—	$	84,240
Daily Variable Rate Bonds		—		26,625		—		26,625
Floating Rate Notes		—		17,503		—		17,503
Closed-End Investment Companies		—		15,000		—		15,000
Commercial Paper		—		10,797		—		10,797
U.S. Agency Security		—		7,500		—		7,500
Municipal Bonds & Notes		—		2,410		—		2,410
Total Short-Term Investments		—		164,075		—		164,075
Total Assets	$	—	$	164,075	$	—	$	164,075

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment's valuation changes.

3.  Indemnifications: The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown.

However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

4.  Dividends and Distributions to Shareholders: Dividends and distributions to shareholders are recorded on the close of each business day. Dividends from net investment income are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually.

5.  Security Transactions, Income and Expenses: Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sale of investment securities are determined on the specific identified cost method. Interest income is recognized on the accrual basis (except where collection is in doubt) net of applicable withholding taxes. Discounts are accreted and premiums are amortized over the life of the respective securities. Most expenses of the Trust can be directly attributed to a particular Fund. Expenses which cannot be directly attributed are apportioned among the Funds based upon relative net assets or other appropriate methods. Income, expenses (other than class specific expenses shareholder services and transfer agency fees) and realized and unrealized gains or losses are allocated to each class of shares based upon their relative net assets.

B. Advisory Fees: The Adviser, a wholly-owned subsidiary of Morgan Stanley, provides the Fund with advisory services under the terms of an Investment Advisory Agreement, paid quarterly, at an annual rate of 0.20% of the average daily net assets of the Fund.

The Adviser has agreed to reduce its advisory fee and/or reimburse the Fund so that total annual Fund operating expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.25% for Class IR shares, 0.35% for Institutional Class shares and 0.35% for Class A shares. The fee waivers and/or expense reimbursements will continue for at least one year from the date of the Fund's prospectus or until such time as the Trustees act to discontinue all or a portion of such waivers and/or reimbursements when they deem such action is appropriate. In addition, the Adviser may make additional voluntary fee waivers and/or expense reimbursements. The ratios of expenses to average net assets disclosed in the Fund's Financial Highlights may be lower than the maximum expense ratios

13

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

due to these additional fee waivers and/or expense reimbursements. The Adviser may also waive additional advisory fees and/or reimburse expenses to enable the Fund to maintain a minimum level of daily net investment income. For the six months ended March 31, 2023, approximately $157,000 of advisory fees were waived and approximately $76,000 of other expenses were reimbursed by the Adviser pursuant to this arrangement.

C. Administration Fees: The Adviser also serves as Administrator to the Trust and provides administrative services pursuant to an Administration Agreement for an annual fee, accrued daily and paid monthly, of 0.08% of the Fund's average daily net assets. Under a Sub-Administration Agreement between the Administrator and State Street Bank and Trust Company ("State Street"), State Street provides certain administrative services to the Trust. For such services, the Administrator pays State Street a portion of the fee the Administrator receives from the Fund.

The Administrator has agreed to reduce its administration fees to enable the Fund to maintain a minimum level of daily net investment income. This arrangement had no effect for the six months ended March 31, 2023.

D. Shareholder Services Fees: Morgan Stanley Distribution, Inc. ("MSDI" or the "Distributor"), a wholly-owned subsidiary of the Adviser, and an indirect subsidiary of Morgan Stanley, serves as the Trust's Distributor of Fund shares pursuant to a Distribution Agreement. The Trust has adopted a Shareholder Services Plan with respect to the Institutional Class shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.10% of the Fund's average daily net assets attributable to the Institutional Class shares.

The Trust has adopted a Shareholder Services Plan with respect to the Class A shares pursuant to Rule 12b-1 under the Act. Under the Shareholder Services Plan, the Fund pays the Distributor a shareholder services fee, accrued daily and paid monthly, at an annual rate of 0.20% of the Fund's average daily net assets attributable to the Class A shares. The Distributor has agreed to waive the 12b-1 fee on Class A shares of the Fund to the extent it exceeds 0.10% of the average daily net assets of such shares on an annualized basis. This waiver will continue for at least one year or until such time as the Trustees act to discontinue all or a portion of such waiver when it deems such action is appropriate. For the six months ended March 31, 2023, this waiver amounted to approximately $33,000.

The Distributor has agreed to reduce its shareholder services fees to enable the Fund to maintain a minimum level of daily net investment income. This arrangement had no effect for the six months ended March 31, 2023.

The shareholder services fees are used to support the expenses associated with servicing and maintaining accounts. The Distributor may compensate other parties for providing distribution-related and/or shareholder support services to investors who purchase Institutional Class and Class A shares.

E. Dividend Disbursing and Transfer/Co-Transfer Agent: The Trust's dividend disbursing and transfer agent is SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS, Inc."). Pursuant to a Transfer Agency Agreement, the Trust pays SS&C GIDS, Inc. a fee based on the number of classes, accounts and transactions relating to the Funds of the Trust.

Morgan Stanley Services Company Inc. serves as Co-Transfer Agent and provides certain transfer agency services to the Fund with respect to certain direct transactions with the Fund.

F. Custodian Fees: State Street (the "Custodian") also serves as Custodian for the Trust in accordance with a Custodian Agreement. The Custodian holds cash, securities and other assets of the Trust as required by the Act. Custody fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses.

G. Security Transactions and Transactions with Affiliates: The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the six months ended March 31, 2023, the Fund did not engage in any cross-trade transactions.

The Fund has an unfunded Deferred Compensation Plan (the "Compensation Plan"), which allows each independent Trustee to defer payment of all, or a portion, of the fees he or she receives for serving on the Board of Trustees. Each eligible Trustee generally may elect to have the deferred amounts credited with a return equal to the total return on one or more of the Morgan Stanley funds that are offered as investment options under the Compensation Plan. Appreciation/depreciation and distributions received from these investments are recorded

14

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

with an offsetting increase/decrease in the deferred compensation obligation and do not affect the NAV of the Fund.

H. Federal Income Taxes: It is the Fund's intention to continue to qualify as a regulated investment company and distribute all of its taxable and tax-exempt income. Accordingly, no provision for federal income taxes is required in the financial statements.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are earned. Taxes may also be based on transactions in foreign currency and are accrued based on the value of investments denominated in such currency.

FASB ASC 740-10, "Income Taxes — Overall", sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has concluded there are no significant uncertain tax positions that would require recognition in the financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other Expenses" in the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service, New York and various states. Generally, each of the tax years in the four-year period ended September 30, 2022, remains subject to examination by taxing authorities.

The tax character of distributions paid may differ from the character of distributions shown for GAAP purposes due to short-term capital gains being treated as ordinary income for tax purposes. The tax character of distributions paid during fiscal years 2022 and 2021 was as follows:

2022 Distributions Paid From:				2021 Distributions Paid From:
Ordinary Income (000)		Tax-Exempt Income (000)		Tax-Exempt Income (000)
$	133	$	692	$	82

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from GAAP. These book/tax differences are either considered temporary or permanent in nature.

Temporary differences are attributable to differing book and tax treatments for the timing of the recognition of gains

(losses) on certain investment transactions and the timing of the deductibility of certain expenses.

The Fund had no permanent differences causing reclassifications among the components of net assets for the year ended September 30, 2022.

At September 30, 2022, the components of distributable earnings for the Fund on a tax basis were as follows:

Undistributed Tax-Exempt Income (000)		Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gain (000)
$	—	$	11	$	—

I. Credit Facility: The Trust and other Morgan Stanley funds participated in a $300,000,000 committed, unsecured revolving line of credit facility (the "Facility") with State Street. This Facility is to be used for temporary emergency purposes or funding of shareholder redemption requests. The interest rate for any funds drawn will be based on the federal funds rate or overnight bank funding rate plus a spread. The Facility also has a commitment fee of 0.25% per annum based on the unused portion of the Facility, which is allocated among participating funds based on relative net assets. During the six months ended March 31, 2023, the Fund did not have any borrowings under the Facility.

J. Other: At March 31, 2023, the Fund had record owners of 10% or greater. Investment activities of these shareholders could have a material impact on the Fund. The aggregate percentage of such owners was 98.7%.

K. Market Risk: An 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. Social, political, economic and other conditions and events, such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions, may occur and could significantly impact issuers, industries, governments and other systems, including the financial markets and global economy. 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 be sudden and significant and may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of and/or income or yield from the Fund's

15

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Notes to Financial Statements (cont'd)

investments and exacerbate pre-existing risks to the Fund. For example, the extent of the impact of a public health emergency depends on future developments, including (i) the duration and spread of the public health emergency, (ii) the restrictions and advisories, (iii) the effects on the financial markets, (iv) government and regulatory responses, and (v) the effects on the economy overall as a result of developments such as disruption to consumer demand, economic output and supply chains. The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Fund will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Fund's investments (and, in turn, the Fund's investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments.

16

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), the Fund has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund (i.e., liquidity risk). The Fund's Board of Trustees (the "Board") previously approved the designation of the Liquidity Risk Subcommittee (the "LRS") as Program administrator. The LRS is comprised of representatives from various divisions within Morgan Stanley Investment Management.

At a meeting held on March 1-2, 2023, the Board reviewed a written report prepared by the LRS that addressed the Program's operation and assessed its adequacy, and effectiveness of implementation for the period from January 1, 2022, through December 31, 2022, as required under the Liquidity Rule. The report concluded that the Program operated effectively and was adequately and effectively implemented in all material aspects, and that the relevant controls and safeguards were appropriately designed to enable the LRS to administer the Program in compliance with the Liquidity Rule.

In accordance with the Program, the LRS assessed each Fund's liquidity risk no less frequently than annually taking into consideration certain factors, as applicable, such as (i) investment strategy and liquidity of portfolio investments, (ii) short-term and long-term cash flow projections and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories, which classification is assessed at least monthly by the LRS. The classification is based on a determination of the number of days it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading and investment-specific considerations, as well as market depth, and in some cases utilize third-party vendor data.

The Liquidity Rule limits a fund's investments in illiquid investments to 15% of its net assets and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or "HLIM"). The LRS believes that the Program includes provisions reasonably designed to review, monitor and comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement, as applicable.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

17

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice  April 2021

FACTS	WHAT DOES MSIM DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◼ Social Security number and income ◼ investment experience and risk tolerance ◼ checking account number and wire transfer instructions
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons MSIM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does MSIM share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don't share
For our investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates' everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates' everyday business purposes — information about your creditworthiness	No	We don't share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don't share
For non-affiliates to market to you	No	We don't share

18

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

To limit our sharing	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free (844) 312-6327 or email: imprivacyinquiries@morganstanley.com

Who we are

Who is providing this notice? Morgan Stanley Investment Management Inc. and its investment management affiliates ("MSIM") (see Investment Management Affiliates definition below)

What we do

How does MSIM protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does MSIM collect my personal information?	We collect your personal information, for example, when you ◼ open an account or make deposits or withdrawals from your account ◼ buy securities from us or make a wire transfer ◼ give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only ◼ sharing for affiliates' everyday business purposes — information about your creditworthiness ◼ affiliates from using your information to market to you ◼ sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.

19

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

U.S. Customer Privacy Notice (cont'd)  April 2021

Definitions

Investment Management Affiliates	MSIM Investment Management Affiliates include registered investment advisers, registered broker/dealers, and registered and unregistered funds in the Investment Management Division. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. ◼ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. ◼ MSIM does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ◼ MSIM doesn't jointly market

Other Important Information

Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Non-affiliates unless you provide us with your written consent to share such information.

California: Except as permitted by law, we will not share personal information we collect about California residents with Non-affiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

20

Morgan Stanley Institutional Fund Trust

Semi-Annual Report — March 31, 2023 (unaudited)

Trustee and Officer Information

Trustees

Frank L. Bowman
Frances L. Cashman
Kathleen A. Dennis
Nancy C. Everett
Eddie A. Grier
Jakki L. Haussler
Dr. Manuel H. Johnson
Joseph J. Kearns
Michael F. Klein
Patricia A. Maleski
W. Allen Reed, Chair of the Board

Officers

John H. Gernon
President and Principal Executive Officer

Deidre A. Downes
Chief Compliance Officer

Francis J. Smith
Treasurer and Principal Financial Officer

Mary E. Mullin
Secretary

Michael J. Key
Vice President

Adviser and Administrator

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

Distributor

Morgan Stanley Distribution, Inc.
522 Fifth Avenue
New York, New York 10036

Dividend Disbursing and Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169

Co-Transfer Agent

Morgan Stanley Services Company, Inc.
522 Fifth Avenue
New York, New York 10036

Custodian

State Street Bank and Trust Company
One Lincoln Street
Boston, Massachusetts 02111

Legal Counsel

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036

Counsel to the Independent Trustees

Perkins Coie LLP
1155 Avenue of the Americas,
22nd Floor
New York, New York 10036

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, Massachusetts 02116

Reporting to Shareholders

Each Morgan Stanley fund provides a complete schedule of portfolio holdings in its Semi-Annual and the Annual Reports within 60 days of the end of the fund's second and fourth fiscal quarters. The Semi-Annual and Annual Reports are filed electronically with the Securities and Exchange Commission ("SEC") on Form N-CSRS and Form N-CSR, respectively. Morgan Stanley also delivers the Semi-Annual and Annual Reports to fund shareholders and makes these reports available on its public website, www.morganstanley.com/im/shareholderreports. Each Morgan Stanley non-money market fund also files a complete schedule of portfolio holdings with the SEC for the fund's first and third fiscal quarters as an attachment to Form N-PORT. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the fund's first and third fiscal quarters available on its public website. The holdings for each money market fund are also posted to the Morgan Stanley public website. You may obtain the Form N-PORT filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's website, www.sec.gov. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's email address (publicinfo@sec.gov).

Proxy Voting Policies and Procedures and Proxy Voting Record

You may obtain a copy of the Trust's Proxy Voting Policy and Procedures and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, without charge, upon request, by calling toll free 1 (800) 869-6397 or by visiting our website at www.morganstanley.com/im/shareholderreports. This information is also available on the SEC's website at www.sec.gov.

This report is authorized for distribution only when preceded or accompanied by a prospectus or summary prospectus of the applicable fund of Morgan Stanley Institutional Fund Trust, which describes in detail the fund's investment policies, risks, fees and expenses. Please read the prospectus carefully before you invest or send money. For additional information, including information regarding the investments comprising the Fund, please visit our website at www.morganstanley.com/im/shareholderreports or call toll free 1 (800) 869-6397.

Householding Notice

To reduce printing and mailing costs, the Fund attempts to eliminate duplicate mailings to the same address. The Fund delivers a single copy of certain shareholder documents, including shareholder reports, prospectuses and proxy materials, to investors with the same last name who reside at the same address. Your participation in this program will continue for an unlimited period of time unless you instruct us otherwise. You can request multiple copies of these documents by calling 1 (800) 869-6397, 8:00 a.m. to 6:00 p.m., ET. Once our Customer Service Center has received your instructions, we will begin sending individual copies for each account within 30 days.

21

Printed in U.S.A.
This Report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

Morgan Stanley Investment Management Inc.
522 Fifth Avenue
New York, New York 10036

© 2023 Morgan Stanley. Morgan Stanley Distribution, Inc.

IFTUSMISAN
5647596 EXP 05.31.24

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services 

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants. 

Not applicable for semiannual reports.

Item 6. 

(a) Refer to Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Applicable only to annual reports filed by closed-end funds.

Item 9. Closed-End Fund Repurchases

Applicable to reports filed by closed-end funds.

Item 10. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

Item 11. Controls and Procedures

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed End Management Investment Companies.

Not Applicable.

Item 13. Exhibits

(a) Code of Ethics – Not applicable for semiannual reports.

(b) A separate certification for each principal executive officer and principal financial officer of the registrant as part of EX-99.CERT.

(c) Section 906 certification.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Institutional Fund Trust

/s/ John H. Gernon

John H. Gernon

Principal Executive Officer

May 17, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ John H. Gernon

John H. Gernon 

Principal Executive Officer 

May 17, 2023

/s/ Francis J. Smith 

Francis J. Smith 

Principal Financial Officer 

May 17, 2023